Federal Reserve Bulletin, 1942-07

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

PAGS Review of the Month—Economic Activity—Further Expansion and Conversion.. 62.5-630 Treasury Bills and Certificates as Outlets for Idle Funds 631-631 From a Legal Standpoint: Consumer Credit: Interpretations of Regulation W 633-634 Declarations of War 634 War Financing: Mobilization of Facilities of Small Business 635-640 Maritime Commission Appropriations 640 Limitations on National Bank Loans 640-641 Correspondence—Industrial Production Index Under War Conditions 641-644 Use of Credit for Accumulation of Inventories 645-646 Department Store Inventories 647-648 Annual Report of the Swiss National Bank 649-661 Current Events 662. National Summary of Business Conditions 663-664 Financial, Industrial, Commercial Statistics, U. S. (See p. 665 for list of tables) .... 665-72.2. International Financial Statistics (See p. 72.3 for list of tables). 72-3-735 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 736 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 737 Map of Federal Reserve Districts 738 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama,Paraguay,Peru, £1 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, IS 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 July IP42 NUMBER 7 ECONOMIC ACTIVITY—FURTHER EXPANSION AND CONVERSION In May and June wartime changes con- rently apparent in the markets. It is evitinued at a rapid rate in almost every phase dent, however, that over a longer period, of economic life. There were further con- as stocks are depleted and as costs increase siderable transfers of men from civilian to in some lines, upward pressure on prices military activity, as indicated by General will be great, unless a large proportion of Marshall's statement that 300,000 were consumer income is absorbed by taxation added to the Army during the first four and savings. weeks of May. Also, workers continued to move into war industry, as additional DEMAND FOR MATERIALS new plants were brought into operation Requirements for materials continued to and further progress was made in the use of increase in May and June. It appeared existing plants and materials for war pro- that war plants would be able to turn out duction. Output of airplanes, ships, and more products and use more materials than other war products increased substantially. had been expected and consequently plans Meanwhile, production of civilian goods in some cases were revised so as to utilize was being reduced. Distributors, however, more materials for direct war production were still receiving large shipments from and less for new plants. The amount of producers and were able to meet readily scarce materials thus to be released for most of the demands of consumers, which current production of munitions, however, in this period were somewhat below earlier is rather limited. One reason for this is peak levels. This eased the upward pres- that the manufacture of munitions has been sure on prices at the time when the general absorbing considerably more material than maximum price regulation announced at war construction. Furthermore, there is a the end of April was going into effect. likelihood that for some time to come This regulation was itself a factor in dis- war construction may be at or above couraging speculation and the prospect of present levels as work goes forward on increased supplies of some commodities, projects already started and as some parnotably wheat and certain other agricul- ticularly essential new projects get under tural products, also eased somewhat the way. Consequently, other plans to preupward pressure on prices. Consequently, vent shortages of materials from interfering the effects of the underlying situation of with war production had to be further rapidly increasing incomes and diminishing developed. These include the extension supplies of civilian goods were not cur- of direct allocation of materials, increasing JULY I942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH scrap collections, purchasing frozen stocks, SHIP CONSTRUCTION altering specifications, and cutting deeper One of the most important increases in into production for civilians. At the same war production, in view of rapidly growing time, however, effective dates for a number requirements and a continued high rate of of existing curtailment orders were moved sinkings, was a further rise in merchant forward and the decision on nation-wide ship construction. In June some 73x^00 gasoline rationing, proposed primarily in tons (carrying capacity) were completed the interest of rubber conservation, was and delivered by shipyards in this country. delayed pending the outcome of a campaign In the first half of this yeair 2-5 million to collect scrap rubber. tons were built and Admiral Vickery says On June 3, William Batt, Chairman of that the goal of 8 million tons for the the Requirements Committee of the War whole year will be reached if there is a Production Board, reviewing the materials steady flow of steel and other materials in situation, noted improvement in the supply .the required amounts. Meanwhile, new of aluminum, which had been particularly measures were taken looking toward rescarce, but said that the supply of copper duction in the rate of sinkings and more was uncomfortably short. He also indi- efficient utilization of existing shipping cated that, notwithstanding increases in facilities. the supplies of these and many other metals, it would be essential in meeting war TRANSPORTATION BY LAND needs further to limit civilian use and to In the domestic transportation situation, effect economies in the use of materials rationing of gasoline on the East Coast for war purposes. Subsequently, on June led to considerable curtailment of travel by i5, Donald Nelson, Chairman of the War private passenger automobile and to in- Production Board, stated that production creased pressure on bus systems and the now is limited only by the supply of railroads. There was also some further materials, mentioning particularly copper curtailment of delivery services throughout and also steel plate for use in shipbuilding the nation as local distributors were orand certain vital construction programs. dered by the Office of Defense Transporta- Meanwhile, production of ordnance, airtion to reduce their mileage below the corplanes, ships, and other finished war prodresponding month of 1941 by 2.5 per cent, ucts was growing rapidly. This growth^ beginning June 1. Civilian travel by airit appears, was more rapid than might plane was curtailed considerably to permit be expected on the basis of the volume of the transfer of planes to the armed services. production and imports of basic materials, Under another order of the Office of Defense even after allowing for the amounts made Transportation, the average weight of available by diversion from civilian to war freight-car loads of merchandise in lesspurposes. The reason for this is that im- than-carload lots was increased by a large plements of war are intricate and precise amount and the number of loadings of mechanisms and their production consumes such freight declined sharply. Loadings less material in relation to the hours of of most other classes of freight increased, labor and of machine operation than is the however, and the total number of cars case with ordinary peacetime products. loaded in June was nearly as great as a 6x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH year ago, when the average load was not PRESSURE ON PRICES as large. Progress in the industrial war effort has had repercussions in the field of prices and EFFECTS ON CIVILIANS fiscal and other financial developments. These and many more changes in the The great increase in activity since the utilization of the nation's physical reoutbreak of war in 1939 and especially since sources during recent months were finding May 1940 has added large amounts to the reflection in some restrictions on civilian incomes of most groups in the community activities, particularly with regard to the both directly, through increasing employpurchase of automobiles and some other ment of men and machines, and indirectly, durable goods. Restrictions on output, as the primary factor in the rise in prices. however, had not yet been fully reflected Broadly speaking, persons deriving their in reductions in the volume of goods availincomes from industry have benefited prinable for sale to consumers. Stocks of most cipally from increased employment and goods were large in distributive channels fuller use of equipment, while the incomes and manufacturers had on hand substantial of farmers have increased largely as a result inventories of certain finished products, of higher prices. There have been, howwhich helped them to continue making ever, substantial increases in incomes in large shipments to distributors. Also, industry as a result of higher prices and some of the existing orders restricting higher rates of pay, and output of farm production were not yet in operation. products has increased. At the same time the prospect was that Part of the increased income received by the effects of the war program on supplies individuals has gone into the payment of of civilian goods would become increasingly higher taxes and there has also been some evident during the next year as stocks were reduction of consumer debt, particularly used up and production was further reinstalment debt on automobiles. Conduced. There was also apparent an insumers as a group, however, have increased creasing restriction on the services available their purchases of goods; in some periods to civilians, reflecting chiefly the transfer they have made purchases in advance of of workers to war industries and the armed needs because they expected price increases forces. and shortages. The Government has been In general, notwithstanding further inbuying, indirectly, large amounts of matecreases in incomes of individuals, and the rials and necessarily competing for workers prospect of smaller supplies, the volume to turn out war products which do not appear of goods bought at retail in May and June in civilian markets. This underlying situawas somewhat below earlier high levels. tion of strong demand for both civilian and At department stores, sales were about the military goods resulted up to this spring in same as a year ago in dollar terms and cona sustained rise in wholesale prices, notsiderably smaller in physical terms. These withstanding selective controls and, bestores had on hand large stocks of merginning in March 1941, in a marked rise chandise and increased these stocks further in retail prices and the cost of living. in May; their outstanding orders, however, showed a decline from recent high To prevent price inflation, a broad antilevels. inflationary program was proposed by the 6x JULY 1942. 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH President in April this year. Part of this measures for making the price control program has been put into operation. The program workable will be continuously general maximum price regulation, with studied as the various effects of industrial certain exceptions required by law, went and financial developments now under way into effect in the middle of May. This become more evident. In any case, conregulation covered about 70 per cent of the sumers will have fewer goods to consume retail prices entering into the cost of living. and the country will be living on a more It also covered at wholesale many com- restricted scale. modities and related services not previously covered by individual schedules, ex- WAR PRODUCTION cluding, however, military products and, It is estimated that in June close to 50 in some instances, materials used in their per cent of industrial output—in terms of production. More severe limitations on the Board's production index about 88 consumer credit, another part of the pro- points out of 180—represented production gram, were also announced in May. for war purposes, as is shown on the chart. Meanwhile the war production program INDUSTRIAL PRODUCTION has called for rapidly increasing expendi- POINTS IN TOTfil tures by the Government and in June expenditures for war purposes amounted to around 4 billion dollars, an annual rate of J about 48 billion dollars. The budget for the fiscal year just beginning provides 70 billion for war purposes, which would 140 140 mean nearly doubling the current rate by 120 J 0 120 a year from now. Whether the exact 100 / 100 "\ amount actually spent is more or less than \ 80 80 that, it is clear that the rise from present levels will be exceedingly large and will be offset only in part by reductions in X income resulting from curtailment of civilian production. This increase in consumer X FOR WAR O FOR CIVILIANS income will come in a period when supplies of goods available for sale to consumers will NOTE.—The Board's index as a measure of industrial production in wartime is discussed briefly on pages 642-644 of this BULLETIN. be diminishing. These factors will subject The figures on industrial production for war and civilian purposes are based primarily on estimates for individual industries and have the price structure and price controls to been tested by other calculations, but at best are only rough approximations. extreme pressure unless taxation and savings All June 1942 figures are estimates. —through bond purchases, debt reduction Part of this production was in the manuand the like—absorb far more income than facture of finished implements of war, such at present. Diminished availability of con- as airplanes, ships, guns, and ammunition; sumer goods and services of itself may be part represented manufacture of clothing expected to result in additional savings— and other supplies for the armed forces; how much it is difficult to estimate at this part was in the making of equipment for juncture. Increases in taxation are now war plants; and part was in the output of being considered in Congress. Further basic materials to be used directly or in- 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH directly for war purposes. The great bulk One of the most important and conspicuof this war production was for the armed ous shifts from peace to war production has forces of the United States, but for some occurred in the automobile industry, where items production for Lend-Lease aid was practically the entire output a year ago was substantial. for civilians and where now practically A year ago, when the index was 159, all the production is for war. There has about 32. points, or xo per cent of the total, also been a very broad changeover throughrepresented war production. Thus, the out the machinery and transportation war component has nearly trebled, rising equipment industries to operations confrom 32. to 88 points, while industrial outtributing to the war program. These and put for civilians has declined from 117 other shifts in the production of finished points in the total to 92. or thereabouts. It should be noted that all these figures are goods have contributed to a marked infor production at factories and mines only; crease in the proportion of materials, such they do not cover other fields of activity, as iron and steel and nonferrous metals, such as construction, agriculture, trans- going to war purposes. portation, and the service trades generally. In the first four months of this year con- In each of these other fields, with the exversion from civilian to war production on ception of construction, the shift from a considerable scale had an important incivilian to war production has been less fluence in offsetting, in the total, increases marked than in industry—in most instances in activity in some of the war industries. much less marked—and currently war activity is a much smaller part of the total In addition to temporary contraction of in these lines than it is in manufacturing operations in the automobile industry and and mining. elsewhere as a result of conversion, output A breakdown of these figures as between of petroleum and petroleum products dedurable manufactures, nondurable manu- clined somewhat owing to transportation factures, and minerals is shown in the table. difficulties; there was a reduction also in Production of durable manufactures, it activity at woolen mills as a result of appears, is now about 70 per cent for war, Government action to conserve wool supwhile 2.5 per cent of output of nondurable plies and some reduction in output in the manufactures is for war. paper industry, where demand declined. As a consequence, there was little rise in INDUSTRIAL PRODUCTION [Points in total index, 1935-39 = 100] total industrial output from January to April over and above the increase that For all For purposes For war civilians might be expected on the basis of seasonal June June June June June June influences. In May and June continued 1941 1942 1941 1942 1941 1942 increases in war production were reflected Total 159 180 32 88 127 92 D N u o r n a d b u le ra b m le a n m uf a a n c u tu fa re c s tures... 6 7 5 4 9 66 4 2 6 3 6 1 7 5 5 59 1 2 51 7 in substantial increases in industrial output Minerals 20 20 3 6 17 14 as a whole. The Board's adjusted index, NOTE.—The Board's index as a measure of industrial production in wartime is discussed briefly on pages 642 to 644 of this BULLETIN. which had been between 171 and 173 in The figures on industrial production for war and civilian purposes are based primarily on estimates for individual industries and have the first four months of the year, rose to been tested by other calculations, but at best are only rough approximations. 176 in May and to an estimated 180 in June. All June 1942 figures are estimates. 62.9 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH war products generally consume relatively INDUSTRIAL PROSPECTS more man and machine power and less Already industrial production has admaterial than do products for civilian use. vanced far beyond any level that was It is true that the war program includes anticipated two years ago and the current some peacetime products, such as rails, enlarged war program calls for production construction shapes, and automobiles, inon a scale that may be expected to raise volving less fabrication, but for a large activity in some industries further by very substantial amounts. In this connection part of war production the labor and other the question is often asked as to how the requirements are comparable to those of war program can go on as rapidly as planned the peacetime precision industries, manuwhen current supplies of most materials can facturing such products as machine tools be increased only gradually by bringing and scientific and optical instruments. new mines and factories into operation and This explains partly why production of possibly by increasing imports. The an-finished products has shown much larger swer is, in part, that for some materials, increases than the production of materials. notably aluminum, magnesium, and electric Now, however, with half of industrial steel, increases in capacity have been and production and 70 per cent of durable manuwill be very substantial and that supplies factures being devoted to war purposes, of many minerals ordinarily used only in the prospect is that increases in production very small amounts are increasing con- of finished goods soon must be more nearly siderably. This, however, covers only matched by increases in supplies of materials. part of the problem as output of many The final point with regard to the quesother materials can be increased relatively tion about material scarcities is that, with little. war demands growing, supplies of materials are. not sufficient to permit the Another point, one extremely difficult to present volume of civilian use and that weigh in the balance, is that activity in the special efforts will be required to redisproduction of finished goods can be greater on the basis of such materials as are avail- tribute available supplies now excessive at able than would be expected if industry some points, to reclaim materials, and to were turning out the customary range of economize on the use of materials in milipeacetime products. As already stated, tary as well as civilian production. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY BILLS AND CERTIFICATES AS OUTLETS FOR IDLE FUNDS In recent months the Treasury Department lion dollars to i5o million, and then to 300 milhas increased the amount of short-term lion dollars. In addition, the Treasury has issecurities which it offers to the public. This is sued 3 billion dollars of short-dated certificates part of its program to make available securities of indebtedness. The first certificates issued in that are adapted to the varying needs of different April and due November 1 carried a coupon of classes of investors. By investing in these se- Y2 of 1 per cent, and the second issued in June curities, banks and other corporations, and in- and due February 1, 1943, carried a coupon of h/% dividuals can earn a reasonable return on such of 1 per cent. funds as may be temporarily idle and at the The attractiveness of Treasury bills as shortsame time facilitate the financing of the war. term investments has increased with the recent The situation in recent years has been one rise in rates to slightly less than ^ of 1 per cent, in which an unusually large amount of liquid and the market for bills has considerably broadfunds existed at the same time that short-term ened. Furthermore, the Federal Reserve Banks investment paper was scarce. Partly as the now stand ready to buy all Treasury bills offered consequence of this and the resulting decline at a rate of % of 1 per cent so that holders of in short rates to record low levels, most of such bills are assured of a market for these bills at that short-term paper as was available was taken up rate in case they need to sell their holdings by large money-market banks, while medium- before maturity. For all practical purposes sized and smaller institutions, unaccustomed to Treasury bills under this arrangement are as low-rate money market paper, failed to find liquid as excess reserves. adequate outlets for their funds, a large volume How TO PURCHASE NEW ISSUES of which remained idle as excess reserves or For certificates of indebtedness, subscriptions balances with city correspondents. In the last are handled in the same manner as subscriptions year there has been a considerable decline in for Treasury notes and bonds, and allotments excess reserves of money-market banks, while are made on a percentage basis. Treasury bills, available funds of other banks have continued however, are sold on a discount basis to the large. The net result is that a relatively small highest bidders. Larger banks in principal proportion of the excess reserves is now held cities are familiar with the bidding method, but in the leading financial centers, while a relamany smaller institutions and individual investively large proportion is held by banks in the tors have not had experience with this type of smaller cities and is available for investment by security. Treasury bills are bearer obligations them in short-term paper. It is most desirable and are traded in the open market. Accordthat banks having such funds should actively ingly, they may be purchased through a correinvest them in short-term Government securispondent bank and regular market channels, as ties and that a sufficient supply of such paper be well as directly from the Treasury through bidmaintained during the emergency. This would ding on new issues. The following paragraphs make for flexibility and liquidity of bank portbriefly describe the method of purchasing bills folios. It would also work for the benefit of directly by bidding for new issues. Federal the investors and at the same time be an im- Reserve Banks will furnish full information and portant factor in the financing of the war. forms to those interested in this type of security. SHORT-TERM TREASURY ISSUES Treasury bills are offered each week. The In order to draw these funds into use in financ- maturity is stated in the offering announcement ing the war, the Treasury increased its weekly and the term is generally for three months. The offering of 3-month Treasury bills from 150 mil- Federal Reserve Banks on behalf of the Treasury JULY 1941 631. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY BILLS AND CERTIFICATES receive tenders for the bills. The offering is whether the tenders are for account of the bank usually made on Friday, the bids are opened at or for account of customers. z:oo p.m. Eastern war time on Monday, and A bidder who submits bids at more than one the bills are dated and payment must be made price is required to execute a separate tender at on Wednesday of the same week. The bids for each price. Tenders may be submitted without bills are made on a discount basis. Bills up to deposit by incorporated banks and trust comthe amount of the offering are allotted to the panies and by responsible and recognized dealers highest bidders. What this means is that the in investment securities. In the absence of an bidder offers a price for the bills below ioo express guaranty of payment by an incorporated by an amount equal to the discount for 91 days bank or trust company, tenders by others must at the annual rate that the bidder wishes to ob- be accompanied by deposit of 10 per cent of the tain on his investment. Payment is usually face amount of the Treasury bills for which required in cash or other immediately available tenders are submitted. funds, although upon occasion qualified depos- Upon expiration of the time set for placing itaries are permitted to make payment by credit bids, all tenders received at each Federal Reserve to war loan deposit accounts up to any amount Bank are opened and the details communicated for which they are qualified in excess of exist- by wire to the Secretary of the Treasury. Starting deposits. ing with the highest price, the Secretary awards Tenders for Treasury bills must be made for bids in full until the Treasury has obtained the an amount that is an even multiple of $1,000 approximate amount of funds stated in the offermaturity value, and the price bid must be stated ing circular. Where two or more bids are made on the basis of 100 with not more than three at the same price and only a part of the tenders decimals. Fractions may not be used. For at such price can be accepted, the amount acexample, if it were desired to bid a price of say cepted is prorated in accordance with the respec- 99.909 for $10,000 maturity value, or a discount tive amounts for which bids have been received. equivalent to a rate of about 0.36 per cent per The Secretary of the Treasury makes a public annum, the form provided for bidding on Treas- announcement of the results of each weekly sale ury bills, which is obtainable from a Federal of Treasury bills which generally appears in the Reserve Bank or branch, would be filled out as newspapers on the morning following the closfollows: ing of bidding. The Reserve Banks, at the same time and on instructions from the Secretary of "Pursuant to the provisions of Treasury the Treasury, advise those who have submitted Department Circular No. 418, as amended, and to the provisions of the public notice on tenders of the acceptance or rejection of their , 1942., as issued by the Secretary of bids. Attached to the advice sent to successful the Treasury, the undersigned offers to pay bidders is a form to be filled out by them indi- 99.909 for a total amount of $ 10,000 cating the denominations in which the bills are (rate per 100) to be issued, the disposition to be made of the (maturity value) of the Treasury bills therein described, or for any less amount that may bills, and the method of payment. be awarded, payment therefor to be made at The following table shows the prices and your bank in cash or other immediately avail- rates at which new issues of Treasury bills have able funds on the date stated in the public sold during the past few weeks. notice." In cases where bidders prefer to wait until the Average of ten- High tenders Low tenders last day on which tenders are received, and Issue to D a m y a s - ders accepted accepted accepted distance prevents delivery to a Federal Reserve date turity Price R (P a e te r Price R (P a e te r Price R (P a e te r Bank or branch by hand, the bid or bids should cent) cent) cent) be tendered, through a bank, by telegram. May 6 91 99.910 .358 99.938 .245 99.906 .372 May 13 91 99.907 .368 99.938 .245 99.905 .376 Tenders submitted by incorporated banks and May 20 91 99.908 .365 99.940 .237 99.906 .372 May 27 91 99.908 .365 99.940 .237 99.906 .372 trust companies by telegram should be confirmed June 3 91 99.908 .365 99.925 .297 99.906 .372 June 10 91 99.907 .366 99.925 .297 99.906 .372 immediately by mail, on tender forms, and both June 17 91 99.908 .365 99.930 .277 99.907 .368 June 24 85 99.914 .362 99.935 .275 9^.913 .368 the telegrams and tender forms should indicate July 1 91 99.909 .360 99.940 .237 99.907 .368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit CHARGE ACCOUNTS—SERVICES ARE NOT "ARTICLES" Interpretations of Regulation W The Board recently received an inquiry re- Since the publication of the June Federal lating to the application of Regulation W to Reserve BULLETIN, the Board of Governors the storage, cleaning and glazing, alteration or has issued the following interpretations of repair of fur coats. The question is whether, Regulation W: under section 5(c), the account of the customer is in default if charges for these services have not been paid for within the time specified in MODERNIZATION LOANS—' 'MATERIALS AND that section. SERVICES" The Board is of the opinion that such service is not an "article" (either listed or unlisted) The phrase "materials and services" in within the meaning of section 5(c), and that Group C in section i3(a) of Regulation W therefore the account is not in default where does not mean materials or services, but means the service is not paid for within the time materials, and any delivery, installation, or specified. It is assumed that in these cases the other services rendered in connection therewith. value of any materials used in repairing or altering the coat is insignificant in comparison with the total cost of such services. PAWN TRANSACTION A pawn transaction in which the pawnor is not under any personal obligation to repay the DRAPERIES—SLIP COVERS pawnbroker is not a loan and is not subject to Both custom-made and ready-made slip covers Regulation W. However, the mere fact that are included under section 13 (a), Group A, the transaction is called a pawn does not mean Item 7 as "draperies." Since custom-made that it is not subject to Regulation W since slip covers include "yard goods,*' they are also there are many so-called pawn transactions included under Item 41. Cash price of custom- .which do in fact involve an obligation to repay. made slip cover would be the cost to customer of finished product. DATE OF SALE OF WATER, GAS OR ELECTRICITY REUPHOLSTERING For the purposes of section 5(c) of Regulation W, the sale of such unlisted articles as water, The reupholstering of furniture involves the gas and electricity sold by utility companies is sale of a listed article since it represents the sale considered to take place on the date on which of yard goods, and the cash price would include the meter is read. the charges for installing the yard goods. The JULY 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT sale by upholstery shops of new furniture manu- Declaring that a state of war exists between the Government of Hungary and the Government and the people of factured by covering frames with yard goods is the United States and making provisions to prosecute the included under section i3(a), Group B, Item i. same. Services for upholstering furniture where cus- Whereas the Government of Hungary has fortomer furnishes the frame and the yard goods are mally declared war against the Government not subject to the Regulation. and the people of the United States of America: Therefore be it Resolved by the Senate and House of Representa- Declarations of War tives of the United States of America in Congress assembled, That the state of war between the The Congress of the United States on June 5, United States and the Government of Hungary 1941, enacted joint resolutions formally de- which has thus been thrust upon the United claring a state of war between the United States is hereby formally declared; and the President is hereby authorized and directed to States and Bulgaria, Hungary and Rumania. employ the entire naval and military forces of The texts of these resolutions are as follows: the United States and the resources of the Government to carry on war against the Gov- [PUBLIC LAW 563—77TH CONGRESS] ernment of Hungary; and, to bring the conflict to a successful termination, all of the resources [CHAPTER 3x3—XD SESSION] of the country are hereby pledged by the Con- [H. J. Res. 319] gress of the United States. Approved, June 5, 1942.. JOINT RESOLUTION Declaring that a state of war exists between the Government of Bulgaria and the Government and the people of [PUBLIC LAW 565—77TH CONGRESS] the United States and making provisions to prosecute the [CHAPTER 3x5—2_D SESSION] same. [H. J. Res. 32.1] Whereas the Government of Bulgaria has JOINT RESOLUTION formally declared war against the Government and the people of the United States of Declaring that a state of war exists between the Govern- America: Therefore be it ment of Rumania and the Government and the people of the United States and making provisions to prosecute the Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the state of war between the Whereas the Government of Rumania has for- United States and the Government of Bulgaria mally declared war against the Government which has thus been thrust upon the United and the people of the United States of Amer- States is hereby formally declared; and the ica : Therefore be it President is hereby authorized and directed to Resolved by the Senate and House of Representaemploy the entire naval and military forces of tives of the United States of America in Congress the United States and the resources of the assembled, That the state of war between the Government to carry on war against the Govern- United States and the Government of Rumania ment of Bulgaria; and, to bring the conflict which has thus been thrust upon the United to a successful termination, all of the resources States is hereby formally declared; and the of the country are hereby pledged by the Con- President is hereby authorized and directed to gress of the United States. employ the entire naval and military forces of Approved, June 5, 1941. the United States and the resources of the Government to carry on war against the Government [PUBLIC LAW 564—77TH CONGRESS] of Rumania; and, to bring the conflict to a [CHAPTER 3x4—ID SESSION] successful termination, all of the resources of the country are hereby pledged by the Congress [H. J. Res. 310] of the United States. JOINT RESOLUTION Approved, June 5, 1942.. 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT War Financing AN ACT Act to Mobilize Productive Facilities of To mobilize the productive facilities of small business in the interests of successful prosecution of the war, and" Small Business for other purposes The President, on June n, 1941, approved an Be it enacted by the Senate and House of Representa- Act which, among other things, provides for tives of the United States of America in Congress asthe creation of the "Smaller War Plants Cor- sembled^ That in addition to the powers and poration" empowered to make loans to small duties of the Chairman of the War Production Board denned by Executive Order Numbered business concerns in order to mobilize the pro- 9014 of January 16, 1942., and by Executive ductive facilities of such concerns in the interest Order Numbered 9040 of January 2.4, 1941, it of the successful prosecution of the war. shall be the duty of the Chairman of the War Several other provisions of this Act are of par- Production Board, and he is hereby empowered, ticular interest: namely, Sec. 4(e) which author- through a deputy to be appointed by him, to mobilize aggressively the productive capacity izes and directs the Federal Reserve Banks to act of all small business concerns, and to determine as depositaries, custodians, and fiscal agents for the means by which such concerns can be most the Corporation; Sec. 7 which authorizes the efficiently and effectively utilized to augment War and Navy Departments and Maritime war production. Commission to make or participate in loans, It shall also be the duty of the Chairman of the War Production Board, and he is hereby emguarantees, and commitments made with a view powered, through the deputy so appointed by to increasing the production of war materials, him, to cooperate to the fullest practicable and to use any funds available to those agencies extent with the Director of Civilian Supply and for such purposes; Sec. 8 which excepts, with other appropriate governmental agencies in certain restrictions, loans by national banks the issuance of all orders limiting production by business enterprises, with a view to insuring secured by guarantees or commitments by Fedthat small business concerns will be most effieral Reserve Banks or departments or agencies ciently and effectively utilized in the production of the United States, from the limitations on of articles, equipment, supplies, and materials loans to any one person based upon the capital for both war and essential civilian purposes. and surplus of such banks; Sec. 9 which author- SEC. x. The Chairman of the War Production Board shall have power, and he is hereby izes the War and Navy Departments to particidirected, whenever and to the extent that he pate in or to guarantee loans made by the determines such action to be necessary— Reconstruction Finance Corporation to any (1) to make, or arrange with the Bureau business enterprise for purposes deemed advanta- of the Census or such other governmental geous to the national defense, and to use any agency as may be possessed of the necessary personnel and facilities for the making of, a funds available to those agencies for such purcomplete inventory of all productive facilities poses; Sec. 10 which authorizes the Secretary of in the United States which may be used for the Treasury to designate any insured bank as a war production; depositary of public money; and Sec. 12. which (2.) to direct the attention of officers of the provides that in certain cases, upon order by the Government having procurement powers to the potential productive capacity of plants Chairman of the War Production Board, no operated by small business concerns; prosecution or civil action shall be commenced (3) to obtain information with respect to under the anti-trust laws of the United States the extent and the terms upon which prime or the Federal Trade Commission Act. The contractors with the Government have let text of the entire Act is as follows: subcontracts, and to take such action as he may deem appropriate to bring about the [PUBLIC LAW 603—77TH CONGRESS] letting by such prime contractors of subcontracts upon fair and equitable terms and in the [CHAPTER 404—ID SESSION] greatest volume practicable; [S. 635 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT (4) to take such action as will result in the to capacity and credit. The Congress hereby granting of such Government contracts to recognizes the fact that business concerns operatbusiness concerns operating small plants as ing small plants are frequently unable to produce will provide them with a sufficient incentive certain articles at as low a per unit cost as to engage in war production and to make business concerns operating large plants and such conversion of their plants as may be that, as a consequence of such fact, in order to necessary to engage in war production; mobilize the Nation's full productive capacity, (5) to certify to the Smaller War Plants including both large and small plants, it may be Corporation established under section 4 of necessary for the Government to pay a- higher this Act and to the Reconstruction Finance per unit price for such articles to business con- Corporation or any of its subsidiaries, the cerns operating small plants than it pays to amount of funds necessary for the conversion business concerns operating large plants. to war production of any small plant or other SEC. 4. (a) There is hereby created a body plant interested in obtaining from the Smaller corporate under the name "Smaller War Plants War Plants Corporation, or from the Recon- Corporation" (hereinafter referred to as the struction Finance Corporation, or any such "Corporation"). The principal office of the subsidiary, the capital necessary to provide Corporation shall be located in the District of for such conversion; Columbia, but the Corporation may establish (6) to certify to Government procurement such branch offices in other places in the United officers with respect to the competency, as to States as may be determined by the board of capacity and credit, of any small business directors. concern or group of such concerns to perform (b) The Corporation shall have capital stock a specific Government procurement contract; of $150,000,000, subscribed for by the United (7) to obtain from the Secretary of War, the States through the Secretary of the Treasury, Secretary of the Navy, the Director of the and payment for which shall be subject to call Procurement Division of the Treasury, the in whole or in part by the board of directors of Reconstruction Finance Corporation and any the Corporation. There is hereby authorized subsidiary thereof, and any other Federal to be appropriated the sum of $150,000,000 for department, establishment, or agency engaged the purpose of enabling the Secretary of the in war procurement or in the financing of war Treasury to make payment for such capital procurement or production, such reports con- stock when payment is called by the board of cerning the letting of contracts and subcon- directors. Receipts for payments by the United tracts and making of loans to business concerns States for or on account of such capital stock as he may deem pertinent in carrying out his shall be issued by the Corporation to the Secrefunctions under this Act; and tary of the Treasury and shall be evidence of the (8) to make studies with respect to the stock ownership by the United States. means by which small business concerns may (c) The management of the Corporation shall be supplied with essential raw materials and be vested in a board of five directors, deemed to receive fair and reasonable treatment from be familiar with the problems of small business, all Government departments and agencies to be appointed by the Chairman of the War without interfering with the efficiency of the Production Board. The board of directors shall war-production program. select a chairman and a vice chairman from SEC. 3. In any case in which a small business among the members of the board. concern or group of such concerns has been (d) The Corporation shall not have succescertified by or under the authority of the Chair- sion, beyond July 1, 1945, except for purposes of man of the War Production Board to be a com- liquidation, unless its life is extended beyond petent Government contractor with respect to such date pursuant to an Act of Congress. It capacity and credit as to a specific Government shall have power to adopt, alter, and use a procurement contract, the Secretary of War, corporate seal, which shall be judicially noticed; the Secretary of the Navy, the Director of the to make contracts; to lease such real estate as Procurement Division of the Treasury, and all may be necessary for the transaction of its other officers of the Government having procure- business; to sue and be sued, to complain and to ment powers are directed to accept such certifica- defend, in any court of competent jurisdiction, tion as conclusive, and are authorized to let State or Federal; to select, employ, and fix the such Government procurement contract to such compensation of such officers, employees, atconcern or group of concerns without requiring torneys, and agents as shall be necessary for the it to meet any other requirements with respect transaction of the business of the Corporation; 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT to define their authority and duties, require to engage in the production of such articles, bonds of them, and fix the penalties thereof; and equipment, supplies, or materials; (3) to lease, to prescribe, amend, and repeal, by its board of sell, or otherwise dispose of to any small busidirectors, bylaws, rules, and regulations govern- ness concern any such land, plants, equipment, ing the manner in which its general business facilities, machinery, materials, or supplies; may be conducted and the powers granted to it (4) to enter into contracts with the United by law may be exercised and enjoyed. The States Government and any department, agency, board of directors of the Corporation shall deter- or officer thereof having procurement powers mine and prescribe the manner in which its obligating the Corporation to furnish articles, obligations shall be incurred and its expenses equipment, supplies, or materials to the Governallowed and paid. The Corporation shall be ment; and (53 to arrange for the performance entitled to the free use of the United States mails of such contracts by letting subcontracts to small in the same manner as the executive departments business concerns or others for the manufacture, of the Government. The Corporation, with supply, or assembly of such articles, equipment, the consent of any board, commission, inde- supplies, or materials, or parts thereof, or servpendent establishment, or executive department icing or processing in connection therewith, or of the Government, including any field service such management services as may be necessary thereof, may avail itself of the use of informa- to enable the Corporation to perform such tion, services, facilities, officers, and employees contracts. In any case in which the Chairman thereof in carrying out the provisions of this of the War Production Board certifies to the Act. Secretary of War, the Secretary of the Navy, the (e) All moneys of the Corporation not other- Director of the Procurement Division of the wise employed may be deposited with the Treasury, or to any other officer of the Govern- Treasurer of the United States subject to check ment having procurement powers, that the by authority of the Corporation or in any Fed- Smaller War Plants Corporation is competent eral Reserve bank. The Federal Reserve banks to perform any specific Government procureare authorized and directed to act as depositaries, ment contract to be let by any such officer, it custodians, and fiscal agents for the Corporation shall be the duty of such officer to let such in the general performance of its powers con- procurement contract to such Corporation upon such terms and conditions as may be specified ferred by this Act. All insured banks, when by the Chairman of the War Production Board. designated by the Secretary of the Treasury, Such subcontracts may be let upon such terms shall act as depositaries, custodians, and finanand conditions as the Corporation may deem cial agents for the Corporation. appropriate in accordance with such regulations (f) The Corporation is empowered (i) to as may be prescribed under section 2.01 of the make loans or advances, on such terms and con- First War Powers Act, 1941. ditions and with such maturities as it may determine, to enable small business concerns to (g) (1) Whoever makes any statement knowfinance plant construction, conversion, or ing it to be false, or whoever willfully overvalues expansion, or to finance the acquisition of any security, for the purpose of obtaining for equipment, facilities, machinery, supplies, or himself or for any applicant any loan, or extenmaterials, or to supply such concerns with sion thereof by renewal, deferment of action, or capital, to be used in the manufacture of articles, otherwise, or the acceptance, release, or substiequipment, supplies, or materials for war or tution of security therefor, or for the purpose essential civilian purposes; and such loans or of influencing in any way the action of the advances may be made or effected either directly Corporation, or for the purpose of obtaining or in cooperation with banks or other lending money, property, or anything of value, under institutions through agreements to participate this Act, shall be punished by a fine of not more or by the purchase of participations, or other- than $5,000 or by imprisonment for not more wise; (z) to purchase or lease such land, to than two years, or both. purchase, lease, build, or expand such plants, (2.) Whoever, being connected in any capacity and to purchase or produce such equipment, with the Corporation, (1) embezzles, abstracts, facilities, machinery, materials, or supplies, purloins, or willfully misapplies any moneys, as may be needed to enable the Corporation to funds, securities, or other things of value, provide small business concerns with such land, whether belonging to it or pledged or otherwise plants, equipment, facilities, machinery, mateentrusted to it, or (2.) with intent to defraud rials, or supplies as such concerns may require the Corporation or any other body politic or JULY 1941 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROM A LEGAL STANDPOINT corporate, or any individual, or to deceive any SEC. 7. The War Department, the Navy Deofficer, auditor, or examiner of the Corporation, partment, and the Maritime Commission are makes any false entry in any book, report, or hereby authorized to make or participate in statement of or to the Corporation, or, without loans, guaranties, and commitments in accordbeing duly authorized, draws any order or ance with Executive Order Numbered 9112. of issues, puts forth, or assigns any note, debenture, March x6, 1942., and to participate in or to bond, or other obligation, or draft, bill of ex- guarantee any loans made pursuant to this Act change, mortgage, judgment, or decree thereof, with a view to increasing the production of war or (3) with intent to defraud participates, shares, materials, supplies, or equipment; and in conreceives directly or indirectly any money, profit, nection therewith they may use any funds hereproperty, or benefit through any transaction, tofore or hereafter made available to them for loan, commission, contract, or any other act of purposes of procuring war materials, supplies, the Corporation, or (4) gives any unauthorized and equipment, or of expediting the production information concerning any future action or thereof. plan of the Corporation which might affect the SEC. 8. Section 5100 of the Revised Statutes, value of securities, or, having such knowledge, as amended, is amended by adding at the end invests or speculates, directly or indirectly, in thereof a new paragraph reading as follows: the securities or property of any company or "(jo) Obligations shall not be subject under corporation receiving loans or other assistance this section to any limitation based upon such from the Corporation, shall be punished by a capital and surplus to the extent that such fine of not more than $10,000 or by imprison- obligations are secured or covered by guaranties, ment for not more than five years, or both. or by commitments or agreements to take over (3) The provisions of sections HI, 113, 114, or to purchase, made by any Federal Reserve 115, 116, and 117 of the Criminal Code of the bank or by the United States or any department, United States (U. S. C, title 18, ch. 5, sees, 2.02. bureau, board, commission, or establishment of to 2.07, inclusive), insofar as applicable, are the United States, including any corporation extended to apply to contracts or agreements wholly owned directly or indirectly by the with the Corporation under this Act. United States: Provided, That such guaranties, SEC. 5. The Chairman of the War Production agreements, or commitments are unconditional Board shall make a report every sixty days of and must be performed by payment of cash or its his operations under this Act to the President, equivalent within sixty days after demand. the President of the Senate, and the Speaker of The Comptroller of the Currency is hereby the House of Representatives. Such report shall authorized to define the terms herein used if and include the names of the business concerns to when he may deem it necessary." whom contracts are let, and for whom financing SEC. 9. Subparagraph (x) of the fourth parais arranged, by the Corporation, together with graph of section 5d of the Reconstruction Fithe amounts involved, and such report shall nance Corporation Act, as amended, is hereby include such other information, and such com- amended to read as follows: ments and recommendations, with respect to "(2.) To make loans to and purchase the the relation of small business concerns to the war obligations of any business enterprise, includeffort, as the Chairman may deem appropriate. ing, when requested by the Secretary of SEC. 6. Whenever the Smaller War Plants Commerce, subscription to the capital stock Corporation has completed any transaction thereof, for any purpose deemed by the Corunder clause (1), (2.), or (3) of subsection (f) poration to be advantageous to the national of section 4 of this Act, it shall transfer the defense. Such loans, purchases, or subscriploan, advance, plant, equipment, facilities, tions shall be made under such terms and machinery, materials, supplies, leases, or other conditions and with such maturities as the property resulting from such transaction to the Corporation may determine. The War De- Defense Plants Corporation, and the Defense partment and the Navy Department are Plants Corporation shall service and administer hereby authorized to participate in or to such loan, advance, or property, as the agent guarantee any loans made by the Reconstrucof the Smaller War Plants Corporation, remit- tion Finance Corporation pursuant to this ting to the Smaller War Plants Corporation provision, and, in connection therewith, they any interest, principal, or other proceeds or may use any funds heretofore or hereafter collections, after deducting its actual expense of made available for purposes of procuring war service and administration. materials, supplies, and equipment." 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT SEC. IO. All insured banks designated for that terms "insured bank" and "insured deposit" as purpose by the Secretary of the Treasury shall used in this Act shall be construed according be depositaries of public money of the United to the definitions of such terms in the Act of States (including, without being limited to, August 13, 1935 (49 Stat. 684), as amended revenues and funds of the United States, and any (U. S. C, title ix, sec. 2-64). funds the deposit of which is subject to the SEC. 11. Nothing in this Act shall be concontrol or regulation of the United States or any strued to modify or limit in any manner (1) of its officers, agents, or employees, and Postal the authority vested in the Chairman of the War Savings funds), and the Secretary is hereby Production Board by Executive Order Numbered authorized to deposit public money in such 9014 of January 16, 1942., or Executive Order depositaries, under such regulations as may be Numbered 9040 of January 14, 1942., or vested prescribed by the Secretary; and they may also in him by any other Executive order or Act of be employed as financial agents of the Govern- Congress; or (V) the authority vested in the ment; and they shall perform all such reasonable Reconstruction Finance Corporation or any of duties, as depositaries of public money and its subsidiaries by any Executive order or Act of financial agents of the Government as may be Congress. required of them. The Secretary of the Treas- SEC. 12.. Whenever the Chairman of the War ury shall require of the insured banks thus Production Board shall, after consultation with designated satisfactory security by the deposit the Attorney General, find, and so certify to the of United States bonds or otherwise, for the safe- Attorney General in writing, that the doing of keeping and prompt payment of public money any act or thing, or the omission to do any deposited with them and for the faithful per- act or thing, by one or more persons during the formance of their duties as financial agents of period that this section is in effect, in complithe Government: Provided, That no such security ance with any request or approval made by the shall be required for the safekeeping and prompt Chairman in writing, is requisite to the prosecupayment of such parts of the deposits of the tion of the war, such act, thing or omission public money in such banks as are insured shall be deemed in the public interest and no deposits and each officer, employee, or agent of prosecution or civil action shall be commenced the United States having official custody of with reference thereto under the antitrust laws public funds and lawfully depositing the same of the United States or the Federal Trade Comin an insured bank shall, for the purpose of mission Act. Such finding and certificate may determining the amount of the insured deposits, in his discretion be withdrawn at any time by be deemed a depositor in such custodial capacity the Chairman by giving notice of such withseparate and distinct from any other officer, drawal to the Attorney General, whereupon the employee, or agent of the United States having provisions of this section shall not apply to any official custody of public funds and lawfully subsequent act or omission by reason of such depositing the same in the same insured bank finding or certificate. in custodial capacity. Notwithstanding any The Attorney General from time to time, but other provision of law, no department, board, not less frequently than once every one hundred agency, instrumentality, officer, employee, or and twenty days, shall transmit to the Congress agent of the United States shall issue or permit a report of operations under this section. Reto continue in effect any regulations, rulings, ports provided for under this section shall be or instructions, or enter into or approve any transmitted to the Secretary of the Senate or the contracts or perform any other acts having to do Clerk of the House of Representatives, as the with the deposit, disbursement, or expenditure case may be, if the Senate or the House of Repreof public funds, or the deposit, custody, or sentatives, as the case may be, is not in session. advance of funds subject to the control of the The Attorney General shall order published United States as trustee or otherwise which shall in the Federal Register every such certificate discriminate against or prefer national banking and, when he deems it in the public interest, the associations, State banks members of the Federal details of any plan, program or other arrange- Reserve System, or insured banks not members ment promulgated under, or which is the basis of the Federal Reserve System, by class, or which of, any such certificate. shall require those enjoying the benefits, directly This section shall remain in force until six or indirectly, of disbursed public funds so to months after the termination of the present war discriminate. All Acts or parts thereof in or-until such earlier time as the Congress by conflict herewith are hereby repealed. The concurrent resolution or the President may 639 JULY 1942. , Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT designate, but no prosecution or civil action shall mentioned hereinafter; and therefore the presbe commenced thereafter with reference to any ence of such provisions or conditions would act or omission occurring prior thereto if such not prevent an agreement from being uncondiprosecution or civil action would be barred tional for the purposes of this statute. by this section if it remained in force. "(b) On the other hand, an agreement is Approved, June n, 1942.. not unconditional within the meaning of exception 10 if liability thereunder Maritime Commission Appropriations "(1) is contingent upon the happening of an event or condition precedent not within Under date of June 17, 1942., the President signed the "Independent Offices Appropriation the control of the bank, or (2.) is subject to Act, 1943", containing a provision to the effect defeasance by a contingency or condition that appropriations for the United States Mar- subsequent not within the control of the itime Commission Construction Fund shall be bank. In other words, an agreement is not available for carrying out the provisions of unconditional if the obligation of the guaran- Executive Order Numbered 9112. of March x6, tor to perform its agreement would not come 1941, which authorized the Maritime Commis- into being until, or might be terminated or sion to enter into financing contracts to facili- diminished by, the occurrence or nonoccurtate the prosecution of the War. This legisla- rence of a contingency beyond the control of tion was mentioned in the June i^z Federal the bank. Thus, a commitment to take over Reserve BULLETIN and the provision as enacted a loan only in the event of default is not unwas in the form quoted at page 534 of that conditional, since liability thereunder is issue. contingent upon the happening of an event not within the control of the bank. Furthermore, the condition mentioned, like most Limitations on National Bank Loans others of this type, also would violate the Secured or Covered by Governmental requirement of exception 10 that the bank Guaranties must be in a position, at any time during the The Comptroller of the Currency on June 18, life of the loan, to demand performance of the 1942., issued the following definition of the agreement and to receive payment in cash, in term "unconditional" as used in exception 10 full, within sixty days. "(c) The following are examples of proto section 52.00 U.S.R.S.: visions the inclusion of which would not prevent an agreement from being uncondi- "Pursuant to the authority vested in the tional within the meaning of the statute: Comptroller of the Currency by section 8 of "(1) Demand for performance of guaranthe Act of June n, 1941 (Pub. Law 603, 77th tor's agreement to be made by bank not later Cong.) which amended R.S. 52.00; 12. U.S.C. than a specified time after maturity of the 84, by adding an exception 10 thereto, the loan. term "unconditional", as used therein, is "(x) Loan instrument and collateral theredefined as follows: to to be held by bank on behalf of guarantor, "§3.1 Definition of terms, (a) The requireand to be delivered, assigned or endorsed to ment of exception 10 that a guaranty or a guarantor or its agent upon demand. commitment or agreement to take over or to "(3) Guarantor or its agent to be notified purchase (hereinafter referred to collectively by bank of releases, sales, or substitutions of as "agreement") must be "unconditional" collateral, extensions and renewals of the means that the protection afforded to the bank obligation, occurrence of defaults, or assignthereby, against loss resulting from factors ment of bank's interest in the loan, or of other beyond its control, must not be substantially matters affecting the status of the loan. less than it would be in the absence of all "(4) Obligation and collateral to be made provisions of the agreement which might be available for inspection by guarantor or its regarded as conditions. This protection is agent at any time, and all information in posnot materially diminished or impaired by session of bank regarding borrower and loan procedural requirements (relating, for exam- to be made available to guarantor or its agent ple, to the giving of notice to the guarantor or upon demand. other parties), requirements of good faith on "(5) Consent of guarantor to be obtained the part of the bank, and others of the sort by bank before accelerating the maturity of 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FROM A LEGAL STANDPOINT the obligation, agreeing to material altera- the War or Navy Departments or Maritime tion or renewal or extension of obligation, Commission, addressed a letter to the Board in agreeing to releases, sales or substitutions of which it was stated: collateral, suing borrower, or foreclosing upon collateral. "This refers to our letter of April 9, 1941, "(6) Good faith toward guarantor to be in reply to yours of April 8, 1942., relative to exercised by bank in handling of all aspects limitations on loans by national banks parof the loan. ticipating in the lending program contem- "(7) Genuineness of borrower's signature plated by Executive Order No. 9112., dated to be warranted by bank. March 2.6, 1941. As you know, the statute "(8) Fees to be paid by bank to guarantor as compensation for the guaranty. relating to this subject, section 5x00 of Rev. "(9) Guarantor to have option to purchase Stat. of 1873, as amended (U.S.C. title 12, sec. obligation from bank at any time on payment 84), was amended on June 11, 1942. by the in cash of the unpaid principal and accrued addition of a new exception 10. interest and other charges. "This is to advise you that the standard "(10) Guarantor's share of payments of form of guaranty agreement (identified by the principal and interest to be received by bank date May 14, 1941) used by the War Departand paid by it to guarantor. ment, Navy Department and the United States "The foregoing list is by no means ex- Maritime Commission under Executive Order haustive, but merely exemplifies the numer- No. 9112. complies with the requirements of ous sorts of provisions frequently included in exception 10. Accordingly, loans made by guaranties and take-over agreements, which national banks, to the extent that they are do not diminish the substantial protection covered by agreements in this form, are not afforded by the agreement. subject to the limitations by section 5x00. "(d) The foregoing definition, issued this This is also true where the agreement cover- 18th day of June, 1942., may be modified, ex- ing a loan is in this standard form, except for panded, restricted, superseded or rescinded the inclusion of special conditions which are at any time. not inconsistent with the requirements of [Seal] PRESTON DELANO, exception 10 and our definition of the term Comptroller of the Currency. 'unconditional' as used therein." Also, the Comptroller of the Currency on June 18, 1942., in further consideration of the The Comptroller's letter of April 9, 1942, question as to limitations on loans made by referred to above, was printed in the June 1942. national banks which would be guaranteed by Federal Reserve BULLETIN at page 534. JULY 1941 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Industrial Production Index under War Conditions QUESTION: Recently some commentators GOVERNMENT SHIPYARDS AND ARSENALS have suggested that the Federal Reserve index of INCLUDED industrial production does not reflect adequately the expansion in war production and therefore The statement that the index does not is no longer to be relied on as a measure of in- include production at Government shipdustrial output as a whole. This position is yards and arsenals is incorrect; the index supported by statements that the index does not does include such production. In the reinclude activity at Government shipyards and vision published in September 1941, dearsenals; that the series used to measure war signed primarily to improve the measureoutput in private industry do not reflect adequately improvements in manufacturing tech- ment of war activity, one series was added niques; and that the weight given to war to cover Government shipyards, another to production is not large enough. Some of these cover Government arsenals and quarterpoints are technical but the fact is that from master depots. Indexes for these series, January to April this year the seasonally adand some others, are not published separjusted index rose only from 171 to 173, while ately because of their confidential nature, war output was expanding rapidly. What would be a fair statement of the situation? but they are used in computing group and total indexes. ANSWER: Production for war purposes IMPORTANCE OF WAR PRODUCTION IN INDEX comprises a large and growing portion of the Federal Reserve index of industrial It is true that the index did not rise production. Contrary to the above state- appreciably in the first four months of this year, but this does not indicate failure of ments, war production is well represented the index to reflect changes in war output in the index. The comprehensive reconat factories and mines, the fields of activity struction of the index in 1940 brought in covered by the Board's index of industrial many new statistical series, which, toproduction. In this period the series repgether with series formerly included, diresenting war activity rose substantially rectly reflect changes in the production of and it was only because of a decline in most war goods. Further revisions made production of civilian goods that the total in the summer of 1941 added data for other index showed little increase. Output of war production activities. Minor revisions durable manufactures, in which a large part were made as late as May of this year. of the war production is included, rose Many special problems arise in a period of from xz2- per cent of the 1935—39 average this sort, but the index and its components in January to 2.33 in April, notwithstanding are constantly being watched in connection declines in the automobile industry and in with changing conditions and adjustments parts of other industries being converted are made as frequently as possible. It is to war production. In May, and according believed that the index still provides a to estimates in June, the index of output good measure of industrial production. of durable manufactures increased further 642. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE by a substantial amount as did the total from 1x7 to 91. These changes and the index of industrial production. course of the total index since 1936 rae Another approach to this problem is to shown on the chart. inquire how much of the index now rep- Clearly the Board's index is influenced resents war production, remembering that greatly by war production and the only before 1939 practically all output was of question remaining is whether it responds civilian goods. According to estimates by to changes in war output by the full amount the Board's staff, almost 50 per cent of the that it should. index is now war production, defining that term to cover production of all sorts of WAR ACTIVITIES COVERED supplies used by the armed forces as well as The first point to be considered in that munitions, industrial equipment, and ma- connection is the coverage of war producterials used to produce all these finished tion at factories and mines. The index items. War production, as the term is here includes activity in the airplane, shipused, thus includes a portion of the output building, automobile, other transportation of many products that go in part into equipment, and machinery industries, civilian use, and it is not confined to those where the great bulk of finished munitions products that are used solely for war and war industrial equipment is being purposes. turned out. It also includes output of textile products, manufactured foods, and INDUSTRIAL PRODUCTION other supplies for the armed forces and for P 2 O 2 IN Q T S | IN TOTAL INDE1X ADJUSTED1 F OR SEASON.A L VA^RIA—TION- j1 935-39 AV.E RAGE • 100 1P OINTS IN TOT1A Z L Z IN Q &6* Lend-Lease aid. It includes, as noted above, output at Government arsenals and shipyards. Finally, it covers most of the 180 180 important industries producing basic ma- 160 J 160 terials for war purposes, such as iron and 140 140 steel, nonferrous metals, and chemicals. 120 J o 120 War production at factories and mines then V appears to be almost completely covered 100 / 100 \ s by the index. 80 It should be noted particularly that pro- 60 duction in the later stages of manufacture 40 40 is now generally measured directly rather X than being represented by series for raw 20 X FOR WAR materials. This is especially important in 0 FOR CIVILIANS 1937 1938 1942 the current war period because military NOTE.—The figures on industrial production for war and civilian products generally require a larger amount purposes are based primarily on estimates for individual industries and have been tested by other calculations, but at best are only rough of processing for a given amount of maapproximations. All June 1942 figures are estimates. terials than do the usual peacetime prod- Between June 1941 and June 1942., when ucts. the Board's index rose from 159 to 180, it appears that war production, in terms ACCURACY OF INDIVIDUAL SERIES of points in the total index, rose from 32. Maintaining the accuracy of the individual to 88, whereas civilian production declined series used to measure these activities presents JULY 1941 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE numerous special problems in a war period. ties in the base period exert an influence, Many industries are represented in the index and that substantial changes in price relaby measures compiled from man-hour sta- tionships among commodities, in terms of tistics and one of the most difficult prob- value added per unit by manufacture, make lems is with regard to allowances for the weights less satisfactory. It is true changes in output per man-hour in different also that the war has affected price relalines. Widespread changes in the type of tionships by stimulating the use of new products being turned out complicate this methods and of new materials and also in problem and are also an independent source a thousand other ways. Consideration of of difficulty. Also, there is no completely what has happened as to price relationships, accurate method of measuring changes in however, indicates that, owing partly to production of many complex, highly pro- offsetting influences, use of 1941 or 19^ cessed goods. Attempt- is made in the weights, if they were available, would not Board's production index to include the greatly affect the index, now based on most accurate measures obtainable. As 1937 weights. more information becomes available revi- Finally, it may be mentioned that an sions may be made in figures now being overall rough test of the accuracy of the used; on the whole, however, it appears index can be made by comparing it with probable that such revisions will not value of shipments by industrial concerns, greatly alter the course of the total index. in the light of the price changes which have occurred and of various other departments. COMBINATION OF SERIES INTO TOTAL INDEX Such comparisons have not yet indicated Questions have been raised with regard any need for further substantial revision of to the effect on the index of drastic changes the index. that have recently occurred in the relative importance of many industries. It is stated REFERENCES in this connection that weights used to Many of the basic problems with regard combine the individual series into the total to the construction and use of the index index are based on data for the year 1937 have been discussed in articles appearing in and have not been changed. The fact is the Federal Reserve BULLETIN for June 1940, that the method of computing the index August 1940, September 1940, October 1940, is such that the influence of each industry and September 1941. Reprints of these on the total index adjusts automatically articles will be supplied by the Board on to changes in volume of physical output. request. A few minor revisions made It is true that in the construction of the recently are mentioned in footnotes to index relative prices of different commodi- tables in the BULLETIN for May 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF CREDIT FOR ACCUMULATION OF INVENTORIES On June 17 the Board addressed the following This general credit policy would not apply in letter to all banks and other financing institu- special situations such as the need for supplying tions, bespeaking their cooperation in dis- fuel for heating purposes next winter, or couraging all unnecessary accumulation of accommodating manufacturers and dealers inventories. having stocks that must be held because of freezing or rationing orders. To All Banks and Other The Board of Governors of the Federal Financing Institutions: Reserve System is writing this letter to you at Recently a meeting was held for the purpose the request of the group mentioned at the beginof discussing the use of credit in connection with ning. You have already rendered and are the accumulation of inventories of consumer rendering great service in connection with the goods. Among those present were the follow- financing of the war program, and this addiing: Mr. Morgenthau, the Secretary of the tional responsibility is one which it is believed Treasury; Mr. Jones, the Secretary of Com- you will be glad to undertake in the general merce; Mr. Nelson, the Chairman of the War public interest. We feel sure that we can rely Production Board; Mr. Henderson, the Ad- upon your cooperation. ministrator of the Office of Price Administration; Sincerely yours, Mr. Purcell, the Chairman of the Securities and MARRINER S. ECCLES, Exchange Commission; and myself. Chairman. There was complete agreement that in the present situation, when all possible production On June 15 the foregoing letter was sent as an must be diverted to military purposes, accu- enclosure with the following to the staffs of the mulation of inventories of civilian consumer Federal bank supervisory agencies for the goods should be discouraged. We are sure that guidance of examiners. it is clear to you why this is desirable from the standpoint of avoiding inflationary develop- Dear Sir: ments as well as of endeavoring to assure fair Under date of June 17, 1941, the enclosed treatment of the needs of all dealers and all letter relating to the use of credit in connection consumers. with the accumulation of inventories of civilian Various ways by which this purpose might be consumer goods was sent by the Board of accomplished were canvassed. It was agreed Governors to all banks and other financing that, whether or not other steps may be neces- institutions at the request of the group referred sary under the authority of legislation or to in the first paragraph of the letter. executive orders, it is of the utmost importance The Comptroller of the Currency, the Federal to enlist your voluntary cooperation and that Deposit Insurance Corporation, and the Board of of your customers in helping to achieve this Governors have agreed that the examiners for objective. To this end, it is hoped that you the three supervisory agencies should be inwill use your influence in your community to structed to ascertain during the course of their discourage all unnecessary purchases of civilian examinations of banks what is being done by goods and that you will scrutinize carefully the banks to comply with the request contained every application which might enable a bor- in the letter and, wherever necessary, to urge rower to carry a greater supply of goods than his compliance. minimum requirements. It is requested, therefore, that examiners make 645 JULY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF CREDIT FOR ACCUMULATION OF INVENTORIES special inquiry during the course of each ex- the effectiveness of any actions taken in reducing amination as to the consideration given by the credit extended by the bank for what would be bank to the Board's letter, the action taken by regarded, in the light of the Board's letter, as the bank in connection with it, and the bank's unwarranted accumulations of inventories of policy with respect to loans for the purpose of civilian consumer goods. carrying civilian consumer goods inventories. In order to carry out the understanding that Whenever it appears that the bank does not copies of this letter and its enclosure will be understand the reasons for the letter or the need placed in the hands of all examiners for the for carrying out the suggestions contained three Federal bank supervisory agencies, it is therein, the examiner should discuss the matter requested that a copy be sent to each of your with the appropriate officer of the bank and examiners. Extra copies are enclosed for that urge full cooperation. The reports of examina- purpose. tion should include in each case comments Very truly yours, relating to the extent to which the bank is M. S. ECCLES, cooperating and the examiner's views as to Chairman. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES Value of department store inventories in- substantially larger. At the end of April total creased considerably during the first four months inventories amounted to 3.7 months' supply of this year and on April 30 was nearly 60 per on the basis of sales during the month, whereas cent larger than a year earlier. The rise over the a year ago the same stores had z.6 months' supyear period reflected in part higher prices but it ply on hand. Preliminary figures for May indiseems likely that less than half of the increase cate a further increase in inventories during was accounted for by this factor. In contrast, that month. value of sales in April was about 10 per cent Department stores also had a large volume of larger than in April last year, as compared with orders outstanding with manufacturers and disa price rise of around 2.0 per cent. The phys- tributors on April 30. Such orders, as reported ical volume of goods sold was thus somewhat by a representative group of stores, were ixo per smaller than a year ago, while inventories were cent larger than on April 30, 1941, and were DEPARTMENT STORE STOCKS AND SALES, BY MAJOR DEPARTMENTS April Percentage increase in Ratio of stocks to sales Number of value 1941-1942 (months' supply) stores reporting Stocks Sales 1941 1942 GRAND TOTAL—entire store 306 59 11 2.6 3.7 MAIN STORE—total 306 57 11 2.7 3.8 Women's apparel and accessories 303 51 8 1.9 2.6 Coats and suits 289 62 18 .9 1.2 Dresses 293 14 2 1.2 1.3 Blouses, skirts, sportswear, etc 279 70 23 1.9 2.6 Juniors' and girls' wear 257 57 -2 1.2 2.0 Infants' wear 262 68 13 2.4 3.6 Aprons, housedresses, uniforms 252 64 10 1.5 2.2 Underwear, slips, negligees 290 57 16 3.2 4.4 Corsets, brassieres 275 61 8 2.7 3.9 Hosiery (women's and children's) 288 138 20 2.0 4.0 Gloves (women's and children's) 271 27 -13 2.7 4.0 Shoes (women's and children's) 206 23 5 3.2 3.7 Furs 218 25 -5 5.1 6.7 Men's and boys' wear 275 52 1 3.8 5.6 Men's clothing 194 35 0 3.9 5.2 Men's furnishings, hats, caps 259 66 8 4.1 6.3 Boys' clothing and furnishings 243 57 -9 2.6 4.6 Men's and boys' shoes and slippers 133 35 4 5.3 6.9 Home furnishings 275 63 20 3.7 5.0 Furniture, beds, mattresses, springs 206 51 16 3.5 4.6 Domestic floor coverings 227 83 19 3.6 5.6 Draperies, curtains, upholstery 256 45 16 3.6 4.6 f Major household appliances 175 62 14 1.6 2.3 Domestics, blankets, linens, etc.. 253 68 25 5.2 7.1 Piece goods 249 57 37 3.6 4.2 105 50 48 3.6 3.7 Cotton wash goods 255 54 11 3.8 5.3 Small wares 220 71 7 3.2 5.1 Miscellaneous 199 79 7 1.7 2.9 BASEMENT STORE—total 172 85 7 1.3 2.3 Women's apparel and accessories. 131 88 6- 2.5 4.5 Men's and boys' clothing and furnishings 127 85 16 2.6 4.2 Home furnishings 82 92 7 1.3 2.4 Piece goods 95 35 1 2.4 3.3 Shoes NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. Figures for stocks are as of end of month; those for sales are totals for entire month. 647 JULY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE INVENTORIES equal to about 50 per cent of the inventories on half the number of stores showed increases of 40 hand; a year ago they were equal to around 40 per cent or less. Of the stores that had annual per cent of the smaller value of inventories held sales of less than one million dollars only 30 per at that time. Outstanding orders declined cent showed inventory increases of more than slightly in April and during May there was a 40 per cent, whereas of the stores with annual considerable decrease, according to preliminary sales of 5 million dollars or more 80 per cent reports. showed inventory increases of more than 40 per cent. INVENTORY CHANGES BY DEPARTMENTS Differences between large and small stores, Inventory increases occurred in all main de- however, were not universal, as is indicated by partments as is shown in the accompanying the wide distribution of stores within each of the table. The largest were reported for items such various size-of-store groups shown in the table. as hosiery; home furnishings, except mechan- A substantial number of the smaller stores ical refrigerators; sporting goods; and in base- showed increases of 50 per cent or more, while a ment departments generally. In terms of considerable portion of the larger stores showed months' supply at the prevailing rate of sales, only moderate increases. there seemed to be unusually large stocks of men's and boys' wear; piece goods, particularly INCREASE IN DEPARTMENT STORE INVENTORIES woolen dress goods; home furnishings, except APRIL 30.1941 - APRIL 30,1942 MEDIAN INCREASES BY SIZE CROUPS major household appliances; small wares; and miscellaneous items, such as toys and games, sporting goods, luggage, and the like. INVENTORY CHANGES BY SIZE OF STORE A survey of changes in inventories by size of store indicates that between April 30, 1941 and April 30, 1941. there were larger increases in inventories held by the larger stores than in those held by smaller stores. This is shown in the accompanying chart and table. It is also reflected in the fact that, while total dollar value of inventories iijcreased nearly 60 per cent, DEPARTMENT STORE INVENTORIES, BY SIZE OF STORE April 30, 1942 compared with April 30, 1941 [Number of stores] Size of store Number 1941 annual sales—millions of dollars Percentage change in inventory of stores reporting th L a e n s s .2 .2-A .5-.9 1.0-1.9 2.0-2.9 3.0-4.9 5.0-9.9 10.0-19.9 20 o .0 v e a r nd Decrease 14 8 0 2 1 1 0 1 0 0 Increase 0- 9.9 32 20 6 2 2 1 1 0 0 0 10-19.9 67 18 13 11 12 5 4 3 0 1 20-29.9 81 9 11 19 17 10 10 5 0 0 30-39.9 89 9 9 17 19 11 9 8 4 3 40-49.9 85 1 9 12 26 6 12 12 3 4 50-59.9 75 4 5 15 13 6 11 12 7 2 60-69.9 58 0 2 5 16 5 8 13 5 4 70-79.9 36 1 2 5 3 6 2 4 8 5 80-99.9 36 1 1 1 7 7 5 6 4 4 100 and over 22 0 1 2 7 2 4 2 2 2 Total number of stores 595 71 60 91 123 60 66 66 33 25 Median percentage increase +41% +14% +27% +37% +44% +43% +48% +53% +65% +66% 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National Bank for transit route. Our imports declined in 1941 by the year ending December 31, 1941, was -presented to about 133,000 carloads of ten tons each; in the annual meeting of shareholders by the Board of other words, the volume of goods which en- Directors on February 11, 1942. The text of the tered Switzerland was about 2.2. per cent less report is given in translation herewith:1 than in 1940. Although quantitatively we The extension of the war to the whole world, were less successful in obtaining supplies than the tightening of the blockade and the counter- in the previous year, the total value of our imblockade, and the reduction in available ship- ports increased by 9 per cent, due to the rise in ping space disturbed world economic relations prices on the world markets. Exports also to a far greater extent in 1941 than in the pre- rose by 11 per cent in value, whereas their volvious year. Because of the increasing severity ume scarcely expanded at all. of the conflict and of the international political The extension of the British blockade to the situation, the Great Powers have striven to Mediterranean, and especially the outbreak of increase their production of the goods necessary war between Italy and Greece, placed new for the manufacture of armaments. The result limitations on our commercial transactions has been a rising demand for raw materials and a because the ships chartered by Switzerland flew simultaneous reduction in reserve stocks. These the Greek flag. Therefore, the Federal Council factors have contributed not only to a rise in decided to promulgate a Swiss maritime law by wholesale prices, but also to a rise in the cost of resolution of April 9, 1941; the creation of a living. Therefore stronger measures have been Swiss maritime fleet was thus made possible. taken everywhere with the object of preventing Since then the Government and private interests or retarding price rises. Many states have found have purchased several ships which fly the Swiss the task of providing foodstuffs and necessary flag. Aside from the vessels which she has hercommodities for their populations no less diffiself acquired, Switzerland has the use of only a cult than the fight against a higher cost of limited foreign tonnage, and her own fleet is far living. Those countries which are forced by from making up for this lack. Furthermore, our the nature of their soil and climate to import the relations with overseas countries were made greater part of their supplies have been able to more difficult when, as a result of the torpedotake care of only a part of their needs by develing of the Com Real, Portuguese shipowners oping their agricultural production and by declared that they would no longer ship goods rationing consumption. destined for belligerents unless they were of WAR-TIME SUPPLY PROBLEMS Portuguese origin. Our supply problem encountered still further obstacles during the last The Swiss economy has been increasingly quarter of the year, when England stopped affected by the extension of the war on land. The blockade measures applied by the belliger- authorizing the passage of industrial raw mateents have progressively limited the supplies of rials across the blockade zone. Swiss purchasers foodstuffs and raw materials for our country and were not able to obtain navicerts, and were our production of manufactured goods. Rus- therefore forced to resell a large part of the sia's entry into the war deprived Switzerland goods which they had purchased in the United not only of a source of supply, but also of a States. In order to speed the transport of goods stored in Spanish and Portuguese Atlantic ports, iThe report, available in French, contains, in addition, a section Switzerland concluded a transit agreement with on the personnel and administration of the Bank, as well as a number of supplementary tables showing the detailed operations of the Bank. Spain. For earlier reports, see BULLETIN for July 1940, May 1939, May 1938, etc. 649 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK INDUSTRY AND AGRICULTURE in quantity and quality. The shifts in the type of crops and the rise in the cost of living, Due to the measures which the Government which was also felt by the rural population, took to insure the military and economic defense increased the cost of production and conseof the country, and as a result of the clearing quently the price of the products. Whereas advances granted to exporters, Swiss industry at the end of 1940 the index of food prices stood was in general quite active. The figures for only 2.8 per cent above the pre-war level, it was retail trade show that the demand in the coun- 51 per cent higher at the end of 1941. In spite try for civilian goods was also considerable. of the increased cost of production, it is probable The difficulties in procuring raw materials and that agriculture has received a greater share of other goods were acutely felt in several branches the national income this year. of industry; for this reason, it was necessary Since the beginning of the war, it has been rigorously to restrict activity in some lines, necessary to take various measures in the field of particularly in the textile industry. The conagriculture. In order to combat the pressure struction of new housing was greater in the which arose in the meat market as a result of the second half of the year than in 1940, and buildconditions of supply, the Federal Department ing authorizations will doubtless continue their of Public Economy on May 9, 1941, issued a advance unless the rise in building costs and the decree authorizing orders requisitioning cattle; scarcity of materials should restrict this develophowever, this power has not been exercised. ment. The construction of industrial buildings The number of livestock, especially of pigs, was was stimulated by maintenance work and plant reduced and adapted to the quantity of fodder expansions. It would seem, however, that the available. As a consequence of the egg scarcity, expansions did not always meet an urgent need. it was necessary to demand the forced delivery The Federal Department of Public Economy, by of the eggs in the country. Domestic bread a decision of December 31, 1941, laid the basis grains and oleaginous grains were also placed for controlling production and consumption in under this regime. the construction industry. By virtue of this Mention should also be made of the measures order, the War Office for Industry and Labor on taken against land speculation. As the relevant the same date ordered the rationing of cement. provisions of the decree of the Federal Council The hotel business continued to suffer from of January 19,1940, were not sufficient to prevent the absence of tourist traffic. On the other abuses in such speculation, the decree of the hand, the number of Swiss guests was greater Federal Council of November 7, 1941, applied than in 1940. broader controls. As a general rule, the con- As Switzerland was unable to import foodclusion of a contract of sale can be refused if the stuffs on anything like the same scale as previpurchaser's primary occupation is not that of ously, domestic agriculture was charged with a farming, or if he already owns sufficient land to greater role in feeding the country by extending insure his livelihood. It was also necessary to land cultivation. In 1941 the cultivated area issue new regulations to institute a sound land was i4 per cent greater than in 1940 and 47 per price policy. On December iz, 1940, the Fedcent greater than in 1934. The obligation to eral Legislature had adopted a law on farm increase production made great demands upon mortgages; the time period for a referendum agriculture which it has not been able to meet expired on March 18,1941, without having been completely with the aid of the available labor used. This law constitutes a far-reaching resupply. In general, crop yields did not exceed form of rural land law. the ordinary level due to weather conditions which were sometimes unfavorable. The po- PRICES AND THE COST OF LIVING tato crop was almost normal. On the other In spite of the existing regulations and the hand, the vintage was particularly good, both efforts of the authorities to keep prices at a 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK moderate level, the index of wholesale prices in the country of origin declined by i.io francs. increased by 85 per cent from the beginning of Goods coming from certain countries have also the war to the end of 1941. As the accompany- become more expensive as a result of changes in ing chart shows, this extraordinary rise was due the exchange rate, those countries having reprimarily to the 136 per cent increase in the duced the premium on free foreign currencies. price of imported goods. The rising cost of Thus 100 Swiss francs are worth only 97.64 imports necessarily affected the price of domestic instead of 119.10 pengo at Budapest, as a result products. Not only did world market prices of the reduction of the exchange premium deadvance at a greater rate in 1941 than in the creed on September 17, 1941. This measure first year of the war, but the increase of trans- raised the clearing value of 100 pengo from 85.2.5 portation costs for imports was especially sharp to 104.111 francs. Consequently, the Swiss because of the lack of shipping space and the importer must pay xi per cent more for goods acquired from Hungary. It should also be observed that because of the difficulties inherent WHOLESALE PRICE INDEX in transportation, Switzerland can no longer pR CENT 240 i!40 make its purchases in the cheapest markets. The rise in wholesale prices is less surprising 220 220 than its effects on the trend of the cost of living. At the end of 1941 the official cost of living index i was 34 per cent higher than at the beginning of 200 200 the war. In this connection it should be ob- IMPORTED /' COMMODITIES J served that this index by its nature includes J 180 180 only the prices of essential goods and is there- / fore calculated on the assumption that the I / quantity of goods consumed remains the same. 160 160 I GENERAL ^S If legal restrictions are taken into consideration, the actual expenditures on the maintenance of a / / 140 140 family have not risen to the same degree as has y^ / the official index. y ' ^ s y" C D O O M M M E O S D T IT IC IES As the price of milk and bread has also gone 120 120 \ y up during this period, an increasing number of persons are demanding that the Government 100 100 provide subsidies to reduce the price of foods of primary importance. With grains and bread at their present prices, the Government is algreater transportation risks. The following ready spending more than 80 million francs a year examples show the share contributed by these to keep the price of bread down. In the future, costs to the price of goods in Switzerland. In when transportation costs are reduced, these July 1939 100 kilograms of wheat from Canada cost 13.35 ffancs in Switzerland, whereas they subsidies will diminish and finally disappear. The Federal Council categorically refuses to cost 49.85 francs at the beginning of Decemappropriate funds from the National Treasury ber 1941. Of this difference of 3 6.50 francs, 4.50 to lower the price of other foods whose increased francs is attributable to the increased cost of price does not result from high import costs. wheat in the producing country and 31 francs However, the Council is prepared, by virtue of to import charges. The cost of corn purchased its resolution of October 10, 1941, to participate in Argentina rose from 12..35 francs to 50.95 in the projects undertaken by the cantons and the francs for 100 kilograms. Import charges municipalities to aid the indigent. Among the increased 40.70 francs, whereas the price of corn 651 JULY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK PRICE TRENDS CND OF MONTH FIGURES - 1914 * 100 - 190 J90- I ft 180 180 - P- 170 170 - / - r - \ \ COST OF LIV1NG — •"7 - L / •\ r •• \ ^f wA6R"1CJLTURAL PR)DUCTS J V ss.y/ \ • r rx-. V \ / Sr- - \ J HOLESALE >R1CES - - r ^^ s/ - official measures taken in the course of the year to place under the system of price control good to put a brake on the rise in prices, the resolu- which were not manufactured or sold in Switzertion of the Federal Council of March 18, 1941, land before August 31, 1939. may be mentioned. This decree authorized It is understandable that the considerable rise the Federal Department of Public Economy to in the cost of living has acutely disturbed large impose a compensating tax on the stocks of bread sections of our population. In memoranda grains and flour which the millers are required addressed to the Federal authorities at various to maintain. The revenues from this tax are times, the National Bank has expressed its to be used to reduce the selling price of im- opinion on the problem of prices. The Governported wheat and rye so as to prevent an exces- ment's expenditures to insure the economic and sive rise in the cost of bread. The tax rate was military defense of the country have created fixed on the basis of the average or actual cost additional purchasing power, the effects of of the grains used, the selling price of the milled which it is necessary to counteract as much as products, and an equitable margin for milling. possible by controlling production and con- Furthermore, the decree of the Federal Council sumption and above all by exercising a strict of July 17,1941, lowered to 1 franc the subsidy control of prices. It is generally recognized paid on imports of edible oils and oleaginous that the imposition of taxes is the most efficagrains; these supplements had previously ranged cious way to absorb purchasing power. Therefrom zz to 55 francs. To protect the public fore the decree of the Federal Council of Novemagainst unjustifiable price increases, the Federal ber 18, 1941, raising the tax on war profits Department of Public Economy also decided should be viewed with special satisfaction. As 6 z 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK national defense requires considerable funds to compete in price. It is absolutely essential and as the possibilities of our capital market are for our country to maintain its export trade. not unlimited, it will become necessary to WAGES AND EMPLOYMENT determine what fiscal sources can yield addi- The rise in the cost of living has multiplied tional revenue and what new receipts can be the demands for wage increases. On January created. The resoluteness with which the popu- 6, 1941, the Federal Department of Public lation is taxed and federal taxes are collected in Economy addressed an appeal to employers to the cantons will show how far it is possible grant wage increases or allowances for the further to reach income and capital within the higher cost of living. In industry the wage cantons. increases and allowances granted since the Although the proper financing of national beginning of the war amount on the average to defense expenditures is an important factor in 15 per cent. The amounts differ, of course, the prevention of inflation, measures must between different branches of industry. nevertheless be taken in the field of commodities. A Committee of Inquiry was set up by the Along with a tight and uniform control of Federal Department of Public Economy to study prices, the rationing of commodities of primary the problem of wages, the members of which necessity must be carried out. Furthermore, were chosen from the Commission for Economic it is essential to increase the volume of imports; Research and the Commission for Price Study. gold and foreign exchange are available in suffi- It came to the conclusion that a rise in the cost cient quantity for this purpose. It is extremely of living should never be entirely compensated fortunate that the authorities are attempting by an increase in wages if the vicious circle of to encourage agricultural production by increasever-higher prices and wages were to be avoided. ing land cultivation and are controlling indus- The Committee considered that if the various trial production in the light of the available raw factors1 which contributed to the rising cost of material reserves. living were taken into account, an increase in Even at this time it is proper to consider what wages of 10 to 15 per cent would be permissible form the price problem will take in the post-war when the cost of living index had advanced period. The National Bank holds the opinion 30 per cent above the-pre-war level. Later the that at the end of hostilities prices will auto- Federal Department of Public Economy created matically fall to the extent that foreign factors a Consulting Commission on wage problems, which influence their level lose importance. charged with the task of watching the price This does not imply that prices after the war trend and laying down rules concerning wage will return all along the line to the level of adjustments made necessary by the rising cost of August 1939. In fact, in following the trend of living. prices it will be necessary to give due consider- The employment situation in Switzerland in ation to the legitimate interests of those 1941 was more favorable than in any year since branches of production, especially agriculture 19x9. The average number of unemployed was which play a role of primary importance in the only about 9,095 in 1941 as against 14,785 in national economy. But the idea should not the preceding year. In examining the figures gain credence that the extraordinary rise of on unemployment it is important to remember prices resulting from the war should be left that during 1941 the number of mobilized troops unchanged. Prices which are far too high was considerably reduced. There were periods would have a harmful effect on our foreign when certain cantons had no unemployment at economic relations after the war; Switzerland all. A noticeable shortage of labor was felt would no longer be able to sell her quality in certain branches of the economy. As reproducts abroad if she were not in a position gards the allocation of labor, a decree of the JULY 1941 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL. BANK Federal Council dated April 17, 1941, provided slaughtering of pigs, and finally the introducthat construction projects invested with national tion of meal cards and the inauguration of two interest had priority over other construction. meatless days until December (three such days On the other hand, workers in certain branches thereafter). of industry, for example in textile plants, had Our insufficient supplies require that the to accept part-time work, because a scarcity of strictest economy be observed in the use of foodraw materials began to be felt. Due to the stuffs and raw materials. favorable situation in the labor market, the With a view to insuring supplies and the problem of creating work required no urgent exportation of its products, Switzerland consolution, but already measures are being taken cluded trade treaties and payments agreements to forestall an eventual severe crisis of unem- with several countries. In February it signed a ployment. As regards this problem, it is pos- commercial agreement with Russia to facilitate sible to shift available labor to the work reciprocal exchanges on the basis of an annual involved in the extension of cultivation. amount of 100 million francs. The entrance of Russia into the war again interrupted our ECONOMIC POLICIES AND TRADE AGREEMENTS economic relations with that country. Under Swiss economic policies have been dominated the terms of a second protocol, dated July 18, in an increasing measure by the requirements of a 1941, the Swiss-German clearing agreement of war economy. Since raw materials were be- August 9, 1940, was extended until the end of coming exhausted, it was necessary strictly to I94X, and certain modifications were made. The control their use. The decree of the Federal new agreement applies also to the settlement of Council of April 1, 1941, made it necessary to accounts between Switzerland and Alsace-Lorobtain a permit to open or to expand under- raine, Luxemburg and Lower Styria, areas in takings in the fields of industry, the arts and which German foreign exchange control has crafts, commerce and related branches. In prac- been introduced; it involves an increase of cleartice this measure amounts to controlling the ing advances to Swiss exporters. In cooperation investment of capital. In the iron and metal with the National Bank, it was possible to conindustries regulations were issued providing clude an arrangement with France, which somethat forced delivery of certain metals might be what modified the severity of measures limiting ordered. Authorization was required for the on both sides the free settlement of financial delivery and the use of various metals and a list debts. It is to be hoped that economic and was drawn up of forbidden uses. In the textile financial relations with our western neighbor industry, too, new limitations were imposed. will gradually resume their normal course. Not only were rationing measures developed, but new provisions regulated the supply of GOVERNMENT FINANCE rationed textile products back to the source. The expenditures for national defense make it Domestic wool was requisitioned for the army. necessary to follow closely the development of Finally, a number of measures were adopted Government finance, taking the point of view relating to substitutes and to the recovery of of the bank of issue. By the end of 1941 miliused materials and waste matter. tary expenditures had amounted to a total of It was necessary to adopt new provisions to about x-9 billion francs, of which about 850 control consumption. The following may be million had been amortized. mentioned: introduction of ration cards for shoes In order to insure the amortization of, and the and for silk, the rationing of coffee, tea, cocoa, interest payments on, the extraordinary credits cheese, and eggs, the limitation of deliveries of for national defense, the Federal Council had fresh milk to quantities corresponding to normal already last year provided for new fiscal repurchases in 1939, the fixing of quotas for the ceipts. The national defense tax went into effect 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK on January i, 1941. According to the resolu- tary expenditures, thanks to the revenues tion of the Federal Council of December 9, 1940, derived from the national defense tax; this is an it comprises two types of taxes: general taxes, excellent result which compares favorably with including a tax on income and a surtax on net the financial burdens assumed by taxpayers in unearned income, and a special tax imposed at certain foreign countries. These taxes have the source on the income derived by foreigners covered roughly to per cent of the expenditures from Swiss securities and assets located in Switz- made from the beginning of war until the end of erland. Of these taxes, only that levied at the 1941. source yielded revenue during 1941, producing In 1941 the Government resorted to the capiabout 37 million francs. tal market in May and in November. In May a The tax on business turnover, which wentinto 3 J per cent loan of 2.00 million francs maturing effect on October 1, 1941, has prompted more in twelve years, and a 3 per cent loan of 100 mildiscussion than the national defense tax. The lion maturing in six years, were offered to the Federal Legislature had provided for the crea- public. Subscriptions were so large that the tion of this tax in the financial program of April Government raised the issued amount of each of 11, 1940, and on April 30, 1940, the Federal these loans to 2.80 million francs. In November Council had decided to impose it. The Council two new loans were placed: a 3! per cent loan issued the appropriate administrative orders of 150 million francs with a maturity of 15 years, on July 2.9, 1941, and a supplementary decree and 100 million francs of z| per cent notes with a relating to retailers* stocks on September 2.6, term of five years. In these two cases as well, 1941. As the defense of the country requires amounts subscribed exceeded the amounts first large expenditures, the Federal • Council could offered. The Government raised 310 million not forego this source of revenue. Other coun- by the first loan and 2.70 million by the second. tries have long had taxes on business turnover The loans contracted in 1941 made it possible to and the majority impose much higher rates than convert outstanding loans to the amount of 310 those in Switzerland. million francs. The Government thus suc- In addition, the Federal Council decided on ceeded in borrowing 830 million francs of new November 18,1941, to raise the tax on war prof- money. In addition, 142. million francs of its. It reduced the portion of these profits Treasury bills were placed on the market, exempted from taxation and increased the rate principally with banks. However satisfying on the taxable portion. War profits must be may be the results of the borrowing operations increasingly absorbed not only as an aid to the carried out in 1941, it must not be forgotten Treasury, but also as an aid to the price policy. that these loans not only must be serviced with To the end of 1941 about 4x0 million francs were interest but also must be amortized. In view paid as a sacrifice tax for national defense. The of the obstacles which arise when sufficient total extraordinary receipts of the Federal Gov- funds must be found to pay interest and amortiernment amounted to 515 million francs in zation on debts, it is essential that the state 1941, as against 2.6 million for the previous year confine its extraordinary and ordinary expendi- (excluding the exchange equalization fund). tures to those which are strictly necessary. Although the administrative orders bringing Among the measures adopted in the financial the new taxes into effect (except for that on field, mention should also be made of the decree business turnover) had already been issued in of the Federal Council of October 7, 1941, pro- 1940, it was only during 1941 that fairly sizeable viding for allowances to members of the armed revenues were produced thereby. In fact, tech- forces to compensate them for loss of salary, and nical difficulties retarded the application of the for public works and unemployment assistance. fiscal decrees. In 1941 tax receipts served to Since July 1, 1941, the compensation fund estabpay about 47 per cent of the extraordinary mili- lished in connection with the payment of allow- JULY 1942, 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK ances for loss of salary, which had a balance of opened abroad were canceled. Thus the flow 144 million francs at the end of June, has been of foreign exchange was oriented toward divided in two parts. The first, consisting of this country until the middle of June contributions by employers and employees, con- 1941, when the United States blocked Swiss stitutes the new compensation fund; it receives assets. In order to check the movement, the the contributions of employers and employees National Bank requested the banks as early as and is drawn upon for allowances paid to mem- January to offer it only dollars belonging to bers of the armed forces for loss of salary. The Swiss nationals. The Bank itself refused to cantons draw from the second fund, which is take dollars from foreigners unless this perconsidered to be a public corporation, those mitted them to fulfill obligations contracted in sums which they appropriate to unemployment this country. The date on which Swiss assets funds as advances or as reserves against eventual in the United States were blocked, June 14, losses. A considerable portion of the amounts 1941, opened the third period in Swiss foreign previously spent by the cantons for unemploy- exchange policy, and put an end to the large ment relief will hereafter be charged to the movements of foreign exchange. The decision compensation fund. Furthermore, a program of the United States caused great surprise in which fundamentally reorganizes unemploy- Switzerland. In fact, our country, having ment relief has already been established. always observed strict neutrality, felt that it had good reason to hope that its assets would FOREIGN EXCHANGE not be blocked. Such was not the case, and In continuing to administer the monetary since Switzerland has had close economic and policy of Switzerland in conformity with the financial relations with overseas countries for provisions of the National Bank law and of the ' many years, the decision of the United States decree of the Federal Council of September 17, has seriously prejudiced its position. 1936, the National Bank has been continually On June 2.0, 1941, the United States Treasury confronted with new problems. granted the Federal Council and the National Developments in the foreign exchange market Bank a general license to permit them to carry since the beginning of the war can be divided on their transactions. This license gives the into three distinct periods. During the first, National Bank the right to dispose of its dollars which lasted until the middle of 1940, the Na- in transactions with countries whose assets are tional Bank had to pay out considerable quanti- not blocked. It also authorizes the National ties of foreign exchange which were required Bank to receive dollar assets in the United States for imports or to build up reserves against future when they are offered by Swiss citizens. In purchases abroad. Also, foreigners withdrew spite of these privileges, there are still great their capital invested in Switzerland and from difficulties to overcome. It is not sufficient that time to time Swiss capital was sent abroad. the National Bank as a bank of issue be able The second period began in the middle of June to carry on current banking operations in the 1940. When Germany and France entered into United States; it must be able to dispose of its negotiations for the conclusion of an armistice, monetary resources where they are needed to acthe outflow of foreign exchange ceased. Enter- quire supplies for our country. In order to facilprises which had taken the precaution of build- itate relations with the United States Governing up dollar reserves against purchases in over- ment and monetary authorities, the National seas markets attempted to liquidate them, since Bank had already delegated one of its directors it had become impossible to carry out the to the United States before the embargo was contemplated import transactions. Other dol- proclaimed. lar assets were also converted into Swiss francs; In order to acquire as easily as possible the American securities were sold; and credits dollars arising out of Swiss exports, the National 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK Bank concluded an agreement with the banks did not permit gold to be imported from Amerwhich provided that imports could be paid for ica to Switzerland because of the high transporonly with dollars received from exports. Until tation and insurance costs. Italy, which at the a new arrangement is reached, the weekly bal- beginning of the war had increased the rate on ances arising from these operations can be set the dollar from 19 to 19.80 lire, restored it to 19 off against each other at the Bank. The grow- lire and at the same time decided to take similar ing difficulty of importing from overseas has measures with respect to other foreign currenhad an adverse effect on the flow of dollars. The cies. Thus the rate for the Swiss franc was above-mentioned agreement applies only to lowered by an amount corresponding to the rise commercial transactions; financial dealings were in the value of 100 lire from £1.75 to zz.65 francs; excluded because it would not be desirable for the the effective clearing rate was altered from rL.45 dollar reserves of the National Bank to be built to 2.1.67! francs for 100 lire. The rates for up from this source by what might be a sizeable sterling and the French franc have remained amount. stable since the beginning of the second quarter The monetary reserves of the National Bank of 1941. However, it should be noted that have undergone important changes during the actually these two currencies no longer have an past five years. The gold and foreign exchange international market. holdings of the National Bank reached their highest level in February 1938, when they MONEY MARKET AND CREDIT POLICY amounted to over 4 billion francs. They de- The fact that the giro accounts at the National clined thereafter by about 800 million francs Bank (exclusive of the Government's account) to the middle of June 1939, and by an additional reached an average of 1,309 million francs for 600 million to the middle of June 1940. Total 1941, as against 744 million for 1940, and were gold and foreign exchange holdings, therefore, never significantly lower than 900 million during fell more than 1.4 billion francs from February the year, shows the extraordinary liquidity of 1938 to the middle of June 1940. In the next the Swiss money market. In the first months of period, that is, from June 1940 to the middle of the year the repatriation of Swiss capital, that is June 1941, the monetary reserves of the Bank the proceeds from foreign exchange purchased rose by more than 1.1. billion francs. After by the National Bank, contributed to the the blocking of dollar assets, the flow of foreign growth of available funds in the money market. exchange diminished. Of the total holdings of But the embargo placed by the United States on 3.6 billion francs shown in the bank statement dollar assets deprived the money market of for the end of 1941, 2-9 billion was in gold and further resources from this type of transaction. 0.7 billion in dollars. In the second half of the The Government's discounting of bills only year the National Bank converted into gold a occasionally brought a certain amount of funds large part of the foreign exchange acquired in to the market; on the other hand, the flotation the second half of 1940 and the first six months of Federal loans removed each time considerable of 1941. sums from the market. Thus, the giro accounts The blocking of dollar assets practically put declined by 450 million francs in May and 467 an end to transactions in that currency in million in November. Europe. Greater recourse was had to gold to During 1941 the National Bank did not extake the place of dollars in settling international tend its credit facilities to the exceptional extent balances of payments. This year, as in 1940, that it had in 1940. The banks could manage payments between European countries were without the assistance of the Bank for they almade principally by way of clearing accounts. ready had more liquid assets than were required The National Bank paid a minimum of 4.30 to meet credit demands. Nor were they obliged francs for dollars offered it, although this price to take care of large withdrawals of funds in JULY 1942. 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK SWISS NATIONAL BANK SELECTED ASSETS AND LIABILITIES MILLIONS OF FRANCS MONTHLY AVERAGES MILLIONS OP FRANCS 3OOQ 1941. In contrast to former years, the banks As has been the case for several years, the figures had a quiet year. Each month savings deposits presented in the Bank statement fail to reflect dropped slightly. In general, however, the much of the credit assistance furnished by the banks sought to keep funds from flowing out Bank, since they do not show the rediscount rather than to try to attract new funds. In the facilities which the National Bank offered in first 11 months of the year the statements of 43 large amounts to the banks to secure their adbanks required to submit periodic balance sheets vances to public corporations. At the request (cantonal banks, the big banks, and important of the Federal authorities the National Bank local banks) showed that deposits other than offered this type of facility during the year to inter-bank deposits rose by 175 million francs. finance the construction of air raid shelters in This increase is attributable principally to several areas and to permit land improvement deposits of commercial funds; in fact, assets in works to be carried out in connection with the checking and other current accounts with development of food production. these banks advanced by 151 million francs. In order to avoid any inflationary influence, The National Bank's credit was drawn on the Bank was careful to limit its advances to slightly more in the second half of the year, the State to the proper amount. The extenespecially in the last months, as a result of the sion of temporary credit, however, is one of the increased presentation for discount of bills arising Bank's normal tasks. The average amount of from the obligatory building up of stocks of bills discounted for the Government in 1941 goods. But in December credits of this type amounted to 55 million francs, as against 106 declined sharply because the Government repaid million in the previous year. Part of these bills those granted to participants in the war economy. covered the Government's clearing advances 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK to foreign countries. Tax revenues, especially and winter purchases. But this development those from the sacrifice tax for national defense had other causes as well. In addition to the in the first and the last months of the year, the continued high rate of activity in retail trade, placing of Treasury bills in the open market, and the boom in the construction industry also rethe proceeds from the loans contracted in May quired a larger amount of currency. Furtherand in November, made it possible for the Gov- more, it was necessary to accumulate funds to ernment to repay regularly the Bank's advances. meet the second instalment of the sacrifice tax There were times—including the end of the for national defense. year—when the portfolio of the National Bank included no Federal bills. During the last war CAPITAL MARKET the high rates on the capital market forced the The liquidity of the Swiss capital market Government to raise large funds by issuing bills also caused an increase in the number of loans with a term of three months, part of which were offered. Not only the Government, but also placed in the market. This time the favorable cantons, municipalities, and private enterconditions in the money and capital markets prises made appeals to the capital market. The have made it possible to raise long-term as total value of loans raised amounted to 1.6 well as medium-term loans. The State has conbillion francs—that is, to the highest level ducted both types of operations under favorable which has ever been reached on the Swiss conditions. In 1941 the effective rates on the short-term market. This was indeed primarily a movemoney market underwent no modification. By ment to convert to a lower rate of interest a agreement between the banks, the private dis- portion of the loans contracted at higher rates, count rate for bank paper and first-class commer- but the amount of new money exceeded by far cial paper was maintained at 1% per cent. The that previously raised on the market; it rates of the National Bank also remained un- amounted to a total of 913 million francs. changed: the discount rate at 1% per cent and Certainly the raising of these funds was only the rate for advances at ilA per cent. possible because, in addition to savings deposits, part of the repatriated capital also NOTE CIRCULATION sought investment in Switzerland. It is assumed that foreigners did not participate In contrast to the experience of past years significantly in the issues placed in Switzerland and of several foreign banks of issue, the note during 1941. Whereas short-term loans were circulation only increased slightly. The averprincipally subscribed to by the banks, it was age figure for the year was a mere 1 per cent rather individuals, insurance companies, and higher than in 1940. pension funds which took over the long-term A noticeable reflux of notes to the banks took loans. place in Switzerland at the beginning of 1941. Between the end of May and the end of August The large loans issued by the Government the note circulation showed but slight varia- did not have lasting repercussions on the tion. It was only in the last months of the capital market. Actually the funds which year that a greater demand for currency made were withdrawn in this manner soon found itself felt. This represented in part a seasonal their way back into circulation. demand for money to make the usual autumn If the abundance of funds in the capital 659 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK market is taken into consideration, the further of prices, it should be remembered that between decline in interest rates is not surprising. The September 1928 and May 1932., stocks lost yield to maturity on Government bonds, which almost two-thirds of their value. At the end was around 3.75 per cent at the end of December of July 1938, when most of this loss had been 1940, declined to 3 per cent in July 1941. Since made up, there was a new fall in stock prices. then interest rates have shown a remarkable The recovery which began in July 1940 has stability, having fluctuated only by a few not yet restored stocks to their 1938 peak. hundredths of one per cent. The interest on To the extent that these advances in prices the long-term Federal loans issued during the represent real profits, they constitute, in the year was 3^ and 334 per cent. By way of same way as do war profits, a danger for the comparison, it may be recalled that in the war price level. period 1914-18 the Government was unable to place any loan below 4H per cent. At various STANDSTILL AGREEMENTS times it was even necessary to pay 5 per cent. The term of the Swiss-German standstill The trend of the capital market also influenced agreement was extended for another year from bank rates. During the course of the year, July 1, 1941. On this occasion, it was declared the National Bank was not called upon to ap- to be applicable to debtors resident in Bohemia prove any increases in the banks' rates for certifi- and Moravia, and in the annexed part of Poland. cates of deposit, as is provided in the banking The amount of Swiss bank credits affected by law. Indeed the banks actually reduced their this measure is approximately 60 million francs. rates, and in a few rare cases, the interest on It was also necessary for the creditors to accept savings deposits. In addition, they lengthened a new reduction in the interest rate. As a the term for certificates of deposit and limited result of the extension of the agreement to new the issuance of this type of paper. The rate for territories, the total of Swiss credits involved mortgages was also slightly reduced. In com- increased from 185 million francs at the beginparison with the rates in effect in important ning of the year to 210 million on December 31, countries, this rate—between 3^ and 4 per cent 1941. for first-grade mortgages—is one of the lowest As a result of negotiations which were not in existence. concluded until March, the Swiss-Hungarian The favorable rate of activity in various standstill agreement was extended for another industries, the impossibility of placing the year from October 15, 1940. The annual large amount of capital offered, and the lower- annuity previously paid, that is, 1 and 1% per ing of interest rates on the bond market—also cent for interest and 3 34 per cent for amortizaan important factor—all influenced the stock tion, was again reduced. However, because exchange in the course of the year. In spite of the development of commercial relations of relapses and periods of stability, prices between Switzerland and Hungary, the previous continually advanced to higher levels. At the rates were restored when it was decided in end of 1941 the Swiss share index stood at 178, October 1941 to extend the agreement to October X5 per cent higher than the level at the end of 15, 1942.. The amount of credits regulated by 1940. The upward movement extended to the Swiss-Hungarian agreement was 82.7 million almost all shares, but there were important francs on October 15, 1941, as against 80.3 individual variations. In examining the trend million a year earlier. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF SWISS NATIONAL BANK BALANCE SHEET OF THE SWISS NATIONAL BANK [In thousands of francs] Assets Dec. 31 1941 Dec. 31,1940 Liabilities Dec. 31,1941Dec. 31,1940 Gold in Switzerland and abroad 2,878,499 2,173,204 Notes in circulation 2,336,693 2,273,386 Other cash items 2,751 2,505 Giro accounts 896,874 1,018,550 Foreign exchange: Federal accounts 194,661 6,826 Eligible as note cover 671,535 995,278 Other deposits 44,636 41,594 Other 7,466 1,475 Foreign clearing accounts 108,863 119,881 679,001 996,753 78,008 48,032 Swiss portfolio Drafts and checks in circulation 1,626 1,477 Swiss bills 32,526 63,184 Other liabilities 145,957 146,202 Government notes 4,400 149,290 Capital* . . . 50,000 50,000 Other discounts 2,259 2,095 Surplus 15,000 14,500 39,185 214,569 Reserve for printing bank notes 1,000 1,000 Securities of the Federal Loan Office.. 12,800 2,850 Reserve for uninsured risks 1,000 1,000 Advance on securities: 10 days' notice 25,006 45,404 Reserve for taxes 1,000 Items for collection 1,558 1,242 Net profits 5,253 5,253 Due from correspondents in Switzerland . . 15,774 19,999 Due from postal check offices 2,287 2,658 Miscellaneous assets 30,629 12,228 Government securities . .. 69,641 87,840 Coupons 41 92 Bank premises » 2,500 3,000 Furniture and fixtures Other assets '95,900 140,359 Unpaid capital 25,000 25,000 Total assets 3,880,571 3,727,701 Total liabilities 3,880,571 3,727,701 1 Carried at 1 franc. JULY 1941 .661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings in Washington 1942., and prior to that time was a member of The third meeting of the Federal Open Mar- the staff of the Division of Bank Operations. ket Committee during the current year was held Effective July 1, William B. Pollard was in Washington on June 2.2. and a meeting of the appointed Assistant Chief of the Division of Conference of Presidents of the Federal Reserve Examinations. Mr. Pollard has been an ex- Banks was held on June -TL and 2.3, 1942- aminer in the Board's Division of Examinations since July 5, 1933. Resignation of Chairman and Federal Reserve Agent Effective as of July 1, 1942., Frank J. Lewis Admissions of State Banks to Membership in the resigned as Class C Director and Chairman and Federal Reserve System Federal Reserve Agent at the Federal Reserve The following State banks were admitted to Bank at Chicago. Mr. Lewis had served as membership, in the Federal Reserve System Class C Director of the Bank since July 9, 1936. during the period May 16, 1942., to June 15, He was Deputy Chairman of the Bank during 1941, inclusive. the year 1940, and as of January 1, 1941, was appointed Chairman and Federal Reserve Agent. Arkansas Division of Personnel Administration Sheridan—Grant County Bank The Board has created a new division in its staff, to be called the Division of Personnel Ad- Indiana ministration, in which will be centralized the personnel work of the Board pertaining both to Connersville—The Central State Bank its own organization and to such personnel matters at the Federal Reserve Banks as come Iowa before the Board. Robert F. Leonard, who has Goldfield—Goldfield State Bank & Trust Co. been assistant chief of the Board's Division of Examinations, has been appointed director of Minnesota the new division. Virginia—State Bank of Virginia Staff Appointments Effective June 16, Gardner L. Boothe, II, Ohio was designated Assistant Administrator for the War Loans Committee. Mr. Boothe has been Englewood—The Farmers State Bank, of Englea member of the staff of the Office of the wood, Ohio Administrator for the War Loans Committee Mount Eaton—The Bank of Mount Eaton since the creation of that Office on April 6, Company 662., FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled June 18 and released for -publication June ig. Figures shown on charts may differ from preliminary figures used in text, hater developments are discussed on pages 625—630 of this BULLETIN. Industrial activity continued to advance in which since January had been retarded during May and the first half of June. Commodity the conversion of plants for armament producprices showed little change after the middle of tion, showed an increase in May. May when the general maximum price regula- Steel production was maintained at about 98 tion went into effect. Retail trade declined per cent of capacity in May and the first half further in May but increased somewhat in the of June, Lumber production increased seafirst half of June. sonally and activity at furniture factories, which usually declines at this time of year, PRODUCTION was sustained at a high rate. In industries Volume of industrial production increased manufacturing textiles and food products, outin May and the Board's seasonally adjusted put continued large in May. Gasoline proindex advanced to 176 per cent of the 1935-39 duction declined further, however, reflecting average, as compared with 173 in April and 171 the effects of transportation difficulties. There during the first quarter of this year. Output was a further marked decrease in paperboard of manufactured products continued to in- production which, according to trade reports, crease, reflecting chiefly further growth in reflected a slackening in demand. production of war materials, while mineral Coal production was sustained at a high rate production showed a seasonal rise. in May and output of crude petroleum increased The largest increases in May, as in other somewhat, following considerable declines in recent months, were in the machinery and March and April. Copper production and iron transportation equipment industries which are ore shipments rose sharply to new record levels. now making products chiefly for military Value of construction contract awards inpurposes. The amount of copper smelted rose creased sharply in May, following a decline in sharply and output of chemicals continued to the previous month, and was close to the record advance. Activity in the automobile industry, high level reached last August, according to DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 1 200 140 i ft 180 180 130 130 ft IV y 120 120 160 160 IU V / 110 110 /} /-^ / 140 140 100 100 SALES \ / 90 r 90 120 / V / J \ 80 80 100 / \ J 70 STOCKS _,v 70 \ 60 60 80 80 50 50 1936 1937 1938 1939 1940 1941 1942 1938 1939 1940 Federal Reserve monthly index of physical volume of production, Federal Reserve monthly indexes of value of sales and stocks, adadjusted for seasonal variation, 1935-39 average = 100. Latest fig- justed for seasonal variation, 1923-25 average = 100. Latest figures ures shown are for May 1942. shown are for May 1942. JULY 1941 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS figures of the F. W. Dodge Corporation. the highest levels reached in March. Action Awards for publicly financed work increased was taken to exempt most military products in May and, as in other recent months, con- from the general regulation and to allow for stituted around three quarters of the total. special treatment of women's coats and dresses Awards for residential building continued to and a few other nonmilitary items. decline. BANK CREDIT DISTRIBUTION During May and the first half of June, the Retail trade declined further in May. De- Federal Reserve Banks purchased about zoo partment store sales were about 7 per cent million dollars of United States Government smaller than in April and sales by mail-order securities. Additions to member banks' rehouses showed a similar decrease. In the first serves from this source, however, were offset half of June department store sales increased by continued withdrawals of currency by the somewhat. public. Excess reserves fluctuated around x,7oo Carloadings of revenue freight increased in million dollars during the six-week period. May by about the usual seasonal amount. Reporting member bank holdings of United There was a further substantial decline in the States Government securities increased by nearly number of cars loaded with merchandise in less a billion dollars during the period. Two-thirds than carload lots, reflecting the effect of Federal of the increase came in the week ending May orders raising the minimum weights for such 2.0 with delivery of new Treasury T. per cent loadings. Increases were reported in ship- I949~5I bonds, and the balance represented ments of most other classes of freight, particu- mainly increased bill holdings. Loans delarly coal, ore, and miscellaneous freight. clined somewhat in the period. Adjusted demand deposits continued to increase, while COMMODITY PRICES United States Government deposits were Prices of most commodities both at wholesale reduced. and retail showed little change after the general maximum price regulation went into effect UNITED STATES GOVERNMENT SECURITY PRICES around the middle of May. Declines occurred Prices of taxable United States Government in prices of cotton and some other agricultural bonds, which declined by about 3^ point at commodities, and prices of some industrial the time of the early May financing, subsecommodities were reduced to conform with the quently regained that loss and during the first general order that prices should not exceed half of June remained steady. MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS Of DOLLARS FACTORS SUPPLYING RESERVE FUNDS FACTORS USING RESERVE FUNDS 24 MBER GOLD STC »'• • • VE B 22 20 18 - 16 • 14 4 TREASURE CURRENCY _ RESER\ft BANK CREDI1 Wednesday figures. Commercial loans, which include industrial 1940 1941 1942 1940 1941 1942 and agricultural loans, represent prior to May 19,1937 so-called "Other loans" as then reported. Latest figures shown are for June 17, 1942. Wednesday figures. Latest figures shown are for June 17,1942. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES ' PAGE Member bank reserves, Reserve Bank credit, and related items 667 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 668 Federal Reserve Bank statistics 669-673 Reserve position of member banks; deposits in larger and smaller centers 674 Money in circulation 675 Gold stock and gold movements; bank suspensions; bank debits 676 All banks in the United States, number, deposits, loans and investments .• 677 . Condition of all member banks 678-679 Weekly reporting member banks 680-683 Commercial paper, bankers' acceptances, and brokers' balances 684 Money rates and bond yields 685 Security markets 686-687 Corporate profits 1. 688 Treasury fin ance 689-691 Governmental corporations and credit agencies; Postal Savings System 691-694 Business indexes 695~7°5 Department store statistics 706 Wholesale prices 707 Current statistics for Federal Reserve chart book 708-710 Member Bank Earnings, 1941 711-712. Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports" made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. JULY 1942. 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS 10 10 1936 1937 1938 1939 1940 1941 1942 Latest figures for June 17. See page 667. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member Treas- bank reserve Date c B o d e i i u s l d n l - s t- To U t . a l S. s e G t c w u M o u r i v r i t a i n e h - ti r g - e n s m t e a u M n f r t t i e a n r - g ot A h l e l r1 Total s G to o c ld k T s r t o c e r u i a n e u n u r n a g y r c t d - - s y - - M in c ti o u o c n l n i a e r - y - T h c i u r o n a e r l g s a y d h s s - - u p s w F r e e o R y e r r i s e a t v d i h d - l t e - e s - m N b d e o e e m n - r - - c O s F o R e e t e u a r r h e d v a n c - e - - l e t r s Tot b a a l lance E s xin 5 5 Banks years years Monthly averages of daily figures: 1941—Mar 2,184 1,012 1,172 76 2,262 22,319 3,105 8,835 2,202 618 285 13,979 6,304 Apr , 2,184 983 1,201 85 2,272 22,441 3,115 8,995 2,277 892 288 13,600 5,883 May 2,184 1,008 1,177 75 2,262 22,547 3,129 9,193 2,264 618 287 13.650 5,831 1942—Mar 2,252 821 1,431 134 2,393 22,696 3,272 11,507 2,172 244 291 12,827 3,147 Apr , 2,275 850 1,425 150 2,432 22,679 3,281 11,645 2,178 197 295 12,649 2,951 May 2,457 983 1,474 150 2,614 22,706 3,296 11,898 2,191 317 294 12,510 2,667 End of month figures: 1941—Mar. 31.... 2,184 955 1,230 56 2,243 22,367 3,109 8,924 2,236 1,180 13,371 5,776 Apr. 30..... 2,184 1,008 1,177 48 2,234 22,506 3,122 9,071 2,283 865 288 13,524 5,771 May 31... 2,184 1,008 1,177 92 2,280 22,575 3,134 9,357 2,215 443 285 13,724 5,801 1942—Mar. 31.... 2,244 821 1,423 102 2,355 22,687 3,277 11,566 2,190 289 296 12,575 3,073 Apr. 30 2,357 913 1,444 105 2,468 22,691 3,289 11,767 2,182 201 295 12,658 2,791 May 31 2,489 1,007 1,481 138 2,634 22,714 3,305 12,074 2,192 261 292 12,405 2,486 Wednesday figures: 1941—Aug. 6 5 2,184 951 1,234 41 2,231 22,682 3,169 9,795 2,345 839 287 12,951 5,018 Aug. 13 10 2,184 951 1,234 53 2,247 22,703 3,172 9,792 2,361 919 287 12,948 5,027 Aug. 20.... 8 2,184 951 ,234 80 2,272 22,710 3,178 9,840 2,377 785 285 13,037 5,058 Aug. 27.... 10 2,184 951 ,234 87 2,281 22,716 3,178 9,899 2,378 772 285 12,998 4,994 Sept. 3 12 2,184 951 ,234 45 2,241 22,722 3,180 10,034 2,400 708 284 12,884 4,857 Sept. 10.... 14 2,184 951 ,234 58 2,255 22,733 3,185 10,036 2,397 456 283 13,158 5,111 Sept. 17... 11 2,184 951 ,234 121 2,316 22,741 3,188 10,046 2,408 334 293 13,328 5,249 Sept. 24.... 12 2,184 951 ,234 83 2,279 22,749 3,194 10,070 2,350 379 293 13,273 5,202 Oct. 1 11 2,184 951 ,234 49 2,244 22,761 3,196 10,183 2,259 309 292 13,240 ,5,193 Oct. 8 11 2,184 951 ,234 70 2,265 22,772 3,203 10,237 2,241 304 291 13,290 5,209 Oct. 15 8 2,184 951 ,234 121 2,313 22,778 3,207 10,283 2,222 259 292 13,321 5,234 Oct. 22 4 2,184 908 ,277 103 2,291 22,786 3,214 10,278 2,195 977 292 12,749 4,655 Oct. 29 5 2,184 908 ,277 61 2,250 22,796 3,219 10,307 2,209 915 292 12,632 4,602 Nov. 5 6 2,184 908 ,277 57 2,247 22,788 3,221 10,421 2,195 933 291 12,594 3,409 Nov. 12.... 6 2,184 908 ,277 72 2,263 22,793 3,222 10,472 2,213 807 290 12,707 3,540 Nov. 19.... 5 2,184 908 ,277 118 2,307 22,778 3,228 10,535 2,184 598 290 12,942 3,692 Nov. 26.... 6 2,184 908 ,277 94 2,284 22,781 3,230 10,567 2,195 440 288 13,126 3,799 Dec. 3 6 2,184 908 ,277 100 2,289 22,770 3,233 10,717 2,180 321 288 13,178 3,860 Dec. 10 4 2,196 918 ,278 85 2,286 22,774 3,236 10,834 2,185 157 287 13,219 3,842 Dec. 17 5 2,240 917 ,322 188 2,433 22,747 3,238 11,023 2,193 925 297 12,497 3,085 Dec. 24 7 2,243 917 ,326 249 2,499 22,750 3,244 11,224 2,195 908 297 12,447 3,056 Dec. 31.... 3 2.254 917 ,337 104 2,361 22,737 3,247 11,160 2,215 867 291 12,450 3,085 4 2,254 917 ,337 128 2,386 22,742 3,248 11,109 2,220 663 291 12,717 3,385 4 2,254 917 ,337 133 2,390 22,740 3,252 11,062 2,224 419 291 12,992 3,561 3 2,250 827 ,423 130 2,383 22,750 3,255 11,077 2,204 284 291 13,145 3,584 4 2,243 821 ,421 92 2,339 22,744 3,256 11,097 2,196 302 290 13,075 3,479 Feb. 4... 4 2,243 821 ,421 70 2,316 22,738 3,259 11,231 2,201 376 289 12,849 3,326 Feb. 11.. 3 2,243 821 ,421 86 2,331 22,741 3,263 11,319 2,194 319 288 12,905 3,357 Feb. 18.. 3 2,250 821 ,429 151 2,404 22,712 3,264 11,339 2,181 264 288 13,058 3,460 Feb. 25.. 4 2,262 821 ,441 125 2,392 22,715 3,266 11,422 2,189 798 288 12,521 2,878 Mar. 4. . 6 2,262 821 ,441 134 2,402 22,705 3,269 11,518 2,180 287 286 12,835 3,208 Mar. 11. 6 2,253 821 ,432 88 2,347 22,709 3,271 11,520 2,176 60 286 12,968 3,266 Mar. 18. 6 2,249 821 ,428 96 2,351 22,686 3,273 11,474 2,168 59 297 12,939 3,161 Mar. 25. 6 2,244 821 ,423 76 2,326 22,684 3,274 11,462 2,175 472 296 12,527 2,847 Apr. 1... 9 2,244 821 ,423 86 2,339 22,672 3,277 11,593 2,187 362 295 12,496 2,999 Apr. 8... 7 2,243 821 ,422 134 2,384 22,675 3,279 11,610 2,177 190 295 12,715 3,169 Apr. 15.. 9 2,254 831 ,423 152 2,415 22,678 3,280 11,624 2,166 301 295 12,502 2,886 Apr. 22.. 4 2,296 870 ,426 100 2,400 22,686 3,284 11,642 2,189 243 296 12,470 2,752 Apr. 29.. 7 2,350 910 ,440 86 2,443 22,689 3,286 11,723 2,186 128 297 12,662 2,815 May 6... 8 2,436 958 ,478 128 2,572 22,703 3,291 11,845 2,193 376 295 12,444 2,691 May 13.. 8 2,484 1,006 ,478 119 2,612 22,706 3,294 11,861 2,191 158 295 12,667 2,925 May 20.. 5 2,445 967 ,478 128 2,578 22,709 3,299 11,888 2,188 304 293 12,486 2,565 May 27.. 6 2,489 1,007 ,481 89 2,584 22,712 3,302 11,971 2,197 239 293 12,467 2,535 June 3... 6 2,532 1,051 1,481 185 2,723 22,715 3,306 12,141 2,188 110 293 12,653 2,783 June 10.. 6 2,568 1,091 1,476 135 2,708 22,717 3,310 12,176 2,213 92 293 12,629 2,782 June 17.. 5 2,579 1,129 1,449 220 2,803 22,729 3,311 12,208 2,189 160 304 12,706 2,791 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with .available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. 667 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30, 1942. Per cent per annum.] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured A di d r v e a c n t c o e b s l i s g e a c t u io re n d s o b f y v D a i n s c c e o s u n se ts c u o r f e d a n b d y a e d li - - Other secured advances by n d o i t r e e c x t c e o e b d li i g ng at i 9 o 0 n d s a o y f s — th l e a s U t . p S a . r . ( m Se a c t . u 1 r 3 it ) ies Federal Reserve Bank the U. S. (maturities gible paper (maturities [maturities not exceednot exceeding 90 days not exceeding 90 days ing 4 mos.—Sec. 10(b)] —last par. Sec. 13)1 —Sec. 13 and 13a)2 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 Ma: 1942 Sept. 4,1937 Mar. 21,1942 .Sept. 1, 1939 Cleveland Apr. 11, 1942 1942 Oct. 19,1935 Apr. 11,1942 May 11, 1935 Richmond Mar. 14, 1942 1942 Sept. 10,1937 Mar. 14,1942 Feb. 19, 1934 Atlanta Sept. 16, 1939 Mi 1942 Aug. 21,1937 Sept. 16,1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Feb 1942 Aug. 21,1937 Sept. 1,1939 Oct. 16, 1933 St. Louis Sept. 16, 1939 M; 1942 Mar. 14,1942 Sept. 16,1939 Mar. 14, 1942 Minneapolis... Mar. 28, 1942 Mi 1942 Aug. 24,1937 Mar. 28,1942 Oct. 8, 1938 Kansas City.. Sept. 16, 1939 Ap: 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 1 Rates shown also apply to advances with maturities not exceeding 15 days secured by fully guaranteed obligations of the F.F.M.C. or the H.O.L.C. 2 Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively. Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- [Per cent per annum] VANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity R Ju a n te e o 3 n 0 In g i e n f n fe in c g t — be- Pre ra v t i e ous [I M n a ef t f u e r c i t t ie Ju s n n e o 3 t 0 e . xc P e e e r d i c n e g n t fi p v e e r y a e n a n r u s m] Treasury bills To Industrial or 91 days or less Apr. 30, 1942 Commercial To Financing Institutions Bankers' acceptances Businesses 1-15 days1 Oct. 20, 1933 16-30 days do Discounts or 4 3 6 1 - - 6 4 0 5 d d a a y y s s d d o o Federal Reserve Purchases 61-90 days do Bank 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s d d o o adva O n n ces1 co m m O e m n n t i s t- fo p r o O w rt n h 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 - 1 This rate also applies to acceptances bought under repurchase agree- institu- portion ments, which agreements are always for a period of 15 days or less. tion is obligated Boston 23^-5 (3) MEMBER BANK RESERVE REQUIREMENTS New York.... (3) [Per cent of deposits] Philadelphia. Cleveland Aug. 16, Mar. 1, Mayl, Apr. 16, Effec- Classes of deposits 1936- 1937- 1937- 1938- tive Richmond., and banks Feb. 28, Apr.30, Apr. 15, Oct. 31, Nov. 1, Atlanta.... 1937 1937 19382 1941 19412 Chicago.... 23^-5 St. Louis... 2H5 11H On net demand d R C C e e e o p s n u o e t n r r s t v a i r t l e y s : r c 1 e i s t e y rve city... 1 1 1 5 0 9 ^ M 2 1 2 2 5i H 2 2 1 6 0 4 2 1 1 7 2 2 ^ ^ 2 2 1 6 0 4 M K D Sa a a i n n n l n s l F a a e r s s a a p . n . C o . c l . i i . i t s s y co 234-5 On time deposits: All member banks \ 4^ 5H 6 5 J Including loans made in participation with financing institutions. ^ Rate charged borrower less commitment rate. 1 See footnote to table on p. 674 for explanation of method of computing 3 Rate charged borrower. net demand deposits. May charge same rate as charged borrower by financing institution, if 2 Percentages in this column are double the basic statutory requirements, lower. which were in effect June 21, 1917-Aug. 15,1936. 6 Financing institution is charged x/i per cent on undisbursed 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 525 50 Postal savings deposits... For loans by banks on stocks, under Regulation U.... 355 40 Other deposits payable: In 6 months or more 1 Reg. T and U limit the amount of credit that may be extended on a In 90 days to 6 months. security by prescribing a maximum loan value, which is a specified In less than 90 days percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective February 1, 1936, are the 2 Requirement under Reg. T was the margin "customarily required" same as those in effect for member banks. Under Regulation Q the rate by the broker. 3 Reg. U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. 668 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 June 17 June 10 June 3 May 27 May 20 May 13 May 6 Apr. 29 May Apr. May Assets Gold certificates on hand and due from U. S. Treasury 20,556,027 20,517,629 20,516,130 20,506,63120,508,409 20,,512,410 20,494,41120,488,410 201,,506,128 20,495,41120,316,728 Redemption fund—F. R. notes.. 14,352 14,442 15,039 16,090 15,202 13,959 14,871 15,201 15,539 14,551 7,945 Other cash 274,766 274,925 268,093 289,528 298,772 299,609 297,613 318,900 277,477 314,130 290,773 Total reserves 20,845,145 20,806,996 20,799,262 20,812,249 20,822,383 20,825,978 20,806,895 20,822,51120,799,144 20,824,092 20,615,446 Bills discounted: For member banks 4,149 5,416 5,376 5,546 5,248 8,307 7,924 6,990 6,565 7,024 4,174 For nonmember banks, etc.. 500 500 500 500 1 500 1 Total bills discounted 4,649 5,916 5,876 6,046 5,248 8,307 7,924 6,991 7,065 7,025 4,174 Industrial advances 10,617 10,537 10,935 10,789 10,712 10,287 9,950 9,997 10,798 9,948 8,596 U. S. Government securities: Direct Bonds 1,604,594 1,601,344 1,606,332 1,606,332 1,603,302 1,603,302 1,603,302 1,564,990 1,606,332 1,569,124 1,359,200 Notes 712,600 709,600 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 820,300 Certificates 32,092 32,092 32,092 26,650 15,650 37,400 20,700 26,650 Bills 224,483 219,733 194,389 156,409 129,759 147,584 116,002 "'89,002 156,409 '"91,302 Guaranteed ,.....« 4,775 4,775 6,775 6,775 3,600 3,600 3,600 3,600 6,775 3,600 4,600 Total U. S. Government securities, direct and guaranteed 2,578,544 2,567,544 2,532,1 2,488,666 2,444,811 2,484,386 2,436,104 2,350,092 2,488,666 2,356,526 2,184,100 Other Reserve Bank credit outstanding 209,013 123,706 173,669 78,243 117,323 109,099 118,120 75,967 127,438 94,796 83,302 Total Reserve Bank credit outstanding.... 2,802,823 2,707,703 2,722,568 2,583,744 2,578,094 2,572,098 2,443,047 2,633,967 2,468,295 2,280,172 Liabilities F. R. notes in actual circulation . 9,228,700 9,194,716 9,134,237 8,989,923 8,916,287 8,876,906 8,781,735 9,071,307 8,821,063 6,503,424 Deposits: Member bank — reserve account 12,706,484 12,628,910 12,653,093 12,467,394 12,486,01412,667,23212,443,884 12,662,385 12,404,790 12,657,62813,724,387 U. S. Treasurer—general account 159,719 91,658 109,868 238,943 304,007 158,251 375,970 128,384 260,981 200,908 443,062 Foreign 961,478 ' 978,308 942,555 947,570 949,894 936,452 955,031 892,929 944,944 958,995 1,238,754 Other deposits ,.... „. 315,414 354,751 415,556 482,816 476,757 503,934 458,097 527,650 483,610 386,471 725,920 . Total deposits 14,143,09514,053,62714,121,07214,136,72314,216,672 14,265,869 14,232,982 14,211,348 14,094,325 14,204,002 16,132,123 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 89.5 89.4 90.0 90.0 89.9 90.6 89.8 91.1 * 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 t o o d n a 6 t y h s s 6 " m ly o t e o n a t r hs 2 l y y t e e o a a r rs 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: May 27 6,046 5,084 264 115 559 21 June 3 5,876 4,911 284 138 534 8 June 10 5,916 4,994 198 157 563 2 June 17 4,649 3,830 125 69 624 1 Industrial advances:: May 27 10,789 5,635 448 171 719 635 660 1,444 1,077 June 3 10,935 5,512 752 217 600 667 665 1,458 1,064 June 10 10,537 5,127 741 740 115 626 704 1,424 1,060 June 17..., 10,617 5,549 459 716 199 551 706 1,413 1,024 U. S. Government securities, direct and guaranteed: May 27 2,488,666 30 31,756 63,821 45,102 108,550 70,100 320,975 367,100 1,481,232 June 3 2,532,088 11,520 28,236 85,705 40,928 128,292 20,100 320,975 365,100 1,481,232 June 10 2,567,544 37,826 100,575 69,778 109,846 70,100 313,175 390,000 1,476,244 June 17 2,578,544 30,626 35,568 72,757 146,732 67,892 136,700 287,175 352,000 1,449,094 669 JULY 1941 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 ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates on hand and due from U. S. Treasury: May 27 20,506,631 128,6877,872,072 ,238,360 ,647,411 832,552 592,442 ,468,668 660,531 379,908 606,293 394,0021,685,705 June 3 20,516,130 139,0307,851,564 ,208,582 ,688,250 844,418 610,752 ,440,366 661,505 378,509 591,568 394,1871,707,399 June 10 20,517,629 115,0027,701,651 ,236,620 ,721,538 866,804 609,097 ,436,366 666,152 377,379 608,386 398,9391,779,695 June 17 20,556,027 128,8227,831,680 ,242,9101,667,790 851,669 604,520 ,516,329 647,593 356,956 575,054 387,2201,745,484 Redemption Fund—Federal Reserve Notes: May 27 16,090 3,079 1,803 475 1,317 1,555 1,000 1,559 220 443 339 4,012 June 3 15,039 3,008 1,528 371 1,224 1,090 902 1,405 239 205 415 821 3,831 June 10 14,442 2,931 1,248 294 1,140 1,661 853 1,286 197 191 366 798 3,477 June 17 14,352 2,897 1,099 243 1,099 1,375 827 1,232 788 186 361 790 3,455 Other cash: May 27. 289,528 24,733 71,613 15,219 23,297 13,902 19,368 48,688 14,220 6,266 11,112 11,721 29,389 June 3.. 268,093 22,494 69,384 14,311 24,055 10,056 14,841 46,243 11,959 5,641 10,772 11,866 26,471 June 10. 274,92." 22,499 69,998 15,626 22,463 11,723 17,816 45,812 13,247 5,703 11,450 11,989 26,599 June 17. 274,766 22,520 67,387 15,224 22,412 10,410 17,798 45,773 12,987 5,743 12,198 12,826 29,488 Total reserves: May 27 20,812,249 156,499 ,945,488 ,254,0541,672,025 848,009 612,8103,518,915 675,039 386,394 617,848 406,0621,719,106 June 3 20, 799,262 164,532 ,922,476 ,223,2641,713,529 855,564 626,4953,488,014 673,703 384,355 602,755 406, 8^74 1,737,701 June 10 20,806,996 140,432 ,772,897 ,252,5401,745,141 880,188 627,7663,483,464 679,596 383,273 620,202 411,7261,809,771 June 17 20,845,145 154,2397,900,166 ,258,3 7"7 1,691,301 863,454 623,1453,563,334 661,368 362,885 587,613 400,8361,778,427 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: May 27 5,084 650 3,351 775 175 15 June 3 4,786 650 2,716 595 705 June 10 4,979 600 3,245 645 380 50 June 17 3,945 350 2,261 655 200 380 50 Other bills discounted: May 27 96: 700 190 6 June 3 1,090 463 48 110 199 38 June 10 937 432 15 162 38 June 17 704 262 15 111 38 Total bills discounted: May 27 6,046 650 4,051 775 54 175 210 21 June 3 5,876 650 3,179 643 100 22 815 219 38 June 10 5,916 600 3,677 693 95 22 395 176 June 17 4,649 350 2,523 703 86 222 395 125 Industrial advances: May 27 10,789 1,375 1,068 5,283 196 647 977 324 543 211 96 June 3 10,935 1,475 1,068 5,316 219 647 966 324 546 211 96 June 10 10,537 975 1,054 5,342 247 622 ,002 318 604 210 96 June 17 10,617 1,072 1,046 5,381 248 619 967 316 601 209 91 U. S. Government securities, direct and guaranteed: Bonds: May 27 1,609,932 120,323 440,241 127,761 163,698 96,606 69,211 198,870 76,162 48,346 68,010 62,27' 138,427 June 3 1,609,932 120,07 442,759 127,854 163,738 96,057 68,976 198,511 75,713 48,102 67,738 62,061 138,351 June 10 1,602,94' 119,352 442,821 127,37, 163,058 95,209 68,490 197,369 75,032 47,700 67,228 61,622 137,690 June 17...... 1,606,194 119,535 444,324 127,654 163,398 95,270 68,574 197,682 75,077 47,737 67,299 61,694 137,950 Notes: May 27. 695,675 51,993 190,235 55,207 70,736 41,744 29,907 85,933 32,911 20,891 29,389 26,913 59,816 June 3.. 695,675 51,885 191,323 55,248 70,753 41,508 29,805 85,781 32,718 20,785 29,270 26,817 59,782 June 10. 712,775 53,073 196,907 56,640 72,506 42,336 30,456 87,762 33,366 21,210 29,894 27,400 61,225 June 17.. 715,775 53,268 198,006 56,889 72,815 42,455 30,558 88,094 33,45" 21,274 29,990 27,493 61,476 Certificates: May 27.... 26,650 1,992 7,287 2,115 2,710 1,599 1,146 3,292 1,261 800 1,126 1,031 2,291 June 3 32,092 2,393 8,826 2,549 3,264 1,915 1,375 3,957 1,509 959 1,350 1,237 2,758 June 10.... 32,092 2,389 8,866 2,550 3,265 1,906 1,371 3,951 1,502 955 1,346 1,234 2,757 June 17.~. 32,092 2,388 8,878 2,550 3,265 1,903 1,370 3,950 1,500 954 1,345 1,233 2,756 Bills: May 27.... 156,409 11,690 42,771 12,412 15,904 9,385 6,724 19,321 7,399 4,697 6,607 6,050 13,449 June 3 194,38( 14,498 53,460 15,438 19,770 11,598 8,328 23,969 9,142 5,808 8,179 7,494 16,705 June 10.. .. 219,732 16,361 60,702 17,460 22,352 13,051 9,389 27,056 10,285 6,539 9,216 8,447 18,875 June 17.... 224,483 16,706 62,099 17,841 22,837 13,315 9,584 27,628 10,493 6,672 9,406 8,622 19,280 67O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp i h la i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. i . s M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco A ssets—Continued U. S. Government securities, direct and guaranteed: May 27 2,488,666 185,998 680,534 197,495 253,048 149,334 106,988 307,416 117,733 74,734 105,132 96,271 213,983 June 3 2,532,088 188,848 696,368 201,089 257,525 151,078 108,484 312,218 119,082 75,654 106,537 97,609 217,596 June 10 2 2 , , 5 5 6 78 7 , , 5 5 4 4 4 4 1 1 9 9 1 1 , , 1 8 7 9 5 7 7 7 0 1 9 3, , 3 2 0 9 7 6 2 2 0 0 4 4 , , 9 02 3 3 4 2 2 6 6 2 1 , , 3 18 1 1 5 1 15 5 2 2 , , 9 5 4 0 3 2 1 1 1 0 0 9 , , 0 7 8 0 6 6 3 3 1 1 7 6 , , 3 1 5 3 4 8 1 1 2 2 0 0 , , 5 1 2 8 7 5 7 76 6 , , 6 4 3 0 7 4 1 1 0 0 8 7 , , 0 6 4 8 0 4 9 9 9 8 , , 0 70 4 3 2 2 2 2 2 1 0 , , 4 5 6 4 2 7 June 17 Total bills and securities: May 27 2,505,501 188,023 685,653 203,553 253,298 149,981 107,965 307,763 117,916 75,312 105,245 96,692 214,100 June 3 2,548,899 190,973 700,615 207; 048 257,844 151,747 109,468 312,603 119,905 76,271 106,656 98,039 217,730 June 10 2,583,997 192,750 714,027 210,058 261,523 153,146 110,726 316,542 120,588 77,019 107,798 99,089 220,731 June 17 2,593,810 193,319 716,876 211,018 262,649 153,784 111,070 317,756 120,930 77,249 108,142 99,376 221,641 Due from foreign banks: May 27 June 3 June 10 June 17 Federal Reserve notes of other banks: May 27 23,720 752 2,586 1,349 1,228 3,849 2,454 3,197 2,370 525 1,416 555 3,439 June 3 26,214 609 4,082 1,387 1,763 3,222 2,524 3,445 2,456 724 1,741 665 3,596 June 10 26,430 659 3,235 1,649 2,170 2,340 3,507 3,580 2,425 1,089 1,923 902 2,951 June 17 27,527 851 3,170 1,393 2,235 1,928 4,226 3,690 2,981 1,577 1,832 763 2,881 Uncollected items: May 27 995,299 97,366 235,332 66,306 145,220 83,188 37,804 139,197 42,215 19,838 38,764 35,086 54,983 June 3 1,162,749 114,005 254,993 71,302 142,685 93,574 47,669 187,035 63,923 25,393 46,517 42,477 73,176 June 10 1,028,985 99,776 218,874 62,881 114,882 80,938 50,960 163,239 50,359 25,952 42,774 40,564 77,786 June 17 1,448,220 140,824 333,695 98,142 205,682 116,293 58,588 207,761 59,196 32,955 53,839 41,283 99,962 Bank premises: May 27 ., 40,545 2,754 10,434 4,813 4,392 3,082 1,961 2,946 2,137 ,329 2,849 1,113 2,735 June 3 40,517 2,754 10,415 4,813 4,392 3,082 1,961 2,956 2,135 ,326 2,843 1,105 2,735 June 10 40,517 2,754 10,415 4,813 4,392 3,082 1,961 2,956 2,135 ,326 2,843 1,105 2,735 June 17 „.„„ 40,517 2,754 10,415 4,813 4,392 3" 1,961 2,956 2,135 ,326 2,843 1,105 2,735 Other assets: May 27 49,366 3,475 13,491 3,971 5,451 3,124 2,005 5,726 2,102 ,496 1,986 1,870 4,669 June 3 49,487 3,395 13,541 3,837 5,487 3,105 2,050 5,769 2,151 ,511 2,071 1,879 4,691 June 10 52,745 3,414 13,649 6,491 5,598 3,201 2,041 5,853 2,181 ,541 2,087 1,857 4,832 June 17 39,492 2,589 10,611 3,093 4,567 2,500 1,626 4,540 1,668 ,224 1,631 1,484 3,959 Total assets: May 27." 24,426,7271,448,872 81,893,0021,534,0512,081,6181,091,235 765,0013,977,750 841,780 484,894 768,109 541,379 1,999,036 June 3 24,627,1751,476,2718,906,114400 1,511,' ' ",125,7041,110,296 790,1695,999,828 864,274 489,580 762,584 551,040 2,,039,633 June 10 24,539,7171,439,7^8"8 8;,, 733,1151,538, 131,710 1',122,897 796,963 3!, 975,640857,285 490,200 777,628 555,2442,118,810 June 17 24,994,7581,494,579 8,974,9511,576,8412,170,830 1,141,043 800J618 4,100,043 848,279 477,216 755,901 544,848 2,,109,609 Liabilities Federal Reserve notes in actual circulation: May 27 8,989,923 6851,,465 2284,864 641,063 863,574 478,928 336,0941,870,677 351,672 226,098 292,289 151,247 807,952 June 3 9,134,237 697,r,566 2314,705 650,477 871,325 491,445 348,420 ,894,913 359,177 228,010 299,046 156,829 822,324 June 10. 9,194,716 700,615 2,307,300 655,458 878,222 496,962 352,5641,904,895 360,203 228,696 299,932 156,827 853,042 June 17 9,228,700 704,,658 2,317,722 660,127 880,973 501,410 350, 5"84 1,909,630 361,106 229,480 300,835 156,788 855,387 Deposits: Member bank—reserve account: May 27 12,467,394 605,1,236 5391,158 683,837 921,237 464,000 340,1371,785,700 383,924 191,595 380,163 308, 179 1,012,228 June 3 12,653,093 624,t:,834 5447,154 675,719 985,067 467,470 358,4071,756,109 399,429 200,786 381,304 317,419 1,039,395 June 10 12,628,910 597,r,129 5352,070 697,487 983,988 490,821 356,7711,767,273 397,668 198,966 394,498 318,4551,073,784 June 17 12,706,484 618,085 5,441,287 681,708 959,221 471,585 354,7"1'6 1,867,526 385,296 185,308 370,858 311,3661,059,528 U. S. Treasurer—general account: May 27 238,943 12,404 46,427 29,733 6,224 12,056 8,649 33,203 18,375 14,904 22,089 13,838 21,041 June 3 109,868 1,393 32,540 3,429 422 1,777 302 42,150 4,094 5,516 3,361 1,647 13,237 June 10 91,658 5,316 11,293 5,094 9,725 1,251 4,320 21,080 3,821 6,900 6,676 5,339 10,843 June 17 159,719 892 153,767 943 549 509 579 71 59: 498 528 563 223 * Less than $500. JULY 1941 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Liabilities—Continued Deposits—Continued: Foreign: May 27 947,570 21,599 500,243 71,062 68,101 32,570 25,908 90,308 22,207 16,285 21,467 21,467 56,353 June 3 942,555 25,105 494,900 70,474 67,538 32,455 25,816 89,561 22,023 16,150 21,289 21,391 55,853 June 10 978,308 21,633 512,378 74,168 71,078 33,994 27,040 94,255 23,178 16,997 22,405 22,405 58,777 June 17 961,478 22,595 503,649 72,652 69,625 33,299 26,488 92,329 22,704 16,649 21,947 21,947 57,594 Other deposits: May 27 482,816 11,560 336,172 7,848 57,293 7,595 5,006 3,587 12,216 7,596 4,819 2,446 26,678 June 3 415,556 12,100 278,284 8,145 42,827 9,853 3,407 5,402 11,733 8,012 4,677 3,202 27,914 June 10 354,751 8,253 229,160 6,954 45,345 6,958 2,344 2,590 10,565 8,321 3,137 2,432 28,692 June 17 315,41 9,239 173,322 10,878 52,559 8,236 3,581 5,300 10,928 8,763 846 3,820 27,942 Total deposits: May 27 14,136,723 650,7996,274,000 792,4801,052,855 516,221 379,700 1,912,798 436,722 230,380 428,538 345,930 1,116,300 June 3 14,121,072 663,4326,252,878 757,7671,095,854 511,555 387,932 ,893,222 437,279 230,464 410,631 343,659 11,136,399 June 10 14,053,627 632,3316,104,901 783,7031,110,136 533,024 390,475 1,885,198 435,232 231,184 426,716 348,6311,172,096 June 17 14,143,095 650,8116,272,025 766,1811,081,954 513,629 385,364 1,965,226 419,525 211,218 394,179 337,,696 1,145,287 Deferred availability items: May 27 917,103 86,157 202,008 65,428 129,748 79,344 35,127 144,955 41,293 18,472 35,595 32,349 46,627 June 3 989,127 88,784 206,489 68,452 123,109 90,592 39,752 162,411 55,725 21,143 41,206 38,736 52,728 June 10 905,326 80,352 188,618 61,687 109,833 76,146 39,829 136,140 49,732 20,349 39,252 37,937 65,451 June 17 1,239,254 112,269 252,912 115,532 172,381 109,229 50,580 175,813 55,554 26,568 49,192 38,494 80,730 Other liabilities, including accrued dividends: May 27 5,917 67 1,639 544 591 438 291 655 183 154 182 244 319 June 3 5,57i 694 1,554 411 540 414 264 601 176 157 200 215 350 June 10 8,67 680 3,033 619 452 284 702 194 161 201 239 389 June 17 6,27 1,049 1^656 431 603 437 272 662 174 151 257 371 Total liabilities: May 27 049,66t 1,423,0988,762,5111,499,5152,046,768 1,074,931 751,2123,929,085 829,870 475,104 756,604 529,770 1,971,198 June 3 250,01" 1,450,4768,775,6261,477,1072,090,828 ,094,006 776,3683,951,147 852,357 479,774 751,083 539,439 2011,801 June 10 162.34C1,413,9788,602,5361,503,88881122,,098,8101,106,584 783,1523,926,935 845,361 480,390 766,101 543,634 :"'090,978 June 17 617,32C 1,468,7878,844,3151,542,2712,1359,1"1 1,124,705 786,8004,051,331 836,359 467,417 744,414 533,235 ,081,775 Capital accounts Capital paid in: May 27 144,68C 9,42' 53,446 11,812 14,795 5,815 4,959 15,866 4,479 3,058 4,664 4,428 11,931 June 3 144,67. 9,42' 53,434 11,804 14,796 5,816 4,959 15,882 4,479 3,058 4,664 4,428 11,928 June 10 144,67? 9,427 53,436 11,791 14,800 5,816 4,962 15,886 4,482 3,058 4,664 4,428 11,928 June 17 144,70 9,429 53A36 11,791 14,806 5,816 4,970 15,892 4,482 3,058 4,665 4,430 11,928 Surplus (section 7) May 27 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 June 3 157,50: 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 June 10 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,15r 3,613 3,976 10,792 June 17 157,502 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) May 27 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 June 3 26,78.' 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 June 10 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 June 17 26,78: 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Other capital accounts:- May 27 48,09? 2,524 13,324 3,160 4,702 2,009 2,392 8,445 1,935 2,580 2,091 1,942 2,994 June 3 48,20= 2,545 13,359 3,181 4,727 1,994 2,404 8,445 1,942 2,596 2,087 1,934 2,991 June 10 48,4li 2,560 13,422 3,201 4,74; 2,017 2,411 8,465 1,946 2,600 2,113 1,943 2,991 June 17 48,45: 2,540 13,479 3,215 4,760 2,042 2,410 8,466 1,942 2,589 2,072 1,944 2,993 Total liabilities and capital accounts: May 27 24,426,72' 1,448,8728,893,002 1,534,0512,081,618 1,091,235 765,0013,977,750 841,780 484,894 768,109 541,,379 1,999,036 June 3 24,627,17. 1,476,2718,906,1401,511,6562,125,704 1,110,296 790,1693,999,828 864,274 489,580 762,584 551,0402,039,633 June 10 24,539,71' 1,439, 788' 88,,733,1151,538,4372,133,710 ,122,897 796,9633,975,640 857,285 490,200 777,628 555/ .,118,810 June 17 24,994,75* 1,494,5798,974,9511,576, 8~4"12\, 170,830 1,141,043 800,618 4,100,043 848,279 477,216 755,901 544,848 2,,109,609 Commitments to make industrial advances: May 27 14,37, 1,156 459 893 1,518 1,910 719 2,034 2,258 291 3,140 June 3 13,64: 1,056 45« 873 1,915 699 2,034 2,258 327 3,137 June 10 13,67 956 459 840 787 2,162 673 2,074 2,288 326 3,112 June 17 16,50: 856 455 776 78 2,060 668 2,074 2,028 3,324 3,480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, Date ( e l a a c st h W m e o d n n t e h s ) day of Numb r e e r ceiv A ed mount Nu c m o b n e s r ider A at m io o n unt Numb a e p r prov A ed mount A s ( t a d a m o v n u o a d t n u i - n c n g e t) s 1 m ( C s a e t o m n a m t n o s d m u o i n n i u t t g - ) t- c A ( o a b m p m u p p t o r l o n u e v t o n e e t t d ) d 2 a d o e p r r x a p e p w l w t i i c n c r . i e a t d h b n , - y t, ( s P a p ta m a a o n r t u o i t d o t i u i - c n n n i s g t - ) 3 (amount) 1934—Dec. 26 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 314 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111,193 7,825 June 29 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 9,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28 9,188 387,490 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 June 24 10,191 572,411 3 600 3,352 338,822 11,265 16,832 26,346 257,949 26,430 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 $1,082,000, June 24, 1942. 4 Tuesday. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] New Phila- Cleve- Rich- • St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Federal Reserve Notes: Issued to F.R. Banks by F.R. agents: May 27 9,414,138709,260 "2,396,669 661,100 895,536 521,360 365,119 1,911,365 373,058 231,292 302,104 166,499 880,776 June 3 9,509,992717,355 2,413,689 671,715 902,431 526,627 366,861 1,932,363378,211 232,256 307,202 169,299 891,983 June 10 9,623,593727,255 2,425,881 680,281 910,756 532,409 375,332 1,946,945 381,156 235,153 312,685 170,787 924,953 June 17 9,664,963733,547 2,426,897686,082 914,685 538,890 379,127 1,950,690 380,,812 235,761 311,978 171,238 935,256 Held by Federal Reserve Bank: May 27 424,215 23,795 111,805 20,037 31,962 42,432 29,025 40,688 21,386 5,194 9,815 15,252 72,824 June 3 375,755 19,789 98,984 21,238 31,106 35,182 18,441 37,450 19,034 4,246 8,156 12,470 69,659 June 10 428,877 26,640 118,581 24,823 32,534 35,447 22,768 42,050 20,953 6,457 12,753 13,960 71,911 June 17 436,263 28,889 109,175 25,955 33,712 37,480 28,543 41,060 19,706 6,281 11,143 14,450 79,869 In actual circulation:1 May 27 8,989,923 685,465 2,284,864 641,063 863,574 478,928 336,094 1,870,677351,672 226,098 292,289 151,247 807,952 June 3 9,134,237697,566 2,314,705 650,477 871,325 491,445 348,420 1,894,913359,177 228,010 299,046 156,829 822,324 June 10 9,194,716700,615 2,307,300 655,458 878,222 496,962 352,564 1,904,895 360,203 228,696 299,932 156,827 853,042 June 17 9,228,700704,658 2,317,722 660,127 880,973 501,410 350,584 1,909,630 361,106 229,480 300,835 156,788 855,387 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: May 27 9,568,000740,000 2,410,000 665,000 900,000 550,000 370,000 1,940,000390,000 233,000 305,000 171,000 894,000 June 3.. 9,626,000740,000 2,420,000 690,000 905,000 550,000 370,000 1,940,000 390,,000 233,000 310,000 174,000 904,000 June 10 9,731,000740,000 2,435,000 690,000 915,000 550,000 380,000 1,960,000 390i,.OOO 236,000 320,000 176,000 939,000 June 17 9,766,000740,000 2,435,000 690,000 920,000 550,000 380,000 1,980,000 390i,,000 236,000 320,000 176,000 949,000 Eli•ggiibbllee ppaappeerr:: May 27 5,238 650 3,551 775 175 35 52 June 3 8,476 650 2,966 595 705 60 3,500 June 10 5,131 600 3,465 645 380 June 17 3,925 350 2,311 655 200 380 29 Total collateral: May 27 9,573,238740,650 2,413,551 665,775 900,000 550,000 370,000 1,940,000 390, 233,035 305,052 171,000 894,000 June 3 9,634,476740,650 2,422,966 6"9 0",,595 905,000 550,000 370,000 1,940,000 390, 233,060 310,000 177,500 904,000 June 10 9,736,131740,600 2,438,465690,645 915,000 550,000 380,000 1,960,000 390, 236,000 320,041 176,000 939,000 June 17 9,769,925740,350 2,437,311690,655 920,000 550,200 380,000 1,980,000 390, 236,000 320,029 176,000 949,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. JULY 1941 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MAY, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Cl a a n ss d e s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d p T o d i e m s - i e ts Banks b m a b e n e m k r s - 1 , New Chi- b s c a e i r n t v y k e s ba t n ry k s %1 posits posits1 qu R ir e e - d Held E c x e - ss York cago Total reserves held: All member banks 50,487 42,073 12,118 9,843 12,510 2,667 1941—May 13,650 6,243 L.144 4,298 1,965 Central reserve city banks: June 13,201 5,958 1,144 4,184 1,914 New York 17,285 16,459 754 4,325 4,870 546 July 13,120 5,875 L,120 4,198 1,927 Chicago 3,716 3,244 455 871 1,049 178 August 13,004 5,600 L,140 4,287 1,978 September 13,184 5,554 1,218 4,335 2,076 Reserve city banks: October 13,097 5,314 1,243 4,391 2,149 Boston district 1,470 1,329 78 270 356 86 November 12,900 5,053 L.210 4,424 2,213 New York district 304 256 141 60 68 9 December 12,812 5,142 1,143 4,317 2,210 Philadelphia district 1,766 1,507 143 310 475 165 1942—January 12,936 5,248 L,085 4,365 2,238 February 12,908 5,266 1,086 4,356. 2,199 Cleveland district 2,535 2,087 680 458 680 221 March 12,827 5,188 1,157 4,279 2,204 Richmond district 1,156 920 234 198 306 108 April 12,649 5,028 L,140 4,293 2,188 Atlanta district 1,118 818 170 174 204 30 May 12,510 4,870 L,049 4,325 2,265 Week ending (Friday): Chicago district 2,172 1,670 696 376 498 122 1942—May 1 12,646 4,945 1,183 4,325 2,193 St. Louis district 1,248 993 167 209 265 56 May 8 12,483 4,816 L, 121 4,284 2,261 Minneapolis district 525 393 79 83 102 19 May 15 12,583 4,884 1,079 4,333 2,286 May 22 12,519 4,915 1,012 4,339 2,253 Kansas City district 1,403 946 148 198 280 82 May 29 12,472 4,864 987 4,353 2,268 Dallas district 1,040 695 127 147 192 46 June 5 12,556 4,874 978 4,391 2,313 San Francisco district ... 3,336 2,737 2,074 672 897 225 June 12 12,657 4,832 948 4,541 2,336 Excess reserves: Total 18,073 14,350 4,737 3,154 4,325 1,171 1941—May 5,831 2,514 434 1,949 933 June 5,351 2,238 424 1,820 870 July 5,193 2,150 388 1,789 866 Country banks: August 5,017 1,898 403 1,824 892 Boston district 1,289 1,012 545 174 263 89 September 5,116 1,834 478 1,836 968 New York district ,. 2,019 1,638 1,468 317 450 133 October 5,001 1,626 512 1,845 1,017 Philadelphia district 898 681 836 146 209 64 November 3,611 945 367 1,456 844 December 3,390 989 295 1,303 804 Cleveland district . 998 704 728 142 240 98 1942—January 3,446 1,083 225 1,330 809 Richmond district 940 600 399 108 156 48 February 3,309 1,071 204 1,279 755 Atlanta district 881 552 256 93 142 49 March 3,147 962 255 1,190 740 April 2,951 795 262 1,175 718 Chicago district 1,406 960 846 185 287 102 May 2,667 546 178 1,171 772 St. Louis district 612 392 256 70 104 34 Week ending (Friday): Minneapolis district 431 285 276 56 87 30 1942—May 1 2,830 649 294 1,174 713 May 8 2,731 536 256 1,163 777 Kansas City district 632 377 155 62 107 45 May 15 2,815 597 219 1,197 802 Dallas district 781 486 100 74 120 46 May 22 2,564 533 128 1,152 752 San Francisco district... 526 334 307 65 99 34 May 29 2,557 519 113 1,158 766 June 5 ^2,678 541 107 1,218 Total 11,413 8,020 6,172 1,493 2,265 772 June 12 P2,751 529 67 1,320 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. p Preliminary. NOTE.—See table on p. 668 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger center^ 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 May Apr. May Apr. May Apr. May Apr. May Apr. May Apr. Boston 2,758 2,717 623 623 2,597 2,558 506 506 161 158 118 117 New York 19,608 19,149 2,363 2,379 11,930 11,891 11,104 11,097 394 389 505 504 Philadelphia 2,664 2,641 979 985 2,327 2,303 534 539 337 338 445 446 Cleveland 3,533 3,450 1,407 1,410 3,162 3,086 1,064 1,067 372 364 343 343 Richmond 2,096 2,078 632 626 1,820 1,804 428 422 276 275 204 204 Atlanta 1,999 1,997 427 424 1,791 1,789 342 340 208 207 85 84 Chicago 7,295 7,200 1,997 1,991 13,051 12,987 11,201 11,197 528 519 341 339 St. Louis 1,861 1,860 423 422 1,495 1,499 299 298 366 362 124 124 Minneapolis 956 940 355 357 745 728 188 190 211 212 166 166 Kansas City 2,035 1,960 303 303 1,605 1,537 196 196 429 423 107 107 Dallas 1,821 1,803 228 228 1,402 1,386 185 185 419 417 43 43 San" Fraricisco 3,861 3,826 2,381 2,343 3,701 3,667 2,277 2,239 160 159 104 104 Total 50,487 49,621 12,118 12,091 125,624 125,236 18,324 18,276 3,862 3,823 2,585 2,583 1 Excluding central reserve city banks, for which figures for latest mouth are shown in table above. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i c a l b o v r s i y e i n d r i- M c i o n i o n r U S n n o ta i t t t e e e s d s R F n e e d o se e te r r v s a e l F R n B e e d o a s e t n e e r r k s a v l e n t b i N o o a t a n n e - a k s l 1941—April 9,071 63 51 1,654 1 418 189 274 6,247 21 153 May 9,357 63 52 1,697 1 426 191 286 6,468 20 152 June 9,612 63 53 1,714 1 434 194 300 6,684 20 150 July 9,732 63 54 1,691 1 438 196 307 6,813 20 149 August.... 9,995 62 55 1,723 1 445 199 313 7,027 20 148 September 10,163 62 56 1,724 1 455 202 314 7,181 20 147 October... 10,364 62 57 1,715 1 463 205 317 7,378 20 146 November. 10,640 61 59 1,737 1 474 208 321 7,615 20 145 December. 11,160 61 60 1,733 1 481 209 313 8,138 19 144 1942—January... 11,175 61 61 1,657 1 471 206 302 8,253 19 143 February.. 11,485 61 61 1,695 1 475 206 309 8,514 19 143 March 11,566 60 62 1,697 1 482 208 307 8,587 19 142 April 11,767 60 64 1,707 1 488 209 309 8,769 19 141 May 12,074 60 65 1,745 1 496 211 316 9,022 19 140 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in cu l c a i - r- s U or n t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 May 9,357 6,683 669 615 40 1,176 2,211 1,972 2,675 587 1,218 242 546 24 57 June 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 August 9,995 7,237 700 641 42 1,257 2,430 2,169 2,760 630 1,274 244 543 24 46 September. 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 October.... 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 November . 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 December.. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942—January.... 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 24 46 February.. 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1,528 268 561 9 29 April 11,767 8,560 757 680 43 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 1,566 260 570 9 28 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held' in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937_(table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation, In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] Silver Fed- End of month Total d s o b i a l l u n v la l d e - r r s s S s a i i u l r d v y b i e - - r M co in in or U S n n t o a it t t e e e d s s B s e R e a r r e a n v - l k e t n b i N o o a a t n n e - a k s l Year or month m E e S u n h r t o i s p p - e to R E e f u r c r o 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 47.6 26.1 1938.. 33.1 34.4 1.3 1941—April 3,122 1,971 434 194 347 21 154 1939.. 110.2 9.8 100.3 May 3,134 1,977 440 196 347 21 153 1940.. 17.7 .7 17.0 June 3,149 1,983 447 199 347 21 152 1941.. .3 .5 .2 July 3,166 1,991 455 202 347 20 151 August 3,181 1,998 462 204 347 20 150 1941—•June 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 8 November 1942—January 3,259 2,029 501 218 347 20 144* December February... 3,268 2,033 505 220 347 20 144 .2 March 3,277 2,038 509 221 347 19 143 1942—January.. April 3,289 2,044 514 222 347 19 142 February. May 3,305 2,050 524 224 347 19 141 March.... April 1 Includes silver held against silver certificates amounting to $1,971,- May I 000,000 on May 30,1942 and $1,915,000,000 on May 31,1941. iLess than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JULY 1941 675 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 dollarsj 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 t o r g e c o a k l s d e N im et p g o o r l t d c g r m e o c o a l r r a d e s r i e : a k n s d e ( - e — d e- ) p D ti r c t o o i o m d g n u o e 1 c l s d - - From or to— p I o m r - t N s ov. p 2 o E r x ts - 3 p I o m rt - s Oct. p E or x t - 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 4 4 3 3 3 7 8 9 0 1 6 5 42 3 3 1 1 2 1 1 2 1 2 1 8 2 4 0 1 7 , , , , , , , , 2 7 2 7 5 1 9 6 5 6 3 3 1 2 9 4 8 0 7 2 8 5 5 4 4 3 4 1 1 1 1 , , , , , , , 2 3 1 8 5 7 1 7 5 0 3 8 0 5 3 4 1 2 7 2 2 2 1 1 . . . . . . . . 2 5 2 0 5 5 8 5 4 3 1 1 1 1 1 , , , , , , , 7 5 1 9 5 1 7 (4 4 7 3 7 8 1 3 ) 4 4 3 3 5 6 9 . . . . . . . 5 2 9 6 5 6 0 - - — - - 4 6 2 5 -8 0 4 3 0 3 8 3 5 7 4 0 4 2 3 . . . . . . . 9 . 7 7 4 4 6 2 5 1 1 1 1 1 1 1 9 1 6 4 4 3 6 7 2 0 7 1 8 3 0 1 . . . . . . . . 9 7 7 8 2 6 9 6 F P M U U S S C C r w o w . e n a e a r n n e i x i S n t t t d t a i u e . z c r c e d d e e g a S o n r a l a . l K . a l A . R . . n i . m n d g e d r o ic m a . . 2 5 6 4 , , 6 9 9 1 3 1 2 2 2 3 3 5 4 1 1 9 6 1 5 1 6 , , , 0 5 0 9 2 5 7 3 5 6 0 0 4 4 5 0 3 3 9 1 3 9 1 1 1 5 , , , , , , 7 6 4 9 7 5 3 8 4 1 5 8 1 2 9 7 7 6 9 4 6 7 9 8 1 West Indies and Ber- 1941—April 22,506 138.5 172.0 -10.5 12.9 muda 77 66 814 May 22,575 69.1 34.8 -3.8 12.7 Argentina 18 10 177 June 22,624 49.2 30.7 4.0 14.5 Bolivia 8 10 94 July 22,675 50.5 37.0 -27.7 13.7 Brazil 5 22 August 22,719 44.7 37.0 -31.2 12.5 Chile 441 323 7,627 September... 22J61 41.5 65.7 -46.8 17.9 Colombia .. . 2,110 2,107 22,211 October 22,800 38.8 40.4 -32.2 15.8 Ecuador 218 253 2,822 November 22,785 -14.4 50.4 -60.9 18.1 Peru... . 436 583 8,441 December 22,737 —48.8 (4) -99.7 11.4 Venezuela 227 608 4,212 British Guiana 91 75 986 1942—January 22,747 10.6 -38.5 14.7 Australia 5,980 6,151 63,779 February.... 22,705 -42.4 -109.3 10.0 New Zealand 156 77 2,364 March 22,687- -17.3 -65.5 11.0 British Oceania 314 652 3,583 April 22,691 3.3 -20.1 11.1 British India 2,327 8,954 May 22,714 23.6 5-38.2 P8.7 Netherlands Indies 25 855 China and Hong Kong. 3,697 Jan .-May.... 22,714 -22.1 6-271.6 P55.5 Japan 9,444 Philippine Islands 1,832 3,143 37,178 p Preliminary. ' * South Africa 40 200 292,703 1 Annual figures are estimates of the United States Mint. Monthly All other countries 473 140 4,255 figures are those published in table on page 725, adjusted to exclude Philippine Islands production received in United States. Total. 50,382 8 40,444 3 929,545 63 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 1 Figures represent customs valuations which, with some exceptions, 3 Includes gold in the Inactive Account amounting to 27 million dollars are at rate of $35 a fine ounce. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 2 Beginning December 4, 1941, the Department of Commerce suspended 4 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. publication of gold import and export statistics. 3 Beginning May 1941, the Department of Commerce suspended publi- 6 Gold held under earmark at Federal Reserve Banks for foreign account cation of export statistics by country of destination. amounted to 2,486.9 million dollars on May 29, 1942. NOTE.—For back figures for selected countries beginning in 1934, see NOTE.—For back figures through 1937, see Annual Report for 1937 table on p. 725. (table 29). BANK SUSPENSIONS1 BANK DEBITS Member Nonmember Debits to deposit accounts except interbank accounts Total, banks banks all [In millions of dollars] Num 1 b 9 e 3 r 4 T " of banks suspended: bank 5 s 7 ti N o a n - a 1 l State su I r n e - d 8 2 in N su o r t 4 e 8 d Year and month r c T e e i p o a n n o t l t g a l e r l t r , - s N Y C e o it w r y k ce o n 1 th 4 te 0 e r r s r c e e o p n 1 t o h 3 t r e e 3 ti r r n s g 2 1935 34 4 22 8 1936 44 1 40 3 1937 59 4 2 47 6 1929 982,531 603,089 331,938 47,504 1938 55 1 1 47 6 1936 461,889 208,936 219,670 33,283 1939 42 4 3 25 10 1937 ; 469,463 197,836 235,206 36,421 1940 22 1 18 3 1938 405,929 168,778 204,745 32,406 1941 8 4 3 1 1939 423,932 171,382 218,298 34,252 1942—Jan .-May 3 3 1940 445,863 171,582 236,952 37,329 1941 537,398 197,724 293,775 45,899 Deposits of suspended banks (in thousands of dollars):3 1941—April 42,237 15,657 23,074 3,505 1934 36,937 40 1,912 34,985 May r43,661 16,124 r23,808 r3,729 1935 10,015 5,313 3,763 939 June 45,942 17,282 24,853 3,807 1936 11,306 507 10,207 592 July 44,808 16,288 24,660 3,861 1937 19,723 7,379 1,708 10,156 480 August 42,856 15,079 24,033 3,745 1938 13,012 36 211 11,721 1,044 September 43,870 15,654 24,310 3,907 1939. 34,998 1,341 24,629 6,589 2,439 October 50,875 19,148 27,315 4,411 1940 5,943 256 5,341 346 November 45,081 16,077 25,075 3,930 1941. 3,726 3,144 503 79 December 56,589 20,598 31,118 4,873 1942—Jan .-May 316 316 January 48,610 17,247 27,014 4,349 1942—February 41,550 14,242 23,531 3,777 o w r h 1 o p s R e e r e m d p e a re p n s o e e n s n i t t t l s y l i b a o b a n n il k a it s c i e c w s o u h w i n c e t h re o , f a d s u f s i r u n in m a g n e c d t ia h b l e y d p i o e ff t r i h i c o e u d r l s t b i e s a s h n ; o k w d s o n a e , t s c t n h lo o e s t e t i d i m n c t e e l u m o d f p e c o l b r o a a s r n i i n l k y g s M A M p a a r y r i c l h %. 4 4 4 9 8 6 , , , 1 3 6 7 2 2 5 4 0 1 1 1 6 6 7 , , , 9 0 0 8 5 2 5 6 3 2 2 2 7 7 6 , , , 7 2 4 5 1 3 1 6 8 4 4 4 , , , 1 3 1 5 6 2 8 8 3 (in some instances with the aid of Federal Deposit Insurance Corporation loans). r Revised. 3 2 D Fe e d p e o r s a i l t s d o e f p o m s e it m i b n e s r u r b a a n n c k e s b a e n c d a m in e s u o r p ed er n at o i n v m e e J m an b u e a r r b y a n 1 k , s 1 s 9 u 3 s 4 p . ended are wi 1 t h N 1 a 9 t 1 io 9 n . al series, for which bank debit figures are available beginning as of dates of suspension, and deposits of noninsured nonmember banks 2E_xjcocept 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. y* 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. 676 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 F p i r g iv u a r t e e s b f a o n r k n s o i n n m cl e u m de b d e r i n b a th n e k s f ig a u re re f s o f r r o d m at e J s u n in e d 1 i 9 c 3 a 4 te t d o o D r e n ce e m ar b e e s r t 1 th 9 e 3 r 5 e , t s o e e f o F r e d w e h r i a c l h R f e ig se u r r v es e a B r U e L a L v E a T i I l N a b f l o e r . December 1935, p. 883t and July 1936, p. 535. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a u v n i t n u k g a s l s 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 t in 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 For footnotes seetable below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 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 59,296 26,187 »33,109 41,943 17,546 24,397 10,348 4,949 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 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). JULY 1942; 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- securities Direct of Call date i m n a v e n e n d s t t s - Total1 i t m n r a c d i n i e a a u d r l l - s 2 - A t c u g u r r l - i - - p O m a k p p a e e e r t n - r o T th o - e l R s o t a e a n a te s l ba t n o ks l O o t a h n e s r 4 Total Total Bills5Notes Bonds G t a u e n e a - d r- S p s a o t u c a n l b a i t d - l t e i s - O r s i e t t c h ie u e s - r divisions Total—All Member Banks 1929—Dec. 31... 35,934 26,150 583 2,463 ,685 3,191 714 11,515 9,784 3,863 520 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 ,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 .3,777 ,720 7,786 2,831 2,554 3,131 Dec. 30... 33,941 13,962 5,386 730 455 790 700 2,957 56 2,888 19,979 4,328 ,223 8,398 3,144 2,692 2,959 1940—June 29... 34,451 13,969 5,538 736 450 447 668 3,069 42 3,020 20,482 4,722 ,543 8,261 ,121 2,888 2,873 Dec. 31... 37,126 15,321 6,204 865 456 642 652 3,228 43 3,230 21,805 5,823 2,594 9,091 3,486 3,013 2,970 1941—Apr. 46.... 38,983 15,878 23,104 6,988 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 .8,078 2,631 10,481 3,839 2,984 2,867 Sept. 246 .. 41,943 17,546 24,397 .8,338 4,243 3,161 2,899 Dec. 31.... 43,521 18,021 8,064 972 607 598 3,494 3^653 25,500 L9,539 3^007 11^729 3,832 3,090 2,871 1942—Apr. 46.... 44,287 17,834 26,453 50,449 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 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30... 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29... 9,829 3,014 1,801 103 320 188 137 32 426 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31... 10,910 3,384 2,025 100 465 190 130 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 2,405 422 186 129 33 503 8,715 7,268 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' 412 169 32 522 8,823 7,265 i,'623 3^652 1,679 729 830 1942—Apr. 46.... 13,123 4,173 8,950 7,381 1,515 773 796 City of Chicago1 1929—Dec. 31... 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933—June 30.... 1,287 677 61 251 237 610 384 206 82 97 87 138 1939—June 30.... 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Dec. 30... 2,105 569 365 41 66 60 1,536 1,203 153 176 701 172 162 170 1940—June 29.... 2,205 603 417 23 61 62 1,602 1,258 254 161 710 134 177 167 Dec. 31.... 2,377 696 476 42 54 84 1.681 1,307 297 145 752 112 188 186 1941—Apr. 46.... 2,649 780 1,869 1,466 125 226 177 June 30.... 2,707 846 "36 20 101 1,861 1,483 417 125 138 190 188 Sept. 246.. 2,573 918 1,655 1,304 159 175 176 Dec. 31... 2,760 954 711 48 22 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 2,775 1,538 258 3,679 2,944 1,368 165 1,112 448 1,128 1933—June 30.... 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 681 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 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 5,194 819 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 4,947 839 3,052 969 981 868 Dec. 31.... 13,013 5,931 2,436 263 153 115 207 1,436 15 1,307 7,081 5,204 771 3,281 ,049 984 893 1941—Apr. 46.... 13,494 6,165 7,328 5,440 ,047 1,034 855 June 30. .. 14,013 6,498 2,'879 175 202 100 198 1,477 1,457 7,515 5,700 606 3,858 ,162 979 836 Sept. 246.. 14,588 6,861 7,727 5,914 ,246 975 838 Dec. 31... 15,347 7,105 3,206 300 250 114 194 1,527 i,'508 8,243 6,467 295 751 4^248 ,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 4,705 4,439 1,267 171 999 627 2,546 1933—June 30.... 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1939—June 30.... 10,109 4,605 1,095 531 140 22 229 ,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Dec. 30... 10,224 4,768 1,151 495 163 20 224 ,477 1,234 5,456 3,159 431 1,972 725 1,061 1,236 1940—June 29... 10,257 4,987 1,187 546 174 17 208 ,544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31... 10,826 .5,309 1,267 590 187 21 201 ,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 1941—Apr. 46.... 11,144 5,431 5,713 3,456 694 1,176 1,081 June 30.... 11,446 5,607 1,377 555 216 195 1,739 1,504 5,839 3,627 60 374 2,404 788 1,165 1,047 Sept. 246... 11,852 5,828 6,024 3,789 919 1,191 1,044 Dec. 31... 12,518 5,890 1,431 659 245 20 183 1,823 1,528 6,628 4,377 481 2,926 861 1,222 1,028 1942—Apr. 46.... 12,753 5,749 7,004 4,746 797 1,253 1,005 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. 2 Not shown in call reports prior to December 1938, but the total amount 01 agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. ^Includes Treasury certificates of indebtedness through 1934. J Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- Bal- De- Call date F B e w s R d e a i r e n e t v h - r k e a s l v C a i a u n s l h t b a w a n d n i c o t k e h - s s1 j m p u a o s d a d t s e n e - i - d t d s 2 v p i a s I d h r n u t i d n p a i e s l - , r s - , po S l a t i a n t t i d e c s al C f a o e i f n e r f d d i t - i- U G ov S - p v a s i I d h r n t i u d n p a i e s - l , r s - , S p t o a l t i e t s - m U G e o .S n v t . - Do b m an e k s s tic F ei o g r n - B r i o n o w g r s - - C co a a u p c n i - t ts al an p t d o i o r c n a o s - r- v s i u s b io d n i- s c c e h e t e c r c s . k 3 ' s ment an p t d i o o r n c a o s - r- v s i u s b io d n i s - po i s n s a g t v a s - l 4 m D a e n - d Time banks 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 1 695 1,592 1940—June 29 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—Apr. 4 6,715 85 6154 11,645 11,629 302 302 29 806 38 64,021 6577 1,623 June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Sept. 24 5,534 96 6114 11,506 11,595 300 342 135 810 29 64,040 6563 io 1,635 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 ""4" 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 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—june 30 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 ' 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—Apr. 4 815 20 6283 1.755 1,685 181 26 108 486 10 4 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 ,812 Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 ,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 ,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 ,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 L,917 June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 ,940 Sept. 24 4,359 425 62,885 11,060 10,637 1,221 190 383 4,591 186 19 64,324 6108 655 ,948 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 •••• — 1,967 1942—Apr. 4 4,221 348 82,705 11,689 11,105 1,313 202 633 4,366 224 18 64,235 890 654 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 ,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 ,828 Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 L,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 ,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 L,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 L,943 June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Sept. 24 2,075 501 63.293 9,028 7,805 1,341 169 168 6,110 145 30 6732 632 62 3 ,990 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 L.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. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). JULY 1941 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER .BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations , Com- purchasing Total mer- or carrying loans cial, securities Date or month and indus- Open Real Loans :erti- Other i m nv e e n s t t s - Total t t a a r c u g i u n r a r a d l i - l l - , p m k a e p a t r e - r b d a r e T e n a o r o d l s k - - ot T h o ers e l s o t a a n t s e ba t n o ks O lo t a h n e s r Total Total Bills f o de f i e b c d i t a - n - t - e Notes Bonds G t a e u n e a - d r- r s i e t c ie u s ers Total—101 Cities 1941—May 27,764 10,029 5,621 360 479 446 1,237 39 1,847 17,735 14,024 949 2,214 7,789 3,072 3,711 1942—January 30,229 11,271 6,737 425 483 408 ,251 43 1,924 18,958 15,285 ,098 2,456 8,891 2,840 3,673 February... 30,570 11,331 6,860 423 451 408 ,250 35 1,904 19,239 15,542 ,247 2,335 9,243 2,717 3,697 March....,., 30,941 11,408 6,976 426 435 409 ,246 28 1,888 19,533 15,803 ,107 2,348 9,637 2,711 3,730 April , 31,095 11,288 6,905 418 434 402 ,244 28 1,857 19,807 16,090 ,000 365 2,360 9,684 2,681 3,717 May 31,493 10,996 6,622 403 481 402 ,245 27 1,816 20,497 16,859 ,170 678 2,344 9,998 2,669 3,638 1942—Mar. 25...., 30,781 11,402 7,008 426 ,245 27 1,881 19,379 15,644 923 2,357 9,662 2,?02 3,735 Apr. 1 30,494 11,394 7,003 424 408 407 ,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 ,244 27 1,864 19,502 15,776 ,045 2,365 9,670 2,696 3,726 Apr. 15 31,502 11,332 6,948 419 438 408 ,244 25 1,850 20,170 16,446 ,113 606 2,364 9,681 2,682 3,724 Apr. 22 31,393 11,242 6,874 415 433 400 ,244 30 1,846 20,151 16,435 ,103 609 2,361 9,695 2,667 3,716 Apr. 29 31,205 11,094 6,726 409 441 395 ,246 30 1,847 20,111 16,405 ,058 611 2,356 9,705 2,675 3,706 May 6...... 31,135 11,008 6,649 407 456 393 ,245 25 1,833 20,127 16,471 ,068 676 2,352 9,696 2,679 3,656 May 13 31,222 11,001 6,669 412 433 395 ,244 24 1,824 20,221 16,576 ,150 676 2,348 9,736 2,666 3,645 May 20...., 31,888 11,012 6,613 400 502 415 ,246 24 1,812 20,876 17,210 ,236 687 2,350 10,276 2,661 3,666 May 27.... 31,726 10,962 6,557 393 533 405 ,246 34 1,794 20,764 17,180 ,226 674 2,327 10,283 2,670 3,584 June 3 31,679 10,905 6,542 382 528 403 ,243 28 1,779 20,774 17,226 ,281 672 2,297 10,309 2,667 3,548 June 10.... 31,736 10,844 6,552 372 475 404 ,242 29 1,770 20,892 17,346 ,388 675 2,912 10,318 2,053 3,546 June 17.«.. 31,677 10,776 6,546 360 433 405 ,238 27 1,767 20,901 17,364 1,390 672 2,909 10,347 2,046 3,537 New York City 1941—May 11,635 3,314 2,141 92 349 161 114 31 426 8,321 6,929 487 1,449 3,219 1,774 1,392 1942—January. . 12,212 3,761 2,600 81 335 146 102 39 458 8,451 6,984 408 1,517 3,516 1,543 1,467 February.. 12,267 3,830 2,697 79 317 149 103 32 453 8,437 6,981 413 1,447 3,642 1,479 1,456 March.... 12,471 3,893 2,775 79 308 148 103 26 454 8,578 7,097 334 1,457 3,821 1,485 1,481 April 12,592 3,851 2,733 79 316 147 103 26 447 8,741 7,273 347 162 1,461 3,846 1,457 1,468 May 12,696 3,756 2,604 78 363 148 103 24 436 8,940 7,559 358 329 1,431 3,996 1,445 1,381 1942—Mar. 25... 12,404 3,882 2,788 286 148 103 25 452 8,522 7,031 256 1,465 3,831 1,479 1,491 Apr. 1.... 12,402 3,895 2,793 81 291 147 103 27 453 8,507 7,033 259 1,462 3,845 1,467 1,474 Apr. 8.... 12,524 3,918 2,787 80 332 145 103 23 448 8,606 7,122 341 1,467 3,844 1,470 1,484 Apr. 15. .. 12,749 3,880 2,755 77 321 154 103 23 447 8,869 7,396 378 269 1,466 3,834 1,449 1,473 Apr. 22... 12,707 3,840 2,719 78 320 148 103 28 444 8,867 7,405 387 267 1,458 3,848 1,445 1,462 Apr. 29.... 12,581 3,721 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 3,738 2,614 81 336 141 104 23 439 8,830 7,447 335 1,445 3,881 1,451 1,383 May 13.. 12,587 3,728 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 3,773 2,595 76 386 158 103 21 434 9,075 7,678 383 325 1,427 4,107 1,436 1,397 May 27., 12,782 3,786 2,581 73 413 151 103 32 433 8,996 7,633 368 315 1,415 4,085 1,450 1,363 12,734 3,771 2,588 70 407 150 103 25 428 8,963 7,630 392 300 1,397 4,088 1,453 1,333 12,668 3,737 2,600 67 359 155 103 27 426 8,931 7,600 408 300 1,695 4,079 1,118 1,331 12,560 3,684 2,598 63 319 154 103 24 423 8,876 7,550 375 1,672 4,089 1,120 1,326 Outside New York City 1941—May 16,129 6,715 3,480 130 285 1,123 1,421 9,414 7,095 462 765 4,570 1,298 2,319 1942—January.... 18,017 7,510 4,137 344 148 262 1,149 1,466 10,507 8,301 690 939 5,375 1,297 2,206 February... 18,303 7,501 4,163 344 134 259 1,147 1,451 10,802 8,561 834 888 5,601 1,238 2,241 March 18,470 7,515: 4,201 347 127 261 1,143 1,434 10,955 8,706 773 891 5,816 1,226 2,249 April 18,503 7,437 4,172 339 118 255 1,141 1,410 11,066 8,817 653 203 899 5,838 1,224 2,249 May ,. 18,797 7,240 4,018 325 118 254 1,142 1,380 11,557 9,300 812 349 913 6,002 1,224 2,257- 1942—Mar. 25..... 18,377 7,520 4,220 346 122 259 1,142 1,429 10,857 8,613 667 892 5,831 1,223 2,244 Apr. 1 18,092 7,499 4,210 343 117 260 1,142 1,425 10,593 8,356 421 892 5,826 1,217 2,237 Apr. 8 18,359 7,463 4,188 342 117 255 1,141 1,416 10,896 8,654 704 898 5,826 1,226 2,242 Apr. 15.... 18,753 7,452 4,193 342 117 254 1,141 1,403 11,301 9,050 735 337 898 5,847 1,233 2,251 Apr. 22.... 18,686 7,402 4,155 337 113 252 1,141 1,402 11,28' 9,030 716 342 903 5,847 1,222 2,254 Apr. 29 18,624 7,373 4,116 333 125 253 1,142 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 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 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 1,378 11,80: 9,532 853 362 923 6,169 1,225 2,269 May 27 18,944 7,176 3,976 320 120 254 1,143 1,361 11,768 9,547 858 359 912 6,198 1,220 2,221 18,945 7,134 3,954 312 121 253 1,140 1,351 11,81: 9,596 889 372 900 6,221 1,214 2,215 19,068 7,107 3,952 305 116 249 1,139 1,344 11,96: 9,746 980 375 1,217 6,239 935 2,215 19,117 7,092 3,948 297 114 251 1,135 1,344 12,023 9,814 1,015 378 1,237 6,258 926 2,211 NOTE ,—For description of figures see BULLETIN for November 1935 (p>. 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 J)ecember 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 68o 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 r i n e a t v d - k h l e - s v C a i a n u s l h t m b a w a n d e o n i c s t - e t k h i s s c j p m u a o d s a d e t s 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 i o u c a i n o b v l a t d n i - e i l t s - s - c C c h o a e f e e e f t i n f c e r r c i d . s t d - k i ' - s m U G e e . r o S n n v . - t - s p u p v n c h a o a a i o e i n r d l r p r r s d a t - - - s , - - , S p s d s a i t i o u i c a o n v b l a t n d i - i e l t - s - s p U m G • o a e s . n o s e r a S n t v d n v . a 2 - t - 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 w g r s - - c C o i a u a t c a p n - l - ts B b a i d n t e s k - 3 tions tions Total 101 Cities 1941—May 11,294 546 3,495 24,010 23,356 1,853 461 394 5,246 183 26 9,069 115 3,862 8,419' 1942—January 10,324 558 3,313 24,307 23,942 1,701 558 1,518 5,089 182 21 9,060 101 645 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 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 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 3,935 9,166 May 9,711 514 3,335 25,250 24,582 2,068 521 1,510 4,921 189 20 8,806 660 3,947 9,688 1942—Mar. 25.... 9,957 515 3,300 24,574 23,933 1,876 501 1,850 4,957 165 20 8,690 637 3,931 9,382 Apr. 1 9,951 491 3,367 24,197 23,673 1,916 593 1,869 4,953 164 20 8,792 639 3,937 10,201 Apr. 8 10,049 520 3,265 24,799 24,093 1,888 471 1,720 4,945 169 20 8,781 630 3,936 7,962 Apr. 15 .... 9,884 502 3,323 24,725 24,590 1,920 578 2,174 4,945 170 20 8,880 632 3,937 9,212 Apr. 22 .... 9,896 519 3,214 25,145 24,526 1,995 480 1,780 4,940 172 20 8,643 643 3,936 9,083 Apr. 29 .... 9,902 535 3,217 25,358 24,636 2,096 544 1,506 4,929 189 20 8,597 652 3,929 9,373 May 6 9,646 516 3,248 24,854 23,997 2,102 550 1,393 4,927 197 20 8,802 660 3,947 10,640 May 13 .... 9,794 541 3,369 25,241 24,752 2,061 466 1,292 4,920 193 20 8,908 660 3,948 8,587 May 20 .... 9,709 485 3,297 25,395 24,752 2,080 526 1,834 4,918 192 20 8,687 659 3,947 10,161 May 27 9,695 514 3,428 25,511 24,825 2,030 543 1,521 4,918 174 20 8,826 664 3,946 9,364 June 3 9,812 488 3,415 25,483 24,922 1,971 485 1,301 4,914 175 20 9,088 667 3,953 9,066 June 10 9,754 524 3,357 26,022 25,433 1,902 492 824 4,916 175 20 8,993 663 3,952 8,668 June 17.... 9,821 510 3,481 26,058 25,755 1,879 486 608 4,927 177 20 9,227 671 3,949 10t161 New York City 1941—May 5,897 89 99 11,055 11,108 353 231 700 26 3,844 597 1,517 3,493 1942—January ... 4,991 80 93 10,300 10,428 254 313 811 714 23 3,465 581 1,533 3,699* February .. 4,95f 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 1,541 3,557 May 4,482 180 84 10,347 10,459 296 288 998 656 20 3,224 592 1,546 3,898 1942—Mar. 25.... 4,786 10,509 10,576 271 269 890 684 20 3,257 574 1,538 3,612 Apr. 1 4,871 194 10,612 10,792 286 331 907 685 20 3,255 576 1,541 3,935 Apr. 8 4,775 105 10,637 10,694 271 240 832 683 20 3,260 566 1,542 3,052 Apr. 15 .... 4,627 89 10,284 10,641 278 324 1,180 680 20 3,311 567 1,541 3,670 Apr. 22 .... 4,565 84 10,490 10,608 277 239 931 680 20 3,231 576 1,542 3,415 Apr. 29 .... 4,574 82 10,571 10,702 300 271 848 670 20 3,193 581 1,537 3,715 May 6 4,401 10,169 10,225 292 302 959 664 20 3,230 591 1,547 4,507 May 13 .... 4,551 10,332 10,494 283 236 925 660 20 3,271 591 1,546 3,239 May 20 .... 4,515 10,429 10,553 321 293 1,155 652 21 3,165 590 1,547 4,108 May 27 .... 4,461 10,456 10,562 288 322 953 649 21 3,232 596 1,544 3,740 June 3 4,482 10,489 10,626 268 256 800 647 21 3,284 597 1,550 3,442 June 10.... 4,401 10,691 10,835 245 283 498 646 21 3,235 595 1,548 3,459 June 17.... 4,485 10,685 10,896 234 230 354 647 20 3,330 602 1,549 3,991 Outside New York City 1941—May 5,397 457 3,396 12,955 12,248 1,500 230 375 4,546 157 26 5,225 115 63 2,345 4,926 1942—January 5,333 478 3,220 14,007 13,514 1,447 245 707 4,375 159 21 5,595 101 64 2,384 5,415 February .. 5,268 462 3,196 14,284 13,716 1,550 232 724 4,311 157 20 5,556 97 65 2,389 5,247 March ...... 5,316 454 3,174 14,323 13,673 1,572 262 943 4,286 149 20 5,508 93 62 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 2,394 5,609 May 5,229 434 3,251 14,903 14,123 1,772 233 512 4,265 169 20 5,582 68 2,401 5,790 1942—Mar. 25.... 5,171 438 3,140 14,065 13,357 1,605 232 960 4,273 145 20 5,433 63 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 63 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 64 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 65 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 67 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 71 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 69 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 69 2,402 5,348 May 20 5,194 408 3,220 14,966 14,199 1,759 233 679 4,266 171 20 5,522 69 2,400 6,053 May 27 .... 5,234 431 3,330 15,055 14,263 1,742 221 568 4,269 153 20 5,594 68 2,402 5,624 June 3 5,330 409 3,336 14,994 14,296 1,703 229 501 4,267 154 20 5,804 70 2,403 5,624 June 10.... 5,353 444 3,283 15,331 14,598 1,657 209 326 4,270 154 20 5,758 68 2,404 5,209 June 17 5,336 431 3,403 15,373 14,859 1,645 256 254 4,280 157 20 5,897 69 2,400 6,170 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. JULY 1942 681 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 mer- or carrying d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 2 d e ) se d r a v t e e m v a e i e n n n s d - t t - s Total t d c a r i i u n i n a a s d - l - l , , p O m k a p a p e e r t e n - r b T r s o o e k c - urities e l R s o t e a a a n 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 fic i e o n a r f - t t e i- Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) May 27 1,675 796 448 108 13 14 75 1 137 879 743 85| 41 53 509 55 136 June 3 1,683 796 451 106 13 14 75 1 136 887 750 89 43 54 509 55 137 June 10 1,688 791 450 102 12 14 76 1 136 897 759 96 43 59 512 49 138 June 17 1,687 787 448 101 12 14 75 1 136 900 764 98 43 62 511 50 136 New York (8 cities)* May 27 13 908 4,177 2 736 80 416 194 192 32 527 9,731 8,217 414 324 1,486 4,457 1,536 1,514 June 3.. 13 878 4,157 2,741 76 410 191 192 25 522 9,721 8,238 458 309 1,470 4,463 1,538 1,483 June 10 13,826 4,123 2,753 73 363 196 191 27 520 9,703 8,222 481 312 1,789 4,454 1,186 1,481 June 17 13,717 4,071 2,751 69 323 195 191 24 518 9,646 8,168 447 306 1,766 4,467 1,182 1,478 Philadelphia (4 cities) May 27 1 442 540 292 36 27 31 49 105 902 643 23 14 25 492 89 259 June 3 1,436 537 290 35 28 32 49 103 899 644 26 14 24 491 89 255 June 10 1 440 536 291 35 26 32 49 103 904 649 31 13 52 490 63 255 June 17 1,440 535 290 34 26 32 49 104 905 650 33 13 51 490 63 255 Cleveland (10 cities) May 27 2 523 871 434 29 13 16 184 195 1,652 1,374 38 62 206 916 152 278 June 3.. 2 518 867 430 27 14 16 184 196 1,651 1,377 41 61 206 916 153 274 June 10 2,536 864 429 28 14 16 183 194 1,672 1,397 47 63 234 915 138 275 June 17 2 545 864 434 24 14 16 182 194 1,681 1,406 52 62 237 919 136 275 Richmond (12 cities) May 27 942 327 159 20 5 11 53 79 615 547 14 12 60 366 95 68 June 3. 935 321 156 18 5 11 52 79 614 546 16 12 45 378 95 68 June 10 939 315 152 18 3 11 52 79 624 557 21 12 89 383 52 67 June 17 942 313 151 17 3 11 52 79 629 562 25 12 90 383 52 67 Atlanta (8 cities) May 27 870 382 218 6 4 8 31 1 114 488 377 46 18 51 200 62 111 June 3 866 378 215 6 5 8 31 1 112 488 378 46 18 52 200 62 110 June 10 867 375 213 6 4 8 31 1 112 492 381 48 18 73 201 41 111 June 17 872 373 212 6 4 8 30 2 111 499 388 53 18 74 202 41 111 Chicago (12 cities)* May 27 4,610 1,376 929 40 36 57 147 167 3,234 2,654 367 126 223 1,630 308 580 June 3 4 653 1 370 929 39 33 57 146 166 3 283 2 706 420 126 222 1 632 306 577 June 10 4,691 1,373 935 38 33 56 146 165 3,318 2,740 439 124 300 1,636 241 578 June 17 4,680 1,377 942 37 32 56 146 164 3,303 2,728 426 123 301 1,637 241 575 St. Louis (5 cities) May 27 994 413 247 20 4 10 59 73 581 465 76 15 42 276 56 116 June 3 951 408 241 20 4 10 59 74 543 420 22 26 42 275 55 123 June 10 956 405 239 19 4 10 60 73 551 ' 428 29 28 62 276 33 123 June 17 965 401 236 19 4 10 60 72 564 443 44 29 61 276 33 121 Minneapolis (8 cities) May 27 499 237 130 2 1 5 16 83 262 224 15 10 15 156 28 38 June 3 502 235 128 2 1 6 16 82 267 229 18 10 15 158 28 38 June 10 508 234 128 3 1 5 16 81 274 236 26 10 21 158 21 38 June 17 517 233 127 3 1 5 16 81 284 246 34 f io 24 158 20 38 Kansas City (12 cities) May 27 874 385 227 33 3 9 35 78 489 365 43 17 55 164 86 124 June 3 869 384 225 33 3 9 35 i 78 485 361 39 17 55 164 86 124 June 10 881 381 225 32 3 9 35 77 500 376 47 17 81 165 66 124 June 17 894 378 223 32 3 9 35 76 516 392 47 21 91 167 66 124 Dallas (9 cities) May 27 699 342 243 3 3 15 21 57 357 294 37 12 42 165 38 63 June 3 700 341 243 4 3 14 21 56 359 295 37 13 42 166 1 37 64 June 10 699 337 242 3 3 13 22 54 362 300 42 12 43 167 36 62 June 17 712 336 241 3 3 14 21 54 376 314 54 12 44 168 36 62 San Francisco (7 cities) May 27. 2,690 1,116 494 16 8 35 384 179 1,574 1,277 68 23 69 952 165 297 June 3 2 688 1,111 493 16 9 3.5 383 175 1 577 1 282 69 23 70 957 163 295 June 10 2,705 1,110 495 15 9 34 381 176 1,595 1 301 81 23 109 961 127 294 June 17 2,706 1,108 491 15 8 35 381 178 1,598 1,303 77 23 108 969 126 295 City of Chicago* May 27 2,962 891 685 16 33 51 24 82 2,071 1,709 312 78 136 1,071 112 362 June 3 3,003 890 688 17 29 50 24 82 2,113 1,753 357 78 134 1,073 111 360 June 10 3,037 895 695 16 29 50 24 81 2,142 1,782 368 79 170 1,074 91 360 June 17... 3,027 902 705 16 28 49 24 80 2,125 1,766 350 78 168 1,078 92 359 * 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. 68z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 2 e d ) s e d r a v t e e B s w F e a R e e r n i r e a t d v k - h l - e s C va i a n u sh lt m b a w a n d e n i c o s t e - k t h i s s c j p m u o a d s a d s t e e n i - - t d d s 1 s p u p h v 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 i n d i e - l t - s - s c C c h o e a f e e e i f t n e f r c r c i d s t d . - k i ' - s m U G e e r . o n S n v - . t - s p p u n h v c a a o a o e i i n r l p r d r r d s t a - - - s - , - , S p d s s a i t i o i u c a o n v l b a t n d i i e - l t - s s - m U G a s e a o e n r .S n v n d v - - . t - m D a e n b - d ank T s ime b e F a i o n g r n k - s B r i o n o w g r s - - C it a a p l - B d a e n b- k tions tions Boston (6 cities) May 27 464 86 178 1,598 1,548 120 26 26 214 1 336 22 254 527 June 3 476 85 176 1,60" 1,551 115 26 22 214 1 345 22 254 521 June 10 449 89 172 1,588 1,532 114 22 15 215 1 347 22 254 511 June 17 453 90 193 1,598 1,572 111 31 12 215 1 359 24 252 516 New York (8 cities)* May 27 4,673 111 212 11,383 11,290 528 340 985 1,001 23 3,307 597 1,670 4,079 June 3 4,707 105 195 11,447 11,364 527 276 828 999 23 3,366 599 1,676 3,733 June 10 4,616 109 188 11,669 11,596 489 300 516 998 23 3,313 597 1,674 3,785 June 17 4,700 107 198 11,656 11,658 474 257 368 1,001 26 3,412 604 1,674 4,383 Philadelphia (4 cities) May 27 491 27 211 1,404 1,294 193 18 21 169 2 401 6 219 408 June 3 483 26 201 1,361 1,293 151 13 18 167 2 424 6 219 533 June 10 504 28 187 1,389 1,317 150 14 11 166 2 416 6 219 365 June 17 490 27 206 1,375 1,343 149 16 8 166 2 435 6 218 437 Cleveland (10 cities) May 27 700 61 345 2,033 2,050 116 27 25 678 19 508 2 399 706 June 3 764 56 349 2,081 2,076 112 32 23 675 17 525 2 399 655 June 10 757 61 351 2,114 2,111 116 27 16 674 18 518 2 399 585 June 17 735 60 370 2,090 2,128 109 35 14 675 18 544 2 399 786 Richmond (12 cities) May 27 297 32 249 793 750 95 16 29 198 2 383 104 294 June 3 299 29 260 784 750 97 21 26 198 2 397 104 275 June 10 315 31 260 809 773 93 15 19 198 2 405 104 286 June 17 305 30 270 805 767 94- 21 15 198 2 412 104 329 Atlanta (8 cities) May 27 212 20 245 627 585 104 5 36 186 3 417 100 264 June 3 213 18 248 618 592 98 5 31 186 3 428 100 238 June 10 219 20 247 635 610 93 5 21 186 3 429 100 273 June 17 212 19 249 636 622 92 7 17 186 3 431 100 289 Chicago (12 cities)* May 27 1,415 85 688 3,800 3,550 455 226 938 3 1,417 438 1,466 June 3 1,390 85 667 3,757 3,533 445 42 198 940 3 1,485 439 1,441 June 10 1,394 95 600 3,829 3,591 431 46 124 940 2 1,472 439 1,325 June 17 1,465 90 602 3,852 3,652 429 51 89 942 2 1,531 439 1,654 St. Louis (5 cities) May 27 278 16 183 595 605 61 8 27 181 3 570 100 341 June. 3 288 15 195 587 612 61 10 23 180 3 565 100 411 June 10 286 16 209 653 660 63 8 14 181 3 528 100 280 June 17. t 272 15 211 670 63 7 11 181 3 508 101 289 Minneapolis (8 cities) May 27 115 136 367 327 69 7 10 105 215 65 148 June 3 123 137 373 328 80 6 7 104 223 65 157 June 10 122 136 377 334 76 6 5 104 226 66 163 June 17 112 134 373 331 85 6 4 105 226 65 171 Kansas City (12 cities) May 27 269 344 695 664 99 11 17 133 1 553 113 285 June 3 270 349 665 654 96 11 15 133 1 584 113 296 June 10 280 366 709 687 95 11 11 134 1 584 113 273 June 17 259 394 720 712 99 11 9 134 1 594 113 315 Dallas (9 cities) May 27 189 304 649 625 65 10 37 118 9 326 94 235 June 3 196 301 642 628 65 13 32 118 12 337 94 197 June 10 194 306 656 643 63 11 21 118 12 339 94 230 June 17 .m 191 307 659 657 56 14 18 119 12 347 94 257 San Francisco (7 cities) May 27 592 333 1,567 1,537 125 27 82 997 108 393 22 390 611 June 3 603 337 1,561 1,541 124 30 78 1,000 108 409 21 390 609 June 10 618 335 1,594 1,579 119 27 51 1,002 108 416 20 390 592 June 17 627 347 1,624 1,625 118 30 43 1,005 107 428 20 390 725 City of Chicago* May 27 991 377 2,403 2,291 239 24 181 459 1,049 9 285 906 June 3 964 347 2,370 2,267 236 21 159 459 1,091 10 287 901 June 10 945 288 2,400 2,294 229 23 97 459 1,085 10 287 841 June 17 1,017 275 2,424 2,339 230 22 66 460 1,133 9 286 1,022 * 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. 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. 683 JULY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Accept O in w g n banks Bills Others2 I U m i n p n i o t t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a la n r ge G s o h o ip d p p s o e s d i t n o t b r s e e i t d n w i e n e n or Total bills bought States States United Foreign States countries 1941—February.. 241 212 164 99 65 48 119 18 42 26 March 263 217 170 107 63 47 120 24 41 25 April 275 220 170 105 66 49 126 25 38 23 May 295 215 164 105 60 51 125 24 41 22 June 299 213 161 101 59 52 123 24 43 20 July 330 210 161 106 55 49 121 22 47 16 August 354 197 148 100 47 50 114 21 49 11 September. 371 177 131 85 46 46 105 13 45 9 October... 378 185 138 90 47 47 109 12 48 11 November. 387 194 144 93 51 50 116 14 48 12 December. 375 194 146 92 54 49 116 15 48 11 1942—January... 381 197 154 103 52 43 116 17 51 11 February.. 388 190 144 92 53 46 112 18 44 13 March 384 183 146 89 57 37 103 17 45 16 April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Debit balances End of month Debit Customers' balances in debit partners' balances investment (net)1 and trading accounts 1936—June 1,267 67 December 1,395 64 1937—June 1,489 55 December 985 34 1938—June .. 774 27 December 991 32 1939—June 834 25 December 906 16 1940—June 653 12 December 677 12 1941—April 606 10 May 622 10 June 616 11 July 628 10 August 628 10 September 633 10 October 628 9 November 625 9 December .. . 600 1942—January 547 February 534 March 531 April 515 May 502 00 00 00 00 Ledger balances in millions of dollars] Credit balances Customers' Debit m credit balances1 Other credit balances balances in Cash on firm hand Money a in n a d v c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I i n n n v d p e a t s r r t a t m d n e i e n n r g s t ' a in n v I d n e t s f r t i a m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 164 219 985 276 86 24 14 420 164 249 1,048 342 103 30 12 424 161 214 1,217 266 92 25 13 307 108 232 688 278 85 26 10 355 88 215 495 258 89 22 11 298 106 190 754 247 60 22 5 305 73 178 570 230 70 21 6 280 78 207 637 266 69 23 7 277 58 223 376 267 62 22 5 269 99 204 427 281 54 22 5 247 86 199 368 265 60 20 8 227 102 185 403 262 61 17 7 223 89 186 395 255 65 17 7 222 87 189 388 266 70 17 8 221 160 189 460 262 72 16 7 221 83 196 396 260 78 16 8 219 102 186 414 255 74 16 7 217 100 195 409 264 72 15 8 217 86 211 368 289 63 17 5 213 74 219 308 274 72 18 6 209 74 203 307 262 66 18 5 206 70 195 306 249 67 16 4 201 8 68 195 300 247 61 16 5 196 7 79 177 300 238 59 16 3 194 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). 684 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 Yields on U. S. Government securities [Per cent per annum] Stock mo Y w n e e th a e , k r , or m m p P 4 c o a e r o n t p i r m o m c t e h i r - e 6 a , s l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s - e l t , - ch l n c a o e r a e l a x e a s n w l - - n * l g - e m b o i 3 l n - ls t 3 h d N C e o 1 c n ( e o b f 9 a d e r v 4 t t u t s i e . 2 e i n s e f d s ) 1 - i - - , t 3 a n y - x o t e o a t a e - b r 5 s le 1 1 1 9 9 9 3 3 3 4 5 6 a a a v v v e e e r r r a a a g g g e e e 1 1 1 1 T 9 3 2 2 o . . . c 4 6 9 t i a 5 8 3 t l ies Y N 2 C 1 1 . . o . e i 7 4 7 t w r 5 2 y 6 k e E 7 N r c a 3 3 3 n o i o s . . . t r 0 7 3 t i t a h t e e 4 1 9 h n s e r - n d r 1 W e 1 r c 4 3 3 e n S i . . . s t 4 3 7 o i t a e 0 2 6 e u n s r t d n h- 1937 average1 2.59 1.73 2.88 3.25 1939 average .59 .44 1.00 .023 1938 average1 2.53 1.69 2.75 3.26 1940 average .56 .44 1.00 .014 1939 average 2.78 2.07 2.87 3.51 1941 average >.. .54 .44 1.00 .103 .76 1940 average 2.63 2.04 2.56 3.38 1941—May .56 .44 1.00 .082 .72 1941 average 2.54 1.97 2.55 3.19 June .56 .44 1.00 .089 .68 Monthly figures1 July .50 .44 1.00 .097 .67 1938—September 2.53 1.70 2.74 3.26 Aug .50 .44 1.00 .108 .62 October 2.57 1.70 2.90 3.21 Sept .50 .44 1.00 .055 .62 November 2.49 1.70 2.68 3.20 Oct .50 .44 1.00 .049 .72 December 2.60 1.70 2.95 3.23 Nov .50 .44 1.00 .242 .90 1939—January 2.64 1.73 2.97 3.32 Dec .56 .44 1.00 .298 1.02 February 2.52 1.70 2.69 3.26 1942—Jan ,. .56 .44 1.00 .214 .96 Quarterly figures Feb .63 .44 1.00 .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 1.00 .299 .45 .98 September 2.68 2.04 2.78 3.31 May .63 .44 1.00 .364 .49 1.05 December 2.59 1.96 2.59 3.32 Week ending: 1940—March 2.65 2.03 2.67 3.35 May 30 1.00 .365 .48 1.03 June 2.59 2.00 2.49 3.38 June 6 1.00 .366 .47 41.08 September 2.68 2.14 2.56 3.43 June 13 1.00 .365 .46 1.17 December 2.59 2.00 2.53 3.36 June 20 1.00 .362 .46 1.17 1941—March 2.58 2.06 2.53 3.25 June 2.55 1.95 2.58 3.23 1 Monthly figures are averages of weekly prevailing rates. September 2.60 1.98 2.62 3.29 2 The average rate on 90-day stock exchange time loans was 1.25 per December 2.41 1.88 2.45 2.99 cent during the entire period. 1942—March 2.48 1.85 2.48 3.20 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Number of issues included increased from 2 to 3 on June 5. 1 Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures comparable with the current quarterly series. for Treasury bills and Treasury notes available on request. Back figures —See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS 1 [Per cent per annum] U.S. Corporate (Moody's)5 Government2 High- Year, month, or week M i u p n al i 3 c- c g o r r a p d o e - By ratings By groups Partially rate4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1939 average 2.36 2.76 2.92 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1.95 2.10 2.67 3.34 2.77 2.94 3.36 4.33 2.95 3.95 3.11 1941—May 1.92 2.14 2.75 3.37 2.81 2.99 3.34 4.32 3.02 3.95 3.13 L.91 2.08 2.70 3.34 2.77 2.95 3.31 4.31 2.96 3.95 3.10 July L.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 August L.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September L.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October L.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November L.85 2.22 1.90 2.57 3.26 2.72 2.86 3.19 4.28 2.85 3.91 3.04 December L.97 2.37 2.25 2.68 3.35 2.80 2.95 3.27 4.38 2.94 3.99 3.12 1942—January ...» L01 2.37 2.33 2.76 3.35 2.83 2.96 3.30 4.29 2.97 3.93 3.13 2.09 2.39 2.55 2.80 3.35 2.85 2.98 3.29 4.29 2.98 3.94 3.15 2.00 2.35 2.58 2.80 3.37 2.86 3.00 3.32 4.30 3.00 3.94 3.17 April...... 1.98 2.34 2.44 2.77 3.34 2.83 2.98 3.30 4.26 2.96 3.95 3.13 May . 1.97 2.35 2.45 2.76 3.36 2.85 3.00 3.31 4.27 2.97 3.97 3.13 Week ending: May 30 1.94 2.33 2.43 2.75 3.37 2.85 3.01 3.31 4.29 2.98 4.00 3.12 June 6 ... 1.94 2.32 ' 2.43 2.76 3.38 2.85 3.01 3.31 4.31 2.98 4.02 3.13 June 13 1.94 2.32 2.39 2.76 3.38 2.86 3.01 3.31 4.33 2.99 4.02 3.12 June 20 „..„. 62.00 2.32 2.35 2.75 3.37 2.84 3.01 3.30 4.33 2.97 4.03 3.12 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 issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 6 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. 6 On June 15 number of issues included decreased from 5 to 4. 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. 685 JULY 1941 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 trad- Year, month, or week U.S. ing? m G e e r o n n v - t - 2 M ip un al i 3 c- H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fa D ul e t - ed fe P r r r e e - ds Total In t d ri u a s l - R r a o i a l d - P ut u i b l l i i t c y s ( a i s n n h d a s t r h e o o s f u ) - Total trial road utility Number of issues 2-6 50 10 20 20 15 402 20 28 1939 average 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 75 99 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 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—May 111.4 128.2 117.0 99.3 102.4 89.4 106.2 21.0 168.9 77 77 71 79 420 June 111.5 129.5 117.7 99.2 103.3 87.9 106.3 21.6 168.9 80 80 71 82 463 July 111.7 130.4 118.7 99.9 104.8 87.8 107.1 23.9 173.1 83 84 74 82 757 August 111.1 131.0 118.5 99.6 104.9 86.8 107.3 24.9 174.3 83 84 74 81 473 September. 111.1 131.2 118.1 98.0 105.1 84.5 107.2 24.4 173.4 84 85 73 81 599 October... 112.0 133.0 118.8 99.2 105.3 85.0 107.2 25.1 172.1 80 82 70 79 557 November. 112.4 133.4 119.2 99.4 105.9 84.9 107.4 24.8 170.5 77 79 68 75 792 December.. 110.7 125.9 117.5 97.4 105.0 82.4 104.7 21.9 168.7 72 74 61 66 1,542 1942—January.... 110.1 124.4 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 February.. 108.9 120.1 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 March 110.2 119.7 116.7 98.8 106.1 88.6 101.8 27.6 159.8 66 67 65 61 363 April 110.5 122.1 117.8 99.3 107.1 88.4 102.3 26.7 154.8 63 65 61 57 336 May 110.7 122.1 117.7 98.9 107.4 87.1 102.2 26.4 156.3 63 65 60 57 323 Week ending: May 30 111.1 122.4 117.5 98.5 107.8 85.3 102.4 25.7 158.4 65 66 61 59 311 June 6 111.1 122.4 117.7 97.8 107.6 83.3 102.5 24.6 158.7 65 67 60 58 400 June 13.... 111.1 123.1 117.8 98.0 107.7 83.3 102.9 24.3 159.5 67 68 59 60 311 June 20.... 8110.2 123.9 117.9 98.0 107.9 82.5 103.7 23.4 159.1 67 70 59 59 315 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. 8 Number of issues decreased from 5 to 4 on June 15. 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] ]TOT 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 g o s r d - n t - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o n t d e d r s a s te Stocks e F i . g ° n r2 4* m e ( a f e i d o g n s o r d t n - - i ) c Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks e F i o gn r- 2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 "si" 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 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—May 406 107 107 37 5 64 61 3 299 299 74 28 197 162 35 June 881 519 519 59 370 90 77 14 362 362 26 223 113 108 5 July 612 296 296 40 212 44 30 13 316 316 14 216 86 76 11 August 471 360 360 33 327 324 4 110 110 11 25 74 73 2 September . 273 65 65 31 34 22 12 209 209 20 27 161 156 6 October.... 299 132 132 29 103 50 54 167 167 35 35 97 96 1 November . 238 111 110 21 89 83 6 127 127 53 32 42 29 13 December... 216 121 121 42 20 59 46 13 95 95 18 25 52 50 2 1942—January.. .* 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 February... 178 122 122 30 37 55 36 19 57 57 11 27 19 19 March 191 104 104 22 9 73 56 18 88 27 21 39 39 April 262 158 158 51 10 97 91 6 104 104 5 81 19 19 May 180 128 128 22 3 103 94 9 52 52 8 39 6 6 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). 686 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 dollarsl Proposed uses of net proceeds Year of month Est g im ro a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds^ proceeds* of Other Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 1934 ... . 530 515 57 32 26 362 362 84 11 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 7 1939 2,177 2,128 325 170 155 1,708 1,650 59 69 26 1940 2,786 2,723 604 424 180 1,927 1,798 128 174 19 1941 2,524 2,480 797 639 158 1,528 1,448 80 102 53 1940—September .. 108 106 43 35 9 57 55 2 5 1 October 373 366 45 39 6 316 312 5 2 2 November 148 145 65 25 41 73 59 15 6 1 December 578 567 193 158 35 367 318 50 6 1 1941—January 270 265 48 44 4 210 184 . 26 6 1 February 151 148 29 25 103 101 2 15 March 268 263 67 55 12 179 171 8 15 2 April 145 142 27 18 9 111 90 21 2 2 May 265 259 66 51 15 188 188 4 June 234 229 80 69 11 132 127 5 16 1 July 117 114 40 31 10 60 58 2 10 4 August 408 404 185 168 17 200 198 2 14 5 September 172 170 31 20 11 137 135 2 2 October 227 224 91 64 26 118 117 1 11 '""""5 November 140 137 80 60 20 38 37 1 19 December 128 125 51 34 17 54 44 10 3 """ 17' " 1942—January, 164 161 71 38 33 80 80 9 February 78 76 40 34 5 23 12 11 2 11 March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 May 126 124 59 27 33 11 11 53 1 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 485 81 399 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 597 218 359 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 135 112 13 10 1938 .... 54 24 30 1,208 180 943 86 831 469 226 136 185 106 56 24 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 ... 319 115 186 18 1,180 245 922 13 961 167 738 56 263 78 81 104 1941 361 253 108 1,306 309 972 25 715 211 402 103 98 24 47 27 1940—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 1941— F J e a b n r u u a a ry ry 3 7 2 1 2 2 7 1 5 5 0 1 3 2 7 2 1 1 5 1 3 0 6 5 2 1 2 0 0 8 6 7 9 1 8 3 5 2 2 0 i* 4 1 1 1 5 March 8 3 5 184 46 136 2 71 17 37 16 1 i April 2 2 71 17 53 66 7 56 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 June 58 51 7 110 9 97 4 61 20 28 13 J A U u ly gust 2 2 3 4 2 2 3 4 3 3 1 3 6 14 7 2 1 2 7 6 3 5 5 4 9 1 9 8 3 2 5 7 1 1 0 4 5 6 1 1 4 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 4 1942—January 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 6 48 8 40 46 25 6 15 April 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 1 1 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN. 687 JULY 1941 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 Year or quarter Total s I a t r n e o e d n l c M h er i a y n - - t b o A i m u le - o s - p e O t m r q t o t i a u r e o h n t n i n e p a s t r - - - f m p e N u a r r e o n c r o t n o t d a d s - u - ls s O g d b o u th l o r e a d e - r s t F b o a a e o b n g v o a e d e d c s r s c - , o p r a e i O r n n f o i i g d d n l , - c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e d a e - r - s c n s M e i e e c l o r l e i v u a s s - - - s pr N of e i t ts1 fe P r D r r e i e v - d iden C m d o o s m n - Number of companies 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 . 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 r7O5 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 22 150 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 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 423 65 38 34 60 35 20 32 35 39 38 28 206 21 134 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone8 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m r m 4 e e e All r N o e a t d s inc I o n m r s o o e a l 1 d v s e S 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 income1 d D e i n v d i s - 5 r O e p v i e n e r g n a u t e - in N co e m t e1 d D en iv d i s - 6 dumber of companies 28 28 28 28 33 33 33 1939 3,995 126 93 r-102 126 692 159 137 116 1,179 198 178 1940 4,297 249 189 r-73 159 735 177 C142 118 1,250 202 167 1941 5,347 672 502 24 186 799 202 133 115 1,382 196 172 Quarterly 1939—1 898 r-38 -43 21 175 46 39 19 287 46 21 2 906 -43 -47 23 166 37 32 19 295 50 20 3 1,058 r68 58 21 167 34 30 19 295 50 16 4 1,133 r139 126 c_4 61 184 43 36 22 303 52 15 1940—1 986 r—3 r—12 r—29 r25 187 48 41 19 304 52 16 2 1,010 r15 r3 - r-33 r29 176 42 34 19 310 52 16 3 1,130 92 71 r_i4 r29 177 41 31 19 310 46 15 4 . . 1,171 145 127 r3 r78 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 50 34 19 359 51 20 1942—1 1,483 178 95 12 24 216 64 33 18 369 52 18 r Revised. c Correction. 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. 8 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to,217 of the March 1942 BULLETIN. 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLOME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues End of month T g d r o e o b t s a t s l i b n T e d t a o e e r r t b i a e n t l s g t- Total2 Tre b a il s l u s ry in c C d a e n e te r e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i S n d . g s 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 N e d t a e e o r r b n i e t n - s g t 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 L.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—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 1,037 6,470 550 Sept 51,346 50,791 37,368 :L,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 U01 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 11,953 * 1,567"' 5,571 35,910 12,002 8,951 2,744 7,358 465 May 68,571 68,108 47,615 1,257 1,507 5,571 38,085 12,976 9,569 3,100 7,518 462 L Including amounts held by Government agencies and trust funds, which aggregated $2,354,000,000 on April 30, and $2,407,000,000 (preliminary) on May 31, 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, fiY ISSUING AGENCIES* [In millions of dollars] [In millions of dollars] Amount Funds received from sales during Interest-bearing out- month Month standing End of month a s T m o t i a o n u o n t g t u a - d 2 n l - t Total M F p F g C t e o i a a e o r o o r r g a d r n m r a l e t - - - - H p O L C t e o i o o w o r o r m a s r n a n ' n - - e - R s n p C e t t t a F o i r i c n o o o u r i o - n r c a n c - n e - - - m C p C C t o o r i o o e d o r m r d a n i - t - i - y t Other 1941— J J A M u u u l n a g y y e ust at m 4 4 4 4 e o , , , , n n 3 0 6 9 d t 1 0 4 0 h 4 8 9 8 o 1 f se A 3 3 3 r 2 i 1 1 4 7 6 e 1 s 5 2 0 6 2 ^ Se 1 1 1 1 r 0 0 4 1 ie 1 3 5 8 s Se 3 2 2 2 r 8 9 0 7 ies Se 2 1 1 1 r 1 8 7 2 ie 1 3 0 8 s September 5,132 232 105 18 109 October... 5,394 271 123 23 125 L938—June 4,853 1,410 2,937 299 206 1 November. 5,620 234 110 19 105 Dec 4,992 1,388 2,888 509 206 1 December. 6,140 529 341 33 154 L939—June 5,450 1,379 2,928 820 206 117 Dec 5,704 5,621 1,269 2,731 1,096 407 118 1942—January... 7,198 1,061 667 78 316 1940—June 5,529 5,498 1,269 2,603 1,096 407 122 February.. 7,893 703 398 52 253 Dec 5,917 5,901 1,269 2,600 1,097 696 239 March 8,436 558 338 41 179 April 8,951 531 327 40 164 1941—May 6,371 6,359 1,269 2,409 1,741 696 243 May 9,569 634 422 42 170 June 6,370 6,360 1,269 2,409 1,741 696 244 July 6,939 6,930 1,269 2,409 2,101 907 243 Aug 6,937 6,928 1,269 2,409 2,101 905 243 1 At current redemption values except Series G, which is stated at par Sept 6,937 6,929 1,269 2,409 2,101 905 244 Difference between "Funds received" and month to month changes in o N D c e o t c v :. 6 6 6 , , , 3 3 3 2 2 3 4 4 8 6 6 6 , , , 3 3 9 1 1 3 7 6 0 1 1 1 , , , 2 2 2 6 6 6 9 9 9 2 2 2 , , , 4 4 4 0 0 0 9 9 9 2 1 1 , , , 1 8 8 0 0 0 1 2 2 9 7 7 0 0 0 5 1 1 2 1 1 4 3 3 4 5 6 i " n A r m ed o e u m nt p s t i o o u n t s v t a a l n u d e i s n g a " n d re r p e r d e e s m en p t t s i o th ns e d o i f f f b er o e n n d c s e d b u e r t i w ng ee n th a e c c m ru o e n d t h i . ncreases, 2 Includes figures for series A-D not shown separately; these series have 1942—Jan 5,703 5,673 937 2,409 1,492 701 134 not been issued since April 1941. Feb 5,696 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 May 5,687 5,667 930 2,409 1,492 701 136 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. 689 JULY 1941 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, MAY 31, 1942 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Total Treas- 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 S P d P a r a s v o e n i - s n d w ta g a l s r ca d b l u u o l e a r n y b d o l s r e1 Total2 F C M F a e g o t a d a r i o r p g e o r m e r n o t a - r l - C O H a L o w t o r o i n p o m a e n o n r e r s - ' C F R s a i o t t e n t i r r i c o a u p o o n n c o n n c - r - e - C m C a C o o t r r o i e d p o m d i o n t i - r y t - H A o U u i u t t . h y s S i o . n r g - c a s d a g e n u l t u c l t e i a e u e a b e s r o r - i l d r - e1 4,404 33,764 640 1,761 875 596 289 1,761 1 to 5 years ....„..«..,.. 8,420 4,930 3,460 30 8,509 1,422 896 412 114 3,885 5 to 10 years ....«,,... 9,915 9,892 23 15,625 2,369 835 1,533 10 to 20 years .» „« .„ , 18,872 18,730 142 10,352 6,003 6,003 3,598 95 95 Total 47,615 33,764 5,571 38,085 196 38,085 5,645 930 2,409 1,492 701 114 5,645 1942—Before July 1 903 903 1,151 875 276 1,151 July 1-Sept. 30 1,696 1,354 342 Oct. 1-Dec. 31 1,739 1,507 232 320 320 320 1943—Jan. l-Mar. 31 66 66 Apr. 1-June 30 629 629 454 289 289 289 July 1-Sept. 30 279 279 324 324 324 Oct. 1-Dec. 31 421 421 1,401 1944 1,849 1,849 2,555 686 571 114 2,394 1945 3,191 1,249 1,941 1,755 412 412 1,167 1946 2,038 503 1,519 16 2,344 1947 2,384 2,370 14 1,460 755 755 1948 1,489 1,487 2 3,361 1949 . ... 821 .......... 819 2 4,584 835 835 1950 1,689 1,687 2 1,186 1951 3,537 3,530 7 4,011 1952 2,454 2,436 18 2,524 779 779 1953 2,932 2,904 27 725 1954 3,709 3,687 22 681 1955 . . 3,526 ...„„ „.„..,... 3,491 35 2,611 1956 1,170 1,170 2,431 1958 1,449 1,449 919 1959 982 982 1960 2,611 2,611 1,485 1961 50 50 1962 882 1963 919 ........... 919 1964 . . .. 95 95 1965 1,485 1,485 1967 882 882 2 716 1972 2,716 2,716 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 May 31. 3 Including certificates of indebtedness which amounted to $1,507,000,000 on May 31. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust funds Held Other investors2 interest- by End of month se b c e u a r r i i t n ie g s S is p s e u c e i s al P is u s b u l e ic s R F B e e a d s n e e k r r s v al 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 sa b u v a i t n n u k g a s s l p I a c n a n o n s i m u c e e r s - - 2 M is a a s b r u k l e e e s t 2 - m i N s a a s r o b u k n l e e e - s t- 1932—June . ,..».». „... 19 161 309 261 1 784 16,807 5 628 590 680 800 9,100 1933—June .„.» .,...„ 22,158 323 366 1,998 19,471 6,887 590 720 1,000 10,300 1934—June ,......»«......„.„ 27,161 396 1,055 2,432 23,278 9,413 890 970 1,500 10,500 1935—June n ...„., ....... 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 r5,300 rll,400 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 r5,7OO r10,700 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 3 2,292 2,466 38,341 14,722 1,830 3,110 6,500 9,300 2,900 December .............. 50,360 5,370 32,250 2,184 40,556 15,823 1,940 3,220 6,800 9,600 3,200 1941—June «....».,. 54,747 6,120 3 2,360 2,184 44,083 18,078 2,020 3,430 6,900 9,400 4,300 December 63,768 6,982 3 2,547 2,254 51,985 19,539 2,250 3,700 7,900 10,000 8,600 r Revised. l Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance companies and other investors have been rounded to nearest 100 millions. '2 Holdings of insurance companies included with "Other investors" prior to 1932. 8 Excluding holdings of production credit associations and joint stock land banks. NOTE.—For end of June figures 1916-1931, see BULLETIN for July, 1941, p. 664. 69O 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.,1 Excess excess Period c ta I o x n m e - e s i c n r M n n e e e n t u l v o i a e l s e e a u l r - - - - s S s t e a i o c t x c y u e ia r s - l o A th l e l r c T e r o e ip t - a t l s c N e r i e e p - t ts I d n e o e t s e b n t r t - t f i N e d o n e n a s - - a e l A m g t j P c A u u r u g r e a r d s o l r a n m - t - i - - l - t p m r U e e l m o e l n i n y e - - t - f T c f t o e e r r a r a t u u s c c n n - s . s t t t o - s o A th l e l r Total 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 e u f e n ) i x r r d p 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 - 1 d G e r b o t s * s Fiscal year ending: 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 2,125 2,345 S3S 617 5,925 5,387 1,041 1,657 1,002 1,919 226 3,153 8,998 -3,611 +136 -947 +2,528 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 11 months end ing: May 1941 , 2,553 2,702 900 836 6,991 6,331 771 5,469 855 1,563 316 2,208 11,182 -4,851 +111 +14 +4,753 May 1942 , 5,874 3,549 1,152 599 11,174 10,307 870 22,131 758 1,121 374 2,613 27,867-17,560 -1,870 +179+19,609 1941—May 63 254 165 58 541 394 12 857 27 142 12 92 1,141 -747 -264 -521 +490 Tune 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 -t«,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 91 241 3,753 -3,058 -126 -642 +2,542 May.... 216 270 222 56 764 563 19 3,553 62 82 237 3,953 —3,391 -257 -39 +3,609 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- All other Assets Balance in general fund accounts penditures Period in in g ch 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 E u n r x e d - s i- c a G o g m o u e v n n e e t c n s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- 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 t r s lia ti 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 - Workbanks 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 11 months ending: May 1941... 1,849 957 692 137 578 91 438 2,079 470 543 1,067 175 1,904 143 604 1,157 May 1942... 2,191 1,407 563 2,208 748 152 479 3,198 382 1,666 1,150 386 2,812 143 619 2,050 1941—May 315 13 If 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 N D O J A S u e o e c u l p t v c g y t ....,..,.. . , . . 3 3 1 1 6 5 3 2 4 7 3 9 4 5 9 1 2 1 1 1 1 8 4 8 7 3 5 4 8 5 0 0 4 4 4 4 3 4 0 3 9 6 9 4 * 6 2 5 1 1 5 9 7 3 4 6 9 3 2 4 0 9 1 4 5 5 6 5 6 5 4 3 3 4 2 * 1 * 0 4 3 1 1 S 5 4 4 4 3 4 5 1 7 7 3 5 3 3 2 2 2 3 2 , , , , , , 8 8 5 0 4 8 1 5 5 4 6 0 6 2 1 4 7 7 9 9 5 9 9 5 6 4 9 9 2 3 6 3 8 5 6 4 1, 9 6 8 7 7 7 4 3 5 8 8 9 7 3 0 6 4 7 1 1 1 1 1 1 , , , , , , 0 0 0 1 2 1 9 5 6 3 2 9 4 4 9 8 9 3 2 2 2 2 1 1 5 2 1 9 0 8 6 5 0 5 8 5 3 2 2 2 2 2 , , , , , , 5 3 6 2 5 8 6 1 4 6 9 7 9 0 1 6 9 3 1 1 1 1 1 1 4 4 4 4 4 4 3 3 3 3 3 3 6 6 6 6 6 6 1 1 1 1 0 1 5 4 1 3 7 0 2 1 2 1 1 1 , , , , , , 8 5 8 1 5 8 0 6 8 2 1 4 2 2 0 5 1 8 1942—Jan ,... 144 50 64 681 57 9 30 3,232 391 1,750 1,090 282 2,950 143 616 2,191 Feb 383 177 59 35 50 5 44 3,867 748 2,054 1,064 305 3,562 143 617 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 143 618 2,732 Apr 112 15 59 189 73 9 39 3,216 522 1,579 1,115 365 2,851 143 618 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 143 619 2,050 1 Details given in lower section of table. 2 For details, see; ppaaggee (6"8~7. * Excess of receipts. * Excess of redemptions. JULY 1941 691 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 (End of month) 1942 (End of month) Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Assets Loans and preferred stock: Loans to financial institutions 400 397 417 408 407 409 409 408 434 404 396 388 380 Preferred stock, etc 703 702 698 693 669 666 665 664 680 675 663 658 650 Loans to railroads 523 505 505 497 497 497 484 483 498 497 498 500 502 Home and housing mortgage loans 2,427 2,436 2,445 2,413 2,413 2,427 2,413 2,401 2,424 2,430 2,380 2,392 2,372 Farm mortgage loans 2,467 2,458 2,448 2,437 2,426 2,411 2,396 2,380 2,361 2,343 2,332 2,311 2,296 Other agricultural loans , 867 830 779 754 726 717 709 732 773 780 785 789 976 All other loans 1,409 1,472 1,511 1,553 1,690 1,738 1,957 1,933 1,996 1,934 2,004 2,026 2,041 Total loans and preferred stock 8,796 8,800 8,804 8,756 8,826 8,864 9,033 9,001 9,167 9,063 9,059 9,065 9,218 Cash 771 464 376 771 594 523 489 502 496 560 582 621 645 U. S. Govt. direct securities 771 780 802 824 844 846 895 906 884 915 947 950 966 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 126 125 123 123 123 122 120 115 115 112 112 110 110 Other1 21 17 18 17 18 17 20 26 46 52 53 54 54 Accounts and other receivables 555 549 598 651 600 672 725 641 574 604 600 632 621 Business property 608 623 636 653 664 671 689 698 714 751 782 792 815 Property held for sale 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 1,891 1,964 2,017 2,262 2,717 Other assets 338 359 423 435 517 563 592 701 773 1,073 1,265 1,510 Total assets other than interagency* 13,282 13,108 13,277 13,797 13,810 13,989 14,368 14,470 14,660 14,908 15,224 15,750 16,656 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S.. 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,705 5,697 5,690 5,688 Other1 1,385 1,434 1,443 1,442 1,445 1,434 1,416 1,393 1,392 1,402 1,396 1,433 1,431 Other liabilities 1,432 1,492 1,604 1,761 1,741 1,859 1,952 1,974 2,049 2,111 2,325 2,497 2,656 Total liabilities other than interagency2 9,377 9,297 9,417 10,142 10,123 10,231 10,306 9,690 9,765 9,219 9,418 9,620 9,776 Exces^of assets over liabilities, excluding interagencc:y transactions... 3,906 3,811 3,860 3,655 3,687 3,758 4,062 4,779 4,895 5,689 5,806 6,130 6,880 U. S. Govt. interests 3,484 3,388 3,436 3,230 3,261 3,331 3,633 4,349 4,464 5,256 5,372 5,694 6,444 Privately owned interests.. 422 423 424 425 426 427 428 430 431 432 434 435 436 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, APRIL 30,1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o o a n e t n c d r a k s r l ed Cash d s G U e i i t r c o . i e u e S v c r s . t t - . G s u i e t t e a c i e e r u a d s r n - - A r c o e a c a t c b h o n e l e u d e iv r s 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 l f e r o t r y an U G te n u e i a d d t r e e - d b b y entur O es ther States Reconstruction Finance Corporation 1,850 3 55 31 46 1,492 National defense corporations 58 5 59 1,460 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,876 331 6 3 276 2,415 Federal Home Loan Banks 185 57 55 8 1 92 RFC Mortgage Company 77 2 7 1 F U e n d i e te r d a l S N ta a t t e i s o n H al o u M si o n r g t g A ag u e t h A o s r s it o y ciation 3 2 7 1 1 5 26 " '"""V" 1 5 5 127 1 iii 85 Farm credit agencies: Federal Farm Mortgage Corporation 575 20 2 53 8 945 Federal land banks 1,721 48 197 168 6 47 1947'* Federal intermediate credit banks 280 26 44 2 287 Banks for cooperatives 102 27 33 1 1 Production credit corporations 82 12 1 Regional agricultural credit corporations 4 19'" Commodity Credit Corporation 393 1 40 9 843 701 Farm Credit Administration 260 7 Farm Security Administration 450 32 1 1 Insurance agencies: Federal Crop Insurance Corporation 8 23 Federal Deposit Insurance Corporation 46" 16 490 34 28 Federal Savings and Loan Insurance Corporation 3 23 ioo' 9 Federal Housing Administration 17 41 39 1 6 21 1 Export-Import Bank of Washington 137' 2 53 Tennessee Valley Authority 13 7 495 8 U S Maritime Commission 28 24 98 Rural Electrification Administration 336 7 Public Works Administration 89 Other 81 15 6 21 69 2 11 Total 9,218 645 966 no 621 815 2,717 5,688 1,431 1 Excludes Federal land bank bonds in the amount of $740,000,000 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Loans to financial institutions. 145 139 134 131 127 124 118 106 107 105 105 102 Loans on preferred stock of banks and insurance companies 48 48 48 48 48 48 48 44 44 44 44 44 Preferred stock, capital notes, and debentures 432 429 425 410 407 405 404 401 398 393 388 381 379 Loans to railroads (including receivers) , 470 470 462 461 461 448 448 462 462 462 465 466 462 Loans for self-liquidating projects 37 37 81 81 81 81 51 51 53 54 55 56 56 Loans to industrial and commercial businesses: For national defense 61 65 70 71 82 93 101 106 111 119 127 134 146 Other 113 111 109 108 106 100 103 110 106 104 102 98 97 Loan to Great Britain 100 125 299 299 345 345 385 385 381 378 Loans to drainage, levee, and irrigation districts. 77 77 74 74 73 72 72 72 71 70 Other loans 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 111 122 120 117 117 117 116 114 114 111 110 109 109 Total loans and investments, other than interagency 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 1,815 1,857 1,859 1,850 1,847 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 175 182 190 195 202 207 211 214 211 215 218 221 225 Capital stock of, and loans to RFC Mortgage Company 71 73 75 76 80 79 79 81 82 82 85 87 Capital stock of, and loans to Federal National Mortgage Association 101 102 103 105 107 109 111 112 114 115 119 120 120 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies1 219 282 327 380 527 643 727 721 785 916 1,105 1,303 1,567 Loans to Farm Security Administration 97 116 89 96 101 110 117 133 114 145 179 199 205 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments.. 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 3,869 4,085 4,358 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives Emer- Agricul- End of year or month Total Total F b e l a a d n n e k d r s al s B L C i m o a a o i n n n m s e - d k r - Total1 m F b c i e a e 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 t r o i i o e o d o d c n u n i i s c a t - - c d r g r r l o o e o e p l u a n ie n g c a f s y h n t d Total3 c B a o t a f o i o v n p r e k e s s r- i M i r n n e g t g a v u r o r f k A a u l e v l n c t - 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—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 May 2,869 2,288 1,715 572 468 45 241 177 114 99 13 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 $257,000,000 in May 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. JULY 194Z 693 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 dollarsl Assets Fed- End of month O C H r L w a o o o t n r i m a p o e n o n e rs - ' B H L F a e o o e n r m d a a k n l - e s1 s a a a F s l t a e v o s i e n r o i o a d a n d c n n l - g i s - s 2 M C p R g a a o o F n g m r C y e t- - A M t a g i N e s t o a o s r i a n o o a g r - a l n c t e - 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 s d y - End of month D i b e t a p o l o r - s s- Total i b p C n t a o o a n d r s s y k e i h - - s T U o . t a S l s . e G cu o r D e r v i c i e t - i t r e n s m G e t a u n e n a t e - r d -f C s e u e t r a n e r c s d . v - h s 2 e 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 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 ?. 556 167 742 49 1938—June. 1,252 1,290 115 ,103 936 167 73 Dec 1,398 200 854 68 10 Dec. 1,252 1,291 86 ,132 965 167 73 1938—June 1,265 196 948 41 38 13 1939—June. 1,262 1,304 68 ,157 1,011 146 78 Dec 2,169 199 L.034 54 80 32 Dec. 1,279 1,319 53 ,192 1,046 146 74 1939—June 2,081 169 1,136 57 125 68 1940—June. 1,293 1,337 43 ,224 1,078 146 69 Dec 2,038 181 1,271 57 147 123 Dec. 1,304 1,348 36 ,224 1,078 146 88 1940—June 2,013 157 1,405 60 163 87 Dec ,956 201 1,546 67 181 186 1941—May „..„ 1,310 1,359 30 ,254 1,108 146 75 June ,.„.„. 1,304 1,356 30 ,251 1,104 146 75 1941—May 1,885 145 1,658 70 192 288 July 1,307 1,359 29 ,251 1,104 146 80 J Ju u l n y e , , 8 8 5 7 5 0 1 16 7 8 0 1 L , . 6 7 8 18 8 6 6 5 7 1 1 9 9 4 6 3 2 1 9 6 6 A Se u p g t ;. 1 1 , , 3 3 0 1 9 1 1 1 , , 3 3 6 6 5 6 2 2 8 8 , , 2 2 5 5 0 0 1 1 , , 1 1 0 0 4 4 1 1 4 4 6 6 8 8 6 9 Aug ,841 173 1,751 69 198 306 Oct 1,317 1,377 27 ,250 1,104 146 100 Sept 1,825 178 1,775 70 200 332 Nov 1,323 1,388 27 ,250 1,104 146 111 Oct 1,809 184 1,803 73 203 328 Dec 1,314 1,396 26 ,274 1,128 146 95 Nov L.794 187 1.816 72 205 329 Dec 1,777 219 1,825 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 74 210 388 Mar.. 1,305 1,463 25 ,272 1,126 146 166 Feb 1,742 197 1,830 75 211 352 Apr.. i,306 Mar L724 192 L.837 75 214 379 May. pl,308 Apr 1,709 185 1,846 77 215 371 May 1,692 181 1,850 79 216 365 ** Preliminary. Outstanding principal, represented by certificates of deposit. Does not 1 Loans and discounts to member institutions of the Federal Home Loan include accrued interest nor outstanding savings stamps. Bank System. 2 Includes working cash with postmasters, 5-per cent reserve fund and 2 Federal Home Loan Bank Board estimates for all Federal savings and miscellaneous working funds with the Treasurer of the United States, loan associations which are private institutions chartered and supervised accrued interest on bond investments, and accounts due from late by the Federal Home Loan Bank Board. postmasters. Back figures.—See BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION! INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] New Mort- Year or month Total p ( P m T e r i r o I r m e i o t ) v t n y p l - e t e - - s c s h c t t m o m i o r o m u n a n c - l e * l - m H ( g T I a o o I i g m r t ) e l t e - s e h g o a r g ( e g u T a r I n e o s n I i s ) i t t u d n a l o p 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 a c o i n e a m k r l - s - u M s i a t n u n a g u K a v - s l . - s a a s S l t i a s o i n a n o o a g v d c n n s - i s - I p c n a a o n s n m u c i e e r - - s a c F e g i e r e e a d n s l - 2 - Other3 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 4 4 6 5 4 7 8 9 0 1 . . . . 1 1 , , 1 0 3 5 4 9 6 8 2 2 5 9 5 9 3 0 7 6 5 6 4 4 0 2 2 2 2 2 1 3 2 5 0 4 6 6 6 0 4 1 8 6 2 0 0 2 2 2 1 5 6 1 3 3 4 8 4 6 7 0 7 7 2 9 6 3 9 7 3 4 4 9 6 4 5 1 1 1 2 2 8 1 3 3 1 13 1 1 1 1 9 9 9 9 3 3 3 3 8 9 7 6 — — — — J J D S S M M D D u u e e e e e n n a a p p c c c r r e e t t . . . . . . . . 1 1 1 1 1 , , , , , 6 1 4 0 3 3 8 9 7 2 9 7 4 4 5 6 3 7 6 5 2 3 9 1 8 9 9 8 4 4 5 2 5 6 6 7 2 6 7 3 2 0 3 9 5 4 5 2 0 8 9 4 9 9 3 3 2 2 4 5 2 5 2 8 7 6 4 0 8 8 7 1 1 1 1 1 1 1 1 5 1 1 3 4 6 7 5 2 6 0 9 7 9 7 8 9 7 3 1 2 2 2 1 1 1 4 0 1 1 7 4 4 8 6 1 2 8 2 1 6 1 7 5 1 1 1 3 4 4 5 4 3 1 7 2 2 4 6 8 5 7 4 7 1 9 5 5 9 2 9 1 6 7 0 3 1 2 7 4 3 0 2 1941— J J A N O S D M u u e u o c e n l a p t g y v c y e t ...., 1 1 1 1 1 1 8 0 9 0 0 0 2 1 9 5 1 5 7 7 5 2 2 2 3 3 2 2 1 1 2 6 1 4 0 4 8 8 3 3 2 2 1 1 2 7 8 6 8 8 7 7 7 5 2 5 5 8 3 0 7 2 1 2 2 4 5 1 1 1 1 9 9 4 40 1 — — J D D J S D S M M u u e e e e e n n a a p p c c c r r e e t t . . . . . . . . 3 2 2 2 2 2 2 1 1 , , , , , , , , , 1 5 9 4 2 7 0 9 7 0 9 4 0 5 3 7 4 9 7 8 2 9 5 2 5 9 3 L 1 1 1 L 1 , , , , , , . 2 9 1 4 9 0 3 0 4 4 7 0 6 6 9 1 2 0 1 2 6 2 5 3 6 8 0 1 1 1 1 1 1 1 9 0 7 4 8 5 3 1 7 0 0 6 6 7 0 1 1 1 2 2 2 2 2 1 2 2 2 0 5 2 0 9 4 3 1 3 1 4 4 8 2 6 7 6 0 3 3 4 4 5 6 6 7 7 4 9 3 4 8 8 6 0 2 2 2 2 2 9 0 8 6 2 2 2 2 2 2 1 1 1 1 3 0 2 1 2 8 7 9 5 4 1 5 0 0 2 1 0 3 1 1 1 1 1 1 1 1 1 3 4 2 6 7 7 2 5 5 3 1 7 0 9 8 4 4 0 1942—Jan 111 16 2 87 7 1942—Mar 3,307 L,549 201 264 856 237 200 Feb 93 12 1 71 8 Mar 93 10 2 68 ' "i" 12 1 Gross amount of mortgages held, excluding terminated mortgages and Apr 83 13 2 55 1 11 cases in transit to or being audited at the Federal Housing Administration. May 92 15 2 60 1 14 2 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States 1 Figures represent gross insurance written during the period and do not Housing Corporation. take account of principal repayments on previously insured loans. 3 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction Income (ph 1 y 9 s 3 ic 5 a -3 l 9 v o = lu 1 m 0 e 0 )2 * aw 19 a 2 r c d 3 o - e n 2 d 5 t r ( a = v c a t 1 s lu 00 e)3 Employment* Fac- Freight- D m ep e a n r t t- W s h a o le lepay- tory car store com- Cost of Y m ea o r nt a h nd ( 1 v m = 9 a 3 e l 1 5 u n 0 - e t 3 0 s ) 9 i Total D ab u f l r e a M - c a tu n r u N e d a - s o b u n l r e - - M era in ls - Total R d t e e ia s n l i - - o A th l e l r 1 t = N 9 a u c 3 g r u o 5 1 r a l n - i 0 - l - 3 - 6 0 9 192 F 5- a 2 c 5 t o = r y 100 1 = 9 23 1 - 0 2 0 5 1 = l i 9 n o 3 g a 5 1 s d - 0 * 3 - 0 9 19 u = s ( 2 a v e 3 l ) a 1 e - * l 0 2 s - 6 0 5 m p = r 1 o i 9 c d 1 2 e i 0 6 s t 0 y 4 1 li = 9 v 3 i 5 1 n - 0 g 3 0 4 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 50 125 100.3 92.4 89.4 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 91.6 78.1 67.8 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 82.2 66.3 46.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 82.9 73.4 50.1 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 90.1 85.7 64.5 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 93.8 91.3 74.1 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 99.8 99.0 85.8 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 105.0 108.6 102.5 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 98.6 90.9 78.5 89 85 78.6 100.8 1939 105.5 108 109 108 106 72 60 81 102.8 99.9 92.2 101 90 77.1 99.4 1940 113 8 123 138 113 117 81 72 89 106.4 107 5 105.4 109 94 78 6 100 2 1941 137.0 156 193 135 125 122 89 149 115.6 127.7 148.8 130 110 87.3 105.2 1939 May 103.7 98 99 93 104 97 63 55 68 101 1 96 3 95 9 86 3 90 87 76 2 June 105.1 103 102 99 106 104 63 58 67 102.2 97.3 96.4 87.9 97 86 75.6 98.6 July 104 8 105 102 102 106 107 67 62 71 102 6 98 4 96 6 85.8 99 87 75 4 August 106.1 106 106 108 108 92 73 67 78 103.0 99.0 99.5 91.2 101 88 75.0 September. .. 107.3 114 119 118 111 114 73 68 76 103.7 100.8 103.7 95.4 111 90 79.1 100.6 October 109.3 121 126 130 115 119 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 April 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 ibo.s 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 117.7 134 136 157 120 118 111 87 130 109.7 114.2 114.7 116.4 116 100 79.6 100.1 December 121.3 139 136 164 124 118 115 90 136 111.5 116.6 116.2 122.4 119 101 80.0 100.7 1941 January . .. 123.4 140 135 171 123 119 103 84 117 111.8 118.3 115.5 120.7 122 101 80.8 100.8 February.... 125.4 144 140 176 126 118 99 76 118 112.5 118.6 117.8 126.8 124 103 80.6 100.8 March 127.2 147 144 180 128 125 94 74 109 112.3 119.4 119.9 131.2 126 103 81.5 101.2 April 129.4 144 144 180 131 95 103 80 121 112.5 122.0 122.6 134.7 112 104 83.2 102.2 May 133.6 154 155 190 135 r125 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 r168 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 r182.8 136 124 97.6 114.3 • April 173 171 232 139 130 128 82 165 r120.3 135.4 136.1 186.6 143 117 p98.7 115.1 May P176 P239 pm p121 P163 P120.6 pl36.9 P137.0 *>192.6 143 108 *>98.8 116.0 June e180 e181 e248 e140 e131 e141 «98.4 115.9 p Preliminary. • Average per working day. r Revised. * Estimated. l Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 696-699, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 704. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 700-703 for employment and payrolls and p. 707 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 706 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. 695 JULY 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers ol the Board of Governors. 1935-39 average; = 100] 1941 1942 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 144 154 159 160 161 161 163 166 r168 171 172 171 173 P176 Manufactures—Total 153 160 164 165 166 167 169 r173 174 179 180 179 181 P184 Durable 180 190 195 199 199 203 207 208 215 222 226 229 232 P239 Nondurable* ,. ...... .... 131 135 139 138 139 137 139 144 141 143 142 139 139 P139 Iron and Steel......«».., «,. ..,..„...,..., 181 183 184 185 185 192 191 191 196 191 193 * * * 170 175 179 181 182 185 184 184 190 189 189 * * * Steel ; . 192 195 195 196 197 206 206 206 211 208 210 216 217 218 Open hearth and Bessemer 172 174 173 173 172 179 178 176 181 174 176 180 179 180 Electric . ... 333 347 355 358 375 399 407 417 422 445 444 473 483 484 Machinery •. 194 206 214 216 224 227 231 229 241 24c? 255 265 268 P278 Government Arsenals and Quartermaster Depots Transportation Equipment 196 228 243 255 241 245 269 275 278 304 r312 327 346 P372 876 930 007 1 113 1 204 1 290 1 1A(\ Automobile bodies parts and assembly 124 152 161 168 134 146 142 120 105 105 104 *>108 Automobile factory sales 122 151 148 154 93 74 110 123 2 Railroad cars 196 218 233 233 236 249 278 264 Locomotives 237 256 280 307 306 319 335 338 Shipbuilding Private yards 353 381 428 467 485 560 634 645 Government yards Nonferrous Metals and Products 183 189 186 192 189 192 185 190 193 194 190 184 182 P187 Nonferrous metal smelting 147 148 144 142 145 145 147 150 151 153 157 157 161 Copper smelting 145 144 136 131 135 135 137 139 141 140 141 147 155 162 Zinc smelting 164 170 170 173 175 175 177 179 182 184 189 184 185 184 Lead production 119 115 117 114 116 120 119 127 122 131 140 134 132 Copper deliveries 221 233 229 244 231 233 217 226 230 235 224 208 195 205 Lead shipments 186 205 210 200 199 209 Zinc shipments 147 144 144 142 143 145 143 147 145 152 151 148 145 146 Tin consumption 147 147 141 155 161 166 153 155 171 132 132 135 141 140 136 135 135 138 143 144 134 133 P136 Lumber 128 122 125 131 134 129 129 128 132 138 143 128 127 P\21 Furniture 139 152 155 161 152 149 146 148 149 153 r147 145 146 P154 Stone, Clay, and Glass Products 141 143 149 151 154 157 158 162 167 199 189 r169 153 P147 139 134 138 143 148 154 159 164 191 249 236 188 161 146 Unglazed brick 130 128 133 136 146 144 145 153 152 160 152 133 Glass containers 135 148 155 154 159 165 167 169 165 184 178 187 176 178 Polished plate glass 142 142 152 146 133 120 102 105 67 65 49 41 43 35 Textiles and Products -. — , 150 157 156 155 154 151 150 156 154 158 156 r153 157 P156 Textile fabrics 146 153 151 151 149 145 143 148 146 148 147 143 148 Cotton consumption 161 165 160 162 160 156 161 167 155 169 174 169 177 175 Rayon deliveries 158 169 173 173 170 168 172 179 179 180 174 175 170 169 Silk deliveries 74 71 73 77 56 34 10 15 Wool textiles. 152 165 163 157 166 169 164 166 178 161 153 148 153 Carpet wool consumption 139 148 149 126 148 142 133 133 164 78 79 70 34 \ Apparel wool consumption 171 196 190 177 181 205 199 200 209 202 191 r196 202 Woolen yarn 140 153 151 153 162 163 157 156 159 163 165 r161 171 Worsted yarn 166 178 178 174 170 185 185 184 195 173 148 143 164 Woolen and worsted cloth . 156 167 165 160 166 169 164 170 182 183 172 167 177 115 124 132 130 122 120 125 134 128 127 121 121 126 P125 Leather tanning — 109 119 122 125 124 125 129 134 123 130 127 r127 129 Cattle hide leathers 119 130 133 137 141 136 138 145 135 148 139 139 146 Calf and kip leathers 97 99 98 93 103 101 107 108 89 86 93 96 91 Goat and kid leathers 96 105 112 116 97 115 121 123 117 119 120 r120 115 Shoes 119 128 138 134 121 118 123 134 131 125 117 116 124 PUS Manufactured Food Products 123 123 127 126 132 130 134 141 137 P140 P140 p137 P136 P135 Wheat flour ...; 110 110 107 103 98 99 101 103 109 108 110 101 98 105 Cane sugar meltings 123 119 129 102 129 111 112 139 * * * * Manufactured dairy products 135 129 124 126 127 139 146 146 155 P155 *153 ^150 J>149 144 134 130 129 124 142 153 143 156 Butter „ 119 117 111 113 109 109 108 105 104 106 107 108 110 111 Cheese ,. . 138 134 121 128 134 145 148 163 176 172 182 192 195 183 135 139 132 141 165 183 197 224 240 234 220 198 187 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. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 109] 1941 1942 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing .. 126 132 124 125 134 126 133 135 142 148 141 144 142 140 Pork and lard 143 147 134 132 149 139 148 148 161 165 151 161 156 163 Beef 110 120 120 123 124 118 123 124 127 138 139 132 134 121 Veal . 96 97 91 96 94 101 108 114 98 96 96 98 96 94 Lamb and mutton . .... 108 109 101 110 105 99 103 111 117 113 113 128 119 105 Other manufactured foods 122 122 129 128 135 132 135 144 137 140 r142 138 137 P137 A Icoholic Beverages 108 114 122 130 128 131 129 109 116 139 133 116 109 HI Malt liquor 103 106 107 115 110 118 127 110 123 120 128 117 114 115 Whiskey 82 90 95 108 93 94 107 81 91 77 74 62 63 55 Other distilled spirits 140 129 153 206 206 262 178 139 121 250 75 44 53 80 Rectified spirits 146 171 207 190 219 170 138 120 102 243 241 201 153 158 Tobacco Products 120 119 118 114 118 121 128 132 129 132 130 125 127 122 Cigars 117 109 106 106 109 104 112 115 139 129 126 121 120 108 Cigarettes 127 131 131 123 129 137 144 149 136 144 144 137 140 140 Manufactured tobacco and snuff 101 100 97 97 96 99 104 106 95 99 93 94 97 89 Paper and Paper Products^ 134 142 145 146 147 144 146 153 155 154 149 150 148 Paper and pulp . . . .... 136 145 149 150 152 149 150 160 162 161 155 156 153 Pulp r163 162 175 167 172 170 172 185 179 181 180 190 184 Groundwood pulp 121 120 121 122 128 129 130 141 129 135 131 138 129 Soda pulp 135 141 151 149 151 140 145 167 153 153 154 155 148 Sulphate pulp r204 203 216 203 215 210 210 225 225 221 224 239 236 Sulphite pulp 156 155 170 163 164 163 166 178 171 177 173 181 174 Paper 132 142 145 148 149 145 147 156 160 158 151 151 148 Paperboard 143 158 154 162 161 158 158 167 186 175 163 162 154 144 Fine DaDer 115 127 134 140 147 152 147 160 157 151 144 r150 146 Newsprint production 114 114 114 112 113 107 110 110 106 107 110 106 109 104 Printing DaDer 131 138 149 149 150 146 149 161 145 151 146 140 134 Tissue and absorbent paper 132 137 144 142 143 130 140 153 152 166 168 164 170 Wrapping paper 129 139 140 138 139 136 138 140 147 147 142 148 151 Printing and Publishing2 118 122 128 127 129 125 127 136 130 128 125 121 116 mi Newsprint consumption 106 107 106 106 109 105 105 111 115 104 103 103 98 100 Petroleum and Coal Products 121 125 127 128 130 132 133 135 139 135 131 126 119 Petroleum refining 119 122 123 124 126 128 129 133 135 131 126 120 112 Gasoline 120 124 123 123 126 130 131 134 139 134 125 117 106 Fuel oil 120 119 122 124 127 124 129 129 130 123 128 124 126 Lubricating oil 118 118 134 133 132 130 129 137 132 133 131 131 126 Kerosene 117 115 104 108 116 119 121 123 126 120 128 113 106 Coke Byproduct coke r1 1 3 3 5 3 r1 1 4 4 9 1 1 14 5 5 4 1 14 5 6 4 1 14 5 6 4 1 1 5 4 2 4 1 1 5 4 3 5 1 1 5 4 3 5 1 15 6 1 0 1 1 6 5 1 2 1 1 6 5 1 2 1 1 5 6 1 0 r1 1 5 6 2 2 1 1 6 5 4 4 Beehive coke r73 r408 435 429 453 425 437 410 474 472 493 r476 r494 511 Chemicals „... 133 136 144 146 145 146 148 149 152 156 161 161 164 P170 Rubber Products 158 162 192 153 130 131 134 Rubber consumption 161 164 196 156 132 134 137 Tires and tubes 131 144 152 126 117 108 103 103 67 33 28 26 Pneumatic tires 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes *..., 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total 93 r123 132 131 132 131 130 131 131 131 129 127 130 H31 Fuels 86 121 129 127 129 128 127 128 127 128 125 122 126 nn Bituminous coal 22 r147 153 146 147 139 127 125 124 129 120 146 178 Anthracite 71 80 126 137 162 127 116 97 89 89 110 113 114 nos Crude petroleum 113 114 120 119 119 124 128 132 132 132 128 114 107 Metals 149 152 151 151 148 r145 146 147 153 r151 152 r151 152 Iron ore shipments 199 195 198 205 202 192 182 204 209 211 212 215 217 225 Copper 152 159 155 156 155 154 151 152 157 161 158 162 164 174 Lead 119 115 117 114 116 120 119 127 122 131 140 134 132 Zinc 133 127 136 125 131 135 134 131 138 138 146 * * * Gold 121 132 126 121 114 114 130 116 125 113 118 * Silver 129 122 128 124 129 116 108 106 105 105 101 * 106 r Revised p Preliminary. * 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." 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. JULY 1941 697 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 Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May Industrial Production—Total. 144 155 160 159 162 167 168 167 164 165 167 168 171 P177 Manufactures—Total 153 160 165 164 167 172 173 173 171 172 174 177 180 P185 Durable 181 192 198 196 199 206 210 209 212 215 r219 226 232 P241 Nonddublr1able1 ....[]....'.'.'.'.'.'.'.'.'.'.'..'.'.'..'.'.'..'.'. 130 135 138 138 142 145 143 144 138 137 138 137 P139 Iron and Steel. 183 184 185 185 192 191 191 196 191 193 Pig iron 175 179 181 182 185 184 184 190 189 189 Steel 195 195 196 197 206 206 206 211 208 210 216 217 218 Open hearth and Bessemer 174 173 173 172 179 178 176 181 174 176 180 179 180 Electric 347 355 358 375 399 407 417 422 445 444 473 483 484 Machinery 206 214 216 224 227 231 229 241 248 255 r264 268 P278 Government Arsenals and Quartermaster Depots Transportation Equipment 206 229 244 229 221 245 269 275 278 304 r312 327 346 *>372 Aircraft 818 876 930 997 1,113 1,204 1,290 1,340 Automobile bodies, parts, and assembly. 136 152 161 135 120 134 146 142 120 118 105 105 104 P108 A Ra u i t l o r m oa o d b i c le a r f s actory sales 1 1 3 9 9 6 2 1 1 6 8 4 2 1 3 6 3 4 2 1 3 3 3 4 2 4 3 7 6 24 7 9 4 2 1 7 1 8 0 2 12 6 3 4 2 2 2 Locomotives 237 256 280 307 306 319 335 338 Shipbuilding Private yards 353 381 428 467 485 560 634 645 Government yards Nonferrous Metals and Products. 184 191 187 191 189 191 185 190 192 193 190 185 183 P188 Nonferrous metal smelting.. 147 148 144 141 145 145 147 151 152 153 157 156 162 *>165 Copper smelting 145 144 136 131 135 135 137 139 141 140 141 147 155 162 Zinc smelting , 164 170 170 173 175 175 177 179 182 184 189 184 185 184 Lead production 121 117 116 110 116 120 119 128 124 131 140 131 135 Copper deliveries , 221 233 229 244 231. 233 217 226 230 235 224 208 195 205" Lead shipments 186 205 210 200 199 209 * * * * * * Zinc shipments 147 144 144 142 143 145 143 147 145 152 151 148 145 146 Tin consumption 151 153 148 154 159 159 151 155 165 Lumber and Products. 130 134 140 144 151 148 145 134 128 122 128 129 132 P138 Lumber... 128 130 135 142 148 144 138 124 113 112 118 120 127 P134 Furniture. 135 143 150 149 157 156 159 154 155 142 r147 147 142 ^145 Stone, Clay, and Glass Products. 140 161 171 165 174 175 175 169 147 138 132 r140 153 P167 Cement 139 163 174 177 181 184 185 171 153 137 132 141 161 ..178 Unglazed brick 126 145 165 168 175 177 170 166 137 97 83 90 Glass containers 135 158 163 161 174 168 172 170 153 165 164 176 '176 .190 Polished plate glass. 142 142 149 96 109 120 117 120 80 68 47 43 43 35 Textiles and Products. 150 157 155 155 154 151 150 156 154 158 156 r153 157 P156 Textile fabrics 146 152 150 150 148 145 143 148 146 148 147 143 148 Cotton consumption 161 165 160 162 160 156 161 167 155 169 174 169 177 175 Rayon deliveries 158 169 173 173 170 168 172 179 179 180 174 175 170 169 Silk deliveries 73 66 66 69 50 32 10 15 Wool textiles 152 165 163 157 166 169 164 166 178 161 153 148 153 Carpet wool consumption... 139 148 149 126 148 142 133 133 164 78 79 70 34 Apparel wool consumption. 171 196 190 177 181 205 199 200 209 202 191 r196 202 Woolen yarn 140 153 151 153 162 163 157 156 159 163 165 r161 171 Worsted yarn 166 178 178 174 179 185 185 184 195 173 148 143 164 Woolen and worsted cloth.. 156 167 165 160 166 169 164 170 182 183 172 167 177 Leather and Products 119 122 120 126 130 129 127 123 116 124 131 128 130 P123 Leather tanning 110 116 118 120 120 124 129 135 125 131 138 r127 130 Cattle hide leathers... 119 127 126 128 134 135 140 151 137 149 155 140 146 Calf and kip leathers.. 96 94 100 102 108 99 103 102 91 84 98 91 90 Goat and kid leathers. 99 103 112 115 95 116 120 119 119 119 125 r119 119 Shoes 125 126 122 130 137 132 125 116 110 120 126 129 130 P120 Manufactured Food Products. 112 119 128 137 152 159 143 139 130 p124 P122 *>123 P131 W Ca h n e e a t s u fl g o a u r r meltings 1 13 0 5 3 1 11 0 7 0 1 1 0 3 1 2 1 11 0 7 2 1 9 3 9 6 1 13 1 2 4 1 1 0 1 9 0 1 1 1 0 4 7 104 109 109 98 *92 96 Manufactured dairy products., 134 175 188 181 167 142 115 99 98 ^150 Ice cream 138 182 208 216 200 153 110 86 81 Butter 118 151 155 137 120 108 95 83 82 85 92 96 109 ..143 Cheese 133 177 186 165 151 150 139 124 123 124 142 157 189 ..242 Canned and dried milk 152 200 195 172 169 168 158 156 166 178 187 194 211 r Revised. * Preliminary. • Included in total and group indexes but not available for publication separately. Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 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. 698 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 119 132 121 119 116 119 134 152 165 173 135 131 134 140 Pork and lard 135 147 130 119 112 111 139 178 208 214 151 145 148 163 Beef 102 120 118 125 126 132 134 130 127 138 125 120 125 121 Veal 95 101 92 95 95 111 119 116 93 93 84 93 95 98 Lamb and mutton 105 111 96 104 104 111 109 108 111 118 113 124 115 108 Other manufactured foods... 107 111 123 137 159 170 151 146 131 123 r124 121 121 Alcoholic Beverages. 110 120 130 131 122 137 137 118 106 112 117 113 113 120 Malt liquor 112 r125 137 142 128 120 104 90 96 96 109 112 124 136 Whiskey 91 90 76 59 51 75 102 101 104 102 96 77 69 54 Other distilled spirits. 84 77 90 97 99 359 472 292 150 163 45 29 32 48 Rectified spirits 130 150 165 160 171 180 180 190 135 177 207 191 136 139 Tobacco Products. 113 121 128 123 122 132 133 134 110 126 121 117 119 123 Cigars 111 108 113 111' 113 120 135 137 107 104 109 111 114 107 Cigarettes 118 133 144 138 136 146 141 143 121 146 136 127 130 142 Manufactured tobacco and snuff. 100 100 99 99 96 107 106 105 83 96 92 96 96 89 Paper and Paper Products1, r138 141 143 139 146 149 151 152 146 151 153 155 151 Paper and pulp , 140 145 147 143 150 151 155 159 154 159 160 161 157 Pulp r167 165 173 159 170 168 173 186 174 183 186 194 187 Groundwood pulp 136 133 124 109 109 112 121 144 134 140 137 148 144 Soda pulp 139 141 150 141 151 142 145 167 148 153 158 160 152 Sulphate pulp r204 203 214 199 215 210 214 225 214 223 230 244 236 Sulphite pulp 159 155 167 155 164 163 169 179 166 177 179 185 178 Paper 136 142 143 140 147 148 152 155 151 155 156 156 152 Paperboard 146 155 154 154 163 167 167 167 166 168 167 168 157 141 Fine paper 126 130 131 128 139 144 147 155 154 152 r155 r160 159 Newsprint production 114 115 115 109 110 107 110 113 107 107 108 106 109 Printing paper 136 140 146 140 145 145 151 160 144 151 151 145 139 Tissue and absorbent paper..'.. 135 136 143 135 143 136 145 151 146 161 175 166 173 Wrapping paper. 130 136 137 133 138 138 143 140 143 147 147 151 152 Printing and Publishing2 r125 126 127 116 121 125 131 138 131 125 126 126 122 P120 Newsprint consumption 113 111 107 92 96 106 112 117 117 99 102 107 105 104 Petroleum and Coal Products 120 126 128 129 131 134 135 136 138 132 129 122 118 Petroleum refining. . 119 122 124 125 128 131 132 134 134 128 124 116 111 Gasoline 118 124 126 127 130 134 134 135 136 129 121 112 104 Fuel oil......... 117 119 121 122 124 125 130 130 132 127 129 122 123 Lubricating oil.. 122 122 134 131 131 130 129 137 131 129 129 130 131 Kerosene 119 115 102 103 111 117 121 126 127 126 129 115 108 Coke 133 r149 154 154 154 152 153 153 160 161 161 160 r162 164 Byproduct coke. r135 141 145 146 146 144 145 145 151 152 152 151 J>152 154 Beehive coke r73 r408 435 429 453 425 437 410 474 472 493 476 r494 511 Chemicals ,.., 136 135 138 139 142 148 153 151 153 155 161 r166 167 P169 Rubber Products. 157 162 192 153 130 131 134 Rubber consumption.. 160 164 196 156 132 134 137 Tires and tubes 131 144 152 126 117 108 103 103 67 33 28 26 Pneumatic tires... 132 144 151 126 118 108 104 104 67 32 28 26 Inner tubes 130 145 155 125 110 103 94 102 64 33 27 27 Minerals—Total. 96 127 131 130 134 137 138 135 125 125 125 118 126 P133 Fuels. ..,.«..„„...... 87 118 123 121 125 129 131 130 129 131 130 122 121 Bituminous coal.. 18 r125 132 128 135 144 142 143 138 144 141 140 150 Anthracite 76 88 116 107 120 122 123 99 94 104 121 116 122 Crude petroleum. 116 118 120 119 122 124 127 128 129 129 127 115 109 P1U Metals. 149 181 181 184 187 182 ,181 161 98 91 92 r96 154 Iron ore shipments. 210 323 326 344 335 311 281 231 23 236 371 Copper 156 159 152 147 152 152 156 157 159 158 160 165 169 174 Lead , 121 117 116 110 116 120 119 128 124 131 140 131 135 Zinc 133 127 136 125 131 135 134 131 138 138 146 * G Si o lv ld er , 1 1 3 0 0 7 1 1 2 1 1 4 1 1 2 1 3 6 1 1 1 2 6 2 1 1 2 2 6 6 1 1 3 1 1 7 1 10 5 7 2 1 1 0 3 6 2 1 10 3 5 0 1 1 0 0 7 6 1 1 0 0 6 3 * 110 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 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. JULY 194Z 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1941 1942 Industry and group Apr. May June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar. Apr. May Totatl 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134.4 134.9 135.7 135.1 134.7 135.4 136.9 Durable goodsi 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143. 144.3 146.7 146.8 146.9 148.1 150.2 Nondurable goodsi 118.0 120.5 123.7 126.3 125.5 123.8 123.8 125.6 126.0 125.2 123.8 123.1 123.3 124.1 Iron and Steel and Products 128.3 132.0 136.0 139.1 140.2 139.7 138.2 138.3 138.9 139.0 r136.5 134.7 134.1 133.8 Blast furnaces, steel works, etc 136 140 145 149 150 149 148 148 149 150 149 r148 149 151 Bolts, nuts, washers, and rivets 153 160 166 169 173 172 170 169 170 170 167 169 170 171 Cast-iron pipe 93 94 95 95 94 97 98 101 100 98 100 r99 98 97 Cutlery and edge tools 114 117 122 130 130 128 129 130 134 136 133 134 129 126 Forgings 100 102 105 112 112 113 115 115 117 119 122 123 128 128 Hardware 115 116 118 105 116 117 115 113 106 99 94 94 91 88 Plumbers' supplies 101 102 102 102 103 100 98 98 98 96 92 88 81 78 Stamped and enameled ware 204 214 220 228 231 231 225 225 220 217 208 207 . 200 201 Steam and hot-water heating 109 111 114 123 126 125 125 123 125 127 124 123 122 118 Stoves 107 110 114 121 115 109 105 104 108 109 100 94 88 84 Structural and ornamental metal work. 101 103 104 105 107 106 107 107 107 108 112 113 116 117 Tin cans and tinware 113 122 129 131 132 132 127 138 141 147 141 122 115 110 Tools 133 135 139 142 146 147 145 146 148 151 153 153 154 154 Wirework 203 207 214 218 198 214 203 201 199 184 169 160 152 149 Machinery 155.8 161.6 167.3 173.0 177.7 177.8 179.3 181.2 183.4 187.1 190.8 r194.3 197.1 198.7 Agricultural implements 158 166 170 175 182 181 180 172 167 161 161 160 157 162 Cash registers, etc 151 150 163 168 170 173 175 177 178 176 178 177 174 179 Electrical machinery 147 153 159 164 168 168 168 168 Engines, turbines, etc 245 259 275 294 315 323 348 371 Foundry and machine-shop products.. 129 134 139 143 146 147 148 149 150 153 155 157 161 Machine tools 315 326 337 349 366 355 360 365 * * T R T e y a x d p t i e i o w l s e r a i m t n e a d r c s p h h in o e n r o y graphs 1 1 9 3 8 8 8 9 1 1 1 0 9 4 1 7 3 1 1 1 0 5 8 4 0 4 1 1 1 9 5 0 1 5 7 1 1 1 8 5 0 7 7 8 1 1 1 8 5 1 3 8 0 1 1 17 1 6 9 0 0 1 1 1 0 5 9 9 9 4 2 1 1 0 0 5 6 9 9 2 1 1 2 5 0 0 7 9 r1 2 1 1 3 5 0 5 2 2 1 1 5 0 4 0 9 7 2 1 1 4 2 1 9 6 0 2 1 1 0 2 1 9 0 8" Tran A sp i o r r c t r a a t f io t n Equipment 5,8 1 1 5 3 8.7 6,1 1 2 6 1 4.6 6,5 1 2 7 2 4.2 7, 1 16 96 0 .1 7, 1 89 93 7 .1 1, 1 7 9 7 5 9 .2 9,4 2 5 04 3 .5 9, 2 7 0 9 8 4 .9 20 * 5.4 21 * 0.1 r21 * 4.4 21 * 7.9 22 * 7.9 242.8 C A a u r t s o , m e o le b c i t l r e i s c- and steam-railroad 12 7 5 0 1 7 2 4 8 1 8 3 1 2 1 8 4 9 9 1 8 3 7 9 1 9 2 8 8 1 1 2 0 9 0 1 1 2 0 7 0 111 96 84 81 79 Locomotives 54 58 61 67 70 73 74 77 Shipbuilding 285 301 341 387 398 440 490 533 Nonferrous Metals and Products 138.9 140.7 144.1 147.8 147.9 144.1 143.1 142.2 143.4 r146.8 r146.5 '146.4 144.2 145.1 Aluminuml 229 234 230 240 246 247 240 244 Brass, bronze, and copper 181 182 190 193 195 194 191 192 Clocks and watches 115 118 121 125 121 110 114 110 108 112 110 111 113 117 Jewelry 111 113 115 120 119 110 105 106 112 114 110 109 106 106 Lighting equipment 112 112 115 118 118 119 119 114 106 102 100 97 91 87 Silverware and plated ware 81 82 84 94 87 85 84 82 83 82 78 77 66 67 Smelting and refining 101 102 102 103 105 103 100 99 100 r102 r102 101 102 103 Lumber and Products ; • 74.2 74.6 75.9 78.9 78.4 77.3 76.4 76.9 78.1 79.2 77.9 r75.4 73.9 73.5 Furniture " 101 104 106 108 107 103 101 104 105 106 104 103 101 99 Lumber, millwork 70 69 71 75 76 75 76 75 75 75 73 72 71 70 Lumber, sawmills 65 64 65 68 68 68 67 67 68 70 68 r66 64 64 Stone, Clay and Glass Products 92.3 92.1 93.7 98.6 98.4 98.7 98.9 100.9 101.6 105.0 100.1 96.9 94.7 90.6 Brick, tile, and terra cotta 70 69 69 n 74 74 73 76 77 81 78 75 71 66 M P C G o e l a a t m r t s b e s e l r n e y t , granite, and slate •... 1 1 4 7 0 2 5 4 9 1 1 1 4 0 7 2 5 9 3 2 1 1 4 1 7 2 4 6 4 4 1 1 4 7 2 3 3 7 6 1 1 1 4 7 2 3 2 8 3 0 1 1 4 7 2 3 3 9 2 0 1 1 4 3 2 7 5 1 1 9 1 1 4 2 8 3 5 1 2 3 1 1 4 8 2 3 5 5 1 2 1 1 8 4 2 3 8 8 5 5 1 1 8 4 2 2 7 3 6 1 1 1 8 4 1 2 3 1 6 4 1 1 3 8 1 2 9 0 5 5 1 1 3 1 2 7 2 5 1 7 Textiles and Products 109.8 112.9 116.1 120.0 117.1 114.7 112.9 113.3 113.2 112.0 110.0 109.4 110.9 112.1 Fabrics 103.3 105.9 109.0 111.1 109.6 107.2 105.4 105.1 104.4 104.1 102.2 102.7 104.8 105.3 Carpets and rugs 86 89 90 89 91 91 90 90 90 85 81 75 70 67 Cotton goods 103 106 111 113 115 112 112 111 110 110 110 110 112 114 Cotton small wares 97 103 107 110 110 110 108 109 109 106 106 106 108 110 Dyeing and finishing textiles 138 141 144 149 143 140 135 130 133 131 131 132 134 136 Hats, fur-felt 80 83 86 86 79 77 78 78 76 73 71 70 68 58 Hosiery 141 144 146 149 144 135 133 132 133 132 130 127 125 122 Knitted outerwear 71 76 81 85 83 78 77 78 81 78 79 79 82 81 Knitted underwear 79 81 79 90 88 88 87 87 86 90 86 86 85 87 Knitted cloth 141 155 163 162 161 158 147 147 147 149 149 151 155 155 Silk and rayon goods 69 74 75 72 67 61 60 61 60 59 59 61 63 68 Woolen and worsted goods 109 109 110 112 108 112 109 110 107 r106 99 "102 109 108 Wearing apparel 119.8 124.0 127.0 135.0 128.8 126.6 124.7 126.9 128.2 125.1 122J 120.0 119.7 122.5 Clothing, men's 114 122 124 124 120 119 120 125 128 123 118 118 119 125 Clothing, women's 159 161 170 193 176 171 165 167 169 161 162 156 154 156 Corsets and allied garments 114 116 119 119 122 123 112 122 115 112 116 113 112 110 Men's furnishings 119 121 124 137 137 134 127 121 113 115 113 111 111 111 Millinery 78 73 68 75 79 77 75 68 68 72 78 74 70 64 Shirts and collars 128 131 133 135 135 134 131 132 135 145 133 129 129 131 Leath B e o r o a ts n d a n M d a s n h u o f e a s ctures 9 9 3 5.5 9 9 4 6.1 1 9 0 8 1.0 1 9 0 7 0.2 9 9 7 4 .9 9 9 4 8.0 9 9 9 6 .6 1 10 0 1 4.2 1 10 0 0 3.1 9 95 8.8 9 9 2 6.3 9 9 7 3 .4 9 9 8 5 -. 1 1 9 0 7 0.0 Leather 90 90 95 97 96 98 97 98 97 96 95 96 95 94 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, and for June 1941, p. 569. NOTE.—Figures for May 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. 700 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 Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. \ Mar. Apr. May Food and Kindred Products .....,. .„ ... „...... 132.5 135.0 137.3 138.4 140.9 138.8140.7 147.0 147.5 148.4 r147.6 144.3 142.3 143.6 Baking 148 149 151 149 152 151 152 152 152 153 152 152 151 151 Beverages 277 287 286 289 298 295 303 311 316 310 310 304 305 312 B C u an tt n e i r n g and preserv m ing 1 1 0 4 5 0 1 1 0 4 7 7 1 1 0 5 5 6 1 1 0 6 2 1 1 1 0 6 4 9 1 1 0 5 2 7 1 1 0 6 2 4 2 1 0 0 1 6 1 1 0 8 6 8 r1 1 0 8 5 3 1 18 0 9 5 P1 1 6 0 7 9 1 11 5 5 0 1 1 1 5 5 6 Confectionery 92 89 90 97 100 91 90 96 95 94 "93 r94 94 91 Flour 79 78 80 79 77 79 78 78 79 80 80 79 79 79 Ice cream 82 79 78 78 79 78 83 83 83 82 82 81 82 79 Slaughtering and meat packing 114 119 121 123 124 125 126 127 133 139 138 137 138 141 Sugar, beet 97 99 93 89 76 98 91 141 168 115 107 102 105 Sugar refining, cane 103 102 101 94 93 103 103 101 97 90 93 94 92 Tobacco Manufactures 65.0 65.8 65.8 65.7 64.4 62.0 64.1 65.0 66.5 69.2 66.7 66.1 65.8 64.6 Tobacco and snuff ,. =, 54 54 53 53 53 54 54 54 56 54 53 52 52 52 Cigars and cigarettes 66 67 68 67 66 63 65 66 68 71 69 68 68 66 Paper and Printing ......*.....«.. 119.8 121.2 122.9 124.8 125.1 124.4124.9 124.8 125.9 125.2 123.4122.4 121.5 119.6 Boxes, paper 129 132 139 142 143 141 138 139 140 142 139 136 133 129 Paper and pulp 120 123 125 126 128 128 128 129 129 130 130 130 130 128 Book and job printing 104 104 104 108 106 105 108 107 107 107 103 101 101 98 Newspaper and periodical printing ... 117 117 117 117 118 117 117 116 120 116 115 115 114 114 Chemicals, Petroleum, and Coal Products 133.7 137.5 141.5 143.9 146.3 145.7147.1 148.2 149.2 r151.8 r154.7r155.8 157.2158.5 Petroleum refining 121 123 125 127 127 127 129 128 129 130 131 132 132 132 Other than petroleum refining 136.8 141.1 145.6 148.0 150.9 150.3 151.7 152.9 154.1 r157.1 r160.5 161.6 163.3 164.9 Chemicals 163 168 172 173 179 180 181 184 187 190 192 194 194 193 Cottonseed oil, cake and meal 110 106 107 109 101 88 95 93 93 93 94 89 96 99 D Ex ru pl g o g s i i s v t e s s ' preparations 12 • 2 • 12 * 9 132 * 136 * 13 * 8 14 * 1 141 * 14 * 4 14 * 6 1 * 52 15 * 2 15 * 3 1 * 57 16 * 2 F P e a r i t n i t l s iz a e n rs d varni ; shes 1 1 3 1 5 2 1 1 3 1 6 8 1 14 2 0 4 1 1 4 2 5 9 1 14 2 8 4 1 1 4 2 5 4 1 1 1 4 5 4 1 1 1 4 8 4 r1 1 1 4 6 4 r1 1 2 4 0 5 1 1 3 4 9 2 1 1 1 4 1 1 1 9 3 7 7 1 13 1 1 5 Rayon and allied products 324 330 337 326 328 324 323 320 320 313 308 309 317 319 Soap 91 93 94 98 99 96 94 94 95 94 92 91 91 Rutiber Products . 103.9 106.1 111.7 113.0 113.3 110.1 110.1 109.6 99.8 98.7 98.1 94.4 94.6 Rubber boots and shoes 74 78 82 82 79 75 78 80 78 73 76 75 75 76 Rubber tires and inner tubes 82 83 86 87 87 87 86 86 85 75 74 74 74 75 Rubber goods, other 176 179 192 194 200 196 189 187 189 175 173 170 156 153 r Revised. * Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total non-agri- Military Year and month cultural Transpor- Financial, and naval e m m e p n l t o 1 y 2 - Total2 M t a u n ri u n f g a * c- Mining Con ti s o t n ruc- tat p i u on b li a c nd Trade* a s n e d rv m ic i e s , - G m o e v n er t2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—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 L,944 September 40,016 33,873 12,548 908 1,683 3,303 6,968 4,241 4,222 .992 October 40,192 34,049 12,599 892 1,776 3,292 6,989 4,251 4,250 2J014 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 . .. 40,906 34,763 12,863 873 2,064 3,322 6,907 4,273 4,461 February 40,910 34,767 12,826 852 2,091 3,313 6,862 4,265 4,558 March 40,937 34,794 12,818 851 2,057 3,325 6,812 4,262 4,669 April 40,972 34,829 12,895 879 2,003 3,358 6,690 4,259 4,745 May 41,084 34,941 13,011 872 1,908 3,390 6,701 4,255 4,804 UNADJUSTED 1941—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 ,. 39,877 33,734 12,606 876 1,660 r3,252 6,756 4,179 4,405 I February 39,994 33,851 12,724 860 1,645 r3,249 6,686 4,181 4,506 March r40,391 r34,248 r12,844 860 1,738 3,277 6,711 4,195 4,623 April „ „ ,.... 40,874 34,731 12,945 861 1,928 3,343 6,679 4,266 4,709 May . 41,201 35,058 13,021 862 2,020 3,383 6,673 4,304 4,795 * 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 May 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. JULY 1942 701 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 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total1 V 122.6 124.9 132.5 133.8 135.0 136.1 137.0 134.7 144.1 173.5 178.3 r182.8 186.6 192.6 Durable goods1 127.7 131.3 143.3 145.1 147.4 149.8 152.4 149.9 163.1 204.3 r210.6 r217.2 223.9 233.5 Nondurable goods1 117.8 118.8 122.1 123.0 123.2 123.0 122.3 117.7 122.9 139.0 142.1 144.3 144.9 146.8 Iron and Sieel and Products 129.4 132.9 136.3 135.9 135.7 135.3 134.7 150.9 160.9 173.7 178.3 r181.1 181.3 187.4 Blast furnaces, steel works, etc 137 141 149 149 150 151 152 164 173 185 191 r194 193 204 Bolts, nuts, washers, and rivets 155 161 170 169 169 171 173 212 234 261 270 274 283 290 Cast-iron pipe 93 94 97 97 98 98 97 104 110 117 125 r126 130 131 Cutlery and edge tools 117 119 133 134 136 132 127 125 134 171 179 181 179 177 Forgings 100 103 121 123 125 128 129 141 153 209 216 222 238 239 Hardware 117 117 99 94 95 92 89 136 142. 133 132 137 136 134 Plumbers' supplies 101 102 95 93 89 81 78 98 105 100 105 102 93 91 Stamped and enameled ware 210 218 213 209 212 206 205 243 265 294 300 309 305 309 Steam and hot-water heating 109 112 122 123 123 122 120 117 129 168 169 173 174 175 Stoves 109 113 92 94 92 90 86 111 119 94 106 105 106 100 Structural and ornamental metal work . 99 102 106 107 110 114 116 103 114 125 rl33 140 146 149 Tin cans and tinware 110 121 137 131 116 111 108 127 146 181 165 150 145 144 Tools 133 135 151 153 155 155 154 166 172 218 224 234 237 239 Wirework 207 213 184 169 161 155 153 243 Til 265 242 235 235 243 Machinery 156.2 162.5 185.0 189.7 r193.9 197.7 200.2 197.4 217.2 284.2 294.8 r307.2 315.3 327.7 Agricultural implements 169 171 164 166 169 167 167 230 229 229 241 250 250 258 Cash registers, etc 151 151 175 178 177 175 181 191 196 250 260 261 262 285 Electrical machinery 147 154 192 215 Engines, turbines, etc 257 272 372 444 Foundry and machine-shop products.. 130 135 152 155 157 160 163 152 166 211 219 227 235 242 Machine tools 317 327 472 507 Radios and phonographs 159 174 209 207 210 209 192 164 192 277 279 291 292 277 Textile machinery 99 101 110 flll rlll 111 109 112 124 153 r155 r157 158 159 Typewriters 138 144 157 151 147 126 121 175 190 226 222 213 171 161 • Transportation Equipment 166.3 171.7 r210.3 r215.5 224.1 236.5 251.7 191.6 217.0 r329.6 r336.6 r349.7 376.0 402.0 Aircraft 5,929 6,305 7,134 7,745 Automobiles 132 134 100 89 86 84 89 147 171 154 135 132 131 135 Cars, electric- and steam-railroad 74 80 74 85 Locomotives 55 59 68 76 Shipbuilding 295 310 395 434 Nonferrous Metals and Products 138.7 139.9 r144.5 r145.9 r147.4 144.1 144.2 157.2 166.7 r198.8 r202.3 r208.5 207.9 210.9 Aluminum1 231 234 0 * * • * 290 322 Brass, bronze, and copper 183 184 235 247 Clocks and watches 114 116 111 110 111 112 114 134 143 149 154 160 168 178 Jewelry 104 104 107 107 106 99 98 94 98 101 105 114 109 110 Lighting equipment 113 112 100 100 99 92 87 106 110 115 110 109 106 99 Silverware and plated ware 82 83 79 78 78 66 67 82 91 87 91 r95 80 81 Smelting and refining 100 102 r102 r101 101 102 103 107 112 r126 r127 128 127 130 Lumber and Products 73.8 74.7 74.1 74.3 r74.1 73.5 73.7 75.7 78.0 81.7 86.0 86.7 87.8 90.5 Furniture 98 100 102 102 101 97 96 95 103 111 116 116 114 116 Lumber, millwork 70 70 r72 71 71 71 71 59 62 66 68 68 70 71 Lumber, sawmills 65 66 64 64 64 65 65 66 66 67 72 73 75 78 Stone, Clay and Glass Products .'. 93.0 95.6 95.6 93.9 94.3 95.4 94A 91.1 97.8 98.0 r102.3 r103.7 105.0 105.1 Brick, tile, and terra cotta 69 13 70 68 68 70 70 62 69 65 67 69 71 72 Cement 74 78 78 76 78 80 82 76 85 84 85 89 91 95 Glass 122 124 128 126 126 126 123 144 150 161 166 165 166 165 Marble, granite, and slate 45 r47 40 39 39 40 34 35 39 30 30 31 33 29 Pottery 113 113 121 121 120 120 119 111 114 119 136 137 134 134 Textiles and Products 112.1 112.5 111.1 113.0 113.5 113.1 111.6 107.0 110.4 119.7 126.9 129.2 129.0 129.6 Fabrics 103.7 105.1 105.1 104.9 105.0 105.2 104.6 104.1 109.3 122.0 123.7 124.8 126.8 129.0 Carpets and rugs 87 89 82 81 77 71 67 82 90 83 85 81 . 76 77 Cotton goods 105 106 112 113 113 114 114 113 117 142 145 146 149 154 Cotton small wares 101 103 106 109 111 112 110 107 114 129 143 148 156 160 Dyeing and finishing textiles 143 141 134 137 138 138 136 135 134 142 149 152 157 152 Hats, fur-felt 81 r81 73 72 72 68 56 66 77 80 r81 73 66 58 Hosiery. 142 143 131 130 129 125 121 155 158 153 157 154 149 148 Knitted outerwear 71 77 75 79 80 82 81 64 72 73 79 83 86 86 Knitted underwear 83 82 85 86 88 89 89 84 85 99 102 107 111 110 Knitted cloth 142 155 144 150 153 156 155 133 149 143 157 164 171 171 Silk and rayon goods 69 69 60 62 62 63 63 60 63 62 66 68 71 70 Woolen and worsted goods 104 107 r108 104 103 104 105 102 113 r129 r121 123 127 132 Wearing apparel 126.2 124.2 119.7 126.4 127.7 126.0 122.6 106.2 105.9 107.8 r125.5 130.1 125.3 122.7 Clothing, men's 118 119 118 122 124 124 121 98 101 108 r118 123 122 121 Clothing, women's 172 165 156 168 170 166 161 132 132 128 159 163 152 145 Corsets and allied garments 118 118 110 117 117 116 112 133 137 136 r158 r161 159 149 Men's furnishings 122 122 107 114 115 114 112 124 130 119 140 141 139 141 Millinery 88 76 71 84 86 79 66 76 51 51 76 83 66 67 Shirts and collars.. 131 132 131 133 133 133 131 127 131 141 149 152 159 159 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. JO-L 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 Apr. May Jan. Feb. Mar. Apr May Apr. May Jan Feb. Mar Apr May heather and Manufactures 98.0 95.5 98.9 100.2 101.9 100.5 98.7 92.3 91.0 107.3 rU3.3 r117.2 115.6 112.7 Boots and shoes 96 93 95 97 99 97 96 89 87 101 108 112 110 107 Leather 90 90 96 97 98 96 94 95 98 119 r123 124 123 122 Food and Kindred Products 123 6 127.4 135 4 133.5 131.6 132.8 135.6 125.2 134 7 154 7 150.7 r150.5 153.0 160.7 Baking 147 149 150 150 150 150 151 141 148 158 160 161 160 166 Beverages 272 293 282 284 289 299 318 331 362 348 356 378 398 451 Butter 102 110 98 r97 103 111 118 90 97 r93 98 103 110 118 Canning and preserving 97 100 112 112 97 104 106 88 91 122 r129 r109 117 120 Confectionery 86 81 92 r91 r93 88 83 86 84 105 104 109 103 97 Flour 77 77 79 80 79 78 77 76 75 90 91 87 86 88 Ice cream 78 87 70 69 72 78 86 69 75 65 67 69 74 82 Slaughtering and meat packing 110 117 144 138 134 134 139 115 133 182 163 160 162 171 Sugar, beet 44 47 72 43 42 46 50 48 54 r78 r55 56 61 68 Sugar refining, cane 103 103 93 89 92 94 93 93 90 91 79 86 92 89 Tobacco Manufactures 63 5 64.9 63 4 65.5 65.4 64.4 63.7 58.9 67 1 72 6 72.3 70 6 738 74.3 Tobacco and snuff 54 S3 55 55 52 52 52 62 67 73 70 70 13 71 Cigars and cigarettes 65 66 64 67 67 66 65 59 67 72 72 71 74 75 Paper and Printing 119 4 120.8 124 7 123.3 121.9 121.1 119.2 121.2 124 9 136,6 r135.1 134.8 133 2 132.1 Boxes, paper 127 130 137 135 134 131 127 151 159 179 177 176 173 169 Paper and pulp. 120 III 130 130 130 130 128 139 146 172 174 176 172 172 Book and job printing 103 108 105 101 100 98 94 96 105 100 98 96 94 Newspaper and periodical printing.. 117 118 115 115 115 115 114 112 114 113 113 114 114 114 Chemicals, Petroleum, and Coal Products 135.9 135.9 rl51 1 r154.9 r158.4 158.8 156.6 158.5 165 5 r205 3 r212.3 r219 3 223 0 224.2 Petroleum refining 121 122 129 130 131 132 131 142 146 171 178 180 179 178 Other than petroleum refining 139 6 139.3 r156 5 r161.1 r165.1r165.3 162.7 163.4 171 5 r215 8 r222.8 r231 6 236 5 238.4 Chemicals 162 167 187 189 193 193 192 208 222 278 279 288 293 298 Cottonseed oil, cake and meal 91 72 104 105 94 79 67 84 66 107 110 98 85 70 Druggists' preparations 122 125 152 155 156 157 157 138 143 187 193 200 203 209 Explosives Fertilizers 179 127 r120 153 166 155 124 177 127 120 155 176 180 148 Paints and varnishes 137 141 141 141 141 139 136 158 170 173 177 179 177 176 Rayon and allied products 318 324 316 313 313 310 312 342 356 392 391 394 388 391 Soap 92 92 92 92 93 92 87 116 126 133 135 137 137 131 Rubber Products 105 0 106.4 99 6 98.9 98.9 95.2 94.7 122 3 128.7 127.4 127.4 132 3 130 3 134.8 Rubber boots and shoes 72 75 • 74 75 75 74 73 84 88 97 96 99 93 101 Rubber tires and inner tubes 82 83 75 74 74 74 75 106 111 103 102 106 106 110 Rubber goods, other 181 182 174 174 172 159 155 195 207 218 222 229 225 230 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for May 1942 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1941 1942 1941 1942 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Total 40.4 40.0 41.2 41.5 42.2 42.5 42.4 69.7 70.8 78.7 80.1 80.3 80.9 81.9 Durable goods 42.0 41.5 42.8 43.7 44.4 44.7 44.7 76.8 78.5 87.1 88.9 89.3 89.9 91.0 Iron and Steel and Products 41.0 40.8 41.4 41.3 42.1 42.6 42.2 79 5 84.1 89.4 90.4 90.9 91.6 92.6 Machinery 44.9 44.5 46.3 47.1 47.3 r47.3 47.5 77.8 78.9 87.9 89.9 90.6 r91.3 92.4 Transportation Equipment ,. 42.3 39.7 42.2 46.0 46.2 46.6 47.0 92.0 92.3 103.5 106.9 r106.1 r105.1 105.5 Nonferrous Metals and Products 42.1 42.0 43.4 43.8 43.8 44.1 44.2 74.8 74.9 84.8 86.5 87.2 88.4 89.7 Lumber and Products. 39.7 40.2 39.7 38.9 40.5 40.5 40.4 54.1 54.7 60.2 60.7 61.3 62.0 63.3 Stone, Clay and Glass Products 37.2 38.0 38.5 37.2 38.8 39.0 38.9 68.9 69.5 75.3 75.1 75.9 76.2 76.9 Nondurable goods 38.8 38.4 39.4 39.1 39.7 39.8 39.7 62.4 62.9 69.5 70.1 r70.2 r70.7 71.4 Textiles and Products 37.8 37.3 38.1 37.7 38.9 39.1 39.1 51.7 52.4 58.3 58.9 59.2 59.6 59.9 Fabrics 38.6 38.3 39.6 39.3 40.1 40.1 40.1 49.4 50.9 57.1 57.4 57.4 57.6 58.3 Wearing apparel 36.3 35.3 35.1 34.4 36.6 37.4 37.1 56.1 55.3 60.9 62.0 62.9 63.3 63.0 Leather and Manufactures 39.7 38.0 38.7 38.8 39.9 40.0 39.3 57.2 57.9 64.9 64.9 65.8 66.3 67.8 Food and Kindred Products 40.0 39.6 40.7 40.8 40.5 40.7 40.4 65.5 65.5 70.3 71.8 71.8 72.3 73.2 Tobacco Manufactures 36.1 33.2 39.1 37.9 37.0 36.6 37.6 49.7 50.6 53.0 54.9 54.4 53.7 55.4 Paper and Printing 39.7 39.6 41.0 40.1 40.0 40.1 39.6 80.7 80.5 85.5 85.2 85.4 86.2 86.8 Chemicals, Petroleum, and Coal Products 39.1 39.9 40.5 40.2 40.6 40.7 40.9 76.6 77.3 88.1 88.6 88.1 88.9 90.0 Petroleum refining . 36.0 37 0 38.0 37.3 38.8 38.7 38.1 96 7 99.5 110.6 110.7 110.4 110.4 110.5 Other than petroleum refining.... 40.1 40.7 41.2 40.9 41.1 41.3 41.6 70.5 70.7 81.5 82.2 81.9 83.0 84.4 Rubber Products 39.7 39.4 38.8 39.3 39.7 40.6 41.1 79.9 80.4 87.5 88.7 88.2 89.4 90.4 r Revised. JULY 1942. 703 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 Total Residential and public Month building Factories Commercial Educational1 Other1 utilities1 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 January 305.2 316.8 111.3 102.8 55.9 75.4 26.9 17.7 11.6 9.1 24.2 21.0 75.1 90.9 February 270.4 433.6 116.5 168.0 37.8 84.5 20.9 21.8 7.9 9.2 23.5 54.2 63.9 95.9 March 479.9 610.8 147.9 219.3 121.8 112.7 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 270 222 330 301 407 499 74 99 160 103 184 355 195 123 170 197 223 144 May 244 283 308 329 549 674 93 144 135 112 267 569 151 139 174 217 281 105 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 l Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilitiesi Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district May Apr. May May Apr. May May Apr. May Boston 32,564 49,414 40,311 Boston 80 83 108 1,072 622 999 New York 83,087 100,130 79,528 New York 351 350 389 3,392 3,732 3,273 Philadelphia 23,746 38,223 21,316 Philadelphia 46 44 81 322 496 1,342 Cleveland 53 37 65 512 461 528 Cleveland 61,933 50,532 63,447 Richmond . ... 35 19 37 485 113 281 Richmond 68,914 90,984 100,005 Atlanta 45 38 46 688 458 361 Atlanta , 84,979 36,570 47,935 Chicago . . 142 149 143 1,069 1,145 1,030 St. Louis 22 28 33 129 172 234 Chicago 98,449 58,285 76,392 Minneapolis 10 10 10 49 85 87 M St. i n L ne o a u p is o . l . is 4 1 5 4 , , 1 1 4 « 7 4 3 5 9, , 6 7 8 0 1 8 3 1 8 5 , , 1 9 3 7 7 8 K D Sa a a n l n l s a F a s r s a n C c i i t s y co 1 5 2 00 0 1 1 4 3 0 6 3 1 1 3 3 36 6 5 1,4 3 2 7 9 5 0 8 3 1,2 4 2 8 6 5 5 1 2 1,1 4 3 4 7 1 3 1 6 K Da a l n l s a a s s City 6 9 6 4 , , 4 1 3 4 1 3 1 1 8 0 , , 6 5 8 2 7 8 3 2 6 9 , , 4 2 3 1 6 5 Total 955 938 1,119 9,839 9,282 10,065 Total (11 districts) 673,517 498,742 548,700 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. 704 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 ^254 118 35 128 96 ^226 M Fe a b r r c u h ary 2 2 6 7 2 5 2 2 1 6 9 8 3 3 4 5 7 1 3 3 0 5 3 7 P p6 4 0 79 9 1 1 6 7 3 3 1 1 5 9 8 0 2 2 1 0 7 0 2 2 3 6 4 8 P * 2 >2 5 7 4 2 1 9 0 9 2 6 7 1 7 1 1 4 3 7 4 6 8 9 9 P P 2 3 2 3 5 6 April... 274 231 323 387 ^682 160 186 212 287 P234 115 45 111 100 P448 May 257 249 324 385 148 202 211 297 109 47 112 88 233 236 350 330 146 179 211 280 87 57 138 50 July 228 230 317 365 141 169 232 278 87 61 84 87 August. .......... 231 250 351 460 166 176 221 283 65 74 130 178 246 289 295 425 168 182 195 262 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 ^2,249 667 713 871 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 st i o v c e k - p u e r c o s t t d s - Ore l c a e n l- e- c I d h .C i a s . e I n . - o r p T a e i o r l a w ta t a i l n y g e r x T a p o i e t l n w a s a l e y s op ra e N i r l a e w t t a in y g in N co e m t e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941— N D A O M J J S A u u e e o c u a p n l p c t v g y y r e o t e i e u e l b m m s m e t b r b b e e e r r r ,. 1 1 1 1 1 1 1 1 1 1 3 3 3 3 2 3 3 3 2 5 7 5 0 7 9 9 8 1 1 1 1 1 1 1 1 4 2 3 1 2 3 5 5 5 5 1 3 1 1 8 0 6 8 1 2 1 1 1 1 1 1 1 3 6 6 5 7 0 9 8 8 7 7 5 9 6 0 9 2 9 1 1 1 1 1 1 1 1 9 1 1 1 2 2 2 0 1 7 3 1 8 4 6 4 3 2 1 9 9 8 9 9 8 8 8 0 3 1 4 5 3 8 3 4 1 1 1 1 1 1 1 1 1 1 3 4 4 4 3 4 3 3 5 0 6 5 9 0 0 8 6 2 2 2 2 2 2 1 1 1 1 6 6 0 4 4 0 5 5 5 6 6 4 6 9 4 2 5 6 1 1 1 1 1 1 1 1 1 3 3 4 3 4 3 4 3 4 5 3 9 4 6 1 9 0 0 1 1 1 1 1 9 9 9 0 9 0 0 0 0 7 9 7 0 9 2 2 0 2 1941— N A M J A J O S M u u e p u o c f a l p a t r e g y v y r o t i u c e l e b h s m m e t r b b e e r r . „ . . „ „ „ . « . . m . . . . . 4 3 4 4 4 4 4 4 4 4 1 8 7 7 6 8 5 3 7 8 5 7 1 4 4 2 3 9 6 6 r r 3 3 3 3 3 3 3 4 4 4 7 3 0 4 7 7 0 2 6 1 9 5 3 6 0 7 3 4 3 0 1 1 1 r r 8 5 9 8 4 0 7 1 7 0 2 8 3 5 9 8 6 0 3 0 r4 5 4 3 6 5 6 3 1 1 0 0 2 3 8 7 5 7 7 0 1942— M M A F J e p a a a b n r y r i r u c l u h a a ry ry 1 1 1 1 1 4 4 4 3 3 0 3 3 6 9 1 1 1 1 1 1 6 2 1 6 9 4 2 6 0 1 2 1 1 1 9 5 0 6 5 7 3 0 8 0 1 1 1 1 1 4 1 3 1 1 2 5 1 7 9 1 9 9 9 9 0 9 5 7 8 1 1 1 1 1 1 5 5 4 5 5 6 5 9 9 9 r2 1 2 2 1 8 8 8 8 8 9 6 9 2 7 1 1 1 1 1 5 4 5 4 4 2 2 1 3 1 1 9 6 9 8 0 2 2 0 0 7 1942— D M F A J e e p a a b c n r r e i r u c l u m a h r a b y r e y r .... , .... , . . 4 5 5 5 9 4 1 8 5 2 9 4 r4 4 4 4 1 7 4 2 3 1 6 0 1 9 8 9 1 6 2 9 3 4 5 5 0 2 8 UNADJUSTED 1941 U — N A AD pr J i U l STED 108 38 120 96 82 130 203 131 103 1941— A M p a r r i c l h 4 37 1 5 6 r3 3 2 36 3 r r 8 5 0 2 3 7 5 May 131 117 167 107 82 135 276 138 102 May 442 354 89 43 June 136 131 170 123 69 141 265 141 101 June 455 362 93 53 July 138 127 172 163 70 149 283 139 99 July 485 379 106 64 N A S O e o c u p t v g o t e u e b m s m e t r b b e e r r 1 1 1 1 4 4 4 4 1 5 4 0 1 1 1 1 3 3 4 3 8 9 0 5 1 1 1 1 6 6 6 7 5 8 7 2 1 1 1 1 2 1 0 2 5 5 4 2 1 1 1 8 1 1 4 0 1 7 6 1 1 1 1 4 4 4 6 3 7 9 0 2 2 2 1 6 7 3 9 1 1 2 9 1 1 1 1 4 5 5 5 1 1 0 0 1 1 1 9 0 0 0 9 1 1 2 A O N Se c u o p t g v o t u e e b s m m e t r b be e r r ....... , . . 4 4 5 4 8 9 1 5 9 4 8 7 3 3 4 3 8 8 2 8 2 5 4 8 1 1 9 6 0 1 4 9 4 1 6 5 5 2 6 9 4 9 December 128 125 182 113 97 129 138 96 December 480 399 81 55 1942— A M F J e a p a b n r r i r u c l u a h a ry ry 1 1 1 1 2 2 2 3 9 9 9 6 1 1 1 1 3 3 3 2 6 5 2 5 1 1 1 1 8 7 7 8 4 5 6 4 1 1 1 1 2 1 0 0 5 0 2 0 9 9 7 7 5 0 6 7 1 1 1 1 4 5 5 4 0 9 3 9 2 4 4 1 7 6 7 8 3 1 1 1 1 3 4 3 3 2 9 5 4 9 8 9 9 3 1 6 2 1942— M A F J e p a a b n r r i r u c l u h a a ry ry 5 4 4 5 7 8 6 4 3 1 2 0 4 4 3 4 1 9 7 4 2 6 0 8 1 6 9 6 0 9 2 6 2 2 2 4 6 4 7 May 138 139 181 99 89 161 303 144 62 p Preliminary. r Revised. r Revised. •Derived from Interstate Commerce Commission data. NOTE.—For description and back NOTE.—Descriptive material and back figures may be obtained June 1941. Based on daily average „ . . , from the Division of Research and Statistics. tion of American Railroads. Total index compiled by combining indi with weights derived from revenue data of the Interstate Commerce Commission. JULY 1941 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS [Index numbers based on value figures; 1923-25 average = 100.] [Percentage change from corresponding period of preceding year.] Seasonally adjusted Unadjusted Department May 1942 Five mos. 1939 1940 1941 1942 1939 1940 1941 1942 1942 NET SALES—entire store ,...... 0 +18 J F a e n b u ru ar a y S ry ALES 8 8 8 8 9 9 2 0 1 1 0 0 1 3 1 1 3 2 8 6 6 6 9 9 7 7 1 1 7 8 9 2 1 9 0 9 8 M Ba a s i e n m S e t n o t r e Store. + -1 2 + + 1 1 7 9 March 88 89 103 124 82 86 93 118 Women's, girls', and infants* apparel and April 88 89 104 117 88 86 106 115 accessories +3 +18 May 87 89 105 108 87 89 105 108 Main store1 +2 +18 June 86 91 104 83 87 100 Women's and misses' coats and suits... +17 +38 July 87 92 115 60 64 79 Women's and misses' dresses -6 +3 August 88 98 134 69 77 106 Blouses, skirts, sportswear, sweaters, September 90 97 116 97 105 125 knit apparel -5 +19 October 92 94 105 99 101 112 Juniors' and girls' wear 0 +18 November 93 100 116 106 114 133 Aprons, housedresses, uniforms -7 +7 December 95 101 111 168 179 197 Women's underwear, slips, negligees +5 +19 Infants' wear +14 +24 Year 90 94 110 Women's and children's shoes +3 +18 STOCKS Basem Fu en rs t2 -31 +3 +4 +19 January 67 68 71 93 60 61 64 83 Men's and boys' wear -10 +22 February 68 71 73 102 65 68 70 97 Main store1 —12 +22 March 68 70 74 108 69 71 75 111 Men's clothing -25 +32 A M p a r y il 6 6 7 6 6 6 8 9 7 7 4 4 *> 1 1 1 2 7 3 6 6 9 8 7 7 0 1 7 7 6 6 P1 1 2 2 6 2 M Bo e y n s 's ' c f l u o r t n h i i s n h g i n a g n s, d h fu a r t n s, i s c h a i p n s g s ........ - - 6 1 + + 2 1 0 4 J J A S u u e u n l p y g e t u e s m t ber 6 6 6 6 8 7 7 7 6 6 6 7 7 9 8 0 8 8 9 7 2 7 2 7 6 6 6 7 4 0 5 1 6 6 6 7 4 1 6 3 8 9 7 7 4 5 3 3 Hom M Ba e a s i e f n m u e r s n t n o t2 r i e s 1 hings - - - 2 4 4 + + + 1 2 1 7 2 6 October. 69 71 97 77 79 108 Furniture, beds, mattresses, springs -7 +7 November 71 72 95 82 83 110 Domestic floor coverings +5 , +17 December 68 71 92 64 66 86 Draperies, curtains, upholstery +5 ; +14 Major appliances (refrigerators, wash- 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- -37 +12 p Preliminary. Baseme e n n t s , t ( o i w nc e l l u s ding domestics, blankets, -1 < +28 Back figures.—Department store sales, see BULLETIN for August 1936, linens, towels)2 +1 +19 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) +20 +32 WEEKLY INDEX OF SALES Main store +20 +31 [Weeks ending on dates shown. 1935-39 average = 100.] Basement +20 +34 Shoes (basement only) 0 +13 1939 1940 1941 1942 * Based on reports from 256 stores. Reports of total sales from a larger May 6.... ..104 May 4 .108 May 3.... ..124 May 2.... .134 n m u e m nt b s e , r s o ho f w s e to d re a s , d i e n c c r l e u a d s i e n g o f m 3 a n p y er s t c o e r n e t s f n o o r t M re a p y o a rt n i d n g a n sa l i e n s c r b e y as e d e o p f a r 1 t- 6 June 2 2 1 3 7 0 3 . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 0 9 7 4 6 June 2 1 1 5 1 1 8 . . 11 9 9 9 7 4 9 0 3 2 1 1 1 4 7 0 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 0 2 1 7 9 8 0 3 2 1 9 0 3 6 . . . . . . . . . . . . . . . . . . . 1 r 1 1 9 1 1 3 5 4 5 6 p se e 1 p r a G c r e a r n o t t e u l p f y o . r to f t i a v l e s m f o o n r t m hs a i o n f 1 s 9 to 42 re , a i s n c in lu d d ic e at s e a d l es i n i t n h e d e ta p b a l r e t m b e el n o ts w . not shown 2 1 1 4 0 7..... . . . . . . 1 8 0 9 4 5 8 2 1 2 8 5 . 1 1 0 2 9 7 0 2 June 2 1 7 1 4 . . . . . . . . . . . . . . . . . . 1 1 1 0 2 2 7 7 0 June 2 1 6 0 3 . . . . . . . . . . . . . . . 1 1 1 1 1 3 7 6 5 f a o n r 2 d m G so a ro i m n u e p s w t t o h o r a t e t a l o d s w i f f i o f n e r g r b e c n a h t s i e e t m y fl p e y e n s t t o o a i r f n e m c n l e u o r s t c i s o h t n a r i n i c d n tl i y s b e a c . s o e m m p e a n r t a o b f le f e w w i e th r t d h e o p s a e r s tm ho e w n n ts Revised. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year.] M 19 a 4 y 2 1 A 9 p 4 r 2 . m F 19 i o v 4 s e 2 . M 19 a 4 y 2 A 19 p 4 r 2 . F m 19 i o v 4 s e 2 . M 19 a 4 y 2 A 19 p 4 r 2 . m F 19 i o v 4 s e 2 . M 19 a 4 y 2 Apr. m F 19 i o v 4 s e 2 . United States... -3 +9 +16 'leveland (cont'd) Chicago (cont'd) Dallas -7 +10 Boston +8 +17 Youngstown -16 +3 +9 Fort Wayne -2 +13 +25 Shreveport —6 •5 +18 New Haven +14 +19 Erie +10 +17 +27 Indianapolis -1 +9 +19 Dallas , -12 +4 Portland +11 +15 +26 Pittsburgh +7 +16 Des Moines +3 +10 Fort Worth -14 +10 B Sp o r s i t n o g n field +9 0 + + 1 6 5 + +2 1 4 6 Ric W hm h o e n e d ling — +4 6 + + 1 3 3 + + 1 2 4 3 D Si e o t u r x o i C t ity , 0 +20 +21 H Sa o n u s A to n n to nio , -3 0r+ + 23 7 + +1 1 8 2 Providence 0 +18 +18 Washington +12 +21 +29 Flint , —23 -8 San Francisco +5 +17 +21 New York -5 +5 +14 Baltimore +3 +11 +24 Grand Rapids.. -13 r+4 +9 Phoenix +8 +23 +27 B N A B B E N N Po l u r i e l e i m n i b a f w u w d f g g a g i a g a n h r a h l Y a r e y o r a k k a p o m e o r e k F t r p o t a n s C l i l e i s t . y . . . . . + - - - + - — 1 2 - 1 2 8 4 2 3 0 5 6 0 4 + + - - 1 S 9 2 4 5 + + + + + + + + + 2 2 2 1 1 1 4 1 2 2 2 4 4 4 2 0 3 Atl N H W L R C B C a y n h i o h u i i c t r n a r a n n a h f m r c r s ^ t o l m l i h t e i e l n o k b o s n s g n t u n t g o t - o d r o S h n g n n a , a , W l m e S . m . . V . . a . C . . , . . + + - - - - + + - 2 1 2 1 1 3 2 0 6 1 1 2 2 0 5 + + + - + + + 1 - - 2 3 2 8 5 2 3 5 7 0 8 8 + + + + + + + + + 3 1 3 3 1 1 4 6 1 4 3 0 0 6 1 St. M F L L Q E L S o t v o i L a u . i t n u r a l o i t t w L n n s i l u e s i c o s a S i n v y s v u u R m g i i i l k l s o l i e e l t c e h e k , , , + + - - - - - 1 - - 1 1 2 1 9 2 4 5 8 4 8 8 0 + + ff + + — 1 3 2 tt 6 1 0 3 3 + + + + + + + + + 4 2 1 2 1 9 5 9 6 0 0 8 1 5 L O B F L S S S a a r a o o a a B e n n c s n k k s r e e g l n A a D F r a r o k m s n B r n i f e a e d g i e e l n g e e e n a a l o c l y c d t n e i o h s s d co.. + + + - + + — — 1 1 1 1 0 6 7 6 8 3 8 5 4 + + + + + * 1 3 2 1 2 9 4 9 5 + + + + + + + + 1 1 3 2 3 3 5 8 2 6 7 3 3 3 C Ph le W T T Y L A P R R C C C S i v l h o r a y a e o o l i e o k i e e n n d l i l r a ! c r r l a e l v a n k e k c u o c d h a n d l c e i t n e m a i p e d d o n o u l n s s h s e a n b n g s - t t i l n e B e a u e a p d r r s t a h i r . . i r a . . e . . . . + + + - - - - — + - + - — - - 9 1 2 8 2 6 4 4 2 3 3 1 3 1 3 + + + + + + + + + + + + + + 1 1 1 1 8 7 1 6 3 8 2 3 8 0 7 0 8 3 + + + + + + + + + + + + + + + 1 1 1 1 2 1 1 2 2 2 1 1 2 1 1 4 5 6 4 6 8 9 3 1 4 5 9 0 9 8 Ch M M T N J A M J K P B N C C ic a a e a h a n h e t a a o i a c c o l w m a t i o a g s c k n k a c o r m o t x h o s t s n i p a n t a g v n O o o v i a a g ta i o n n n o i R r l m l l v l o o e e l i o e e a u l g l r n . g e y a . s e ...... - + + - — - - - 1 + + — 1 1 1 4 5 7 6 2 8 9 3 0 1 9 6 + + + r + + + r + + + + + + + - - 1 1 1 2 1 1 6 5 2 4 1 6 7 6 2 6 9 0 0 6 0 + + + + + + + + + + + + + + - 1 1 1 1 1 1 2 1 1 1 8 8 9 7 4 8 2 9 9 4 5 3 4 1 4 K M a i T M H T W D O O J K S S n n o u o t s p n u k m e a e . i p a l p e r n c n l t m s l s a J i a a c e h v s i a n o h p h n h p k i a e g a s o t o i C s a h r a e f n l m i i i i p s s t s C e y a h o l i n d t C . y . i . . . t . y ., , . + - - - - - 1 + + — - - 2 2 — - 2 1 1 4 5 0 9 0 0 4 0 4 3 1 0 6 4 + + + + + + + + - — - + - 1 2 2 1 1 1 9 2 5 8 6 4 4 2 2 6 7 0 9 + + + + + + + + + + + + 3 2 1 1 1 1 2 1 1 5 3 3 0 3 4 6 5 9 3 0 3 1 , P V B B W E T S S S S S Y S o a a t p a a o e e v a a N o a n l n c r l o i l a e k t l l s c l t o a t k l t i r e i e l a k a J n t m m m e L a a j l o t a o g n t n e o a R a W a t s p n h e d . k n e a a o a . d e . n a m s l a d l C a N i . t . y a .. r . . + + + - + + + + + + + + 1 1 1 1 2 2 4 1 9 9 6 5 4 4 5 6 6 2 0 0 + + + + + + + + + + + + + 1 2 4 2 2 4 3 1 1 4 9 9 7 2 7 7 1 8 2 1 8 1 + + + + + + + + + + + + + + 2 1 3 1 5 2 1 1 2 2 3 1 3 2 7 7 0 0 6 2 2 9 5 2 6 8 3 r Revised. * Not available. 706 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 l i r e d o a e d t s u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s c C a a l h l s l e i m e a d n i d - 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 products 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 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73*6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941. . 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78.6 89.0 77.1 February 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 106.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 July . 88.8 85.8 84.7 89.7 109.4 86.2 78.5 98.5 103.1 85.2 94.4 82.0 August 90.3 87.4 87.2 90.8 110.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September . ... 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October 92.4 90.0 88.9 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 1942—January. 96.0 100.8 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February . 96.7 101.3 94.6 94.9 115.3 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 April p98.7 104.5 98.7 P95.6 119.2 97.7 77.7 *>103.8 110.2 97.1 102.8 90.3 May 104.4 98.9 118.8 98.0 78.0 110.1 97.3 102.9 90.5 Week ending 1942—February 7 95.7 100.1 93.7 94.5 115.8 93.5 78.4 103.6 109.4 96.6 102.9 88.2 February 14 .... 96.2 100.7 94.0 94.9 116.1 93.6 78.7 103.6 109.8 96.9 104.0 89.0 February 21 96.5 101.9 94.8 94.8 116.1 93.7 78.5 103.6 109.7 96.9 104.1 89.1 February 28 96.8 102.0 95.5 95.0 116.3 94.9 78.4 103.7 109.9 97.1 104.1 89.1 March 7 96.9 101.5 95.8 95.1 116.4 95.1 78.5 103.7 109.9 97.1 104.1 89.2 March 14 97.1 102.3 95.8 95.2 116.4 95.9 78.2 103.7 110.2 97.1 104.1 89.4 March 21 97.2 103.1 95.5 95.3 116.6 95.9 78.2 103.7 110.4 97.1 104.1 89.7 March 28 97.4 103.4 95.9 95.3 117.6 95.9 78.1 103.7 110.6 97.1 104.1 89.7 April 4 97.9 104.2 97.2 95.6 118.1 97.0 78.3 103.8 110.5 97.1 104.3 89.6 April 11 98.1 104.6 97.0 95.6 119.8 97.1 77.9 103.9 110.5 97.1 104.3 89.7 April 18 98.3 105.2 98.6 95.5 119.8 97.0 78.1 103.9 108.8 - 97.1 104.4 89.6 April 25. 98.6 104.8 99.6 95.6 119.8 97.0 78.5 103.9 108.8 97.1 104.4 90.0 May 2 98.7 104.8 99.9 95.6 120.0 97.2 78.6 103.9 108.7 97.1 104.6 89.6 May 9 98.6 104.0 99.3 95.8 120.2 97.3 78.7 103.9 110.0 97.3 104.6 89.9 May 16 ., 104.3 98.2 ?95.9 119.8 97.3 78.8 ^104.0 110.1 97.3 104.6 90.2 May 23 „ 2*98.7 104.8 C9.1 *95.9 119.2 97.2 78.9 ^104.0 110.0 97.3 104.6 90.2 May 30 *>98.8 106.0 99.4 ?95.9 119.0 97.2 78.9 109.9 97.3 104.5 90.1 June 6 ^98.7 105.6 99.7 *>95.9 L18.8 97.2 78.9 ^104 0 109.9 97.2 104.5 90.0 June 13 104.3 99.5 p95.9 L18.9 97.2 78.9 ^104 0 109.9 97.2 104.5 89.9 June 20 ^98.1 104.5 98.4 ?95.9 118.9 97.3 79.0 ^104.0 109.9 97.2 104.5 90.0 1941 1942 1941 1942 Subgroups Subgroups May Feb. Miir. Api May May Feb. Mar. Apr. May Farm Products: ,. Metals and Metal Products: Grains 74.5 95.3 93 8 91 92.2 Agricultural implements... 92.4 96.9 96.9 96.9 96.9 Livestock and poultry 88.0 109.3 113.8 118.3 117.6 Farm machinery 93.5 98.0 98.0 98.0 98.0 69 5 97.4 97.9 99.0 99.0 Iron and steel 96.1 97.0 97.1 97.1 97.2 Foods: Motor vehicles.. 100.2 112.4 112.7 Dairy products 81.6 95.0 94.3 94 1 93.5 Nonferrous metaIs 84.4 85.6 85.6 85.'6 85.6 Cereal products 78.2 91.1 90.6 90. 89.0 83.0 97.9 98.2 98.5 98.5 Fruits and vegetables 64.0 85.2 8'r 7 97 7 96.7 Building Materials: Meats 87.2 104.0 109.2 11? 8 114.8 Brick 91.9 97.0 97.1 98.0 98.0 Other foods 76 9 89.4 89.1 90.4 90.6 Cement 91.5 93.4 93.6 94.1 94.2 Hides and Leather Products: Lumber 116.8 132.7 133.1 131.8 131.5 Shoes 110.1 121.8 124.3 1?,6.7 126.6 Paint and Daint materials.. 89.3 99.9 100.8 100.6 100.6 Hides and skins 110.3 115.5 116.6 121.4 Plumbing and heatine 83.0 97.9 98.2 98.5 98.5 Leather 96 9 101.4 10 101.•^ 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 101.7 113.5 113.6 115.2 115.2 Other building rr 96.3 103.5 103.8 103.8 103.8 Textile Products: Chemicals and AlliedProducts: Clothing 90.9 105.3 106.6 1078 109.6 Chemicals 86.8 96.3 96.4 96.4 96.5 Cotton goods 91.0 111.4 112.6 1138 112.9 Drugs and Pharmaceuticals 98.7 126.5 126.5 126.7 129.2 61 3 69 6 69 8 706 71.9 Fertilizer materials 71.1 79.3 79.5 79.2 79.0 Silk Mixed fertilizers 73.2 82.7 82.8 82.8 82.8 Rayon 29.5 30.3 30.3 30 30.3 Oils and fats. .. 80.6 108.2 108.8 108.8 108.6 Woolen and worsted goods 94.1 104.3 108.7 1110 111.0 Housefurnishing Goods: Other textile products 92 0 98.1 98.2 98. 98.3 Furnishiners 98.0 107.4 107.7 108.0 108.1 Fuel and Lighting Materials: Furniture 84.3 97.4 97.4 97.5 97.5 Anthracite 80.7 85.3 85.2 83 7 85.3 Miscellantwus: Bituminous coal 102 9 108.4 108.4 108. 108.5 Auto 58.8 71.0 71.0 72.5 73.0 Coke 120 4 122.1 122.1 1?? 1 122.1 Cattle feed 81.8 132.8 137.7 140.4 140.4 Electricity 67.7 67.6 65.3 r Paper and pulp. 96.7 102.9 102.9 102.9 102.8 Gas 80.1 77.0 77.1 "78 Rubber, crude.. 49.8 46.3 46.3 46.3 46.3 Petroleum products 55.3 58.9 58.3 58.4 59.1 Other miscellaneous 85.6 92.9 93.3 93.4 93.5 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). P Preliminary. JULY 1941 707 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 1942 1942 Chart Chart book book page May May June June June page Mar. Apr. May 20 27 3 10 17 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 2.43 2.61 Reserve Bank credit, total .. 3 2.58 2.72 2.71 B U i . l l S s . d G is o c v o ' u t n s t e e c d urities 2. . 2 0 5 1 2. . 2 0 8 1 2. . 4 0 6 1 T M N T T G r r r o o o e e e l n n a a a d U m e s s s y u u u s . e t t r r r i m o S y y y i e W W n A c . s b k , c c d f G e i i c t a u t t r e t e i h h o o s r r p r h i r i c d v t o n n e a u e ' 5 s t n l h l p i 5 1 a c y o t s o s y t r l e y y s i d s o c i r r i t s u n n s r g i s ti es, , b y maturi- , , . . 3, 1 5 5 5 3 5 3 3 3 3 1 2 1 2 3 2 2 1 1 1 . . . . . . . . . . 4 7 4 1 3 4 8 2 9 3 1 4 3 9 0 8 9 8 7 0 2 1 2 3 2 2 1 1 1 1 . . . . . . . . . . 0 4 7 4 4 3 2 9 3 2 1 1 9 3 8 7 0 0 2 4 2 1 2 3 2 2 1 1 1 2 . . . . . . . . . . 5 3 0 1 3 4 7 1 1 3 3 1 5 9 6 2 8 4 1 6 2 1 2 3 2 2 1 1 1 2 . . . . . . . . . . 3 2 3 5 0 4 7 1 3 0 1 1 3 7 9 8 2 8 9 9 2 1 3 2 2 1 1 1 2 2 . . . . . . . . . . 1 4 2 3 1 5 7 1 4 2 3 5 8 1 9 8 3 6 9 1 M M T T E R R G x r r e e o o o e e c s q l n n a a d e e u B C e e s s s r i y y u u v s s i o r l t e e r r i l o r i i y y n s d n n e c b s s k o c d a r e c c a f e a l e r i i a n s s p r v r $ n e h d c c o e 5 r c u u s s 0 v e b l l i e a s a t i a s s l t t n l i i s o o d n n u o , n v d t e o e r t r a l $50 2, 2 1 1 1 3 9 2 3 8 1 2 2 1 . . . . . . . . . . 6 1 1 1 5 4 8 7 5 2 1 8 7 7 5 3 0 0 7 4 2 1 1 1 2 9 3 2 8 1 2 2 1 . . . . . . . . . . 7 1 6 6 5 6 9 2 7 2 5 0 8 8 5 6 7 5 0 0 2 1 1 1 9 3 2 8 2 2 1 2 2 . . . . . . . . . . 1 8 8 2 6 9 7 3 5 0 9 4 4 4 7 0 1 2 1 7 Member bank reserves 3 12.49 12.47 12.65 12.63 12.71 TREASURY FINANCE Exce N R C C ss e e o h w s u i r e c e n r a s Y t v g r e e y o r o v r . c k b . e i . a s ty C — n k i b t t s y o a * t n a k l* s .. « » ~ . 9 9 9 9 9 2 1 . . . . . 1 5 7 1 5 5 6 5 3 3 2 1 . . . . . 5 1 7 1 5 6 6 7 1 2 P P 2 1 . . . . . 2 6 1 5 8 8 2 1 1 4 P P 2 1 . . . . . 8 7 3 5 0 3 5 2 3 7 P P 1 2 . . . . . 2 8 8 6 1 8 7 8 3 0 U. S D . G ire o B N B c v t i o e o l n r l t o s n e d b s m s li e g n a t t io d n e s b , t: total : 1 1 1 1 9 9 9 9 6 44 8 1 1 . . . . 1 8 6 9 1 5 5 4 4 6 7 5 8 4 3 . . . . 3 3 4 5 1 6 6 0 4 6 73 8 8 8 . . . . 6 7 1 1 7 6 6 1 MEMBER BANKS Special issues 19 7.33 7.36 7.52 Guaranteed obligations 19 5.67 5.67 5.67 Total, 101 cities: Loans and investments 16 31.89 31.73 31.68 31.74 31.68 D Ba e l m an a c n e d s d d e u p e o s to it s d o ad m j e u s s t t i e c d banks.... 1 1 6 6 2 8 5 . . 7 4 7 0 2 8 5 . . 9 5 1 1 2 9 5 . . 1 4 8 8 2 9 6 . . 0 0 8 2 2 9 6 . . 3 0 1 6 MONEY RATES, ETC. Per cent per annum N 10 e 0 w T B U c C i Y i r o . t m i o o m e S k e r s . m k e G d o r e s e u C r o ' p c t i v s l i o t o a i ' y t s d l a : i e n o t l s s o b N a li e n g w s a ti Y on o s r k: 1 1 1 1 6 7 7 7 5 2 7 . . . . 1 6 6 3 1 8 0 9 5 2 7 . . . . 6 1 5 4 3 0 8 1 5 2 7 . . . . 0 6 5 4 9 3 9 1 5 2 7 . . . . 0 6 6 3 9 0 0 6 5 2 7 . . . . 5 1 6 3 5 1 0 2 F T T U C . r r . o r e e R m a S a a t . . s s m e u u B , G e r r N a y r y o c n v . . i k b . n a ' Y t i l o l d b l t p s i e o s a s n c p ( d n o e ( s e u r t 3 w a n . x t i a s b su le e ) s . ) . . . 2 2 2 2 2 5 3 3 9 3 0 0 2 1 . . . . . 2 0 9 0 6 1 0 3 0 3 2 0 0 1 1 . . . . .6 2 9 9 0 9 3 8 8 0 9 0 1 1 1 . . . . . 9 0 0 3 6 7 3 0 6 3 4 U Co . m S. m G er o c v ia 't l o lo b a li n g s a tions 1 1 7 7 4 9. . 5 0 3 2 3 9 . . 9 5 8 5 3 9 . . 9 6 5 0 3 9. . 7 9 5 5 9 3 . .9 8 5 1 C C o o r r p p o o r r a a t t e e B A a a a a b bo o n n d d s s ,. .„ 25, 2 2 9 9 4 2 . . 3 8 0 6 4 2 . . 2 8 6 3 4 2 . . 2 8 7 5 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39=100): Treasury bills (new issues) , 21 0.365 0.365 0.3660.365 0362 T In o d t u al s trial .......:...., 3 3 1 1 6 6 6 7. . 2 0 6 6 4 3 . . 8 3 6 64 3 . . 7 2 Treasury notes (taxable) 21 1.04 1.03 31.08 1.17 1.17 Railroad 31 65.0 61.1 60.3 U. S. Gov't bonds3 21,29 1.96 1.94 1.94 1.94 4200 Public utility 31 60.5 56.5 57.2 Corporate Aaa bonds...' 29 2.85 2.85 2.85 2.86 284 Volume of trading (mill, shares)... 31 .36 .34 .32 Corporate Baa bonds 29 4.28 4.29 4.31 4.33 433 Brokers' balances (mill, dollars): Credit extended customers.... 33 531 515 502 Money borrowed 33 306 300 300 In unit indicated Customers' free credit balances 33 249 247 238 Stock prices BUSINESS CONDITIONS (1935-39 = 100): Total 31 63.0 64.8 65.3 66.5 67.4 Wholesale prices: Volu P I R m n u a d e b i u l l r o i s o c f t a r u d i t a r t a l i l d i i t n y g (mill, sha , r es) 3 3 3 3 1 1 1 1 5 5 6 7 9 4 . . . . 6 4 4 39 5 6 6 8 0 6 . . . . 5 6 4 31 5 5 6 9 8 7 . . . . 6 4 2 40 5 6 5 9 9 8 . . . . 1 9 4 31 5 5 6 9 9 9 . . . . 4 7 0 32 All com T O Fa o m th r t m a o e l r d s s i p ti r e o s d u (1 c 9 t 2 s 6 .. = 100): 35, 6 3 3 5 5 5 1 9 9 0 7 5 2 . . . 6 2 8 * ^ 1 > 9 0 9 5 4 8 . . . 6 5 7 ^ 1 9 0 5 4 . . 7 4 Industrial commodities Who A le l s l a c l T e o B o m U p t S a m r I i l N c o e E d s S i : t S i es C O ( N 1 D 9 I 2 T 6 I = O 1 N 0 S 0): 35 *>98.7 P98.8 P98.7 P98.4 P98.1 (A T F R u i o a g n w t . i a s 1 l h a 9 e n 3 d d 9 s = e m 1 i 0 f 0 in ): ished „.... 3 3 3 7 7 7 1 1 1 2 3 1 1 0 6 . . . 1 5 4 r ' 1 1 1 2 3 1 1 1 6 . . . 1 6 9 1 1 1 3 2 1 1 1 7 . . . 8 1 1 Farm products 35 104.8 106.0 105.6 104.3 104.5 Cost of living (1935-39 = 100): Others 35 P95.9 P95.9 P95.9 P95.9 P95.9 All items 39 114.3 115.1 116.0 Basic commodities Rent 39 108.9 109.1 109.7 (Aug. 1939 = 100), total 36 166.9 166.7 165.9 166.5 166.8 Clothing 39 123.6 126.9 126.5 12 foodstuffs 36 187.3 186.7 185.2 185.6 185.6 Food 39 118.6 119.6 121.6 16 industrial materials 36 152.9 153.0 152.6 153.4 153.9 Steel production • Estimated. p Preliminary. r Revised. (per cent of capacity) 44 99.2 99.6 99.3 99.3 98.3 1 Figures for other than Wednesday dates are shown under the Automobile production (thous. cars)6.. 44 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Number of issues increased from 2 to 3 on June 5. Total 45 837.7 795.8 854.7 832.7 844.9 3 Partially tax-exempt issues only. Miscellaneous # 45 378.3 363.8 385.4 377.2 379.8 4 Number of issues decreased from 5 to 4 on June 15. Electric power production (mill. kw. 6 Other than farm products and foods. hrs.) 46 3,380 3,323 3,372 3,464 3,434 6 Data no longer published. Department store sales (1935-39 = 100) 46 114 95 135 117 P6 7 Including certificates of indebtedness. F.H.A. home mortgages, new constr. 8 Estimate for June is shown on page 707. (thous.) 47 3.59 3.85 3.71 3.34 2.96 • Copies of this Chart Book may be obtained at a price of 50 cents each. 708 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 1942 Chart 1942 book book page Mar. | Apr. | May page Mar. | Apr. | May MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:! 2 3 Wholesale prices: Total (1935-39 = 100) ,. .41, 42 171 173 PI 76 Canada ,. 65 95.1 95.0 Dura I b ro le n m an a d n u s f t a e c e t l u res >.. 4 4 2 1 8 2 7 2 8 2 8 2 m J G a e p r a m n a 6 n y^ ,..„....., 6 6 5 5 P&S Machinery, etc 42 49 51 P53 Sweden ..'....«„. 65 146.2 p147.8 PU&.6 Other durable 42 16 16 P16 Switzerland 65 143,5 Nondurable manufactures 41 65 65 P65 United Kingdom 65 128.2 128^8* PU9.7 Textiles and leather 42 20 21 P20 P F 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 1 1 1 9 3 4 1 1 1 8 4 2 * P P > \ 1 1 2 4 8 In fo r c e e i n g t n s p c e u r r r u e n n i c t y of Minerals 41, 42 19 20 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 87.67 87.17 88.56 New orders, total (Jan. 1939 =100). 43 274 292 United Kingdom (pound) 67 403.48 403.50 403.50 Durable 43 427 449 Nondurable 43 176 192 Shipments, total (1939 = 100) 43 199 200 1942 Durable 43 235 239 Nondurable 43 171 168 Inventories, total (1939 = 100) .... 43 166 167 Jan. Feb. Mar. Durable 43 183 187 Nondurable 43 150 150 In billions of dollars Freight-car loadings:! 2 Total (1935-39 - 100)3 57 136 143 143 Increase in U. S. gold stock:* Coal 57 25.9 34.1 34.8 Total 63 15.73 15.68 15.67 Miscellaneous 57 78.4 77.1 77.7 Net capital inflow: All other 57 32.0 r32.0 30.2 Total 62, 63 5.57 5.48 5.49 Inflow of foreign capital 62 3.47 3.37 3.37 1923-25=100 Merc R h e a t n u d rn is e o f e x d p o o m rt e s s t u ic r p c lu a s p ital 6 6 3 2 P 2 6 . . 0 3 0 9 p6 2 . . 8 0 4 1 p7 2 . . 6 0 3 1 Other factors 63 p3.76 p3.36 P2.54 Factory employment 51, 53 135.0 136.1 Short-term foreign liabilities and Factory payrolls. -., 51, 53 182.8 186.6 2.6 assets of banks: Average hourly earnings Due to foreigners 64 3.40 3.30 3.32 (cents per hour) 51 80.9 81.9 Due from foreigners 64 .36 .35 .34 Average hours worked Net due to foreigners.............. 64 3.04 2.95 2.99 (hours per week) 51 42.5 42.4 D D e e p p a a r r t t m m e e n n t t s s t t o o r r e e s s t a o le c s k 1 s ! 5 5 9 9 1 1 0 2 8 4 1 1 1 1 7 7 108 1941 1942 In millions of dollars July- Oct.- Wan.- Sept. Dec. Residential contracts awarded:1 Total 47 206 143 137 QUARTERLY FIGURES In billions of dollars Public 47 115 51 76 Private, total . 47 91 92 61 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 82 85 50 Cash income 18 2.55 2.86 5.55 Other 47 9 7 11 Cash outgo 18 5.31 7.19 9.04 Construction contracts awarded:* Excess of cash outgo 18 2.76 4.33 3.49 Total 49 512 524 P496 Domestic corporation security issues: Residential 49 174 151 p129 Total 32 73 .44 .36 Non O ag t r h i e c r u ltural employment! 49 338 373 *368 N R e e w fu nding..., 3 3 2 2 #4 3 1 2 . .1 2 9 5 . .1 2 4 2 (mill, persons): Total ,,.. 50 40.94 40.97 p41.08 Manufacturing and mining 50 13.67 13.77 2*13.88 Per cent per annum Trade 50 6.81 6.69 P6.70 Government 50 4.67 4.75 P4.80 Bank rates on customers' loans: Transportation and utilities 50 3.33 3.36 P3.39 Total, 19 cities 25 2.60 2.41 2.48 Construction 50 2.06 2.00 P1.91 New York City 27 1.98 1.88 1.85 Income payments:! 7 other Northern and Eastern Total 54 8,878 9,052 cities 27 2.62 2.45 2.48 Salaries and wages 54 6,004 6,128 11 Southern and Western cities.... 27 3.29 2.99 3.20 Other. 54 2,874 2,924 Cash farm income: p Preliminary. r Revised. Total 55 901 982 Pi,025 1 Adjusted for seasonal variation. Crops 55 260 262 P254 2 In points in total index. Livestock and products 55 641 720 P734 3 Estimate for June is shown on pa 695. Gov't payments 55 ^37 4 Three-month moving average, adj ;ted for seasonal variation. Exports and imports: 6 Back figures for Oct., Nov., and : ;c, 1941, *>84; Jan., and Feb., 1942, Exports 61 P609 P682 PS5. I E m xc p e o s r s t s o f exports 6 6 1 1 P P 3 2 3 1 6 2 *>448 P1 6 4 8 B .8 a . ck figures for 1941: Nov. P143.6; Dec.p146.6; 1942: Jan. PUS A; Feb. 7 Cumulated from Jan. 31, 1934. JULY 1941 709 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] Chart 1939 1940 1941 1942 book page 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 «80.00 Demand deposits adjusted... „ 12 27.35 29.09 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 e40.00 Time deposits „ „. 12 26.80 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2C Currency outside banks .. 12 6.01 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 e10.40 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 «62.00 Loans „., 13 21.32 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.19 26.62 e26.30 Investments 13 28.30 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 m. 70 MEMBER BANKS Investments, total .. . ...,..,., (*) 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 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 Guaranteed 14 2.83 2.92 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.U 2.69 2.90 2.89 3.01 .3.21 2.98 3.16 3.09 3.17 Other domestic securities 14 2.94 2.77 2.70 2.80 2.72 2.73 (2) Loan F s o , re to ig ta n l securities .. „ C 14 1) 13. . 1 19 4 13. ( 4 2) 7 13. . 9 19 6 13. ( 9 2) 4 13. . 9 17 7 15. . 3 17 2 15. ( 8 2 8 ) 16 . . 1 7 5 3 17I.55 18. . 0 14 2 17.83 Commercial loans (incl. open-market paper) 15 5.99 0 6.57 8 6.72 7.52 8 8.55 9.64 (2) Street loans (brokers' loans) 15 .56 S .61 .32 .47 .42 .41 Other security loans** 15 .91 .88 8 .80 .83 8 .79 .78 (2) Real estate loans 15 2.83 2.96 3.07 3.23 3.37 3.49 Si AH oth^r loans., C1) 2.85 2.94 3.06 3.27 3.61 3.69 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS ........ Total direct and guaranteed obligations outstanding.....: ft 45.34 47.07 47.87 50.36 54.75 63.77 Amount held by: U. S. Government agencies and trust funds: Public issues .. 20 2.14 2.32 2.29 2.25 2.36 2.55 Special issues 20 3.77 4.23 4.77 5.37 6.12 6.98 Federal Reserve Banks 20 2.55 2.48 2.47 2.18 2.18 2.25 Commercial banks .. „. . 20 15.70 16.30 16.55 17.76 20 10 21 79 Mutual savings banks . ., 20 3.04 3.10 3.11 3.22 3.43 3 70 Insurance companies 20 5.90 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 e Estimated. * Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Includes only loans made for the purpose of purchasing or carrying securities. 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1941 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] Item All member banks1 n m a b e t a A m i n o l b k l n s e a r l m b S e A a t m n a ll k b te s er N c e i w t C y e Y m n o t e r r m a k l b r e e C r s h e b i r a c v a n e g k o s m R b e e c a m s i n e ty k b rv s e e r C m b o e a u m n n b k t e r s y r 1938 1940 1941 Year 1941 Earnings—total 1,274,354 1,295,856 1,323,049 1,416,866 922,949 493,917 276,614 68,616 522,518 549,118 Interest and discount on loans 543,705 560,460 595,411 665,152 456,067 209,085 91,173 21,706 255,132 297,141 Interest and dividends on securities.. 448,136 444,145 431,233 445,281 291,162 154,119 110,461 30,433 156,494 147,893 Collection charges, comm's, fees, etc.. 30,441 31,999 33,292 37,799 26,025 11,774 5,865 2,052 14,849 15,033 Foreign department 10,076 11,784 11,347 9,275 5,933 3,342 6,178 350 2,410 337 Trust department 89,631 91,009 92,320 93,116 33,320 59,796 34,421 8,804 32,185 17,706 Service charges on deposit accounts... 50,553 54,441 59,262 64,869 44,161 20,708 8,105 861 24,215 31,688 Rent received 83,976 82,998 81,318 82,070 52,419 29,651 13,718 4,002 30,335 34,015 Other current earnings 17,836 19,020 18,866 19,304 13,862 5,442 6,693 408 6,898 5,305 Expenses—total 890,036 894,755 921,021 987,917 639,875 348,042 183,808 45,978 366,192 391,939 Salaries—officers 146,491 150,144 155,466 163,264 108,395 54,869 26,265 6,139 51,509 79,351 Salaries and wages—others 233,415 237,788 244,834 262,639 162,869 99,770 60,545 13,797 107,767 80,530 Directors' and comm. members' fees.. 7,234 7,538 7,690 8,169 5,565 2,604 941 102 1,662 5,464 Interest on time deposits 171,046 159,094 147,470 139,930 98,708 41,222 3,662 4,918 51,718 79,632 Interest on borrowed money 287 165 124 124 77 47 28 12 84 Real estate taxes 34,601 34,875 34,475 32,703 20,524 12,179 6,844 1,067 10,616 14,176 Other taxes 47,691 50,555 65,927 96,264 64,444 31,820 19,988 5,395 39,493 31,388 Other current expenses 249,271 254,596 265,035 284,824 179,293 105,531 65,535 14,560 103,415 101,314 Net current earnings 384,318 401,101 402,028 428,949 283,074 145,875 92,806 22,638 156,326 157,179 Recoveries, profits on securities, etc. 279,211 326,555 302,750 278,339 186,672 91,667 68,330 20,383 96,504 93,122 Recoveries on loans 44,928 54,617 55,294 58,905 43,608 15,297 12,778 3,974 20,307 21,846 Recoveries on securities 53,926 56,103 63,819 63,989 48,154 15,835 17,112 3,239 22,913 20,725 Profits on securities sold 152,577 189,741 159,141 128,956 79,951 49,005 35,037 11,397 43,177 39,345 All other 27,780 26,094 24,496 26,489 14,959 11,530 3,403 1,773 10,107 11,206 Losses and depreciation—total 398,065 380,179 355,669 317,525 201,247 116,278 63,005 14,057 112,961 127,502 On loans 121,903 108,137 90,408 83,590 51,868 31,722 16,795 2,791 ' 30,133 33,871 On securities 181,982 179,566 163,958 137,731 92,095 45,636 32,653 8,539 45,887 50,652 On banking house and equipment 42,097 37,983 45,473 47,573 33,796 13,777 7,207 786 18,435 21,145 All other 52,083 54,493 55,830 48,631 23,488 25,143 6,350 1,941 18,506 21,834 Net profits 265,464 347,477 349,109 389,763 268,499 121,264 98,131 28,964 139,869 122,799 Cash dividends declared—total 198,285 207,026 210,480 210,618 132,296 78,322 69,002 10,735 73,704 57,177 On preferred stock2 14,460 13,679 12,728 12,745 7,811 4,934 886 64 5,184 6,611 On common stock 183,825 193,347 197,752 197,873 124,485 73,388 68,116 10,671 68,520 50,566 V Loans 13,317,000 13,366,000 14,298,000 16,699,00010,895,000 5,804,000 3,735,000 839,000 6,512,000 5,613,000 Securities 18,221,000 19,391,000 20,623,000 23,747,00014,789,000 8,959,000 8,450,000 1,774,000 7,579,000 5,944,000 Real estate assets 1,330,000 1,384,000 1,303,000 1,229,000 748,000 480,000 235,000 23,000 474,000 498,000 Cash assets 14,197,000 17,674,000 21,484,000 23,062,00014,782,000 8,280,000 7,223,000 1,529,000 8,378,000 5,932,000 Total assets 47,407,000 52,129,000 58,025,000 65,044,00041,373,000 23,671,00019,757,000 4,182,000 23,044,000 18,061,000 Time deposits 11,529,00011,685,00012,055,00012,458,000 8,456,000 4,002,000 828,000 496,000 4,895,000 6,240,000 Total deposits 41,505,000 46,135,000 51,919,000 58,717,00037,438,000 21,279,00017,825,000 3,888,000 2U0),, 996655,,000000 1166,!039,000 Total capital accounts 5,385,000 5,488,000 5,597,000 5,798,000 3,588,000 2,209,000 1,629,000 277,000 1,935,000 1,956,000 Number of officers 33,176 34,172 35,369 36,476 26,571 9,905 2,399 549 8,263 25,265 Number of employees 154,039 158,137 163,783 176,466 112,753 63,713 34,324 8,482 70,673 62,987 Number of banks 6,338 6,362 6,486 6,619 5,117 1,502 36 13 351 6,219 1 Totals for 1941 are for all member banks submitting annual reports of earnings, expenses, and dividends, plus 17 national banks reporting for the first half of the year only. Prior years' totals represent the totals of the two semi-annual reports, including all banks reporting for either or both six-months periods. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final call date in the preceding year. The number of officers and employees and number of banks are as of the end of the year. Real estate assets are comprised of banking house and equipment, other real estate owned, and (beginning with December 1938) items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. JULY 1941 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i 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 a ' s Dallas F c S i r s a a c n n o - Earnings—total 85,214 392,406 108,438 126,487 65,173 61,816 183,699 51,168 38,570 57,647 53,716 192,532 Interest and discount on loans.... 40,822 147,899 45,660 57,265 35,669 33,212 76,934 27,441 19,358 32,813 33,067 115,012 Interest and dividends on securities 22,668 145,946 40,297 44,518 17,346 14,858 66,666 14,231 10,266 12,946 10,350 45,189 Collection charges, comm's, fees, etc 1,015 7,596 1,092 2,036 1, 3,269 6,481 2,293 3,455 1,503 1,618 5,546 Foreign department 765 6,28r 351 219 32 162 533 33 32 6 8 852 Trust department 7,443 38,822 10,224 7,665 3,030 2,348 11,54! 1,508 1,139 1,599 799 6,992 Service charges on deposit accounts 4,399 15,505 2,869 5,230 3,366 3,234 9,849 2,095 1,770 4,031 3,109 9,412 Rent received 5,610 22,42" 7,171 8,299 3,398 4,31" 9,926 2,397 1,821 4,189 4,395 8,125 Other current earnings 2,492 7,929 774 1,255 43 421 1,763 1,170 729 560 370 1,404 Expenses—total 59,515 267,978 72,768 89,643 46,841 42,918 130,51( 36,057 27,606 39,972 37,367 136,733 Salaries—officers 10,464 40,997 11,239 12,978 8,219 7,410 20,978 7,051 5,952 9,526 8,621 19,829 Salaries and wages—-other 15,629 80,605 17,595 21,586 10,895 10,10: 35,268 8,446 6,052 9,034 8,098 39,329 Directors' and comm. members' fees 723 2,03: 1,172 716 497 358 821 359 311 363 347 470 Interest on time deposits 8,035 19,596 13,129 17,028 9,121 5,570 21,304 5,088 4,450 3,858 2,552 30,199 Interest on borrowed money 4 44 8 10 11 11 14 13 1 Real estate taxes ". 2,429 11,240 2,731 2,448 1,785 2,967 1,010 728 1,083 2,245 2,864 Other taxes 4,862 23,603 7,483 12,431 4,838 4,471 11,554 3,65! 2,060 3,928 4,543 12,834 Other current expenses 17,369 89,861 19,411 22,446 12,096 13,211 37,616 10,443 8,050 12,166 10,948 31,207 Net current earnings 25,699 124,428 35,670 36,844 18,332 18,898 53,180 15,111 10,964 17,675 16,34' 55,799 Recoveries, profits on securities, etc 13,870 96,099 20,500 22,157 11,915 9,407 43,034 8,974 6,923 10,888 6,905 27,667 Recoveries on loans 2,942 17,551 3,070 4,374 2,105 1,451 7,630 1,700 2,460 3,039 2,873 9,710 Recoveries on securities 2,708 22,452 4,409 5,824 4,043 2,257 8,772 2,824 1,893 3,736 1,023 4,048 Profits on securities sold 6,697 50,144 9,918 9,614 4,236 4,779 21,394 3,343 1,682 3,030 1,953 12,166 All other 1,523 5,952 3,103 2,345 1,531 920 5,238 1,107 888 1,083 1,056 1,743 Losses and depreciation—total.. 18,928 100,528 44,003 27,498 12,288 10,607 31,817 9,559 6,631 10,44: 8,273 36,946 On loans 6,582 27,446 13,340 4,653 1,867 2,409 5,496 1,84: 1,340 2,484 2,715 13,416 On securities 6,927 48,305 14,993 13,561 6,659 4,442 18,092 5,089 2,908 4,684 2,236 9,835 On banking house and equipment 2,765 11,184 4,750 5,333 2,293 1,877 3,974 1,406 1,433 2,329 2,324 7,905 All other 2,654 13,593 10,920 3,951 1,469 1,879 4,255 1,222 950 950 998 5,790 Net profits 20,641 119,999 12,167 31,503 17,959 17,698 64,397 14,526 11,256 18,116 14,981 46,520 Gash dividends declared—total. 12,697 78,811 17,235 14,327 8,420 7,091 21,081 6,704 4,414 7,420 7,606 24,812 On preferred stock2 588 3,346 1,081 1,422 410 614 1,786 352 176 216 281 2,413 On common stock 12,109 75,465 16,154 12,905 8,010 6,477 19,295 6,352 4,238 7,204 7,325 22,339 Loans 1,136,000 4,916,0001,085,0001,340,000 760,000 714,000 ,046,000 676,000 449,000 689,000 602,0002,285,000 Securities 1,035,000.0,034,0001,461,0001,879,000 777,000 625,' ,598,000 686,000 429,000 601,000 483,0002,138,000 Real estate assets.. 81,000 373,000 148,000 125,000 64,000 59,000 93,000 36,000 23,000 31,000 47,000 150,000 Cash assets 1,363,000 8,335,0001,368,0001,822,0001,078,000 935,0003,329,000 811,000 474,000 959,000 902,0001,686,000 Total assets.. 3,634,00023,816,0004,083,000 182,0002,686,0002,347,0009,096,0002,214,0001,381,0002,284,0002,037,0006,283,000 Time deposits 645,000 2,441,,0001,103,0001,468,000 622,000 432,000 ,017,000 432,000 368,000 318,000 240,0002,372,000 Total deposits 3,207,00021,448, 0003,577, ,570,1 ,442,0002,136, ,404,0002,026,000 ,248,0002,079,0001,849,000 ,730,000 Total capital accounts. 398,000 2,048,000 484,000 588,000 234,000 199,000 660,000 181,000 124,000 200,000 181,000 502,000 Number of officers 2,057 6,074 2,794 3,087 2,112 1,811 4,510 2,030 1,862 2,997 2,611 4,531 Number of employees.. 10,745 48,759 12,134 14,058 8,089 7,835 24,198 6,695 4,757 7,062 6,191 25,943 Number of banks... 347 673 447 317 899 437 741 573 277 For footnote see page 711. 711 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Earnings—total 31,934 12,753 44,862 70,500 27,124 30,282 50,679 25,604 13,304 28,345 24,404 162,727 Interest and discount on loans.. 5,661 6,249 14,792 Interest and dividends on se- 14,537 14,861 27,260 11,683 15,937 21,487 12,548 14,120 95,997 curities 3,911 3,799 7,104 Collection charges, comm's, 7,785 18,783 27,553 9,642 7,100 18,259 7,759 5,111 39,688 fees, etc 184 1,224 371 Foreign department 458 42 393 1,277 730 1,581 2,294 1,231 31 6 520 4,586 Trust department 656 465 337 185 30 67 176 33 915 1,362 842 R S O e e t c r h n v o e t i u r c n r e e c t s c u c e r h i r v e a e n r d g t e e s a r o n n i # n g d s eposit ac- 3 2 1 , , ,5 7 0 9 6 5 5 1 7 1,5 8 1 7 0 0 8 4 8 6 2 , , 9 2 9 3 5 7 4 1 6 8 4 0 6 4 2 , , , 1 8 7 5 2 2 3 3 5 4 7 9 1 1 1 , , , 8 3 7 1 3 4 1 4 5 3 5 6 2 1 1 , , , 4 6 3 1 0 2 9 6 9 9 2 7 4 2 1 , , , 4 3 0 7 1 0 4 0 2 9 1 1 1 1 , , 2 1 7 9 1 7 3 1 1 5 3 4 4 6 1 1 6 2 4 0 2 1 , , 6 3 66 8 66 2 2 2 1 , , 6 7 0 5 5 6 5 7 5 6 6 7 1 , , , , 3 2 0 8 8 7 5 9 3 5 7 9 Expenses—total 20,210 9,079 28,926 49,852 19,301 20,637 37,933 18,086 9,442 19,982 171 115,350 Salaries—officers 3,469 1,176 3,939 5,806 3,100 2,877 5,022 2,965 1,411 3,297 17,394 15,577 Salaries and wages—others 6,361 2,827 9,430 14,012 5,403 5,246 11,769 5,244 2,942 5,590 2,870 34,633 Directors' and comm. members' 4,310 fees 113 48 205 192 161 134 100 39 111 291 Interest on time deposits 799 1,156 1,677 6,936 2,601 1,844 6,444 1,512 757 1,270 1,203 25,519 Interest on borrowed money 1 1 1 4 1 4 Real estate taxes 736 ""691 868 1,394 569 899 740 493 199 520 1,112 2,395 Other taxes , 1,984 210 3,602 8,094 2,039 2,600 2,587 1,903 863 2,180 2,616 10,815 Other current expenses 6,747 2,971 9,204 13,418 5,428 7,036 11,179 5,868 3,231 7,010 5,203 26,120 Net current earnings 11,724 3,674 15,936 20.648 7,823 9,645 12,746 7,518 3,862 8,363 7,010 47,377 Recoveries, profits on securities, etc 3,380 3,142 10,594 13,867 7,009 3,623 11,199 5,473 2,839 6,917 3,630 24,831 Recoveries on loans 718 439 1,904 2,049 676 668 1,245 926 917 963 1,180 8,622 Recoveries on securities 303 343 1,575 3,999 3,191 473 3,227 1,870 850 3,026 516 3,540i Profits on securities sold 2,211 2,052 4,939 6,467 2,683 2,052 4,943 2,186 562 2,365 1,369 11,348; All other 148 308 2,176 1,352 459 430 1,784 491 510 563 565 1,321 Losses and depreciation—total. 5,825 5,541 17,397 15,380 7,108 4,572 7,030 5,488 1,960 6,300 3,912 32,448: On loans 3,246 1,907 5,216 2,317 429 1,337 804 891 287 846 1,029 11,824 O O n n b se a c n u k r i i n ti g e s h ouse and equ ; ipment 1,2 8 9 5 9 5 2,4 3 9 5 4 4 5 1 , , 5 10 7 7 3 2 7 , , 8 91 1 0 8 5, 9 1 6 0 1 3 1, 9 2 5 4 0 0 4 1 , ,1 0 8 2 9 2 3,3 5 4 79 1 1, 3 1 6 3 6 9 3 1 , ,1 7 5 9 6 9 1 1 , , 1 2 7 0 7 9 6 8, , 7 9 5 2 8 3 : All other 425 786 5,501 2,335 615 1,045 1,015 677 168 499 497 4,943 Net profits 9,279 1,275 9,133 19,135 7,724 8,696 16,915 7,503 4,741 8,980 6,728 39,760 Cash dividends declared—total.. 6,846 1,073 9,528 9,101 4,029 3,811 4,706 3,927 1,676 3,325 3,536 22,146 On preferred stock2 36 153 109 836 169 408 820 116 32 120 152 2,233 On common stock 6,810 920 9,419 8,265 3,860 3,403 3,886 3,811 1,644 3,205 3,384 19,913 Loans « 538,000 136,000 465,000 793,000 302,000 407,000 565,000 398,000 200,000 416,000 330,0001,964,000 Securities 367,000 175,000 707,0001,264,000 472,000 327,000 1,045,000 436,000 181,000 398,000 280,0001,924,000 Real estate assets 29,000 23,000 54,000 72,000 32,000 32,000 28,000 19,000 10,000 18,000 29,000 129,000 Cash assets , 745,000 128,000 819,000 1,263,000 574,000 495,000 1,038,000 509,000 232,000 650,000 516,000 1,408,000 Total assets ». 1,692,000 466,000 2,063,000 3,404,000 1,384,000 1,270,000 2,685,000 1,366,000626,000 1,486,000 1,157,0005,447,000 Time deposits ....«.«.. 81,000 148,000 222,000 733,000 233,000 180,000 682,000 175,000 84,000 157,000 133,0002,067,000 Total deposits •,. 1,497,000 421,000 1,858,000 3,009, ,278,1 ,165,000 2,497, ,265,000 568,1 ,370,000 1,063,000 4,975,000 Total capital accounts............. 176,000 43,000 188,000 376,000 102,000 97,000 178,000 96,000 51,000 112,000 90,000 426,000 Number of officers .......... 443 174 430 683 453 457 755 459 200 537 434 3,238 Number of employees. : 4,212 1,910 5,983 5,151 3,736 3,942 7,879 3,827 2,033 3,912 2,803 22,285 Number of banks 24 33 36 21 65 24 50 36 31 * Not including central reserve city banks. For other note see page 711. JULY 1941 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P el h p i h la i - a C l l a e n v d e- R m i 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 y F c S r is a a c n n o - Earnings—total., 53,280 103,039 63,576 55,987 38,049 31,534 64,404 25,564 25,266 29,302 29,312 29,805 Interest and discount on loans 26,285 51,065 30,799 30,005 23,986 17,275 33,741 14,893 13,109 18,021 18,947 19,015 Interest and dividends on securities, 14,883 31,574 21,514 16,965 7,704 7,758 17,974 6,472 6,467 5,842 5,239 5,501 Collection charges, comm's, fees, etc. 557 1,547 699 759 1,165 1,688 2,135 1,062 2,231 1,132 1,098 960 Foreign department , 109 62 14 34 2 95 7 1 3 10 Trust department 3,682 3,936 3,246 1,541 1,195 739 1,734 293 224 '""237 144 735 Service charges on deposit accounts. 3,314 6,596 1,925 2,693 2,023 1,905 4,576 1,364 1,358 2,369 2,052 1,513 Rent received 4,015 7,131 4,915 3,560 1,683 1,820 3,583 1,224 1,207 1,507 1,630 1,740 Other current earnings 435 1,128 464 430 291 254 654 256 669 194 199 331 Expenses—total 39,305 75,091 43,842 39,791 27,540 22,281 46,608 17,971 18,164 19,990 19,973 21,383 Salaries—officers 6.995 13,556 7,300 7,172 5,119 4,533 9,817 4,086 4,541 6,229 5,751 4,252 Salaries and wages—others 9,268 17,233 8,165 7,574 5,492 4,856 9,702 3,202 3,110 3,444 3,788 4,696 Directors' and comm. members' fees. 610 1,043 967 524 336 224 531 259 27: 252 267 179 Interest on time deposits 7,236 14,778 11,452 10,092 6,520 3,726 9,942 3,576 3,693 2,588 1,349 4,680 Interest on borrowed money 3 16 7 10 2 10 7 2 10 13 1 Real estate taxes 1,693 3,705 1,863 1,054 604 886 1,160 517 529 563 1,133 469 Other taxes 2,878 3,405 3,881 4,337 2,799 1,871 3,572 1,754 1,197 1,748 1,927 2,019 Other current expenses 10,622 21,355 10,207 9,028 6,668 6,175 11,877 4,575 4,819 57,156 5,745 5,087 Net current earnings 13,975 27,948 19,734 16,196 10,509 9,253 17,796 7,593 7,102 9,312 9,339 8,422 Recoveries, profits on securities, etc 10,490 24,627 9,906 8,290 4,906 5,784 11,452 3,501 4,084 3,971 3,275 2,836 Recoveries on loans 2,224 4,334 1,166 2,325 1,429 783 2,411 774 1,543 2,076 1,693 1,088 Recoveries on securities 2,405 4,997 2,834 1,825 852 1,784 2,306 954 1,043 710 507 508 Profits on securities sold 4,486 13,055 4,979 3,147 ,553 2,727 5,054 1,157 1,120 665 584 818 All other 1,375 2,241 927 993 ,072 490 1,681 616 378 520 491 422 Losses and depreciation—total 13,103 31,982 26,606 12,118 ,180 6,035 10,730 4,071 4,671 4,14! 4,361 4,498 On loans 3,336 8,744 8,124 2,336 ,438 1,072 1,901 951 1,053 1,638 1,686 1,592 On securities 5,628 13,158 9,420 5,651 ,556 3,202 5,531 1,748 1,769 885 1,027 1,077 On banking house and equipment... 1,910 3,623 3,643 2,515 ,332 927 1,999 827 1,06: 1,173 1,147 982 All other 2,229 6,457 5,419 1,616 854 834 1,299 545 782 451 501 847 Net profits 11,362 20,593 3,034 12,368 10,235 9,002 18,518 7,023 6,515 9,136 8,253 6,760 dash dividends declared—total 5,851 8,736 7,707 5,226 4,391 3,280 5,640 2,777 2,738 4,09! 4,070 2,666 On preferred stock2 552 2,307 972 586 241 206 902 236 144 96 129 240 On common stock. 5,299 6,429 6,735 4,640 4,150 3,074 4,738 2,541 2,594 3,999 3,941 2,426 L S o ec a u n r s it . i ; es : 5 6 9 6 8 8 , , 0 0 0 0 0 0 1 1 , ,4 0 0 4 9 5 , , 0 0 0 0 0 0 6 7 2 5 0 4 , , 0 0 0 0 0 0 6 5 1 4 5 8 , , 0 0 0 0 0 0 3 4 0 5 5 7 , , 0 0 0 0 0 0 2 3 9 0 8 8 , , 0 0 0 0 0 0 6 7 4 7 2 9 , ,0 0 0 0 0 0 2 2 5 7 0 9 , , 0 0 0 0 0 0 2 24 4 8 9 , , 0 0 0 0 0 0 2 2 0 7 3 3 , , 0 0 0 0 0 0 2 2 0 7 3 2 , , 0 0 0 0 0 0 3 2 2 1 2 4 , ,0 0 0 0 0 0 Real estate assets 52,000 116,000 94,000 52,000 32,000 27,000 42,000 17,000 14,000 13,000 17,000 21,000 Cash assets. - 618,000 983,000 548,000 560,000 504,000 440,000 763,000 302,000 241,000 308,000 386,000 278,000 Total assets 1,942,000 3,593,000 2,021,000 1,778,000 1,302,000 1,077,000 2,230,000848,000 755,000 798,000 880,000 836,000 Time deposits 564,0001,465,000 881,000 736,000 389,000 252,000 839,000 257,000 284,000 161,000 106,000 305,000 Total deposits 1,710,000 3,202,0001,720,000 1,561;000 1,164,000 972,0002,019,000 761,000 680,000 709 000 787,000 755,000 Total capital accounts 222,000 375,000 296,000 212,000 132,000 102,000 205,000 85,000 73,000 87,000 92,000 76,000 Number of officers 1,614 3,501 2,364 2,404 1,659 1,354 3,206 1,571 1,662 2,460 2,177 1,293 Number of employees 6,533 12,525 6,151 5,907 4,353 3,893 7,837 2,868 2,724 3,150 3,388 3,658 Number of banks 750 821 413 443 691 537 For footnote see page 711. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total* 100 and 100- 250- 500- 750- 1,000- 2,000- 5,000- Over Under 250 500 750 1,000 2,000 5,000 50,000 50,000 Earnings—total 1,413,26 198 2,38. 14,81 23,08" 23,061 80,799 130,75: 337,794 800,374 Interest and discount on loans 664,61S 68 1.74C 10,02' 15,01. 14,52: 48,35- 73,24! 171,331 330,315 Interest and dividends on securities 444,60: 33 34i 2,78! 4,74? 5,27: 20,49( 35,14! 89,86^ 285,904 Collection charges, commissions, fees, etc 37,733 11. 67- l,04C 94. 2,75( 3,481 9.14C 19,586 Foreign department 9,27< 2C 43* 8,821 Trust department 91,023 2( 54 421 2,25t 16,85 71,314 Service charges on deposit accounts 64,766 11 72. 1,21 1,201 4,698 8,42. 22.69C 25,699 Rent received 81,994 5C 45; 824 85; 3,35- 6,705 23,83 45,905 Other current earnings 19,250 131 22C 21 72 1,461 3,64! 12,830 2: Expenses—total 984,901 156 10,475 16,225 16,31! 57,163 93,853 245,056 543,978 Salaries—officers 162,630 35 1,679 3,705 5,04' 4,58: 14,04 19,096 41,31 74,097 Salaries and wages—others 261,712 70: 936 1,784 2,00: 8,979 18,312 61,65= 167,926 Directors' and committee members' fees 8,143 n. 204 33. 35C 1,058 1,562 2,315 2,292 Interest on time deposits 139,738 2S 1,933 3,41? 3,82. 13,190 21,134 41,58' 54,442 Interest on borrowed money 118 20? 10 1 20 50 8 Real estate taxes 32,672 56 28* 468 44! 1,761 3,077 8,832 17,744 Other taxes 95,989 125 795 1,252 1,263 4,605 7,625 21,026 59,293 Other current expenses 283,899 106 444 2,611 3,919 3,827 13,515 23,027 68,274 168,176 Net current earnings 428,360 42 703 4,334 6,856 6,757 23,636 36,898 92,738 256,396 Recoveries, profits on securities, etc.—total 277,844 71 229 1,822 2,713 3,14* 11,096 20,809 62,866 175,089 Recoveries on loans. 58,863 10 142 805 979 1,033 2,930 5,382 12,876 34,706 Recoveries on securities 63,950 32 302 577 721 2,668 5,156 16,274 38,220 Profits on securities sold 128,598 29 27 430 797 1,031 4,180 7,809 26,967 87,328 All other 26,433 32 28 285 360 364 1,318 2,462 6,749 14,835 Losses and depreciation—total 317,405 25 414 2,403 3,525 3,956 15,239 28,058 77,993 185,792 On loans 83,574 15 222 918 1,189 1,081 3,905 6,738 18,254 51,252 On securities 137,687 49 596 1,168 1,600 6,216 12,197 34,397 81,459 On banking house and equipment , 47,530 4 89 537 73 765 2,741 4,977 12,693 24,987 AU other ,.. 48,614 54 352 431 510 2,377 4,146 12,649 28,094 1 Net profits 388,799 518 3,753 6,044 5,950 19,493 29,649 77,611 245,693 88 Gash dividends declared—total 210,086 284 1,677 2,565 2,522 8,481 13,454 32,744 148,348 On preferred stock2 12,726 11 17 116 190 169 704 1,491 3,896 6,143 On common stock 197,360 267 1,561 2,375 2,353 7,777 11,963 28,848 142,205 11 Total deposits3 1,691,817 977 44,728 329,545 551,698 595,541 ,229,179 ,823,115 2,047,312 2,069,722 Number of officers3 36,355 510 2,215 2,704 2,129 5,675 5,787 7,929 9,377 Number of employees3 175,868 227 1,471 2,283 2,244 8,470 14,488 43,684 102,991 Number of banks included 6,602 865 894 684 1,573 1,262 920 161 1 Totals are for all banks which submitted reports covering the entire year, except four trust companies having no deposits. 2 Includes interest on capital notes and debentures. 3 At end of year. JULY 1941 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Totall 100 and 100- 250- 500- 750- 1,000- 2,000- 5,000- Over Under 250 500 750 1,000 2,000 5,000 50,000 50,000 Earnings—total 921,884 171 1,909 11,473 17,494 18,367 65,327 100,786 228,627 477,730 Interest and discount on loans 455,607 46 1,375 7,663 11,180 11,294 38,572 55,603 116,529 213,345 Interest and dividends on securities 290,836 31 294 2,262 3,804 4,469 17,224 28,417 62,836 171,499 Collection charges, commissions, fees, etc 25,978 4 94 516 787 759 2,222 2,535 6,512 12,549 Foreign department 5,933 1 16 266 5,650 Trust department : 33,290 4 17 36 258 1,515 8,539 22,834 Service charges on deposit accounts 44,064 90 554 885 946 3,774 6,462 15,523 15,830 Rent received 52,343 40 369 651 699 2,711 5,238 16,089 26,543 Other current earnings ,. 13,833 16 105 170 164 565 1,000 2,333 9,480 Expenses—total 638,924 138 1,342 8,085 12,303 12,960 46,150 72,366 165,148 320,432 Salaries—officers 108,230 26 567 2,J 3,846 3,605 11,294 14,810 27,937 43,265 Salaries and wages—others 162,629 2 92 726 1,352 1,636 7,303 14,168 41,046 96,304 Directors' and committee members' fees 5,560 2 25 159 254 278 864 1,233 1,567 1,178 Interest on time deposits 98,524 1 161 1,450 2,562 3,047 10,625 16,145 27,729 36,804 Interest on borrowed money 77 1 7 6 5 12 12 32 0 Real estate taxes J . 20,498 "2 48 229 375 369 1,449 2,451 5,645 9,932 Other taxes 64,395 3 97 605 937 991 3,759 5,849 14,685 37,469 Other current expenses 179,011 102 351 2,029 2,971 3,029 10,844 17,698 46,507 95,480 Net current earnings 282,960 33 567 3,388 5,191 5,407 19,177 28,420 63,479 157,298 Recoveries, profits on securities, etc.—total. 186,268 70 191 1,454 2,064 2,563 8,954 16,368 42,379 112,225 Recoveries on loans 43,561 9 114 657 749 849 2,369 4,325 8,917 25,572 Recoveries on securities 48,125 29 240 420 589 2,095 4,076 11,597 29,079 Profits on securities sold 79,665 25 342 641 874 3,537 6,313 17,877 50,027 All other 14,917 23 215 254 251 953 1,654 3,988 7,547 Losses and depreciation—total... 201,126 352 1,965 2,783 3,332 12,195 21,603 50,947 107,926 On loans. 51,856 188 769 961 917 3,153 4,972 11,337 29,546 On securities 92,053 42 489 947 1,381 5,196 9,719 24,197 50,077 On banking house and equipment. 33,749 71 432 562 611 2,246 4,076 9,137 16,610 All other 23,468 51 275 313 423 1,600 2,836 6,276 11,693 Net profits 268,102 406 2,877 4,472 4,638 15,936 23,185 54,911 161,597 Cash dividends declared—total. 132,265 227 1,359 1,943 2,029 7,054 10,570 21,974 87,106 On preferred stock 7,794 13 96 140 126 550 1,053 2,234 3,582 On common stock 124,471 214 1,263 1,803 1,903 6,504 9,517 19,740 83,524 Total depositss.... 39,433,193 627 35,547 251,951 416,962 475,998 1,803,906 3,005,870 8,455,190 24,987,142 Number of omcers3 26,534 415 1,732 2,078 1,697 4,602 4,569 5,407 6,012 Number of employees3 112,633 183 1,136 1,744 1,808 6,879 11,184 29,231 60,461 Number of banks included. 5,105 10 183 660 674 547 1,270 999 661 101 For footnotes see page 715. 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1 u 0 n 0 d a e n r d 100-250 250-500 500-750 1 7 , 5 0 0 0 - 0 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 1 5 0 ,0 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 O 0, v 0 e 0 r 0 Earnings—total ., 491,377 473 3,338 5,591 4,700 15,472 29,965 28,375 80,792 322,644 Interest and discount on loans 209,011 365 2,364 3,833 3,22 9,782 17,646 14,743 40,059 116,970 Interest and dividends on securities 153,765 52 527 9441 806 3,27f 6,730 7,1791 19,848 114,405 Collection charges, commissions, fees, etc.. 11,755! 181 158 253 186 5281 946 668 1,960 7,037 . Foreign department 3,343 4 78 90 3,171 Trust department 57,733 9 18 167 741 1,269 7,049 48,480 Service charges on deposit accounts 20,7021 22 168 329 255 924 1,966 2,050 5,117 9,869 Rent received 29,651 10 88 173 156 643, 1,471 2, 5,661 19,362 Other current earnings 5,417 6 33 50 52 156 461 301 1,008 3,350 Expenses—total 345,977 337 2,392 3,926 3,350| 11,013 21,4871 20,461 59,44! 223,646 Salaries—officers 54,400 134| 829 1,201 982 2,747[ 4,286 3,570 9,810 30,832 Salaries and wages—others 99,083 23 210 432 366 1,676 4,144 4,746 15,863 71,622 Directors' and committee members' fees 2,583 4 45 77 72 194 329 223 525 1,114 Interest on time deposits 41,214i 47 483 856 778 2,565 4,989 4,148 9,710 17,638 Interest on borrowed money 41 1 4 21 2 8 4| 14 6 Real estate taxes 12,174 52 93 801 312 626 828 2,359 7,814 Other taxes 31,594] 28 190 315 272 846 1,776 1,515 4,826 21,824 Other current expenses 104,888 93 582 948 798 2,671 5,329 5,427 16,340 72,696 Net current earnings 145,400 136 946 1,665 1,350 4,459 8,478 7,914 21,345 W.098 Recoveries, profits on securities, etc.—total. 91,576 si 368 649 5861 2,142 4,441 5,401 15,086 62,864 Recoveries on loans 15,302 s 148 230 184 561 1,057 1,073 2,886 9,134 Recoveries on securities . 15,825 62 157 132 573 1, 1,570 3,107 9,141 Profits on securities sold 48,933 88 156 157 643 1,496 2,047 7,043 37,301 All other 11,516 5 70 106 113 365 808 711 2,050 7,288 Losses and depreciation—total.... 116,279 62 438 742 624 3,044 6,455 7,9601 19,086 77,866 On loans 31,718 34 149 228 164 752 1,766 l,903f 5,014 21,706 On securities 45,634; 7 107 221 219 1,020 2,478 3,208i 6,992 31,382 On banking house and equipment.. 13,781 18 105 175 154 495 901 1,101 2,455 8,377 Allother 25,146 3 77 118 87 777 1,310 1,748 4,625 16,401 Net profits.. 120,697 112 876 1,572 1,312 3,557 6,464 5,355 17,345J 84,096 Cash dividends declared—total. 77,821 57 318 622 493 1,427 2,884 2,679 8,091 61,242 On preferred stock2 4,932j 4 20 50 43 154 438 653 1,009 2,561 On common stock 72,889 53 r298 572| 450 1,273 2,446| 2,026 7,082 58,681 Total deposits3 22,258,624 350 9,181 77,594 134,736 119,543 425,273 817,245 840,614[2,751,50817,082,580 Number of officers3 9,821 483 626 432 1,073 1,218 782 1,740 3,365 Number of employees3... 63,235 335 539 436 1,591 3,304 3,378 11,075 42,530 Number of banks included. 1,497 46 205 2201 137 303! 263 122 137 60 For footnotes see page 715. JULY, 1942 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS [Ratios computed from aggregates, expressed as percentages] Central reserve Item All member banks m n b a e a t A m i n o l b k l n s e a r l m b s e a A t m a n l t k l b e s er N c e i w ty b m an e k m s C be h r i- m R b e c e a s i m n t e y k b rv s e e r C m b o e a u m n n k b t s r e y r York cago 1938 1939 1940 Year 1941 Ratios to total earnings: Interest and discount on loans 42.7 43.3 45.0 47.0 49.4 42.3 32.9 31.6 48.8 54.1 Interest and dividends on securities 35.2 34.3 32.6 31.4 31.6 31.2 40.0 44.4 30.0 26.9 All other current earnings 22.1 22.4 22.4 21.6 19.0 26.5 27.1 24.0 21.2 19.0 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.8 29.9 30.3 30.0 29.4 31.3 31.4 29.0 30.5 29.1 Interest on time deposits 13.4 12.3 11.1 9.9 10.7 8.4 1.3 7.2 9.9 14.5 All other current expenses 26.6 26.8 28.2 29.8 29.2 30.8 33.7 30.8 29.7 27.8 Total current expenses 69.8 69.0 69.6 69.7 69.3 70.5 66.4 67.0 70.1 71.4 Ratios to total capital accounts: Net current earnings 7.1 7.3 7.2 7.4 7.9 6.6 5.7 8.2 8.1 8.0 Net profits 4.9 6.3 6.2 6.7 7.5 5.5 6.0 10.5 7.2 6.3 Cash dividends declared 3.7 3.8 3.8 3.6 3.7 3.5 4.2 3.9 3.8 2.9 Ratios to total assets: Total current earnings 2.7 2.5 2.3 2.2 2.2 2.1 1.4 1.6 2.3 3.0 Total current expenses 1.9 1.7 1.6 1.5 1.5 1.5 .9 1.1 1.6 2.2 Net current earnings .8 .7 .7 .7 .6 .5 .5 .7 .9 Net profits .6 .6 .6 .6 .5 .5 .7 .6 .7 Ratios to loans: Interest and discount on loans 4.1 4.2 4.2 4.0 4.2 3.6 2.4 2.6 3.9 5.3 Recoveries on loans .3 .4 .4 .4 .4 .3 .3 .5 .3 .4 Losses on loans .9 .6 .5 .5 .5 .4 .3 .5 .6 Ratios to securities: Interest and dividends on securities... 2.5 2.3 2.1 1.9 2.0 1.7 1.3 1.7 2.1 2.5 Recoveries on securities .3 .3 .3 .3 .3 .2 .2 .2 .3 .3 Profits on securities sold .8 1.0 .8 .5 .5 .5 .4 .6 .6 .7 Losses on securities 1.0 .9 .6 .6 .5 .4 .5 .6 .9 Other ratios: Interest on time deposits to time deposits 1.5 1.4 1.2 1.1 1.2 1.0 .4 1.0 1.1 1.3 Time deposits to total deposits 27.8 25.3 23.2 21.2 22.6 18.8 4.6 12.8 23.3 38.9 Total capital accounts to loans, securities, and real estate assets 16.4 16.1 15.5 13.9 13.6 14.5 13.1 10.5 13.3 16.2 Loans to total assets 28.1 25.6 24.6 25.7 26.3 24.5 18.9 20.1 28.3 31.1 Securities to total assets 38.4 37.2 35.5 36.5 35.7 37.8 42.8 42.4 32.9 32.9 Cash assets to total assets 29.9 33.9 37.0 35.5 35.7 35.0 36.6 36.6 36.4 32.8 All member banks, by Federal Reserve districts Item New Phila- Cleve- Rich- At- Chi- St. Minne- Kan- San Boston York p d h e i l- a land mond lanta cago Louis apolis C sa it s y Dallas F c r is a c n o - Ratios to total earnings: Interest and discount on loans.; v • • • 47.9 37.7 42.1 45.3 54.7 53.7 41.9 53.6 50.2 56.9 61.5 59.7 Interest and dividends on securities. .26.6 37.2 37.2 35.2 26.6 24.0 36.3 27.8 26.6 22.5 19.3 23.5 All other current earnings 25.5 25.1 20.7 19.5 18.7 22.3 21.8 18.6 23.2 20.6 19.2 16.8 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.6 31.0 26.6 27.3 29.3 28.3 30.6 30.3 31.1 32.2 31.1 30.7 Interest on time deposits 9.4 5.0 12.1 13.5 14.0 9.0 11.6 10.0 11.6 6.7 4.8 15.7 All other current expenses 29.8 32.3 28.4 30.1 28.6 32.1 28.8 30.2 28.9 30.4 33.7 24.6 Total current expenses 69.8 68.3 67.1 70.9 71.9 69.4 71.0 70.5 71.6 69.3 69.6 71.0 Ratios to total capital accounts: Net current earnings 6.5 6.1 7.4 6.3 7.8 9.5 8.1 8.3 8.8 8,8 9.0 11.1 Net profits 5.2 5.9 2.5 5.4 7.7 8.9 9.8 8.0 9.1 9.1 8.3 9.3 Cash dividends declared 3.2 3.8 3.6 2.4 3.6 3.6 3.2 3.7 3.6 3.7 4.2 4.9 Ratios to total assets: Total current earnings 2.3 1.6 2.7 2.4 2.4 2.6 2.0 2.3 2.8 2.5 2.6 3.1 Total current expenses 1.6 1.1 1.8 1.7 1.7 1.8 1.4 1.6 2.0 1.8 1.8 2.2 Net current earnings .7 .5 .9 .7 .7 .8 .6 .7 .8 .8 .8 .9 Net profits .6 .5 .3 .6 .7 .8 .7 .7 .8 .8 .7 .7 Ratios to loans: Interest and discount on loans 3.6 3.0 4.2 4.3 4.7 ' 4.7 3.8 4.1 4.3 4.8 5.5 5.0 Recoveries on loans .3 .4 .3 .3 .3 .2 .4 .3 .5 .4 .5 .4 Losses on loans .6 .6 1.2 .3 .2 .3 .3 .3 .3 .4 .5 .6 Ratios to securities: Interest and dividends on securities... 2.2 1.5 2.8 2.4 2.2 2.4 1.9 2.1 2.4 2.2 2.1 2.1 Recoveries on securities .3 .2 .3 .3 .5 .4 .2 .4 .4 .6 .2 .2 Profits on securities sold .6 .5 .7 .5 .5 .8 .6 .5 .4 .5 .4 .6 Losses on securities .7 .5 ' 1.0 .7 .9 .7 .5 .7 .7 .8 .5 .5 Other ratios: Interest on time deposits to time deposits 1.2 .8 1.2 1.2 1.5 1.3 1.1 1.2 1.2 1.2 1.1 1.3 Time deposits to total deposits 20.1 11.4 30.8 32.1 25.5 20.2 24.0 21.3 29.5 15.3 13.0 41.4 Total capital accounts to loans, securities, and real estate assets 17.7 13.4 18.0 17.6 14.6 14.2 11.5 12.9 13.8 15.1 16.0 11.0 Loans to total assets 31.3 20.6 26.6 25.9 28.3 30.4 22.5 30.5 32.5 30.2 29.6 36.4 Securities to total assets 28.5 42.1 35.8 36.3 28.9 26.6 39.6 31.0 31.1 26.3 23.7 34.0 Cash assets to total assets -37.5 35.0 33.5 35.2 40.1 39.8 36.6 36.6 34.3 42.0 44.3 26.8 NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the averages of individual bank ratios published on pages 720-722, in which each bank's figures—regardless of size or amount—are weighed equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,500.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial resultsI ts 'of operations of individual banks. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS—Continued [Ratios computed from aggregates, expressed as percentages] Reserve city member banks,"* by Federal Reserve districts Item Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a i a t n s y - Dallas F c S r is a a c n n o - Ratios to total earnings: Interest and discount on loans 45.5 44.4 33.1 38.7 43.1 52.6 42.4 49.0 47.0 52.2 57.9 59.0 Interest and dividends on securities 24.4 30.7 41.9 39.1 35.5 23.5 36.0 30.3 28.5 25.1 20.9 24.4 All other current earnings 30.1 24.9 25.0 22.2 21.4 23.9 21.6 20.7 24.5 22.7 21.2 16.6 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.8 31.4 29.8 28.1 31.3 26.8 33.1 32.1 32.7 31.3 29.4 30.9 Interest on time deposits 2.5 9.1 " 3.8 9.8 9.6 6.1 12.7 5.9 5.7 4.5 4.9 15.7 All other current expenses 30.0 30.7 30.9 32.8 30.2 35.2 29.0 32.7 32.6 34.7 36.9 24.4 Total current expenses 63.3 71.2 64.5 70.7 71.1 68.1 74.8 70.7 71.0 70.5 71.2 .71.0 Ratios to total capital accounts: Net current earnings 6.7 8.5 8.5 5.5 7.7 9.9 7.2 7.8 7.6 7.5 7.8 11.1 Net profits 5.3 3.0 4.9 5.1 7.6 9.0 9.5 7.8 9.3 8.0 7.5 9.3 Cash dividends declared 3.9 2.5 5.1 2.4 4.0 3.9 2.6 4.1 3.3 3.0 3.9 5.2 Ratios to total assets: Total current earnings 1.9 2.7 2.2 2.1 2.0 2.4 1.9 1.9 2.1 1.9 2.1 3.0 Total current expenses 1.2 1.9 1.4 1.5 1.4 1.6 1.4 1.3 1.5 1.3 1.5 2.1 Net current earnings .7 .8 .8 .6 .6 .8 .5 .6 .6 .6 .6 .9 Net profits .5 .3 .4 .6 .6 .7 .6 .5 .8 .6 .6 .7 Ratios to loans: Interest and discount on loans 2.7 4.2 3.2 3.4 3.9 3.9 3.8 3.2 3.1 3.6 4.3 4.9 Recoveries on loans ! .1 .3 .4 .3 .2 .2 .2 .2 .5 .2 .4 .4 Losses on loans .6 1.4 1.1 .3 .1 .3 .1 .2 .1 .2 .3 .6 Ratios to securities: Interest and dividends on securities 2.1 2.2 2.7 2.2 2.0 2.2 1.7 1.8 2.1 1.8 1.8 2.1 Recoveries on securities .1 .2 .2 .3 .7 .1 .3 .4 .5 .8 .2 .2 Profits on securities sold .6 1.2 .7 .5 .6 .6 .5 .5 .3 .6 .5 .6 Losses on securities .4 1.4 .8 .6 1.1 .4 .4 .8 .6 1.0 .4 .5. Other ratios: Interest on time deposits to time deposits 1.0 .8 1 .8 .9 1.1 1.0 .9 .9 .9 .8 .9 1.2 Time deposits to total deposits 5.4 35.2 11.9 24.4 18.2 15.5 27.3 13.8 14.8 11.5 12.5 41.5 Total capital accounts to loans, securities, and real estate assets 18.8 12.9 15.3 17.7 12.7 12.7 10.9 11.3 13.0 13.5 14.1 10.6 Loans to total assets 31.8 29.2 22.5 23.3 21.8 32.0 21.0 29.1 31.9 28.0 28.5 36.1 Securities to total assets 21.7 37.6 34.3 37.1 34.1 25.7 38.9 31.9 28.9 26.8 24.2 35.3 Cash assets to total assets 44.0 27.5 39.7 37.1 41.5 39.0 38.7 37.3 37.1 43.7 44.6 25.8 Country member banks, by Federal Reserve districts Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a i n t s y - Dallas F c S r is a a c n n o - Ratios to total earnings: Interest and discount on loans 49.3 49.6 48.5 53.6 63.0 54.8 52.4 58.3 51.9 61.5 64.6 63.8 Interest and dividends on securities 27.9 30.6 33.8 30.3 20.3 24.6 27.9 25.3 25.6 19.9 17.9 18.5 All other current earnings 22.8 19.8 17.7 16.1 16.7 20.6 19.7 16.4 22.5 18.6 17.5 17.7 Total current earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.5 29.9 24.3 26.4 27.9 29.8 30.3 28.5 30.3 33.0 32.5 30.0 Interest on time deposits 13.6 14.3 18.0 18.0 17.1 11.8 15.4 14.0 14.6 8.8 4.6 15.7 All other current expenses 29.7 28.7 26.6 26.7 27.4 29.1 26.6 27.8 27.0 26.4 31.0 26.0 Total current expenses 73.8 72.9 68.9 71.1 72.4 70.7 72.3 70.3 71.9 68.2 68.1 71.7 Ratios to total capital accounts: Net current earnings 6.3 7.5 6.7 7.6 8.0 9.1 8.7 8.9 9.7 10.7 10.2 11.1 Net profits 5.1 5.5 1.0 5.8 7.8 8.8 9.0 8.3 8.9 10.5 9.0 8.9 Cash dividends declared 2.6 2.3 2.6 2.5 3.3 3.2 2.8 3.3 3.8 4.7 4.4 3.5 Ratios to total assets: Total current earnings 2.7 2.9 3.1 3.1 2.9 2.9 2.9 3.0 3.3 3.7 3.3 3.6 Total current expenses 2.0 2.1 2.2 2.2 2.1 2.1 2.1 2.1 2.4 2.5 2.3 2.6 Net current earnings .7 .8 1.0 .9 .8 .9 .8 .9 .9 1.2 1.1 1.0 Net profits .6 .6 .2 .7 .8 .8 .8 .8 .9 1.1 .9 .8 Ratios to loans: Interest and discount on loans 4.4 4.9 5.0 5.5 5.2 5.6 5.3 5.3 5.3 6.6 7.0 5.9 Recoveries on loans .4 .4 .2 .4 .3 .3 .4 .3 .6 .8 .6 .3 Losses on loans .6 .8 1.3 .4 .3 .3 .3 .3 .4 .6 .6 .5 Ratios to securities: Interest and dividends on securities 2.2 2.2 2.9 2.8 2.5 2.6 2.3 2.6 2.6 2.9 2.6 2.6 Recoveries on securities .4 .4 .4 .3 .3 .6 .3 .4 .4 .3 .2 .2 Profits on securities sold .7 .9 .7 .5 .5 .9 .6 .5 .5 .3 .3 .4 Losses on securities .8 .9 1.2 .9 .5 1.1 .7 .7 .7 .4 .5 .5 Other ratios: Interest on time deposits to time deposits 1.3 1.0 1.3 1.4 1.7 1.5 1.2 1.4 1.3 1.6 1.3 1.5 Time deposits to total deposits 33.0 45.8 51.2 47.1 33.4 25.9 41.6 33.8 41.8 22.7 13.5 40.4 Total capital accounts to loans, securities, and real estate assets 16.8 14.6 20.2 17.4 16.6 16.1 14.0 15.6 14.3 17.8 18.7 13.6 Loans to total assets 30.8 29.1 30.7 30.8 35.1 28.6 28.8 32.9 33.0 34.2 30.9 38.5 Securities to total assets 34.4 39.2 37.3 34.6 23.4 27.7 34.9 29.5 32.8 . 25.4 23.1 25.6 Cash assets to total assets 31.8 27.4 27.1 31.5 38.7 40.9 34.2 35.6 31.9 38.6 43.9 33.3 * Not including central reserve city banks. JULY, 1942. 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed as percentages] Federal Reserve district All Item t d ri is c - ts B t o o s n - N Y e o w rk a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i p n s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and discount on loans 59.1 53.5 52.8 54.8 57.3 65.7 62.7 57.5 60.4 54.6 64.0 68.4 64.0 Interest and dividends on securities. 24.9 28.6 31.0 33.3 30.1 21.3 20.5 25.0 24.1 22.8 18.7 16.5 19.9 Service charges on deposit accounts. 5.8 7.5 7.1 3.2 4.2 4.6 5.4 7.3 5.3 4.5 7.6 6.2 5.8 All other current earnings 10.2 10.4 9.1 8.7 8.4 8.4 11.4 10.2 10.2 18.1 9.7 8.9 10.3 Total current earnings . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages. 30.1 31.7 30.3 24.5 26.4 27.5 30.4 30.8 29.5 30.0 34.3 34.5 32.0 Interest on time deposits 14.9 13.2 16.2 21.1 20.0 20.7 13.6 15.6 14.1 16.6 8.2 3.9 15.8 Taxes other than on real estate. 5.6 5.2 3.5 6.1 7.4 6.1 5.8 5.3 6.8 4.2 5.7 5.8 5.1 All other current expenses 21.3 23.7 24.1 19.9 18.5 19.2 22.3 20.6 20.9 21.6 20.9 24.5 19.5 Total current expenses . 71.9 73.8 74.1 71.6 72.3 73.5 72.1 72.3 71.3 72.4 69.1 68.7 72.4 Ne N t e c t h c a u rg r e re -o n f t f s e , a r e n tc in .1 gs ... 2 3 8 . . 9 1 26 7 . . 2 7 2 4 5 . . 9 9 2 1 8 5 . . 4 9 2 5 7 . . 0 7 2 1 6 . . 5 5 2 3 7 . . 2 9 2 + 7 . . 7 0 2 2 8 . . 1 7 2 1 7 . . 2 6 30. . 9 5 3 2 1 . . 7 3 27 2 . . 6 0 Net profits.. 24.2 18.5 21.0 12.5 22.7 25.0 24.7 27.7 26.6 26.4 30.4 28.6 25.6 Ratios to total capital accounts: Net current earnings 8.7 6.1 7.2 6.7 7.7 7.8 8.9 9.2 8.8 10.9 10.8 10.4 10.4 Net charge-offs, etc.. . .> 1.2 1.9 1.7 3.8 1.5 .6 .9 .3 .9 .3 1.1 1.2 .7 Net profits 7.5 4.2 5.5 2.9 6.2 7.2 8.0 8.9 7.9 10.5 9.3 9.2 10.2 Cash dividends declared., 3.0 2.3 1.9 1.9 2.3 2.8 3.5 2.6 3.2 4.9 4.6 3.4 3.8 Real estate assets 20.9 18.3 26.5 29.6 21.1 23.9 24.2 17.0 19.4 13.6 17.6 21.9 19.8 Ratios to total assets: Total current earnings. 3.6 3.2 3.3 3.5 3.4 3.4 3.6 3.2 3.4 4.1 4.1 4.3 3.9 Total current expenses. 2.6 2.4 2.4 2.5 2.4 2.5 2.6 2.3 2.4 2.9 2.8 2.9 2.8 Net current earnings. 1.0 .9 1.0 1.0 .9 1.0 .9 1.0 1.2 1.3 1.4 1.1 Net charge-offs, etc .1 .2 .6 .2 .1 .1 .0 .1 .1 .0 .2 .1 Net profits.. .9 .5 .7 .4 .8 .9 .9 .9 1.1 1.3 1.2 1.0 Loans. 36.1 35.0 33.1 36.3 35.1 39.5 35.5 34.3 34.7 38.3 38.0 37.6 39.5 Securities 28.5 31.3 36.6 34.4 32.3 22.9 22.0 29.4 26.9 29.0 23.4 20.4 23.8 Real estate assets.. 2.5 2.4 3.1 4.5 2.6 2.9 2.7 1.7 2.2 2.1 1.6 2.2 2.3 Cash assets 32.7 31.1 27.0 24.7 29.9 34.5 39.5 34.5 36.1 30.2 36.9 39.6 34.2 Total capital accounts. 12.8 15.0 12.9 15.9 13.2 12.6 12.4 10.4 12.1 10.9 12.8 14.3 10.9 Ratios to loans: Interest and discount on loans. 6.0 5.0 5.4 5.4 5.7 5.8 6.6 5.4 6.1 5.9 7.2 7.9 6.4 Recoveries on loans .5 .4 .4 .2 .3 .3 .3 .4 .3 .7 .5 Charge-offs on loans .5 .6 .6 .8 .4 .3 .5 .3 .4 .5 .7 .5 Net charge-offs on loans1.. .0 .2 .2 .6 .1 .0 .2 +.1 .1 +.2 +.1 + .0 Net return on loans.. 5.2 4.8 5.6 5.8 6.4 5.5 7.4 8.0 6.4 Ratios to securities: Interest and dividends on securities. 2.9 2.8 2.6 3.3 3.1 3.0 3.2 2.6 2.9 3.0 3.1 3.2 3.0 Recoveries on securities .5 .5 .5 .4 .3 .5 .3 .3 .5 .3 .1 .4 Profits on securities sold .7 .8 .9 .5 .5 .8 .5 .5 .4 .3 .3 .6 Charge-offs on securities........ 1.4 1.1 1.7 1.0 .5 .5 .7 .6 .7 .3 .3 Net charge-offs on securities1. +.2 .2 + .2 .3 .1 +.3 + .8 + .1 + .2 + .2 +.3 +.1 Net return on securitie 3.1 2.6 2.8 3.0 3.0 3.3 4.0 2.7 3.1 3.2 3.4 3.3 3.5 Other ratios: Interest on time deposits to time deposits' 1.5 1.2 1.1 1.4 1.5 1.8 1.7 1.3 1.6 1.6 1.7 1.6 1.6 Time deposits to total deposits 40.3 36.4 54.2 60.8 50.6 45.2 32.5 41,3 33.4 45.6 22.2 11.0 40.1 Total capital accounts to loans, securities, and real estate assets 19.4 22.5 17.9 21.2 19.2 19.5 20.9 16.2 19.5 16.1 20.6 23.9 17.0 Total capital accounts to total deposits 15.1 18.7 15.3 19.2 15.6 14.7 14.7 11.7 14.1 12.5 14.9 17.4 12.5 Trust dept. earnings to total earnings2 3.9 5.3 3.7 4.2 5.3 4.1 3.2 3.7 3.2 1.7 3.2 2.5 4.8 Personal and retail instal. paper to loans2 10.8 9.4 10.3 8.5 9.2 8.1 10.6 10.9 10.4 13.8 10.8 13.2 15.4 Number of bankss 6,577 344 790 654 673 447 315 435 450 739 570 272 1 A plus indicates net recoveries, etc. 2 Banks with no time deposits, no trust department earnings, or no personal and retail instalment paper, as the case may be, were excluded in computing this average. 3 The ratios for 42 member banks in operation at the end of 1941 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the immediately preceding tables. Such differences result from the fact that each bank's figures have xo FEDERAL RESERVE BULLETIN 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—-Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed as percentages] Ratio of time deposits to total Size group—total deposits (in thousands of dollars) deposits (per cent) All Item groups U 2 n 5 d 0 er 2 5 5 0 0 0 - 5 1, 0 0 0 0 - 0 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 1 5 0 ,0 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 o 0 a v , n 0 e d 0 r 0 Un 2 d 5 er 25-50 50-75 o a v n 7 e d 5 r Ratios to total earnings: Interest and discount on loans 59.1 72.0 66.7 62.2 58.5 54.2 50.1 49.4 42.8 60.6 59.4 58.4 52.4 Interest and dividends on securities 24.9 14.7 19.5 23.4 26.8 28.6 29.5 27.7 34.1 20.9 23.0 28.7 39.1 Service charges on deposit accounts 5.8 4.8 5.1 5.3 6.1 6.7 7.2 6.5 3.7 7.2 6.6 4.4 2.0 All other current earnings 10.2 8.5 8.7 9.1 8.6 10.5 13.2 16.4 19.4 11.3 11.0 8.5 6.5 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.1 34.8 31.5 29.4 29.0 29.3 30.2 31.5 31.2 34.8 30.7 26.5 22.8 Interest on time deposits 14.9 8.8 13.7 15.9 16.8 16.2 14.7 11.1 7.0 4.5 14.3 22.3 29.7 Taxes other than on real estate 5.6 5.5 5.4 5.3 5.6 5.6 5.6 6.4 7.0 6.4 5.7 4.8 5.6 All other current expenses 21.3 22.7 21.1 20.6 20.3 21.4 22.8 23.9 25.3 23.4 21.3 20.0 17.5 Total current expenses 71.9 71.8 71.7 71.2 71.7 72.5 73.3 72.9 70.5 69.1 72.0 73.6 75.6 Net current earnings 28.1 28.2 28.3 28.8 28.3 27.5 26.7 27.1 29.5 30.9 28.0 26.4 24.4 3.9 5.6 3.7 3.4 4.3 4.6 3.9 2.S 1.4 1.7 3.3 5.7 10.3 Net charge-offs, etc 24.2 22.6 24.6 25.4 24.0 22.9 22.8 24.6 28.1 29.2 24.7 20.7 14.1 Net profits Ratios to total capital accounts: 8.7 7.3 8.9 9.3 8.8 8.5 8.1 8.5 7.5 9.4 9.1 7.9 6.4 Net current earnings 1.2 1.5 1.1 1,1 1.3 1.5 1.4 1.0 .6 .6 1.2 1.7 2.4 Net charge-offs, etc 7.5 5.8 7.8 8.2 7.5 7.0 6.7 7.5 6.9 8.8 7.9 6.2 4.0 Net profits 3.0 3.0 3.3 3.3 2.9 2.8 2.5 2.8 3.6 4.1 3.1 2.3 2.0 Cash dividends declared ,..,.. 20.9 13.3 16.1 18.4 21.3 24.4 27.7 28.9 24.3 16.2 21.7 23.7 21.8 Real estate assets ,..,..».... ... 3.6 4.8 4.2 3.8 3.5 3.2 3.0 2.7 2.0 3.6 3.6 3.6 3.5 Ratios to total assets: 2.6 3.4 3.0 2.7 2.5 2.3 2.2 1.9 1.4 2.4 2.6 2.6 2.6 Total current earnings 1.0 1.4 1.2 1.1 1.0 .9 .8 .8 .6 1.2 1.0 1.0 .9 Total current expenses , ,....... .1 .2 .1 .2 .2 .1 .1 .1 .1 .1 .2 Net current earnings .3 .4 .9 1.0 1.0 .7 .7 .7 .5 1.1 .9 Net charge-offs, etc , ....„., 1.1 .5 36.1 41.8 38.2 35.0 32.7 30.5 29.7 25.3 34.3 36.4 37.4 Net profits ,.., ., .„.. 28.5 45.2 23.4 27.1 30.0 32.0 33.6 30.9 34.5 23.7 26.9 32.8 34.5 2.5 19.1 2.3 2.3 2.5 2.7 3.0 2.7 2.1 1.9 2.5 2.9 39.5 Loans , 32.7 2.6 32.3 32.3 32.3 32.4 32.5 36.3 37.6 39.9 34.0 26.7 3.2 Securities , 33.0 22.7 Real estate assets , 12.8 20.5 15.1 13.0 12.3- 11.5 10.8 9.2 8.3 13.2 12.1 13.0 14.7 Cash assets Total capital accounts ,.. Ratios to loans: 6.0 7.8 6.9 6.4 6.0 5.5 5.0 4.5 3.4 6.6 6.0 5.7 5.5 Interest and discount on loans .5 .7 .6 .5 .4 .5 .4 .5 .3 .6 .5 .3 .3 Recoveries on loans .5 .9 .6 .5 .5 .5 .5 .5 .5 .6 .5 .5 .6 Charge-offs on loans .0 .2 .0 .0 .1 .0 .1 .0 .2 +.0 +.0 .2 .3 Net charge-offs on loans1 ,..«...„ Net return on loans 6.0 7.6 6.9 6.4 5.9 5.5 4.9 4.5 3.2 6.6 6.0 5.5 5.2 Ratios to securities: Interest and dividends on securities ; 2.9 3.4 3.3 3.1 2.9 2.8 2.5 2.3 1.9 2.9 2.9 2.9 3.3 Recoveries on securities .4 .3 .4 .4 .4 .4 .4 .4 .2 .3 .3 .5 .6 Profits on securities sold .6 .3 .4 .5 .7 .6 .7 .7 .6 .4 .6 .7 .9 Charge-offs on securities .8 .3 .6 .8 .9 .9 .9 .8 .5 .4 .7 1.1 1.8 Net charge-offs on securities1. + .2 +.3 +.2 + .1 +.2 +.1 +.2 +.3 +.3 + .3 +.2 +.1 .3 Net return on securities 3.1 3.7 3.5 3.2 3.1 2.9 2.7 2.6 2.2 3.2 3.1 3.0 3.0 Other ratios: Interest on time deposits to time deposits8 1.5 1.9 1.8 1.6 1.5 1.3 1.1 1.0 1.4 1.5 1.5 1.5 T T o im ta e l d c e a p p o it s a i l t s a t c o c o t u o n ta ts l d to e p l o o s a i n ts s, securities, and 40.3 25.3 35.8 41.3 45.1 45.9 42.4 31.0 17.9 12.1 38.1 61.0 80.1 real estate assets 19.4 31.4 22.9 19.5 18.5 17.4 16.3 14.9 13.5 22.4 18.6 17.9 19.3 Total capital accounts to total deposits 15.1 26.7 18.3 15.2 14.2 13.3 12.3 10.3 9.2 15.9 14.1 15.2 17.6 Trust dept. earnings to total earnings2 3.9 2.2 1.9 2.3 2.0 3.0 4.4 6.5 9.4 6.2 4.0 2.6 2.0 Personal and retail instal. paper to loans2 10.8 10.5 11.0 11.7 11.4 10.5 9.6 8.3 6.1 10.9 11.0 10.5 10.1 Number of banks3 6,577 333 1,036 1,579 1,461 1,189 453 389 137 1,784 2,326 2,245 222 For numbered footnotes, see page 720. an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1941. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for December 31, 1940, and April 4, June 30 and September 24, 1941, except for a limited number of banks for which all four reports were not available; such reports as were available were used in those instances. In the case of the ratio of personal and retail instalment paper to loans, only June 30 figures were used. Savings deposits are included in the time deposit figures used in these tables. 3anks with no time deposits (217 in number) are included with the banks having ratios of tune to total deposits of less than 25 per cent. JULY 1941 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1941—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under 25 to total deposits of 25-50 to total deposits of 50 per cent per cent per cent and over Item gr A ou ll ps Size group—total deposits(in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 00 0 0 - 2 1 , 0 0 ,0 0 0 0 0 - 1 o 0 a v , n 0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 10 o a , v n 0 e d 0 r 0- U 5 n 0 d 0 er 2 5 , 0 00 0 0 - 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and discount on loans 59 1 69.2 61.2 55.7 46.8 68.2 61.6 53.3 48.5 65 9 59.2 51 8 48 8 Interest and dividends on securities 24.9 15.9 20.7 22.8 29.4 16.7 22.4 26.7 28.7 24.0 29.3 33.2 31.2 Service charges on deposit accounts 5.8 6.3 8.0 8.8 5.3 5.0 6.4 7.9 6.5 3.2 3.9 5.1 5.4 All other current earnings 10.2 8.6 10.1 12.7 18.5 10.1 9.6 12.1 16.3 6.9 7.6 9.9 14.6 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.1 36.4 34.5 34.3 32.6 31.7 30.2 30.7 30.9 26.8 25.7 26.6 28.1 Interest on time deposits 14.9 3.8 4.3 5.6 5.5 14.2 15.0 13.7 13.1 23.3 23.6 21.8 19.4 Taxes other than on real estate 5.6 6.0 6.2 6.6 7.4 5.3 5.7 5.8 5.9 4.8 5.0 4.9 4.8 All other current expenses 21.3 22.6 22.7 24.4 26.0 21.4 20.4 22.2 22.7 19.9 19.2 20.5 21.8 Total current expenses 71.9 68.8 67.7 70.9 71.5 72.6 71.3 72.4 72.6 74.8 73.5 73.8 74.1 Net current earnings 28 1 31.2 32.3 29.1 28.5 27.4 28.7 27.6 27 A 25.2 26.5 26.2 25.9 Net charge-offs etc 3.9 2.5 1.4 2.1 .2 4.7 2.5 3.6 3.4 6.2 6.1 6.1 7.3 Net profits 24.2 28.7 30.9 27.0 28.3 22.7 26.2 24.0 24.0 19.0 20.4 20.1 18.6 Ratios to total capital accounts: Net current earnings • • 8 1 . 7 2 9.2 7 10.3 5 9. . 4 9 7. . 8 3 8 1 . . 7 4 9 1. . 0 6 8 1 . 7 3 8 1 . . 8 4 7 1 . 1 5 8 1 . 0 7 7 1 . 6 8 8 2 . . 3 3 Net profits . 7.5 8.5 9.8 8.5 7.5 7.3 8.6 7.4 7.4 5.6 6.3 5.8 6.0 Cash dividends declared .... 3.0 4.2 4.5 3.6 3.2 2.9 3.4 2.7 2.8 2.0 2.2 2.4 2.7 Real estate assets t 20.9 12.2 15.5 19.9 22.2 17.3 19.4 25.8 31.2 17.8 22.4 27.1 40.0 Ratios to total assets: Total current earnings ... . 3.6 4.6 3.7 3.0 2.1 4.3 3.7 3.2 2.9 4.0 3.6 3.3 3.1 Total current expenses . 2.6 3.1 2.5 2.1 1.5 3.1 2.6 2.3 2.1 3.0 2.6 2.4 2.3 Net current earnings 1 0 1 5 1 2 .9 .6 1.2 1.1 .9 .8 1 0 1 0 .9 .8 Net charce-offs etc 1 2 .1 .1 .0 .2 .1 .1 .1 .2 .2 .2 .2 Net t>rofits 9 1 3 1.1 .8 .6 1.0 1.0 .8 .7 .8 .8 .7 .6 Loans 36.1 40.9 33.7 30.4 26.8 43.6 36.9 32.3 30.2 44.0 38.0 32.5 31.1 Securities 28 5 19 7 24.0 25.4 29.3 21.2 26.0 30.3 33.5 27.8 32.8 37.2 37.2 Real estate assets 2.5 2 0' 1.9 2.0 1.8 2.6 2.2 2.8 3.0 2.8 2.8 3.2 4.0 Cash assets 32.7 37.3 40.4 42.0 41.7 32.5 34.7 34.4 32.9 25.4 26.3 26.8 27.4 Total capital accounts 12.8 17.8 12.8 10.3 8.3 15.2 12.0 10.9 9.4 15.9 13.0 12.1 10.4 Ratios to loans: Interest and discount on loans 6.0 7.9 6.9 5.7 3.8 6.9 6.3 5.3 4.7 6.2 5.8 5.3 4.9 Recoveries on loans .5 .9 .6 .5 .3 .6 .5 A .6 .3 .3 .5 .4 Charge-offs on loans .5 8 .5 .4 .3 .6 .4 A .7 .5 .5 .7 .7 Net charfire-offs on loans^ .0 + .1 +.1 + .1 .0 .0 + .1 .0 .1 .2 .2 .2 .3 Net return on loans 6.0 8.0 7.0 5.8 3.8 6.9 6.4 5.3 4.6 6.0 5.6 5.1 4.6 Ratios to securities: Interest and dividends on securities 2.9 3.4 3.0 2.6 2.0 3.2 3.0 2.7 2.3 3.3 3.1 2.7 2.5 Recoveries on securities .4 .3 .3 .3 .4 .2 .3 .3 .4 .6 .5 .5 .5 Profits on securities sold . . 6 .3 .4 .4 .6 .4 .6 .6 .7 .6 .7 .7 .8 Charce-offs on securities 8 2 .5 .6 .7 .4 7 8 .8 1 1 1.2 1.1 1.0 Net charge-offs on securities + .2 +.4 +.2 +.1 +.3 + .2 +.2 +.1 + .3 + .1 + .0 +.1 +.3 Net return on securities 3.1 3.8 3.2 2.7 2.3 3.4 3.2 2.8 2.6 3.4 3.1 2.8 2.8 Other ratios: Interest on time deposits to time deposits2... 1.5 1.7 1.5 1.2 .9 1.9 1.6 1.2 1.1 1.8 1.5 1.3 1.1 Time deposits to total deposits 40.3 10.6 11.3 15.7 13.4 37.0 38.5 38.6 36.9 62.1 63.1 62.5 58.2 Total capital accounts to loans, securities, and real estate assets 19.4 29.2 21.8 18.3 14.7 22.8 18.6 16.9 14.3 21.4 17.9 16.8 14.5 Total capital accounts to total deposits 15.1 22.5 15.1 11.7 9.2 18.5 13.8 12.4 10.6 19.3 15.3 14.1 11.8 Trust dept. earnings to total earnings2 3.9 1.7 2.7 4.0 8.7 3.1 2.0 4.1 6.2 .5 2.0 2.8 4.7 Personal and retail instal. paper to loans 10.8 10.9 12.2 11.6 6.4 10.3 11.6 10.8 9.7 11.7 11.1 9.1 7.1 Number of banks** . . 6,577 547 683 291 263 453 1,034 638 201 369 1,323 713 62 For numbered footnotes, see page 720. J2.7. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 72.4 Gold production 72.5 Gold movements 725 Net capital movements to United States since January 2., 1935... 72.6 Central banks 717-730 Money rates in foreign countries 731 Commercial banks... 73Z Foreign exchange rates 733 Price movements: Wholesale prices 734 m Retail food prices and cost of living 735 Security prices 735 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. JULY 1941 7x3 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 Bui- Canada Chile lom Co b - ia C v s z a l e k o c i - h a o- D m e a n r - k Egypt France m G a e n r- y Greece 1936—Dec. 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 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—-June.. 22,624 353 734 62 274 24 6 30 18 61 47 52 2,000 128 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 71 274 24 7 30 18 61 44 52 2,000 Feb... 22,705 354 734 72 274 24 5 30 17 61 44 52 2,000 Mar.. 22,687 354 734 274 5 30 15 61 44 52 2,000 Apr... 22,691 355 6 30 16 May.. 22,714 7 16 End of month H ga u r n y - P I e r r a s n ia") Italy Japan Java Mexico N la e n th d e s r- Ze N al e a w n d ' N w o ay r- Peru Poland Po g r a t l u- Ruma- A S f o r u ic th a Spain 1936—Dec... 25 25 208 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—Dec... 25 25 210 261 79 24- 933 23 82 21 83 69 120 189 5 525 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec... 24 26 144 164 90 32 692 23 94 20 1 84 69 152 249 1940—Dec... 24 26 U37 164 140 47 617 23 l84 20 59 158 367 1941—June.. 24 26 6 164 173 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 26 201 57 573 23 21 59 179 450 Oct... 24 26 200 54 573 23 21 59 180 422 Nov. , 24 26 228 52 574 23 21 59 181 400 Dec. 24 26 235 47 575 23 C21 59 182 366 1942—Jan... 24 216 42 575 23 21 59 182 363 Feb... 24 28 575 23 21 59 380 Mar.. 24 30 575 23 21 397 Apr... 31 23 21 429 May.. 30 Government gold reserves1 not included End of month S d w e e n - Sw l i a t n z d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n e s r - ' End of month in U S t n p a i r t t e e e s d viou U K s n in f it i g e g - d ure F s r ance2 g B iu e m l ' dom 1 19 9 3 3 7 6 — — De D c e . c . , . 2 24 4 4 0 6 6 5 5 7 0 2 2 9 6 2 2, , 6 5 8 8 9 4 7 7 7 4 5 5 9 2 4 5 8 1 1 5 1 1 1 8 8 5 3 1937— D Ju e n c e ... 169 4 1 3 , 3 9 9 3 5 4 1 8 1 1 5 1938—Dec. 321 701 29 2,690 69 52 57 14 142 1938—Mar.... 1,489 1939—Dec. 308 549 29 81 68 52 59 7 153 June.. . 44 62 1940—Dec. 160 502 1 90 9 29 82 12 145 Dec. ... 80 4 759 331 44 1939—Mar. ... 154 1,732 559 1941—-;June.. 192 528 96 108 40 183 10 144 May . 477 J AA u uu l gg y .. . .. . . 1 19 8 1 9 5 5 3 2 3 5 9 9 5 3 1 1 0 0 8 8 4 4 0 1 9 9 1 1 4 4 4 4 S Ju ep n t e . . . . .. . 1 8 6 5 4 17 1942—J M M N O D F A S a c e e e p a a o n t p b r c r y v . . t . . . . . . . . . . . . . . . . . . . . . 2 2 1 2 2 2 1 1 5 2 9 9 2 7 8 9 1 3 2 1 5 7 0 6 5 5 6 6 7 7 7 7 7 4 6 6 0 0 6 8 9 9 3 0 5 2 2 4 4 6 5 1 1 9 9 9 8 0 0 2 2 2 9 0 0 1 1 1 0 0 0 6 2 1 4 4 4 4 4 5 5 5 5 1 1 1 1 9 6 2 2 6 1 1 1 1 1 1 9 4 0 0 2 3 2 1 r r r r r r r 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 7 8 8 8 7 8 8 9 9 1 1 9 9 4 4 0 1 — — D D D S S J J M M u u e e e e e a a c c n c p n p r r . t t e e . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 4 8 8 8 5 0 2 4 2 8 6 8 9 6 5 5 4 5 1 1 1 7 7 7 1 r F R i e g v u i r s e e s d . r el c a t C e o to r * re l c a t s e t d o . fficial report dates for the respective countries, as follows: Germany— 1 Reported at infrequent intervals or on deju u n l : y e 3 1 1 5 , , 1 1 9 9 3 3 9 9 ; ; Y G u r g ee o c s e la — vi M a— ar F . e 3 b 1 . , 2 1 8 94 , 1 1 ; 9 I 4 t 1 al . y—late in Mar. 1940; Norway—Mar. 30, 1940; Poland— l ( a S y p e e d c ia b l as A is / : c U N . o S . . — 1); E x U c . h an K g . e — E St x a c b h i a li n z g a e t ion E q F u u a n li d - 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- ^ 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. 7 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. 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 ia - A W fri e c s a t 2 I 1 B C e o lg n i g a o n 3 U S n ta it t e e d S4 Colom-1 Chile I I N g ic u a a r 6 a- Au l s ia tr a- B In ri d ti i s a h 7 $1 = 15£i grains of gold f0 fine; i.e., an ounce of fine gold = $35 1934. 823,003 708,453 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 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 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 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 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 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 29,155 32,163 8 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941.. r 1,287,720 "1,088,150 27,765 32,414 208,443 186,568 27,969 22,961 9,259 7,525 "51,039 9,940 1941—May....... 105,140 88;750 42,716 2,355 2,800 15,948 15,721 1,448 1,872 528 r525 4,136 700 June...... 105,875 89,581 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 94,890 43,061 2,319 2,590 18,781 16,141 2,300 2,098 703 699 5,357 840 Nov 107,940 91,596 41,807 2,240 2,590 19,740 15,499 1,688 1,726 701 718 4,047 840 Dec........ 105,035 P88.823 42,436 2,302 2,590 16,700 14,746 1,832 1,749 622 770 ^4,200 875 1942—Jan 105,175 2*89,264 42,556 p2,2S3 2,695 14,982 14,198 3,790 2,075 558 772 *>4,515 840 Feb ^92,330 *>77,551 39,651 ^2,187 2,625 10,034 13,147 /2,460 ,1,573 537 647 *>3,430 .,260 Mar P83.544 42,618 '*>2,187 2,625 10,959 15,372 '^2,460 '1,573 '537 663 /3,675 875 Apr 281,889 41,491 '^2,187 '2,625 11,058 14,728 '^2,460 '1,573 '537 644 '^3,675 910 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. v Preliminary. r Revised. t ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning January 1941 are subject to official revision. 6 Gold exports, reported by the Banco National de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES ___ [In thousands of dollars at approximately $35 a fine ounce] All Y m e o a n r th or im T n o p e t o a t r l ts U K d n o i i n m t g ed - France g B iu 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 th i u e e n s r - Net imports from or net exports (—) to: 19341 1,131,994 7,60773 8,907 94 348 17407 86,829 30,270 16,944 12,038 1,029 1? 4 76,820 32,304 1935 1,739,019 934, 243 3 227, 185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 -13, 710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,569 1 81,135 15,488 163049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 3,798 165, 122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 241, 778 977 63 260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184, 756 111,739 49,989 4388,468 1940 Nov 330,107 7 262 718 545 3 283 14 441 6 12 186 2 170 27,580 Dec 137,176 80,389 347 ?,814 3,'268 14 994 1,7S1 13,262 7,446 12,805 1941 Jan 234,242 1 746 S63 46,876 1,147 168 3,185 11 136 149, 7SS 6,085 4,501 6,062 Feb 108,609 81 529 814 11 2 772 6 738 06 515,093 Mar 118,567 95,619 866 0, 3 984 6 262 2,788 3,046 2,951 Apr.... 171,992 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 Gross imports from:6 M Ju a n y e 3 30 4 , , 7 8 1 3 2 0 474 2 1 1 1 6 7 , , 3 5 0 2 9 1 9 80 6 0 9 2,794 7 3 2, , 1 3 1 8 4 4 4 4 , , 5 1 9 9 3 4 3,59 6 4 9 ""in" 3 5, , 0 5 0 8 9 9 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 i,995 5 9,011 Sept -65,702 250 42,563 495 2,488 3,107 2,064 3,694 5ll,045 Oct 40,440 55 16,074 1,020 2,107 3,143 6,151 200 ' 2,327' 5 9,366 Nov .7.... 50,374 121 24,921 6,336 2,110 1,832 5,980 40 59,041 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. 676. JULY 1941 7x5 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] xutrcasc m lurcigu L ing Decrease Foreign Domestic fiUmJ.X/4VcJ .k9i nX XTXT \SQ • W* 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 ?,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 L,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1L.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 L, 958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 L, 841.0 767.4 812.7 701.8 95.9 1941—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 L,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 L,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 L.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 L,410.3 1,830.7 817.8 833.1 632.4 96.5 July 2 5,575.4 3,193.3 L, 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.l 5,510.3 3,139.5 1,321.7 . 1,817.7 805.3 841.1 623.5 100.9 Oct. 8 5,494.3 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 Oct. 15 : 5,478.1 3,108.0 1,337.2 1,770.8 802.1 843.3 623.2 101.5 Oct. 22 5,460.2 3,091.1 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 1,789.1 798.5 856.2 627.6 101.4 Jan. 14 5,199,1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 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 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 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. "XT ?** > i • * • J I! 1 72.6 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 circula- (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O 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- tion3 Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 7.1.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 . 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230 0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—May 28 .2 680.0 1.6 50.7 11.4 149.4 629.5 110.9 32.3 52.1 17.8 June 25 .2 680.0 1.7 41.3 6.9 156.2 639.0 112.5 25.3 50.4 17.8 July 30 .2 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27 .2 680.0 1.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 Sept. 24 .2 5 730.0 1.6 58.8 4.6 149.8 671.4 133.9 10.6 52.2 18.1 Oct. 29 .2 730.0 1.3 36.9 4.5 163.3 693.3 117.0 13.7 57.7 17.7 Nov. 26 .2 730.0 .6 20.2 4.0 192.3 710.0 136.4 9.8 53.1 17.8 Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.^ 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 B830.0 .7 59.1 7.5 138.4 771.2 122.6 14.0 51.4 17.7 May 27 .2 830.0 1.2 41.6 6.6 170.5 788.6 146.6 7.6 47.8 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed S t h e o rm rt s 6 - ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e ion? Ch b a a r n te k r s ed D g o o m v i e n r i n o - n Other li O ab th il e it r ies ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 - 82.3 91.6 21.7 165*3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40 9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 . 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—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 May 30 187.4 430.8 223.8 12.9 528.6 186.0 96.7 23.4 20.1 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. JULY 1941 72-7 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 x e 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 o t t i s c o 3 - n Other2 a O s t s h e e ts r c N i t r i 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 i, 379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. 5 97,267 112 11,273 2,a345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—June 10 84,616 108 44,173 1,518 11,885 36,250 25,221 174,469 1,049 25,405 2,848 A Se u p g t . . 2 2 9 6 6 6 8 8 4 4 , , 6 6 1 1 6 6 (7) 8 (7) 3 2 9 7 , , 2 2 0 0 0 0 6 6 4 9 , , 1 3 9 4 5 0 Pi 2 1 0 9 5 8 , , 4 5 3 7 9 8 9 9 9 9 5 0 3 2 4 7 , , 9 2 3 0 0 0 2 25 8 , , 7 2 0 2 0 6 Oct. 316 84,616 56,806 65,250 213,131 1,097 38,932 25,075 N De o c v . . 2 2 6 8 6 6 ...... 8 8 4 4 , , 6 6 1 1 6 6 < % > 43 < ( ,1 7 > ) 94 661 3,646 6 7 4 2 , , 3 3 9 1 7 7 6 6 1 3 , , 2 9 0 0 0 0 23,179 2 2 1 1 4 8 , , 1 3 7 8 6 3 9 7 8 4 4 8 3 4 9 1 , , 1 4 0 0 7 0 2 2 4 7, , 2 9 0 4 2 1 3,586 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 3,763 Sept. 25^ 84,598 37 . 41,014 (7) 123,578 64,700 20,846 248,993 (7) 59,714 (7) 4,402 N Oc o t v . . 3 2 0 7p 8 8 4 4 , , 5 5 9 9 8 8 3 3 7 7 41,138 i 7 ( ,8 7) 49 1 1 2 2 9 9 , , 5 5 1 6 8 8 6 6 0 8 , , 5 9 0 0 0 0 23f 2 2 5 6 5 0 , , 6 7 8 7 4 2 1 ( , 7 2 ) 72 6 6 0 1 , , 9 0 3 7 2 3 25 ( , 7 9 ) 99 3, ( 3 7 0 ) 9 Dec. 31 84,598 38 & 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 Feb. 26? 84,598 38 42,043 (7) (7) 149,753 67,400 20,086 278,392 (7) 59,202 (7) 3,469 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 Apr. 30 84,598 38 42,651 13 4,581 162,898 68,300 21,365 291,654 775 59,668 28,955 4'391 4 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 T in r c e b l a i u l s d l u s i r n y g Se lo cu 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 Oct. 31* 77 18,456 26 20 (7) 17,432 2,470 (7) Nov. 29P 77 18,899 24 58 17,793 2,493 8 Dec. 31p.... 77 21,656 32 107 19,324 3,649 1942—Jan. 31P 77 20,884 28 151 28J 18,987 2,417 8 Feb.28? 77 21,458 23 144 (7; 19,443 2,426 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 Apr. 30, 1942, advances of 169,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940,30,000 million francs of gold transferred from^Bank of France to Stabilization Fund. * 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. 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Re- National Bank of Denmark—Cont. public (millions of pesos): Gold reported separately 1,077 1,075 1,071 Other assets (4) 694 Other gold and foreign exchange 529 517 308 Note circulation 815 745 Negotiable Government bonds 376 373 370 Deposits 1,172 669 Rediscounted paper 28 Other liabilities 204 Other assets 224 217 207 Central Bank of Ecuador (thou- (Nov. Note circulation 1,472 1,440 1,233 sands of sucres): 1941 )2 Deposits—Member bank 588 580 550 Gold 71,276 66,345 Government 30 57 130 Foreign exchange (net) 25,648 14,075 Other 24 17 6 Loans and discounts 84,505 60,181 Foreign exchange sold forward 3 3 4 Other assets 25,670 24,614 Other liabilities 88 86 62r Note circulation 107,574 80,122 Commonwealth Bank of Australia Demand deposits 57,372 52,376 (thousands of pounds): Other liabilities 42,154 32,718 Issue department: National Bank of Egypts (thou- Gold and English sterling 24,954 24,954 17,705 sands of pounds): Securities 78,453 75,684 49,374 Gold 6,251 6,241 Banking department: Foreign exchange 4,273 1,272 Coin, bullion, and cash 6,702 4,116 3,864 Loans and discounts 2,268 3,086 London balances 29,148 26,217 56,417 British, Egyptian, and other Gov- Loans and discounts 29,447 35,269 22,110 ernment securities 107,357 75,817 Securities .. 103,213 100,613 39,543 Other assets 6,557 6,537 Deposits 122,222 120,891 112,777 Note circulation 52,035 41,573 Note circulation 95,864 92,364 65,869 Deposits—Government 18,604 6,453 National Bank of Belgium1 Other 43,678 35,012 National Bank of Bohemia and Mo- Other liabilities 12,388 9,913 ravia (millions of koruny): Central Reserve Bank of El Salva- Gold . 1,514 1,465 dor (thousands of colones): Foreign exchange 777 774 Gold 15,241 13,254 13,255 Discounts 840 445 Foreign exchange 11,738 12,891 1,690 Loans. Loans and discounts 422 753 935 Other assets 13,231 9,629 Government debt and securities .. 7,224 7,027 7,072 Note circulation 9,755 7,030 Other assets 2,327 2,238 1,539 Demand deposits 2,943 1,789 Note circulation 22,904 23,119 14,931 Other liabilities . ... 3,664 3,494 Deposits ., 10 064 8 472 4 992 Central Bank of Bolivia (thousands (Dec. Other liabilities 3,985 4,571 4,568 of bolivianos): 1941)2 Bank of Finland (millions of mark- Gold at home and abroad 377,199 105,482 kaa): Foreign exchange 377,141 269,513 Gold 556 Loans and discounts 147,904 233,306 Foreign assets 1,182 Securities—Government 451,177 444,221 Loans and discounts 5,610 Other 11,204 8,517 Domestic securities 414 Other assets 33,727 36,749 Other assets 2,212 Note circulation 641,572 519,355 Note circulation .... 5 659 Deposits 597,290 486,472 Deposits 796 Other liabilities 159,490 91,960 Other liabilities 3,520 National Bank of Bulgaria1 Bank of Greece1 Central Bank of Chile (millions of National Bank of Hungary (millions pesos): of pengo): Gold . ...... 148 148 147 Gold6 100 124 Discounts for member banks 317 324 228 Foreign exchange reserve 18 27 Loans to Government 733 733 742 Discounts 1 117 826 Other loans and discounts 836 802 442 Loans—To Treasury 760 805 Other assets 93 71 116 To foreign countries 267 Note circulation 1 579 1,555 1,205 Other 36 35 Deposits—Bank 211 188 170 Other assets (4) 374 Other 120 128 60 Note circulation 1,999 1,734 Other liabilities 217 207 239 Demand deposits 380 202 Bank of the Republic of Colombia Consolidated foreign credits of 1931. 35 (thousands of pesos): Other liabilities (4) 220 Gold 28,339 28,288 26,611 28,405 Reserve Bank of India (millions of Foreign exchange 31,636 28,213 20,506 29,140 rupees): Loans and discounts 25,338 31,124 35,017 16,728 Issue department: (Feb.)2 Government loans and securities.. 59,126 58,245 55,953 55,487 Gold at home and abroad . .. 444 444 Other assets 32,280 32 528 32,418 34,456 Sterling securities. 2,736 1,138 Note circulation 77,268 75,695 75,682 65,477 Indian Gov't. securities 415 913 Deposits 56,336 59 021 50,660 58,600 Rupee coin 295 362 Other liabilities 43 116 43 682 44 163 40 139 Note circulation 3,797 2,730 National Bank of Denmark (millions Banking department: of kroner): Notes of issue department 93 128 Gold ... 98 105 Balances abroad 330 403 Foreign exchange 26 24 Treasury bills discounted Clearing accounts (net). . . . 910 532 Loans to Government 204 55 Loans and discounts 42 84 Other assets 150 97 Securities 53 179 Deposits 591 532 Government compensation ac- Other liabilities C186 150 counts 125 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 Latest month for which report is available for this institution. 3 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on January 23, 1942. 4 Figure not available. 5 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly. 6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent. JULY 1942 72-9 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) date of month) May Apr. Mar. May May Apr. Mar. May Bank of Java (millions of guilders): (Jan.)1 South African Reserve Bank—Cont. Note circulation 28 567 28 916 26 181 Gold 407 3?8 Deposits .. 73 599 71,040 61 651 Foreign bills ?4 18 Other liabilities 4 448 11000 4 ?07 Loans and discounts 171 99 Bank of Sweden (millions of kronor)* Other assets 140 113 Gold 616 610 396 Note circulation 339 ?3? Foreign assets (net) 620 63? 818 Deposits c366 ?S8 Dompstir Inarm and invp^tmpnts 913 018 686 Other liabilities 37 37 Other assets 1 094 955 858 Ban M k e o t f a l M lic e x r i e c s o e r ( v t e h 2 ousands of pesos): 213,631 205,831 199,291 175,040 N De o m te a n c d ir c d u e la p t o i s o i n ts 1 1 ,0 6 9 3 0 8 1 1,0 6 4 40 3 1 5 3 9 08 3 "Authorized" holdings of securi- Other liabilities 495 423 767 ties etc. 576,562 550,058 532,420 505,627 Swiss National Bank (millions of Bills and discounts 118,844 115,340 114,080 46,446 francs): Other assets 49 62 * 54 781 50 793 66 Gold 3 442 3 443 3 301 2293 Note circulation 584,815 563,073 554,458 456,462 Foreign exchange 136 129 183 1,276 Demand liabilities 269 680 260 ?51 242 708 243 701 T>r>fin^ JinH Hiirntint^s 287 223 146 93 Other liabilities 104 167 102 686 99 417 93 882 Other assets (3) (3) ?66 223 Netherlands Bank (millions of guil- Note circulation 2 237 2 241 2 ?38 2 11 5 ders): Other sight liabilities 1 622 1 535 1 467 1 5?0 Gold 10?6 1,0?? Other liabilities (3) (3) ?84 ?50 Silver (including subsidiary coin).. 8 17 Central Bank of the Republic of (Dec. Foreign bills 1,128 202 Turkey (thousands of pounds): 1941)1 Discounts. 1 147 Gold 115 4-0.5 120 3?1 Loans 195 906 FnrfHf^n plpprinpr JiPpnnntQ 60 851 45 006 Other assets (3 ?65 Loans and discounts 473 80? 442 347 Note circulation 2,?17 16?8 Securities 190 747 191 568 Deposits—Government Other assets 23 0?1 19 686 Other ?Q5 160 Note circulation 521 5?1 513 405 Other liabilities (3) 6? D eposits—Gold 79 358 79 35R Reserve Bank of New Zealand (thou- Other 100 ASK 92 386 sands of pounds): Other liabilities 162 580 133 601 Gold 2 80? 2 80? 2 80? Bank of the Republic of Uruguay Sterling exchange reserve 20 614 18 344 21 240 (thousands of pesos): (Nov. Advances to State or State under- Issue department: 1941 )x takings 31 191 30 64? 17 767 Gold and silver 86 ?3"? 86 ?35 Investments 4 146 4 153 3 773 N'otp pirpiilation 107 592 107 10S Other assets 861 1067 680 Banking department: Note circulation 24 077 ?4 13? 21 78? Gold 72 0?4 82 841 Demand deposits 32 50? 30 106 22 713 Notes a.nd coin 34 OH? 22 361 Other liabilities 2 945 2 770 2 767 Advances to State and to Bank of Norway* government bodies 25 150 39 514 Central Reserve Bank of Peru (thou- Other loans and discounts . 93 ?10 88 403 sands of soles): Other assets 129 770 104 414 Gold and foreign exchange 57,541 54 470 Deposits 119 987 124 545 Discounts 35 56? 29 399 Other liabilities 235 149 212 988 Government loans 196 138 130 Central Bank of Venezuela f thou- Other assets 10,860 10 652 sands of bolivares): Note circulation 213,906 159 232 Gold 170,677 170,677 158 317 Deposits. 65,216 50 703 Foreign exchange (net) 19,936 17,925 23 621 Other liabilities 21,416 23 025 Credits to national banks 35,230 35,230 35 230 Bank of Portugal (millions of (Nov. Other assets 8,003 13,473 15 590 escudos): 1941 )* Note circulation— Gold5 1 11R 1 973 Central Bank 144 161 141 155 138 0?4 Other reserves (net) 143? 1060 National banks 47 581 50 298 51 978 Non-reserve exchange 2 8?6 I 99S Deposits 35 813 39 811 32 875 Loans and discounts 340 364 Other liabilities 6,291 6,041 8 08? Government debt 1031 1031 National Bank of the Kingdom of Other assets 035 973 Yugoslavia^ Note circulation 3 on 3 00 Bank for International Settlements Other sight liabilities 3,192 2,04 (thousands of Swiss gold francs^): Other liabilities 70S 700 Gold in bars 42 08? 27 403 National Bank of Rumania (millions (Oct. Cash on hand and on current acof lei): 1941 ^ count with banks 32 96? 31 544 Gold 33 881 3? 556 Sight funds at interest 16 341 16 01,3 Special exchange accounts 18 133 5 38? Rediscountable bills and accept- Loans and discounts 32 19? 29 0? ances (at cost) 144 045 142 100 Special loans (in liquidation) 565 59 Time funds at interest 21 060 22 406 Government debt 9 629 9 697 SiiTidrv Viiils and lnvpstTYiPTii'Q 219 963 223 525 Other assets 38 691 26 564 Other assets 181 2 357 Note circulation 92 ?44 70 510 Demand deposits (gold) 29 04 5 22 858 Demand deposits 28 215 19,232 Short-term deposits (various cur- Other liabilities 12,617 14,062 rencies): South African Reserve Bank (thou- Central banks for own account. 173?3 14 53? sands of pounds): Other 5 833 2 836 Gold 52 036 48 231 50 7?0 Long-term deposits* Special ac- Foreign bills 1060 417 471 counts 228 000 229 nm Other bills and loans 25 33 11 Other liabilities 195 536 196 1in Other assets 53,493 62,254 40,927 c Corrected. 1 Latest month for which report is available for this institution. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Figure not available. 4 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 66 VVaalluueedd aatt aavveerraaggee ccoosstt.. 6 See BULLETIN for December 1936, p. 1025 730 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 - 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 Ju 3 a n 0 te e ef D fec a t t i e ve ba C n e k n tr o a f— l R Ju 3 a n 0 t e e ef D fe a c t ti e ve In effect Oct. 2, 1936 2 3 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 2 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 "2M" Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 Moravia Oct. 1, 1940 Mexico June 4, 1942 Dec 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia....... 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4..... 4 British India 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 3 2 Canada Mar. 11, 1935 Norway 3 2 May 13, 1940 May 10, 1938 4 Chile 3-4H Dec. 16, 1936 Peru 5 Aug. 1, 1940 M Ma a y y 1 3 3 0 iy2 3 Colombia 4 July 18, 1933 Portugal.... 4 Mar. 31, 1941 Sept 28 3 O N c o t v . . 2 2 7 5 2y2 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2 2 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 iMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France........ Mat. 17, 1941 Turkey 4 July 1, 1938 Dec 15 3 Germany Apr. 9, 1940 United King- Jan 25, 1940 2 Greece 6 Mar. 1, 1942 dom 2 Oct. 26, 1939 M Ap a r y . 1 9 7 sy 2 H Ita u l n y gary 3 O M c a t y . 2 18 2 , , 1 1 9 9 3 4 6 0 Y U. u g S o . s S la . v R ia . . . . , 4 5 J F u e l b y . 1 1 , , 1 1 9 9 3 3 6 5 Mar 17, 1941 May 29 3 June 27 2H 1 Not officially confirmed. In 19 e 4 f 2 fect June 30, 2 "iH sy 2 2 3 ce N n O t. TE.—Changes since May 31: Mexico—June 4, up from 4 to 4^ per OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac B 3 c a e m p n o t k a n e n r t c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e -d y ay o a n B l l a o d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s s 3 d P i r s r i c a v o t a e u t n e t 1929—Apr 5.21 5.18 4.43 6.63 6.85 5.36 5.81 3.45 1930—Apr 2.48 2.49 2.28 4.46 4.40 2.52 3.08 K3 2.61 1931—Apr 2.58 2.57 2.17 4.65 5.67 1.50 1.61 3-5 1.06 1932—Apr 2.19 2.07 1.91 5.12 6.17 1.02 .94 5-7 1.50 1933—Apr .59 .50 .61 C3.88 5.05 .66 1.00 .50 1934—Apr .96 .89 .88 C3.88 4.76 2.07 1.85 23^-5 .50 1935—Apr .59 .51 .75 3.38 3.64 3.65 3.26 .80 1936—Apr .55 .52 .75 3.00 2.83 1.07 1.27 .25 1937—Apr .55 .53 .75 2.90 2.55 .19 1.00 .00 1938—Apr .53 .51 .75 2.88 3.04 .13 .50 .00 1939—Apr...'. 1.40 .36 .76 2.88 2.36 1.11 1.24 .00 1940—Apr 1.03 .03 .00 2.38 .90 1.68 2.75 .25 1941—Apr 1.03 .01 .00 2.25 .67 2.06 2.75 .25 1941—May 1.03 .00 .00 2.25 .78 1.93 2.36 .25 June 1.03 .00 .00 2.13 .93 1.88 2.25 .25 July 1.03 .00 .00 2.13 .63 1.88 2.25 3-5 .25 Aug 1.03 .00 .00 2.13 .73 1.88 2.25 3-5 .25 Sept 1.03 -01 .00 2.13 .94 1.88 2.25 .25 Oct 1.03 .00 .00 2.13 .76 .25 Nov 1.03 .00 .00 2.13 1.75 .25 Dec 1.03 1.01 .03 2.13 1.98 .25 1942—Jan 1.03 1.01 .04 2.13 1.92 1.25 Feb 1.03 1.00 .04 2.13 1.25 Mar 1.03 1.00 .03 2.13 1.25 Apr 1.03 1.01 1.00 0 Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JULY 1941 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 London clearing banks. Money at Treasury Deposits Figures in millions of Cash call and Bills dis- deposit Securities Loans to Other Other pounds sterling) reserves n s o h t o i r c t e counted receipts2 customers assets Total I Demand8 Time3 liabilities 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—May...... 293 128 173 469 848 273 2,824 1,789 1,035 249 June 311 143 193 482 880 874 311 2,946 1,870 1,075 248 July 306 139 275 476 902 866 267 2,991 1,898 1,093 240 August.... 316 140 266 469 935 850 264 2,997 1,909 1,088 242 September 330 134 315 531 939 839 269 3,115 1,991 1,123 243 October... 328 132 270 596 986 837 273 3,176 2,023 1,153 246 November 332 , 127 246 651 999 825 280 3,208 2,054 1,154 250 December. 366 441 171 758 999 823 324 3,329 2,168 1,161 253 1942—January... 330 118 157 739 1,008 832 288 3,222 2,088 1,134 249 February. 318 122 112 646 1,017 840 275 3,085 2,003 1,082 243 March 347 137 163 476 1,050 853 291 3,072 2,012 1,060 244 April 319 136 258 450 1,048 832 278 3,082 2,001 1,081 240 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C h rt a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities Other ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 ,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 ,583 850 1938—December. 263 65 940 166 ,463 535 2,500 840 .,660 843 1939—December. 292 S3 088 132 ,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 108 159 ,531 570 80 2,805 1,163 ,641 846 1941—May 321 29 132 183 ,812 537 80 3,045 1,350 ,695 889 June 288 33 292 191 ,688 575 3,075 1,608 ,467 913 July 314 34 279 188 ,681 559 3,068 1,579 ,489 907 August. . . 299 35 255 190 ,698 553 81 3,031 1,509 ,522 919 September 308 36 237 197 ,696 579 79 3,037 1,482 ,555 938 October... 325 37 233 199 ,643 594 80 3,012 1,420 ,592 939 November, 342 36 ,218 182 ,690 593 76 3,041 1,402 ,639 944 December 356 32 169 168 ,759 653 71 3,105 1,436 ,669 962 1942—January... 296 31 ,128 158 ,916 585 71 3,096 1,376 ,720 945 February. 324 30 ,135 164 ,960 595 72 3,181 1,517 1,664 955 March 348 34 300 166 ,881 624 71. 3,305 1,755 1,550 976 April 322 32 ,252 178 ,899 637 72 3,262 1,725 1,537 986 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Deposits ac O c w ep n t- lia O b t il h i e ti r es Total Demand Time 4 large banks 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 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 March.... 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 3 large banks 1940—March 4,021 3,691 32,003 7,113 690 43,755 43,410 September^ 5,817 3,615 37,051 9,121 690 52,599 52,287 October... 5,453 3,526 40,757 8,533 760 55,194 54,868 November. 5,111 3,562 43,251 8,060 823 56,741 56,306 December.. 6,258 3,546 44,243 7,984 999 58,890 58,413 1941—February*.. 5,628 3,197 48,596 8,155 ,357 62,528 62,003 March 5,661 3,191 50,401 7,784 ,403 63,998 63,465 April 5,407 3,190 51,158 7,768 ,429 64,441 63,910 May 5,549 3,279 52,961 7,720 ,351 66,229 65,712 June 5,641 3,359 54,826 8,035 371 68,376 67,867 July5 5,837 3,239 53,951 7,511 526 67,148 66,640 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1J per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 8 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 No data availabe April through August 1940, and January 1941. 6 No data available since July 1941. 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. 73 z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Year or month (peso) (pound) g B i e u l m - Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada (dollar) Chile (peso) C S ( h y h a u i n a n g n a - Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 15.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 14.OOOO' 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 '5!i248' 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322.80 305.16 116.880 6.0562 5.0214 30.155 190.909 85.141 5.1668 4.0000 6.000 1941 29.773 123!704" 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 15.1664 14.0000 15.313 1941—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 May 29.773 23.704 322.80 321.50 6.0580 5.1387 30.122 90.909 88.557 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c u a h n k o a i ) a - ( m D kr e a o n r n k e - ) ( l F m a k i n a a n r ) d - k- F ( r fr a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d m r 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 a u r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 . 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 119.308 1.8*10 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—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 May 57.005 20.567 322.78 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o zl l o a t n y d ) ( P e o s g c r a u t l d u o - ) R ( n u le i m u a ) a- ( A S p o o fr u u i n c t d h a ) ( S p p es a e i t n a) m S S (d e t o e r t l n a t l l a t i e t r s - ) s S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o l n le - ( d peso) N co o n n - - ( Y s d l i a u n v g a i r o a ) trolled 1934 . .. 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 . 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 U8.835 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—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 May 398.00 403.50 403.50 65.830 52.740 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. JULY 1941 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 695 134 237 106 1 126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 1 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1 19 9 3 3 9 8 7 7 9 7 7 7 9 5 1 1 0 0 1 3 2 6 6 5 8 3 1 1 10 0 7 6 9 9 5 9 2 2 5 7 1 8 7 7 2 4 1 11 1 5 1 1 10 1 7 1 1940 79 83 137 110 311 «88 146 143 1941 87 90 153 P112 •- 329 172 184 1941—May 85 89 151 112 326 171 181 Tune 87 90 152 112 331 173 184 July 89 91 153 112 329 173 188 August 90 92 153 113 330 174 189 September 92 93 154 113 330 175 191 October 92 94 155 337 176 193 November 93 94 155 P113 340 178 198 December . . 94 94 156 p113 347 179 199 1942—January 96 94 156 PI 14 P351 181 202 February 97 95 159 PI 14 P352 183 205 March 98 95 159 184 207 April 99 95 160 P186 May 99 P187 v 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 g p c o a a t o r n u t d u r l s y e - d f m c a g h c o a i t o e n u d f u r l s e - y d Foods p I r n o tr d d i u u a c s l - ts p A r g t o u r d i r u c a u c l t l s - a p t f n r r i i n d o a i d l s s h u e r e c a m d w ts i- p tr I r i i n o s a d h d l e u u f d s c i - n ts - 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—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 80 89 92 160 159 May 104 99 96 * P163 P Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 734 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 = 9 a 1 a 3 d 0 n 5 a 0 - - ) 39 U K = d ( n 1 J i 1 o 9 i n u 0 1 t m l g 0 4 e y d - (1 = m G 9 1 1 a e 0 3 n r 0 - - ) 1 y 4 N (1 l = e a 9 1 t n 1 h 0 1 d 0 e - ) 1 s r 3 -S e = r ( w 1 J 1 l 9 a u i 0 1 t n n 0 4 z e ) d - Year or month U ( S = 19 t n 1 a 3 0 i 5 t t 0 e - e ) 3 d s 9 ( = 1 C a 9 1 a 3 d 0 n 5 0 a - - ) 39 U K = d ( n 1 1 J i o 9 i u n 0 1 t m l 0 g e 4 y ) d - ( m 1 = G 9 1 a 1 0 e 3 n r 0 - y ) - 14 N (1 l = e a 9 1 t 1 n 0 h 1 d 0 e - ) 1 s r 3 -S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e ) d - 1932 87 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 1132 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 P129 175 1941 . -. -. 105 112 199 P133 174 1941—May 102 110 171 130 172 1941-May 103 109 200 133 171 June 106 113 170 131 178 June . . 105 111 200 134 175 July 107 117 167 134 179 July 105 112 199 136 177 August 108 121 167 133 180 August 106 114 199 136 178 September. 111 123 166 128 181 September.. 108 115 199 133 178 October... 112 123 165 *>128 185 October 109 116 199 ?132 182 November. 113 125 165 *126 188 November... 110 116 200 *132 184 December. 113 124 165 P126 189 December. .. 111 116 201 P132 184 1942—January ... 116 122 163 *>128 191 1942-Tanuary 112 115 200 P134 186 February.. 117 123 163 PI 29 194 February. 113 116 200 P136 188 March 119 124 162 nz\ 195 March 114 116 200 P136 " 189 April .... 120 124 160 April . 115 116 199 May 122 *124 160 May 116 "116 200 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 e t n i a r c i i t t v e e e e ) d s 1 d ( K 1 D U 9 i e 2 n n c 1 g e i = t d 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 sS r- U ( S 1 = 9 n t 1 3 a i 0 5 t t 0 e - e 3 ) s d 9 K U in n g i d te o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany ( N 19 l e a 3 t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0- 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77.9 88.1 70.8 114.6 8 95.0 1941 117 8 123.8 80.0 72.5 1941—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 ^272 138.1 JUly 118.7 124.7 103.1 83.2 72.5 2*270 142.6 August 118.5 124.5 103.1 83.2 73.8 ^292 144.0 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 P329 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 r72.6 April 117 8 127 5 63 3 72.5 May 117.7 63.2 p Preliminary. r Revised. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average 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. 11.72; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JULY 194Z 735 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. Crcighton Henry S. Dennison... W. W. Paddock William Willett K. K. Carrick Carl B. Pitman* New York ... Beard slcyRuml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney T W Tfnr»L-<» Walter S. Logan J, M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabc.. Warren F. Whitticr.. Alfred H.Williams.. Frank J. Drinnen... W. J. Davis F r Hiii C. A. Mcllhenny* C. A. Sienkicwicfc Cleveland Gco. C. Brainard R. E. Klagcs M. J. Fleming F. J. Zurlindcn C. W. Arnold R. B. Hays W. F. Taylor' G. H. Wagner Richmond Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldcn,Jr J. G. Fry R. W. Mercer Atlanta Frank H. Ncely J. F. Porter W.S. McLarin,Jr... Malcolm H. Bryan. H. F. Conniff L. M. Clark Chicago Simeon E. Leland C. S. Young H. P. Preston Allan M Black1 J. H. Dillard Charles B. Dunn A. J. Mulroncy Alfred T. Sihler St. Louis..... Wm. T. Nardin Oscar Johnston Chester C. Davis F. Guy Hitt O. M. Attebcry C. M. Stewart Minneapolis.. W. C. Coffcy Roger B. Shepard J. N. Peyton O.S. Powell A. W. Mills* T7 YX7 Q-nrdficnn Harry I. Ziemer Kansas City... R. B. Caldwcll Robert L. Mehornay.. H. G. Lccdy Henry O. Koppang. J. W. Helm2 D. W. Woolley Dallas Jay Taylor J.B.COKO R. R. Gilbert E. B. Stroud R. B. Coleman TX7 T T?TT^nc W. O. Ford1 San Francisco. Henry F. Grady St. George Holden... Wm. A. Day Ira Clerk C. E. Earhart1 R. B. West 1 Cashier. 1 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. Wiltsc Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann * Jacksonville Branch Gco. S. Vardcman, 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 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS OFFICE OF COUNSEL CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel DIVISION OF 0 PERSONNEL ADMINIS- GEORGE B. VEST, Assistant General Counsel TRATION B. MAGRUDER WINGFIELD, Assistant General Counsel ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR LOANS COMMITTEE E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director KENTON R. CRAVENS, Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Chief FISCAL AGENT C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Chief 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 JULY 1941 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 3 0 W ^^= BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JUNE l, 1942 g BOARD OF GOVERNORS OF THE FEDERAL RESERVE SfSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis