Federal Reserve Bulletin, 1942-09

FEDERAL RESERVE BULLETIN SEPTEMBER 194: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Review of the Month—Bank Credit, War Finance, and Savings 869-877 Law Department Supplement to Regulation D 878 Consumer Credit: Amendment to Regulation W 878-879 Interpretation of Regulation W 879 Foreign Funds Control 879-880 Terms of Directors of Federal Reserve Banks and Branches 881 Regional Distribution of Commercial Loans 881-891 Annual Report of the Central Bank of the Argentine Republic 891-910 Current Events 911 National Summary of Business Conditions 911-913 Financial, Industrial, Commercial Statistics, U. S. (See p. 915 for list of tables) .... 915-964 International Financial Statistics (See p. 965 for list of tables) 965-977 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 978 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 979 Map of Federal Reserve Districts 980 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, 15 cents per copy per month,or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 2.8 September 1942 NUMBER 9 BANK CREDIT, WAR FINANCE, AND SAVINGS Increasing Government expenditures for REDUCTION IN RESERVE REQUIREMENTS war purposes are being financed in part from On August 18 the Board of Governors tax receipts, in part by borrowing from announced a reduction in reserve requiresavings, in part by borrowing from banks. ments against net demand deposits for The growth of Government expenditures central reserve city member banks in New has been accompanied by a further increase York and Chicago. The reduction, which in national income, notwithstanding some became effective as of the opening of decline during recent months in production business on August zo, 1942., was from z6 and supplying of goods and services for per cent to Z4 per cent. This action is in civilian use. Purchases of Government seaccordance with the Act of July 7, 1942., curities by banks have resulted in an expanwhich gave to the Board the power to sion of bank deposits and the amount of change reserve requirements of member currency in circulation has also increased at banks in central reserve cities without a rapid rate. The major part of this changing requirements for member banks growth in the money supply has come into in other reserve cities. the possession of the general public; funds Other member bank reserve requirements saved by individuals and set aside in less were not changed by the Board; requireliquid forms have likewise increased, as ments against demand deposits are zo per evidenced by large purchases of War Bonds cent at reserve city banks and 14 per cent and repayment of consumer debt. at country banks, and those against time The Government has borrowed only a deposits are 6 per cent at all classes of portion of its needed funds from the savings member banks. Under the present law of the people. Substantial purchases of requirements against demand deposits may Government securities by banks have been be reduced to 13 per cent at central reserve essential. Banks have been able to buy city banks, to 10 per cent at reserve city these securities because of the large volume banks, and to 7 per cent at country banks, of reserve funds that they have held in ex- and those against time deposits may be cess of legal requirements. The Federal reduced to 3 per cent. Requirements may Reserve authorities, moreover, have the not be raised above existing levels, except power to increase the supply of lendable that those against demand deposits at funds at banks, and within recent months central reserve city banks may be restored have exercised this power by purchasing to z6 per cent. Government securities and by lowering Action to reduce reserve requirements at reserve requirements for central reserve central reserve city banks came at a time city banks. when these banks had relatively small 869 SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH EXCESS RESERVES OF MEMBER BANKS serves at New York banks, however, was offset by further withdrawals of funds in BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLL 8 the following week, and on August 2.6, the next report date, excess reserves amounted 7 ^ ALL MEMBER to 370 million dollars in New York, to 85 lAfc BANKS 6 ssf million in Chicago, and to 1,885 billion I \ at other banks. 5 CAUSES OF DECREASE IN EXCESS RESERVES 4 Excess reserves of member banks as a NEW YORK 1/1 whole have declined in the past year and a 3 half primarily because of a rapid growth in ^'^ "^OTHER the supply of money held by the public. 2 This has taken two forms: (1) an increase in the amount of money in circulation, 1 ^^^^^^CHICAGO which banks must provide by drawing upon 0 , <^~~ ^ ^v/"^^7^^ their reserve balances, and (V) a growth in 1940 1941 1942 bank deposits, which has added to the Figures for all member banks and for "other" banks outside New York City and Chicago are partly estimated. Latest figures shown amount of required reserves and thus reare for August 26. duced excess reserves. The chart on the amounts of excess reserves. As shown in next page shows the movement since the the chart, banks in New York and Chicago beginning of 1940 of the principal factors have lost reserves in recent months, while accounting for changes in bank reserves. the volume of reserves of other banks has The sustained growth in bank reserves, shown little change. On August 19, 1942., which had resulted from heavy gold the reserve positions of central reserve city imports since early 1934, came to an end at banks and of other member banks were as the beginning of 1941, at which time memfollows: ber banks had nearly 7 billion dollars of [In millions of dollars] reserves in excess of requirements. Cur- Total rency in circulation, which has been exres h e e r l v d es R re e s q e u r i v r e e s d r E es x e c r e v s e s s panded for several years, has since late 1940 Central reserve city banks: shown an exceptionally rapid increase, New York 4,700 4,520 180 Chicago . . 1,015 1,000 15 which has exerted a constant drain on Other banks 6,940 *5,030 *l,910 reserves. Fluctuations in the volume of All member banks 12,655 *1O,55O *2,105 Treasury deposits at Federal Reserve Banks * Estimated. have caused wide short-time variations in Excess reserves of New York and Chicago reserves, but these have been of only a banks shown in the table were the lowest temporary nature. since 1937. Reduction of two points in Excess reserves have been further reduced reserve requirements lowered required re- by an increase in required reserves, amountserves and increased excess reserves by ing to about 3 billion dollars from the about 350 million dollars at New York beginning of 1941 to the middle of August City banks and 75 million at Chicago. i94x. Of this amount a substantial portion Some of the resulting increase in excess re- was due to an increase of approximately 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIE^W OF THE MONTH one-seventh in the reserve requirement per- with increases of 1.3 billion in currency in centages imposed by action of the Board of circulation and of about a billion in Governors of the Federal Reserve System required reserves. Excess reserves declined effective last November. The remainder by about 1.1 billion dollars in this period. reflected the growth in deposits at member The decrease in reserve requirements on banks. In July and the first three weeks of August xo added excess reserves, but they August, as shown on the chart, the increase declined again in the following ten days, in required reserves was at a rapid rate, and at the end of August excess reserves of amounting to about 600 million dollars. all member banks amounted to about z.i The various factors tending to reduce billion dollars, or about the same as on excess reserves have been offset to some August 19. extent since April by Federal Reserve That the decline in excess reserves ocoperations. Between April 8 and August curred principally at banks in New York 19 holdings of United States Government City and Chicago requires special explanasecurities by Federal Reserve Banks in- tion, because the growth in currency and creased by 1.2. billion dollars, compared in bank deposits has been nation-wide in MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES IONS OF OOLLARS 1940 1941 1942 1940 1941 1942 Figures for required and excess reserves partly estimated. Latest figures shown are for August 26, 1942. SEPTEMBER 1942. 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH scope and in fact has been less in those cities large amounts of excess reserves, openthan elsewhere, as is shown in a later sec- market operations were primarily for the tion of this review. New York City and purpose of maintaining an orderly market to some extent Chicago banks have lost for Government securities and covered a reserves to the rest of the country, par- variety of issues of both long-term and ticularly since April. These shifts, which short-term securities. Recently, while there were discussed more fully in the August have been from time to time purchases and BULLETIN, have been largely due to the sales of bonds and notes for maintaining fact that a substantial portion of the pro- market stability, the bulk of the purchases ceeds of Government security purchases by of bills and certificates has been to supcentral reserve city banks and of tax receipts ply additional reserves to banks needing in those centers have been expended else- them. where by the Treasury. On April 30 the Federal Open Market Banks outside New York have purchased Committee established a buying rate of % even larger amounts of Government se- of one per cent on all Treasury bills offered curities, but they have also gained deposits for sale to Federal Reserve Banks. On at a greater rate, so that their reserves have August 7 the Committee announced a increased slightly. At these banks the loss further direction to the Reserve Banks that of reserves resulting from currency with- any such purchases of bills shall, if desired drawals and the increase in required reserves by the seller, be made upon the condition stemming from the growth in deposits have that the Federal Reserve Bank, upon the both been offset by the shift of reserve funds request of the seller before the maturity of from New York. the bills, will sell to him Treasury bills of Purchases of Government securities for like amount and maturity at the same rate Federal Reserve account have been made of discount. largely in New York City and have supplied These arrangements have the effect of New York banks with additional reserves. making Treasury bills held by member This has enabled these banks to continue banks almost as liquid as excess reserves, to buy securities, notwithstanding their and have been a factor in encouraging banks loss of reserves to the rest of the country. to purchase increased amounts of such bills. The additions to their excess reserves pro- The amount of Treasury bills outstanding vided by the reduction in reserve require- has increased from about 2. billion dolments on August xo serve the same purpose. lars in April to 4.x billion at the end of August. The Federal Reserve Banks OPEN-MARKET OPERATIONS added about 700 million dollars to their Federal Reserve open-market purchases, holdings of bills in this period; New York which have resulted in an increase of City member banks took an additional about 1.2. billion dollars in System holdings 400 million, reporting member banks in since early in April, have been largely other leading cities 700 million, and other Treasury bills and certificates of indebted- holders 400 million. In addition to purness, which mature within a year. Last chases of Treasury bills, the Reserve Banks year and to some extent in the early months have purchased about 340 million dollars of of this year, when member banks had certificates of indebtedness, and reporting 8 7 z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH member banks in leading cities hold about mutual savings banks also took relatively x.3 billion dollars of the 4.7 billion of large amounts. Sales of War Savings Bonds certificates issued since April. and of tax notes during July and August totaled about 1.3 billion dollars. About WAR FINANCE 400 million dollars of special issues were sold to Government trust accounts. In July and August the United States Government spent a total of about 9.4 UNITED STATES GOVERNMENT DIRECT AND FULLY billion dollars for war purposes. Tax GUARANTEED DEBT [In millions of dollars] receipts, which are seasonally low in those two months, exceeded other expenditures Out- Change during standsomewhat. The public debt increased by ing Eight 4.7 billion dollars in July and by only a 3 A 1, u g 1 u 94 st 2August July J m an o u n a th r s y , - August slightly smaller amount in August. With Savings bonds 11,751 +673 +890 +5,611 the present schedule of expenditures and re- Tax notes 3,739 +383 +342 +1,268 Special issues to trust accounts.. 8,262 +138 +240 +1,281 ceipts the Treasury will need to borrow an Total non-marketable issues1. 24,068 +1,200 +1,473 +8,179 average of at least 4 billion dollars a month Treasury bills 4,168 +505 +1,155 +2,167 Certificates of indebtedness 4,705 +1,609 +4,705 during the remainder of this fiscal year. T Tr r e e a a s s u u r r y y b n o o n te d s s 4 6 1 , , 6 4 8 1 9 8 +1,236 +2,098 +8 + ,0 6 5 9 1 2 Guaranteed issues 4,567 +16 +3 -1,749 In recent months the Treasury has sold a Total marketable issues2 61,743 +3,366 +3,255 +13,865 variety of issues of securities in the market Total interest-bearing direct —some especially suited for the investment and guaranteed debt 85,811 +4,566 +4,728 +22,044 of funds by banks and other investors 1 Includes depositary bonds and adjusted service bonds not shown separately. desiring liquid assets and others designed 2 Includes postal savings and pre-war bonds n/>t shown separately. for those willing to invest for longer Of the increase of 9.3 billion dollars in periods in order to obtain higher yields. the total interest-bearing debt of the In addition, sales of War Savings Bonds to United States Government during July and individuals have increased. As indicated, August, x.j billion was in nonmarketable 1.2. billion dollars of additional bills have issues. Reporting member banks in leadbeen sold since the beginning of May and ing cities in these months added about 4.7 billion of certificates since April. In x.4 billion dollars to their holdings of addition, the Treasury sold two issues of 2. Government securities, and it is likely that per cent bonds of 1949-51—1.3 billion in other commercial banks purchased more May and x.i billion in July. Commercial than half a billion. Federal Reserve Bank banks purchased more than half of each holdings increased by 800 million dollars issue. in these two months. In May and August the Treasury offered It may be estimated, therefore, that purto investors other than banks 2J/2 per cent chases of Government securities by combonds of 1961-67, leaving the offerings mercial banks and Federal Reserve Banks open for subscription for about two weeks in this period amounted to about threewith full and immediate allotments of all fifths of the increase in marketable securamounts subscribed. Sales amounted to ities outstanding and two-fifths of the 880 million dollars in May and to 1,2.40 increase in the total debt of the United million in August. Insurance companies States Government. In the first half of were the heaviest purchasers of these bonds; this year, the increase in commercial bank SEPTEMBER 1941 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and Federal Reserve Bank holdings from one owner to another—some go to amounted to a little less than two-fifths of swell the cash holdings of business, while the increase in the total debt. Thus it some are held by individuals. An increase would appear that investors other than in individual deposits may be considered banks are continuing to take a large as one form of savings. This process has proportion of the increased offerings of the brought about not only an increase in total Treasury, but that banks are the principal bank deposits but also a wide distribution source of demand for marketable securities. of deposits throughout the country. As shown in the accompanying charts, GROWTH IN BANK DEPOSITS bank deposits rose sharply from 1933 to the Large purchases of Government securities end of 1936 and again from early 1939 to by banks and the expenditure by the Treas- date. Until 1941 the growth was due in ury of the funds obtained have resulted in a part to the large flow of gold to this country rapid growth in bank deposits. Treasury as well as to an expansion in bank loans expenditures in payment for goods and serv- and investments. During this period a conices directly or indirectly result in an siderable portion of the increase in deposits increase in individual incomes, some part of was at New York City banks, reflecting in which is in turn spent and becomes more part the accumulation of large idle balances widely distributed. The bank deposits —both foreign and domestic—in that center. originally obtained by the Treasury pass By the end of 1940 demand deposits in New York City banks were nearly two and a half BANK DEPOSITS AND CURRENCY ALL I3ANKS BILLIONS OF DOLLARS CAL. REP<)RT DATES IILLION5 OF OOL ADJUSTED DEMAND DEPOSITS MEMBER BANKS BILLIONS OF DOLLARs CALL REPORT DATES BLLIONS OF DOL 100 14 y/ 12 / 80 / / 10 y TOTAL DEPOSITS / OTHER RESERVE CITIES / / 60 AND CURRENCY / ^ • • ^ Q / i i i/ y / NEW YORK/ /T5A 40 / 6 •—• Si / 1 y ^y — \ TIME DEPOSITS A/ K 4, s*^/i r /COUNTRY BANKS 20 L'^T^DEMAN A D D JJ D S E T P E O D SITS \1 y - c *- JRRENCY 0UTSID E BANKS —" A - 0 1930 1932 1934 1936 1940 1942 0 Figures are partly estimated; figures for June 30, 1942 are pre- 1942 liminary. Deposit figures cover all commercial and savings banks in United States and Postal Savings System. Demand deposits are ad- Demand deposits adjusted to exclude from gross demand deposits justed to exclude cash items in process of collection. Interbank depos- all deposits of United States Government, deposits of other banks, and its are excluded throughout and U. S. Government deposits are excluded cash items in process of collection. Figures for New York City include from "demand deposits adjusted" but included in "total deposits and only central reserve city banks and that for June 30, 1942, excludes decurrency". posits of J. P. Morgan and Co., which became a member in April. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH times as large as they were in 192.9, while at banks in the San Francisco district, which the other cities the growth was less than include figures for a number of State-wide 100 per cent, and at country banks it was a branch systems, and for reserve city banks little more than a third. Time deposits, in the Chicago and Cleveland districts. which are almost negligible in amount at Figures for the increase in Federal Re- New York City banks and relatively more serve notes in circulation by Federal Reimportant at country banks than at reserve serve Banks also show a wide distribution city banks, have increased more slowly throughout the country. Proportionate since 1933 and have generally been at a increases in the year ending July 1 varied lower level than they were in 1919. from 30 per cent or less in the Boston and Since December 1940, when the growth in INCREASE IN DEMAND DEPOSITS AND CURRENCY BY deposits has been due primarily to Treasury FEDERAL RESERVE DISTRICTS borrowing from banks rather than to a [Percentage increases, June 30, 1941 to June 30, 1942] gold inflow, New York City banks have Demand deposits other than interbank—member banks shown little increase in deposits. Demand Federal Country banks Reserve deposits at other reserve cities and at Districts notes in Reserve Cities All circucountry banks have increased by nearly b c a i n ty ks o 1 f 5 , o 0 v 0 e 0 r Smaller m b e a m n b k e s r lation 30 per cent. Comparison of changes in popu- places lation demand deposits by districts and by differ- Boston 9 20 19 14 25 ent groups of cities in the ix months from New York* 18 21 17 5 30 Philadelphia 20 9 23 17 43 June 1941 to June 1942., is shown in the Cleveland 16 29 27 20 43 following table. The year covered has Richmond 23 33 29 27 60 Atlanta 18 27 27 22 63 been the period of largest Government ex- Chicago* 24 24 27 18 34 penditures. The comparisons are made M St i . n L n o ea u p is olis 2 1 2 3 2 1 3 6 3 2 5 2 2 1 5 6 4 3 7 5 with June of last year in order to eliminate Kansas City 20 31 25 23 38 Dallas.. .._ 18 29 21 21 52 the influence of seasonal factors, which are San Francisco 24 32 28 25 57 of some importance in rural districts. The Total* 20 23 25 14 39 reserve city banks are mostly in cities with * Central reserve city banks not shown separately in table but included in district and U. S. totals for all member banks showed inpopulation of over 100,000 and the figures creases of 3 per cent in New York and 12 per cent in Chicago. are dominated by the very large cities; New York districts to 60 per cent or more in country banks are mostly in cities of under the Richmond and Atlanta districts. The 100,000 population, except that in the four San Francisco and Dallas districts also Northeastern Federal Reserve districts a showed large increases. number of larger cities are included. It is clear from these data that the growth These figures indicate that the largest during the past year in the supply of money increases in deposits during the past year held by the public has been well distributed have been at banks in small- and medium- throughout the country. Increases in the sized cities. Those in the St. Louis, Rich- large money centers have not been as great mond, and San Francisco Federal Reserve as those in other cities and smaller places. districts lead the list, with the Cleveland, Agricultural regions, which have had the Atlanta, and Kansas City districts also benefit of an exceptionally high level of showing large increases. In dollar amounts farm income, have on the whole fared as the largest increases were at reserve city well as or better in this respect than urban SEPTEMBER 1941 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH industrial areas. Although there are no with a yearly total of 11 billion in 1941. accurate current figures as to amount of These savings for the second quarter include deposits owned by individuals or by busi- the purchase of securities of -L.J billion ness, available indirect evidence indicates dollars, mostly Federal Government issues, that a large portion of the increase in a growth in bank deposits and currency deposits has gone to individuals. held by individuals of z.i billion, accumulation of 1.1 billion in insurance and pension GROWTH IN SAVINGS reserves, and net debt repayments of 0.6 billion. In the entire year 1941 security Expansion in bank deposits is but a part of the general growth of savings that has purchases amounted to 2.7 billion, the inoccurred in the country during the past crease in deposits and currency to 5.6 billion, year. Estimates of the Department of NATIONAL INCOME AND ITS USES Commerce, shown in the following table, Seasonally Adjusted Annual Rates indicate that the national income increased [Billions of dollars! from 95 billion dollars in the year 1941 to Disposa b n il l a io n n n u i a n l t r h a e te s , e s c e o a n s d o n q a u l a ly rt e a r d j o u f s t 1 e 9 d 4 , 2 . o . f F 11 o 2 r . n i a T n t c o i o o t m a n l a e l ( A m d d e e j d n u u t s s c t * - t) o v in f i a d c b i u o n l a m e d l i s e - e s x u t C p u m o e r e n n e r s - d s i ' - s o v a i f N d v i u i e n n a t d g l i s s the same periods and on the same basis the 1939 70.8 2.5 68.3 62.0 6.3 1940. . 77.3 3.4 73.9 66.2 7.7 disposable income of consumers (national 1941 94.7 6.2 88.5 75.8 12.7 1941 income less direct personal taxes and cer- 1st quarter. .. 86.0 5.0 81.0 72.8 8.2 2nd quarter... 92.4 6.4 86.0 75.6 10.4 tain other adjustments) increased by almost 3rd quarter... 97.6 6.4 91.2 78.1 13.1 4th quarter.... 103.0 6.9 96.1 76.6 19.5 as much, while consumer expenditures for 1942 goods and services increased by 3 billion 2 1 n st d q q u u a a r r te te r r . . . . . . . . 1 1 0 1 8 2 . . 8 2 8 9. . 2 9 1 9 0 9 3 . . 9 0 8 7 0 8 . . 6 8 2 1 4 9 . . 2 3 dollars on an annual basis. Net savings of * Sum of corporate savings and personal taxes minus transfer payments of Government. Personal and employment taxes were at individuals rose from VL.-J billion in 1941 annual rate of 5.8 billion dollars in 1941 and 8.7 in second quarter 1942. to X4-2- billion, on an annual basis, in the Source: Estimates of Department of Commerce. Survey of Current Business, August 1942. second quarter of this year. In other words, consumer expenditures and taxes and that in insurance and pension reserves to have not increased as much as their in- nearly 4 billion. Savings in these forms comes, resulting in a volume of savings last year were partly offset by increases in much larger than in any previous year. debt against dwellings of a billion dollars Estimates of "liquid savings" made in a and in other consumer debt of 0.7 billion. somewhat different manner by the Securities These various estimates, while not preand Exchange Commission give similar cise, are generally indicative of trends and results and show the distribution of these make it evident that individuals are acsavings by uses of funds. These estimates cumulating savings and that a large portion indicate that such savings, which exclude of these savings is held in cash—currency changes in value of residences and other or bank deposits. Probable continued indurable goods owned, amounted to 6.5 creases in national income, accompanied by billion dollars in the second quarter of 1942. further decline in the volume of consumer (an annual rate of i£ billion), compared goods, particularly durable goods, available 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH for purchase and a decrease in consumer and currency holdings is available for such debt within a few months to a small use as the owners may wish to put them, volume, will leave an even larger amount To the extent that these funds are made than at present available for savings in cash currently available to~ the Government for and securities. In July and August there financing the war instead of being used for was a more rapid increase in bank deposits consumer expenditures, the amount of and currency than has occurred in any Government securities that would need to previous period. be purchased by banks would be diminished This growing volume of bank deposits and the pressure on prices may be reduced. SEPTEMBER 1942. 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued hy the Board of Governors, and other similar material. Reserves maintain 14 per cent reserves against its net Central Reserve City Banks demand deposits; 2.4 per cent of its net demand deposits if located The Board of Governors on August 18, 1941, in a central reserve city, except as to any bank amended the Supplement to Regulation D, located in an outlying district of a central rerelating to reserves required to be maintained serve city or in territory added to such city by by member banks with Federal Reserve Banks, the extension of the city's corporate limits, so as to reduce from 2.6 to Z4 per cent the reserves which, by the affirmative vote of five members required to be maintained against net demand of the Board of Governors of the Federal Reserve deposits by member banks in central reserve System, is permitted to maintain 14 per cent or cities. The reduction became effective as of 2.0 per cent reserves against its net demand the opening of business on August 2.0, 1942.. deposits. There is set forth below the text of the Supple- The supplements to Regulation D which have ment to Regulation D as thus amended: previously been issued are hereby revoked and SUPPLEMENT TO REGULATION D superseded. Effective as to each member bank at the opening Consumer Credit of business on August 2.0, 1942. Amendment to Regulation W RESERVES REQUIRED TO BE MAIN- The Board of Governors, effective August 12., TAINED BY MEMBER BANKS WITH 1941, issued Amendment No. 8 to Regulation FEDERAL RESERVE BANKS W, relating to consumer credit. The text of Pursuant to the provisions of section 19 of the the amendment is as follows: Federal Reserve Act and section z(a) of its Amendment No. 8 to Regulation W Regulation D, the Board of Governors of the Federal Reserve System hereby prescribes the Regulation W is hereby amended in the folfollowing reserve balances which each member lowing respects, effective August iz, 1942.: bank of the Federal Reserve System is required 1. By striking out the word "instalment" in to maintain on deposit with the Federal Reserve the first line of section 8(c) entitled "Educa- Bank of its district: tional, Hospital, Medical, Dental, and Funeral 6 per cent of its time deposits plus— Expenses." 14 per cent of its net demand deposits if not z. By striking out the phrase "in any listed in a reserve or central reserve city; article" and the word "such" in section 8(f) 2.O per cent of its net demand deposits if in a entitled "Credit to Dealers." reserve city, except as to any bank located in an 3. By adding the following new subsection outlying district of a reserve city or in territory at the end of section 8: added to such city by the extension of the city's (n) Railroad Watches—Any extension of corporate limits, which, by the affirmative vote credit to finance the purchase of a railroad standof five members of the Board of Governors of ard watch (whether new or used) by a railroad the Federal Reserve System, is permitted to time service employee, provided the Registrant 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT obtains a certification with respect to such em- Of course, if the price of the new article were ployee in the form prescribed by General Limita- in any manner inflated to take care of depreciation Order of the War Production Board limit- tion in the original article, the transaction ing the transfer of railroad standard watches. would be an attempt to evade the down pay- 4. By adding the following new subsection ment requirement and would not be permissible. at the end of section 8: Any long delay between the original sale and (V) Commodity Credit Corporation.—Any the date of the exchange might likewise lay extension of credit made by the Commodity the transaction open to suspicion as an attempt Credit Corporation or made by a Registrant in to evade. accordance with a loan program formulated and administered by the Commodity Credit Cor- Foreign Funds Control poration . General Rulings and Public Interpretation 5. By amending Item 1 in Group B in section Since the publication of the June Federal Re- 13 (a) to read as follows: serve BULLETIN the following General Rulings 1. Furniture, household (including ice refrigand Public Interpretation relating to transacerators, bed springs, mattresses, and materials tions in foreign exchange, etc., have been issued and services employed in reupholstering). by the Office of the Secretary of the Treasury Interpretation of Regulation W under the authority of the Executive Order of Since the publication of the August Federal April 10, 1940, as amended, and the Regulations Reserve BULLETIN, the Board of Governors has issued pursuant thereto: issued the following interpretation of Regulation W: Treasury Department, Office of the Secretary August 12., 1942 EXCHANGING UNSATISFACTORY ARTICLE GENERAL RULING NO. IO-A The Board has received a number of inquiries Under Executive Order No. 8389, as Amended, Executive Order No. regarding a type of transaction in which the 9193, Sections $(a) and jQf) of the Trading with the Enemy seller takes back an article which is not defec- Act, as Amended by the First War Powers Act, 1941, Relating tive but which for some reason is unsatisfactory to Foreign Funds Control to the customer, and allows the full original (1) Unless authorized by a license expressly referring to purchase price as a credit against the purchase this general ruling: (a) No Philippine company shall make any payment, price of a new article of the same type. The or perform any covenant, duty, condition or service withprice of the new article is often higher than in the United States on, or with respect to, any direct or the price of the first article. The exchange indirect obligation or security of, or claim against, such usually occurs within a very short time after company. the original sale, and is made in good faith (b) No person shall exercise within the United States any right, remedy, power or privilege with respect to, or pursuant to an express or implied guarantee of directly or indirectly arising out of or in connection with, satisfaction given in connection with the any obligation or security of, or claim against, any original sale. This type of transaction is not Philippine company, including any right, remedy, specifically covered either by W-71 or by W-101. power or privilege with respect to any guaranty, covenant or agreement that such Philippine company will per- The Board is of the opinion that, under these form any covenant, duty, condition, or service. circumstances, if the seller allows the full (2.) Unless otherwise provided, an appropriate license or original purchase price as a credit against the other authorization issued by the Secretary of the Treasury price of the new article, the transaction need shall remove all the restrictions, disabilities and other limitanot be treated as a trade-in (as described in tions imposed by this general ruling to the same extent as such restrictions, disabilities and other limitations have been W-71) and any payments made on account of imposed by this general ruling. the original sale may be credited against the (3) This general ruling shall not be deemed to prohibit or down payment required on the new article. otherwise restrict the ordinary purchase, sale, transfer, SEPTEMBER 1942. 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT pledge, or hypothecation of, or similar dealing in, securities is hereby prohibited, except as specifically licensed or otherwhich are issued by, or the obligation of, any Philippine com- wise authorized by the Secretary of the Treasury. pany or to prohibit or restrict transactions incidental thereto. RANDOLPH PAUL, (4) As used in this general ruling, the term "Philippine Acting Secretary of the Treasury. company" shall mean: (a) Any partnership, association, corporation or Treasury Department, Office of the Secretary other organization organized under the laws of the Foreign Funds Control Philippine Islands and which prior to January 1, 1942., July 31, 1942. derived its principal income from the Philippine Islands; PUBLIC INTERPRETATION NO. 5 (b) Any sole proprietorship which prior to January 1, 1941, derived its principal income from, and was pri- Under Executive Order No. 8389, April 10, 1940, as Amended, and marily engaged in business in, the Philippine Islands; Regulations Issued Pursuant Thereto, Relating to and Foreign Funds Control (c) Any agent, trustee, transfer or paying agent, or Subject: Application of General Ruling No. 11 to imports or other representative of or for any Philippine company exports insured with companies which are enemy nationals to the extent that it acts as such. or through agents who are enemy nationals. RANDOLPH PAUL, Acting Secretary of the Treasury. Inquiry has been made whether General Ruling No. 11 applies to imports or exports insured by insurance companies Treasury Department, Office of the Secretary which are enemy nationals or through agents who are enemy August 14, 1941 nationals. No Treasury license or other authorization, unless ex- GENERAL RULING NO. 14 pressly referring to General Ruling No. 11 in respect to such Under Executive Order No. 8589, as Amended, Executive Order insurance, is deemed to authorize any import (including any No. 9193, Sections 3(0) and $Q)) of the Trading with the Enemy c.i.f. import) or export which is insured by an insurance Act, as Amended by the First War Powers Act, 1941, Relating company which is an enemy national or through an agent to Foreign Funds Control who is an enemy national, as defined in General Ruling No. The sending, mailing, exporting, or otherwise transmit- 11. ting of any United States currency out of the United States J. W. PEHLE, directly or indirectly to Mexico on and after August 14,1942., Assistant to the Secretary. 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERMS OF DIRECTORS OF THE FEDERAL RESERVE BANKS Directors of a Federal Reserve Bank are cordingly, in 1935 the Board announced elected or appointed for terms of three that, as a matter of broad policy, it would years. The Board of Directors of each not reappoint directors who had completed Federal Reserve Bank consists of nine direc- six years of continuous service, except tors, three of whom are designated as Class Chairmen of the Federal Reserve Banks. A directors, three as Class B directors, and It was hoped that the same policy would three as Class C directors. The six Class A be followed in the elections by member and Class B directors are elected by the banks of Class A and Class B directors. member banks of the district, while the This has been true only to a limited extent. three Class C directors are appointed by the Thus, in most instances the effect of the Board of Governors of the Federal Reserve general rule laid down in 1935 has been to System. The Class A directors are chosen place a limitation upon the length of service as representatives of the member banks and, of directors appointed by the Board withas a matter of practice, are active officers of out a corresponding limitation upon the member banks. The Class B directors may terms of the elected directors. The Board not, under the law, be officers, directors, or has accordingly concluded to dispense at employees of banks. At the time of their this time with any fixed rule as to the length election they must be actively engaged in of service of Class C directors and will be their district in commerce, agriculture, or governed by the situation at the particular some other industrial pursuit. The Class C Reserve Bank. The Board, however, will directors may not, under the law, be either adhere generally to the policy of rotation officers, directors, employees, or stockin the service of Class C directors. holders of banks. They are appointed by The situation at the branches of the the Board of Governors as representatives Federal Reserve Banks is somewhat differnot of any particular group or interest, but ent. Pursuant to statutory authority, the of the public interest as a whole. Board of Governors has issued regulations Since the Federal Reserve Banks are governing the operation of the branches, public institutions operated in the public under which a branch director (except the interest and not for private profit, the Board managing director who is also the chief has felt that a certain degree of rotation in operating officer of the branch) is not the membership of the directorates of the eligible for reappointment immediately Reserve Banks is desirable in order to gain the advantages of broader representation following six or more years of continuous over a period of time and insure against a service. This policy will be continued possible crystallization of the influence of since it applies to all directors of a branch individuals, groups, or interests which (other than the managing director), and might not be in the public interest. Ac- not merely to one group. 881 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS In the August BULLETIN, pages 768-773, re- rural districts reflects the nature of the ecosults of the System's recent nationwide survey nomic activity in these areas. of commercial and industrial loans at member banks from April 16 to May 15, inclusive, were TABLE 1 presented. The present article presents com- COMMERCIAL AND INDUSTRIAL ADVANCES AT MEMBER BANKS, BY DISTRICT, APRIL 16-MAY 15, 1942 parable regional data, showing the similarities and differences in commercial loans and bor- District In millions of Per cent of dollars total rowers in the various Federal Reserve Districts.1 Boston 153.8 7.0 Other results and further analysis of the data New York 683.4 30.9 Philadelphia 131.6 5.9 will be included in a later BULLETIN. Cleveland 133.8 6.0 Richmond 103.6 4.7 Atlanta 107.0 4.8 RELATIVE IMPORTANCE OF DISTRICTS Chicago 294.7 13.3 St. Louis 95.8 4.3 Minneapolis 61.3 2.8 Table 1 shows the commercial and industrial Kansas City 86.6 3.9 Dallas 106.0 4.8 loans and renewals reported in each district San Francisco 257.0 11.6 during the survey, and the percentage each dis- Total 2,214.5 100.0 trict's loans are of the total. The New York district accounted for nearly one-third of the WAR AND NON-WAR LOANS 2.x billions of loans and renewals reported. The amount of war and non-war loans re- Chicago reported 13 per cent of the total, and ported in each district is shown in Table 2., and San Francisco 12 per cent, while no other district the corresponding percentage breakdowns of accounted for more than 7 per cent. The relative position of these districts is in accordance war and non-war loans are presented in the latter with recent figures on commercial and indus- half of the table and in Chart I. In both war trial loans outstanding. The relatively small and non-war advances, the New York district volume of commercial loans in predominantly predominates, followed by Chicago and San Francisco. The relative position of the various 1 The data presented in this article were collected and compiled into districts is essentially the same for both war and district totals by the Reserve Banks, and national totals were compiled at the Board's office. This article was prepared by G. L. Bach of the non-war loans. Board's Division of Research and Statistics. TABLE 2 COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS, BY DISTRICT AND PURPOSE OF LOAN APRIL 16-MAY 15, 1942 Amounts in millions of dollars Per cent of district total District Mixed Mixed war Total1 War Non-war war and Total1 War Non-war and non-war non-war Total 2,214.5 706.2 1,419.9 82.4 100.0 31.9 64.1 3.7 Boston 153.8 52.3 96.0 5.6 100.0 34.0 62.4 3.6 New York . . 683.4 190.0 460.4 32.7 100.0 27.8 67.4 4.8 Philadelphia 131.6 34.4 91.7 5.4 100.0 26.2 69.7 4.1 Cleveland 133.8 52.2 79.1 1.8 100.0 39.0 59.1 1.3 Richmond 103.6 33.3 68.8 1.4 100.0 32.2 66.4 1.4 Atlanta 107.0 32.7 69.2 2.5 100.0 30.6 64.7 2.3 Chicago 294.7 134.8 145.9 13.9 100.0 45.8 49.5 4.7 St Louis 95.8 21.6 70.2 3.0 100.0 22.5 73.3 3.1 Minneapolis 61.3 10.8 46.2 4.2 100.0 17.6 75.4 6.9 Kansas City 86.6 18.9 65.7 1.6 100.0 21.8 75.9 1.8 Dallas 106.0 28.7 75.9 1.4 100.0 27.1 71.6 1.3 San Francisco 257.0 96.5 150.8 8.8 100.0 37.5 58.7 3.4 1 Includes a small amount of loans not classified as to purpose. 88x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS The proportion of loans for war and non-war Figures indicating the shift to war loans in purposes, however, varies substantially from any part of the country attain added significance district to district. As indicated by the table when considered in relation to the geographical and chart, nearly half of all loans and renewals distribution of war contracts. This comparison in the Chicago area were for war purposes, re- is made in Table 3, which shows the percentage flecting widespread conversion to war produc- distribution of war loans by districts and the tion in this part of the country, and the Cleve- corresponding percentage distribution of war land and San Francisco districts showed nearly contracts awarded from June 1940 through 40 per cent of all advances for direct war uses. April 1941. In view of the relatively long In each of these districts over 50 per cent of all period covered by the war contract data and manufacturing and mining advances fell in the since certain types of armed-force expenditures war category. By contrast, such predominantly (especially those on foodstuffs) are excluded, rural districts as Minneapolis, Kansas City, and the war contracts figures are not directly comparable to the war loan figures over the April 16-May 15 reporting period. In particular, WAR, NON-WAR, AND MIXED PURPOSE LOANS AND RENEWALS AT MEMBER BANKS TABLE 3 APRIL 16 - MAY 15, 1942 DISTRIBUTION OF WAR LOANS AND WAR CONTRACTS, BY DISTRICT Ter cent of national total] Districi War loans War contracts1 BOSTON Boston 7.4 8.7 NEW YORK New York 26.9 15.0 Philadelphia 4.9 6.9 PHILADELPHIA Cleveland 7.4 9.5 CLEVELAND Richmond 4.7 7.6 Atlanta 4.6 5.3 RICHMOND Chicago 19.1 16.9 St. Louis 3.0 3.6 ATLANTA Minneapolis 1.5 1.1 CHICAGO Kansas City 2.7 5.2 Dallas 4.1 3.8 ST. LOUIS San Francisco 13.7 16.4 MINNEAPOLIS Total 100.0 100.0 KANSAS CITY 1 War contracts data from War Supply and Facility Contracts, War DALLAS Production Board, Division of Statistics, May 29, 1942. Figures SAN FRANCISCO include all war supply and facility contracts of the Army, Navy, and Maritime Commission, plus project orders, except awards under $50,000 and all foodstuff awards. the agricultural areas would have a somewhat St. Louis reported about three-fourths of all larger share of the war contracts if foodstuffs loans for non-war purposes.2 In all cases, howwere included. However, the figures provide ever, the proportion of new loans going to war a basis for a rough comparison of the two series, borrowers exceeded the proportion of renewals in view of the unavailability for public use of to such borrowers, indicating a nationwide more comparable war expenditures. shift toward financing of war production. For The primary fact indicated by the table is the nation as a whole, 32. per cent of all loans that many war contractors outside New York" and renewals were directly to finance war activ- have obtained their financing in the New York ities, while for new loans only this figure was district. While the New York district received 39 per cent. only 15 per cent of all war contracts included in the table, 2.7 per cent of all war loans were 2 As indicated in the August BULLETIN article, many "non-war" made by New York banks. Chicago district loans, though not directly to finance war production, are of vital significance to national welfare. While some non-war loans, such as those for bank loans also were a larger portion of the unusual inventory accumulation, are clearly undesirable, in a war economy, it by no means follows that all non-war loans are unessential national total than were seventh district war to a successful war effort. 883 SEPTEMBER '1941 ' \ \ J Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS contracts; 19 per cent of all war loans were made As indicated by the bottom half of Table 4, by banks in this district while only 17 per cent in every district except Cleveland wholesale of war contracts were to firms in the area. In and retail trade borrowers were the largest most other districts, the per cent of war con- single industrial group. In five districts loans tracts obtained slightly exceeded the per cent to such borrowers surpassed the totals for manuof war loans made. facturing and mining. St. Louis and Minneapolis reported that 41 per cent of all loans LOANS BY BUSINESS OF BORROWER were to trade borrowers; Cleveland was at the Table 4 shows the loans and renewals made other extreme in percentage terms, with only to each industry group in the various Federal xi per cent of its loans in this group. Metal Reserve districts, and the per cent that loans to mining and manufacturing firms were relatively TABLE 4 COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS, BY DISTRICT AND BUSINESS OF BORROWER APRIL 16-MAY 15,1942 Business of Borrower Total B t o o s n - Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic 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 it n s y - Dallas F c S i r s a a c n n o - AMOUNTS IN MILLIONS OF DOLLARS Total 22,,221144..55 153.8 683.4 131.6 133.8 103.6 107.0 294.7 95.8 61.3 86.6 106.0 257.0 Wholesale and retail trade 641.4 49.9 162.8 35.3 28.6 32.5 36.4 87.1 40.7 25.8 24.9 29.9 87.5 Total manufacturing and mining 883.7 66.3 328.8 55.1 61.6 25.5 25.7 124.2 29.0 18.2 26.6 39.5 83.3 Metal mining and metal products. 249.2 12.3 74.8 13.5 29.8 2.5 5.8 56.2 4.5 3.6 4.7 3.9 37.4 Petroleum and products 52.9 0.6 4.3 4.4 2.4 1.2 0.9 4.9 0.5 0.5 9.8 20.8 2.5 Chemicals, drugs, rubber 27.6 3.4 8.5 1.6 2.1 1.3 0.3 6.5 1.1 0.5 0.4 0.6 1.6 Textiles, apparel, leather 189.6 35.9 82.0 15.9 5.5 7.4 8.3 14.9 3.7 2.4 1.2 4.9 7.4 Food, liquor, tobacco 240.6 5.5 127.4 7.7 9.8 4.6 4.3 24.0 12.4 8.5 7.3 7.0 22.0 Other 123.8 8.6 31.8 12.1 12.0 8.5 6.1 17.7 6.7 2.5 3.2 2.2 12.3 Building and construction 263.4 13.7 70.7 14.2 15.2 26.9 19.2 24.5 6.3 5.3 12.0 15.1 40.1 Finance companies 176.4 9.4 59.1 8.0 12.0 3.0 9.7 27.7 10.9 6.8 9.7 7.4 12.8 Utilities, transportation, communication 49.7 4.7 10.0 7.4 5.5 2.0 3.3 6.8 0.6 1.2 1.1 0.9 6.2 Services 41.6 3.4 9.1 3.7 2.9 3.4 2.5 6.9 0.8 0.7 1.2 1.7 5.3 All other 158.3 6.5 42.9 7.8 8.0 10.3 10.1 17.4 7.7 3.3 11.1 11.5 21.8 PER CENT OPDISTRICT TOTAL Total 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 Wholesale and retail trade 29.0 32.4 23.8 26.8 21.4 31.4 34.0 29.6 42.5 42.1 28.8 28.2 34.0 Total manufacturing and mining 39.9 43.1 48.1 41.9 46.0 24.6 24.0 42.2 30.1 29.7 30.7 37.3 32.4 Metal mining and metal products... 11.2 8.0 10.9 10.3 22.3 2.4 5.4 19.1 4.7 5.9 5.4 3.7 14.6 Petroleum and products 2.4 0.4 0.6 3.3 1.8 1.2 0.8 1.7 0.5 0.9 11.3 19.6 1.0 Chemicals, drugs, rubber 1.2 2.2 1.2 1.2 1.6 1.3 0.3 2.2 1.1 0.9 0.5 0.6 0.6 Textiles, apparel, leather 8.6 23.3 12.0 12.1 4.1 7.1 7.8 5.1 3.9 4.0 1.4 4.6 2.9 Food, liquor, tobacco 10.9 3.6 18.7 5.8 7.3 4.4 4.0 8.1 12.9 13.9 8.4 6.6 8.5 Other 5.6 5.6 4.7 9.2 8.9 8.2 5.7 6.0 7.0 4.1 3.7 2.2 4.8 Building and construction 11.9 8.9 10.3 10.8 11.4 26.0 18.0 8.3 6.6 8.6 13.9 14.2 15.6 Finance companies 8.0 6.1 8.7 6.1 9.0 2.9 9.1 9.4 11.4 11.1 11.2 7.0 5.0 Utilities, transportation, communication 2.2 3.1 1.5 5.7 %.l 1.9 3.1 2.3 0.6 2.0 1.2 0.8 2.4 Services 1.9 2.2 1.3 2.8 2.1 3.3 2.3 2.3 0.8 1.1 1.4 1.6 2.1 All other 7.1 4.2 6.3 5.9 6.0 9.9 9.5 5.9 8.0 5.4 12.8 10.9 8.5 each industry are of total loans for each dis- most important in the Cleveland and Chicago trict. As might be expected, in dollar amount districts; petroleum firms bulked largest in the New York district loans are largest in each in- Dallas and Kansas City producing areas; textile, "dustry group, with the exception of petroleum apparel and shoe firms were relatively far more mining and manufacturing for which industry important in New England than elsewhere; the largest volume of loans was made in the and food, liquor, and tobacco borrowers bulked Dallas district. Except for the predominance relatively largest in New York, Minneapolis, of New York, a somewhat mixed picture is and St. Louis, by a considerable margin. Heavy presented, conforming generally to the distribu- war construction in the Richmond and Atlanta tion of economic activities throughout the districts was reflected in the unusually large country. per cent of loans for construction purposes in 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS those areas; and loans to finance companies, firms having over $5,000,000 assets and threethough small in dollar volume, bulked relatively fourths went to firms having over $500,000 largest in the St. Louis, Kansas City, and Minne- assets. Large borrowers also predominated in apolis districts. Previous to the recent con- the Chicago district, where firms having over traction of consumer credit, the large finance $500,000 assets obtained two-thirds of all funds. companies were heavy borrowers at central Philadelphia showed the largest proportion of reserve city banks, so that the results of the all loans to small firms, those having under survey are probably not typical of past years $50,000 assets, with 16 per cent of all loans going for this group. to this group. In other districts the proportion LOANS BY SIZE OF BORROWER obtained by these firms ranged down to only 6 Table 5 shows the loans made to borrowers per cent in New York. in four different asset size groups in the various Borrowers in the smallest size group accounted Federal Reserve districts. It also shows the for over 40 per cent of all loans and renewals per cent that loans to borrowers in each size when number instead of amount of loans is group constitute of total loans in each district. considered. Another 40 per cent of all advances As indicated by the national totals, about 10 by number went to borrowers in the $50,000 per cent of all advances were to small firms to $500,000 asset group on the average. In having less than $50,000 assets, while about 30 most districts, therefore, only between 10 and per cent each were to firms having from $50,000 to $500,000 assets, to those having from $500,- TABLE 5 000 to $5,000,000 assets, and to those having COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS, over $5,000,000 assets. This distribution varied BY DISTRICT AND ASSET SIZE OF BORROWER greatly among districts, however, as is shown APRIL 16-MAY 15, L942 by the lower portion of the table and by To borrowers with total assets of: Chart II. As would be expected, loans to very large District Total1 $ U 50 n , d 0 e 0 r 0 $ $ 5 5 0 0 0 t , o , 0 0 0 0 0 0 $ $ 5 5 ,0 0 0 0 to 0 ,0 ,0 0 0 0 0 $5, O 00 v 0 e ,0 r 00 borrowers are most important in New York, where nearly half the funds advanced went to AMOUNTS IN MILLIONS OF DOLLARS Total 2,214.5 201.9 676.3 689.6 636.4 DISTRIBUTION OF COMMERCIAL LOANS AT MEMBER BANKS Boston 153.8 17.2 52.8 39.5 43.6 BY ASSET SIZE OF BORROWER N Ph e i w la d Y e o l r p k hia... 6 1 8 3 3 1 . . 4 6 3 2 8 0 . . 7 5 1 4 3 1 6 . . 5 5 1 4 8 0 5 . . 7 5 3 2 1 8 9. . 7 7 APRIL 16- MAY 15, 1942 Cleveland 133.8 14.4 40.1 44.5 33.1 Richmond 103.6 15.5 48.0 33.3 6.7 10 20 30 40 50 60 70 Atlanta 107.0 12.9 46.4 34.7 12.5 Chicago 294.7 20.4 83.2 97.7 93.3 St. Louis 95.8 8.3 35.1 36.5 15.6 Minneapolis.. . 61.3 6.1 20.4 21.9 13.0 Kansas City... 86.6 11.0 36.8 29.6 9.2 BOSTON D Sa a n ll a F s rancisco. 2 1 5 0 7 6 . . 0 0 2 1 2 4 . . 6 4 4 8 9 6 . . 3 2 3 91 4 . . 0 6 5 7 3 . .5 6 NEW YORK PHILADELPHIA PER CENT or DISTRICT TOTAL CLEVELAND Total 100.0 9.1 30.5 31.2 28.7 RICHMOND ATLANTA B N o ew sto n York....... 1 1 0 0 0 0 . . 0 0 1 5 1 . . 7 2 3 2 4 0 . . 3 0 2 2 5 7 . . 7 1 4 2 6 8 . . 8 3 CHICAGO Philadelphia 100.0 15.6 31.5 30.9 21.8 Cleveland 100.0 10.8 30.0 33.3 24.7 ST. LOUIS Richmond 100.0 15.0 46.3 32.1 6.5 MINNEAPOLIS A Ch tl i a c n ag ta o 1 1 0 0 0 0. . 0 0 1 6 2 . . 9 1 4 2 3 8 . . 4 2 3 3 2 3 . . 4 2 3 1 1 1 . . 7 7 KANSAS CITY St. Louis 100.0 8.7 36.6 38.1 16.3 Minneapolis 100.0 9.9 33.2 35.7 21.2 DALLAS Kansas City 100.0 12.7 42.5 34.2 10.6 SAN FRANCISCO D Sa a n ll a F s rancisco. .. 1 1 0 0 0 0 . . 0 0 1 8 3 . . 8 6 4 3 6 3 . . 5 5 3 3 2 5 . . 6 4 2 7 0 . . 2 8 ] UNDER $50,000 X//A |50,000 TO f 500,000 I I §500,000 TO $5,000,000 i Includes a small amount of loans not classified as to size of f.-. .1 OVER #5,000,000 •• UNCLASSIFIED borrower. 885 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS 15 per cent of all loans by number went to firms made to different sized borrowers in different with assets of over $500,000, in spite of the dol- districts. Table 6 presents this information lar importance of loans to these borrowers. for each size group in each Reserve district. Only in the New York district did borrowers The average size of loan in each case is obtained having over $5,000,000 assets receive more than simply by dividing the total amount advanced xj per cent of the number of advances made, to the group by the number of advances to it. and the New York figure was less than 4 per In making this calculation, it must be rememcent. The pattern of distribution by number bered, in addition to the reservations advanced of loans among borrower size groups was re- in the preceding paragraph, that very small markably constant throughout the twelve dis- loans were not reported in the survey, the minitricts . mum reporting limit being $5,000 for banks having over $10,000,000 of commercial loans AVERAGE SIZE OF LOANS outstanding, $1,500 for other banks in cities The figures obtained on number of loans and of over 100,000 population, and $1,000 for renewals made during the reporting period are TABLE 6 limited in usefulness for two major reasons. AVERAGE SIZE OF COMMERCIAL LOANS AND RENEWALS AT First, credit may be extended during any period MEMBER BANKS, BY DISTRICT AND ASSET SIZE OF to a single borrower all in one loan or in several BORROWER, APRIL 16-MAY 15, 1942 [In thousands of dollars] instalments, each of which may be counted as a separate loan. For example, separate ad- To borrowers with total assets of: vances are sometimes made on individual ship- District Total1 Under $50,000 $500,000 Over ments or purchases by commodity dealers or $50,000 $500 to ,000 $5,00 to 0,000 $5,000,000 brokers as contrasted to a single large advance Total 16.5 3.2 12.6 47.2 227.3 borrowed in other cases to cover needs for an Boston 14.8 3.4 13.2 35.9 218.0 extended future period. Similarly, the same New York 25.7 3.5 12.0 64.0 319.7 Philadelphia 10.6 3.0 9.2 40.7 287.0 advance may have been made and renewed, or Cleveland 12.5 2.7 10.6 40.5 165.5 Richmond 10.9 3.4 12.0 41.6 67.0 renewed more than once, in the reporting period, Atlanta 14.5 4.3 13.6 38.6 125.0 Chicago 18.3 3.0 12.6 44.4 233.3 thus counting as more than one loan. Banks St. Louis 15.7 3.2 14.0 40.5 156.0 Minneapolis 13.0 2.4 12.8 4^.8 130.0 were requested to combine series loans to the Kansas City 11.5 3.1 12.7 32.9 92.0 Dallas 13.4 3.6 15.9 49.4 76.0 same borrower at least into one loan each day, San Francisco. .. 17.5 3.3 14.9 56.9 178.3 and into one loan each month where this seemed 1 Includes a small amount of loans not classified as to size of borrower. to be the most meaningful method of reporting. The method of handling such cases, however, banks in other cities. While only about 8 per was optional with the reporting banks, so the cent of all commercial loans made during the exact meaning of figures on number of loans reporting period were below these reporting is not definite. Second, it must be remembered limits, it must be recognized that their inthat the number-of-loans figures do not neces- clusion would have lowered the average loan sarily indicate a like number of individual size in the small firm group, and would have borrowers. In many cases, as indicated, the lowered it probably somewhat more in the same borrower obtains several advances or New York and Chicago districts than elsewhere, renewals during a month, and only in cases since many banks in these districts were in the where it is clear that regularly recurring loans over $10,000,000 commercial loan class. Exgo to the same borrower would the total amount cept for the under $50,000 asset group, however, be reasonably sure to be reported as only one it is believed that this exclusion of very small advance. loans does not appreciably affect the results. Bearing in mind these reservations, it is in- For borrowers in the under $50,000 asset teresting to compute the average size of loans group the average loan was around $3,000 or 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS $4,000 in all districts; in the $50,000 to $500,000 amounts relative to their total needs at any group, the averages varied from $9,000 to $16,- one time, obtaining new loans as the funds are 000. Inter-district differences in the $500,000 required, than do smaller borrowers who must to $5,000,000 group were also relatively*small. make special arrangements for each loan. This The largest size group of borrowers, however, possibility reemphasizes the fact that these figshowed wide differences among districts, re- ures showing average loan sizes do not necesflecting the very large loans made to large firms sarily indicate the amounts going to each in the money market centers. Loans to very borrower, since the same borrowers in many large firms in the New York district averaged cases undoubtedly obtained more than one over $300,000 each, and the averages in the advance during the reporting period. Philadelphia, Chicago, and Boston districts exceeded $100,000. Since few loans are made WAR AND NON-WAR LOANS TO LARGE AND SMALL to firms in this asset size group in the predomi- BORROWERS nately rural areas, the averages for some dis- Firms having from $500,000 to $5,000,000 tricts are apt to be substantially influenced by assets obtained more war loans than any other a few special cases over such a short reporting size group, accounting for 40 per cent of all period. war funds. This compares with 19 per cent Table 6 appears to indicate that small bor- for firms having $50,000 to $500,000 assets, and rowers on the average obtain larger loans rela- 17 per cent for firms having over $5,000,000 tive to their total assets than do large firms. assets. On the other hand, firms having from This conclusion is obtained if the mid-point of $50,000 to $500,000 assets were the largest noneach of the asset size groups is taken to indicate war borrowers, surpassing both groups of larger the average size of firms in the group and the firms. Less than 5 per cent of all war loans average size of loans to firms in each group is went to firms having under $50,000 assets, while compared with this average asset size. Thus, 11 per cent of non-war loans were to small while firms averaging around $15,000 assets borrowers. in size obtained loans averaging slightly over These facts are shown by Table 7, which gives $3,000, firms averaging $2.75,000 in assets the distribution of war and of non-war loans obtained loans averaging only $13,000, firms among different sized firms for the nation and averaging $1,750,000 in assets obtained loans for each Federal Reserve district. As indicated averaging only $47,000, and firms having over by the table, while the dollar volume of non- $5,000,000 assets obtained loans averaging only war loans was greater than that of war loans $117,000. The relation of average loan size in nearly every case, the $50,000 to $500,000 to average assets is 3 to 15 for the smallest firms, and the over $5,000,000 asset size groups were and only about 3 to 175 for the $500,000 to each of about equal relative importance in the $5,000,000 asset group. Inclusion of the very war and non-war fields; the predominance of small loans that were omitted from the survey the $500,000 to $5,000,000 group in war loans would decrease the average loan size for the was offset by the markedly greater importance small firm group, and it is likely that the average of small firms among non-war than among war size of borrowers in the under $50,000 asset borrowers. group is as near $50,000 as $15,000. But even In no district were the over $5,000,000 firms when these adjustments are made, the conclusion the most important war borrowers, while in appears to remain that the smaller firms do ob- several districts the $50,000 to $500,000 group tain larger loans relative to their assets than bulked largest. Furthermore, only in New do large borrowers. A partial explanation of York were the largest firms of major importhis phenomenon may be that larger firms, tance among non-war borrowers; most districts having better credit connections, borrow smaller showed the largest volume of non-war loans to SEPTEMBER 1941 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS TABLE 7 WAR AND NON-WAR LOANS ANH RENEWALS AT MEMBER BANKS, BY DISTRICT AND ASSET SIZE OF BORROWER APRIL 16-MAY 15, 1942 Amounts in millions of dollars Per cent of district total To borrowers with total assets of: To borrowers with total assets of: District Total1 $ U 5 n 0, d 0 e 0 r 0 $ $ 5 5 0 0 t 0 o , , 0 0 0 0 0 0 $ $ 5 5 ,0 0 0 0 to 0 ,0 ,0 0 0 0 0 $5, O 00 v 0 e , r 000 Total1 $ U 50 n , d 0 e 0 r 0 $ $ 5 5 0 0 t 0 , o 0 ,0 0 0 0 0 $5 $ , 5 0 0 0 t 0 0 o , , 0 0 0 0 0 0 $5,0 O 0 v 0 e ,0 r 00 WAR LOANS Total 706.2 30.3 202.0 279.5 190.3 100.0 4.3 28.6 39.6 26.9 Boston 52.3 1.9 17.5 18.9 13.6 100.0 3.6 33.5 36.1 26.0 New York 190.0 ' 4.7 32.3 77.1 74.6 100.0 2.5 17.0 40.6 39.3 Philadelphia.. 34.4 2.1 10.1 15.0 7.1 100.0 6.1 29.4 43.6 20.6 Cleveland.. . . 52.2 2.3 14.0 18.4 16.7 100.0 4.4 26.8 35.2 32.0 Richmond.. .. 33.3 2.0 14.7 14.4 2.1 100.0 6.0 44.1 43.2 6.3 Atlanta 32.7 2.8 14.5 11.8 3.5 100.0 8.6 44.3 36.1 10.7 Chicago 134.8 3.0 31.5 52.3 48.0 100.0 2.2 23.4 38.8 35.6 St. Louis. 21.6 1.3 7.5 10.2 2.6 100.0 6.0 34.7 47.2 12.0 Minneapolis. . 10.8 0.8 5.2 3.7 1.1 100.0 7.4 48.1 34.3 10.2 Kansas City.. 18.9 1.8 8.6 8.1 0.5 100.0 9.5 45.5 42.9 2.1 Dallas........ 28.7 2.4 15.7 8.3 2.3 100.0 8.4 54.7 28.9 8.0 San Francisco. 96.5 5.3 30.4 41.3 18.1 100.0 5.5 31.5 42.8 18.8 NON-WAR LOANS Total 1,419.9 168.4 455.0 379.8 411.2 100.0 11.9 32.0 26.7 29.0 Boston 96.0 15.1 32.6 20.1 27.9 100.0 15.7 34.0 20.9 29.1 New York.... 460.4 33.7 102.3 100.7 222.4 100.0 7.3 22.2 21.9 48.3 Philadelphia.. 91.7 18.2 30.0 22.5 20.9 100.0 19.8 32.7 24.5 22.8 Cleveland.. . . 79.1 11.8 25.2 25.2 16.2 100.0 14.9 31.9 31.9 20.5 Richmond.. .. 68.8 13.4 32.8 18.0 4.5 100.0 19.5 47.7 26.2 6.5 Atlanta 69.2 9.6 29.4 21.9 8.0 100.0 13.9 42.5 31.6 11.6 Chicago 145.9 17.2 49.7 38.0 40.9 100.0 11.8 34.1 26.0 28.0 St. Louis. 70.2 6.8 26.4 24.9 12.0 100.0 9.7 37.6 35.5 17.1 Minneapolis. . 46.2 5.1 14.6 16.5 10.0 100.0 11.0 31.6 35.7 21.6 Kansas City.. 65.7 9.1 27.3 21.2 8.2 100.0 13.8 41.6 32.2 12.5 Dallas 75.9 11.8 32.9 25.8 5.3 100.0 15.5 43.3 34.0 7.0 San Francisco. 150.8 16.8 51.9 44.9 34.8 100.0 11.1 34.4 29.8 23.1 1 Includes a small amount of loans not classified as to size of borrower. borrowers in the $50,000 to $500,000 asset interesting to note that in only three cases do group. Thus, the considerable portion of total war loans actually surpass those for non-war loans going to very large firms for the nation purposes—in the two top asset size groups in as a whole is accounted for in considerable part the Chicago district, and the top asset size group by the great volume of loans made by New York in the Cleveland district. At the other extreme, banks to large firms for non-war purposes. war loans to small borrowers are consistently Table 8, based on the same data, shows the of minor importance, and the predominance of per cent of loans to each size group of borrowers non-war borrowers among the very large firms for war and non-war purposes. Thus, for the in most districts other than Chicago and Clevewhole country, 31 per cent of all loans were for land is remarkably great. war purposes and 64 per cent for non-war pur- MATURITY OF LOANS poses; for firms having under $50,000 assets the breakdown was 15 per cent for war and 83 per By dividing the total commercial loans and cent for non-war purposes, and so on. Table 8 renewals made by all reporting banks over the reemphasizes the differing importance of war April 16-May 15 period into the total amount loans for different sized firms, and shows the of commercial loans outstanding at the same marked inter-district differences in the impor- banks on May 15, a rough estimate of the tance of war loans to different sized borrowers, average maturity of such loans, in months, may especially in the two largest size groups. It is be obtained. Table 9 shows the average ma- 888 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS turity of commercial loans, so computed, in made during the period, including loans under each district and for the entire nation. An the $5,000, $i,5oo, and $1,000 reporting minima average maturity of 3 J months is indicated for previously mentioned, no correction need be the country as a whole. made for small loans excluded from the other tables presented in this article. TABLE 8 WAR AND NON-WAR LOANS AND RENEWALS OF MEMBER TABLE 9 BANKS EXPRESSED AS PERCENTAGES OF TOTAL LOANS ESTIMATED AVERAGE MATURITY OF COMMERCIAL AND RENEWALS, BY DISTRICT AND ASSET SIZE OF LOANS, IN MONTHS BORROWER, APRIL 16-MAY 15, 19421 United States 3.3 To borrowers with total assets of: Boston 3.4 District Total2 $ U 50 n , d 0 e 0 r 0 $ $ 5 5 0 0 t 0 o , , 0 0 0 0 0 0 $ $ 5 5 ,0 0 0 0 to 0 ,0 ,0 0 0 0 0 $5 O ,00 v 0 e , r 000 N P R C h e i l c e i w l h v a m e d Y l e a o o l n n p r d d k h ia 2 4 2 3 . . . . 7 2 2 5 Atlanta 2.5 Total: Chicago 3.5 War 31.9 15.0 29.9 40.5 29.9 St. Louis 3.0 Non-war .... 64.1 83.4 67.3 55.1 64.6 Minneapolis 2.4 Kansas City 2.8 Boston: Dallas 2.4 War 34.0 11.0 33.1 47.8 31.2 San Francisco 2.7 Non-war .... 62.4 87.8 61.7 50.9 64.0 New York: War 27.8 12.1 23.7 41.6 23.3 Banks in the New York district clearly make Phil N ad o e n lp - h w ia a : r.... 67.4 87.1 74.9 54.3 69.6 relatively more long term commercial loans War 26.1 10.2 24.3 36.9 24.7 Non-war 69.7 88.8 72.3 55.3 72.8 than do banks in other districts, if the figures in Cleveland: War 39.0 16.0 34.9 41.3 50.5 Table 9 are a reasonable basis for comparison. Non-war 59.1 81.9 62.8 56.6 48.9 Richmond: Chicago, Cleveland, and Boston banks also show War 32.1 12.9 30.6 43.2 31.3 Non-war 66.4 86.5 68.3 54.1 67.2 average maturities above the national average, Atlanta: War 30.6 21.7 31.3 34.0 28.0 while the other districts show average matur- Non-war 64.7 74.4 63.4 63.1 64.0 Chicago: ities ranging down to 2..2. months for Richmond. N W o a n r -war .... 4 4 5 9 . . 7 5 8 1 4 4. . 7 3 3 5 7 9. . 7 9 5 3 3 8 . . 5 9 4 5 3 1. . 4 8 The longer average maturities are generally St. L W o a u r i s: . . .. 22.5 15.7 21.4 27.9 16.7 concentrated in the more highly industrialized Non-war 73.3 81.9 75.2 68.2 76.9 districts. Minneapolis: W No a n r -war 1 75 7 . . 4 6 8 1 3 3 . . 6 1 2 7 5 1 . . 5 6 7 1 5 6. . 9 3 7 8 6 . . 5 9 In view of the growing importance of business Kansas City: War 21.8 16.4 23.4 27.4 5.4 loans with longer maturities (so-called "term Non-war .... 75.9 82.7 74.2 71.6 89.1 loans") and the increasing interest in this type Dallas: W No a n r -war .... 2 7 7 1. . 6 1 8 1 1 6 . . 9 7 3 6 1 6 . . 8 8 2 7 4 4 . . 0 6 3 6 0 9. . 7 3 of lending, data were collected showing the San W F a ra r ncisco: 37.5 23.5 35.3 45.4 33.8 amount of loans made with maturities of a year Non-war 58.7 74.3 60.2 49.3 . 65.0 or more.3 This information, together with 1 Percentages will not add to 100 because mixed purpose and un the proportion of all commercial loans falling classified loans are not included in the table. 2 Includes a small amount of loans not classified as to size of bor- into this category, is presented in Table 10 for rower. each industry in the country as a whole and in Since the reporting method followed on series each Federal Reserve district. It will be noted loans and on repeated renewals was left to the that in many instances, especially in the less discretion of reporting banks, as described in an important industry groups in the smaller disearlier section, the figures showing total volume tricts, the total dollar amount of new loans is of loans and renewals made over the period can so small that one or two large loans may have be used only with reservations. These rough radically influenced the percentage relationship average turnover figures, although of limited of term loans to the total during the one month significance as a measure of maturities, are some- 3 "Term loans" are usually defined as "business" loans having a what more useful as a basis for inter-district maturity of over one year; sometimes instalment repayment is specified as part of the definition. Borrowing in the open market is not included. comparisons. Since the total loans and re- Since "business" loans may be defined so as to include loans made for business purposes on the basis of real estate, the phrase "term loans" newals figures used here include all advances sometimes connotes a field broader than that included in "commercial and industrial" loans as defined for call report purposes. 889 SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS TABLE 10 LOANS WITH MATURITY OF ONE YEAR OR MORE MADE BY MEMBER BANKS, BY DISTRICT AND BUSINESS or BORROWER APRIL 16-MAY 15, 1942 Business of Borrower Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S o t u . is n M o e l i a i n p s - - K C an it s y asDallas F c S r is a a c n n o - AMOUNTS IN THOUSANDS or DOLLARS Total 45,449 1,259 19,687 5,302 2,800 811 1,000 10,020 568 548 398 1,232 1,824 Wholesale and retail trade 8,621 78 1,745 1,947 199 27 173 3,748 93 191 31 6 383 Total manufacturing and mining 22,387 312 11,496 2,537 2,345 550 146 3,241 309 25 233 915 275 Metal mining and metal products. . . 8,130 40 3,358 1,562 2,219 225 144 275 24 201 82 Petroleum and products 4,559 1,243 49 12 2,299 28 203 714 11 Textiles, apparel, leather 2,563 "21 2,220 55 240 25 2 Food, liquor, tobacco 3,424 246 3,007 2 " "49 116 3 1 Other1 3,711 5 1,668 870 114 85 2 619 165 3 180 F S B U e i u t n r i i v l a l i d i n t c i i c e e n e s s g , c a o t n r m a d n p c a s o n p n i o e s r s t t r a u ti c o ti n o , n communication 8 2 2 1 , , , , 0 0 9 0 6 4 2 7 0 7 2 3 7 2 7 0 0 2 2 1 , , , 7 3 1 1 4 9 3 6 3 5 7 0 3 31 9 6 5 6 7 9 19 4 9 7 3 16 1 5 8 9 " 64 1 4 2 8 ' 2,88 2 2 9 7 5 4 1 2 3 5 1 1 4 2 3 2 5 1 0 9 0 6 " 9 2 7 4 9 ' 2 3 0 3 5 7 6 3 3 6 1 4 2 2 2 1 2 9 6 All other 342 18 11 31 43 42 17 86 5 7 4 30 47 As PER CENT OF ALL NEW LOANS Total 3.5 1.5 4.6 8.1 4.0 1.7 1.6 5.3 1.1 1.3 0.8 2.1 1.1 Wholesale and retail trade..; 2.3 0.3 1.5 13.5 1.9 0.2 0.9 6.8 0.4 1.1 0.2 (2) 0.8 Total manufacturing and mining 4.5 0.9 6.4 9.2 6.9 5.3 1.0 4.1 2.2 0.2 1.9 4.7 0.5 Metal mining and metal products.... 4.9 0.5 7.1 18.4 12.8 15.5 3.3 0.7 0.7 7.0 0.3 Petroleum and products 17.5 45.0 1.7 1.1 62.7 "i'.6 7.8 8.2 0.6 Textiles, apparel, leather 2.5 0.1 4.7 0.8 8^8 14 0.1 Food, liquor, tobacco 2.8 8.5 5.1 0.1 0.3 2.3 0.1 (2) Other1 4.7 0.2 7.2 17.9 1.8 2.1 0.1 7.2 4.9 0.2 2.0 Building and construction 1.1 0.2 2.1 4.1 (2) 0.1 0.1 0.1 0.5 "'o.i' "6.3 1.1 Finance companies 2.8 5.8 5.3 0.1 0.1 (2) 1.3 "6.2 0.2 1.7 Utilities, transportation, communication 25.2 3^9 43.4 1.3 4.1 "35.5' 47.0 39.4 37.1 17.2 36.7 18.5 Services 5.0 44.0 2.9 0.6 0.6 1.0 0.3 0.5 (2) 4.7 4.6 4.6 0.8 All other 0.4 0.7 (2) 1.8 1.7 1.2 0.3 0.7 0.1 0.3 0.1 0.4 0.4 1 Includes chemicals, drugs, and rubber group whose borrowings were of negligible importance. 2 Less than .1 per cent. reporting period. It must further be remem- rowing, the public utilities group was outbered that, in view of widespread renewal standing, obtaining 2.5 per cent of its funds at practices, many of the large proportion of long term over the survey period, while petroloans having stated maturities of one year or leum producers borrowed 18 per cent of their under in fact run for periods longer than one total funds in this fashion. Other manufacyear. turing industries, trade firms, finance com- Table 10 shows that term loans were ab- panies, and construction borrowers all relied solutely and relatively largest in the New York, on term loans only to a small extent. For the Chicago, Philadelphia, and Cleveland districts; country as a whole, 3.5 per cent of all loans in other districts term lending was of minor reported fell into the term loan category during importance. Manufacturing and mining firms the one month period. Term loans of course were the dominant borrowers at long term, with comprise a much larger per cent of outstanding metal mining and manufacturing and petroleum commercial loans than they do of loans made production the two dominant manufacturing during any short reporting period because of industry groups. However, term loans to bor- the relatively long maturity of term advances. rowers engaged in wholesale and retail trade The dominance of very large banks in the and to firms in the public utility, transportation, term lending field is striking The 12.6 reportand communication group were each approx- ing banks each having more than $10,000,000 imately equivalent to such loans to metal pro- of commercial loans outstanding made 88 per ducers, the largest manufacturing and mining cent of all the longer term loans reported. group. In relation of term loans to total bor- Loans by banks in this group were distributed 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF COMMERCIAL LOANS over the country roughly in proportion to the vance excluded by definition from the Board's distribution of all term loans shown in Table 10; study of commercial and industrial loans. It is in nine districts very large banks predominated. also not possible to know to what extent the In view of the considerable investigation and month covered by the Board's data may be typservicing costs associated with most term loans ical of an average month for the year; it is likely and the concentration of such loans at large that term-lending was somewhat slack during banks, it is reasonable to assume that most term the period covered. The difference between loans go to large borrowers. the Board's current figures and the. National Results of a survey of term loans at all institu- Bureau's estimates for the earlier period may tions, including a sample of 99 large commercial indicate a reduction in the importance of term loans since 1940, during a period in which combanks, have recently been published by the National Bureau of Economic Research.4 This mercial and industrial loans as a whole have risen rapidly, although it is doubtful that the study covered intensively the term loans held by magnitude of the reduction is as great as that the 99 reporting banks on June 30, 1941, and indicated.5 surveyed the growth of such loans at all banks Results of the Board's survey confirm the over the immediately preceding period. On the findings of the National Bureau's study that basis of this sample, the authors estimate that manufacturing and mining firms, public utilities, by the end of 1940 term loans comprised nearly and petroleum producers were the primary users one-third of all commercial and industrial loans of term loans. The National Bureau found that held by commercial banks, and that the volume finance companies were also large term borof term loans made by commercial banks in 1940 rowers, but with the recent steady decline of was 1.4 billion dollars, having risen rapidly consumer credit, finance companies have generover the preceding few years. ally decreased rather than increased their bor- Data from the Federal Reserve survey indicate rowings. Trade borrowers bulked larger in an annual volume of longer term loans of about the Board's figures than in those of the National 550 million dollars—a considerably smaller Bureau's study; this fact probably reflects a genamount than the estimate of the National eral increase in trade borrowing relative to that Bureau. The National Bureau's survey included of other industry groups since 1940. some loans secured by real estate, a type of ad- 5 In the light of the Board's findings as to the concentration of term loans at very large banks, it seems likely that the National Bureau 4 Neil H. Jacoby and R. J. Saulnier, Term Lending to Business e d s e t t i a m il a e t d i n d g i s p c r u o s c si e o d n u r o e f o t v h e e r p st r a o t c e e d d u te re rm fo l l l o o a w n e s d a , t se sm e p al p l . e r 1 3 b 5 a - n 1 k 40 s. of F T or e r a m (National Bureau of Economic Research, 1942). Lending to Business. SEPTEMBER 1942. 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC The annual report of the Central Bank of the serious problems which should be studied in Argentine Republic for its seventh financial period, time so as to discover adequate solutions for covering the year ending December 31, 1941, wasthem, as they develop in some cases and in submitted by the Board of Directors to the Meeting others for application when the end of the war of Shareholding Banks in March 1942. The first two forces a general readjustment of as yet incalcusections of the official English text, with a few dele-lable scope and proportions. In the meantime tions in the text and changes in the subheadings, to foresee and to prepare must be the watchare given herewith:1 word. When agricultural producers receive from the I. INTRODUCTORY State the value of grain which remains unex- Another year has passed without the proported, the purchasing power thus obtained is found changes which the war is causing in the distributed amongst the various branches of the Argentine economy becoming clearly apparent economy just as if the crops had been purchased on the surface. The volume of internal business for export in the ordinary way. The internal is very large and industrial activity is reaching effects of the circulation of this purchasing highly significant levels; building is again expower on productive and commercial activity panding in noteworthy fashion, there is great and on imports are identical in either case. The activity in stock exchange and real estate dealmoney which the State hands over to the proings and the Government is able to carry out ducer is in no way different from that which the with ease huge financial operations. It is not grain exporter pays. Nevertheless, the dissurprising, therefore, that public opinion does crepancies between the two procedures from the not grasp the full significance and magnitude of points of view of Government finances and of the phenomena which are taking place within the balance of payments and the monetary the economy. mechanism are easily perceptible. If grain is To put it briefly, activity maintains its tempo exported normally, the country thereby receives because the flow of the purchasing power of the the exchange needed to pay for the imports community has remained at a high level, as if which are originated by the circulation of the the country were still exporting its agricultural purchasing power put in motion by the exand pastoral production in normal fashion. porters. But if the State purchases the crops This is so because the Government has made and cannot export them, the activity of those intensive use of the resources of the banking branches of the economy which are fundasystem to purchase surplus crops and finance mentally dependent on agricultural and pastoral expenditure which cannot be covered by the production—that is, practically speaking, the customary means at the command of the Treaswhole of the Argentine economy—is maintained ury. as in the former case and the flow of imports is A drastic shrinkage in economic activity and likewise sustained, but at no stage in this process its grave social consequences have thus been is the exchange required to pay for such imports avoided. But the procedure adopted is creating obtained. Herein lies the essential difference 1 The report, available in both English and Spanish, contains in between the two processes. addition sections on the security market including a description of an important Government conversion operation, conversion of mortgage In the same way, when the financing of Govsecurities, and the issue of new medium-term Treasury bonds; and sections on the supervision of the banking system, issue of currency, ernment expenditure, instead of entailing a mere administration of the Bank, profits for the year, etc., together with statistical tables and charts. For earlier reports, see BULLETIN for transfer of purchasing power from the hands of July 1940, December 1939, August 1938, September 1937, and July 1936. 891 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC the taxpayer or the bondholder to the vaults of the development of our industries and for the the National Treasury, is effected by the creation consumption of our people figure amongst them. of additional purchasing power through the The high level reached by internal economic expansion of credit, the development of internal activities due to the purchasing power put in activities is also encouraged but, at the same motion by the State, might now be jeopardized time, imports tend to be similarly stimulated to an appreciable extent by insufficient supplies in a manner identical with that described in of those essential materials which we are unable regard to the second process mentioned above. to produce ourselves at the present time We Gold reserves have then to be used to pay are, therefore, confronted with a grave problem for imports to the extent that these are not which can only be successfully faced if, to the restricted by other means, or foreign loans must energy and decisiveness of the measures which be resorted to if it is not desired to weaken those will have to be taken, is added a proper public reserves. comprehension of the ends which are being That was the situation which led to the nego- pursued and the fullest cooperation of the busitiation in Washington towards the end of 1940 ness and industrial interests which will ineviof financial operations for a total of no million tably be affected by these events. dollars. The exchange was to serve for the All this also has great importance from the payment of essential imports which it was not monetary standpoint, not only because of the advisable to restrict severely, and the equivalent close relationship existing between money and amount in pesos obtained from the sale of that economic forces, but also because if the pressure exchange was to be used chiefly to finance the of the additional purchasing power makes itself purchase of the crops without resorting to an felt on imports. which are being increasingly internal expansion of banking credit. restricted, the internal phenomenon of rising However, circumstances have changed to a prices will become accentuated bringing in its remarkable degree since then. Our exports to train serious disruption. the United States have shown a very marked It is therefore necessary first of all to ease that improvement rising from a total value of 164 pressure by measures insuring that those essenmillion pesos in 1940 to 562. million pesos in tial articles which are not imported in quantities 1941. In addition, the country has received an sufficient to meet all needs, shall only be used appreciable quantity of exchange through the for those purposes which are most urgent and inflow of foreign funds. The balance of pay- important from the point of view of the national ments, instead of becoming increasingly un- economy, thereby suppressing the demand origifavourable as had seemed likely at that time, nated by less important uses or by those in which now shows a credit balance. In the present the imported article can be replaced by goods circumstances, therefore, there is no shortage produced here. of exchange. But, unfortunately, another and These are precisely the conditions under which far more serious problem confronts us; we have the competent United States Government ausufficient exchange available but there is a thority grants export quotas: a definite undershortage both of goods and of ships to carry taking by the government of the importing them. country that it will follow a severely selective policy in determining the uses to which the THE SHORTAGE OF ESSENTIAL MATERIALS allocated articles will be assigned, as can be seen As is well known, the exigencies of a war in the corresponding chapter of this Report economy have obliged the United States to where the functions which the National Governenforce a severely restrictive control of civilian ment has entrusted to the Central Bank are consumption and of exports of essential mate- explained. rials. Materials which are indispensable for In the typical case of iron, for example, its 893 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC use for building purposes will have to be limited LIMITATION OF, THE INCREASE OF PURCHASING to those cases where it is strictly indispensable POWER and the available supply will have to be ade- The tonic effect of the increase of purchasing quately distributed between the requirements of power may continue while a margin remains public works and of private activities. The for the expansion of industrial activity within replacement of iron by other locally produced the potential capacity of the producing structure substitutes will make it possible to effect a deor when the latter can be expanded easily, and sirable deviation of a part of the purchasing always provided that minimum requirements of power which is exerting pressure on imports. essential materials for industry are covered by On the extent to which this can be done, both in an adequate system of rationing and substituthis particular case and in others which will tion, as already stated. have to be considered, as well as on the prompti- To continue creating demand beyond those tude and firmness with which the task of rationlimits by the increase of purchasing power of ing is carried out, the successful completion of internal or foreign origin would entail very the programme will largely depend. But the serious and ever growing complications. The fundamental factor is, obviously, the size of the trend of these factors will, therefore, have to be quotas which the United States Government carefully watched so that dangerous excesses allocates to us and the amount of shipping space may be checked in time. In this respect we which can be obtained to carry them. have reached a point where it seems preferable The problems of exchange and of loans have to do all that is necessary to insure the more now become secondary ones. Additional exintensive employment of the ample media of change would be of very little use in the present payment already in existence, rather than to circumstances—except for the building up of continue creating other new ones, more particureserves for the future—while it cannot be emlarly if their creation is the result of financial ployed to obtain the essential imports which requirements rather than of the need for meeting the country needs. It is true that foreign funds the demands of a genuine expansion of internal would render possible a simplification of the economic activity. financing of the crops. But, truth to tell, the The measure recently taken by the National utilization of purely local resources, although Treasury to facilitate the financing of the crops they represent a more complex process of mobilduring the year 1942. has been inspired by preization, would have absolutely identical effects cisely this consideration. The medium-term under the present state of affairs, inasmuch as Treasury Bonds issued for that purpose will be funds of local origin act internally in the same placed amongst members of the public to the way as those coming from abroad when the extent permitted by the absorptive capacity of exchange backing of these latter cannot be used the market for the purpose of making use of the for the purchase of goods, as has just been expurchasing power already in their hands. plained. It is to be hoped that the placing of such We are passing through an exceptional medium-term Treasury Bonds with the public moment and our reactions must of necessity be will make feasible a reduction of the need for different from those which were justified by the new banking credit to a minimum. Not beconditions prevailing formerly. The entry into cause there is not sufficient capacity for such this country of exchange or foreign funds which expansion—the potential means are indeed cannot be used for the purchase of the foreign considerable—but because the financing of crop goods which the country needs may give rise purchasing operations has very different conto problems similar to those posed by the intersequences according to whether it is effected by nal creation of additional quantities of purchasincreasing the State's indebtedness to the banks ing power without the safety valve of imports. 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC or by placing bonds with the public. In either France and, more recently, when the United case there is a financial problem, that of the States entered the war. In all these cases the burdening of the budget with the services of movement was of a temporary nature and the that debt. But when the banks are resorted bonds acquired by the regulatory institution to directly there is also a monetary problem were soon absorbed once again by the market. because this procedure involves the creation of The experience has been conclusive and has additional volumes of purchasing power which, demonstrated that the monetary mechanism if certain limits are exceeded, begin to cause should be prepared at any moment to facilitate serious disturbances. On the contrary, in the the transformation of funds placed in long-term case of the placing of bonds there is a mere investments into liquid funds. However, a transfer of purchasing power which need not timely reflection should not be omitted. Those give rise to any monetary difficulties. interventions on the stock market coincided Furthermore, if the improvement in exports with moments at which the National Treasury and the expansion of internal business continue, had abundant funds deposited in the Central the time will have come to consider whether it Bank. Had not this been the case, the latter would not be advisable for the State to take would have found itself confronted with the further resources from those branches of the legal limitation which debars it from purchasing economy which are in a position to provide national securities in excess of the total amount them, instead of resorting to further increases of its capital and reserves and that part of the of indebtedness, in either of its two forms, in Consolidated Bonds in its portfolio which shall order to meet the requirements of the Treasury. have been redeemed. The cooperation of the banking institutions would have allowed of a PRECAUTIONARY MEASURES IN THE CAPITAL solution to this problem being sought. But MARKET for the Central Bank to be in a position to face During the course of these events the banking any eventual liquidation of investments in exsystem has been able to preserve its full strength ceptional circumstances, it appears necessary and to maintain a high degree of liquidity in its that the powers with which it has been invested commercial portfolios. to intervene in the stock market for regulatory The possible disturbing elements are accumu- purposes in an emergency situation should be lating in other sections of the economy. There extended. are large volumes of funds of both internal and This problem is not a new one for the Central foreign origin which have sought investment Bank. To prove this assertion it will suffice to in bonds, bills and other short-term investments quote the pertinent paragraphs of a confidential apart from those which have been placed in memorandum which was under consideration mere banking accounts. The knowledge of this at the Bank midway through 1940: "In the fact is in itself a cause for uncertainty in the recent interventions by the Central Bank on the market which is not reflected in current opera- Stock Exchange concrete proof has been obtions but causes concern as to what might hap- tained of the fundamental importance of this pen if those investments were to be liquidated policy, not only in regard to stock market when present conditions undergo a change. operations but also to the banks and to the The monetary mechanism has already demon- whole of the national economy. The Stock strated its efficiency in dealing satisfactorily Exchange is one of the most important nerve with movements of this nature. It is sufficient centres of the economic system; if confidence is to call to mind the large purchases of securities shattered there, psychological contagion rapidly which contributed to steady the stock market spreads to the rest of the community. But the and to restore confidence in banking circles at experience gathered both in this country and the outbreak of war, at the time of the fall of elsewhere, principally in the United States, 895 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC shows something more than this. Purchases inflation, prevented the practice of other counof bonds made by central banks when serious tries being followed in this connection. The psychological disturbances occur, are the sole Central Bank was, therefore, only authorized means of giving liquidity to the financial to purchase bonds to the value of its capital, market, allowing long-term investments to be its reserves and that part of its Consolidated converted instantly into liquid funds instead Bond holdings which shall have been redeemed. of causing a disastrous fall which is not pro- All this has already been invested and can only duced by the normal working of economic be utilized for the normal regulation of the factors. In other words, a simple means of market by buying or selling securities according intercommunication is established between the to circumstances." financial market and the money market which This matter is before the National Congress helps the working of both markets, apart from for consideration being part of the proposals its soothing effect on the economy in general. submitted to it by the National Government in The knowledge that a central bank is ready to August 1941. lend to the banks at any time, thereby making it easier for them to transform part of the paper BLOCKED EXCHANGE AND BARTER in their portfolios into liquid funds, is a power- Another of the problems of a monetary nature ful factor in assisting them to maintain their which is also deserving of special examination, stability; such a safety valve to give relief to although its solution does ncjt, unfortunately, the financial market in moments of great stress depend on the sole decision of our country, is such as those which caused this experiment to that of blocked exchange. It is not, of course, be undertaken was indeed lacking. The experi- a problem emerging from the war. The war ment was undertaken and with very instructive has accentuated its manifestations but its roots results. But the Central Bank might not be in are more deep-seated and may become even a position to repeat it in difficult times for lack more so in the post-war period unless adequate of the necessary means. All the resources solutions of an international character are used belonged to the National Treasury which arrived at. was in a very favourable position and could, Blocked exchange is a logical, although not in case of need, have made use of the advances always a necessary, consequence of the barter which the law authorizes it to obtain from the or clearing agreements under which an appre- Central Bank But these favourable circum- ciable portion of world trade was being constances might not be repeated and the Central ducted prior to the outbreak of the present Bank, notwithstanding the magnitude of its hostilities More than to the deliberate intenpotential resources, would be deprived of the tion of placing international trade and payopportunity of carrying out these market regulat- ments under new principles, different to those ing operations unless the Government should which had prevailed for so long, these agreeborrow from the banks for that purpose, which ments were due to force of circumstances or, would doubtless prove inconvenient and perhaps if this expression be preferred, were the concrete cause unfavourable reactions at a moment when demonstration of the fact that the economic the market was in a state of tension. world of the period subsequent to the late war Under the laws of other countries, central had not proved capable of reconstructing itself banks are empowered to effect open market on lines which would have insured the healthy operations. But in this country the desire to development of foreign trade and the efficient eliminate from the banking laws, approved working of the gold standard. five years ago, all provisions which might lend This country could hardly escape the need to themselves to providing the State with easy adjust its trade to this system when the prinresources and thereby causing a much-feared cipal buyers of our products began to use clear- 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC ing agreements as a means of defending their tributing to the clarification of the issue so far export trade from the disastrous consequences as we are concerned. of the great world-wide depression at the begin- It should be remembered first of all that barter ning of the previous decade. The necessity and clearing arrangements make their appearfor continuing to export enforced that decision. ance in trade negotiations when purchasing The agreement with Great Britain and Germany countries lay down as a condition of their purwere among the first to be concluded. But the chases that the selling country shall buy from clearing agreement with Great Britain differed them, by way of reciprocity, goods which, from the one negotiated with Germany in one together with payments for financial services, essential respect. In the case of our agreement represent a sum equivalent to the value of their with Germany, the favourable balances result- purchases. In this way equilibrium in the ing from our mutual trade remained blocked and balance of trade or in the balance of payments could only be used for the purchase of goods between one country and another is sought for. and the making of payments in that country. The fact that it can be easily demonstrated that On the contrary, the clearing agreement with this is as absurd from the point of view of sound Great Britain provided that a part of our credit economic doctrine as it is complicated from the balance could be used for the payment of public practical standpoint has not prevented the prodebt services in other countries. Moreover, gressive spreading of the system. The design that balance was not blocked but could be trans- to protect their foreign sales in those markets ferred in gold or in dollars provided it was not where they knew that their power as large required for payments of goods or financial buyers could be taken advantage of proved services in Great Britain. Unhappily, circum- stronger in the countries that adopted the system stances arising out of the war caused Great Bri- than the evidence of that fact. It is possible tain to block the balances and to abolish the that some individual problems of trade between transfers for the payment of public debt services. two particular countries may have been solved The fundamental differences between the two by this means. But as the procedure became payments agreements thereby disappeared. general it has proved a further depressive factor Apart from these two principal ^agreements, which has added itself to those which for a long Argentina concluded others embodying similar time past have been strangling world trade. features as time went on, so much so that in the Thus it was that to a considerable extent the last year of peace approximately 60 per cent of origin of our imports ceased to be determined by our imports were effected through the medium reasons of price, quality or the individual of barter or clearing agreements.2 preferences of the consumer and they were for- Argentina has therefore had sufficient experi- cibly diverted towards those countries with ence of this matter to justify it in forming a which we had an exchange balance which had definite opinion thereon. But new factors to be used up. Such exchange could not have now appeared, while others already pres- any longer be used freely to effect payments or ent have become more serious and threaten to purchases in other countries but had to be prove even more troublesome after the war un- utilized in the country which had originated less an effort is made to solve them in time. It it by its purchases. The exchange permit, as is desirable for this reason to state clearly what well as being a means of restriction of imports, this system means for this country, thus con- thus also became a selective instrument and, in the light of experience, it can be affirmed 2 This figure is for the year 1938, 10.3 per cent corresponding to that this second function was often more im- Germany, 20.1 per cent to Great Britain and 29.6 per cent to other portant than the original one. countries. In the case of Great Britain and of the Dther countries, as already Consequently, as the exchange balances could stated, there was no blocking of funds but there did exist an undertaking to place at the disposal of those countries, for payment of imports, not be used in other countries, there was no other a volume of exchange equivalent to the value of our exports. 897 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC logical solution but to restrict imports from those problem fraught with serious possibilities for countries which did not buy Argentine products the future. in quantities sufficient to pay for our imports It is a matter for conjecture whether Great and financial services with the exchange derived Britain, after the enormous financial effort therefrom. This is the history of our economic entailed by the present war, will feel disposed relations with the United States from the world to abandon at once the system of blocked pounds depression until recent times summed up in a and to dispense with clearing agreements, the few words. Restrictions varied in intensity, technical aspects of which she is continually they were relaxed when improved exports or perfecting. If such were not the case, there an abundant inflow of capital relieved the situ- would be no other way for this country to utilize ation and tightened in adverse circumstances, the pounds already accumulated and those either by means of direct restrictions or by which will accumulate hereafter but by attemptmodifications of the exchange rates. ing to turn its imports towards Great Britain This problem tends to become more serious as as far as possible, to the detriment of competithe war goes on. Great Britain has continued tion from other countries and for all that it buying considerable quantities of our goods but obviously is to Argentina's advantage to buy it is becoming increasingly difficult for her to in the market which suits her best, always prosupply us with the articles which we require vided she has at her disposal the means whereto import. Holdings of blocked pounds have with to do so. The position of the principal therefore increased steadily and thus it hap- European countries with which we have mainpened some time ago that, while on the one tained important trade relations would be hand there was a shortage of dollars to pay for similar. We would thus return, impelled our purchases in the United States, there was, thereto by force of circumstances, to the system on the other hand, a surplus of pounds in our of balancing our foreign trade in water-tight accounts with the Bank of England. Subse- compartments and of using the exchange permit quently our dollar position improved, as will for restrictive and selective purposes. be seen in the corresponding chapter, but at the That the United States is aware of this same time our sterling balances increased and problem and recognizes its full significance is will continue to grow if the trend of our trade shown by the contents of one of the notes with the countries of the sterling area remains appended to the trade agreement recently signed unchanged. with Argentina. The general principle under- There is, of course, a means of reducing these lying the agreement is the unconditional and holdings of pounds and it has been resorted to as unlimited application of the most favoured far as possible. It will suffice to mention that nation clause both as .regards tariffs and exa start has been made in 1941 with the repatria- change treatment but nevertheless one exception tion of national bonds. But these operations is accepted, namely more favourable treatment necessarily have their limitations. When the as regards exchange for certain goods imported internal bond market is unable to cover the full from Great Britain as long as the problem of the requirements of local finance and it is necessary blocked pounds remains unsolved. to expand credit in order to finance the crops is Perhaps the moment has arrived for studying not assuredly the most propitious moment for the possibility of finding a solution to this probnegotiating here—duly transformed—the bonds lem by linking it with a monetary agreement acquired in London. The solution must of with a continental or, if possible, an even necessity be of another character inasmuch as it wider scope. It would be desirable to attempt is not a question of temporary difficulties arising to achieve on a large scale that which this counout of the war but of a much more deep-rooted try has commenced to do on a small scale with FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC Bolivia and Paraguay; with both these coun- country and another is, of course, explicable, tries our trade shows a favourable balance and but a permanent disequilibrium in the economic to facilitate its liquidation we have bought relations between two groups of countries blocked pounds from them against pesos, as is sufficiently big to facilitate multilateral settleexplained in the corresponding chapter. An ments between their various component units arrangement of this nature between all the coun- can not be justified. tries of this continent may be envisaged. With- There is, consequently, a much more deepout the intention of proposing a formula, a few seated problem than the monetary one and its comments are made hereunder for the sole pur- solution is of the first importance. It should pose of pointing out wherein lies the funda- not be forgotten that the failure of the gold mental difficulty which until it is removed will standard in the preceding decade was due, more prevent any enduring monetary settlement. than to technical defects which the lessons of Let us suppose that a common fund were to be experience were correcting, to the restrictions established to acquire all the blocked pounds and high tariffs which after the war of 1914 held by countries of this continent, paying for seriously obstructed the free flow of world them in dollars. These dollars could only be trade. Gold need only be used temporarily used for payments within the continent. On to adjust international payments. But if it has the other hand, the countries of the continent to be resorted to systematically due to the imwhich might need to purchase pounds would possibility of selling enough to pay for purhave to buy them from the common fund and chases and cover financial services, then the pay for them either in ordinary dollars or in process ends with a breakdown of the gold those special dollars. Obviously all this is standard because no reserves however strong perfectly simple provided there is someone can withstand a persistent deficit in the balance willing to supply the common fund with the of payments.3 dollars which it needs to purchase the pounds. Expert opinion in the United States seems to And this is precisely the fundamental point, hold clear views on this point. Because of its namely whether there would not be a constant prominent role in the world economy, the accumulation of blocked pounds in the fund attitude which that country may adopt in regard without any possibility of recovering the dol- to these problems will be of decisive importance. lars so employed. Let us see what this would On the United States, on their domestic and ultimately signify; if the whole of the American foreign economic policy in the post-war period, continent or, if it is preferred, the dollar area, depends to a great extent whether world trade were to accumulate increasing volumes of and the international monetary system are to pounds in its trade with the whole of the sterling be reconstructed on a sound basis or whether area there would obviously be something which trade is to be subdivided and strangled in was not working properly between those two innumerable water-tight compartments on a extensive areas of the world economy. In barter basis. This latter would bring about an other words, the continental dollar area would inevitable recrudescence of complicated exaccumulate pounds because it was selling more change control systems, from which we would than it was buying from the sterling area (the unfortunately be unable to save ourselves, other items of the balance of payments are not however clear it may be to us that it is to our taken into account in order to simplify this *advantage to increase our foreign trade and explanation). But if the truth be told no return to an adequate system of monetary monetary or payments mechanism exists which freedom. can survive such a disequilibrium. An un- 8 Experience has shown, furthermore, that the export of capital to balanced condition as between one particular adjust the balance is merely a temporary palliative. The movement of goods is the fundamental factor. 899 SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC II. THE BALANCE OF PAYMENTS, EXCHANGE tors preventing the full play of the forces bred CONTROL, ESSENTIAL SUPPLIES AND by present circumstances have disappeared, must CLEARING AGREEMENTS not be ignored. But, for the moment, and tak- The facts pointed out in the first chapter of ing into account the present situation and the this Report in regard to the course of our favourable turn of the balance of payments the foreign accounts can be clearly seen by means of abolition by the National Government of nearly an analysis of our balance of payments. Before all exchange control restrictions appears a logicommenting on the movement noted in the cal consequence. various items and on the factors which have originated it, it is well to call to mind what has THE BALANCE OF PAYMENTS already been said regarding the transformation The balance of payments of the Argentine which has taken place in the structure of inter- Republic, which showed a deficit in 1940, has national payments. The consequences which a been favourable in 1941, which fact, as can be surplus in the balance of payments may have seen in the accompanying table, is due to the on the monetary mechanism should not be following causes: an increase of nearly izo measured by the experience of normal times, million pesos in exports, a somewhat greater inasmuch as the course of international trade is shrinkage in imports and, above all, a considernot at present determined exclusively by the able inflow of foreign funds. BALANCE OF PAYMENTS OF THE ARGENTINE REPUBLIC. [In millions of pesos at official buying rate]1 Total In free currencies In currencies subject to clearing agreements Items 1939 1940 1941 1939 1940 1941 1939 1940 1941 (2) (2) (3) (2) (2) («) (2) (2) (3) Assets 1,714 1,610 2 003 1,490 888 1,291 224 722 712 Exports4 1,573 1,439 1,558 1,349 735 906 224 704 652 Balance on capital movements 66 79 325 66 79 325 Government investments 16 16 Sundry ... ... 75 76 120 75 58 60 18 60 Liabilities 1,704 1,669 1,506 1,462 1,074 875 242 595 631 Imports 1,223 1,272 1,086 1,017 829 687 206 443 399 Public debt services 142 153 138 129 95 74 13 58 64 Government expenditure (including armaments) 50 22 15 40 17 14 10 5 1 Financial services .... 289 222 267 276 133 100 13 89 167 Balance +10 —59 +497 +28 -186 +416 — 18 +127 +81 Net gold imports'* -6 -2 -6 -2 Repatriation of public debt —32 —21 —32 -21 Adjustment of commercial indebtedness +155 +28 -3 +125 +3 -6 +30 +25 +3 Transfer of blocked balances into free currencies +55 —55 Net Balance +159 -65 +472 +147 -130 +409 +12 +65 +63 NOTE.—This table brings together the data for 1939-1941 given in the original report in three separate tables which show for the period 1937-1941 the total balance of payments, that in free currencies, and that in currencies subject to clearing agreements. 1 In 1939 through September 22,15 pesos to the pound. From that date through 1941, 13.50 pesos to the pound. 1 Adjusted figures. 3 Provisional figures subject to adjustments. 4 F.o.b. values, including shipping expenses not taken into consideration in Argentine statistics. Since 1939 the figures are adjusted taking into account differences in prices for certain products (wool, canned meat, sugar, etc.). 6 Operations effected by private parties only. working of economic forces; to a considerable The increase shown by our exports is due, in extent it is subject to the control of the govern- the first place, to the larger purchases of the ments which, owing to the war, prevent those United States. As already pointed out, that forces from exerting their full influence. The country, which in 1940 had bought goods from additional media of payment that are now being Argentina to the value of 2.64 million pesos, increated do not affect imports. Nevertheless, creased its purchases to 562. million pesos in their possible effects in the future, once the fac- 1941. Although to a lesser extent, our exports 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC to other countries of the Americas have also in those years the Central Bank after having acincreased, from 167 million to 2.16 million pesos. cumulated a large volume of exchange derived These two developments have together more from the entry of this class of foreign funds, than offset the decrease in our sales to countries had to dispose of it in a few months when the outside the hemisphere which fell from 997 trend changed and they flowed in the opposite million pesos in 1940 to 731 million pesos in direction. It is therefore prudent to maintain 1941, due chiefly to the disappearance halfway- a reserve for the purpose of counteracting the through the previous year, of European buyers effect which the eventual withdrawal of those who formerly purchased approximately 50 per funds might have on the exchange market, cent of our exportable surplus of grain between thus confirming the monetary policy of the them. This state of affairs has not, of course, National Government, which on more than one come to pass without a change in the compo- occasion has expressed its firm intention of sition of our exports as the United States market maintaining the present free exchange market. is absorbing certain quantities of products which In short, as a result of the working of all this country formerly did not export. these factors, the total balance of payments for We have already referred in general terms to 1941 shows a surplus of 472. million pesos. the causes of the shrinkage in our imports. It However, a considerable proportion of this is not due to a decrease in our foreign purchasing amount must be considered as a reserve to cover power which, on the contrary, has increased. the eventual withdrawal of the floating funds to Neither have exchange control measures been which reference has already been made. responsible, as nearly all of them were sup- The breaking down of the total balance of pressed at the beginning of the year as will be payments into that in free currencies and that explained later. Its causes are the limitations in currencies subject to clearing agreements has placed on exports by foreign governments— not the same significance in 1941 as in 1940 particularly by that of the United States, which because on this occasion both balances reveal is now our chief source of supply—and the the same tendency, whereas in 1940 they showed shortage of shipping. This matter also will be opposite results. Nevertheless it is worthy of dealt with more fully later. mention that the favourable balance in free More important than these circumstances, currencies is much higher than that shown by in so far as concerns the favourable balance of the clearing accounts. This is due above all to payments, is the considerable inflow of funds the fact that the inflow of funds has naturally from abroad. By far the greater part of these taken place in the former compartment, and funds have been placed in readily realizable this also explains why the balance of payments investments (time and sight deposits, Treasury in free currencies, which in 1940 showed a deficit Bills and other securities).4 As already pointed of 130 million pesos, becomes favourable to the out in previous Reports, it would be risky, extent of 409 million pesos in 1941. judging by both local and world wide ex- As regards the balance of payments in currenperience, to consider those funds as definitely cies subject to clearing agreements, it may be placed in this country. In this respect the ex- mentioned that the surplus is similar to that of perience of 1936 and 1937 may be called to mind; the previous year. Turning to the analysis of this balance of payments by countries and with- 4 Apart from these funds which were entering the country, local out prejudice to a more extensive examination banks received a considerable volume of deposits in foreign currencies. In view of the harm which this latter might cause Argentine banking of this matter when dealing with the clearing institutions' in the event of foreign countries adopting blocking measures, the Central Bank advised the banks, halfway through the agreements in detail, the following interesting year, to abstain from accepting new accounts in foreign currencies and recommended them to liquidate those already in existence. This has facts may be noted. First of all, our trade with been satisfactorily carried out, inasmuch as those accounts which aggregated 117 million pesos in 1940 have fallen to 28 million pesos in Brazil is included in this group since the middle December 1941. Part of these deposits entered the country and were converted into pesos and are, of course, included in the figure given for of the year, by reason of the payments agreecapital movements. SEPTEMBER 1942. 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC ment signed with that country. In regard to resumed. Business in escudos, which had not Great Britain, which, of course, is still the most been quoted on the official market since August important member of this group of countries, 1939, was also resumed. the upward tendency of our balance in blocked It is interesting to note that the abolition of pounds continues, but it is worthy of mention the prior exchange permit for imports made it that the increase has been less considerable in necessary to adopt measures to replace the exthe year under review due to the expansion in change guarantee which was an essential feature our remittances for financial services and to the of those permits. For that purpose, it was repatriation of peso bonds effected during the decided to sell forward exchange to importers conversion operation which is dealt with in the with a time limit of up to eight months, which corresponding chapter. may be extended for a further four months sub- Lastly, our transactions with France and ject to the payment of interest. Spain also form part of the accounts in cur- In the free market the considerable inflow of rencies subject to clearing agreements. In the funds, which took place principally during the case of the first named country a favourable first nine months of the year, gave rise to active balance of 47 million pesos in 1940 has become intervention by the Central Bank for the pura deficit of 14 million pesos in 1941, due to the pose of absorbing the surpluses. The peso thus fact that, while on the one hand France has rose and the rate for ioo dollars which was ceased to purchase goods here, on the other, 436.83 pesos in 1940 fell to 42.3.58 pesos in 1941. payment of certain financial services and out- The peak was reached in the middle of Destanding imports was effected. This deficit has cember when the rate touched 418.90 pesos per been covered out of the francs held in the 100 dollars. blocked account. In regard to Spain, that country's indebtedness to Argentina has in- EXCHANGE CONTROL creased by 41 million pesos as a consequence of As a result of international events and of the purchase of products referred to hereafter.5 measures adopted by other countries in 1941, it became necessary to modify the regulations is- EXCHANGE RATES sued in 1940 regarding movements in cash or The course of the balance of payments has security accounts, in national or foreign curmade it possible for the purchase and selling rency, already in existence or which may be rates of both the dollar and the pound in the opened in the future in Argentina in the name of official market to remain stable. The fluctua- residents in invaded countries or in those countions experienced by quotations of other cur- tries which have concluded payments agreerencies have, in general, been unimportant. ments with Argentina, and also to extend the As a result of the blocking measures adopted scope of those measures to include other counby the United States and the consequent impos- tries. sibility of effecting arbitrage operations against In all cases the new regulations had as their dollars, lire, Swedish crowns, Swiss francs and purpose to insure that transfers are due to Czech crowns ceased to be quoted in June and a legitimate needs arising from direct relations similar course was adopted in regard to yen in between Argentina and the countries concerned, July. Later on it was found possible to solve that remittances abroad do not exceed the availthis difficulty satisfactorily and the quotation able exchange derived from the interchange of of Swiss francs,6 Swedish crowns and yen was goods and other transactions with the respective country, and that, in the case of countries hav- 6 No mention is made of Germany as dealings with that country- ing a clearing account, remittances are made have, for obvious reasons, been insignificant. 6 In view of the shortage of Swiss francs to pay for imports from that solely within that account. country, gold to the value of 5.8 million Swiss francs was sold to an institution domiciled in that country. Part of the gold has been dis- One of the measures adopted for this purpose patched to Switzerland by air and the remainder has been left on deposit at the Central Bank earmarked in the name of the purchasing was the National Government decree of Sepinstitution. 902. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC tember 9 last which limits arbitrage operations Subsequently, and in view of the favourable to those which are justified by the direct re- trend of our balance of payments, it was posquirements of business done between Argentina sible to eliminate a further part of the restricand the corresponding countries. To that end, tions which were still in force. The quantitaall arbitrage operations in which this market tive limitations imposed on certain important participates are placed under the prior control articles were abolished and exchange was of the Central Bank. In order to achieve an granted for several other articles of minor imefficient application of this decree, the Bank portance, imports of which had been temadvised all institutions authorized to deal in porarily suspended, this measure marking a exchange that it had been decided to consider further step in the gradual suppression of the their accounts with their correspondents in exchange control system. In this way only 5 Continental Europe, China and Japan -as payper cent approximately of the total imports are ments clearing accounts. subject to any form of restriction at the present Another important measure was that which time. provided that transfers of funds abroad—except The abolition of the prior permit considerably those due to payments for imports which have simplified the control system, and the Ministry to be made in the currency in which the customs of Finance resolved, by the above mentioned clearing certificate is made out—must be made decree, to suppress the Exchange Control Office in the currency of the country of destination, transferring its inspection and investigation through the accounts which the banks may have duties to the Income Tax Department, its duties with their correspondents or the peso accounts in regard to the supervision of customs formaliopened in Argentina in the name of persons ties to the Customs Department and the reresident in the country to which the funds are remitted. mainder of its functions to the Central Bank, the Finally, it was decided that not only debits provisions of Law IZ,I6O7 in regard to the but also credits to the accounts of residents in gradual transfer to the Central Bank of all invaded countries or in countries with which we duties relative to exchange control being thereby have clearing agreements, would require the complied with. previous filing of an application stating the The suppression of the Exchange Control reasons for the operation. Office has not altered the system adopted for the It has been stated that during the course of issue of resolutions regarding that control. 1941, the Ministry of Finance, having adopted The Ministry of Finance, advised by the above the policy of gradually freeing the market from mentioned entities and, in the cases where such the existing restraints on imports, had raised a procedure is required, by the Exchange Comnearly all the restrictions previously in force. mission or the Tariff Commission, continues to These measures were taken mainly in February be the authority issuing the pertinent regulaand were completed in April and May as it be- tions or adjudicating upon cases not provided came evident that Great Britain was ceasing for therein. wholly or in part to supply us with articles As from July 1, on which date it took over its which up to then she had shipped to us with a new duties, the Central Bank supervises the fair degree of regularity. delivery of exchange by exporters. It also A point was thus soon reached at which apgrants, in accordance with the decisions adopted proximately 80 per cent of the total imports by the Ministry on the advice of the Exchange could be effected without restrictions. This Commission, the exchange authorizations for moved the Ministry of Finance to suppress the the payment of imports of articles not provided prior exchange permit for those imports and for in the regulations or which are subject to this was done by National Government Decree No. 93,058 issued on June 6, 1941. ' See BULLETIN for July 1935, pp. 456-458. 903 SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC quantitative restrictions or to a special examina- of special organizations charged with the task tion in each case. of fostering, by means of the exchange rates So that there should be the least possible in- paid by importers of restricted articles, the exterference with business and industry and to port of products which until then had either enable all applications to be dealt with not been exported at all or had been exported on promptly, the Ministry of Finance, after the a small scale. matter had been favourably reported on by the The provisions of that decree came into force Exchange Commission, empowered the Central in 1941 when the tender market and the Trade Bank to take decisions in those cases which, Promotion Corporation were established. because of their special nature, require a prompt By a circular dated February zz, 1941, the decision; decisions taken must be reported by Central Bank gave notice of the regulations the Bank to that Commission so that it may which would govern tender market operations. make any comments which it thinks should be The articles for which exchange was to be taken into*account in the future. allotted by tender were grouped in two lists; Both the resolutions which the Ministry of tenders had to be made in dollars and the im- Finance adopts after hearing the views of the porter was required to apply for the correspond- Exchange Commission and those which the ing exchange permit within five days of his Bank issues in accordance with the authoriza- tender having been accepted. The first tender tion mentioned above, are communicated to took place on March 7. interested parties by means of informative cir- Experience soon showed the desirability of culars. introducing certain changes: the two lists of From the end of 1939 and until early in 1941 articles were merged into one, tenders in other imports were subject, generally speaking, to the currencies were accepted, and, instead of two following rules: goods required for general tenders a week, only one was held. consumption and for industrial purposes en- Since the list of articles was unified, the joyed a preferential exchange rate, equivalent to minimum rates accepted have varied between that of 15 pesos to the pound; other less essential 491 and 494 pesos per 100 dollars and the averarticles were paid for at the rate of 17 pesos to age between 493.zo and 496.75 pesos. the pound but many items were subject to a system of quantitative restrictions, while no per- THE TRADE PROMOTION CORPORATION mits were granted for the importation of goods In April 1941 a representative group of busiconsidered unessential. nessmen interested in trade between Argentina As already explained in the previous Report, and the United States approached this Bank the National Government issued a decree at requesting its support for the formation of a the end of November 1940 which introduced Corporation on the lines laid down in Decree important changes in the system of restrictions No. 78,466 referred to above. applied to articles included in the second group. The Bank, taking into account the object Instead of a reduction in purchases being sought pursued, addressed itself to the Ministry of through the establishment of quantitative re- Finance supporting the proposal and suggeststrictions on a great number of articles and for ing the conditions under which it was advisable fixed periods, which would have caused great that the new organization should function. administrative complications, it was considered By a Decree dated May 9, 1941, the National preferable to allow increased exchange rates to Government authorized the establishment of the act as a moderating factor. To that end, the "Trade Promotion Corporation". The fundadecree provided that the Central Bank should mental object of this entity is to foster trade periodically call for tenders for the purchase of with the United States and the other countries exchange and should encourage the formation of the Americas by promoting the export of 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC products which are either not exported at and hog-raising industries are under considerapresent or are only shipped abroad in reduced tion. One of the Corporation's chief cares is to quantities. adapt Argentine production to the tastes of the To achieve this aim, it proposes to study the United States consumer both from the point of possibilities of foreign markets and to carry on view of quality and from that of display. This active publicity campaigns in them, to engage is assuredly the first step which our manuthe necessary technical experts to advise local facturers must take if they wish to obtain a manufacturers regarding the tastes of foreign lasting footing in new markets. To facilitate consumers, to put local producers in touch with its work the Corporation has opened an office the consuming markets and to keep a check on in New York which enables it to keep in close the quality of products exported under its aus- touch with that consuming market. pices cooperating with the national authorities Up to December 31 the Corporation had purto that end. chased exchange to the value of 145 million The exchange produced by the sale of articles pesos at the buying rate. which are considered as not being of regular export is purchased by the Corporation which is THE PROBLEM OF ESSENTIAL SUPPLIES authorized to sell it for the payment of certain We have seen that the shrinkage in our imimports. The rates which it applies both for ports has been due to factors beyond our conpurchases and sales of exchange must first be trol and that, despite this country being favourapproved by the Central Bank and the profits ably disposed towards the purchase of foreign which it may obtain from differences between goods, it has not been possible to meet the the rates must be devoted to the promotion of demand entirely because of the restrictions estrade as dividends on its shares may not exceed tablished by the countries from which we draw 4 per cent. our supplies. This problem is deserving of All the operations of the Corporation are special consideration because of the importance under the supervision of the Central Bank, to our economy of obtaining abroad a certain harmonious relations having been established quantity of raw materials and machinery which through the representative appointed by the are indispensable for the continuance of indus- Bank, who at the same time serves as the con- trial activities. Iron, steel, tinplate, zinc, copnecting link between the Ministry of Finance per, coal, fuel oil, chemicals, industrial and the Corporation. machinery, equipment for oil mining and refin- The Corporation began operations publicly on ing and many other items are deemed to be September 10, 1941, and is still, of course, in the indispensable either to cover domestic consumppreliminary stages of its work. The results tion or to process export products. achieved so far give promise of satisfactory de- In normal times, supplies of these articles velopment in the future. In spite of the difficul- could be obtained from any one of several counties which are inevitable in the work of or- tries. But at the present time with the spreadganizing an entity of this nature, the Corpora- ing of the war and the hostilities at sea, there is tion has already established contacts with practically only one purveyor for many of those various branches of local industry with a view articles: the United States. And even that to guiding them by means of technical advice source of supply finds difficulty in meeting at and to putting them in touch with foreign one and the same time, apart from the needs of buyers. its own population, a foreign demand which is Up to now the manufacture of woollen hats greatly above the normal and also the requireand boots and shoes and the tanning industry ments of its armaments industry which is carryhave received special attention and ways and ing out an unprecedented programme of exmeans of assisting the mining, dairy, yerba mate pansion. SEPTEMBER 1942. 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC When the war began, the price of those prod- latter system, by that of export quotas for each ucts commenced to increase rapidly. To country. It also took measures to establish counteract this rise and avoid its repercussions direct limitations of the production of certain on consumption, industries and stocks, the important articles (automobiles, refrigerators, National Government decided to establish a radio sets, electric appliances and many others) preferential exchange rate of 15 pesos to the and also to hamper their sale, as well as intropound.8 The rules governing the granting of ducing rationing of consumption. prior permits were also modified to increase the Midway through 1941 the United States had number of countries from which essential ar- already placed its economy on a war footing. ticles could be imported. The war with Japan gave a further impetus to As it was noted during the first months of this regime which will assuredly become accen- 1941 that Great Britain was not sending to this tuated in the future. country the goods with which it had supplied For these reasons, the volume of imports of us in normal times, practically all the restric- essential articles into Argentina has, for some tions on the import of United States products months past, fallen below the level of the normal were abolished. Nevertheless, our purchases requirements of the country. To maintain the from this latter country did not increase appre- tempo of production, stocks accumulated in ciably, partly due to the restrictions which previous years must be consumed and the proswere coming into force in that country and also pects are that present difficulties will continue due to a certain tendency towards extreme cau- and perhaps increase. In fact, representatives tion in the matter of accumulating stocks, so as of the United States Government have recently to run the least possible risks in view of the stated that it is probable that in future supplies rapid decline in prices which followed the end for Latin American countries will receive the of the war of 1914, which was apparent in same treatment as civilian consumption in the business and manufacturing circles. United States, which is being constantly sub- The difficulties which arose in obtaining sup- jected to greater and greater restrictions. plies in the United States are connected with the The United States Government seems to decision of that country to give increasing aid to favour whenever possible the system of assign- Great Britain, which led to an enormous increase ing to each country quotas for specified periods. in the requirements of the industries manu- For a considerable number of raw materials and facturing war materials. It was not long before essential manufactured goods these quotas have demand exceeded productive capacity. Thence- already been fixed or will be fixed shortly. On forward the manufacture of armaments could the other hand, for other goods, which because only increase at the expense of civilian con- of their nature cannot be placed under a quota sumption and of the export trade. As the re- system, such as industrial machinery for inquirements of war production continued to in- stance, the export permit and the priority must crease, the Government of the United States be obtained separately for each order, with the considered it indispensable to restrict other uses support of the diplomatic representatives of the severely and to take care that Great Britain's corresponding country. enemies should not receive supplies. With the object of having a basis to work on For that purpose it established the system of in determining the quantities which will be export licences which was afterwards replaced assigned to the countries of the Americas, the by that of priorities and more recently, when United States Government some time ago asked experience revealed the difficulties caused by this the Government of each one of those countries to furnish it with an estimate of their require- 8 It will be remembered that after the war began, the pound de- ments. In Argentina this task has been carried preciated 14 per cent in terms of dollars. This explains why the special rate of 15 pesos to the pound, did not, in the case of the dollar, signify out by the Central Bank in compliance with the anything more than the continuance of the previous rate. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC request made by H. E. the Minister of Finance regard to wheat, which commodity constitutes in his note dated August 2.8 last. the greater part of our exports to that country. Towards the end of 1941 the United States The negotiations opened between the two Government commenced to allocate export Governments at that time had as their chief quotas to the countries of the Americas. As object to find means of correcting that disin the majority of cases those quotas proved equilibrium as far as possible without restricting insufficient to cover all the requirements of this trade between the two countries. country, it was found necessary to set up a To achieve this end, the National Governprocedure whereby use of the available quanti- ment proposed to encourage purchases of texties would be limited to the most essential tiles, timber, iron, rubber and manufactured purposes, taking due account of the characteris- goods of Brazilian origin, and at the same time tics of our economy. Secondary uses or those wished the Brazilian Government to suppress which can be met with locally produced sub- the flour mixtures which had caused our wheat stitutes must therefore be excluded. exports to Brazil to diminish by some xoo,ooo By Decree No. 111,598 issued by the National tons a year. In addition, the Government con- Government on January 19, 1942., it was laid sidered the possibility of increasing interchange down that the Ministry of Finance will issue by means of a free trading regime for products of the regulations according to which the Central new industries or of those which, for the time Bank is to distribute the quotas among the being, exist in only one of the two countries. various firms. The Ministry of Finance will To these basic lines was added a payments arhave the assistance in an advisory capacity of rangement, proposed for the purpose of enabling the Exchange Commission, in which other Brazil to continue buying from us without havministries and the most important business and ing to cover the deficit by the payment of industrial associations are represented and which exchange. has given very valuable cooperation in drawing As a result of the conversations which took up the rules governing imports. place between the delegates of the two countries, In practice, the following procedure is being the following agreements were concluded: followed: with the advice of representatives of (1) On the suppression of substitutes in foodeach branch of activity the most urgent and im- stuffs, mutual facilities for the importaportant uses to which the allocated quotas must tion and sale of manufactured goods, and be assigned are determined, and within these exchange regulations; limits the distribution among the various im- (2.) on reciprocal credits for the purchase of porters operating in the market is effected and surpluses; they are granted the "certificates of necessity" (3) on free trading. which the United States Government has es- A clause which reveals the spirit in which tablished for that purpose. those agreements were drawn up is that which provides that annual trade balances exceeding CLEARING AGREEMENTS a certain fixed amount may only be collected by At the end of 1940, as in previous years, the means of an increase in the purchases of the problem of our economic relations with Brazil creditor nation. Henceforth, instead of the lay in the balance in our favour shown by debtor nation being the one chiefly concerned by Argentine-Brazilian trade. This disequilib- adverse balances, it will be the creditor nation rium not only caused anxiety in that country, that will have to find a solution to the problem which found itself obliged to pay us consider- by promoting its imports. The natural and able sums in foreign exchange, but also here customary tendency of debtor nations to seek inasmuch as Brazil had taken measures to re- to restore the balance by reducing their purstrict her purchases in Argentina, especially in chases is thereby eliminated. In the particular SEPTEMBER 1941 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC case of Argentine-Brazilian trade, this formula agreement, to increase its purchases of Argengave to this latter country an assurance that tine products so as to utilize that balance is Argentina would try to find the means of in- already manifest. creasing her purchases from Brazil, so that there The continued increase in our holdings of would be no reason to restrict purchases of blocked pounds in the United Kingdom remains Argentine products. a cause for concern to the Argentine Govern- In accordance with a provision of the agree- ment and efforts to obtain the unblocking of ment regarding exchange regulations, an ar- those pounds have continued. Meanwhile, rangement was arrived at soon after between hopes are entertained of arriving at satisfactory the Banco do Brazil and this Bank in regard to arrangements to reduce our sterling balances to the technical aspect of the accounts in which reasonable limits. As already pointed out in payments arising from the interchange of goods the first chapter of this Report, one of the means were to be centralized. As from July 15 last by which those pounds can be utilized is the all such remittances have been paid through repatriation of national securities. Operations those accounts. of this kind were already begun at the end of Up to now, the new agreement has worked last year. But this can only provide a partial very satisfactorily for both countries. Unfore- solution of the problem. seen circumstances, apart from the measures Another point which has been satisfactorily taken by the Argentine Government,9 have solved is that relating to the guarantee of the brought about a reversal in trade during 1941 as pounds. In this way, a new formula for the a consequence of the noteworthy increase in gold guarantee of the balances was agreed upon our purchases of Brazilian products. For the as from September 15 last. By the terms thereof first time in several years, the trade balance is the guarantee now covers the whole spot and in favour of Brazil. forward sterling position in special pounds in The disturbances caused by the world war Argentina's favour. have favoured this reversal. Many orders for Halfway through February, the Bolivian iron, timber, textiles and other manufactured Government through the Argentine Legation at articles were deflected towards that country La Paz proposed to the Argentine Government and, moreover, the international prices of Bra- to sell to the latter pounds from its special aczilian products rose appreciably. In so far as count against pesos which it would devote to our exports are concerned, the most important the payment of imports of Argentine products. result has been that our wheat sales to Brazil For the purpose of preventing this operation have again approached 950,000 tons due to the from causing an increase in our balance in gradual suppression of the use of mixtures in blocked pounds the Ministry of Finance suborthe making of bread in that country. Even so, dinated the conclusion of the arrangement to the total value of our exports did not increase the Bank of England permitting that the amount greatly, partly because prices of our products which Bolivia would transfer to us should be remained stable. used for the purchase of Argentine bonds held As a consequence of the change which has by British investors. taken place, Brazil finds herself today in the Once the agreement of the Bank of England same position as Argentina when the negotia- on this point was obtained, and after various tions commenced, that is, with a considerable conversations had taken place, an arrangement balance in her favour. The anxiety of that was concluded with the Central Bank of Bolivia country, in accordance with the spirit of the on October 18 whereby the Argentine Government, through the medium of the Central Bank, 9 In 1941 the Ministry of Finance allotted a quota of 18 million pesos would purchase from the first named Bank for the importation of Brazilian textiles, and since 1940 efforts tfere 400,000 special account pounds against pesos at being made to induce importers to purchase Brazilian iron and rubber 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC the rate of 17 pesos to the pound, less bank com- On the other hand, the amounts due for mission and also 800,000 dollars at the free operations of the second category amounted market rate then prevailing; the funds derived originally to 60.9 million pesos, of which only from this operation must be used exclusively 18.x millions were paid off during the three for Bolivian payments in Argentina. For its years, so that the debit balance at the end of part, Bolivia undertook to buy Argentine prod- 1941 amounted to 41.7 million pesos. The ucts (wheat, sugar and cattle on the hoof) to slowness with which payments are being made the value of not less than 17 million pesos in is due to the difficulty which Spain finds in 1941. It is worthy of note that in 1939 and exporting goods to Argentina, so much so that 1940 Bolivian purchases from Argentina Spanish ships reach our ports half empty. amounted to 9.7 million and 14.8 million pesos In regard to the iron and steel products which respectively. Spain has undertaken to deliver under the barter In regard to the arrangement with the Bank of agreement for maize, the National Government the Republic of Paraguay which was mentioned is taking the necessary steps to speed up dein last year's Report and by virtue of which liveries and it is hoped that, certain details the Central Bank buys special pounds derived having been settled, they will soon commence from the sale of Paraguayan products to Great to arrive. Britain, it should be placed on record that it Due to the situation in which France finds has worked satisfactorily in 1941. herself as a consequence of the war, no Argen- In that same year two new operations were tine products were exported to that country arranged between the Argentine and Spanish during the second half of 1940. According to Governments, namely the sale of 350,000 tons the agreement, France was therefore obliged to of maize to be paid for with Spanish iron and convert the entire balance of our special account steel products, and the sale of approximately at the Bank of France into dollars. On De- 380,000 tons of wheat and a small quantity of cember 31 the said balance amounted to z.55 meat the value of which will be offset by the million francs. financial services which were to have been paid While the National Government was taking to Spain. The commodities sold to Spain have the necessary steps to obtain from the United already been practically all delivered. States authorities the unblocking of the re- Taking into account all the dealings effected quired dollars, the balance in our special acbetween Spain and Argentina from 1939 to count underwent substantial modifications, so 1941 with the intervention of the Central Bank much so that it will be insufficient to cover as Financial Agent of the National Govern- outstanding liabilities in francs. This was due ment, they can be divided into two categories to the fact that the blocked francs were used to according to the procedure adopted for their meet pending payments for imports and to pay settlement: one, in which settlement is effected financial services in France. by offsetting the value of the products bought During the first half of 1941, operations with from Argentina with the payments due to Spain Japan continued normally in the manner laid for public and private financial services or with down in the agreement signed by both Governthe repatriation of public debt bonds in pesetas ments on March 15, 1940. outstanding in Spain, and the other in which Owing to the measures for the blocking of the amounts due will be collected by means of Japanese funds adopted by the United States and imports of Spanish products. to the impossibility of continuing to purchase The total amount due for operations in- yen against dollars, this Bank suspended the cluded in the first category was originally 76.1 quotation of the yen on the official market on million pesos, and on December 31 last it had July 16. With the object of making it possible been reduced to 34.6 million pesos. to continue liquidating collections in yen in SEPTEMBER 1941 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC payment of outstanding imports of Japanese broke out between Japan and the United States products and of financing exports to that the balance outstanding as the outcome of curcountry, two operations were arranged with rent operations was a small one, which in its the Yokohama Specie Bank which made it turn lessened the effect of the measure adopted possible to resume quotation of the yen as from by the Ministry of Finance on December 10, August 18. 1941, regarding the suspension of transfers to The uncertainty of the international situation Japan. pointed soon afterwards to the desirability of In all, the agreements concluded with the exports to Japan, in so far as they exceeded Yokohama Specie Bank made possible the purimports from that source, being effected for chase from market exporters, of 14.9 million cash and paid for in gold. On this basis two yen of which 13.2.* millions were sold to the new arrangements were concluded, by one of Yokohama Specie Bank (8.6 millions against which the Yokohama Specie Bank delivered gold and 4.6 millions against deposits which gold bars in Buenos Aires to the value of 10 that institution held in this country) and 1.7 million pesos. millions were sold to importers for payment of Thanks to these measures, when hostilities collections in yen. BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC DECEMBER 31, 1941 AND 1940 [In thousands of pesos] Assets De 1 c 9 . 41 31, De 1 c 9 . 40 31, Liabilities De 1 c 9 . 41 31, Dec 1 . 94 3 0 1, Gold at home 1,075,106 1,071,446 Notes in circulation 1,379,970 1,223,774 Gold and foreign exchange abroad 466,768 257,703 Bank deposits 560,574 437,126 Foreign exchange bought forward 6,628 5,611 National Government deposits 55,729 106,283 Subsidiary currency 8,)6,7 22,622 Other deposits 27,372 2,490 Rediscounted paper 10,570 Foreign exchange sold forward 6,628 5,611 Non-interest bearing Government Bond 118,884 118,884 Capital 20,000 20,000 Consolidated National Treasury Bonds 393,532 394,691 General reserve fund 7,301 6,355 National securities (Art. 34, Law 12,155)2 58,840 52,079 Special reserve for Consolidated Bonds 22,641 17,274 Te ( m A p r o t. r a 4 r 4 y , L a a d w va 1 n 2 c ,1 e 5 s 5) t 2 o National Government ft164 S C p o e n c t i i a n l g e re n s c e y r ve a n fo d r c e o n n la ti r n g g e e m n e c n ie t s of premises 2,500 2,500 Bank premises .- , ••fry- reserve 1,500 1,500 All other assets 13,062 2,486 Certificates of participation in Consolidated Treasury Bonds 30,000 126,800 Total assets. 2,141,436 1,962,256 Profit and loss account 7,905 5,505 All other liabilities 19,316 7,038 [Per cent] [Per centl Ratio of total goldand foreign exchange to: Total liabilities.. 2,141,436 1,962,256 Notes in circulation 111.73 108.61 Notes in circulation and demand liabilities (Art. 39, Law 12,155)2 75.85 75.05 1 Rediscounting suspended in June 1941. 2For Law 12,155, see BULLETIN for July 1935, pp. 449-454. 3 Entered at the nominal figure of 1 peso. 9IO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Class C Director designated General Attorney, and Messrs. The Board of Governors on August 8, 19421, George B. Vest and B. Magruder Wingfield, announced the appointment of A. Z. Baker, formerly Assistant General Counsels, were des- President, Cleveland Union Stock Yards Com- ignated Assistant General Attorneys. pany, Cleveland, Ohio, as a Class C director of Admissions of State Banks to Membership the Federal Reserve Bank of Cleveland for the in the Federal Reserve System unexpired portion of the three-year term ending The following State banks were admitted to December 31, 1944. membership in the Federal Reserve System dur- Mr. Baker succeeds Mr. Walter H. Lloyd, Jr., ing the period July 16, 1942L, to August 15, who resigned as director because of wartime 1942., inclusive. duties for the Government. Illinois Resignation of Class C Director Chillicothe—Truitt-Matthews Banking Co. The Board of Governors accepted, effective Quincy—State Street Bank and Trust Company as of August 13, 1942., the resignation of Ran- Indiana dolph Paul as Class C director of the Federal Reserve Bank of New York. Mr. Paul had DeMotte—DeMotte State Bank served the Federal Reserve Bank as director Hardinsburg—State Bank of Hardinsburg since June 1941, and his resignation was tendered Loogootee—The Union Bank because of his appointment as General Counsel Veedersburg—The Veedersburg State Bank of the United States Treasury Department. Winamac—First Union Bank and Trust Company Resignation of Class B Director The Federal Reserve Bank of Chicago has Kansas accepted, effective September 1, 1942., the resig- Clay Center—Union State Bank nation tendered by Charles B. Van Dusen, Di- Montana rector, S. S. Kresge Company, Detroit, Michigan, as a Class B director of the Bank. Mr. Hamilton—Ravalli County Bank Van Dusen had served as a Class B director New York since January 1, 1939. Spencer—The Farmers & Merchants Bank of Federal Reserve Meeting in Washington Spencer, N. Y. The Federal Open Market Committee held Ohio its fourth meeting of the year on August 3, Cardington—The Citizen's Bank Pickerington—The Pickerington Bank Changes in the Board's Staff West Virginia Effective August 10, 1942L, Mr. J. P. Dreibelbis, formerly Assistant General Counsel, was Follansbee—Citizens' Bank of Follansbee SEPTEMBER 1941 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled August 21 and released for publication August 24. Figures shown on charts may -differ from preliminary figures used in text. Industrial activity increased further in July shipments of 90 million tons or more this year. and the first half of August, reflecting continued Last season 80 million tons were shipped. growth in output of military products. Retail In most other lines of manufacturing and sales increased during this period, following a mining, activity in July was maintained at about decline, on a seasonally adjusted basis, during the levels prevailing in June. There were rethe first half of the year. ports that some plants were forced to curtail operations owing to lack of certain materials, PRODUCTION and further investigations were undertaken to Industrial output rose further in July and the determine present and prospective availability Board's seasonally adjusted index advanced from of material supplies. 176 to 180 per cent of the 1935-39 average. Value of construction contracts awarded in Activity continued to increase in the ma- July showed a reduction of about 2.0 per cent chinery and transportation equipment industries from the record level reached in June, according and in other lines producing war products. to figures of the F. W. Dodge Corporation. Shipbuilding expanded further and 71 merchant Declines were reported for most types of convessels were delivered in July. These had an struction; awards for manufacturing buildings, aggregate deadweight tonnage of 790,300 tons— however, increased further and constituted about an all-time record for a single month's deliveries. one-third of total contracts let. As in June, In the automobile industry armament production publicly-financed work amounted to over 90 per increased in July to an annual rate of about 5 cent of the total. In the first seven months of billion dollars as compared with a peak year's this year, awards were about 50 per cent larger civilian output of 4 billion dollars. Iron ore than in the corresponding period last year. shipments down the Great Lakes reached a new record of 13.4 million gross tons in July DISTRIBUTION and plans were announced for improving rail Distribution of commodities to consumers deand harbor facilities so that shipments next clined less than seasonally in July. The Board's season could exceed considerably prospective adjusted index of department store sales, which INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS TOTAL INDEX 200 TOTAL INDUSTRIAL PRODUCTION MANUFACTURES 60 180 r\ 40 140 V I , / 140 160 20 130 • 130 140 IRON ANO STEEL 0 120 120 / 120 J J OTHER DURABLE 20 110 110 / \ 00 / \ 0 SALES J / - TEXTILES AND LEATHER 20 80 1 / 0 20 MINERALS '00. LIQUOR, AND TOBACCO I 20 70 STOCKS .v. ^—„ u—;—<~r^~ 1 60 0 0 1936 1938 1940 1942 1936 1938 1940 1942 1936 1939 1940 1941 1942 Federal Reserve monthly index of physical volume of production, adjusted for seasonal variation, 1935-39 average = 100. Subgroups Federal Reserve monthly indexes of value of sales and stocks, adshown are expressed in terms of points in the total index. Latest justed for seasonal variation, 1923-25 average = 100. Latest figures figures shown are for July 1942. shown are for July 1942. 9IZ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS had dropped from a peak of 138 per cent of the from a growth in deposits at member banks. 1913-15 average in January to 104 in June, rose Excess reserves in New York and Chicago to 117 and sales by variety stores and mail-order reached the lowest levels since the third quarter houses also advanced, after allowance for usual of 1937. Effective August 2.0 reserve requireseasonal changes. In the first half of August ments on demand deposits at central reserve department store sales increased by more than city banks were reduced from 1.6 per cent to the usual seasonal amount. 24 per cent by action of the Board of Governors Railroad freight-car loadings increased more of the Federal Reserve System. This had the than seasonally in July and rose somewhat effect of converting over 400 million dollars further in the first half of August. Shipments from required to excess reserves. of miscellaneous merchandise, which include Member banks in leading cities continued to most manufactured products, and of forest prod- increase their holdings of United States Governucts continued to rise. Grain shipments also in- ment securities, particularly in the week ended creased but the rise was less than is usual at this August 19, in which delivery of the new 113^ time of year. Loadings of coal declined some- months' % per cent certificates of indebtedness what from the high level of other recent months. was made. Loans, which had declined during the second quarter of the year, have recently COMMODITY PRICES shown little change. Wholesale and retail food prices advanced further in July and the early part of August, MEMBER BANK RESERVES while prices of petroleum products on the East B1IL6LIONS OF DOLLARS .IONS OF DOLLA 1 RS 6 Coast were reduced, and those for most other consumer goods continued to show little change. In raw material markets price declines occurred for cotton, inedible fats and oils, and some scrap items, particularly nonferrous metals and paper. Demand for materials used more exclusively for war products continued strong and prices of these materials were sustained at ceiling levels. Federal subsidies were arranged for additional commodities and Government war risk rates on shipments of imported commodities were reduced. These actions were taken to bring about 1938 1940 price reductions, as in the case of petroleum Wednesday figures. Required and excess reserves, but not the total, are partly estimated. Latest figures shown are for August 26, products on the East Coast, and to prevent 1942. % further price increases, particularly for imported Adjusted demand deposits continued to incommodities. About 30 new maximum price crease at reporting banks, although purchases of schedules were announced, chiefly for miscel- Government securities, particularly the 2.3^ Per laneous civilian products, and in some instances cent Treasury bonds of 1962.-67, by investors these schedules permitted substantial increases other than banks temporarily reduced demand over ceilings set by the General Maximum Price deposits of individuals and added to United Regulation. States Government deposits. BANK CREDIT Excess reserves of member banks declined by UNITED STATES GOVERNMENT SECURITY PRICES Prices of United States taxable bonds have about zoo million dollars in the four weeks ended August 19. An increase of about 400 shown little change during the past month. million dollars of currency in circulation during Taxable notes of 3- to 5-year maturity are curthis period was paralleled by a corresponding rently yielding i.x6 per cent on the average as amount of Reserve Bank purchases of Govern- compared with i.xo per cent in July. The rate ment securities. There was an increase of 300 of discount on new issues of Treasury bills has million dollars in required reserves resulting averaged o.yji- per cent for the past three weeks. SEPTEMBER 1941 913 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 917 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 918 Federal Reserve Bank statistics 919-92.3 Reserve position of member banks; deposits in larger and smaller centers 9x4 Money in circulation 9x5 Gold stock and gold movements; bank suspensions; bank debits 916 All banks in the United States, number, deposits, loans and investments 92.7 Condition of all member banks 918-919 Weekly reporting member banks 93°~933 Commercial paper, bankers' acceptances, and brokers' balances 934 Money rates and bond yields 935 Security markets 936 Corporate profits 937—938 Treasury finance , 939-941 Governmental corporations and credit agencies; Postal Savings System 941-944 Business indexes 945—955 Department store statistics 95 6-957 Wholesale prices 958 Current statistics for Federal Reserve chart book 959~96i August crop report, by Federal Reserve districts 961 Changes in number of banks and branches in the United States.. . 961 All member banks—Condition on June 30, 1941 by classes of banks. . 963-964 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 scries on business activity arc 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. SEPTEMBER 1941 9I5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESOAY FIGURES BILLIONS OF DOLLARS 24 24 22 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS 1936 1937 1938 1939 [940 1941 1942 10 10 JL 8 - 8 - REQURED RESERVE 6 6 4 4 >y/EXCESS RESERVES \ 2 - 2 1936 1937 1938 1939 1940 1941 1942 Latest figures for August 19. See page 917. 9l6 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 - ls t- To U t . a l S. s e G c T o a u b u r v n i r e r l i y d e a l t s r i s e n - s m o e A t n h t l e l r ot A h l e l r1 Total s G to o c ld k s T c r t o u e i r u a n e u n r r n g - a y t c d - s y - - M i c n ti u o o c n l n a i e r - y - T h c r i u o e a n r l a g s y d s s h - - u s p w r e e R o y F r r i s e a e t v d - i h l d e t e s - - p m N o b d s e o e e i m n r - ts - - c O s F o e R e a t u e r r c e h d v a n - - e - l e t r s Tot b a a l lances certifi- Banks cates Monthly averages of daily figures: 1941— J J M un ayy e 2 2 , , 1 1 8 8 4 4 2 2 , , 1 18 8 4 4 9 7 4 5 2 2 , , 2 2 6 8 2 0 2 2 2 2 , , 5 6 4 0 7 2 3 3 , , 1 1 2 4 9 1 9 9, , 1 4 9 4 3 2 2 2 , , 2 2 6 4 4 9 6 9 1 8 8 7 1 1 , , 9 8 2 5 6 6 2 2 8 9 7 0 1 13 3 , . 2 6 0 5 1 0 5 5 , , 8 3 3 5 1 1 July 2,184 2,184 111 2,298 22,651 3,156 9,670 2,303 949 1,774 289 13,120 5,193 1942—Mayy 2,457 161 2,296 150 2,614 22,706 3,296 11,898 2,191 317 1,407 294 12,510 2,667 June 2,580 258 2,322 176 2,761 22,725 3,310 12,213 2,192 136 1,334 297 12,624 2,704 July 2,984 624 2,360 180 3,168 22,742 3,319 12,532 2,204 425 1,363 296 12,409 2,237 End of month figures: 1941—May 31 2,184 2,184 92 2,280 22,575 3,134 9,357 2,215 443 1,965 285 13,724 5,801 June 30 2,184 2,184 81 2,267 22,624 3,149 9,612 2,275 980 1,831 290 13,051 5,210 July 31 2.184 2,184 104 2,293 22,675 3,166 9,732 2,334 877 1,752 287 13,151 5,215 1942—May 31 2,489 183 2,306 138 2,634 22,714 3,305 12,074 2,192 261 1,429 293 12,405 2,486 June 30 2,645 310 2,336 126 2,775 22,737 3,313 12,383 2,187 290 1,362 297 12,305 2,362 July 31 3,153 783 2,370 188 3,345 22,744 3,326 12,739 2,223 266 1,401 294 12,492 2,130 Wednesday figures: 1941—Oct. 1 11 2,184 2,184 49 2,244 22,761 3,196 10,183 2,259 309 1,918 292 13,240 5,193 Oct. 8 11 2,184 2,184 70 2,265 22,772 3,203 10,237 2,241 304 1,877 291 13,290 5,209 Oct. 15 8 2,184 2,184 121 2,313 22,778 3,207 10,283 2,222 259 1,920 292 13,321 5,234 Oct. 22 4 2,184 2,184 103 2,291 22,786 3,214 10,278 2,195 977 1,800 292 12,749 4,655 Oct. 29 5 2,184 2,184 61 2,250 22,796 3,219 10,307 2,209 915 1,910 292 12,632 4,602 6 2,184 2,184 57 2,247 22,788 3,221 10,421 2,195 933 1,821 291 12,594 3,409 6 2,184 2,184 72 2,263 22,793 3,222 10,472 2,213 807 1,790 290 12,707 3,540 5 2,184 2,184 118 2,307 22,778 3,228 10,535 2,184 598 1,764 •290 12,942 3,692 6 2,184 2,184 94 2,284 22,781 3,230 10,567 2,195 440 1,678 288 13,126 3,799 2,184 2,184 100 2,289 22,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 2,196 2,184 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 2,240 2,229 188 2,433 22,747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 2,243 2,233 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 2,254 2,244 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 2,254 2,244 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 2,254 2,244 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 2,250 2,244 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 2,243 2,243 92 2,339 22,744 3,256 11,097 2,196 302 1,379 290 13,075 3,479 2,243 2,243 70 2,316 22,738 3,259 11,231 2,201 376 1,367 289 12,849 3,326 2,243 2,243 86 2,331 22,741 3,263 11,319 2,194 319 1,310 288 12,905 3,357 2,250 2,250 151 2,404 22,712 3,264 11,339 2,181 264 1,251 288 13,058 3,460 2,262 2,262 125 2,392 22,715 3,266 11,422 2,189 798 1,154 288 12,521 2,878 2,262 2,262 134 2,402 22,705 3,269 11,518 2,180 287 1,270 286 12,835 3,208 2,253 2,253 88 2,347 22,709 3,271 11,520 2,176 60 1,317 286 12,968 3,266 2,249 2,249 96 2,351 22,686 3,273 11,474 2,168 59 1,373 297 12,939 3,161 2,244 2,244 76 2,326 22,684 3,274 11,462 2,175 472 1,352 296 12,527 2,847 Apr. 1... 2,244 2,244 86 2,339 22,672 3,277 11,593 2,187 362 1,354 295 12,496 2,999 Apr. 8... 2,243 2,243 134 2,384 22,675 3,279 11,610 2,177 190 1,350 295 12,715 3,169 Apr. 15.. 2,254 10 2,244 152 2,415 22,678 3,280 11,624 2,166 301 1,485 295 12,502 2,886 Apr. 22.. 2,296 48 2,247 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 Apr. 29.. 2,350 89 2,261 86 2,443 22,689 3,286 11,723 2,186 128 1,421 297 12,662 2,815 May 6... 2,436 137 2,299 128 2,572 22,703 3,291 11,845 2,193 376 1,413 295 12,444 2,691 May 13.. 2,484 185 2,299 119 2,612 22,706 3,294 11,861 2,191 158 1,440 295 12,667 2,925 May 20.. 2,445 145 2,299 128 2,578 22,709 3,299 11,888 2,188 304 1,427 293 12,486 2,565 May 27.. 2,489 183 2,306 89 2,584 22,712 3,302 11,971 2,197 239 1,430 293 12,467 2,535 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 1,358 293 12,653 2,783 2,568 252. 2,316 135 2,708 22,717 3,310 12,176 2,213 92 1,333 293 12,629 2,782 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,189 160 1,277 304 12,706 2,791 2,583 254 2,329 110 2,698 22,735 3,313 12,231 2,191 139 1,358 303 12,523 2,648 July 1... 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 1,341 297 12,192 2,259 July 8... 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 1,353 297 12,246 2,322 July 15.. 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 1,302 295 12,042 2,065 July 22.. 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 1,347 295 12,551 2,296 July 29.. 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 1,411 296 12,545 2,196 Aug. 5... 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 1,333 295 12,602 2,246 Aug. 12.. 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 1,331 296 12,709 2,381 Aug. 19.. 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 1,344 294 12,653 2,103 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. SEPTEMBER 1941 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect August 31, 1942. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U.S. (maturities Advances secured by Discounts of and ad- not exceeding 90 days—last par. Sec. 13; direct obligations of vances secured by eli- Other secured advances Federal Reserve Bank the U. S. (maturities gible paper (maturities [maturities not exceedn — ot l e a x st c e p e a d r i . n g S e 9 c 0 . 1 d 3 a ) y 1 s no — t S e e x c c . e e 1 d 3 i a ng n d 9 1 0 3 d a) a 2 ys ing 4 mos.—Sec. 10(b)] To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 VA Apr. 29, 1938 New York Aug. 25, 1939 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.... Mar. 21, 1942 Mar. 21, 1942 Sept. 4, 1937 Mar. 21, 1942 Sept. 1, 1939 Cleveland Apr. 11, 1942 Apr. 11, 1942 Oct. 19, 1935 Apr. 11, 1942 May 11, 1935 Richmond Mar. 14, 1942 Mar. 14, 1942 Sept. 10, 1937 Mar. 14, 1942 Feb. 19, 1934 Atlanta Sept. 16, 1939 Mar. 21, 1942 Aug. 21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept. 16, 1939 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 Mar. 14, 1942 Minneapolis Mar. 28, 1942 Mar. 28, 1942 Aug. 24, 1937 Mar. 28, 1942 Oct. 8, 1938 Kansas City.... Sept. 16, 1939 Apr. 11, 1942 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept. 16, 1939 Mar. 21, 1942 Aug. 31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco... Apr. 4, 1942 Apr. 4, 1942 Sept. 17, 1937 Apr. 4, 1942 Oct. 19, 1933 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. 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 A R ug a u te s t o n 31 In g i e n ff n ec in t g b - e- Pre ra v t i e ous [In M eff a e t c u t r i A ti u e g s u n s o t t 3 1 e . x c P ee e d r i c n e g n t f i p v e e r y a e n a n r u s m] Treasury billsl ZA Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days A Oct. 20, 1933 1 businesses 91-120 days do 1 121-180 days % do Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M r i e n a i s m u u ry m b b il u ls y i o ng ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces1 co m m O e m n n t , i s t- fo p r o w O rt h i n o ic n h On re- m O it n m c e o n m ts institu- maining tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] Boston (3) Aug. 16, Mar. 1, Mayl, Apr. 16, Nov. 1, Effec- New York.... (3) Philadelphia., Clas a se n s d o b f a d n e k p s osits Fe 1 b 9 . 3 6 2 - 8,A 1 p 9 r 3 . 7 3 - 0,A 1 p 9 r 3 . 7 1 - 5,O 1 c 9 t. 3 8 3 - 1,A 1 u 9 g 4 . 1 1 - 9,Au ti g v . e 20 Cleveland 8 1937 1937 19382 1941 19422 1942 A Ri t c la h n m ta ond ( O2) 8 On net demand Chicago 2^-5 deposits:1 St. Louis K5 Central reserve city 19H 22^ 26 22% 26 24 Minneapolis.. 23^-5 Reserve city 15 17^ 20 17J^ 20 20 Kansas City.. 2H5 On C t o i u m n e t ry deposits: ioy2 nx 14 12 14 14 D Sa a n l la F s rancisco 8 All member banks. VA 6 5 6 6 1 See footnote to table on p. 924 for explanation of method of computing 1 Including loans made in participation with financing institutions. net demand deposits. J Rate charged borrower less commitment rate. wh 2 ic P h e r w ce e n re t a i g n e e s f f i e n c t t h J i u s n c e o l 2 u 1 m , n 1 9 a 1 r 7 e - A do u u g. b l 1 e 5 , t 1 h 9 e 3 b 6 a . sic statutory requirements, 4 * M Ra a t y e c c h h a a r r g g e e d s a b m o e rr o ra w te e r. as charged borrower by financing institution, if lower. 6 Financing institution is charged \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 the Board of Governors under provisions of Regulation Q P R re e s s c e r r i v b e e d S y b s y t e B m o a i r n d a o cc f o G rd o a v n e c r e n o w rs it o h f t S h e e c F ur e i d ti e e r s al A 1 p 9 r 3 . 6 1 - , No 19 v 3 . 7 1, [Per cent per annum] Exchange Act of 1934 Oc 1 t 9 . 3 3 7 1, a a ft n e d r Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec.31,1935 Jan.1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 55 40 Savings deposits A For short sales, under Regulation T 50 Postal savings deposits... VA For loans by banks on stocks, under Regulation U.... 3 55 40 Other deposits payable: In 6 months or more.... 2H 1 Reg. T and U limit the amount of credit that may be extended on a In 90 days to 6 months. 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 rate payable by State banks or trust companies on like deposits under "o N m O n T ib E u .— s" R a e c g c u o l u a n ti t o s n a s n T d a l n o d a n U s t a o ls b o r p o r k o e v rs i d a e n s d p e d c e i a a l l e m rs a . rgin requirements on the laws of the State in which the member bank is located. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 1941 Aug. 19 Aug. 12 Aug. 5 July 29 July 22 July 15 July 8 July 1 July June July Assets Gold certificates on hand and due from U. S. Treasury 20,547,619 20,546,64120,547,628 20,548,625 20,549,626 20,549,i 0,550,626 1,550,62720,531,628 20,550,62520,302,532 Redemption fund—F. R. notes.. 13,992 12,942 13,189 14,602 13,102 14,232 14,017 15,042 14,158 15,222 14,916 Other cash 248,914 251,714 251,491 264,706 269,365 270,162 260,907 259,247 255,792 263,756 285,154 Total reserves 20,810,52520,811,29720,812,308 20,827,933 20,832,093 20,834,02120,825,550 20,824,916 20,801,578 20,829,603 20,602,602 Bills discounted: For member banks 2,841 3,766 3,683 3,210 3,387 2,921 1,824 1,843 2,614 1,792 4,682 For nonmember banks, etc. 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Total bills discounted 4,341 5,266 5,183 4,710 4,887 3,343 4,114 3,292 4,682 Industrial advances 13,547 12,928 13,497 11,946 10,985 10,550 11,984 10,473 9,620 U.S. Government securities: Direct Bonds 1,645,286 1,645,286 1,645,286 1,641,236 1,641,236 1,638,696 1,637,220 1,618,081 1,642,966 1,616,631 1,359,200 Notes 724,930 724,930 724,400 721,300 721,300 721,300 714,100 714,100 722,150 714,100 820,300 Certificates 340,973 322,858 292,358 215,731 195,731 178,231 102,252 72,752 217,731 66,252 Bills 732,135 689,040 636,045 527,341 483,647 494,549 450,327 318,730 565,541 243,475 Guaranteed 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,600 Total U.S. Government securities, direct and guaranteed 3,448,099 3,386, 3,302,864 3,110,383 3,046,689 3,037,551 2,908,674 2,728,438 3,153,163 2,645,233 2,184,100 Other Reserve Bank credit outstanding 148,968 106,883 124,048 110,122 133,303 174,065 146,414 130,944 75,855 115,654 94,130 Total Reserve Bank credit outstanding... 3,614,955 3,511,966 3,445,592 3,237,161 3,195,864 3,226,921 3,069,010 3,245,116 2,774,652 2,292,532 Liabilities ^ F.R. notes in actual circulation. 9,923,080 9,840,752 9,768,481 9,655,487 9,563,231 9,507,771 9,479,922 9,720,823 9,376,313 6,857,075 Deposits: Member bank —reserve account 12,652,84312,708,645 12,602,05212,544,589 12,551,313 12,041,70212,246,36812,191,55312,491,57912,305,38513,151,455 U. S. Treasurer—general account 239,778 173,977 285,388 182,536 298,331 945,965 547,783 266,124 289,960 877,019 Foreign 914,334 888,618 891,117 887,989 886,555 870,645 872,227 900,342 901,639 1,145,009 Other deposits 429,224 442,841 442,127 523,244 460,139 430,868 481,156 500,883 460,345 607,410 Total deposits 14,236,17914,214,08114,220,68414,138,35814,196,338 14,289,18014,147,53414,018,34714,158,92813,957,32915,780,893 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 86.1 86.5 86.8 87.5 87.7 87.5 88.9 87.1 91.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a t 6 y h s s 6 l m y t o e o n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: July 29 4,710 2,380 1,187 958 182 Aug. 5 5,183 3,511 537 1,033 63 Aug. 12 5,266 4,025 67 1,054 82 Aug. 19 4,341 3,028 109 1,052 125 Industrial advances: July 29 11,946 6,301 371 177 1,068 845 768 1,537 879 Aug. 5 13,497 7,811 410 193 1,444 667 1,082 1,048 842 Aug. 12 12,928 7,845 401 156 595 767 1,518 810 836 Aug. 19 13,547 7,949 371 170 1,126 745 1,520 830 836 U. S. Government securities, direct and guaranteed: July 29 3,110,383 48,499 58,476 185,268 256,250 191,969 236,310 277,175 370,700 1,485,736 Aug. 5 3,302,864 37,811 81,940 269,037 432,332 204,283 134,700 276,175 376,800 1,489,786 Aug. 12. 3,386,889 60,516 70,338 338,323 489,756 149,965 134,700 268,175 385,330 1,489,786 Aug. 19 3,448,099 83,440 177,017 254,950 483,046 171,655 134,700 268,175 385,330 1,489,786 SEPTEMBER 1942. 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston N Y e o w rk d P el h p i h la ia - C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U. S. Treasury July 29 20,548,625 ,126,5267,558,704 1,243,9371,693,672 848,719 622,780 3,627,797 625,468 383,773 608,537 414,1371,794,575 Aug. 5 20,547,628 ,102,8207,607,960 1,217,9701,676,217 853,351 637,6113,607,544 624,543 385,496 616,097 434,290 1,783,729 Aug. 12 20,546,641 ,123,2387,423,6271,224,8051,689,517 872,940 655,9253,623,335 643,070 383,103 629,652 427,3881,850,041 Aug. 19 20,547,619 ,119,4177,536,6971,188,0801,700,324 872,002 647,7283,586,010 627,827 388,874 625,567 421,4231,833,670 Redemption Fund-Federal Reserve Notes: July 29 14,602 2,595 1,735 821 754 1,943 605 811 687 143 772 718 3,018 Aug. 5 13,189 2,467 1,250 734 669 1,384 541 677 651 125 734 684 3,273 Aug. 12 12,942 2,409 1,017 625 585 1,945 480 556 623 99 712 664 3,227 Aug. 19 13,992 2,365 1,817 554 529 1,543 442 1,493 607 92 700 653 3,197 Other cash: July 29 264,706 20,874 66,201 13,704 21,087 11,942 15,913 44,196 13,375 7,380 12,393 12,175 25,466 Aug. 5 251,491 19,885 61,475 13,925 17,913 14,171 16,374 41,333 13,433 7,256 10,624 10,645 24,457 Aug. 12 251,714 19,750 63,880 13,617 18,640 12,445 15,127 41,195 13,273 6,666 10,909 11,282 24,930 Aug. 19 248,914 19,034 60,320 13,630 16,563 14,343 17,071 40,356 13,740 6,689 10,298 10,261 26,609 Total reserves: July 29 20,827,933 ,149,9957,626,6401,258S,.462 1,715,513 862,604 639,298 3,672,804 639,530 391,296 621,702 427,0301,823,059 Aug. 5 20,812,308 ,125,1727,670,6851,232,6291,694,799 868,906 654,526 3,649,554 638,627 392,877 627,455 445,6191,811,459 Aug. 12 20,811,297 ,145,3977,488,5241,239,0471,708,742 887,330 671,532 3,665,086 656,966 389,868 641,273 439,3341,878,198 Aug. 19 20,810,525 ,140,8167,598,8341,202,264 1,717,416 887,888 665,2413,627,859 642,174 395,655 636,565 432,3371,863,476 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: July 29 3,126 1,745 290 50 245 746 50 Aug. 5 3,596 2,160 100 24. 746 60 Aug. 12 3,670 2,265 280 100 245 780 Aug. 19 2,745 1,615 205 100 145 80 Other bills discounted: July 29 1,584 638 144 208 183 57 114 Aug. 5 1,587 638 144 158 183 110 114 Aug. 12 1,596 638 144 158 183 120 114 Aug. 19 1,596 638 144 158 183 119 114 Total bills discounted: July 29 4,710 2,383 434 258 183 290 803 164 Aug.5 5,183 2,798 429 258 183 290 856 174 Aug. 12 5,266 2,903 424 258 183 290 900 114 Aug. 19 4,341 600 2,253 349 258 183 190 199 114 Industrial advances: July 29 11,946 1,164 1,043 5,404 409 820 1,130 278 504 , 961 173 46 Aug. 5 13,497 1,163 623 5,204 418 820 1,188 227 517 1,136 141 2,046 Aug. 12 12,928 1,163 623 5,212 472 820 1,183 227 520 507 141 2,046 Aug. 19 13,547 1,159 623 5,281 472 840 1,193 216 497 1,069 140 2,043 U. S. Government securities, direct and guaranteed: Bonds: July 29 1,642,836 116,558 455,796 120,611 152,144 100,660 71,205 212,644 82,441 43,469 71,900 63,603 151,805 Aug. 5 1,646,886 117,042 457,972 121,779 153,197 100,159 71,280 211,627 82,224 43,977 72,495 63,738 151,396 Aug. 12 1,646,886 117,125 458,413 122,143 153,480 99,845 71,240 210,981 82,048 44,144 72,669 63,728 151,070 Aug. 19 1,646,886 117,183 458,713 122,393 153,674 99,632 71,211 210,538 81,926 44,260 72,788 63,721 150,847 Notes: July 29... 724,475 51,402 201,001 53,189 67,094 44,389 31,400 93,773 36,356 19,172 31,707 28,047 66,945 Aug.5.... 727,575 51,709 202,326 53,801 67,681 44,250 31,492 93,492 36,324 19,429 32,027 28,157 66,887 Aug. 12... 728,105 51,784 202,667 54,002 67,855 44,144 31,494 93,276 36,273 19,518 32,127 28,175 66,790 Aug. 19... 728,105 51,807 202,804 54,111 67,941 44,047 31,481 93,083 36,222 19,566 32,181 28,172 66,690 Certificates: July 29... 215,731 15,306 59,854 15,838 19,979 13,218 9,350 27,924 10,826 5,708 9,442 8,352 19,934 Aug.5.... 292,358 20,778 81,300 21,618 27,196 17,780 12,654 37,568 14,597 7,807 12,869 11,315 26,876 Aug. 12... 322,858 22,961 89,868 23,945 30,089 19,574 13,966 41,361 16,085 8,654 14,246 12,493 29,616 Aug. 19... 340,973 24,262 94,972 25,340 31,817 20,628 14,744 43,590 16,962 9,164 15,070 13,193 31,231 Bills: July 29... 527,341 37,397 146,242 38,698 48,815 32,297 22,846 68,226 26,451 13,947 23,069 20,647 48,706 Aug.5.... 636,045 44,990 176,040 46,811 58,887 38,500 27,399 81,347 33,606 16,904 27,866 24,500 59,195 Aug. 12... 689,040 48,956 191,607 51,053 64,151 41,733 29,777 88,186 34,294 18,452 30,374 27,313 63,144 Aug. 19... 732,135 52,094 203,924 54,411 68,317 44,292 31,658 93,596 36,421 19,676 32,358 28,328 67,060 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 il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco U. S. Government securities, direct and guaranteed: July 29 3,110,383 220,663 862,893 228,336 288,032 190,564 134,801 402,567 156,074 82,296 136,118 120,649 287,390 Aug. 5 3,302,864 234,519 917,638 244,009 306,961 200,689 142,825 424,034 166,751 88,117 145,257 127,710 304,354 Aug. 12 3,386,889 240.826 942,555 251,143 315,575 205,296 146,477 433,804 168,700 90,768 149,416 131,709 310,620 Aug. 19 3,448,099 245,346 960,413 256,255 321,749 208,599 149,094 440,807 171,531 92,666 152,397 133,414 315,828 Total bills and securities: July 29 3,127,039 221,827 866,319 234,174 288,699 191,450 135,984 403,028 156,378 82,833 137,122 121,625 287,600 Aug. 5 3,321,544 235,682 921,059 249,642 307,637 201,575 144,066 424,444 167,055 88,667 146,436 128,707 306,574 Aug. 12 3,405,083 241,989 946,081 256,779 316,305 206,182 147,712 434,214 169,004 91,321 149,966 132,750 312,780 Aug. 19 3,465,987 247,105 963,289 261,885 322,479 209,505 150,340 441,206 171,735 93,196 153,509 133,753 317,985 Due from foreign banks: July 29 Aug. 5 Aug. 12 Aug. 19 Federal Reserve notes of other banks: July 29 24,105 776 2,159 1,670 1,476 1,954 3,155 3,762 1,744 1,508 2,299 711 2,891 Aug. 5 26,362 1,000 2,626 1,624 1,742 2,227 3,316 3,033 2,183 1,278 3,147 1,048 3,138 Aug. 12 26,709 1,046 3,326 1,637 1,515 2,407 2,874 2,770 2,626 1,389 2,699 942 3,478 Aug. 19 28,162 3,056 1,576 1,796 2,508 3,299 3,433 2,132 936 3,337 1,140 3,851 Uncollected items: July 29 1,028,011 105,169 235,181 65,574 141,441 82,155 39,868 137,644 44,188 22,841 43,566 .45,199 65,185 Aug. 5 1,002,578 112,731 218,300 67,404 106,884 88,552 49,958 139,646 40,300 26,968 44,698 *38,658 68,479 Aug. 12 1,123,436 118,650 264,318 78,035 135,434 91,844 45,747 146,912 50,911 25,833 51,020 39,294 75,438 Aug. 19 1,172,399 125,334 249,834 79,329 134,731 95,040 45,175 164,021 54,133 26,506 56,004 45,712 96,580 Bank premises: July 29 40,455 2,745 10,397 4,827 4,373 3,073 1,954 2,972 2,132 1,324 2,837 2,723 Aug. 5 40,39' 2,745 10,379 4,827 4,373 3,071 1,954 2,956 2,127 1,321 2,831 1,090 2,723 Aug. 12 40,401 2,745 10,379 4,827 4,373 3,074 1,954 2,956 2,128 1,321 2,831 1,090 2,723 Aug. 19 40,401 2,745 10,379 4,827 4,373 3,074 1,954 2,956 2,128 1,321 2,831 1,090 2,723 Other assets: July 29 46,436 3,049 12,573 3,391 4,787 3,040 1,938 5,660 2,117 1,237 2,004 1,785 4,855 Aug. 5 47,066 3,132 12,422 3,528 4,908 2,964 1,960 5,814 2,215 1,312 2,085 1,813 4,913 Aug. 12 48,066 3,270 12,730 3,667 5,035 3,050 2,010 5,966 2,212 1,349 2,127 1,823 4,827 Aug. 19 48,718 3,255 12,841 3,638 5,158 3,069 2,056 6,079 2,262 1,370 2,181 1,882 4,927 Total assets: July 29.. 25,094,0261,483,5648,753,2871,568,103 2,156,2931,144,278 822,199 4225,876 846,090 501,039 809,531 597,449 2,186,317 Aug. 5 25,250,3021,480,4658,835,4891,559, ,120,3471,167,297 855,782 4225,453 852,508 512,423 826,653 616,936 2,197,290 Aug. 12 25,455,0391,513,1008,725,3761,583,9972,171,4081,193,889 871, 257,910 511,081 849,917 615,234 2,277,448 Aug. 19 25,566,2391,520,3568,838,2511,553,524 2,185,9571,201,086 868,067 4,245,560 874,565 518,984 854,428 615,915 2,289,546 Liabilities Federal Reserve notes in actual circulation: July 29 9,655,487 725,5752,378,222 685,073 920,924 539,084 377,068 1,983,407 378,371 237,024 321,703 170,825 938,211 Aug. 5 9,768,48 725,379 2,398,014 691,895 930,071 550,974 393,738 2,005,656 387,089 239,468 331,672 176,469 938,056 Aug. 12 9,840,752 730,868 2,400,971 700,785 939,131 562,288 390,277 2,018,554 389,730 241,004 332,205 176,559 958,380 Aug. 19 9,923,08C 736,9182,418,751 707,166 947,916 570,453 391,173 2,035,593 392,991 242,629 335,915 177,796 965,779 Deposits: Member bank—reserve account: July 29 12,544,589 600,969 5,227,073 692,019 925,980 468,512 363,2661,898,193 369,286 198,363 401,329 346i,,599 1,053,000 Aug. 5 12,602,052 592,3645,284,217 672,081 908,132 472,291 376,149 1,884,730 360,846 203,949 404 ,'947361,792 1,080,554 Aug. 12 12,708,645 625,41. 5,171,637 671,083 932,856 489,406 398,836 1,921,830 388,434 208,506 424,398 361,6021,114,644 Aug. 19 12,652,84, 621,7885,256,161 639,546 939,802 471,342 386,416 1,874,200 371,780 208,392 417,048 356,»,700 1,109,668 * Less than $500. SEPTEMBER 1942. 9 zi 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 C l l a e n v d e- R m i o c n h d - Atlanta Chicag, Lo S u t. is M ap in o n li e s - K C an it s y as Dallai F S ra an ncisco U. S. Treasurer—general account: July 29 182,53i 13,248 32,72^ 13,204 13, Hi 5,1. 7,02: 31,78 9,50' 11,28; 9,17 7.44C 28,893 Aug. 5 285,381 21,183 79,94' 22,437 21,05' 12, oo: 6,55' 67,86 10,91 14,39: 6,56 12,608 9,861 Aug. 12 173,9 4,918 33,90: 24,49: 9,Hi 6,33! 4, 21,96 11,13 5,98( 12,53i 7,66: 31,079 Aug. 19 239,77 8,71 64,68; 19,49' 14,17 14,8. 10,50. 37,78. 10,45 12,96 131 6,823 26,126 Foreign: July 29 887,98' 24,29! 474,99. 64,871 62.17 29,73. 23,65: 82,44< 20,27 14,86 19,591 19,59! 51,484 Aug. 5 891,11 22,90= 474,93S 65,6* 30,071 23,92. 83,39^ 20,50 15,03' 19,82- 19, 52,165 Aug. 12 888,61; 22,998 473,008 65,51 62,783 30,02/ 23,88i 83,25( 20,473 15,01. 19,791 19.79C 52,082 Aug. 19 914,33' 23,77. 475,698 69,228 66,34 31,725 25,23< 87,97^ 21,634 15,86. 20,91. 20,913 55,021 Other deposits: July 29 523,244 11,413 308,90C 14,914 78,71i 8,69? 2,76: 37,522 14,44 9,51( 3,99; 1,78. 30,575 Aug. 5 442,127 10,84' 283,34: 11,311 62,698 7,843 2,38S 4,168 14,07. 7,52' 4,67; 3,40. 29,856 Aug. 12 442,84: 5,565 288,334 12,62. 62,67 7,44i 2,20( 4,925 13,85. 8,82- 1,91 2,37: 32,089 Aug. 19 429,22< 5,89 280,27 9,57: 60,57: 7,92' 2,11 2,76; 12,54: 7,94< 6,69i 2,53; 30,396 Total deposits: July 29 4,138,358 649,9256,043,697 785,012 ,079,978 512,078 396,70: ,049.95C 413,51, 234,03: 434,09: 375,42: ,163,952 Aug. 5 .4,220,684 647,3016,122,444 771,452 ,054,779 522,214 409,02C ,040,15 406,34, 240,90' 436,00: 397,62' ,172,436 Aug. 12 .4,214,08: 658,898",966,884 773,712 ,067,432 533,218 429,77= ,031,978 433,894 238,32' 458,64. 391,42: ,229,894 Aug. 19 4,236,17? 660,172 ,076,813 737,842 ,080,887 525,854 424.27C ,002,724 416,41, 245,16 457,85' 386,96< ,221,211 Deferred availability items July 29 917,93' 81,715 199,700 63,210 120,041 76,43: 34,222 143,196 42,11 20,034 41,84' 39,353 56,074 Aug. 5 878,577 81,418 183,231 61,458 100,112 77,423 38,817 130,27. 46,93< 22,083 47,112 31,015 58,691 Aug. 12 1,016,600 96,884 225,376 74,501 129,396 81,624 37,531 157,912 48,04 21,754 47,208 35,39 60,982 Aug. 19 * 1,023,478 96,803 210,508 73,592 121,684 88,021 38,373 157,815 52,99; 21,19) 48,841 39,254 74,396 Other liabilities, including accrued dividends: July 29 3,409 371 65: 189 364 32 21: 425 98 111 332 204 124 Aug. 5 3,304 468 628 200 309 310 184 384 114 113 285 152 157 Aug. 12 3,831 529 805 306 323 344 195 407 135 130 259 172 226 Aug. 19 3,550 530 766 227 326 320 194 351 125 226 202 176 Total liabilities: July 29 !4,715,190 ,457,586 ;,622,271 ,533,484 ,121,307 127,920 808,204 176,978 834,095 491,201 797,979 585,804 158,361 Aug. 5 !4,871,046 ,454,566 s704,317 ,525,005 ,085,271 150,921 841,759 176,470 840,485 502,571 815,074 605,267 169,340 Aug. 12 !5,075,264 ,487,179 ,594,036 549,304 ,136,282 177,474 857,778 208,851 871,800 501,217 838,314 603,547 249,482 Aug. 19 !5,186,287 494,423 ,706,838 518,827 ,150,813 184,648 854,010 196,483 862,504 509,119 842,839 604,221 261,562 Capital accounts Capital paid in: July 29 145,104 9,441 53,467 11,784 14,825 5,830 5,131 15,968 4,496 3,064 4,685 4,445 11,968 Aug. 5 145,100 9,441 53,468 11,784 14,825 5,830 5,131 15,969 4,496 3,064 4,685 4,445 11,962 Aug. 12 ....' 145,136 9,439 53,470 11,784 14,825 5,832 5,132 15,994 4,499 3,065 4,689 4,445 11,962 Aug. 19 145,146 9,439 53,472 11,776 14,825 5,833 5,133 15,996 4-, 507 3,065 4,692 4,446 11,962 Surplus (section 7) July 29 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Aug. 5 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Aug. 12 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Aug. 19 157,502 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) July 29 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Aug. 5 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Aug. 12 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Aug. 19 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Other capital accounts: July 29 49,449 2,714 13,828 3,271 4,808 2,048 2,426 8,576 2,003 2,622 2,117 1,961 3,075 Aug. 5 49,873 2,635 13,983 3,306 4,898 2,066 2,454 8,660 2,031 2,636 2,144 1,985 3,075 Aug. 12 50,356 2,659 14,149 3,345 4,948 2,103 2,483 8,711 2,053 2,647 2,164 2,003 3,091 Aug. 19 50,523 2,671 14,220 3,357 4,966 2,125 2,486 8,727 2,058 2,648 2,147 2,009 3,109 Total liabilities and capital accounts: July 29 5,094,026 ,483,564 753,287 568,103 156,293 144,278 822,199 225,876 846,090 501,039 809,531 597,449 186,317 Aug. 5 !5,250,302 ,480,465 835,489 559,659 120,347 167,297 855,782 225,453 852,508 ~12,423 826,653 •16,936 197,290 Aug. 12 !5,455,039 ,513,100 725,376 583,997 171,408 193,889 871,831 257,910 883,848 11,081 849,917 .15,234 277,448 Aug. 19 !5,566,239 ,520,356 838,251 553,524 185,957 201,086 868,067 245,560 874,565 18,984 854,428 .15,915 289,546 Commitments to make industrial advances: July 29 15,989 754 440 1,625 658 1,255 704 2,099 2,122 2,440 3,892 Aug. 5 14,848 753 438 1,753 623 1,254 704 2,096 1,134 2,265 3,828 Aug. 12 17,109 753 438 1,724 596 1,255 659 1,846 1,047 2,894 5,897 Aug. 19 18,726 753 433 1,732 603 1,249 646 1,842 1,047 2,332 8,089 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, received consideration approved Advances Commit- Approved o e r x p w ir i e t d h , - P p a a r ti t o ic n i s - Date ( e l a a c st h W m e o d n n t e h s ) day of sta o n u d t i - ng m s e t n a t n s d i o n u g t- co b m u p t l n et o e t d2 a d p r p aw li n c a b n y t, sta o n u d t- ing Number Amount Number Amount Number Amount (amount) (amount) (amount) etc. (amount) (amount) 1934—Dec. 26 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27,518 20,'579 11,248 24,900 4,533 Dec. 313 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,v723 8,224 2,471 158.110 11,137 June 26 9,512 413,646 i 2 33 2,838 195,739 10,988 8,762 2,195 162,612 11,182 Sept. 25 9,556 417,260 1 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10,749 Dec. 313 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 20,424 179,5C9 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 3C 9,855 471,035 3 145 3,096 248,867 10,761 11,697 11,626 202,287 12,496 Aug. 27 9,891 481,255 2 70 3,120 258,154 10,359 12,928 11,520 208,279 15,068 Sept. 24 9,912 498, 017 3 2,220 3,132 267,606 9,808 13,551 10,251 216,258 17,738 Oct. 29 9,950 504,144 1 5 3,161 274,739 10,612 13,238 12,317 219,598 18,974 Nov. 26 9,974 506,320 3 375 3,179 276,499 10,836 14,735 9,774 221,421 19,733 Dec. 31 10,007 510,443 4 150 3,202 279,860 10,337 14,597 8,294 227,032 19,600 1942—Jan. 28 10,035 512,449 4 135 3,224 281,617 9,752 14,272 7,612 230,593 19,388 Feb. 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 July 29 10,220 578,805 1 350 3,376 344,770 12,619 15,989 22,323 268,555 25,284 Aug. 26 10,236 587,448 2 356 3,388 352,675 14,833 16,720 12,024 283,803 25,295 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 Tuesday. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y Ne o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Louis M ap in o n li e s - K C an it s y as Dallas F c S r i a s a n c n o - Federal Reserve Notes: Issued to F.R. Banks by F.R. agents: July 29 10,121,699 757,456 2,483,496 724,425 955,691 580,819 408,496 2,025,463 409,172 242,135 335,334 189,3761,009,836 Aug. 5 10,206,185 766,479 2,506,552 725,215 960,869 584,878,418,949 2,046,597 412,769 244,171 342,546 191,5401,005,620 Aug. 12 10,302,828 773,714 2,512,870 730,761 970,997 599,541'421,729 2,061,788 417,679 245,730 344,036 192,680 1,031,303 Aug. 19 10,374,689 772,5612,527,640 734,038 979,773 604,988 421,5812,081,948 421,759 246,993 349,030 192,598 1,041,780 Held by Federal Reserve Bank: July 29 466,212 31,881 105,274 39,352 34,767 41,735 31,428 42,056 30,801 5,111 13,631 18,551 71,625 Aug. 5 437,704 41,100 108,538 33,320 30,798 33,904 25,211 40,941 25,680 4,703 10,874 15,071 67,564 Aug. 12 462,076 42,846 111,899 29,976 31,866 37,253 31,452 43,234 27,949 4,726 11,831 16,121 72,923 Aug. 19 451,609 35,643 108,889 26,872 31,857 34,535 30,408 46,355 28,768 4,364 13,115 14,802 76,001 In actual circulation:1 July 29 9,655,487 725,575 2!, 378,222685,073 920,924 539,084 377,0681,983,407 378,371 237,024 321,703 170,825 938,211 Aug. 5 9,768,481 725,379 2!, 398,014691,895 930,071 550,974 393,738 2,005,656 387,089 239,468 331,672 176,469 938,056 Aug. 12 9,840,752 730, !, 400,971700,785 939,131 562,288 390,277 2,018,554 389,730 241,004 332,205 176,559 958,380 Aug. 19 9,923,080 736,918 2',418,751 707,166 947,916 570,453 391,1732,035,593 392,991 242,629 335,915 177,796 965,779 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: July 29 10,248,500 770,000 2!, 495,000740,000 960,000 600,000 415,000 2,040,000 420,000 245,000 340,000 194,5001,029,000 Aug. 5 10,330,500 775,000 2!,515,000 740,000 965,000 600,000 425,000 2,060,000 430,000 245,000 350,000 196,5001,029,000 Aug. 12 10,447,500 785,000 2!, 540,000740,000 975,000 625,000 425,000 2,080,000 430,000 250,000 350,000 198,5001,049,000 Aug. 19 10,497,500 785,000 2\, 540,000740,000 985,000 625,000 425,000 2,100,000 430,000 250,000 350,000 198,500 1,069,000 Eligible paper: July 29 2,280 1,745 290 245 Aug. 5 2,690 2,160 285 245 Aug. 12 2,510 2,265 245 Aug. 19 2,565 600 1,615 205 145 Total collateral: July 29 10,250,780 770,000 2,496,745 740,290 960,000 600,000 415,000 2,040,000 420,245 245,000 340,000 194,500 1,029,000 Aug. 5 10,333,190 775, ,517,160 740,285 965,000 600,000 425,000 2,060,000 430,245 245,000 350,000 196,5001,029,000 Aug. 12 10,450,010 785,000 2,542,265 740,000 975,000 625,000 425,000 2,080,000 430,245 250,000 350,000 198,5001,049,000 Aug. 19 10,500,06; 785,6002,541,615 740,205 985,000 625,000 425,000 2,100,000 430,145 250,000 350,000 198,5001,069,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. SEPTEMBER 1942. 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JULY, 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] Cl a a n ss d e s d o is f t r b ic a t n s ks p m G o d d r a s e e o n - i - s t d s s p m N o d d a s e e e n i - - t t d s p T d o i e m s - i e ts qu R ir F e e - R e d d e e se r B a r H l v a e e n R s l k d e s w se i r th v E c e e x- ss b m a b A e n e m l k r l s - 1 C Y N e c o e n i r w t t k r y a l b a re n C c s k a e h g s r i o v - e b s c R a e i r n e t v - y k e s b C a t o n r u y k n s - 1 Total reserves held: All member banks 51,790 43,712 12,233 10,172 12,409 2,237 1941—July .. 13,120 5,875 1,120 4,198 1927 Central reserve city banks: August 13,004 5,600 1,140 4,287 1978 New York 17,274 16,521 737 4,340 4,609 269 September 13,184 5,554 1,218 4,335 2076 Chicago 3,855 3,495 458 936 1,000 64 October 13,097 5,314 1,243 4,391 2 149 November 12,900 5,053 1,210 4,424 2,213 Reserve city banks: December 12,812 5,142 1,143 4,317 2 210 Boston district 1,481 1,351 80 275 331 55 1942—January 12,936 5,248 1,085 4,365 2 238 New York district 311 269 141 62 71 9 February 12,908 5,266 1,086 4,356 2 199 Philadelphia district 1,762 1,550 134 318 471 153 March 12,827 5,188 1,157 4 279 2,204 April 12,649 5,028 1,140 4,293 2 188 Cleveland district 2,606 2,188 678 478 660 182 May 12,510 4,870 1,049 4,325 2 265 Richmond district 1,185 970 235 208 318 110 June 12,624 4,859 979 4,448 2,338 Atlanta district 1,128 858 171 182 223 41 July 12,409 4,609 1,000 4 447 2,353 Week ending (Friday): Chicago district 2,322 1,829 713 409 548 140 1942—July 3 12,262 4,717 973 4 272 2,299 St. Louis district 1,255 1,024 168 215 263 48 July 10 12,261 4,568 980 4 363 2,349 Minneapolis district 568 451 79 95 106 11 July 17 12,346 4,513 988 4 465 2,379 July 24 12,528 4,648 1,021 4 505 2,354 Kansas City district 1,510 1,046 151 218 292 74 July 31 12,596 4,696 1,026 4 527 2,347 Dallas district...... 1,096 767 128 161 217 56 Aug. 7 12,618 4 719 1,013 4 505 2,381 San Francisco district ... 3,503 2,968 2,106 720 946 226 Aug. 14 12,777 4 663 1,036 4 623 2,454 Excess reserves: Total 18,727 15,272 4,784 3,341 4,447 1,105 1941—July 5,193 2 150 388 1789 866 August 5,017 1898 403 1824 892 September 5,116 1834 478 1836 968 Country banks: October 5,001 1626 512 1845 1,017 Boston district 1,359 1,072 552 183 274 91 November 3,611 945 367 1456 844 New York district 2,028 1,633 1,492 318 473 155 December 3,390 989 295 1303 804 Philadelphia district 941 714 840 150 217 67 1942—January 3,446 1083 225 330 809 February 3,309 1071 204 1 279 755 Cleveland district 1,049 748 738 149 240 91 March 3,147 962 255 1 190 740 Richmond district 980 637 400 113 168 54 April 2,951 795 262 1 175 718 Atlanta district 885 584 260 97 143 46 May 2,667 546 178 1171 772 June 2,704 556 89 1232 827 Chicago district 1,485 1,010 863 193 305 111 July 2,237 269 64 1,105 799 St. Louis district 650 425 254 75 108 33 Week ending (Friday): Minneapolis district 466 313 281 61 89 28 1942—July 3 2,255 394 58 1021 782 July 10 2,289 307 66 1,096 821 Kansas City district 688 409 157 67 106 39 July 17 2,264 227 61 1,139 836 Dallas district 819 515 99 78 122 44 July 24 2,207 254 66 1,112 775 San Francisco district... 584 365 316 70 109 39 July 31 2,211 264 67 1,112 768 Aug. 7 p2,231 281 56 1,092 p802 Total 11,935 8,424 6,254 1,555 2,353 799 Aug. 14 P2,364 242 73 1,174 ^875 1 Gross demand deposits minus demand balances with domestic banks p Preliminary. (except private banks and American branches of foreign banks) and cash 1 Weekly figures of excess reserves of all member banks and of country items in process of collection. banks are estimates. NOTE.—See tables on p. 918 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] All member banks Memb ( e p r l b ac a e n s k s o v in er l a 1 r 5 g ,0 e 0 r 0 c ) enters Membe ( r p l b a a c n es k s u n in d e s r m 1 a 5 ll ,0 e 0 r 0 c ) enters Federal Reserve district Gross demand Time Gross demand Time Gross demand Time July June July June July June July June July June July June Boston 2,840 2,797 632 626 2,665 2,632 512 508 175 165 120 118 New York 19,613 19,539 2,371 2,354 ^,920 11,942 H,m xl,103 420 401 515 510 Philadelphia.., 2,703 2,690 974 976 2,345 2,347 527 531 358 344 447 445 Cleveland 3,655 3,643 1,416 1,406 3,263 3,263 1,067 1,060 392 380 350 346 Richmond 2,164 2,154 636 630 1,872 1,873 430 426 292 281 206 204 Atlanta 2,013 2,020 430 427 1,800 1,811 344 342 213 209 87 85 Chicago 7,662 7,439 2,035 2,011 ^,250 x3,150 ^,227 h^ll 557 540 349 344 St. Louis 1,905 1,873 422 423 1,519 1,499 300 299 386 374 122 123 Minneapolis... 1,034 1,011 361 358 811 793 191 190 223 218 169 168 Kansas City... 2,198 2,091 308 304 1,738 1,656 200 197 461 435 108 107 Dallas........ 1,915 1,857 227 227 1,480 1,431 184 184 435 425 43 43 San Francisco. 4,087 3,988 2,422 2,404 3,911 3,821 2,315 2,299 176 167 107 105 Total 51,790 51,102 12,233 12,147 X26,574 126,219 ^,414 ^,350 3,940 2,623 2,599 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars! End of month Total 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 r il t t v i e f e s i- r o T n f r u o e 1 r t y 8 a 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 in or U S n n o ta i t t t e e e s d s R F n e e o s d e t e e r r v s a e l F R n B e e o d a s t e n e e r k r s a v l e n t b i N o o a t n n a e - k a s l 1941—June 9,612 63 53 1,714 1 434 194 300 6,684 20 150 July 9,732 63 54 1,691 438 196 307 6,813 20 149 August 9,995 62 55 1,723 445 199 313 7,027 20 148 September. 10,163 62 56 L.724 455 202 314 7,181 20 147 October.... 10,364 62 57 1,715 463 205 317 7,378 20 146 November.. 10,640 61 59 1,737 474 208 321 7,615 20 145 December.. 11,160 61 60 1,733 481 209 313 8,138 19 144 1942—January.... 11,175 61 61 1,657 471 206 302 8,253 19 143 February... 11,485 61 61 1,695 475 206 309 8,514 19 143 March 11,566 60 62 ,697 482 208 307 8,587 19 142 April 11,767 60 64 1,707 488 209 309 8,769 19 141 May 12,074 60 65 ,745 496 211 316 9,022 19 140 June 12,383 59 66 ,754 504 213 317 9,310 19 139 July 12,739 59 67 1,764 510 215 315 9,650 19 138 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c u c la ir - - so U r n te as d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—June 9,612 6,890 681 625 41 1,207 2,289 2,047 2,725 607 1,244 244 548 24 57 2 July 9,732 6,992 688 626 40 1,215 2,334 2,090 2,742 615 1,257 244 544 24 58 3 August 9,995 7,237 700 641 42 1,257 2,430 2,169 2,760 630 1,274 244 543 24 46 3 September 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 3 November 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 December 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942—January...!... 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 24 46 4 February 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 4 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1,528 268 561 9 29 5 April 11,767 8,560 757 680 43 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 1,566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 1,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held,1 in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destro:>yyee<d. Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation, In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] Silver Fed- End of month Total d s o b i a l l u n v la l d e - r r s s S s a i i u l r d v y b i e - - r M co in in or U S n n t o a i t t t e e e s d s B s e R e a r r e a n v - l k e t n b i N o o a a t n n e - k a 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 c ro r e o m ip pe 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—June 3,149 1,983 447 199 347 21 152 1939 110.2 9.8 100.3 July 3,166 1,991 455 202 347 20 151 19*0 17.7 .7 17.0 August 3,181 1,998 462 204 347 20 150 1941 .3 .5 .2 September. 3,198 2,006 469 207 347 20 149 October.... 3,219 2,013 482 210 347 20 148 1941—August November 3,231 2,017 489 212 347 20 146 September December .. 3,247 2,023 497 215 347 20 146 October ft November 1942—January 3,259 2,029 501 218 347 20 144 .2 2 February... 3,268 2,033 505 220 347 20 144 March 3,277 2,038 509 221 347 19 143 1942—January .2 .1 April 3,289 2,044 514 222 347 19 142 February May 3,305 2,050 524 224 347 19 141 March June 3,313 2,053 530 225 347 19 140 April .1 .1 July 3,326 2,057 539 225 347 19 139 May June July ft"" .......... 1 Includes silver held agunst silver certificates amounting to $1,971,- 000,000 on July 31, 1942 and $1,920,000,000 on July 31, 1941. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. SEPTEMBER 1942. 9x5 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 STATESi UNITED STATES [In thousands of dollars] [In millions of dollars] 1941 Ear- Period of a s G t t p o o e e c n l 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 g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i o m d g n u o e 1 c l s d - - From or to— Im- Dec. Ex- Im- Nov. Ex- J I a m- n.-Dec E . xcrease (—) ports ports ports ports ports ports 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 3 3 3 3 4 3 3 1 7 8 9 5 0 6 42 3 3 1 1 2 2 1 1 1 2 1 8 2 1 0 4 7 , , , , , , , , 2 7 2 7 9 5 1 6 5 6 3 3 1 9 2 4 8 0 7 8 2 5 5 4 4 3 4 1 1 1 1 , , , , , , , 2 3 1 8 1 5 7 7 0 5 3 8 3 0 5 4 2 1 7 2 2 2 1 1 . . . . . . . . 5 2 2 8 0 5 5 5 4 3 1 1 1 1 1 4 , , , , , , , 7 5 9 1 7 5 1 9 4 7 7 3 3 8 1 8 4 4 3 3 5 6 9 2 . . . . . . . . 5 2 4 6 9 5 6 0 - - - - - 4 3 2 6 5 -8 0 3 0 4 3 8 5 7 3 0 4 4 2 . . . . . . . . 9 7 5 4 7 4 6 2 1 1 1 1 1 1 1 9 6 1 6 4 7 4 3 2 0 7 1 8 0 3 1 . . . . . . . . 9 7 7 8 6 2 9 6 F P M U S U C S C w r o w e n . a e a r n n e i x i S n t t t d t i u a e c z . r c e d d g e e a o S n r l a a l . K l . a A . R n . i m n d g e d r o ic m a ... 2 1 0 1 3 , , 2 9 4 3 1 7 7 2 6 7 6 3 0 9 3 6 4 2 2 5 6 4 , , , 6 3 9 9 1 2 1 3 3 2 2 1 5 6 1 9 4 4 41 4 1 1 2 3 4 0 6 1 , , , , , 7 9 9 7 8 0 4 8 7 6 4 2 9 0 0 9 9 3 0 7 3 0 2 9 1 3 8 7 West Indies and Ber- 1941—Tune 22,624 49.2 30.7 4.0 14.5 muda 53 77 1 867 3 July «... 22,675 50.5 37.0 -27.7 13.7 Argentina 6 18 184 August 22,719 44.7 37.0 -31.2 12.5 Bolivia 1 8 95 September... 22,761 41.5 65.7 —46.8 17.9 Brazil 2 5 1 25 10 D N O o c e t c v o e e b m m er b b e e r r.... 2 2 2 2 2 2 , , , 7 7 8 3 8 0 7 5 0 — -1 3 4 4 8 8 . . 4 . 8 8 45 4 5 2 0 0 . . . 9 4 4 - - - 6 9 3 0 9 2 . . . 9 7 2 1 1 11 5 8 . . . 4 8 1 E C C c h o u i l l o a e m do b r ia 2,2 8 2 3 8 3 8 4 3 2,1 4 2 1 4 1 0 8 1 2 3 8 4 , , , 0 4 5 5 4 1 7 8 0 Peru... 678 436 9 119 1942—January 22,747 10.6 -38.5 14.7 Venezuela. ... 369 227 4 581 February 22,705 -42.4 -109.3 10.0 British Guiana 53 91 1,039 March 22,687 -17.3 -65.5 11.0 Australia 3,713 5,980 67 492 April 22,691 3.3 -20.1 11.1 New Zealand 293 156 2,658 May 22,714 23.6 -38.2 10.8 British Oceania 311 314 3,894 J T u u l n y e 2 2 2 2 , , 7 7 4 3 4 7 2 7 2 . . 6 3 5- - 2 1 4 4 . . 4 8 m 1 . 0 i .1 N Br e i t t h is e h r la I n n d d s ia Indies 711 9,6 8 6 5 5 5 Jan-July 22,744 7.8 5—310.7 P78.8 J C a h p i a n n a and Hong Kong.. 664 4 9 , , 3 4 6 4 2 4 Philippine Islands 5,506 1,832 1 42,684 6 p Preliminary. South Africa 190 40 292 893 1 Annual figures are estimates of the United States Mint. Monthly All other countries 716 473 4,972 f p i i g n u e r e Is s l a a r n e d t s h p o r s o e d p u u c b ti l o is n h e r d ec i e n iv t e a d b l i e n o U n n p it a e g d e S 9 t 6 a 7 te , s a . djusted to exclude Philip- Total 52,897 2 50,382 8 982,442 64 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. NOTE.—The figures for December 1941 and for the year 1941, and the 4 The net gold import figures for December 1941 and for the year 1941 are figures for exports by countries in November 1941, are published herewith published herewith for the first time by special permission of the Depart- for the first time by special permission of the Department of Commerce. ment of Commerce. Comparable figures for subsequent months have not Comparable figures for subsequent months have not been released for been released for publication. publication. For back figures for selected countries beginning in 1934, 5 Gold held under earmark at Federal Reserve Banks for foreign account also see table on page 967. amounted to 2,526.1 million dollars on July 31, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 BANK DEBITS Debits to deposit accounts except interbank accounts Member Nonmember Total, banks banks [In millions of dollars] all banks t N io a- nal State su I r n- ed2 in N s o u t red To a t l a l l, N ew 140 ot 1 h 33 er Year and month report- York other reporting Number of banks suspended: ce i n n t g ers City centers1 centers2 1934 57 1 8 48 1935 34 4 22 8 1936 44 1 40 3 1929 982,531 603,089 331,938 47,504 1937 59 4 2 47 6 1936 461,889 208,936 219,670 33,283 1938 55 1 1 47 6 1937 469,463 197,836 235,206 36,421 1939 42 4 3 25 10 1938 405,929 168,778 204,745 32,406 1940 . 22 1 18 3 1939 423,932 171,382 218,298 34,252 1941 8 4 3 1 1940 445,863 171,582 236,952 37,329 1942—Jan .-July 5 4 1 1941 537,343 197,724 293,925 45,694 Deposits of suspended banks 1941—June 45,937 17,282 24,866 3,789 (in thousands of dollars) :3 July 44,804 16,288 24,673 3,843 1934 36,937 40 1,912 34,985 August.... 42,853 15,079 24,045 3,729 1935 10,015 5,313 3,763 939 September 43,866 15,654 24,322 3,890 1936 11,306 507 10,207 592 October... 50,869 19,148 27,329 4,392 1937 19,723 7,379 "i,'7O8' 10,156 480 November, 45,076 16,077 25,087 3,912 1938 .. 13,012 36 211 11,721 1,044 December. 56,582 20,598 31,133 4,850 1939 34,998 1,341 24,629 6,589 2,439 1942—January... 48,605 17,247 27,028 4,330 1940 5,943 256 5,341 346 February.. 41,545 14,242 23,543 3,760 1941 3,726 3,144 503 79 March 49,161 17,056 27,764 4,341 1942—Jan .-July 814 632 182 A M p a r y il r4 4 8 6 , ,6 3 1 4 3 2 1 1 6 6 , , 0 98 2 5 3 r2 2 7 6 , , 2 4 41 51 4 4 , , 1 1 3 1 8 6 June r50,107 17,394 r28,292 4,421 1 Represents banks which, during the periods shown, closed temporarily July ^ 50,087 17,110 28,505 4,472 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation r Revised. 1 National series, for which bank debit figures are available beginning 1 Federal deposit insurance became operative January 1, 1934. with 1919. 3 Deposits of member banks and insured nonmember banks suspended are 2 Except that 1929 figure is for 128 centers only. as of dates of suspension, and deposits of noninsured nonmember banks Back figures.—Annual report for 1937, page 157. Annual totals, beginare based on the latest data available at the time the suspensions were ning with 1919, by Federal Reserve districts and for individual centers, are reported. available for distribution and will be furnished upon request. Back figures.—Set Annual Report for 1937 (table 76). 92.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a u v n i t n u k g a s s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a- al 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 1942—June 30 5 6,647 5,101 1,546 1942—June 30 5 53,434 34,036 19,397 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Invest- Invest- Total Loans ments Total Loans ments Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30. 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30.. 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—June 29........ 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24,322 31,825 38,983 15,878 23,104 10,276 4,954 5,322 6,889 3,490 3,399 June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59,296 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 1942—June 30 5 46,800 16,928 29,872 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. 5 Figures for "All banks" not available. NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks." April 4, 1942 figures for member banks are shown on the following pages. Back figures.—See Annual Report for 1937 (tables 48-49). SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- Direct of Call date i m n a v e n e n d s t t s - Total1 i t n m r a c d i n i e a u a d r l l s - 2 - A c t a u g u l r r 2 l- - i- p O m a k p p a e e r e t n - r b e T ro r o s k- o T th o - e l R s o t a e a n a te s l l O o t a h n e s r 4 Total Total Bills f C ic e i o a n r f t - t e i s - Notes Bonds G t a e u 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 and ers3 debt- divideal- ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 "s',3S6 730 455 790 700 2,957 2,944 9,979 14,328 563 2,223 8,398 3J44' 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,720 7,270 738 537 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 972 607 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Apr. 4 44,287 17,834 26,453 20,449 3,471 3,173 2,831 June 30 .... 46,800 16,928 7,888 726 495 554 562 3,501 3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685 2,934 2,840 New York CityS 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 i i 768 7 120 611 188 133 469 6,043 4,772 315 797 2,385 1^275 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 458 6,815 '5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,405 3 97 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,716 8 91 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 4 13,123 4,173 8,950 7,381 1,515 773 796 June 30 14,019 4,066 2,775 9 66 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 City of Chicago^ 1929—Dec. 31 1,757 1,448 19 251 533 21 623 309 116 1 2 19 94 96 96 1 19 9 3 3 9 3 — — D juenc e . 3 3 0 0 2 1 , , 1 2 0 8 5 7 6 5 7 6 7 9 365 6 6 1 9 7 4 6 1 1 2 6 5 6 1 3 1 0 3 26 6 7 0 1,5 6 3 1 6 0 1,2 3 0 84 3 1 1 4 5 9 3 57 1 8 7 2 6 7 9 0 7 1 "172' 1 8 6 7 2 1 1 3 7 8 0 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 • 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 6 21 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Apr. 4 2,806 923 1,883 1,490 108 207 187 June 30 3,116 906 697 3 15 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 3,937 2,944 1,368 25 66 165 1,112 448 1,128 1 1 9 9 3 3 9 3 — __ D ju e n c e . 3 3 0 0 . 1 8 2 , , 4 2 9 72 2 4 5 , , 4 3 8 2 2 9 2,100 221 1 1 5 2 5 6 1 1 0 1 8 9 1,3 2 4 2 0 2 1 1, , 3 1 3 3 5 1 1 1, , 1 7 7 7 7 7 4 6 , , 0 9 1 4 1 3 5 2 , , 1 4 9 8 4 3 6 7 3 3 131 8 6 1 8 9 1 3 1 , , 3 59 3 7 9 972 5 89 9 0 8 9 8 3 6 0 0 1940—June 29 12,160 5,365 2,134 176 156 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 263 153 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 2,879 175 202 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,206 300 250 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Apr. 4 15,605 6,989 8,616 6,832 1,051 941 844 June 30 16,535 6,564 3,103 152 215 78 177 1,524 i, iis 9,971 8,188 '579' "674' *98i' 5449 806 925 858 Country Banks 1929—Dec. 31 . 13,375 8,936 201 291 2,231 1,462 4,750 4,439 1,267 37 59 171 999 627 2.546 1933—June 30 7,873 4,275 35 25 1,117 1,055 2,043 3,598 1,469 2 63 299 1,106 581 ,549 1939—Dec. 30 10,224 4,768 1,151 495 163 20 224 1,477 1,238 5,456 3,159 31 431 1,972 "725' 1,061 ,236 1940—June 29 10,257 4,987 1,187 546 174 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 ,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 L,102 1941—June 30 11,446 5,607 1,377 555 216 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 ,047 Dec. 31 12,518 5,890 1,431 659 245 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1942—Apr. 4 12,753 5,749 7,004 4,746 797 1,253 L.005 June 30 13,130 5,393 1,314 562 198 16 169 1,834 1,299 7,737 5,502 171 355 657 3,696 624 1,222 1^013 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. 3 Figures in this column prior to Dec. 31, 1938, represent all loans';on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Central reserve city banks. NOTE.—Changes in assets and liabilities of member banks are affected from time to time by admissions of banks to membership and of banks liquidating or withdrawing from membership. Of the increase of 896 million dollars in total loans and investments in New York City during the period April 4 to June 30, 472 million is due to the admission to membership of one large bank, which on June 30 had total loans of 67 million dollars and total investments of 405 million. Back figures—See Annual Report for 1937 (tables 52-58). 918 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 Reserves Bal- De- Call date F B e w s R a d e i r n e e t v h k - r e a s l v C a i a u n s l h t m b a w a n e n i c s t k e t h i s s c 1 j m p u a o s d a d t s e n e - i - d t d s 2 p a v n a s p i t I d d h r i o n o t u i r d n c p n a a i o e s s - l - , r s r - - , p v s S o i u a l s t b i a i n t o d t i d e c n i s - a s l c C c h f a o e e e i t f n e e f c r r c d i d t s . - k i ' - s m U G er e o . n S n v - . t - p a v n a p s i t I d d h r i o n o t u i r d n p n c a a e i o s s - l - , r s r - - , v s S p i u i a s t o c a b i n l o a t d d i l e n t i - s s - p m U G o e i a s n s r a n . e o n g t S v d n v a - s . - t l - m D a D n e- d o b 3 m an e k s s T ti i c me b e F a i o g n r n k - s B r i o n o w g r s - - C co a a u p c n i - t t a s l 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—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—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 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 e6,276 34,670 32,602 3,285 589 2,164 11,520 395 49 "9,650 "118 "641 14 5,930 June 30 12,295 1,022 5,770 36,966 35,646 3,230 711 1,724 11,673 400 49 9,110 109 752 6 5,991 New York City* 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—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 ,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 L,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 ,648 1942—Apr. 4 5,236 81 e192 11,335 11,235 296 154 967 751 25 "3,383 e576 4 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 1,698 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—Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940— D j eunce. 2 3 9 1 1 1 , , 0 18 5 7 1 4 3 2 9 3 2 1 4 9 2 1 1 , , 8 9 9 4 8 1 1 1 , , 9 7 0 8 5 2 1 1 7 9 4 9 2 1 7 7 9 7 0 9 4 49 8 6 9 1 8 5 5 5 9 9 9 4 7 9 8 7 2 2 6 7 0 0 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 «285 1,919 1,886 203 31 296 455 "1,253 eg 289 June 30 *973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 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—Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 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 e2,7O5 11,689 11,105 1,313 202 633 4,366 224 18 "4,235 e90 e54 6 1,981 June 30 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 Country Banks 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1939—Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—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 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 1942—Apr. 4 2,180 429 e3,093 9,726 8,376 1,473 202 269 5.948 145 30 e779 e28 e2 4 2,005 June 30 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 3 3 2,014 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. 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 Beginning June 30, 1942, excludes reciprocal bank balances. 4 Central reserve city banks. e Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). SEPTEMBER 1942. 92-9 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 Certi- Other i m nv e e n s t t s - Total t t a a c r u g i n u r a r d a l i - l l - , p m k a e a p t r e - r b d a T r e e n o r a o d s k l- - ot T h o ers e lo st a a n t s e ba t n o ks O lo t a h n e s r Total Total Bills f o d n i e e f c e i d a b s n t - t s e - - Notes Bonds G t a e u n e a - d r- r s i e t c ie u s ers Total—101 Cities 1941—July 28,560 10,501 5,975 381 496 1,249 1,915 18,055 14,490 1,079 2,249 7,946 3,216 3,569 1942—March 30,941 11,408 6,976 426 435 409 1,246 28 19,533 15,803 1,107 2,348 9,637 2,711 3,730 April 31,095 11,288 6,905 418 434 402 1,244 28 1,857 19,807 16,090 1,000 365 2,360 9,684 2,681 3,717 May 31,493 10,996 6,622 403 481 402 1,245 27 1,816 20,497 16,859 ,170 678 2,344 9,998 2,669 3,638 June 31,670 10,811 6,537 366 471 402 1,240 29 1,766 20,859 17,32 ,360 672 2,753 10,336 2,203 3,535 July 32,998 10,741 6,454 342 561 401 1,233 32 1,718 22,257 18,852 ,6561,465 2,886 10,809 2,036 3,405 1942—May 27 31,726 10,962 6,557 393 405 1,246 34 1,794 20,764 17,180 ,226 674 2,327 10,283 2,670 3,584 31,679 10,905 6,542 382 528 403 1,243 28 1,779 20,774 17,226 ,281 2,297 10,309 2,667 3,548 31,736 10,84- 6,552 372 475 404 1,242 29 1,770 20,892 17,346 ,388 2,912 10,318 2,053 3,546 31,677 10,776 6,546 360 433 405 1,238 27 1,767 20,901 17,364 ,390 672 2,909 10,347 2,046 3,537 31,587 10,718 6,505 350 448 396 1,238 32 1,749 20,869 17,361 ,384 670 2,893 10,369 2,045 3,508 July 1 32,382 10, 740 6,469 341 519 393 1,236 36 1,746 21,642 18,232 ,447 ,471 2,899 10,383 2,032 3,410 July 8 32,366 10,66: 6,456 344 485 382 1,234 24 1,736 21,705 18,313 ,526 ,482 2,908 10,364 2,033 3,392 July 15 33,338 10,846 6,481 346 609 414 1,232 47 1,717 22,492 19,110 ,633 ,461 2,888 11,086 2,042 3,382 July 22 33,396 10,764 6,430 342 623 411 ,231 27 1,700 22,632 19,218 ,751 ,454 2,876 11,097 2,040 3,414 July 29... 33,512 10,696 6,432 336 569 407 ,230 29 1,693 22,816 19,387 ,921 ,455 2,858 11,118 2,035 3,429 Aug. 5 33,509 10,649 6,408 327 551 406 ,230 39 1,688 22,860 19,441 2,009 ,414 2,851 11,122 2,045 3,419 Aug. 12.... 33,603 10,642 6,425 329 537 402 ,230 37 1,682 22,961 19,509 2,065 ,406 2,821 11,172 2,045 3,452 Aug. 19... 34,517 10,634 6,390 322 584 389 ,229 38 1,682 23,883 20,425 2,107 2,251 2,795 11,221 2,051 3,458 New York City 1941-July 11,926 3,496 2,291 90 357 112 8,430 7,0 605 1,442 3,232 1,801 1,350 1942—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 June 12,625 3,718 2,594 65 355 151 103 26 424 8,907 7,584 391 297 1,605 4,090 1,201 1,323 July 13,097 3,784 2,584 57 444 151 103 30 415 9,313 8,060 1,639 4,242 1,094 1,253 1942—May 27.. 12,782 3,786 2,581 103 32 433 8,996 7,633 368 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 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 ,672 4,089- 1,120 1,326 12,538 3,678 2,587 60 335 145 103 28 420 8,860 7,557 389 292 ,657 4,105 1,114 1,303 July 1 12,864 3,738 2,576 58 405 144 102 34 419 9,126 7,877 414 ,646 4,100 1,101 1,249 July 8 12,807 3,686 2,580 56 374 136 102 22 416 9,121 7,877 434 ,639 4,094 1,095 1,244 July 15 13,246 3,848 2,585 59 483 159 103 45 414 9,398 8,164 475 590 ,650 4,350 1,099 1,234 July 22 13;251 3,833 2,573 58 504 159 103 25 411 9,418 8,153 534 556 ,644 4,324 1,095 1,265 July 29 13,319 3,815 2,604 56 455 156 103 26 415 9,504 8,228 636 ,618 4,340 1,080 1,276 Aug. 5 13,266 3,793 2,595 55 434 157 103 36 413 8,212 680 500 ,610 4,337 1,085 1,261 Aug. 12.... 13,313 3,773 2,595 58 418 151 104 34 413 9,540 8,255 725 519 ,577 4,345 1,089 1,285 Aug. 19.... 13,619 3,808 2,591 56 461 149 104 35 412 9,811 8,526 717 835 1,544 4,344 1,086 1,285 Outside New York City 1941- July 16,634 7,005 3,684 291 139 281 1,137 1,464 9,629 7,410 474 807 4,714 1,415 2,219 1942—March 18,470 7,515 4,201 347 127 261' 1,143 ,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 ,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 ,380 11,557 9,300 812 349 913 6,002 1,224 2.257 June 19,045 7,093 3,943 301 116 251 1,137 ,342 11,952 9,740 969 375 1,148 6,246 1,002 2,212 July 19,901 6,957 3,870 285 117 250 1,130 ,303 12,944 10,792 1,157 879 1,247 6,567 942 2,152 1942-May 27 18,944 7,176 3,976 320' 120 254 1,143 ,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 ,351 11,811 9,596 372 900 6,221 1,214 2,215 19,068 7,107 3,952 305 116 249 1,139 ,344 11,961 9,746 980 375 1,217 6,239 935 2,215 19,117 7,092 3,948 297 114 251 1,135 ,344 12,025 9,814 1,015 378 1,237 6,258 926 2,211 19,049 7,040 3,918 290 113 251 1,135 ,329 12,009 9,804 995 378 1,236 6,264 931 2,205 July 1.... 19,518 7,002 3,893 283 114 249 ,134 ,327 12,516 10,355 1,033 855 1,253 6,283 931 2,161 July 8... 19,559 6,975 3,876 288 111 246 ,132 ,320 12,584 10,436 1,092 867 1,269 6,270 938 2,148 July 15... 20,092 6,998 3,896 287 126 255 ,129 ,303 13,094 10,946 1,158 871 1,238 6,736 943 2,148 July 22... 20,145 6,931 3,857 284 119 252 ,128 ,289 13,214 11,065 1,217 898 1,232 6,773 945 2,149 July 29... 20,193 6,881 3,828 280 114 251 ,127 ,278 13,312 11,159 1,285 901 1,240 6,778 955 2,153 Aug. 5... 20,243 6,856 3,813 272 117 249 ,127 1,275 13,387 11,229 1,329 914 1,241 6,785 960 2,158 Aug. 12.. 20,290 6,869 3,830 271 119 251 ,126 1,269 13,421 11,254 1,340 887 1,244 6,827 956 2,167 Aug. 19.. 20,898 6,826 3,799 266 123 240 ,125 1,270 14,072 11,899 1,390 1,416 1,251 6,877 965 2,173 NOTE. -For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 93° 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 Reservi Bal- De- Indi Indi- Domestic Date or month B s w F e e a R r e r n i v e a d t k - h e l v C a a i u s n ] b m a a w d n e n o s i c k t t - e h i s c s j p m u a o s d a t d s e e n i - - d t d s 1 s p u p n v c h a o a a e o i n i r r d l p r r a d s t - - - s - - , S p s d s a t i i o i u o c a n v l b a n t d i i e l s - s c C c h o e a f e e e f t i n f c e r c r i d s t . d k - i ' s U G er . o n S v - s p u p v n c h a o a a o i e i n r l r d p r r a s d t - - - s - , S s p d s a i i t o u i c o a n v l b a t n i d i e l - s s p m u G o s a e a . e n s r o n v t n d v s a - - i l m D a e n b - d a 1 nk T s im b F e a i n o g k r n - s B i r n o o w g i s - co C i a u t a c n a p - l i - B d i a e t n s b 3 k tions tions ings Total 101 Cities 1941—July 10,82, 564 3,498 24,21 23,884 1,61. 526 5,25 163 9,07? 659 3,873 8,869 1942—March 10,19 530 3,283 24,882 24,400 1,813 538 1,815 4,97( 170 8,846 635 3,932 9,679 April 9,93 514 3,277 24,845 24,304 1,963 533 1,810 4,942 173 8,73 639 3,935 9,166 May 9,71 514 3,335 25,250 24,582 2,068 521 1,510 4,92 189 8,806 660 3,947 9,688 June 9,75! 510 3,398 25,878 25,393 1,905 485 846 4,924 166 9,080 667 3,949 9,348 July 9,42 494 2,820 25,992 25,756 1,767 561 1,657 .4,962 125 8,538 679 3,951 9,437 1942—May 27 9,69, 514 3,428 25,511 24,825 2,030 543 1,521 4,918 174 8,826 664 3,946 9,364 9,81 488 3,415 25,483 24,922 1,971 485 1,301 4,914 175 9,088 667 3,953 9,066 9,75' 524 3,357 26,02: 25,433 1,902 492 824 4,916 175 8,993 663 3,95: 8,668 9,821 510 3,481 26,058 25,755 1,879 486 608 4,927 177 9,227 671 3,949 L0,161 9,65( 517 3,339 25,948 25,462 1,865 478 652 4,939 138 9,012 665 3,943 9,497 July 1 9,351 475 3,290 25,502 25,343 1, 657 1,442 4,955 137 9,005 673 3,950 .1,174 July 8 9,308 503 2,675 25,654 25,321 1,718 487 1,094 4,956 129 8,541 679 3,954 8,213 July 15 9,207 491 2,740 25,822 25,936 1,730 699 1,914 4,957 121 8,470 684 3,948 9,766 July 22 9,63? 493 2,687 26,313 25,942 1,772 465 2,053 4,969 119 8,313 679 3,953 9,386 July 29 9,60: 509 2,709 26,670 26,236 1,811 497 1,782 4,975 120 8,364 678 3,951 8,648 Aug. 5 9,61, 475 2,713 26,138 25,651 1,824 505 2,120 4,981 116 8,477 692 3,961 [0,213 Aug. 12 9,66! 495 2,775 26,526 26,379 1,753 459 1,872 4,995 114 8,523 689 3,964 9,004 Aug. 19 9,64! 480 2,678 26,718 26,424 1,735 451 2,614 5,006 115 8,418 673 3,961 9,916 New York City 1941—July 5,58( 11,022 11,183 247 297 18 722 3,846 1,510 3,698 1942—March 4,879 109 10,559 10,727 241 276 872 690 3,338 573 1,539 3,863 April 4,682 111 10,519 10,687 282 281 940 680 3,2'50 573 1,541 3,557 May 4,482 84 10,347 10,459 296 288 998 656 3,224 592 1,546 3,898 June 4,438 77 10,621 10,797 238 256 506 647 3,280 599 1,548 3,618 July 4,203 41 10,552 10,801 216 322 877 651 3,151 610 1,541 3,694 1942—May 27 .. 4,461 98 10,456 10,562 288 322 953 649 3,232 596 [,544 3,740 4,482 79 10,489 10,626 268 256 800 647 ,284 597 ,550 3,442 4,401 74 [0,691 10,835 245 283 498 646 ,235 595 ,548 3,459 4,485 78 :0,685 L0,896 234 230 354 647 ,330 602 ,549 3,991 4,382 78 .0,620 10,830 204 255 374 648 ,273 599 ,543 3,581 July 1 4,276 81 L0,391 L0,727 234 388 790 654 ,281 603 ,541 4,719 July 8 4,130 34 L0.484 L0.640 189 254 592 650 ,137 610 ,542 3,123 July 15.. 4,048 31 ,0,357 L0,753 197 445 987 649 188 612 ,541 1,963 July 22 4,29' 27 0,665 [0,820 234 244 ,083 651 ,065 612 ,543 3,444 July 29 4,266 29 L0.862 [1,064 229 278 934 653 ,086 611 ,539 3,221 Aug. 5 4,312 23 [0,422 L0.574 215 280 ,294 647 ,116 622 ,548 4,334 Aug. 12 4,187 28 [0,507 0,756 209 240 ,161 647 078 619 ,548 473 Aug. 19 4,280 34 .0,625 .0,808 198 231 ,534 648 024 603 ,548 819 Outside New York City 1941—July 5,237 3,410 :3,189 .2,701 1,368 229 4,532 ,363 1942—March 5,316 3,174 L4,323 L3,673 [,572 262 943 4,286 149 !,393 April 5,254 3,166 , 326 .3,617 ,681 252 870 4,262 153 ,394 609 May 5,229 3,251 L4.903 .4,123 .,772 233 512 4,265 169 ,401 ,790 June 5,321 3,321 5,257 4,596 ,667 229 340 4,277 148 ,401 730 July 5,218 2,779 .5,440 [4,955 ,551 239 780 4,311 113 ,410 ,743 1942—May 27 5,234 3,330 [5,055 .4,263 ,742 221 568 4,269 153 1,402 ,624 June 3 5,330 3,336 .4,994 .4,296 ,703 229 501 4,267 154 403 ,624 June 10 5,353 3,283 .5,331 .4,598 ,657 209 326 4,270 154 404 ,209 June 17 5,336 3,403 .5,373 4,859 ,645 256 254 4,280 157 ,400 ,170 June 24 5,268 3,261 .5,328 4,632 ,661 223 278 4,291 126 ,400 ,916 July 1 5,075 3,209 5,111 [4,616 ,569 269 652 4,301 125 409 »,455 JulyS 5,178 2,641 5,170 .4,681 ,529 233 502 4,306 117 412 ,090 July 15 5,159 2,709 5,465 .5,183 ,533 254 927 4,308 110 407 ;,803 July 22 5,341 2,660 5,648 5,122 ,538 221 970 4,318 108 410 ,942 July 29 5,336 2,680 5,808 .5,172 ,582 219 4,322 108 412 ,427 Aug. 5 5,301 2,690 5,716 .5,077 ,609 225 826 4,334 103 413 ,879 Aug. 2 5,480 2,747 .6,019 5,623 ,544 219 711 4,348 102 416 ,531 Aug. 19.... 5,362 2,644 .6,093 5,616 ,537 220 ,080 4,358 101 413 ,097 1 Reciprocal bank balances reported gross before July 8, 1942, now reported net. The July 1 figures include $46,000,000 of such balances in New York City and $528,000,000 at all reporting member banks. . 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Debits to demand deposit accounts except interbank and U. S. Government accounts. SEPTEMBER 1942. 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 2 e d ) s e d r a v t e e m T l v o a o e e i n a n s n t n d - a t t - s l s Total C m t d c a r i o i u n i n e a a m s d - r l - l - , , - p O m a k p a p e e r e t n - r b o p r T s r u o o e r k c c c - u a h r r a i r s t y i i i e n n s g g e l R s o e t a a a n t l s e L ba o t n a o k n s s O l t o h a e n r s Total Total Bills f C i e i c o r n a f t - t i e - NotesBonds G a u n a - r O r s i t e t c h i u e e - r s agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) July 29 1,776 766 437 96 10 14 74 1 134 1,010 874 121 92 61 549 51 136 Aug.5 1,787 777 448 96 11 13 74 1 134 1,010 875 121 91 62 550 51 135 Aug. 12 1,782 776 448 95 12 13 74 1 133 1,006 871 112 86 65 557 51 135 Aug. 19 1,819 772 442 93 14 13 74 1 135 1,047 912 111 125 66 558 52 135 New York (8 cities)* July 29 14,452 4,191 2,749 151 461 196 190 26 508 10,261 8,859 675 578 1,716 4,747 1,143 1,402 Aug.5 14,397 4,169 2,739 59 440 199 191 36 505 10,228 8,842 718 524 1,708 4,745 1,147 1,386 Aug. 12 14,452 4,151 2,739 61 424 196 192 34 505 10,301 8,891 766 540 1,677 4,757 1,151 1,410 Aug. 19 14,781 4,182 2,735 59 467 187 192 35 507 10,599 9,189 759 876 1,644 4,762 1,148 1,410 Philadelphia (4 cities) July 29 1,511 513 279 31 26 32 47 998 747 78 33 48 525 63 251 Aug.5 1,510 508 277 30 26 31 47 97 1,002 750 82 32 48 525 63 252 Aug. 12 1,518 512 279 30 28 31 47 97 1,006 753 85 27 52 526 63 253 Aug. 19 1,565 513 279 30 28 31 48 97 1,052 96 55 54 533 64 250 Cleveland (10 cities).... July 29 2,658 838 422 23 14 15 183 181 1,820 1,548 131 241 959 137 272 Aug.5 2,657 834 420 22 15 15 183 179 1,823 1,550 83 131 240 959 137 273 Aug. 12 2,655 846 431 23 16 15 183 178 1,809 1,533 78 120 234 971 130 276 Aug. 19 2,713 843 428 23 16 15 183 178 1,870 1,594 78 178 234 974 130 276 Richmond (12 cities) July 29 1,009 296 139 16 3 11 52 75 713 647 48 33 69 435 62 66 Aug. 5 1,014 296 139 16 3 11 52 75 718 651 51 33 69 436 62 67 Aug. 12 1,026 299 142 16 3 11 52 74 727 659 52 33 69 443 ^ 62 68 Aug. 19 1,051 299 142 15 4 11 52 74 752 684 58 50 69 445 62 68 Atlanta (8 cities) July 29 904 351 196 7 4 29 105 553 444 54 46 72 227 45 109 Aug. 5 903 347 193 6 4 29 105 556 448 55 48 73 227 45 108 * Aug. 12 901 342 190 7 4 29 101 559 451 55 48 74 229 45 108 Aug. 19 944 340 189 6 4 29 103 604 495 58 79 77 235 46 109 Chicago (12 cities)* July 29 5,024 1,366 938 35 32 58 147 156 3,658 3,088 503 285 289 1,762 249 570 Aug. 5 5,039 1,352 926 34 34 57 147 154 3,687 3,113 519 294 289 1,758 253 574 Aug. 12 5,060 1,352 928 35 32 57 146 154 3,708 3,132 533 294 292 1,759 254 576 Aug. 19 5,259 1,341 919 34 32 57 146 153 3,918 3,342 555 477 292 1,759 259 576 St. JLouis (5 cities) July 29 1,059 390 228 17 4 10 61 70 669 551 72 83 64 297 35 118 Aug.5 1,057 385 226 16 3 10 61 69 672 553 71 84 65 298 35 119 Aug. 12 1,054 385 225 16 3 10 62 69 669 550 72 84 61 297 36 119 Aug. 19.. 1,076 379 221 15 3 10 62 68 697 576 70 110 63 298 35 121 Minneapolis (8 cities) July 29 576 223 120 2 1 5 16 79 353 314 62 24 25 183 20 39 Aug. 5 581 222 117 3 1 5 16 80 359 320 66 24 25 185 20 39 Aug. 12 578 221 117 2 1 5 16 357 318 62 24 25 187 20 39 Aug. 19. 590 219 116 2 1 5 16 371 332 61 39 24 188 20 39 Kansas City (12 cities) July 29 970 379 226 31 3 35 76 591 468 66 36 101 201 64 123 Aug. 5 974 377 224 30 3 35 76 597 475 73 38 99 201 64 122 Aug. 12.. 983 382 229 29 3 35 77 601 479 72 38 99 206 64 122 Aug. 19 1,013 379 226 30 35 76 634 512 76 63 09 210 64 122 Dallas (9 cities) July 29 758 321 229 2 17 21 49 437 379 63 42 43 194 37 58 Aug.5 759 317 226 2 15 21 50 442 383 64 42 44 196 37 59 Aug. 12 756 315 226 2 14 21 49 441 382 65 41 43 196 37 59 Aug. 19.. 786 310 224 2 13 21 47 476 418 68 70 43 199 38 58 San Francisco (7 cities) July 29 2,815 1,062 469 15 33 375 162 1,753 1,468 99 72 129 1,039 129 285 Aug. 5 2,831 1,065 473 13 33 374 164 1,766 1,481 106 73 129 1,042 131 285 Aug. 12 2,838 1,061 471 13 31 373 165 1,777 1,490 113 71 130 1,044 132 287 Aug. 19.. 2,920 1,057 . 469 13 31 371 165 1,863 1,569 117 129 130 1,060 133 294 City of Chicago* JJuuil:y 2~9.. 3,263 909 714 17 26 51 24 77 2,354 1,999 392 189 1,165 97 355 Aug.5 3,273 904 707 17 28 51 24 77 2,369 2,008 401 190 156 1,161 97 361 Aug. 12 3,282 903 707 17 26 51 24 78 2,379 2,017 413 189 158 1,160 97 362 Aug. 19 3,409 897 702 17 26 51 24 77 2,512 2,151 414 325 158 1,156 98 361 * 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. 932- 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 dollarsl 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 R a e e r i n r e a t d v - k h l - e s C va a i u s n l h t m b a w e a n d i s o c n t t - e k h i s s c j p m u o a d a s s d e t i n - - e t d d s 1 s p u p v h n c a o a a i i e o n d p l r 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 c r r c i d d . t s - k i ' - s m U G er . e o n S n v - . t - s p u p n h v c a a a o o e i i n r l p d r 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 p m U G i a s o e n . a n e o r s g S n v d n t v s a - - . t - l m D a e n - b d ank T s ime b e F a i o n g r n k - s B r i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i e a ts b n 2 - k tions tions Boston (6 cities) July 29 441 74 135 1,601 1,568 103 24 44 219 1 327 21 1 253 486 Aug. 5 429 63 137 1,591 1,553 108 25 43 220 1 327 21 1 253 553 Aug. 12 460 65 138 1,625 1,611 100 23 36 221 1 329 21 1 254 510 Aug. 19 456 63 132 1,623 1,601 99 25 69 221 1 323 22 1 254 562 New York (8 cities)* July 29 4,461 105 129 11,754 11,831 387 297 982 1,009 19 3,157 7 612 15 1,665 3,482 Aug. 5 4,520 100 135 11,336 11,334 392 305 1,341 1,004 20 3,187 7 624 20 1,673 4,635 Aug. 12 4,385 105 140 11,422 11,546 378 264 1,202 1,005 19 3,148 7 620 23 1,674 3,761 Aug. 19 4,482 99 137 11,535 11,592 364 251 1,591 1,007 21 3,095 7 605 1,674 4,144 Philadelphia (4 cities) July 29 489 26 125 1,407 1,351 134 14 37 165 2 368 2 6 218 391 Aug. 5 468 25 124 1,388 1,326 136 13 36 163 2 364 2 7 219 447 Aug. 12 463 26 128 1,396 1,354 136 13 33 164 2 366 2 7 219 441 Aug. 19 432 27 109 1,392 1,354 127 14 45 163 2 357 2 6 219 448 Cleveland (10 cities) July 29 707 59 301 2,134 2,139 110 29 50 681 18 478 25 2 401 681 Aug. 5 691 59 290 2,109 2,097 119 27 47 682 18 477 25 1 401 695 Aug. 12 712 59 300 2,129 2,162 115 29 39 683 18 492 25 2 401 650 Aug. 19 722 59 300 2,181 2,175 122 30 54 685 18 493 24 2 401 717 Richmond (12 cities) July 29 287 34 206 836 792 94 15 42 201 2 341 6 103 281 Aug. 5 291 31 216 83' 796 97 15 44 202 2 353 6 103 312 Aug. 12 300 31 217 851 818 97 14 38 203 2 364 6 104 290 Aug. 19 • 287 30 200 840 812 92 13 43 203 2 366 6 100 328 Atlanta (8 cities) July 29 228 21 202 665 631 97 6 58 189 3 363 2 2 100 253 . Aug.5 234 20 204 665 632 102 7 54 189 3 371 1 3 100 272 1 Aug. 12 252 21 209 68' 666 98 45 190 3 378 1 3 100 263 Aug. 19 242 19 203 691 670 100 66 191 3 378 1 3 100 279 Chicago (12 cities)* July 29 1,497 93 522 4,012 3,761 454 46 334 949 2 1,420 8 13 438 1,456 Aug. 5 1,483 89 505 3,983 3,729 445 50 323 953 2 1,439 8 13 440 1,593 Aug. 12 1,525 93 495 4,064 3,891 423 43 270 955 2 1,466 8 13 440 1,457 Aug. 19 1,472 92 460 4,053 3,844 435 47 423 957 2 1,434 8 13 440 1,591 St. Louis (5 cities) July 29 255 16 155 719 723 61 46 182 3 447 101 252 Aug. 5 249 15 150 708 722 63 43 182 2 447 1 101 269 Aug. 12 273 16 151 729 743 64 7 36 183 2 455 101 256 Aug. 19... 260 15 151 744 749 63 7 50 183 2 435 101 296 Minneapolis (8 cities) July 29 123 94 421 368 87 5 10 106 203 3 1 66 159 Aug. 5 128 95 419 369 83 5 14 106 209 3 1 66 175 Aug. 12 130 93 421 381 76 6 15 106 205 3 1 66 165 Aug. 19 132 86 417 378 75 5 23 107 206 3 1 66 171 Kansas City (12 cities) July 29 289 337 763 734 107 10 35 135 1 575 6 114 319 Aug. 5 289 332 738 738 105 10 33 136 1 600 6 114 314 Aug. 12 302 344 774 766 104 11 30 136 1 600 6 114 325 Aug. 19 296 341 776 771 104 10 44 137 1 604 6 114 359 Dallas (9 cities) July 29 225 261 694 679 63 11 54 119 10 316 1 94 222 Aug. 5 231 276 697 687 60 10 53 120 10 333 1 94 236 Aug. 12 234 282 715 711 55 10 50 120 9 327 1 94 231 Aug. 19 227 289 713 717 49 12 68 120 10 339 1 94 269 San Francisco (7 cities) July 29 600 242 1,664 1,659 114 32 90 1,020 59 369 21 20 398 666 Aug. 5 600 249 1,667 1,668 114 30 89 1,024 55 370 21 21 397 712 Aug. 12 631 278 1,713 1,730 107 31 78 1,029 55 393 21 21 397 655 Aug. 19 634 270 1,753 1,761 105 29 138 1,032 53 388 21 20 398 752 City of Chicago* July 29 1,033 229 2,529 2,425 225 22 261 461 1,040 11 286 818 Aug.5 1,022 226 2,526 2,416 228 25 254 462 1,048 11 287 952 Aug. 12 . . 1,044 203 2,561 2,494 218 21 207 462 1,068 12 287 909 Aug. 19 1,018 200 2,555 2,470 220 24 341 462 1,038 12 287 961 * 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 Debits to demand deposit accounts except interbank and U. S. Government accounts. SEPTEMBER 1941 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars 1 Dollar acceptances outstanding Cornmer- Held by Based on End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Total Accept O b i i n w l g ls n banks b B ou il g ls ht Others2 I U m S i n t p n a i o t t t o e e r d s ts E U S x f n t r p a o i o t t m e e r s d ts ex D c o h l a l n ar ge G U s o h n o i i p t d e p p s d o e s d i t n o t b s r e e F i d t n o w r i e n e e i o n gn r States countries 1941—April 275 220 170 105 66 49 126 25 7 38 23 May .. 295 215 164 105 60 51 125 24 3 41 22 June 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16 August 354 197 148 100 47 50 114 21 3 49 11 September 371 177 131 85 46 46 105 13 4 45 9 October 378 185 138 90 47 47 109 12 4 48 11 November 387 194 144 93 51 50 116 14 5 48 12 December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 144 92 53 46 112 18 2 44 13 March 384 183 146 8£ 57 37 103 17 2 45 16 April 373 177 139 86 53 38 97 17 1 48 14 May 354 174 133 82 51 41 101 16 43 13 June 315 163 122 78 44 41 94 13 (3) 52 4 July 305 156 119 77 42 38 92 8 (3) 45 11 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl Debit balances Credit balances End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances debit- partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I i n n n a v d c p e c a t s o r r t u a m t n d n e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u i a m r n d m e t i s n n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 July 628 10 87 189 388 266 70 17 8 221 August 628 10 160 189 460 262 72 16 7 221 September 633 10 83 196 396 260 78 16 8 219 October 628 9 102 186 • 414 255 74 16 7 217 November 625 9 100 195 409 264 72 15 8 217 December 600 8 86 211 368 289 63 17 5 213 1942—January 547 8 74 219 308 274 72 18 6 209 February 534 8 74 203 307 262 66 18 5 206 March. . .. 531 8 70 195 306 249 67 16 4 201 April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 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.—Set BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 934 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] mo Y n e th ar , 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 a 6 , s l l a b P d c a e r a c 9 i n r y e m 0 s k p s ' - e l t- c S l h n c a o e t r a e l o a x e a n w l c - n - l g k - e m b o il n ls t 3 h d C F e o 1 c n ( e e b f 9 a d e b r 4 t t u t i s . e 3 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 6 5 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 4 7 7 t w r 5 y 2 6 k e E 7 N r c a 3 3 3 n o i o s . . . t r 0 3 7 t t i a t e h e 4 9 1 n h s r e - n d r 1 W e 1 r c 4 3 3 e n i S . . . s t 3 4 7 o i t a e 2 0 6 e u n s r t d n h- 1939 average .59 .44 1.00 .023 1 1 9 9 3 3 7 8 a a v v e e r r a ag g e e 1 1 2 2 . . 5 5 9 3 1 1 . .6 7 9 3 2 2. . 7 8 5 8 3 3 . . 2 2 6 5 1 1 9 9 4 4 0 1 a a v v e e r r a a g g e e . . 5 5 6 4 . . 4 4 4 4 1 1. . 0 0 0 0 . . 0 1 1 0 4 3 .76 1 1 9 9 4 3 0 9 a a v v e e r r a a g g e e 2 2 . . 6 7 3 8 2 2 . . 0 0 7 4 2 2 . . 8 5 7 6 3 3. . 3 5 8 1 1941—July . ... .50 44 1.00 097 67 1941 average 2.54 1.97 2.55 3.19 Aug .50 44 1.00 .108 .62 Monthly figures1 Sept. .50 44 1 00 055 62 1938—October 2.57 1.70 2.90 3.21 Oct .50 .44 1.00 .049 .72 November 2.49 1.70 2.68 3.20 Nov .50 .44 1.00 .242 .90 December 2.60 1.70 2.95 3.23 Dec .56 .44 1.00 .298 1.02 1939—January 2.64 1.73 2.97 3.32 1942—Jan. 56 44 1 00 214 96 February 2.52 1.70 2.69 3.26 Feb. .63 44 1 00 250 .93 Quarterly figures Mar .63 .44 1.00 .212 /93 1939—March 2.95 2.13 3.05 3.77 Apr. .63 44 1 00 299 98 June 2.91 2.15 3.05 3.62 May .63 .44 1.00 .364 1.03 September 2.68 2.04 2.78 3.31 June .69 .44 1.00 .363 1.15 December 2.59 1.96 2.59 3.32 July .69 .44 1.00 .368 .61 1.20 1940—March 2.65 2.03 2.67 3.35 Week ending: June 2.59 2.00 2.49 3.38 A A u u g g . . 8 1 V 5A s - - U H % % 1 1 . . 0 0 0 0 . . 3 3 7 7 2 2 . . 5 6 9 0 1 1 . . 2 2 4 2 D Se e p c t e e m m b b e e r r 2 2. . 5 6 9 8 2 2 . . 0 1 0 4 2 2 . . 5 5 3 6 3 3 . . 3 4 6 3 Aug. 15 1.00 .372 .59 1.25 1941—March 2.58 2.06 2.53 3.25 Aug. 22 1.00 .369 .57 1.26 June 2.55 1.95 2.58 3.23 September 2.60 1.98 2.62 3.29 December 2.41 1.88 2.45 2.99 2 1 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g ay es s o t f o c w k e e e k x l c y h a p n re g v e ai t l i i m ng e r lo at a e n s s . was 1.25 per 1942—March 2.48 1.85 2.48 3.20 cent during the entire period. June 2.62 2.07 2.56 3.34 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 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] Corporate (Moody's)5 U. S. Government2 High- Year, month, or week M i u p n a i l c- grade 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 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1941—July 1.90 2.03 2.66 3.30 2.74 2.90 3.26 4.28 2.90 3.92 3.07 Augu st 1.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 Sept ember 1.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October 1.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November 1.85 "2!22* 1.90 2.57 3.26 2.72 2.86 3.19 4.28 2.85 3.91 3.04 December 1.97 2.37 2.25 2.68 3.35 2.80 2.95 3.27 4.38 2.94 3.99 3.12 1942—January 2.01 2.37 2.33 2.76 3.35 2.83 2.96 3.30 4.29 2.97 3.93 3.13 February 2.09 2.39 2.55 2.80 3.35 2.85 2.98 3.29 4.29 2.98 3.94 3.15 March .. . 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 June 1.97 2.33 2.38 2.75 3.37 2.85 3.01 3.31 4.33 2.97 4.03 3.12 July 2.00 2.34 2.32 2.74 3.35 2.83 2.99 3.28 4.30 2.94 4.02 3.09 Week ending: Aug. 1 2.00 2.34 2.29 2.74 3.34 2.82 2.99 3.27 4.29 2.94 4.01 3.09 Aug. 8 2.02 2.35 2.28 2.74 3.34 2.82 2.99 3.27 4.29 2.94 4.00 3.09 Aug. 15 2.02 2.35 2.28 2.73 3.34 2.81 2.99 3.26 4.28 2.94 3.99 3.09 Aug. 22 2.02 2.34 2.28 2.73 3.34 2.81 2.99 3.27 4.28 2.95 3.98 3.09 ' * 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. 5 MoodyVlnvestors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. SEPTEMBER 1941 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices6 Volume Corporate4 Common (index 1935-39 = 100) of trading1? Year, month, or week U G . o S v- . Munic- Medium and lower-grade Pre- ( s i a n n d th s o o u f ern- ipal3 High- De- ferred5 Total Indus- Rail- Public shares) ment* grade Indus- Rail- Public faulted trial road utility Total trial road utility Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1939 average 105.2 116.3 113.8 89.5 91.2 78.1 99.3 13.8 167.5 94 95 75 99 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941-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 June , 110.7 123.3 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 68 59 59 316 July 110.2 124.4 118.9 98.9 108.4 83.9 104.5 25.5 162.0 68 71 63 58 346 Week ending: Aug. 1 110.2 125.1 118.8 99.1 108.4 84.4 104.3 26.2 163.2 68 70 64 58 276 Aug. 8.... 109.9 125.3 118.8 99.1 108.5 84.7 104.1 26.5 164.3 68 70 64 58 269 Aug. 15... 109.9 125.3 118.8 99.0 108.5 84.7 103.7 26.6 163.6 68 70 64 * 58 292 Aug. 22... 109.9 125.3 118.7 99.5 108.6 85.7 104.2 27.4 164.0 69 72 68 59 410 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on- basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n g d - d ) - m e ( a f e d i o n g o s r d n t - -, i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks eign2 m e ( a f e i d o n g s o r d n t - - i ) c Total S n a p t m i n a c a d t i u l e - - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks 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 5,539 2,848 2,847 516 1,272 1,059 889 170 1 2,691 2,687 433 698 1,557 1,430 126 4 1941—July 616 300 299 40 212 47 34 13 316 316 14 216 87 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 300 132 132 29 104 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... 241 138 138 42 20 77 62 15 102 102 18 25 59 57 2 1942—January 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 February... 180 123 123 30 37 56 37 19 57 57 11 27 19 19 March .. 197 109 109 22 9 79 61 18 88 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 June 201 96 96 18 2 77 69 8 105 105 15 28 62 55 7 July....... 142 41 41 11 3 28 27 101 101 36 32 33 33 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). 93 6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUESi PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c r m o e a s e s t d e s d l E p s r t o i n c m e e a t e t d e s d 3 Total N e P e q l w u a i n p m t m o a e n n n e d t y W c o a rk p i i n ta g l Tota R l etirem B e o n n n t o d t s o e f s a n s d ecuri P ti r e s e s t f o e c r k red R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 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 5 103 101 2 15 March 268 263 67 55 12 179 171 8 15 2 April 145 142 27 18 9 111 90 21 2 2 May 265 259 66 51 15 188 188 4 June 234 229 80 69 11 132 127 5 16 1 July 117 114 40 31 10 60 58 2 10 4 August 408 404 185 168 17 200 198 2 14 5 September 172 170 31 20 11 137 135 2 2 October 227 224 91 64 26 118 117 1 11 5 November 140 137 80 60 20 38 37 1 19 December 128 125 51 34 17 54 44 10 3 17 1942—January 164 161 71 38 33 80 80 a 9 February . 78 76 40 34 5 23 12 2 11 March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 U 12 36 May 126 124 59 27 33 11 11 53 1 June 142 139 72 57 15 60 55 5 5 2 July 53 52 14 11 3 29 29 8 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars} Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19- 1935 120 57 54 10 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 7 1941—January 32 27 5 122 15 105 2 108 6 98 5 2 1 1 February 71 21 50 37 1 36 20 7 13 20 1 4 15 March. .. . 8 3 5 184 46 136 2 71 17 37 i6 1 1 April 2 2 71 17 53 66 7 56 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 June 58 51 7 110 9 97 4 61 20 28 13 July •23 23 33 7 26 54 9 35 10 5 1 4 August 24 24 316 142 173 59 18 27 14 6 1 5 September 42 7 35 102 6 96 1 24 17 6 1 1 1 October 25 21 4 80 11 67 2 74 48 12 14 44 10 ""'34" November 1 1 56 45 10 1 71 29 24 18 8 4 4' December 28 28 51 3 36 12 38 17 15 6 9 3 3 ""2" 1942—Tanuary 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 6 48 8 40 46 25 6 15 April 11 11 107 59 12 36 J M u a n y e ... 9 3 6 2 6 1 9 1 1 0 7 4 5 9 6 3 1 6 0 1 2 4 5 9 1 6 6 4 4 8 1 1 "i" July 2 2 3 2 1 46 9 29 8 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. Fof description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN. SEPTEMBER 1942. 937 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 e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a u e r o h n t n i n e a p s t r - - - f m p N e u a r r e o c n r o t o t d n a d s u - l - s s O d g b o u t o l h r e a d e - r s t F b o a a e o b g n v o a e d e d c s r c s - , o p r a e i O r n f n o i g i d n d l - , c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s c n s M i e e e c l o r e i l v s u a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d ide C n 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 92 705 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 r425 r52 38 r46 r856 r36 r19 32 35 39 r39 r32 r204 21 134 2 381 53 35 24 860 32 18 36 28 34 29 31 175 23 136 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone1 Year or quarter O re p v i e n e r n g a u t e - i I b n n e t c c a f o o o x m 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 e c c f o o o m m re e e inc N o e m t e1 d D en iv d i s - 5 O re p v i e e n r n g a u t e - i . n N co et me1 d D en iv d i s - 6 Number of companies 28 28 28 28 33 33 33 1939 3,995 126 93 -102 126 692 159 137 116 1,179 198 178 1940 4,297 249 189 -73 159 735 177 142 118 1,250 202 167 1941 5,347 672 502 24 186 799 202 133 115 1,382 196 172 Quarterly 1939—1 898 —38 —43 8 21 175 46 39 19 287 46 21 2 906 —43 -47 23 166 37 32 19 295 50 20 4 3 . 1 1 , 0 1 5 3 8 3 1 6 3 8 9 12 5 6 8 ( 7—)4 6 2 1 1 1 1 6 84 7 4 3 3 4 3 3 6 0 2 1 2 9 3 2 0 9 3 5 5 52 0 1 1 5 6 1940—1 . . . 986 —3 —12 —29 25 187 48 41 19 304 52 16 2 1 010 15 3 —33 29 176 42 34 19 310 52 16 3 1,130 92 71 -14 29 177 41 31 19 310 46 15 4 . 1,171 145 127 3 78 194 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 r63 33 r19 369 52 r19 2 1,798 390 194 37 40 202 52 24 19 385 54 21 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. 8 Partly estimated. Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to 217 of the March 1942 BULLETIN. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues 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 t r e e b t s s i t f s 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 n - t 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 1,306 8,496 24,005 1,739 1,442 3,156 528 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 2,151 1,868 3,770 554 Dec 41,942 41,445 34,735 1,455 6,203 26,881 2,480 2,209 4,231 497 1940—June 42,968 42,376 34,436 1,302" 6,383 26,555 3,166 2,905 4,775 591 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 July 49,513 48,965 37,713 1,603 5,698 30,215 4,929 4,649 6,324 548 Aug 50,921 50,371 37,667 1,604 5,698 30,169 6,234 4,908 "i',037" 6,470 550 Sept 51,346 50,791 37,368 1,305 5,698 30,169 6,765 5,132 1,343 6,658 556 Oct 53,584 53,040 38,869 1,404 5,509 31,759 7,507 5,394 1,818 6,664 544 Nov 55,040 54,536 39,677 1,703 6,012 31,765 8,052 5,620 2,136 6,806 504 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 942—Jan 60,012 59,531 42,271 2,101 5,591 34,383 10,196 7,198 2,697 7,063 481 Feb 62,381 61,895 43,700 2,002 5,591 35,912 11,004 7,893 2,807 7,190 486 Mar 62,419 61,940 43,329 1,652 5,571 35,910 11,278 8,436 2,536 7,333 480 64,961 64,496 45,137 1,953 1,507 5,571 35,910 12,002 8,951 2,744 7,358 465 May 68,571 68,108 47,615 2,257 1,507 5,571 38,085 12,976 9,569 3,100 7,518 462 June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 July 77,136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 1 Including amounts held by Government agencies and trust funds, which aggregated $2,445,000,000 on June 30, and $2,446,000,000 (preliminary) on July 31, 1942. 2 Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service arid depositary bonds not shown separately. SECURITIES FULLY GUARANTEED BY UNITED STATES SALES OF UNITED STATES SAVINGS BONDS GOVERNMENT, BY ISSUING AGENQES1 (In millions of dollars] [In millions of dollars] Amount Funds received from sales during Interest-bearing out- month Month standing a T m o o t u a n l t F e e ra d l - Own- R st e r c u o c n - - Com- a m t e o n n d th o 1 f All Se E ri es Se F ri es Se G ries End of month out- Farm tion modity st i a n n g d 2 - Total M S o £ rt- L C e o r o s a r n - n C a F n o i- c r- e C p C o r o e r r d a - - it Other 1941— J M un a e y 4 4 , , 0 3 0 1 8 4 3 31 7 5 0 1 1 0 0 1 3 3 2 8 9 2 1 1 8 1 3 p t o io r n a- tion p t o io ra n - tion J A S u e u l p g y t u e s m t ber 4 4 5, , , 1 9 6 3 0 4 2 8 9 3 2 2 4 3 6 2 2 6 1 1 10 4 1 5 5 8 2 2 1 0 7 8 1 1 10 2 7 9 8 0 October... 5,394 271 123 23 125 1938—June 4 4 , , 9 8 9 5 2 3 1 1 , , 4 3 1 8 0 8 2 2 , , 9 8 3 8 7 8 5 2 0 9 9 9 2 2 0 0 6 6 1 1 N D o ec v e e m m b b e e r r . . 5 6, , 1 6 4 2 0 0 2 5 3 2 4 9 3 1 4 1 1 0 3 1 3 9 1 1 0 5 5 4 1939—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—June 6,370 6,360 1,269 2,409 1,741 696 244 May 9,569 634 422 42 170 July 6,939 6,930 1,269 2,409 2,101 907 243 June , 10,188 634 433 41 160 Aug. 6,937 6,928 1,269 2,409 2,101 905 243 July 11,078 901 508 74 319 Sept 6,937 6,929 1,269 2,409 2,101 905 244 N O o c v t. 6 6 , , 3 3 2 3 4 8 6 6, , 3 9 1 3 6 0 1 1 , , 2 2 6 6 9 9 2 2 , , 4 4 0 0 9 9 2 1 . , 1 8 0 0 1 2 9 7 0 0 5 1 2 1 4 3 4 5 1 At current redemption values except Series G, which is stated at par. Dec. 6,324 6,317 1,269 2,409 1,802 701 136 Difference between "Funds received" and month to month changes in "Amounts outstanding" represents the difference between accrued increases 1942— F J e an b 5 5 , , 7 6 0 9 3 6 5 5 , , 6 6 7 7 3 3 9 9 3 3 7 7 2 2 , , 4 4 0 0 9 9 1 1, , 4 4 9 9 2 2 7 7 0 0 1 1 1 1 3 3 4 5 in redemption values and redemptions of bonds during the month. Mar 5,690 5,666 930 2,409 1,492 701 135 2 Includes figures for series A-D not shown separately; these series have Apr 5,688 5,666 930 2,409 1,492 701 135 not been issued since Aprii 1941, May 5,687 5,667 930 2,409 1,492 701 136 June 4,568 4,549 930 1,563 1,219 701 136 July 4,581 4,551 930 1,533 1,216 738 134 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. SEPTEMBER 1942. 939 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, JULY 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- d C o c e n e f a b e r t t t s I e i e n s f s d i - - - 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 s a e o v n - i s n w d ta g a l s r d b a c u o b u a e n l r l e y l d o - 1 s r Total2 F C M a F g e o t a d a i o r o r g p e r m n e r o t- a r l - O C H a L w o t o r o i n p o m a e o n n r e r s - ' F C R s a i o t n t e t i r r i c a o p u o o n n o c n n c - r - e - C m C a C o o t r o r i e d o p m d i n o t i - y t r-A H F P e o u u i d u t t b h y e s l o i r i n a r c g - l ca d a s g l e n u l u t c a t i e a e u e b r e s o r l - i d e r - 1 Within lyear 8,029 3,663 3,096 1,270 454 646 320 326 646 5 1 1 0 t t o o to 1 5 2 0 y 0 y e y e a e a rs a rs rs 1 1 9 1 8 , , , 3 5 8 6 6 6 5 6 4 5,419 1 1 3 8 1 , , , 9 7 5 1 3 3 4 5 0 •"• 1 3 3 3 1 1 4 " 1 9 8 9 , , , 7 0 2 3 2 5 3 4 5 2 1 , , 1 6 7 1 6 4 835 '"'7 7 5 7 5 9 ' 896 412 114 3,885 Over 20 years 6,002 6,002 2,716 95 95 Total 53,826 3,663 3,096 6,689 40,182 196 40,182 4,531 930 1,533 1,216 738 114 4,531 1942—Before Oct. 1 2,702 2,260 342 37 37 37 Oct. 1-Dec. 31 3,043 1,303 i,5O7 232 320 320 320 1943—Jan. l-Mar. 31 1,654 1,588 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 3,156 1,621 1,519 "i6" 2,344 1947 2,384 2,370 14 1,460 755 755 1948 1,489 1,487 2 3,361 1949 821 819 2 6,682 ""835' "835" 1950 1,689 1,687 2 1,186 1951 5,634 5,628 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 $20,000,000 on July 31. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust funds Other investors2 Held Total End of month s i e b n c e t u e a r r r i e i t n s ie t g - s S is p s e u c e i s al P is u su b e li s c '" F R B e e a d s n e e k r r s v al e Totalr 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 v u a i t n n u k g a s s l p I a c n a n o n s i m u c e e r s - - 2 M is a a s b r u k l e e e s t 2 - m N a a r o b k n le e - tissues 1932—June 19 161 309 292 1,784 16,776 5,628 590 680 800 9,100 1933 Tune 22 158 323 367 1,998 19,470 6,887 590 720 1,000 10,300 1934—June 27,161 396 1,042 2,432 23,291 9,413 890 970 1,500 10,500 1935—June 31,768 633 1,358 2,433 27,344 11,429 1,290 1,540 2,600 10,400 100 1936—June 37,707 626 1,694 2,430 32,957 13,671 1.600 2,050 3,900 10,500 1,200 December 38,362 632 1,800 2,430 33,500 13,545 1,710 2,330 4,500 10,500 900 1937—June 40,465 1,558 2,026 2,526 34,355 12,689 1,870 2,390 5,000 11,300 1,100 December 41,353 2,227 2,028 2,564 34,534 12,371 1,790 2,450 5,300 11,400 1,200 1938—June 41,428 2,676 2,101 2,564 34,087 12,343 L,700 2,690 5,500 r10,500 1,400 December 43,891 3,156 2,177 2,564 35,994 13,222 1,850 2,880 5,700 10,700 1,600 I939—June 45,336 3,770 2,116 2,551 36,899 13,777 1,920 3,040 5,900 r10,400 1,900 December 47,067 4,231 2,300 2,484 38,052 14,328 L,970 3,100 6,300 r10,200 2,200 1940—June 47,874 4,775 2,295 2,466 38,338 14,722 1,830 3,110 6,500 9,300 2,900 December 50,360 5,370 2,250 2,184 40,556 15,823 1.940 3,220 6,800 9,600 3,200 1941—June 54,747 6,120 2.362 2,184 44,081 18,078 2,020 3,430 6,900 9,400 4,300 December 63,768 6,982 2,547 2,254 51,985 19,539 2,250 3,700 7,900 10,000 8,600 1942—June 76,517 7,885 2,716 2,646 63,270 P324.086 P32.000 p3,900 P8.900 P11.300 13,100 r Revised. p Preliminary. 1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance companies and other investors have been rounded to nearest 100 millions. 2 Holdings of insurance companies included with "Other investors" prior to 1932. # .„• ^ , -, *r J ^ i_-t_ 3 Figures for member banks include and other commercial banks exclude holdings, amounting to 356 million dollars, of J. P. Morgan and Co., which was admitted to Federal Reserve membership in April, 1942. NOTE.—For end of June figures 1916-1931, see BULLETIN for July 1941, p. 664. 940 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 o I x n m e - e s i c n r n M n e e n e t u v l o e a i l e s 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 i e p t - a t l s c N e r i e e p - t ts I d n e e o t s e b n t r t - t f i N e d o n e n a s - - a e l A m t j P c A u u u g r e r s d o r l n a 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 e r o r e t n e s r - s - p ( c o t + e u e f e n ) i r x d p o r e - e i t s r - s - F a b G e n u a r e c n l a n - e d l 1 - d G e r b o t s 2 s gram Fiscal year ending: June 1939... 2,189 2,232 740 507 5,668 5,165 941 1,206 787 2,595 r187 r2,991 8,707 —3,542 +890 +622 +3,275 June 1940. .. 2,125 2,345 838 617 5,925 5,387 1,041 1,657 1,002 1,919 r232 r3,147 8,998 -3,611 +136 -947 +2,528 June 1941... 3,470 2,967 932 900 8,269 7,607 1,111 6,301 877 1,694 r331 r2,397 12,711 -5,103 -148 +742 +5,994 June 1942.... 7,960 3,847 1,194 666 13,668 12,799 1,260 r25,987 790 1,193 r381 r2,785 32,397 -19,598 -3,506 +358+23,461 1941—July 84 268 48 56 456 413 25 966 44 132 r174 r257 1,598 -1,185 +599 —34 +551 Aug 59 269 173 54 554 397 9 1,129 27 106 r15 r244 1,529 -1,133 —2 +274 +1,408 Sept 780 261 37 58 1,136 1,135 169 1,327 32 108 6 230 1,874 -739 -293 -607 +425 Oct 68 314 49 57 489 445 75 1,534 58 109 45 262 2,083 —1,637 —225 +376 +2,238 Nov 66 436 181 47 730 564 15 1,446 72 95 10 220 1,858 -1,294 -484 -322 +1,456 Dec 767 353 41 53 1,214 1,212 232 1,847 113 115 9 226 2,542 -1,329 -328 +1,241 +2,898 1942—Jan. 133 369 53 59 614 578 32 2,101 106 94 42 254 2,628 —2,050 —633 —610 +2,073 Feb 283 340 257 58 937 758 12 2,201 97 92 9 217 2,629 -1,871 +114 +612 +2,369 Mar 3,083 364 49 52 3,548 3,547 205 2,797 81 96 22 220 3,421 +126 -234 -69 +39 Apr 335 305 43 49 732 695 77 3,231 66 91 48 241 3,753 —3,058 -126 -642 +2,542 May 216 270 222 56 764 563 19 3,553 62 82 ....... 237 3,953 -3,391 -257 -39 +3,609 June 2,086 298 42 67 2,494 2,492 390 3,823 31 72 212 4,530 -2,037 -1,635 +179 +3,852 July 273 416 53 52 794 747 35 4,494 47 70 249 264 5,160 -4,413 -4 +296 +4,714 Details of trust accounts, etc. General Fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- All other Assets Balance in General Fund penditures Period c N e r i e e p - t ts I m nv e e n s t t s p t e u E n r x d e - s i- i c G a n i o g n m o u e c g v n n h e e a t n e c s r c c i t n e - o k - s f - ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d e - i s - Total R F p e e D o s d i s e n e e i r - t r v s a e d s p p e D o p e i s n c o e i i - s t a i s l - a O s t s h e e ts r l T i t a o i b e t i a s l l i Total I m n g o c e o n r n l e d t - S io e r i a g g n e - W a e n o d c r e k- Banks taries Fiscal year ending June 1939.... 1,477 911 561 *768 r445 115 r214 3,087 1,022 776 1,288 248 2,838 142 536 2,160 June 1940 1,662 1,016 643 *33 r464 98 r266 2,038 254 805 979 147 1,891 143 585 1,163 June 1941 1,958 1,200 741 218 r680 138 r490 2,812 1,024 661 1,127 179 2,633 143 605 1,885 June 1942 2,327 1,705 614 3,625 r863 221 r533 3,443 603 1,679 1,162 452 2,991 143 619 2,229 1941—July 171 84 46 *534 r167 105 r38 2,807 934 680 1,193 208 2,599 143 607 1,848 Aug 334 130 44 169 r55 1 r46 3,057 995 833 1,229 185 2,873 143 610 2,120 Sept 25 185 43 93 53 4 47 2,461 526 797 1,138 195 2,266 143 611 1,511 Oct 149 70 39 272 63 3 53 2,852 998 784 1,069 210 2,641 143 613 1,885 Nov 359 148 40 659 45 1 41 2,544 543 947 1,054 225 2,319 143 614 1,562 Dec 63 215 49 140 54 **5 47 3,816 966 1,756 1,094 256 3,560 143 615 2,802 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 ,064 305 3,562 143 617 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 ,101 365 3,493 143 618 2,732 Apr 112 15 59 189 73 9 39 3,216 522 1,579 ,115 365 2,851 143 618 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 ,150 386 2,812 143 619 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 .162 452 2,991 143 619 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 l',215 494 3,288 143 619 2,525 r Revised. 1 Details given in lower section of table. 2 For details, see page 939. * Excess of receipts. •* Excess of redemptions. SEPTEMBER 1942. 941 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) June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Assets Loans and preferred stock: Loans to financial institutions 417 408 407 409 409 408 434 404 396 388 380 371 382 Preferred stock, etc 698 693 669 666 665 664 680 675 663 658 650 649 648 Loans to railroads 505 497 497 497 484 483 498 497 498 500 502 498 498 Home and housing mortgage loans... 2,445 2,413 2,413 2,427 2,413 2,401 2,424 2,430 2,380 2,392 2,372 2,352 2,357 Farm mortgage loans 2,448 2,437 2,426 2,411 2,396 2,380 2,361 2,343 2,332 2,311 2,296 2,282 2,268 Other agricultural loans 779 754 726 717 709 732 773 780 785 789 976 811 808 All other loans 1,511 1,553 1,690 1,738 1,957 1,933 1,996 1,934 2,004 2,026 2,041 2,042 2,067 Total loans and preferred stock. 8,804 8,756 8,826 8,864 9,033 9,001 9,167 9,063 9,059 9,065 9,218 9,005 9,026 Cash. 376 771 594 523 489 502 496 560 582 621 645 732 403 U. S. Govt. direct securities 802 824 844 846 895 906 884 915 947 950 966 981 990 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 123 123 123 122 120 115 115 112 112 110 110 107 106 Other1 18 17 18 17 20 26 46 52 53 54 54 55 57 Accounts and other receivables 598 651 600 672 725 641 574 604 600 632 621 733 774 Business property 636 653 664 671 689 698 714 751 782 792 815 833 859 Property held for sale 1,497 1,567 1,625 1,710 1,805 1,879 1,891 1,964 2,017 2,262 2,717 3,067 3,512 Other assets 423 435 517 563 592 701 773 1,073 1,265 1,510 1,829 2,235 Total assets other than interagency2 13,277 13,797 13,810 13,989 14,368 14,470 14,660 14,908 15,224 15,75016,656 17,34317,962 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,705 5,697 5,690 5,688 5,687 4,568 Other1 1,443 1,442 1,445 1,434 1,416 1,393 1,392 1,402 1,396 1,433 1,431 1,440 1,442 Other liabilities 1,604 1,761 1,741 1,859 1,952 1,974 2,049 2,111 2,325 2,497 2,656 2,950 3,265 Total liabilities other than interagency2.... 9,417 10,142 10,123 10,231 10,306 9,690 9,765 9,219 9,418 9,620 9,776 10,078 9,275 Excess of assets over liabilities, excluding interagency transactions 3,860 3,655 3,687 3,758 4,062 4,779 4,895 5,689 5,806 6,130 6,880 7,265 8,687 U. S. Govt. interests 3,436 3,230 3,261 3,331 3,633 4,349 4,464 5,256 5,372 5,694 6,444 6,828 8,249 Privately owned interests 424 425 426 427 428 430 431 432 434 435 436 437 438 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, JUNE 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 r s l ed Cash d s G U e i i t r c . o i S e u e v . c r s t t - . G s i u e t t e a c i e e r u a d s r n - - A r c o e a c a c t b h o n e l e u d i e v r s n - ts p B r u o s p in e e rt s y s P h r e o l s d p a l e e f r o t r y an U G te n u e i a d d t r e e - d b by entur O es ther States Reconstruction Finance Corporation 1,852 27 55 41 46 1,220 National defense corporations 72 7 109 2,041 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,843 69 5 3 262 1,568 Federal Home Loan Banks 193 47 65 5 1 92 RFC Mortgage Company 82 2 7 2 Federal National Mortgage Association 216 1 5 1 85 Federal Public Housing Authority 384 14 7 5 127 Hi" Farm credit agencies: F F e e d d e e r r a a l l F la a n r d m b M an o k r s tgage Corporation 1,7 5 0 6 6 2 4 1 5 8 20 2 9 1 5 6 6 9 6 4 1 5 2 944 ""igij" Federal intermediate credit banks 289 35 44 2 299 Banks for cooperatives 101 44 34 i" 2 Production credit corporations 82 1 12 Regional agricultural credit corporations 4 18 Commodity Credit Corporation 231 4 96 8 1,068 701 Farm Credit Administration 258 5 Farm Security Administration . 460 31 1 1 Insurance agencies: Federal Crop Insurance Corporation 4 20 Federal Deposit Insurance Corporation 45 18 490 35 27 Federal Savings and Loan Insurance Corporation. 4 23 ioo* 8 Federal Housing Administration 16 44 40 1 6 21 2 Export-Import Bank of Washington 113 2 78 Tennessee Vallev Authoritv 7 7 527 8 U. S. Maritime Commission 25 28 109 Rural Electrification Administration 342 8 Public ^Vorks Administration 92 Other 76 17 6 22 70 ' 2 9 Total 9,026 403 990 106 774 859 3,512 4,568 1,442 1 Excludes Federal land bank bonds in the amount of $732,000,000 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Loans to financial institutions 139 134 131 127 124 106 107 105 105 100 Loans on preferred stock of banks and insurance companies 48 48 48 48 48 44 44 44 44 44 44 44 Preferred stock, capital notes, and debentures... 425 410 407 405 404 401 398 393 388 381 379 378 377 Loans to railroads (including receivers) 462 461 461 448 448 462 462 462 465 466 462 462 •462 Loans for self-liquidating projects 81 81 81 81 51 51 53 54 55 56 56 58 58 Loans to industrial and commercial businesses: For national defense 70 71 82 93 101 106 111 119 127 134 146 158 170 Other 109 108 106 100 103 110 106 104 102 98 97 92 90 Loan to Great Britain 100 125 299 299 345 345 385 385 381 378 376 375 Loans to drainage, levee, and irrigation districts., 77 77 74 74 73 72 72 72 71 70 70 69 Other loans , 5 5 5 5 5 5 5 5 5 5 5 5 Securities purchased from Public Works Administration 120 117 117 117 116 114 114 111 110 109 108 Total loans and investments, other than interagency 1,538 1,613 1,640 1,798 1,772 1,833 1,815 1,857 1,859 1,850 1,847 1,852 1,856 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 190 195 202 211 214 211 215 218 221 225 228 227 Capital stock of, and loans to RFC Mortgage 207 Company 75 76 77 79 79 81 82 82 85 87 89 90 Capital stock of, and loans to Federal National 80 Mortgage Association 103 105 107 111 112 114 115 119 120 120 119 118 Loans to Tennessee Valley Authority 109 Capital stock of, and loans to national defense companies1 , 327 380 527 643 727 721 785 916 1,105 1,303 1,567 1,827 2,009 Loans to Farm Security Administration 89 96 101 110 117 133 114 145 179 199 205 213 169 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments. 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 3,869 4,085 4,358 4,635 4,776 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, and U. S. Commercial Company. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives End of year or month Total Total F b e l a a d n n e k d r s al s B L C m io a a o i n n n m s e d - k - r Total1 m F b c i e a e n r d n d e te e d k ia r r i s - a t t 2 e l a P s c r t s r t o i i o e o d o d c n u n i i s c t a - - c d r E g r r l o o o e e m p l u a n i e n e g c a r f s y h - n t d Total3 c a B o t f a i o o v n p r e k e s s r- i A M i r n n e g g t g a v u r r o i r f k c A a l u e v u l n c - t l t d - - 1934 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2.035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1,905 691 364 33 154 168 99 76 21 1940 2,973 2,500 1,851 648 381 34 172 168 93 75 16 1941_july 2,986 2,437 1,811 626 453 44 224 179 96 80 16 August 2,975 2,426 1,804 622 450 45 221 177 99 83 16 September 2,954 2,411 L,795 616 431 43 208 174 111 94 16 October 2,924 2,395 1,786 610 410 39 194 170 119 101 16 November 2,906 2,380 L,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 L,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 .715 572 468 45 241 177 114 99 13 June r2,865 2,274 1,706 568 r476 47 248 rl77 115 101 13 July 2,868 2,274 1,706 568 477 47 249 176 117 104 12 3 Including loans of Federal intermedi in 1935, and a negligible amount since 1935. SEPTEMBER 1941 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets Fed- O H w o n m e e rs' F e e r d al - sa F e v e r i d a n l - gs M R o F r C t- ti N e o r a n a - l al F P H e u d o b e u l r s i a c - l End of month D i b e t a o p l r o - s s- i C n a d s e h - U. S. s e G cu o r v i e ti r e n s ment C r a e s - h End of month C r L a o t o r i a p o n o n - B H L a o o n m a k n e s1 a a s t a o s i n o o a d c n n i s - 2 C p g a a o n g m y e - A M a g s t a o s i g o o r e n c t- i- th A i o n r u g i - ty Total b p t a o o n r s y k i- s Total r D e i c - t G t a e u n e a - d r- f s e u e t n r c d v .2 s e 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 9 7 6 5 8 4 3 — — — — — — — D D D D D D D J J J J J J J u u u u e e u e e u e u e e n n n c c n c c n c n c c n e e e e e e e.. 2 2 2 2 1 2 2 2 2 2 2 , , , , , , , , , , , 9 2 1 6 8 0 0 2 3 3 5 1 1 6 8 3 4 6 9 9 5 5 7 3 7 9 1 8 5 5 8 7 8 6 9 2 ,1 2 1 1 1 1 1 1 1 0 9 6 8 0 6 9 4 8 4 1 8 8 7 3 9 9 1 0 7 6 7 7 5 9 5 5 9 1 1 1, , , 2 0 1 5 8 4 9 3 7 1 7 3 3 8 5 4 7 4 4 8 8 1 4 6 7 4 8 5 8 2 1 6 5 5 4 5 3 4 6 1 7 4 1 7 6 6 9 8 8 " 1 1 " 8 4 2 3 0 7 5 8" '" 1 i 3 6 2 1 o 2 8 3 3 " 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 3 3 3 3 3 0 9 7 8 6 5 4 — — — — — — — D D D D D D D J J J J J J J u u u u u e u u e e e e e e n n c n n c n n n c c c c c e e e e e e e 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 3 2 2 2 2 2 2 2 2 2 2 2 1 2 0 9 7 5 5 6 7 6 3 6 0 0 9 0 4 3 9 2 2 2 0 8 2 0 5 7 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 3 3 3 2 3 3 2 3 2 2 2 2 2 2 4 3 1 9 0 0 0 9 9 6 3 3 3 2 8 7 9 1 4 8 7 0 6 5 7 7 6 5 1 1 5 3 2 1 6 2 1 3 4 8 5 6 1 3 3 4 0 8 8 9 4 6 3 6 3 8 5 0 6 0 3 5 7 5 5 1 1 1 , , , , , , , 2 0 2 1 1 1 0 1 4 5 9 1 8 7 9 2 0 2 9 5 5 3 9 6 0 5 5 7 7 4 0 4 2 8 7 2 7 7 3 3 3 7 1, , , , 0 0 0 0 9 9 9 9 4 4 8 6 8 7 1 7 7 4 6 3 3 6 3 9 1 3 0 0 1 8 8 6 5 0 6 3 7 1 8 0 0 6 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 6 6 6 6 3 6 6 3 4 4 6 6 6 6 7 7 7 7 5 7 7 0 7 7 1 6 8 7 7 9 9 7 7 9 7 7 7 0 9 0 4 8 5 3 3 3 8 1 6 4 0 1940—June 2,013 157 1,405 60 163 87 Dec ,956 201 1,546 67 181 186 1941—June 1,304 1,356 30 ,251 ,104 146 75 July 1,307 1,359 29 ,251 ,104 146 80 1941—June 1,870 170 r1,687 65 194 316 Aug 1,309 1,365 28 ,250 ,104 146 86 July ,855 168 1,717 67 196 296 Sept 1,311 1,366 28 ,250 ,104 146 89 Aug ,841 173 1,751 69 198 306 Oct 1,317 1,377 27 ,250 ,104 146 100 Sept 1,825 178 1,775 70 200 332 Nov 1,323 1,388 27 ,250 ,104 146 111 Oct ,809 184 r1,801 73 203 328 Dec 1,314 1,396 26 ,274 ,128 146 95 Nov ,794 187 L.816 72 205 329 Dec 1,777 219 L,825 72 207 367 1942—Jan 1,310 1,421 25 , 274 ,128 146 122 Feb 1,307 1,444 25 ,274 ,128 146 145 1942—Jan 1,758 206 r1,824 74 210 388 Mar 1,305 1,463 25 ,272 ,126 146 166 Feb 1,742 197 r1,829 75 211 352 Apr 1,306 1,483 25 ,272 ,126 146 186 Mar 1,724 192 r1,832 75 214 379 May 1,307 1,504 24 ,272 ,126 146 208 A M p a r y 1 , , 7 69 0 2 9 1 1 8 8 5 1 r r1 L , . 8 8 4 4 2 7 7 7 9 7 2 2 1 1 5 6 3 3 6 7 5 1 J J u ul n y e pl 1 ,3 ,3 2 1 9 6 1,525 24 1,272 ,146 126 229 June L676 193 ,849 82 216 384 July 1,657 174 1,853 83 215 388 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not *" Revised. include accrued interest nor outstanding savings stamps. 1 Loans and discounts to member institutions of the Federal Home Loan 2 Includes working cash with postmasters, 5-per cent reserve fund and Bank System. miscellaneous working funds with the Treasurer of the United States, 2 Federal Home Loan Bank Board estimates for all Federal savings and accrued interest on bond investments, and accounts due from late loan associations which are private institutions chartered and supervised postmasters. by the Federal Home Loan Bank Board. Back figures.—Set BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINI STRATI ONI INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Year or month Total p ( P m e r T i r o I r m e i o ) t v t n y p - l e t e - - s s h ( N c t t T m o i o I r e o ) i m u n a t w n c - l l e e l - m H ( g T a I o o I i g m r ) t e l t e - s e h g o a r M g ( e g u T a r I n e o o s n D i s i t t u d r n a l t p o e - g l n ( h f T D V e i o n n i u e I g t s ) - s l e e - End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s - l - s a a s S l t a i s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - - s a F c e g i e r e e a d n s l 2 - - Other3 1936—Dec.. 365 228 8 56 41 5 27 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 4 3 3 4 8 7 5 4 0 6 9 1 . .. . „.. 1 1 , , 1 0 3 4 6 9 5 2 8 2 9 3 9 5 5 6 6 0 5 0 4 7 4 2 2 2 2 1 2 3 2 6 0 4 5 6 6 0 4 0 8 6 1 0 2 2 2 1 2 5 6 3 1 "•' 4 3 4 6 8 7 9 7 7 2 0 6 3 4 7 3 4 9 9 6 " "" 4 5 1 1 1 2 8 2 1 1 3 3 " 13 1 1 1 9 9 9 3 3 3 9 7 8 — — — J D D J S M S M u u e a e e e n n c p r p a c e . e t . r t . . . . - . . . . . 1 1 1 1 1 , , , , , 4 6 1 3 0 9 8 7 7 2 9 4 4 3 5 7 8 2 9 9 9 3 6 1 4 5 6 8 6 4 5 7 6 3 2 9 3 7 0 5 5 4 4 9 0 2 9 9 3 4 2 3 5 5 2 2 2 4 7 8 0 6 8 7 1 1 1 1 1 1 1 1 6 7 5 4 3 1 1 2 7 8 9 9 7 0 9 7 3 2 2 2 1 1 1 1 0 7 4 1 8 1 4 6 2 1 1 2 7 8 6 5 1 1 1 3 4 3 1 4 4 5 7 2 4 7 4 8 2 6 7 1 9 9 9 5 5 6 1 7 0 2 4 3 1 0 3 2 Dec. 1,793 902 71 192 342 153 133 1941—July 105 20 3 82 1940—Mar.. 1,949 971 90 201 392 171 124 A O N S D e u c o e p t g c v t 1 1 1 1 9 0 2 0 1 1 7 5 7 2 3 3 2 1 1 4 1 4 8 8 2 2 1 2 8 8 7 7 7 5 8 0 3 7 ""2 2 " 2 4 1 5 1 1941— D J J S u M u e e n n p a c e e t r . . . . . . . 2 2 2 2 2 , , , , , 5 2 4 0 7 9 3 0 7 5 8 2 9 5 5 1 1 1 1 1 , , , , , 2 0 0 1 3 4 9 2 6 1 6 3 6 2 8 1 1 1 1 1 3 0 1 5 4 0 0 1 7 6 2 2 2 2 2 0 2 3 1 3 8 4 7 6 0 4 4 5 6 6 3 8 4 6 0 2 0 2 8 6 2 2 2 1 1 1 0 2 8 9 0 1 0 2 0 1 1 1 1 1 4 5 5 2 6 1 4 0 7 0 Sept.. 2,942 1,400 171 246 722 225 178 1942—Jan .„. 111 16 2 87 7 Dec... 3,107 1,465 186 254 789 234 179 F M e a b r 9 9 3 3 1 1 0 2 2 1 6 7 8 1 ""['" 1 8 2 1942—Mar.., 3,307 1,549 201 264 856 237 200 Apr 83 13 2 55 1 11 May 92 15 2 60 1 14 1 Gross amount of mortgages held, excluding terminated mortgages and June 96 13 2 66 16 cases in transit to or being audited at the Federal Housing Administration. July 97 11 1 63 ""2" 21 * 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. 8 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n t a h nd ( I 1 m v n = p 9 a c 3 a e l o 1 5 y n u 0 m - - t e 3 0 s ) e 9 1 Tot I a n ( l p d h u y 1 s 9 s tr 3 i i c 5 a a D - l 3 l u 9 v p fa r M o r = - c o l t u d a u 1 m n u r 0 e u N c e 0 s - t ) o i 2 o n * n - M era in ls - To a t w a 1 l 9 a 2 r c d 3 o e - R n d 2 d t e e t i 5 r a s n ( a l i = - v - c a ts 1 lu 0 o e 0 A t ) h 3 l e l r 1 t 9 N a u c 3 g u r o 5 r a l n - - i l E 3 - - 6 9 mp 1 l 9 o 2 y F 3 m - a 2 c e 5 t n o = t r 4 y 100 1 = 9 F t 2 o a 3 1 c r - y 0 - 2 0 5 F 1 i r = l 9 n o e c 3 i g a a 5 1 g d s r - 0 h 3 * - 0 t 9 - D 19 m u s s e ( 2 a v e t p e 3 o l ) a 1 a e n - * r l 0 r 2 s e - t 6 t 0 5 - ' W m p = c r 1 o s o i h 9 c a d m o 1 2 e l i 0 l e 6 s t - e 0 y 4 - C 1 li = 9 o v 3 s i 5 1 n t - 0 g 3 o 0 4 9 f able dur- 100 able 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 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 5 1940 January.... 110.7 122 117 134 113 r119 75 53 93 105.6 107.6 105.0 99.8 111 92 79.4 February.. 110.7 116 r114 123 110 r115 63 56 68 104.9 105.8 105.0 99.3 105 90 78.7 March 110.3 113 112 118 107 r118 62 57 66 104.7 104.0 104.4 99.8 100 89 78.4 99.8 April 110.6 rll3 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 r118 64 64 65 104.5 102.8 102.5 97.8 106 89 78.4 June 112.1 122 r122 133 114 119 74 69 77 105.0 103.9 103.1 99.5 111 91 77.5 100.5 July 112.8 122 120 136 113 r120 85 77 91 105.4 105.1 103.2 98.2 110 92 77.7 August.... 113.9 124 124 143 112 r115 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 r114 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 r119 115 90 136 111.5 116.6 116.2 122.4 119 101 80.0 100.7 1941 January 123.4 r141 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 r119 99 76 118 112.5 118.6 117.8 126.8 124 103 80.6 100.8 March 127.2 147 144 180 128 r126 94 74 109 112.3 119.4 119.9 131.2 126 103 81.5 101.2 April 129.4 144 144 180 131 r96 103 80 121 112.5 122.0 122.6 134.7 112 104 83.2 102.2 May 133.6 r155 155 190 135 r126 101 88 111 114.0 124.9 124.9 144.1 135 105 84.9 102.9 June 137.0 159 160 195 139 133 117 101 129 115.4 128.7 127.9 152.2 139 104 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 r163 199 139 r133 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 r164 168 r208 139 r131 145 87 192 118.0 132.8 135.4 167.0 127 105 92.4 109.3 November.. 146.5 166 167 r209 144 131 138 74 189 119.2 134.4 134.8 165.4 135 116 92.5 110.2 December.. 154.7 168 164 215 141 r132 123 69 167 120.1 134.9 134.2 169.9 137 111 93.6 110.5 1942 January.... 156.0 r172 165 r223 143 131 118 82 147 120.1 135.7 132.5 173.5 140 138 96.0 112.0 February... r157.1 172 167 r227 142 129 128 100 151 120.1 135.1 133.8 178.3 139 126 96.7 112.9 March 158.4 r172 168 r230 139 127 125 95 149 120.2 134.7 135.1 182.9 136 124 97.6 114.3 April r161.7 173 r172 r233 139 130 128 82 165 120.3 136.0 r136.6 "188.0 143 117 98.7 115.1 May r163.0 175 175 r238 138 129 158 76 226 120.8 137.5 137.7 193.2 143 108 98.8 116.0 June 166.8 176 177 243 136 133 193 76 288 P120.9 139.9 139.1 197.7 141 104 P98.6 116.4 J A u u ly g ust : P169.2 P e1 I 8 8 3 0 P e1 18 8 1 6 P e 2 2 5 5 1 6 ? e1 1 3 3 8 7 ^208 P77 P315 P144.1 P202.4 e1 1 4 4 2 2 117 P * 9 1 8.7 116.9 J Preliminary. • Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 946-949, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 954. 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 BULLETI N for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 950-953 for employment and payrolls and p. 958 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see pp. 956-957 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. SEPTEMBER 1942. 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total " 159 160 161 161 r164 166 168 T172 172 r172 173 r175 176 PJ80 Atanufacturcs—Total 164 165 166 167 r170 173 r175 179 180 r180 181 r183 184 PI 88 Durable 195 199 199 203 r208 r209 215 r223 r227 r230 r233 r238 243 Nondurable1. 139 138 139 137 139 144 141 143 142 139 139 138 136 PM Iron and Steel 184 185 185 192 191 191 196 191 193 179 181 182 185 184 184 190 189 189 Steel 195 196 197 206 206 206 211 208 210 216 217 218 215 221 Open hearth and Bessemer ... 173 173 172 179 178 176 181 174 176 180 179 180 177 179 Electric 355 358 375 399 407 417 422 445 444 473 483 484 485 519 Machinery* r2l5 216 r225 r228 r232 r230 r243 r250 r258 r267 r272 r277 285 p292 Government Arsenals and Quartermaster Depots Transportation Equipment 243 255 241 245 269 r276 r279 r305 r3l5 r330 r350 r375 397 p423 A A A i u u r t t c o o r m m af o o t b b i i l l e e b fa o c d t i o e r s y p sa a l r e t s s and assembly 1 1 4 6 8 1 1 1 5 6 4 8 1 9 4 3 1 13 7 4 4 1 1 4 1 6 0 1 1 2 4 3 2 120 118 12°5 ( 1 2 0 ) 5 104 107 113 7? Railroad cars 233 233 236 249 278 264 Locomotives 280 307 306 319 335 338 Shipbuilding Private yards 428 467 485 560 634 645 Government yards Nonferrous Mentals and Products 186 192 189 192 185 190 193 r191 r187 r180 r177 r182 188 P192 Nonferrous metal smelting . 144 142 145 145 147 150 151 153 157 157 161 163 * Copper smelting 136 131 135 135 137 139 141 140 141 147 155 161 * Zinc smelting 170 173 175 175 177 179 182 184 189 184 185 184 * Lead production 117 114 116 120 119 127 122 131 140 134 132 * * Copper deliveries 229 244* , 231 233 217 226 230 235 224 208 195 205 L Z e in a c d s s h h i i p p m m e e n n t t s s 2 1 1 4 0 4 2 1 0 4 0 2 1 1 9 4 9 3 2 1 0 4 9 5 143 147 145 152 151 148 145 146 * * Tin consumption 141 155 161 166 153 155 171 Lumber and Products 135 141 140 136 135 135 138 143 144 134 133 134 133 P136 Lumber * 125 131 134 129 129 128 132 138 143 128 127 124 127 ^130 Furniture 155 161. 152 149 146 148 149 153 147 145 146 152 p147 144 Stone Clay, and Glass Products 149 151 154 157 158 162 167 199 189 169 152 r144 P135 138 Cement 138 143 148 154 159 164 191 249 236 188 161 146 150 Unglazed brick 133 136 146 144 145 153 152 160 152 133 119 104 145 Glass containers 155 154 159 165 167 169 165 184 178 187 176 178 "l63 145 152 146 133 120 102 105 67 65 49 41 43 35 37 49 Textiles and Products 156 155 154 151 150 156 154 158 156 153 157 156 r152 152 Textile fabrics 151 151 149 145 143 148 146 148 147 143 148 146 143 143 Cotton consumption 160 162 160 156 161 167 155 169 174 169 177 175 169 166 Rayon deliveries 173 173 170 168 172 179 179 180 174 175 170 169 169 168 W Sil o k o l d e te li x v t e il r e ie s s 16 7 3 3 15 7 7 7 1 5 6 6 6 1 3 6 4 9 16 1 4 0 16 1 6 5 178 161 153 148 153 r150 151 154 Carpet wool consumption 149 126 148 142 133 133 164 78 79 70 34 5 46 41 Apparel wool consumption 190 177 181 205 199 200 209 202 191 196 203 201 194 208 Woolen yarn 151 153 162 163 157 156 159 163 165 161 173 r172 165 175 Worsted yarn 178 174 179 185 185 184 195 173 148 143 164 168 165 166 Woolen and worsted cloth 165 160 166 169 164 170 182 183 172 167 177 179 172 172 Leather and Products . . 132 130 122 120 125 134 128 127 121 121 127 126 125 P119 Leather tanning 122 125 124 125 129 134 123 130 127 127 130 128 120 C Ca a l t f t le a n h d i d k e i p l e l a e t a h t e h r e s rs 1 9 3 8 3 1 9 3 3 7 1 1 4 0 1 3 1 1 3 0 6 1 1 10 3 7 8 1 1 4 0 5 8 1 8 3 9 5 1 8 4 6 8 1 9 3 3 9 1 9 3 6 9 1 9 4 1 7 1 r9 4 5 7 14 8 2 7 Goat and kid leathers 112 116 97 115 121 123 117 119 120 120 115 104 90 Shoes 138 134 121 118 123 134 131 125 117 116 124 r125 128 P118 Manufactured Food Products* 127 126 132 130 134 141 137 140 140 136 136 P135 P139 P142 Wheat flour 107 103 98 99 101 103 109 108 110 101 98' 105 102 106 Cane sugar meltings 129 102 129 111 112 139 Man B I C C u c f u a h e a n e t c t c n e e t r s e u r e e d r 3 a 3 e m d an 3 d d a d ir r y ie d p r m od il u k c 3 ts3 r r r r 1 1 1 1 1 2 2 0 2 3 2 6 8 5 2 r1 1 1 1 3 2 2 4 1 9 6 1 r r 1 1 1 1 1 2 2 0 3 6 8 6 9 4 5 r1 1 1 1 1 4 3 0 4 8 3 9 9 5 3 r r 1 1 1 1 1 4 5 0 9 4 8 8 8 7 8 r r 1 1 2 1 1 4 4 2 0 6 7 6 4 5 3 r1 2 1 1 1 5 0 5 7 4 4 4 5 6 0 1 1 1 2 1 5 5 0 7 3 4 5 6 2 4 1 1 1 2 1 5 5 0 8 2 0 0 7 2 0 1 1 1 1 1 4 4 0 9 9 6 7 8 2 8 1 1 1 1 1 5 6 9 1 8 1 0 5 0 7 " P i 1 1 1 l 4 8 7 l 9 3 8 P r1 1 1 1 5 4 6 0 7 4 8 5' P1 1 1 1 4 5 0 6 5 9 8 4 r Revised. p Preliminary. * Included in total and group indexes but not available for publication sejppaanrately. I B—e o giinnnniinngg iinn JJaannuuaarryy 11994422 iinncclluuddeess iinndduussttrriiaall aallccoohhooll pprroodduucceedd iinn tthhee aallccoohhoolliic 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. 3 Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request. 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 124 125 134 126 133 135 142 148 141 144 142 140 153 146 Pork and lard 134 132 149 139 148 148 161 165 151 161 156 163 177 168 Beef 120 123 124 118 123 124 127 138 139 132 134 121 137 130 Veal 91 96 94 101 108 114 98 96 96 98 96 94 103 103 Lamb and mutton 101 110 105 99 103 111 117 113 113 128 119 105 104 116 Other manufactured foods 129 128 135 132 135 144 137 140 142 138 137 r136 141 Alcoholic Beverages 123 130 128 131 129 109 116 139 133 116 109 111 104 Malt liquor 108 r116 110 118 127 110 123 120 128 117 114 115 104 Whiskey.... 95 108 93 94 107 81 91 77 74 62 63 55 63 Other distilled spirits 153 206 206 262 178 139 121 250 75 44 53 80 61 Rectified spirits 207 190 219 170 138 120 102 243 241 201 153 158 163 Tobacco Products 118 114 118 121 128 132 129 132 130 125 122 121 Cigars 106 106 109 104 112 115 139 129 126 121 120 108 112 109 Cigarettes 131 123 129 137 144 149 136 144 144 137 140 140 136 136 Manufactured tobacco and snuff 97 97 96 99 104 106 95 99 93 94 97 89 94 89 Paper and Paper Products1 145 146 147 144 153 155 154 149 150 148 145 134 Paper and pulp. 149 150 152 149 150 160 162 161 155 156 153 149 136 Pulp 175 167 172 170 172 185 179 181 180 189 183 184 177 Groundwood pulp 121 122 128 129 130 141 129 135 131 138 129 120 116 Soda pulp 151 149 151 140 145 167 153 153 154 155 148 147 129 Sulphate pulp r222 203 215 210 210 225 225 221 224 239 236 245 228 Sulphite pulp 170 163 164 163 166 178 171 177 173 181 174 173 173 Paper 145 148 149 145 147 156 160 158 151 151 148 143 129 Paperboard 154 162 161 158 158 167 186 175 163 162 154 144 120 115 Fine paper . 134 140 147 152 147 160 157 151 144 150 146 147 138 Newsprint production 114 112 113 107 110 110 106 107 110 106 109 104 103 ioi* Printing paper 149 149 150 146 149 161 145 151 146 140 135 124 110 Tissue and absorbent paper 144 142 143 130 140 153 152 166 168 164 169 175 179 Wrapping paper 140 138 139 136 138 14(3 147 147 142 148 151 153 142 Printing and Publishing* 128 127 129 125 127 136 130 128 125 121 117 112 103 p107 Newsprint consumption 106 106 109 105 105 115 104 103 103 98 100 97 103 Petroleum and Coal Products 127 128 130 132 133 135 139 135 131 126 119 117 114 Petroleum refining 123 124 126 128 129 133 135 131 126 120 112 109 107 Gasoline 123 123 126 130 131 134 139 134 125 117 106 103 99 103 Fuel oil 122 124 127 124 129 129 130 123 128 124 126 122 125 Lubricating oil 134 133 132 130 129 137 132 133 131 131 126 122 123 Kerosene 104 108 116 119 121 123 126 120 128 113 106 101 99 Coke 155 '155 154 152 153 153 160 161 161 160 162 164 r164 164 Byproduct coke 146 146 146 144 145 145 151 152 152 151 152 154 r154 155 Beehive coke 459 r452 453 425 437 410 474 472 493 476 494 511 509 483 Chemicals 144 146 145 146 148 149 152 156 161 161 r165 167 171 p170 Rubber Products 192 153 130 131 134 Rubber consumption 196 156 132 134 137 Tires and tubes._ 152 126 117 108 103 103 67 33 28 26 . 25 Pneumatic tires 151 126 118 108 104 104 67 32 28 26 25 Inner tubes 155 125 110 103 94 102 64 33 27 27 27 Minerals—Total3 133 131 r133 131 r131 131 r132 131 129 127 130 129 133 H33 Fuelsz 130 r128 r130 r129 r128 r129 r129 128 125 122 126 125 128 P129 Bituminous coal3 155 148 r150 r141 r131 rm r130 129 120 146 178 173 168 p160 A Cr n u t d h e r a p c e it t e ro 3 leum .' 1 1 3 2 1 0 r1 1 4 1 2 9 r1 1 6 1 8 9 r1 1 3 2 2 4 r1 1 2 2 0 8 r1 1 0 3 1 2 1 r9 3 2 2 1 8 3 9 2 1 1 1 2 0 8 1 11 1 3 4 1 10 1 7 4 1 1 0 0 8 5 127 * pl >1 l 5 3 6 Metals 151 151 148 145 146 147 153 151 152 151 151 r154 159 p158 Iron ore shipments 198 205 202 192 182 204 209 211 212 215 217 225 235 240 Copper 155 156 155 154 151 152 157 161 158 162 164 174 Lead 117 114 116 120 119 127 122 131 140 134 132 Zinc 136 125 131 135 134 131 138 138 146 Gold 126 121 114 114 130 116 125 113 118 Silver 128 124 129 116 106 105 105 101 106 109 106 r Revised p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 3 Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request. 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. SEPTEMBER 1942. 947 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total. 160 159' r163 167 168 167 164 165 167 168 r172 175 177 p181 Manufactures—Total 165 164 167 172 173 173 171 r173 r175 177 180 183 185 p190 Durable 198 r197 199 206 210 209 212 r216 r220 r227 r233 r240 245 ^253 Nondurable1. 138 138 142 145 143 144 138 137 138 137 138 138 136 Iron and Steel... 184 185 185 192 191 191 196 191 193 Pig iron 179 181 182 185 184 184 190 189 189 Steel 195 196 197 206 206 206 211 208 210 216 217 218 215 221 Open hearth and Bessemer. 173 173 172 179 178 176 181 174 176 180 179 180 177 179 Electric 355 358 375 399 407 417 422 445 444 473 483 484 485 519 Machinery^ r215 216 r225 r228 r232 r230 r243 r250 r258 r267 r272 285 Government Arsenals and Quartermaster Depots Transportation Equipment 244 229 221 245 269 r276 r279 r305 r315 r330 r350 r375 397 p423 Aircraft 930 997 1,113 1,204 1,290 1,340 Automobile bodies, parts, and assembly. 161 135 120 134 146 142 120 118 105 105 104 107 113 PUS Automobile factory sales 164 134 47 74 110 123 (2) Railroad cars 233 233 236 249 278 264 Locomotives 280 307 306 319 335 338 Shipbuilding Private yards 428 467 485 560 634 645 Government yards Nonferrous Metals and Products 187 191 189 191 185 190 192 r187 r180 r177 r182 187 Nonferrous metal smelting.. 144 141 145 145 147 151 152 153 157 156 162 164 Copper smelting 136 131 135 135 137 139 141 140 141 147 155 161 Zinc smelting na 173 175 175 177 179 182 184 189 184 185 184 Lead production 110 116 120 119 128 124 131 140 131 135 Copper deliveries 116 244 231 233 217 226 230 235 224 208 195 Lead shipments. 229 200 199 209 Zinc shipments 210 142 143 145 143 147 145 152 151 148 145 Tin consumption 144 154 159 159 151 155 165 148 Lumber and Products. 140 144 151 148 145 134 128 122 128 129 132 135 139 Lumber... 135 142 148 144 138 124 113 112 118 120 127 131 138 P140 Furniture. 150 149 157 156 159 154 155 142 147 147 142 143 140 p137 Stone, Clay, and Glass Products. 171 165 174 175 175 169 147 138 132 140 151 r163 160 P153 Cement 174 177 181 184 185 171 153 137 132 141 161 .178 183 186 Unglazed brick 165 168 175 177 170 166 137 97 83 90 116 118 'in Glass containers 163 161 174 168 172 170 153 165 164 176 176 .190 151 Polished plate glass. 149 96 109 120 117 120 68 47 43 43 35 32 37 Textiles and Products. 155 155 154 151 150 156 154 158 156 153 157 156 152 r152 Textile fabrics 150 150 148 145 143 148 146 148 147 143 148 146 143 143 Cotton consumption 160 162 160 156 161 167 155 169 174 169 177 175 169 166 Rayon deliveries 173 173 170 168 172 179 179 180 174 175 170 169 169 168 Silk deliveries 66 69 50 32 10 15 Wool textiles 163 157 166 169 164 166 178 161 153 148 153 r150 151 154 Carpet wool consumption... 149 126 148 142 133 133 164 78 79 70 34 5 46 41 Apparel wool consumption.. 190 177 181 205 199 200 209 202 191 196 203 201 194 208 Woolen yarn 151 153 162 163 157 156 159 163 165 161 173 r172 165 175 Worsted yarn 178 174 179 185 185 184 195 173 148 143 164 168 165 166 Woolen and worsted cloth.. 165 160 166 169 164 170 182 183 172 167 177 r179 172 172 Leather and Products.. 120 126 130 129 127 123 116 124 131 128 131 r124 114 Leather tanning 118 120 120 124 129 135 125 131 138 127 130 125 116 Cattle hide leathers 126 128 134 135 140 151 137 149 155 140 147 144 134 Calf and kip leathers... 100 102 108 99 103 102 91 84 98 91 90 r90 89 Goat and kid leathers.. 112 115 95 116 120 119 119 119 125 119 119 102 90 Shoes 122 130 137 132 125 116 110 120 126 129 131 r122 112 Manufactured Food Products.. 128 137 152 159 143 139 130 124 121 121 123 V155 Wheat flour 101 102 99 114 110 107 104 109 109 92 95 105 Cane sugar meltings 132 117 136 132 109 114 Man I u c f e a c c t r u e r a e m d 3 dairy products3.. r r 2 1 0 8 2 5 r r 2 1 1 8 7 2 r r 2 1 0 6 4 9 r1 1 5 4 5 2 r r 1 1 1 1 7 4 r1 r8 0 8 0 r8 9 0 8 9 7 9 8 1 8 0 8 9 1 1 2 1 4 3 1 1 5 5 2 4 P203 P221 Butter3 r152 r136 120 108 95 83 82 85 92 96 109 i47 C C h an ee n s e e d 3 and dried milk3 1 1 9 9 2 5 r1 1 6 7 8 2 1 1 5 6 1 9 1 1 5 6 0 8 1 1 3 5 9 8 1 1 2 5 4 6 1 1 2 6 3 6 1 1 2 7 4 8 1 1 4 8 2 7 1 1 5 9 7 4 1 2 8 1 9 1 2 2 5 4 7 2 r2 2 4 4 1 9 2 2 0 0 5 0 r Revised. p Preliminary. * Included in total and group indexes but not ayailable for publication separately. J Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 1 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 3 Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request. 8 94 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 = 1001 1941 1942 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 121 119 116 119 134 152 165 173 135 131 134 140 149 138 Pork and lard '... 130 119 112 111 139 178 208 214 151 145 148 163 172 151 Beef 118 125 126 132 134 130 127 138 125 120 125 121 134 131 Veal 92 95 95 111 119 116 93 93 84 93 95 98 104 102 Lamb and mutton 96 104 104 111 109 108 111 118 113 124 115 108 99 110 Other manufactured foods 123 137 159 170 151 146 131 123 124 121 121 123 134 nss Alcoholic Beverages r131 131 122 137 137 118 106 112 117 113 113 120 116 Malt liquor 138 r143 128 120 104 90 96 96 109 112 124 136 134 148 Whiskey 76 59 51 75 102 101 104 102 96 77 69 54 50 Other distilled spirits 90 97 99 359 472 292 150 163 45 29 32 48 36 Rectified spirits 165 160 171 180 180 190 135 177 207 191 136 139 130 Tobacco Products 128 123 122 132 133 134 110 126 121 117 119 123 132 131 Cigars 113 111 113 120 135 137 107 104 109 111 114 107 120 113 Cigarettes 144 138 136 146 141 143 121 146 136 127 130 142 150 153 Manufactured tobacco and snuff 99 99 96 107 106 105 83 96 92 96 96 89 96 91 Paper and Paper Products1 143 139 146 149 151 152 146 151 153 155 151 144 133 Paper and pulp 147 143 150 151 155 159 154 159 160 161 157 149 134 Pulp 173 159 170 168 173 186 174 183 186 194 187 186 174 Groundwood pulp 124 109 109 112 121 144 134 140 137 148 144 133 118 Soda pulp 150 141 151 142 145 167 148 153 158 160 152 147 127 Sulphate pulp r220 199 215 210 214 225 214 223 230 243 236 245 226 Sulphite pulp 167 155 164 163 169 179 166 177 179 185 178 173 169 Paper 143 140 147 148 152 155 151 155 156 156 152 143 128 Paperboard 154 154 163 167 167 167 166 168 167 168 157 141 120 "109 Fine paper ; 131 128 139 144 147 155 154 152 155 160 159 151 135 Newsprint production 115 109 110 107 110 113 107 107 108 106 109 105 104 ioi Printing paper 146 140 145 145 151 160 144 151 151 145 140 127 107 Tissue and absorbent paper 143 135 143 136 145 151 146 161 175 166 172 173 177 Wrapping paper 137 133 138 138 143 140 143 147 147 151 152 150 139 Printing and Publishing2 127 116 121 125 131 138 131 125 126 126 123 115 103 P96 Newsprint consumption 107 92 96 106 112 117 117 99 102 107 105 104 98 90 Petroleum and Coal Products 128 129 131 134 135 136 138 132 129 122 118 117 115 Petroleum refining 124 125 128 131 132 134 134 128 124 116 111 110 108 Gasoline 126 127 130 134 134 135 136 129 121 112 104 103 101 "106 Fuel oil 121 122 124 125 130 130 132 127 129 122 123 122 123 Lubricating oil 134 131 131 130 129 137 131 129 129 130 131 127 123 Kerosene 102 103 111 117 121 126 127 126 129 115 108 101 97 Coke 155 155, 154 152 153 153 160 161 161 160 162 164 r164 "164 Byproduct coke 146 146 146 144 145 145 151 152 152 151 152 154 r154 155 Beehive coke 459 r452 453 425 437 410 474 472 493 476 494 511 r509 483 Chemicals 138 139 142 148 153 151 153 155 161 166 r168 166 165 *164 Rubber Products 192 153 130 131 134 Rubber consumption 196 156 132 134 137 Tires and tubes 152 126 117 108 103 103 67 33 28 26 25 Pneumatic tires 151 126 118 108 104 104 67 32 28 26 25 Inner tubes 155 125 110 103 94 102 64 33 27 27 27 Minerals—Totals 132 r131 r135 r138 r139 135 r126 125 125 118 125 r130 132p132 Fuels* 123 121 r126 r130 r132 r131 r131 131 130 122 121 r121 121 P121 Bituminous coal3 133 r130 r138 r146 r146 r145 r144 144 141 140 150 147 144 ^141 Anthracites 120 rlll r124 r127 r127 r103 r98 104 121 116 122 115 117 P122 Crude petroleum 120 119 122 124 127 128 129 129 127 115 109 111 113 2*113 Metals " 181 184 187 182 181 161 98 91 92 96 r153 189 195 vm Iron ore shipments 326 344 335 311 281 231 23 236 371 381 404 Copper 152 147 152 152 156 157 "l59" 158' 160 165 169 174 * * Lead 116 110 116 120 119 128 124 131 140 131 135 128 * Zinc 136 . 125 131 135 134 131 138 138 146 Gold 116 116 126 131 152 132 130 107 106 * * • * * Silver 123 122 126 117 107 106 105 106 103 110 110 105 r Revised. m v Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 3 Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request. 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 SEPTEMBER 1941 949 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} 1942 Industry and group June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. May June July Totali 128.7 133.3 133.3 132.3 132.8 134.4 134.9 135.7 135.1 134.7 r136.0 737.5 139.9 144.1 Durable goodsi 134.0 140.7 141.5 141.3 142.3 143.7 144.3 146.7 146.8 146.9 r149.2 151.4 155.9 163.0 Nondurable goodsi . 123.7 126.3 125.5 123.8 123.8 125.6 126.0 125.2 123.8 123.1 ,123.3 124.2 124.6 126.1 Iron and Steel and Products 136.0 139.1 140.2 139.7 138.2 138.3 138.9 139.0 136.5 134.7 r134.2 '134.0 135.4 136.3 Blast furnaces, steel works, etc 145 149 150 149 148 148 149 150 149 148 149 151 153 154 Bolts, nuts, washers, and rivets 166 169 173 172 170 169 170 171 169 170 170 172 176 177 Cast-iron pipe 95 95 94 97 98 101 100 98 100 99 98 98 94 93 Cutlery and edge tools 122 130 130 128 129 130 134 136 133 134 129 127 129 132 Forgings 105 112 112 113 115 115 117 119 122 123 128 129 131 137 Hardware 118 105 116 117 115 113 106 99 94 94 91 89 92 92 Plumbers' supplies 102 102 103 100 98 98 98 96 92 88 81 78 74 66 Stamped and enameled ware 220 228 231 231 225 225 220 217 208 207 200 200 204 205 Steam and hot-water heating 114 123 126 125 125 123 125 127 124 123 122 119 120 124 Stoves 114 121 115 109 105 104 108 r110 r10l r95 r90 r86 85 91 Structural and ornamental metal work 104 105 107 106 107 107 107 108 112 113 116 116 117 118 Tin cans and tinware 129 131 132 132 127 138 141 147 141 122 115 110 105 101 Tools 139 142 146 147 145 146 148 152 153 153 154 154 155 153 Wirework 214 218 198 214 203 201 199 184 169 160 152 147 153 157 Machinery r167.5 r173.3 r178.1 r178.4 r180.2 r182.3 r 185.0 r 189.1 r192.8 r196.5 '199.4 r201.5 205.4 210.4 Agricultural implements 170 175 182 181 180 172 167 161 161 160 157 162 166 170 Cash registers, etc 163 168 170 173 175 177 178 176 178 177 174 177 186 186 Electrical machinery 159 164 168 168 168 168 Engines, turbines, etc r280 r302 r327 r340 r37O r399 Foundry and machine-shop products. 139 143 146 147 148 149 150 153 160 161 165 168 Machine tools 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 1 8 0 5 4 4 0 1 1 1 9 0 5 1 7 5 1 1 1 8 0 5 7 8 7 1 1 1 8 5 1 3 8 0 1 1 1 7 1 6 9 0 0 1 1 1 0 9 5 9 4 9 2 1 1 0 5 0 6 9 9 2 1 1 2 5 0 0 7 9 2 1 1 3 5 1 5 2 0 2 1 1 5 4 0 0 7 9 2 1 1 4 2 1 9 6 0 2 1 1 2 0 1 3 9 4 1 1 1 9 0 0 5 9 3 1 1 1 9 0 0 8 1 8 Transportation Equipment 174., 196.1 193.1 r 195.4 r204.7 r209.6 r205.9 r211.1 r216.3r220.6 1'231.1 1'246.0 268.6 304.9 Aircraft 6,522 M60 7,897 r8,817 r9,505 r9,861 * * * * * * A Ca u r t s o , m e o le b c il tr e i s c- and steam-railroad. 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 83 89 112 Locomotives 61 67 70 73 74 77 Shipbuilding 341 387 398 440 490 533 Nonferrous Metals and Products . 144.1 147.8 147.9 144. i 143.1 142.2 143.4 146.1 146.5 146.4 '145.7 r146.5 147.8 150.2 Aluminumi 230 240 246 247 240 244 Brass, bronze, and copper... 190 193 195 194 191 192 Clocks and watches 121 125 121 110 114 110 108 112 110 111 113 117 116 116 J L e i w gh e t l i r n y g equipment 1 1 1 1 5 5 1 1 2 1 0 8 1 1 1 1 9 8 1 1 1 1 9 0 1 1 1 0 9 5 1 1 1 0 4 6 1 1 0 1 6 2 1 1 1 0 4 2 1 1 1 0 0 0 1 9 0 7 9 1 r8 0 8 6 1 8 0 7 4 9 8 8 6 96 S Sm ilv e e lt r i w ng a re a n a d n d re f p i l n a i t n e g d ware. 1 8 0 4 2 1 9 0 4 3 1 8 0 7 5 1 8 0 5 3 1 8 0 4 0 8 9 2 9 1 8 0 3 0 1 8 0 2 2 10 7 2 8 10 7 1 7 1 6 0 6 2 1 6 0 5 1 1 6 0 5 0 1 8 7 0 9 1 1 Lumber and Products ... 75.9 78.9 78.4 77.3 76.4 76.9 78.1 79.2 77.9 75.4 73.8 73.2 72.3 72.5 Furniture.. "... 106 108 107 103 101 104 105 106 104 103 101 100 97 95 Lumber, millwork... 71 75 76 75 76 75 75 75 73 72 70 70 69 71 Lumber, sawmills... 65 68 68 68 67 67 68 70 68 66 64 64 63 64 Stone, Clay, and Glass Products.. 93.: 98.6 98.4 98.7 98.9 100.9 101.6 105.0 100.1 96.9 94.7 r90.8 90.7 91.0 Brick, tile, and terra cotta.. 69 73 74 74 73 76 77 81 78 75 71 67 65 64 M P G C o e l a a t m r t s b e s e l r n e y t , granite, and slate... 1 1 4 7 2 1 4 4 4 6 1 1 4 7 3 2 3 7 1 6 1 1 4 7 2 3 2 8 3 0 1 1 4 7 2 3 3 9 2 0 1 1 4 3 7 2 5 1 9 1 1 1 4 8 3 2 5 2 3 1 1 1 4 8 2 3 5 5 1 2 1 1 8 4 3 2 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 8 3 2 1 0 9 4 5 1 1 r3 2 1 7 2 2 4 7 1 1 3 1 7 1 7 9 8 8 1 1 3 1 7 2 5 8 9 4 / Textiles and Products 116.1 120.0 117.1 114.7 112.9 113.3 113.2 112.0 110.0 109.4 110.9 112.3 112.2 114.4 Fabrics 109.0 111.1 109.6 107.2 105.4 105.1 104.4 104.1 102.2 102.6 104.8 105.5 107.2 107.9 Carpets and rugs 90 89 91 91 90 90 90 85 81 75 70 67 70 71 Cotton goods 111 113 115 112 112 111 110 110 110 110 112 114 117 119 Cotton small wares 107 110 110 110 108 109 109 r107 107 106 '107 110 115 118 Dyeing and finishing textiles . 144 149 143 140 135 130 133 131 r130 132 '133 133 132 138 Hats, fur-felt 86 86 79 77 78 78 76 73 71 70 68 60 68 65 Hosiery 146 149 144 135 133 132 133 132 130 127 125 123 122 122 Knitted outerwear 81 85 83 78 77 78 81 78 79 79 82 81 81 81 Knitted underwear 79 90 88 88 87 87 86 90 86 86 85 87 88 92 Knitted cloth 163 162 161 158 147 147 147 149 150 151 155 155 156 152 Silk and rayon goods 75 72 67 61 60 61 60 59 59 61 63 68 69 66 Woolen and worsted goods 110 112 108 112 109 110 107 106 99 102 109 108 108 108 Wearing apparel 127.0 135.0 128.8 126.6 124.7 126.9 128.2 125.1 122.8 120.0 119.7 122.6 118.5 124.0 Clothing, .men's 124 124 120 119 120 125 128 123 118 118 119 126 122 116 Clothing, women's 170 193 176 171 165 167 169 161 162 156 154 156 150 172 Corsets and allied garments .. 119 119 122 123 112 122 115 112 116 113 112 111 110 97 Men's furnishings 124 137 137 134 127 121 113 115 113 111 111 111 112 122 Millinery 68 75 79 77 75 68 68 72 78 74 70 .64 55 71 Shirts and collars 133 135 135 134 131 132 135 145 133 129 129 130 129 134 Leather and Manufactures 101.0 100.2 97.9 98.0 99.6 104.2 103.1 98.8 96.3 97.4 100.0 100.1 95.5 Boots and shoes 98 97 94 94 96 101 100 95 92 93 95 97 98 92 Leather 95 97 96 98 97 98 97 96 95 96 95 94 94 92 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 July 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. 95° 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] 1942 Industry and group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Food and Kindred Products 137.3 138.4 140.9 138.8 140.7 147.0 147.5 148.4 147.6 144.4 142.3r143.5 143.8 147.9 Baking 151 149 152 151 152 152 152 153 152 152 151 151 153 159 Beverages 286 289 298 295 303 311 316 310 310 304 304 310 288 294 Butter 105 102 104 102 102 106 106 105 105 109 115 116 117 115 Canning and preserving 156 161 169 157 164 201 188 183 189 168 150 156 154 154 Confectionery 90 97 100 91 90 96 95 94 93 94 94 91 89 98 Flour 80 79 77 79 78 78 79 80 80 79 79 79 81 80 Ice cream 78 78 79 78 83 83 83 82 82 81 82 79 79 78 Slaughtering and meat packing 121 123 124 125 126 127 133 139 138 137 138 r141 146 151 Sugar, beet 93 89 76 98 91 98 141 168 115 107 102 104 100 117 Sugar refining, cane 101 94 93 103 103 98 101 97 90 93 94 93 85 87- Tobacco Manufactures 65.8 65.7 64.4 62.0 64.1 65.0 66.5 69.2 66.7 66.1 65.8 63.6 64.1 64.5 Tobacco and snuff 53 53 53 54 54 54 56 54 53 52 52 52 52 53 Cigars and cigarettes 68 67 66 63 65 66 68 71 69 68 68 65 66 66 Paper and Printing 122.9 124.8 125.1 124.4 124.9 124.8 125.9 125.2 123.4 r 122.0 r121.3 r119.5 118.5 117.0 Boxes, paper 139 142 143 141 138 139 140 142 139 136 133 129 126 123 Paper and pulp 125 126 128 128 128 129 129 130 130 130 130 128 126 121 Book and job printing 104 108 106 105 108 107 107 107 103 101 100 98 99 100 Newspaper and periodical printing . 117 117 118 117 117 116 120 116 115 115 114 113 112 113 Chemicals, Petroleum, and Coal Products. 141.5 143.9 146.3 145.7 147.1 148.2 149.2 151.8 154.7 155.9 157.3 159.0 160.7 160.2 Petroleum refining 125 127 127 127 129 128 129 130 131 132 132 133 133 134 Other than petroleum refining 145.6 148.0 150.9 150.3 151.7 152.9 154.1 157.1 160.5 161.6 163.4 165.4 167.4 166.7 Chemicals 172 173 179 180 181 184 187 190 192 194 194 194 196 191 Cottonseed oil, cake, and meal 107 109 101 88 95 93 93 93 94 90 97 99 91 104 Druggists' preparations 132 136 138 141 141 144 146 152 152 153 157 162 164 170 Explosives Fertilizers 124 129 124 124 115 118 116 120 139 111 97 116 138 134 Paints and varnishes 140 145 148 145 144 144 144 145 142 141 137 131 127 125 Rayon and allied products 337 326 328 324 323 320 320 313 308 309 317 318 324 309 Soap 94 98 99 96 94 94 95 94 92 91 91 88 84 85 Rubber Products 111.7 113.0 113.3 111.6 110.1 110.1 r109.4 r99.6 r98.3 r97.5 r93.7 r94.5 97.5 101.8 Rubber boots and shoes 82 82 79 75 78 80 78 73 76 75 75 76 72 75 Rubber tires and inner tubes 86 87 87 87 86 86 85 75 r73 r73 r73 r75 78 84 Rubber goods, other 192 194 200 196 189 187 189 175 173 170 156 154 161 163 r Revised. • Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments e Total nonagri- Military Year and month cultural Transpor- Financial, and naval e m m e p n l t o 1 y 2 - Total2 M t a u n ri u n f g a * c- Mining Con ti s o t n ruc- tat p io u n b li a c nd Trade* a s n e d rv m ic i e s , - G m o e v n e t r 2 n- forces utilities cellaneous SEASONALLY ADJUSTED 1941—July . . 39,903 33,760 12,605 914 1.668 3,264 6,944 4,242 4,123 1,857 August 40,101 33,958 12,615 923 1,666 3,302 7,027 4,246 4,179 1,944 September 40,016 33,873 12,548 908 1,683 3,303 6,968 4,241 4,222 1,992 October 40,192 34,049 12,599 892 1,776 3,292 6,989 4,251 4,250 2,014 November 40,603 34,460 12,735 892 .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 1 February 40,910. 34,767 12,826 852 2,091 3,313 6,862 4,265 4,558 March 40,*942 34,799 12,823 851 2,057 3,325 6,812 4,262 4,669 April 40,977 34,834 12,900 879 2,003 3,358 6,690 4,259 4,745 •j- May 41,137 34,994 13,035 870 1,961 3.391 6,695 4,257 4,785 + June 41,174 35,031 13,207 865 1,850 3,396 6,586 4,256 4,871 t UNADJUSTED 1941—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 L,961 3,322 7,146 4,229 4,281 t 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 3,252 6,756 4,179 4,405 t February 39,994 33,851 12,724 860 L,645 3,249 6,686 4,181 4,506 March 40,396 34,253 12,849 860 L,738 3,277 6,711 4,195 4,623 April 40,880 34,737 12,951 861 L.928 3,343 6,679 4,266 4,709 May . 41 263 35 120 13,046 860 2,077 3,385 6,667 4,309 4,776 •}• June 41,415 35,272 13,146 851 2,073 3,417 6,582 4,314 4,889 •j- * 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 m nonagncultural establishments. 2 Excludes military and naval forces. NOTE.— Most of these basic unadjusted series have been discontinued by the Bureau of Labor Statistics and have been replaced by new series. July figures are not available on the old basis. New series will be published in the next BULLETIN. » SEPTEMBER 1941 951 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 June July Mar. Apr. May June July June July Mar. Apr. May June July To N D t o a u n f r i d a u b r l a e b l g e o o g d o s o 1 ds1 1 1 1 2 3 2 7 5 1 . . . 9 1 1 1 1 1 3 2 3 0 3 7 . . . 6 9 6 1 1 1 3 4 2 5 7 3 . . . / 5 2 r r 1 1 1 3 2 5 6 3 0 . . . 6 0 9 r r1 1 12 5 3 2 3 7 . . . 4 7 7 1 1 1 3 2 5 9 2 7 . . . 1 1 0 1 1 1 4 2 6 1 3 0 . . . 6 9 2 1 1 1 5 2 7 2 7 3 . . . 2 9 9 1 1 1 5 3 7 2 0 2 . . . 7 7 2 1 2 1 8 1 4 2 7 4 . . . 9 3 3r r r 1 1 2 4 8 2 8 4 6 . . . 0 6 8 r r r 2 1 1 3 4 9 5 6 3 . . . 1 3 2 1 2 1 9 4 4 7 3 6 . . . 7 6 3 2 2 1 0 4 4 2 9 9 . . . 4 9 4 Iron and Steel and Products 136.1 137.7 135.7 r135.4 134.9 135.4 134.9 168.6 166 6 181.1r181.6 r 184.0 186.2 183.1 Blast furnaces, steel works, etc 144 147 150 151 152 152 152 180 182 194 193 197 198 195 Bolts, nuts, washers, and rivets 166 167 170 172 174 176 175 248 239 276 285 292 291 280 Cast-iron pipe , 97 98 98 98 98 96 95 115 112 126 130 133 136 135 Cutlery and edge tools 120 124 136 132 128 128 126 139 135 181 179 183 182 179 Forgings 105 108 125 128 129 131 133 165 158 221 238 241 241 243 Hardware ; 118 104 95 92 89 92 91 150 124 137 136 135 141 137 Plumbers' supplies 102 102 89 81 78 74 66 106 102 102 93 91 92 80 Stamped and ameled ware 220 222 212 206 204 204 200 279 272 309 305 310 317 307 Steam and hot-water heating 114 119 123 122 120 120 120 138 138 173 174 174 173 171 Stoves 116 117 r93 r92 r89 87 88 125 122 r107 r110 r105 107 112 Structural and ornamental metal work 106 107 110 114 116 118 121 120 113 140 146 149 155 158 Tin cans and tinware 132 139 116 111 108 107 107 163 171 150 145 141 143 143 Tools 139 140 155 155 154 155 152 182 174 235 238 241 245 232 Wirework 216 213 161 155 152 155 153 285 272 235 235 241 249 247 Machinery r168.0 r172.7 r196.1 r200.0r203.1 206.4 209.8 r230.3 r233.7 r313.3r 321.7 r332.4 342.5 348.6 Agricultural implements 172 171 169 167 167 167 167 233 228 250 250 259 263 256 Cash registers, etc 163 168 177 175 179 186 186 216 214 261 262 293 294 298 Electrical machinery 159 164 224 232 Engines, turbines, etc r291 r3O7 Foundry and machine-shop products. 139 143 157 160 163 165 167 178 177 227 235 243 250 252 Machine tools 339 346 529 535 Radios and phonographs 181 189 210 209 196 191 196 200 219 291 292 283 284 293 Textile machinery 104 106 HI 111 109 109 107 131 133 157 158 158 160 159 Typewriters 148 153 147 126 115 102 99 208 217 213 171 161 157 144 Transportation Equipment 177.8 179.0 r226.8 r239.9r255.0 272.1 289.9 240.0 228.8 r354.6r382.2 r408.1 434.9 466.5 A A i u r t c o r m af o t biles m 3, 1 7 3 1 5 8 7,213217 86 8 * 4 88 91 95 8,1 1 9 88 4 9,0 1 4 58 6 132 131 136 142 145 Cars, electric- and steam-railroad.... 85 89 93 91 Locomotives 62 68 84 93 Shipbuilding 338 375 504 582 Nonf A er lu ro m u i s n u M m e 1 tals and Products 2 1 2 41 9 .9 1 23 43 6 .1 14 * 7.4 r14 * 5.6r145.9 145 * .8 145 * .8 3 1 2 74 2 .6 3 1 2 73 3 .7 20 • 8.2r210 * .5 r214 * . . 2 218 t .5 222 * .2 Brass, bronze, and copner 189 190 262 264 Clocks and watches. 117 118 111 112 115 112 109 148 138 160 r167 r176 178 173 Jewelry 107 112 106 100 96 90 89 101 105 114 109 108 103 98 Lighting equipment 113 111 99 f89 87 85 84 116 113 109 r104 r103 104 105 Silverware and plated ware 84 83 78 66 66 65 63 94 87 95 80 81 82 81 Smelting and refining 102 103 101 102 101 100 100 117 117 128 127 130 134 134 Lumber and Products 76.8 79.5 r74.0 73.4 73.3 73.3 73.2 83.9 85.5 r86.4 r87.3 r90.4 93.7 94.1 Furniture 104 106 101 97 96 95 93 110 110 r115 r113 115 112 109 Lumber, millwork 73 76 71 70 70 70 71 67 68 68 70 71 75 77 Lumber, sawmills 67 70 64 65 65 65 66 71 74 73 75 79 85 86 Stone, Clay, and Glass Products 97.1 99.6 94.3 95.4 94.3 93.9 91.8 100.2 98.9 103.7 104.9 r105.5 104.2 100.2 Brick, tile, and terra cotta 75 78 68 70 71 70 69 72 13 69 71 72 73 71 Cement 80 83 78 80 82 84 85 90 91 89 91 95 101 102 Glass 126 128 126 126 124 121 116 154 147 165 165 167 156 146 Marble, granite, and slate 46 45 39 40 34 38 37 35 35 31 33 r28 33 32 Pottery 114 117 120 120 118 117 115 118 115 137 134 134 132 126 Textiles and Products 112.6 113.2 113.5 113.1r111.7 108.8 108.2 111.4 113.6" 129.2rl28.9 r128.3 123.2 124.2 Fabrics 106.2 107.0 105.0 r105.2r104.7 104.5 104.0 111.6 113.3 124.8 126.8 r128.7 129.0 129.6 Carpets and rugs 90 89 77 71 67 70 71 90 90 81 76 77 81 82 Cotton goods 109 109 113 114 114 115 114 120 123 146 149 153 153 152 Cotton small wares 104 105 111 112 r110 112 113 116 121 148 rl55 r158 163 166 Dyeing and finishing textiles 139 139 138 138 rl33 128 128 133 134 152 157 r148 143 144 Hats, fur-felt 83 84 72 68 58 65 63 86 92 73 66 59 67 65 Hosiery 143 143 129 125 122 120 118 158 160 154 149 149 148 144 Knitted outerwear 79 81 80 82 81 79 78 75 75 83 86 86 82 82 Knitted underwear 79 86 88 89 89 89 88 83 91 107 HI 110 111 109 Knitted cloth 160 159 154 156 155 152 149 154 154 164 171 171 166 163 Silk and rayon goods 69 69 62 63 64 64 63 ()4 64 68 71 71 71 70 Woolen and worsted goods 108 109 103 104 106 106 105 - 117 117 123 127 132 134 142 Wearing apparel 121.9 122.2 127.6 126.0 122.7 113.8 112.6 104.1 107.1 129.9 125.2 119.5 104.3 106.0 Clothing, men's 120 122 123 123 122 118 114 107 109 123 121 122 112 107 Clothing, women's 159 160 170 166 161 140 142 119 127 163 153 141 110 122 Corsets and allied garments 118 115 117 116 113 109 94 139 132 161 159 151 143 119 Men's furnishings 122 125 115 114 112 111 112 131 138 141 139 140 140 140 Millinery 63 58 86 79 66 51 54 43 40 83 66 45 37 43 Shirts and collars 132 129 133 133 131 128 128 136 131 152 159 158 151 150 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. 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 1942 June July Mar. Apr. May June July June July Mar. Apr. May June July Leather and Manufactures... 98.1 101.0 101.9 100.5 98.7 97.1 96.4 97.2 103.2 117.2 115.7 112.6 111.2 110.9 Boots and shoes 95 98 99 97 96 94 94 92 99 112 110 107 105 105 Leather 94 96 96 94 93 91 107 109 124 124 123 122 120 Food and Kindred Products 135.2 145.8 131.7 132.8 '135.6 141.8 155.0 144.4 152.8 150.5 152.9 160.3 170.0 184.8 Baking 152 150 150 150 151 154 159 154 153 161 160 166 175 181 Beverages 310 324 289 298 317 313 329 391 421 378 396 445 424 467 Butter 114 112 103 111 119 126 126 105 104 103 109 119 129 133 Canning and preserving 136 211 97 104 106 134 202 134 216 109 117 120 157 256 Confectionery 80 83 93 88 83 79 84 86 85 109 103 97 99 101 Flour 78 80 79 78 77 79 81 79 82 87 86 88 92 98 Ice cream 93 96 72 78 87 94 96 83 85 69 74 82 91 95 Slaughtering and meat packing 120 123 134 134 138 146 151 138 139 160 162 170 184 188 Sugar, beet 48 52 42 46 50 52 68 57 57 56 61 67 71 86 Sugar refining, cane 103 98 92 94 93 87 91 102 91 86 91 90 92 Tobacco Manufactures 65. 65.4 65.4 64.4 62.7 63.8 64.2 70.2 69.8 70.6 r73.6 73.3 77.5 78.2 Tobacco and snuff 52 52 52 52 51 51 51 67 68 70 73 71 76 75 Cigars and cigarettes 67 67 67 66 64 65 66 70 70 71 74 . 73 78 79 Paper and Printing 121.6 123.0 r 121.6r120.8 '119.1 117.2 115.3 128.6 128.6 134.1 133.2 r131.9 130.4 127.5 Boxes, paper 135 139 134 131 127 123 120 170 174 176 173 169 164 159 Paper and pulp 125 126 130 130 128 126 121 158 157 176 172 171 168 161 Book and job printing 102 105 101 100 98 97 98 95 98 98 96 95 93 95 Newspaper and periodical printing... 117 115 r114 r114 r113 112 110 114 110 114 114 114 114 112 Chemicals, Petroleum, and Coal Products. 137.5 140.0 158.5 158.8 157.1 156.7 156.2 173.6 177.7 219.4 222.8 225.7 227.5 230.4 Petroleum refining 125 127 131 132 132 134 134 157 157 180 178 179 182 187 Other than petroleum refining 140.5 143.0 165.2 165.4 163.2 162.3 161.6 178.8 184.0 231.6r236.6 240.0 241.5 244.0 Chemicals 172 176 193 193 194 196 194 233 240 288 293 303 308 312 Cottonseed oil, cake, and meal 66 63 95 80 68 57 60 62 60 99 r86 70 61 65 D Ex ru p g lo g s i i s v t e s s ' preparations 12 * 7 13 • 0 15 * 6 15 * 7 15 * 7 15 * 8 16 * 2 1 * 50 16 * 3 20 * 0 203 * 206 * 203 211 * F P R S e o a a r i a y t n p o i t l n s i z a a e n r n s d d v a a ll r i n ed is h p e r s o ducts , 3 1 9 9 2 4 3 2 7 5 3 1 9 9 2 4 6 1 4 6 3 1 1 9 1 4 6 3 3 1 6 3 1 1 9 1 3 5 2 0 9 6 3 1 1 1 8 2 3 2 7 6 6 3 1 1 8 1 0 3 3 5 2 2 3 1 9 8 0 2 4 3 8 6 3 1 1 9 6 2 7 3 2 9 8 3 1 1 9 6 3 7 0 9 9 3 3 1 1 1 9 7 3 7 4 6 7 9 r3 1 1 1 9 3 7 8 0 7 7 1 r r 1 3 1 1 7 9 4 3 6 3 8 0 3 1 1 1 9 2 2 7 8 2 9 0 3 1 1 1 9 1 6 2 1 9 1 4 Rubber Products 110. 111.4 r94.6 r94.6 96.6 100.5 141.1 135.6 132.4r 126.1 r132.4 137.0 144.8 R Ru u b b b b e e r r b ti o re o s t s a a n n d d i n s n ho er e s tubes 8 7 6 8 8 7 7 9 r7 7 3 5 r7 7 3 4 n 6 7 9 8 8 7 4 2 1 9 2 8 2 1 9 1 4 8 1 9 0 9 6 1 9 0 3 6 1 1 0 1 2 3 1 9 1 7 9 1 9 3 4 1 Rubber goods, other 190 189 172 159 r75 159 159 225 214 229 r206 r210 217 220 156 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for July 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 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total 40.8 41.3 42.2 42.5 42.4 42.6 42.6 72.6 73.8 80.3 80.9 81.9 83.1 84 0 Durable goods 42.5 43.1 44.4 44.7 44.7 45.0 45.1 80.6 82.2 89.3 89.9 91.0 92.3 93.3 Iron and Steel and Products 41.5 42.0 42.1 42.6 42.2 42.6 42.6 85.8 86.3 90.9 91.6 92.6 93.3 93.7 M Tr a a c n h s i p n o e r r t y ation Equipment 4 4 5 2 . . 4 4 4 43 5 . 8 6 4 4 6 7 . . 2 3 4 4 6 7 . . 6 8 4 4 7 7 . . 5 0 r4 4 7 6 . . 8 9 4 46 8 . . 7 1 8 94 1 . . 5 8 9 8 7 3 . . 6 2 1 r9 0 1 6 . . 0 1 r1 r9 0 1 5 . . 8 2 r1 r9 0 3 5. . 7 0 r1 r9 0 4 6 . . 2 9 1 9 0 5 7 .1 2 Nonferrous Metals and Products 42.8 43.1 43.8 44.1 44.2 r44.2 44.6 77.0 79.4 87.2 88.4 89.7 91.1 92.3 Lumber and Products. 40.1 40 9 40.5 40.5 40.4 41.2 41.4 55.6 57.0 61.3 62.0 r63.2 r64.4 65 9 Stone, Clay, and Glass Products 38.5 38.6 38.8 39.0 38.8 39.0 38.6 71.0 71.7 75.9 76.2 76.7 77.1 78.0 Nondurable goods 38.9 39.4 39.7 39.8 39.7 39.7 39.6 64.1 65.0 70.2 70.7 71.4 72.2 72.7 Textiles and Products 37.9 38.1 38.9 39.1 39.1 39.0 38.6 53.0 53.4 59.2 59.6 59.9 60.4 60.3 Fabrics . ... 38.8 39.1 40.1 40.1 40.1 40.3 40.2 52.0 52.2 57T4 57.6 58.3 59.2 59.5 Wearing apparel 36.2 36.0 36.6 37.2 37.0 36.4 35.1 55.0 55.9 62.9 63.5 63.2 62.7 61.8 Leather and Manufactures 37.5 38.7 39.9 40.0 39.3 38.6 38.1 59.0 59.9 65.8 66.3 67.8 68.2 68.5 Food and Kindred Products 40.3 41.0 40.5 40.7 40.4 • 40.9 41.5 67.0 67.2 71.8 72.3 73.2 74.1 74.3 Tobacco Manufactures 36.9 37.6 37.0 36.6 37.6 37.7 38.5 50.9 51.7 54.4 53.7 55.4 56.5 57.5 Paper and Printing 40.0 40.1 40.0 40.1 39.6 39.5 39.0 81.1 82.6 85.4 86.2 86.8 87.6 88.6 Chemicals, Petroleum, and Coal Products 39.8 40.5 40.6 40.7 40.9 41.0 41.0 80.6 82.4 88.1 88.9 90.0 91.7 93.0 Petroleum refining 37.0 38.2 38.8 38.7 38.2 38.5 38.4 100.8 102.0 110.4 110.4 110.3 109.8 110.2 Other than petroleum refining 40.7 41.2 41.1 41.3 41.6 41.8 41.7 74.4 76.1 81.9 83.0 84.4 86.7 88.1 Rubber Products 40.3 41.4 39.7 40.6 40.0 r41.4 41.5 81.6 83.6 88.2 90.1 r91.6 92.6 r Revised. SEPTEMBER 1942. 953 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.1 Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational* Otherl a u nd ti l p it u i b e l s i ! c 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 548.7 673.5 201.3 148.0 81.1 178.0 50.8 23.8 17.1 10.1 53.5 86.0 144.9 227.7 Tune. . ... 539.1 1,190.3 205.6 185.5 102.3 271.8 35.7 46.2 13.5 15.4 49.0 234.9 133.0 436.4 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 ownershipl 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 M~ aayy 244 283 308 329 549 674 93 144 135 112 267 569 151 139 174 217 281 105 June 318 251 288 325 539 1,190 137 108 128 147 314 1,105 180 143 161 177 225 85 Tulv 322 240 300 399 577 944 131 98 137 205 348 876 191 142 163 194 229 68 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.] ,Fiigg,ures for 37 States east of the Rocky Mountains, as reported by the F. . Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district July | June July July June July July June July N B Ph e o i w s l t a o d Y n e o lo rk hia 3 7 2 7 6 3 , , , 9 9 2 9 8 0 7 6 0 1 3 7 3 4 9 1 , , , 2 4 4 4 1 6 7 4 1 3 5 5 3 2 0 , , 2 9 9 5 0 8 2 1 8 B N P C h o l e e i w s l v t a o e d n l Y a e n l o p d r h k ia 29 5 3 5 7 3 0 1 3 6 1 4 3 9 0 6 8 3 4 2 6 7 7 9 1 2 3,2 2 6 7 1 9 2 4 4 5 3 1 3,4 8 4 5 5 3 2 6 0 6 8 1 6 1 , , 6 2 4 7 4 5 8 6 7 0 3 1 A R C i l t c e la h v n m e t l a a o n n d d 1 9 8 6 0 3 1 , , , 0 9 5 1 3 8 7 9 1 1 1 1 1 6 7 4 0 4 , , , 2 7 5 8 3 8 4 8 8 6 3 6 6 3 5 , , , 2 4 3 1 7 7 4 3 3 A C S R t h t i . c l i a c L h n a m o g t u a o o i n s d 11 2 2 1 7 2 9 9 1 3 2 1 1 2 0 9 9 1 3 2 2 1 9 5 9 6 3 9 5 1 0 8 8 7 9 4 2 6 1,1 3 8 1 4 9 8 6 7 3 2 6 1,3 5 1 1 6 5 8 9 1 1 4 8 M S C t h i . n ic L n a o e g a u o p is olis 1 9 4 2 6 1 1 , , 8 2 7 5 9 5 0 6 4 1 1 1 0 3 2 1 0 1 , , 5 5 6 4 7 1 7 5 5 1 9 1 1 5 2 4 , , 7 5 9 9 1 7 6 4 1 M K D a a in n ll n s a a e s s a p C o i l t i y s 3 9 8 4 4 1 1 0 1 0 5 1 1 0 5 4 3 8 3 6 9 3 6 4 2 1 8 1 7 7 0 6 4 2 9 0 6 5 4 9 San Francisco 95 90 111 1,136 1,170 1,219 K D a a n ll s a a s s City 1 9 1 8 1 , , 3 8 5 2 0 6 8 5 6 4 , , 8 9 7 1 7 8 2 2 8 3 , , 7 1 7 3 2 8 Total 764 804 908 8,548 9,906 13,422 Total (11 districts) 943,796 1,190,264 577,392 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. 954 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 289 213 370 325 479 171 178 242 229 254 118 35 128 96 226 February 262 219 347 303 479 163 158 200 234 254 99 61 147 69 C224 March ' 275 268 351 357 609 173 190 217 268 272 102 77 134 89 336 April 274 231 323 387 682 160 186 212 287 234 115 45 111 100 448 May 257 249 324 385 148 202 211 297 109 47 112 88 June 233 236 350 330 146 179 211 280 87 57 138 50 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 September 246 289 295 425 168 182 195 262 79 107 101 162 October 278 332 344 3666 178 215 207 304 100 117 137 3362 November 252 292 328 492 176 235 224 281 76 57 104 211 December 269 368 322 652 171 247 253 344 98 121 69 308 Jan.-Apr. 1,101 . 930 1,391 1,372 2,249 667 713 871 1,018 1,014 434 217 520 354 1,234 c Corrected. 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.—SeeB ULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L s i to v c e- k p u r e c o s t d t s - Ore l c o a e n u l e s - - c l d . h c is a .1 e n . - o r p T a e i o r l a w t t a 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 o r p a e i N l r w a e a t t y ing in N co e m t e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED"1 1941— N J A O D S J u e u u o e c l p n c g y v t e t o e u e e m b s m m t e b b b r e e . e . r r r . . . . . . . . 1 1 1 1 1 1 1 3 3 2 3 3 3 3 9 5 7 9 0 8 7 1 1 1 1 1 1 1 5 2 5 2 1 3 5 6 1 0 1 1 3 8 2 1 1 1 1 1 1 8 0 9 5 6 7 6 9 0 9 9 5 6 7 1 1 1 1 1 1 9 0 2 1 1 1 2 7 3 6 1 8 2 4 1 9 8 9 8 8 0 3 4 5 3 4 1 r1 1 1 1 1 1 1 4 4 3 4 5 4 3 8 6 6 0 2 5 8 2 2 2 1 1 1 1 4 0 0 5 5 5 4 6 4 4 6 2 5 9 1 1 1 1 1 1 1 4 3 4 3 3 4 4 1 9 0 5 3 4 9 1 1 1 9 9 9 9 0 0 0 9 7 7 9 2 0 0 1941— J N J A O D S M u u e o e u c l n a p c t y v g y e o t e e u e b m m s m e t b r b b e e e r r r 4 4 4 4 4 4 4 4 7 8 3 5 7 8 7 6 1 5 9 3 6 6 4 4 3 3 3 3 3 4 4 4 6 7 4 7 7 0 0 1 3 9 6 0 7 3 3 0 1 1 1 9 8 4 1 0 0 7 7 2 5 9 0 0 8 6 3 5 5 4 6 6 3 3 1 0 7 2 8 5 3 7 0 1942— M M A J J F J u u e p a a a l n b n y r y r e i r u c l u a h a ry r y . . . 1 1 1 1 1 1 1 4 4 4 4 3 3 4 3 3 0 1 6 9 2 1 1 1 1 1 1 1 5 1 6 6 2 6 1 5 9 0 4 2 0 6 2 2 1 1 1 1 1 0 0 5 9 9 5 6 5 0 3 7 9 0 8 1 1 1 1 1 1 9 1 1 3 4 1 1 5 7 5 1 2 3 9 1 1 9 9 9 9 9 0 0 9 5 7 8 0 1 3 1 1 1 1 1 1 1 5 5 5 7 5 4 5 5 9 6 2 9 9 9 2 2 1 2 1 1 1 8 8 8 8 8 8 8 9 9 3 6 2 0 7 1 1 1 1 1 1 1 4 4 5 4 5 4 4 1 2 1 9 2 3 4 1 8 6 9 6 9 5 0 0 2 7 0 2 7 0 1942— M A M J F J u e a p a a n b n r r y e i r u c l u a h a ry ry i 6 5 5 4 6 5 2 8 4 9 1 1 7 4 2 5 8 9 4 4 4 4 4 5 7 8 4 1 0 2 1 7 6 3 0 0 1 1 1 9 8 9 2 3 1 6 2 9 8 1 3 5 4 5 7 2 0 8 0 UNADJUSTED UNADJUSTED 1941—May 442 354 43 1941—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 August 140 139 167 125 80 1.60 271 141 99 August 494 382 111 66 September.... 145 140 172 122 111 149 261 150 102 September 489 385 104 59 N O D o e c c t v o e e b m m e b r b e e r r 1 1 1 4 2 4 1 8 4 1 1 1 3 2 3 5 5 8 1 1 1 6 8 6 8 2 5 1 1 1 1 1 0 5 3 4 1 1 9 1 4 7 7 6 1 1 1 2 4 4 9 3 7 2 1 6 3 9 9 2 9 1 1 1 3 5 5 8 1 0 * 1 1 9 0 0 6 1 1 N O D o e c c t v o e e b m m e b r b e e r r 5 4 4 8 1 5 0 8 7 4 3 3 9 2 8 9 4 8 9 6 8 4 9 1 5 5 2 4 5 9 1942— A M M J F J u e p a a a n b n r y r e i r u c l u a h a ry ry 1 1 1 1 1 1 3 2 3 2 3 2 8 9 6 9 9 9 1 1 1 1 1 1 3 3 3 3 3 2 9 5 5 6 2 5 1 1 1 1 1 1 8 7 7 8 7 8 1 6 5 4 9 4 1 1 1 1 1 9 0 1 2 0 1 9 0 1 5 2 0 9 8 9 8 7 7 0 9 5 1 6 7 1 1 1 1 1 1 6 6 5 4 4 5 1 5 9 0 9 3 3 3 2 0 4 4 1 7 1 3 7 6 8 3 8 1 1 1 1 1 1 4 4 4 3 3 3 2 4 5 9 5 4 8 6 9 9 6 9 2 0 1 6 2 3 1942—- M J A M F J u a e p n a a b n r u r i r y e l u c a . . . r . a h . y . . r . y , 6 5 5 4 4 6 2 7 8 0 4 6 4 3 1 1 0 2 4 4 5 4 4 3 0 9 4 1 7 9 5 1 8 2 0 6 1 1 1 9 6 1 0 6 1 2 9 0 2 6 9 P9 4 5 6 2 2 Q 7 8 4 4 6 July 142 132 177 138 76 173 325 148 57 p Preliminary. r Revised. • Derived from Interstate Commerce Commission data. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. SEPTEMBER 1942 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Index numbers based on value figures; 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted 1939 1940 1941 1942 1939 1940 1941 1942 1939 1940 1941 1942 Feb. 4.... 79 Feb. 3 86 Feb. 1 94 Jan. 31 121 11 80 10 . 80 8 95 Feb. 7.... ..114 M J J A M J N F A O D S u a u e e o p c u e a a n l n p b t y v r g c y r u e o t i r c e u e e l u b a h m m m s r a e t y r S r b b b y A e e e L r r r E . S ... 8 9 9 9 8 8 8 8 8 9 8 8 8 8 7 0 3 5 8 8 7 2 8 6 1 1 9 9 9 8 9 9 9 8 8 9 0 0 8 9 9 4 2 0 9 2 7 1 0 1 1 1 1 1 1 1 1 1 1 1 1 H 0 0 3 0 1 0 1 0 1 0 0 I 4 5 4 5 6 1 5 4 6 3 3 1 1 1 1 1 1 1 1 0 0 3 2 2 2 7 8 4 8 4 6 1 1 1 8 9 8 8 8 6 9 6 6 6 0 6 8 7 9 7 2 3 9 9 9 0 6 8 1 1 1 1 8 8 8 8 0 6 1 0 7 7 7 7 6 9 6 7 5 4 4 1 9 1 1 7 1 1 1 1 1 1 1 1 9 8 0 0 7 2 0 0 7 1 9 3 5 6 3 6 2 9 5 0 9 2 7 3 1 1 1 1 1 8 9 1 0 0 0 1 5 8 3 9 0 8 8 A M M p a a r y r . . 2 2 2 1 1 1 2 1 1 4 1 8 6 5 2 9 1 8 8 5 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 0 8 0 0 7 9 8 9 1 1 9 9 9 9 2 8 2 4 0 8 6 0 0 3 8 3 M A M p a a r r y . . 2 3 2 1 2 2 1 1 1 9 2 3 7 0 4 6 4 0 6 7 3 1 . . . . . . . . . . . 1 1 1 1 1 1 8 0 8 1 9 9 9 9 9 8 9 2 2 4 3 8 2 8 5 9 7 8 8 9 M A M p a a r r y . . 2 2 2 2 1 1 1 1 1 8 5 1 3 2 2 9 6 5 5 2 9 0 . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 0 0 9 2 1 1 2 8 3 1 9 3 1 7 8 5 1 8 7 1 4 7 6 4 7 1 M M Ap a a r y r . . 1 2 2 2 2 2 1 1 1 1 1 4 9 7 1 2 8 5 4 8 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 . 1 1 1 1 . . . 1 1 1 1 1 1 1 2 3 1 2 3 3 3 1 4 2 4 6 9 9 6 6 0 1 5 4 0 5 7 0 0 Year ... 90 94 110 2 2 0 7 . 9 9 4 7 2 1 5 8 . . 9 9 7 9 2 1 4 7 .. 1 11 1 7 0 2 16 3 ... . .. 1 1 1 1 5 4 June 3 . 99 June 1 . 90 31..... .109 30. ..... 95 STOCKS 10 105 8 .120 June 7 .127 June 6... . 135 M M J J F A J u a u e p a a n l b n y r y r u e r i c l u a h a ry r . y . .. . 6 6 6 6 6 6 6 7 8 8 7 6 7 7 6 7 6 6 7 6 6 8 1 8 7 0 9 8 7 7 7 7 8 7 7 3 4 4 2 1 4 7 1 1 1 1 1 9 0 0 1 2 3 3 2 8 7 6 4 6 6 6 6 6 6 6 0 5 9 9 8 4 0 6 6 6 7 7 6 7 1 8 4 1 0 1 1 6 7 7 7 7 7 7 4 0 5 6 6 3 3 P1 1 1 1 1 9 8 2 2 2 1 2 3 7 2 4 9 1 8 July 2 1 2 2 1 1 8 5 2 9 4 7 . .. . . . . . . . . . . . 6 6 8 6 9 8 7 7 6 5 2 3 8 4 July 2 2 1 2 2 1 6 3 0 7 9 2 5 . . . . . 1 0 8 9 6 7 7 6 7 9 2 7 2 9 8 July 2 1 1 2 2 1 5 2 6 9 8 1 4 . . . . . 1 1 1 0 2 9 0 8 8 8 7 0 3 9 6 9 7 July 2 1 1 2 2 1 4 1 7 5 3 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 .1 1 1 1 8 9 9 0 0 6 7 4 2 3 0 2 O A S N D e c u o e p t c g v o t e u e e b m m s m e t b r b b e e e r r r. . . 6 6 6 6 7 7 8 9 8 1 6 7 7 7 7 9 0 2 1 1 8 9 9 9 9 7 7 2 5 2 6 8 7 7 6 2 7 5 1 4 6 8 7 7 6 6 3 3 9 6 1 1 8 9 8 0 1 4 5 6 8 0 A Se u p g t . . 1 2 1 5 6 9 2 2 . . . . . . . .. . . . . . . . . . . . . . . . . 1 7 7 7 8 0 7 3 6 2 8 Aug. 1 2 3 1 3 0 4 7 1.... . . . . . 11 8 7 8 9 8 1 9 1 2 Aug. 2 3 1 2 9 3 0 6 . . . . . 1 1 1 1 1 0 1 1 1 5 2 6 3 9 2 Aug. 1 2 2 8 1 5 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 3 9 3 0 6 2 6 Year 68 69 83 1 9 6 . . . . . . . . . . . . 11 9 2 8 Sept 1 7 4 ... . . 1 1 0 2 9 3 Sept. 13 6 . . . . . . . . 1 1 2 2 2 3 Sept. 12 5 . ... 23 .....107 21'.'.. .117 20... .131 19 p Preliminary. 30.... ..120 28... .120 27... .148 26 Back figures.—Department store sales, see BULLETIN for August 1936, p. 631, for October 1938, p. 918, and for January 1941, p. 65; department store stocks, see BULLETIN for March 1938, p. 232. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] July June July June July JuneSeven July June S m ev o e s. n 1942 1942 1942 1942 1942 1942 1942 1942 m 19 o 4 s 2 . 1942 1942 1942 United States.. +5 +4 +13 Boston +6 +4 +14 Cleveland (cont'd) Chicago (cont'd) Dallas +6 +7 +8 New Haven +5 +7 +15 Youngstown -8 -13 +3 Fort Wayne.... +20 +13 +23 Shreveport +5 +14 +16 Portland +20 +17 +24 Erie +3 +17 +22 Indianapolis +11 +14 +17 Dallas -2 0 +3 Boston +8 +5 +13 Pittsburgh -9 +10 Des Motnes 0 +5 Fort Worth +4 +8 +8 Springfield +13 +12 +21 Wheeling -14 -2 +7 Sioux City +2 +2 Houston +5 +3 +9 Providence +8 +4 +14 Detroit +11 +9 +18 San Antonio +19 +19 +18 Richmond +13 +12 +20 Flint -16 -18 -11 NewYork +1 —3 +10 Washington +19 +16 +26 Grand Rapids.. -6 -10 +4 San Francisco +14 +14 +19 Bridgeport +5 +17 Baltimore +13 +13 +21 Lansing -1 +4 +5 Phoenix +27 +19 +26 Newark +6 -5 +10 Winston-Salem... -1 0 Milwaukee +11 +5 +17 Bakersfield -2 -5 +2 Albany -21 -19 -4 Charleston, S. C, +56 +30 +34 Fresno -3 -6 +5 Binghamton -13 -1 +8 Lynchburg -4 +9 St. Louis +3 +8 +13 Long Beach +31 +27 +35 Buffalo +10 +4 +18 Norfolk +17 +22 +29 Fort Smith +34 +42 +40 Los Angeles 0 +3 +9 Elmira +6 +10 +17 Richmond +14 +11 +15 Little Rock +25 +27 +21 Oakland and Niagara Falls... +34 +24 +36 Charleston.W.Va -21 Quincy —4 —2 +6 Berkeley +30 +31 +32 New York City. +1 -4 +9 Huntington +8 Evansville +16 +11 +10 Sacramento +12 +U +19 P R S o y o r u c a g h c e h u s k s t e e e e r psie... + + -1 2 8 +3 + + + 1 9 9 1 At B M la i n o rm t n a t i g n o g m ha e m ry + + + 1 9 1 8 + + + n 9 + + + 1 2 1 3 4 0 M L S S p o t e . u r m i L i n s p o v g h u i f l i i i l s s e e ld.... + - - + 1 1 1 1 8 1 3 + + - — 2 1 1 2 0 1 2 + + + - 1 1 9 2 5 7 S S S S a a a a n n n n t D F J a o r i R a s e n e g o c . o s . i a . . sco + + + + 3 9 0 7 7 + + + + 2 1 9 9 4 0 + + + +1 1 3 1 7 5 1 4 Ph T il r a e d n e t l o p n hia +5 t + +1 1 0 5 M Jac ia k m so i nville +16 +12 0 + - 1 6 2 Minneapolis +2 +2 +9 S V t a o ll c e k jo to a n n . d .. _Napa + + 3 2 6 4 + + 2 4 7 7 + + 3 4 3 9 Lancaster +9 +20 Tampa +11 +13 Boise and Philadelphia.... +9 •+14 +17 Atlanta +1 +3 Kansas City +8 +9 +11 Nampa +17 +20 +23 W Y Re o i a r l k k d e in s g -Barre.... + + 1 4 "+ + + 1 5 6 0 + + + 1 1 1 6 5 8 M B N a e a w t c o o n n O R rl o e u a g n e s. . . . . . . . IS +1 + + + 2 1 7 3 7 D H To e u p n tc e v h k e i a r nson + + 9 5 + * -1 7 + + - 1 1 2 1 P B S o a e l r l t l t i l n L a g n a h d k a e m City.. + + + 2 3 5 9 1 + + + 1 2 3 7 2 1 + + + 2 2 1 8 9 8 •+12 Jackson +1 +4 +13 Wichita +25 +24" +29 Everett 0 +9 +10 Cle A C C C v k i l o e e n l r l a v u c o n e n i m n d l a b n n u a d s tmi + + + + 1 9 6 0 + + + + + 2 1 1 1 1 0 2 7 3 3 Ch K N C ic n a h a s o g a h x o t v t v a i i l n l l l o e e oga.... + + + + + 1 1 6 4 3 2 3 + + + 1 6 2 2 + + + + 1 1 1 8 7 5 1 J K O O S o t m a k . p n l l a a J i s o h h n a s a o s e m p C a h it C y i . t . y . + + + l! 7 <+ + + + 1 l: 4 2 8 + + + + 1 1 1 7 4 5 4 U T S S W Y p e a a a a c o k l t o k l i t a m m a l e n W a a e alla + + + * 3 1 2 0 9 4 0 + + + + - 3 1 3 6 9 0 7 3 + + + 3 1 1 4 8 Toledo +15 Chicago.. +8 Tulsa +16 +22 +23 Peoria +1 - +5 r Revised. N Not available. 956 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Ratio of stocks to sales Percent- (months' supply) Department o N f um sto b r e e r s Per a c g e e nt- Percentage change age Percentage change reporting Ju c n h e a n 1 g 9 e 42 April to June J c u h n a e n g 3 e 0, April 30 to June 30 June 1942 from June 1941 1942 1941 Ju 1 n 9 e 4 1 30, 1942 1941 1941 1941 GRAND TOTAL—entire store 344 +6 -14 -12 +73 +6 -4 4.6 2.8 MAIN STORE-total 344 +5 -13 -10 +71 +6 -3 4.8 3.0 Women's apparel and accessories 341 +13 -21 -25 +68 +3 -7 3.5 2.3 Women's and misses' coats and suits 319 +25 -73 -75 +180 +17 -32 5.4 2.4 Women's and misses' dresses 323 +8 -7 -12 +7 -28 -23 1.0 1.0 Blouses, skirts, sportswear, sweaters, knit apparel 303 +3 +1 +17 +84 +5 -4 2.7 1.5 Juniors' and girls' wear 279 +19 -19 -32 +81 0 -14 2.5 1.6 Infants' wear 295 +31 -18 -31 +82 +6 -4 4.6 3.3 Aprons, housedresses, uniforms 264 +13 +17 +12 +52 -16 -10 1.6 1.2 Women's underwear, slips, negligees 309 +8 +7 +11 +81 +9 -6 4.5 2.7 Corsets, brassieres. 322 +5 -4 -1 +87 +17 +1 4.8 2.7 Hosiery (women's and children's) 330 +29 -4 -11 +150 +6 0 4.4 2.3 Gloves (women's and children's) 312 -4 -59 -62 +37 +15 +6 11.4 8.0 Shoes (women's and children's) 229 +17 -17 -25 +32 -6 -14 4.3 3.8 Furs 227 -38 -74 -59 +19 +33 +38 33.2 17.3 Men's and boys' wear 310 +3 +12 +10 +67 +7 -3 5.4 3.4 Men's clothing 214 -9 -3 +7 +58 +11 -6 6.0 3.4 Men's furnishings, hats, caps 292 +7 +41 +40 +74 +6 0 4.8 3.0 Boys' clothing and furnishings 262 +16 -21 -38 +75 +5 -6 6.2 4.1 Men's and boys' shoes and slippers 153 +1 +17 +20 +44 +8 0 6.4 4.5 Home furnishings 308 -6 -21 -3 +76 +8 -2 7.0 3.8 Furniture, beds, mattresses, springs 224 -.11 -18 +4 +65 +7 • -2 6.2 3.4 Domestic floor coverings 230 -3 -37 -25 +102 +5 -5 9.4 4.5 Draperies, curtains, upholstery 284 +15 -12 -14 +55 0 -8 5.2 3.9 Major appliances (refrigerators, washers, stoves, etc.) 196 -47 -56 -9 +45 -8 0 5.0 1.8 Domestics, blankets, linens, etc 276 -1 +2 +23 +80 +9 0 7.6 4.2 China and glassware 206 -8 +5 +20 +30 +14 +6 8.6 6.1 Housewares 211 +10 -23 -12 +96 ' +11 +4 6.2 3.5 Piece goods (dress and coat yard goods, all m a terials) 279 +32 -16 -18 +62 -6 -11 4.7 3.8 Small wares 317 +8 +19 +19 +64 +21 +12 5.4 3.5 Notions 218 +16 +14 +13 +75 +22 +19 4.4 2.9 Toilet articles, drug sundries (including prescriptions) 309 +6 +16 +17 +73 +20 +13 5.1 3.1 Jewelry and silverware 277 +5 +31 +35 +57 +20 +9 5.7 3.8 Miscellaneous 271 +2 +32 +40 +85 +27 +18 5.3 2.9 BASEMENT STORE—total. 222 +13 -11 -16 +89 +4 2 3.4 2.0 Women's apparel and accessories 198 +15 -7 -14 +100 +2 -5 2.5 1.5 Men's and boys' clothing and furnishings 170 +13 +33 +22 +103 +36 +25 4.6 2.6 Home furnishings 134 +8 -8 -4 +98 +14 +7 5.2 2.8 Piece goods 61 +32 -85 -88 +70 -75 -72 4.2 3.2 Shoes 125 +8 +3 -5 +44 +11 +3 3.5 2.6 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main ore owing' chiefly to inclusion in basement of fewer departments and somewha t different types of merchandise. SEPTEMBER 1942. 957 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 com- Farm Year, month, or week m t o ie d s i- p u r c o t d s - Foods Total H p l i r d e 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 i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u e m n d c i d t - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 09.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 1LOO.O 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 . .. 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 19^7 . 86.3 86.4 85.5 85.3 04.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 LOO.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1941—January 80.8 71.6 73.7 84.3 1102.4 75.2 72.1 97.7 99.6 78.6 89.0 77.1 February 80.6 70.3 73.5 84.4 L01.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 L02.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 06.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 07.8 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 10.2 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 )14.1 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 98.7 104.5 98.7 95.6 119.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 104.4 98.9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 104.4 99.3 p95.6 118.2 97.6 78.4 p103.9 110.1 97.2 102.9 90.2 July ..... p98 7 105.3 99.2 P95.7 118.2 97.1 79.0 p103.8 110.3 96.7 102.8 89.8 Week ending 1942—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 98.5 104.3 98.2 95.9 119.8 97.3 78.8 104.0 110.1 97.3 104.6 90.2 May 23 98 7 104.8 99.1 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 78.9 104.0 109.9 97.3 104.5 90.1 June f\ ^98.7 105.6 99.7 p95.9 118.8 97.2 78.9 109.9 97.2 104.5 90.0 fune 13 P98.4 104.3 99.5 *95.9 118.9 97.2 78.9 p104.0 109.9 97.2 104.5 89.9 Fune 20 P98 1 104.5 98.4 P95.9 118.9 97.3 79.0 ^104.0 109.9 97.2 104.5 90.0 Fune 27 P98.4 104.6 99.3 P96.0 118.9 97.3 79.2 p104.0 110.0 97.2 104.5 90.0 Fury 4 ^98.5 104.9 99.3 P96.1 118.9 97.3 79.5 P104.0 110.6 97.2 104.5 90.1 Fuly 11 ^98.5 105.5 98.7 118.9 96.8 79.5 p104.0 110.3 97.2 104.5 90.0 Fury 18 P98.3 104.9 98.3 P95.9 118.8 96.8 79.6 p103.9 110.2 97.2 104.4 89.6 Fniv 25 P98.4 105.4 98.9 P95.9 118.8 96.8 79.5 P103.9 110.1 96.4 104.4 89.6 August 1 P98.6 105.6 100.1 P95.8 118.8 96.5 79.6 ^103.9 110.0 96.4 104.4 89.1 August 8 P98.6 105.4 99.7 p95.7 118.8 96.5 79.6 P103.9 110.2 96.3 104.4 88.9 August 15 106.0 100.5 P95.8 18.8 96.5 79.7 p103.9 110.2 96.3 104.1 89.0 August 22 P98!9 106.4 "100.8 p95.7 118.9 96.5 79.6 p103.9 110.3 96.2 104.1 88.6 1941 1942 1941 1942 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 76.3 91.5 Q"2 88.8 89.1 Agricultural implements... 92.5 96.9 96.9 96 9 96.9 Livestock and poultry 98 9 118.3 11/ 6 116.9 117.8 Farm machinery 93.5 98.0 98.0 98.0 98.0 Food O s: ther farm products 79 9 99 0 990 100.<; 101.5 M Iro o n to a r n v d e h s i t c e l e es l.. 1 9 0 6 0 . . 8 4 p11 9 2 7 . . 8 1 97.2 P1 9 1 7 2.8 2 97.2 Dairy products 87 7 94.1 9: 92.0 96.0 Nonferrous metals 84.7 85.6 85^6 85.6 85^6 Cereal products 80 3 90.2 89.0 87 r\ 87.2 Plumbing and heating 83.2 98.5 98.5 98 5 94.1 Fruits and vegetables 69.4 97.7 96.7 10S4 98.5 Building Materials: Meats 93.8 112.8 114.8 113.9 113.4 Brick and tile 94.2 98.0 98.0 981 98.0 Other foods 81.6 90.4 90.6 91.0 91.9 Cemeit 92.1 94.1 94.1 942 94.2 Hides and Leather Products: Lumber 122.3 131.8 131.5 1317 132.9 Shoes 114.7 126.7 126.6 126.4 126.4 Paint and paint materials.. 91.6 100.6 100.6 1003 100.7 Hides and skins 112.5 123.5 121.4 118.5 118.5 Plumbing and heatine: 83.2 98.5 98.5 985 94.1 Leather ... . .. 98.1 101.3 10 101 101.3 Structural steel. 107.3 107.3 107.3 107 3 107.3 Other leather products 102.7 115.2 115.2 115.2 115.2 Other building nlaterials... 98.4 103.8 103.8 1038 103.8 Textik Products: Chemicalsand AlliedProducts: Clo thing 93.9 107.8 109.6 1091 107.2 Chemicals 87.3 96.4 96.5 965 96.5 Cctton goods 96.1 113.8 112.9 1127 112.7 Drugs and pharrnaceuticals 100.0 126.7 129.1 1291 129.1 H(>siery and underwear 62.9 70.6 71.9 700 69.7 Fertil zer materials 74.0 79.2 79.0 784 78.5 Sik.. :::::::.: Mixed fertilizers 77.0 82.8 82.8 828 82.8 wi o y o o le n n and worsted goods "2 9 9 6 .5 .5 ' " 1 3 1 0 1 .3 .0 " 1 3 1 6 1 ' . S 0 " 1 3 1 0 1 3 0 " 1 3 1 0 1 ^ . 3 0 Hous O e i f l u s r a r n is d h i f n a g t s G . o . o . ds: 83.7 108.8 108.6 1085 104.2 Other textile products 98.0 98.5 98.3 982 98.2 Furnishings 99.7 108.0 108.1 1081 108.0 Fuel and Lighting Materials: . Furniture 88.9 97.5 97.5 974 97.5 Arithracite 82.2 83.7 85.3 857 85.7 Miscellanzous: Bitiiminmis roa.l 104.9 108.2 108.5 109 109.8 Auto tires and tubes 58.8 72.5 73.0 730 73.0 Coke 122 2 122 1 122 1 122 1 122.1 Cattle feed.... 104.2 140.4 140.4 140 0 136.3 Electricity 66.8 64.4 63.8 Paper and pulp. 98.8 102.9 102.8 1016 100.5 Gas 80 8 78 1 79 9 81 h' Rubber, crude 46.0 46.3 46.3 463 46.3 Petroleum products 60.9 58.4 59.1 59 8 60.6 Other miscellaneous 88.9 93.4 93.5 93.3 93.3 Back figures—-For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). p Preliminary. 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK * ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1942 Chart 1942 book book page July July Aug. Aug. Aug page 22 29 5 12 19 July 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 2.61 2.76 3.17 Reserve Bank credit, total 3 3.20 3.24 3.45 3.51 U. S. Gov't. securities 7 2.46 2.58 2.98 U. S. Gov't. securities, by maturi- Bills discounted 7 .01 .01 (6) ties, total 5 3.05 3.11 3.30 3.39 3.39 Gold stock. 2 22.71 22.73 22.74 Within 1 yr 5 .91 .98 1.16 1.24 1.30 Money in circulation 2 11.90 12.21 12.53 Within 5 yrs 5 1.56 1.62 1.81 1.90 1.9* Treasury cash 2 2.19 2.19 2.20 After 5 yrs 5 1.49 1.49 1.49 1.49 1.4' Treasury deposits , 2 32 .14 .42 Gold stock 3 22.75227522.74 22.7422.75 Reserve balances 2,8 1251 1262 12.41 Treasury currency 3 3.32 332 333 3.33 3.34 Required reserves 8 984 9.92 10.17 Money in circulation 3, 11 12.551265 1279 12.8713.06 Excess reserves 8 267 270 2.24 Treasury cash holdings 3 2.22 222 2.20 2.21 2.22 Money in circulation, total 10 1207 1238 12.74 Treasury deposits 3 .30 18 29 17 .18 Coins and bills under $50 10 884 908 9.40 Nonmember deposits 3 135 141 133 133 1.34 Bills of $50 and over 10 324 330 3.34 Member bank reserves 3 1255 1255 1260 127112.53 Excess reserves—total* 9 2.21 221 23P236P2.13 TREASURY FINANCE New York City 9 25 26 28 24 .23 U. S. Government debt: Chicago 9 07 07 06 07 .41 Direct obligations, total 19 6811 7197 76.69 Reserve city banks 9 111 111 109 117 1.04 Bonds 19 4816 4878 51.76 Country banks* 9 78 77 p80 p89 P.S2 Notes 19 867 970 10.05 Bills 19 n.76 ?5.60 76.76 MEMBER BANKS Special issues 19 7.52 7.88 8.12 Total, 101 cities: Guaranteed obligations 19 5.67 4.55 4.55 Loans and investments 16 3340 33.513351336034.52 Balances due to domestic banks.... 16 839 844 856 860 8.50 Per cent per annum Demand deposits adjusted 16 2631 26.67 2614265326.7: HONEY BATES, ETC. Time deposits 16 509 5.10 510 511 5.12 F. R. Bank discount New York City: rate, N. Y 23 1.00 1.00 1.00 Commercial loans 17 257 2.60 2.60 260 2.59 Treasury bills (new issues) 23 .364 .363 .368 Brokers' loans 17 50 .46 43 42 .46 Treasury notes (taxable) 23 1.03 1.15 1.20 U. S. Gov't. obligations 17 8.15 8.23 8!21 8!26 8.53 U. S. Gov't. bonds2 29 1.97 1.97 2.00 100 cities outside New York: Commercial paper 25 .63 .69 .69 Commercial loans 17 386 3.83 3.81 3.83 Corporate Aaa bonds 25, 29 2.85 2.85 2.83 U. S. Gov't. obligations 17 11.07 11.16 11.23 11.2511.90 Corporate Baa bonds 29 4.27 4.33 4.30 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39=100): Treasury bills (new issues) 21 .369 .372 .372 .372 .369 Total 31 63.2 66.1 68.2 Treasury notes (taxable) 21 1.21 1.22 1.24 1.25 1.26 Industrial 31 64.7 68.2 70.6 U. S. Gov't. bonds* 21,29 2.00 .2.00 2.02 2.02 2.02 Railroad 31 60.3 59.0 62.9 Corporate Aaa bonds 29 2.83 2.82 2.82 2.81 2.81 Public utility..... 31 57.2 58.8 58.4 Corporate Baa bonds 29 4.30 4.29 4.29 4.28 4.28 Volume of trading (mill, shares)... 31 .32 .32 .35 Brokers' balances (mill, dollars): Credit extended customers.... 33 502 496 491 In unit indicated Money borrowed 33 300 309 307 Customers' free credit balances 33 238 240 238 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total _.......... 31 9.4 67.7 67.7 67.9 69.3 Wholesale prices: Industrial 31 1.8 69.9 69.8 70.1 71.5 All commodities (1926 = 100): Railroad 31 4.2 63.9 64.1 64.0 67.5 Total8 35, 65 98.6 Public utility 31 9.0 58.2 58.4 58.4 59.2 Farm products.. 35 104.4 104.4 105.3 Volume of trading (mill, shares) 31 .30 .28 .27 .29 .41 Other3 35 95.7 95.6 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 121.8 121.4 p121.6 All c T F o a o m r t m a m l o p d r i o ti d e u s c t ( s 1 926=100): 3 3 5 5 p 1 9 0 8 5 . . 4 4 P 1 9 0 8 5 . . 6 6 P 1 9 0 8 5 . . 6 4 p 1 9 0 8 6 . . 9 0 P 1 9 0 8 6 . . 9 4 Cost of l F R iv i a n i w n is g h a e n ( d 1 d 9 3 s 5 e - m 39 if i = n is 1 h 0 e 0 d ) . : . 3 3 7 7 1 1 3 7 1. . 1 1 1 1 3 1 0 7 . . 3 1 1 13 1 0 7 . . 8 0 Basi O c t c h o e m r m '.. o . d .. i . t ; i es 35 P95.9 P95.8 p95.7 P95.8 P95.7 A R l e l n i t tems 3 3 9 9 , .0 1 9 6 . . 9 0 1 1 0 1 8 6. . 4 5 1 10 1 7 6 . . 7 9 (Aug. 1939 = 100), total 36 166.3 166.5 166.9 167.2 166.9 Clothing 39 .26.2 125.3 125.3 12 foodstuffs 36 183.9 184.3 186.3 187.9 186.7 Food 39 21.6 123.2 124.6 16 industrial materials 36 154.1 154.1 153.7 153.1 153.3 A St u e ( t p e o l e m r p o c r b o e i d n le t u c o p ti f r o o c n d a 4 u p c a t c io it n y ) (thous. cars)6.. 4 4 4 4 98.0 96.3 95.8 96.5 97.2 1 e F E i s g t u im re a s te fo d r . o p th P er r e t l h im an i n W ar e y d . ne r s d R a e y v d is a e t d e . s are shown under the Wed- Frei M g T h o i t s t - a c c l e a l r l a l n o e a o d u i s n gs (thous. cars): 4 4 5 5 8 39 5 0 5 . . 3 5 3 8 9 6 5 3 . . 1 5 8 38 4 7 9 . . 1 8 396.9 8 40 6 2 9 . . 7 4 le 3 4 2 s d R O P a a e t y h r v t e i i i s r n a e c l d t l l y h u f a d i n g t e a u d x f r a e - in e r s m x t b e h a m e p s e r p w o d t e d o e i u s k n c s l u t y c s e a s p a p e n a o r d c i n o i l t d f y y o . . o a d s s o . f July 1, 1942. El h e r c s t . r ) i c power production (mill. kw. 46 3,626 3,649 3,637 3,655 3,674 5 Data no longer published. D F. e H p . a A r . t m h e o n m t e s t m or o e r t s g a a le g s e s ( , 1 9 n 3 e 5 w -3 9 c o = n s 1 t 0 r 0 . ) 46 92 96 110 113 115 7 6 L In e c s l s u d t i h n a g n c $ e 5 rt , i 0 f 0 ic 0 a ,0 t 0 es 0 . of indebtedness. (thous.) 47 3.34 3.00 3.48 3.27 3.05 8 * E C s o t p im ie a s te o f f o t r h i A s u C g h u a s r t t is B s o h o o k w m n a o y n b p e a g o e b 9 ta 5 i 8 n . ed at a price of 50 cents each. 959 SEPTEMBER 1942. 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 May June | July page May June July MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:! 2 3 Wholesale prices: Total (1935-39 = 100) 41, 42 r175 176 "180 Canada 65 95.2 95.8 96.1 Durable manufactures 41 90 92 ^95 Germany 65 P85 Iron and steel 42 22 22 22 Japan , 65 Machinery, etc 42 53 . 55 P5S Sweden 65 148^6' Pi 49^3P153.3' Other durable 42 15 15 P15 Switzerland 65 145.3 Nondurable manufactures 41 65 64 United Kingdom 65 129.7 "129.0 Textiles and leather 42 20 20 P Fo ap o e d r s , a l n iq d u p o r r i s n , t a in n g d tobacco ... 4 4 2 2 1 1 2 8 1 1 1 9 P19 In cents per unit of Other nondurable 42 14 14 P15 foreign currency Minerals 41, 42 20 20 P20 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 88.56 89.96 89.94 New D o u r r d a e b r l s e , total (Jan. 1939 =100). 4 4 3 3 4 2 3 7 2 0 3 5 1 4 4 5 P P3 2 9 5 1 3 United Kingdom (pound) 67 403.50 403.50403.50 Nondurable 43 167 166 Shipments, total (1939 = 100) 43 203 202 1942 Durable 43 254 256 p262 Nondurable 43 164 160 P163 Inventories, total (1939 = 100) .... 43 170 173 P175 Mar. Apr. May Durable 43 190 193 Pi 96 Nondurable 43 153 155 P156 In billions of dollars Freight-car loadings:l 2 Total (1935-39 = 100)3 57 143 141 142 Increase in U. S. gold stock* Coal 57 34.8 34.1 33.1 Total 63 Miscellaneous 57 77.7 78.9 81.6 Net capital inflow: All other 57 30.2 27. 27.0 Total 62, 63 Inflow of foreign capital 62 1923-25 = 100 Return of domestic capital 62 Merchandise export surplus 63 Other factors 63 Factory employment 51, 53 137.7 139.1 Short-term foreign liabilities and Factory payrolls 51, 53 193.2 197.7 P2Q2A assets of banks: -Average hourly earnings Due to foreigners 64 (cents per hour) 51 83.1 84.0 Due from foreigners 64 Average hours worked Net due to foreigners ,, 64 (hours per week) 51 42.6 42.6 Department store sales* 59 108 104 121 Department store stocks! 59 126 134 P138 In millions of dollars June Residential contracts awarded:1 T Pu o b ta li l c 4 4 7 7 1 7 3 6 7 1 14 8 1 1 1 8 2 5 6 QUARTERLY FIGURES In billions of dollars Private, total 47 61 40 41 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 50 35 35 Cash income 18 2.86 5.55 4.42 Other 47 11 5 7 Cash outgo 18 7.19 9.04 13.18 Construction contracts awarded :* Excess of cash outgo 18 4.33 3.49 8.76 Total 49 650 792 p855 Domestic corporation security issues: Residential 49 140 140 Total 32 .47 .36 .36 Other 49 510 652 New 32 .27 .22 Nonagricultural employment! Refunding 32 .20 .14 (mill, persons): Total 50 41.14 41.17 Manufacturing and mining 50 13.91 14.07 Per cent per annum Trade 50 6.70 6.59 Government 50 4.79 4.87 Bank rates on customers' loans: Transportation and utilities 50 3.39 3.40 Total, 19 cities 25 2.41 2.48 2.62 Construction 50 1.96 1.85 New York City 27 1.88 1.85 2.07 Income payments:! 7 other Northern and Eastern Total 54 r9,125 9,337 P9.472 cities 27 2.45 2.48 2.56 Salaries and wages 54 r6,25O 6,470 p6,609 11 Southern and Western cities 27 2.99 3.20 3.34 Other.. 54 r2,875 2,867 P2.863 Cash farm income: p Preliminary. r Revised. Total 55 1,030 1,070 PI,219 1 Adjusted for seasonal variation. Crops 55 259 286 P490 2 In points in total index. Livestock and products 55 734 784 P729 3 Estimate for August is shown on page 945. Gov't. payments 55 37 4 Three-month moving average, adjusted for seasonal variation. Exports and imports: 5 Cumulated from Jan. 31, 1934. Exports 61 Imports 61 Excess of exports 61 96O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Contfnued [In billions of dollars] 1939 1940 1941 Chart book page Oct. Dec. Mar. June Dec. Apr. June Sept. Dec. Apr. June 2 30 26 29 31 4 30 24 31 4 30 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 12 62.87 64.10 64.88 66.96 70.75 72.43 74.15 76.09 78.25 '80.00^82.62 Demand deposits adjusted 12 29.09 29.79 30.54 .31.96 34.94 36.10 37.32 38.68 39.00 .59 Time deposits 12 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 '27.20^27.26 Currency outside banks 12 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 !10.40p10.91 Loans and investments, total 13 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 !62.00*>64.00 Loans 13 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.19 26.62 «26.30^25.10 Investments 13 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 :35.7O*>38.90 MEMBER BANKS Investments, total C1) 19.61 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 26.45 29.87 U. S. Government obligations: Direct 14 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 21.41 Guaranteed 14 2.92 3.14 3.11 ^12 3.49 3.49 3.84 4.24 3.83 3.47 2.69 State and local government obligations 14 2.76 2.69 2.90 2.89 3.01 3.21 2.98 3.16 3.09 3.17 2.93 Loan O A R O S F C s o t e l o t t , r l h h r a m e e t e e l o e o i r r m t t g e t h a n s s e d l e l e t o r o r a c c s a m t i e u n l e a o c e r s l u i a s l t n o l t r ( y o i i b s a c t a r n i l n e o o s s s s k e a c e n ( u r i s s n r 3 ' i c t l l i o . e a s o n p s e ) n-market paper) C C 1 1 1 1 1 1 1 1 ) ) 5 5 5 5 4 4 13. 0 ( 8 8 0 4 2 7 ) 1 6 2 2 2 3 . . . . . . . . 5 9 9 7 9 6 8 1 7 6 4 7 6 1 8 9 13.9 ? 4 ) 1 3 3 6 2 3 . . . . . . . . 7 0 0 7 8 1 9 3 2 6 7 0 2 0 7 7 1 3 3 2 7 5 . . . . . . . . 2 5 2 8 8 3 4 1 7 2 3 0 3 2 7 7 15. a ( 0 8 2 2 8 ) 1 3 3 8 2 6 . . . . . . . . 5 3 6 7 7 4 1 7 5 7 1 2 9 2 5 3 17. ( ( 5 2 2 ) 5 ) 1 • 3 3 9 8 2 . . . . . . . . 4 6 6 0 7 4 1 7 9 4 9 2 8 1 4 3 17. ( ( ( ( ( 8 2 2 2 ) 2 3 ) ) ) ) 1 3 3 9 2 6 . . . . . . . . 2 5 1 3 6 9 5 4 0 0 1 1 9 3 3 3 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding... <*> 47.07 47.87 50.36 54.75 63.77 76.52 Amount held by: U. S. Government agencies and trust funds: Public issues 20 r2.30 r2.30 2.25 2.36 2.55 2.72 Special issues 20 4.23 4.77 5.37 6.12 7.89 Federal Reserve Banks 20 2.48 2.47 2.18 2.18 2.25 2.65 Commercial banks 20 16.30 16.55 17.76 20.10 21.79 P26.09 Mutual savings banks 20 3.10 3.11 3.22 3.43 3.70 2*3.90 Insurance companies 20 6.30 6.50 6.80 6.90 7.90 p8.90 Other investors 20 r12.40 12.20 12.80 13.70 18.60 P24.40 r Revised. p Preliminary. e Estimated. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Includes only loans made for the purpose of purchasing or carrying securities. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1942] [In thousands of unitsl Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Aug. 1, 1942 1941 Aug. 1, 1942 1941 Aug. 1, 1942 1941 Aug. 1, 1942 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,659 7,994 36 44 New York 31,008 30,919 7,381 8,279 72 80 Philadelphia 47,602 51,850 15,268 14,187 150 166 Cleveland 201,445 208,611 54,212 41,088 63 64 Richmond 986 1,580 133,964 130,193 26,631 26,054 Atlanta 1,947 2,557 182,345 162,049 7,106 7,267 Chicago 1,045,410 1,106,997 58,373 36,837 1,465 1,437 St Louis *3,509 23,614 348,402 336,793 51,228 25,396 22 21 Minneapolis 289,981 288,993 32,433 41,418 238,357 231,545 Kansas City 596 687 287,441 325,266 285,960 356,241 7,093 5,403 Dallas 3,139 4,000 87,759 95,122 28,066 48,576 108 102 San Francisco 567 647 9,525 8,909 104,635 92,365 27,278 18,602 Total 10,744 13,085 2,672,541 2,753,696 671,293 697,708 274,644 257,464 Oats Tame hay Tobacco White potatoes * Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Aug. 1,1942 1941 Aug. 1, 1942 1941 Aug. 1, 1942 1941 Aug. 1, 1942 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,106 6,410 2,782 3,383 33,273 31,516 53,238 53,578 New York . .. 26 949 33,384 4,465 6,186 1,944 1.521 32,986 33,489 Philadelphia 18,974 18,463 2,096 2,425 52,518 55,132 21,710 21,504 Cleveland 63,867 64,875 4,994 5,480 107,933 104,279 17,418 17,026 Richmond 23 470 25,180 4,008 4,411 650,557 744,855 21,435 25.023 Atlanta 21,866 22,870 4,056 3,888 136,328 148,429 15,547 16,172 Chicago 471,752 528,357 18,116 20,373 32,051 29,575 40,711 41,615 St Louis 71,149 79,391 8,232 8,650 240,239 239,360 11,838 13,020 MinneaDolis 264 344 356,245 11,388 11,980 2,603 2,443 40.006 47,223 Kansas Citv . .... 136,518 143,115 7,894 8,211 3,918 4,045 29,697 30,186 Dallas 41 748 15,672 1,907 2,164 6,760 6,317 San Francisco 29,364 37,549 12,420 12,409 66,437 73,022 Total 1,176,107 1,331,511 82,358 89,560 1,261,364 1,361,155 357,783 378,175 1 Includes 25,000 bales grown in miscellaneous territory. 2 Includes 20,000 bales grown in miscellaneous territory. NOTE.—1941 figures for cotton are as revised in August 1942. 961 SEPTEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1942 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks M sav u i t n u g a s l Privatel Insured in N su o r t ed NUMBER OF BANKS (HEAD OFFICES) December 31, 1933 15,029 5,154 857 28,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 14,825 5,117 31,502 6,809 800 545 52 June 30, 1942 s 14,775 5,101 31,546 6,755 778 4544 651 NUMBER OF BRANCHES December 31, 1933 2,911 1,121 960 2700 125 5 December 31, 1934 3,133 1,243 981 6778 126 5 December 31, 1940 3,666 1,539 1,002 940 44 135 6 December 31, 1941 3,699 1,565 1,015 932 46 135 6 June 30, 1942, total 3,712 1,572 1,019 933 46 4136 66 In head-office cities 1,727 685 782 134 11 114 1 Outside head-office cities. 1,985 887 237 799 35 22 5 ANALYSIS OF BANK CHANGES, JAN. 1-JUNE 30, 1942 Increases in number of banks: Primary organizations (new banks)? +15 +2 +8 +5 Reopenings of suspended banks +1 Unclassified +2 Decreases in number of banks: Suspensions m -4 -3 -1 Consolidations and absorptions -36 -11 -2 -18 -4 4 Voluntary liquidations -28 -3 -13 -12 Inter-class bank changes: Conversions—m National into State -3 +3 State into national +1 Private into State +1 -1 Federal Reserve membership^ Admissions of State banks +45 —42 -3 Withdrawals of State banks — 1 +1 Federal deposit insurance^ Admissions of State banks +8 Withdrawals of State banks Net increase or decrease in number of banks -50 -16 +44 -54 -22 -1 ANALYSIS OF BRANCH CHANGES, JAN. 1-JUNE 30,1942 Increases in number of branches: De novo branches +20 +1 +10 Banks converted into branches +15 +2 +8 Decreases in number of branches: Branches discontinued ,...... -.... -. _...... -22 -6 -10 Inter-class branch changes: From nonmember to State member * , +7 -7 Net increase or decrease in number of branches. +13 +7 +4 +1 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes three mutual savings banks. 4 Number of banks comprises 50 insured and 494 uninsured; number of branches comprises 33 insured and 103 uninsured. The figures beginning with 1940 exclude one bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank|but is now included with "Nonmember banks other than mutual savings and private banks." 6 Number of banks comprises 1 insured and 50 uninsured; all branches were uninsured. 6 Separate figures not available for branches of insured and not insured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures— See Annual Report for 1941 (tables 16 and 17). 962. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CONDITION ON JUNE 30, 1942 BY CLASSES OF BANKS [Amounts in thousands of dollars] All b m an e k m s ber Al m l b e n a m a n t k b io s e n r al A m b l e l a m n S k b ta s e t r e Ce m n e tr m al b e r r e s b e a rv nk e s c * ity m R b e e a c s m n i e t k y b r s v e l e r C m b o e a u m n n k b t s r e 1 y r New York Chicago ASSETS Loans (including overdrafts) 16,928,316 10,880,073 6,048,243 4,065,980 905,844 6,563,862 5,392,630 United States Government direct obligations 21,412,952 13,254,011 8,158,941 7,383,354 1,768,498 7,382,904 4,878,196 Obligations guaranteed by United States Government 2,685,132 1,623,726 1,061,406 1,166,483 89,545 805,572 623,532 Obligations of States and political subdivisions 2,933,835 1,955,746 978,089 623,011 163,838 924,594 1,222,392 Obligations of Government corporations and agencies, not 585,067 353,101 231,966 186,498 47,565 224,281 126,723 guaranteed by United States Other bonds, notes, and debentures 1,870,638 1,202,159 668,479 452,282 118,485 497,741 802,130 Corporate stocks (including Federal Reserve Bank stock).. 384,285 194,949 189,336 141,862 22,357 135,894 84,172 Total loans and Investments 46,800,225 29,463,765 17,336,460 14,019,470 3,116,132 16,534,848 13,129,775 Reserve with Federal Reserve Banks 12,295,224 7,464,826 4,830,398 4,761,501 973,427 4,253,927 2,306,369 Cash in vault ^ 1,021,745 715,044 306,701 87,918 42,898 357,456 533,473 Demand balances with banks in United States (except pri- Ot v h a e t r e b b a a la n n k c s e a s n w d# i A th m b e a r n ic k a s n i n b r U an n c it h e e d s S o t f a f te o s reign banks)2 5,6 8 8 5 4, , 5 5 3 69 1 4,34 6 6 7 , , 3 3 1 4 9 5 1,33 1 8 8 , , 2 2 1 24 2 10 1 2 , , 2 1 5 4 0 8 21 3 6 , , 7 3 6 56 2 2,2 2 5 7 0 , , 9 77 38 9 3,11 5 5 2 , , 2 6 4 1 8 9 Balances with banks in foreign countries 12,425 9,068 3,357 8,053 244 2,593 1,535 Due from own foreign branches 275 275 275 Cash items in process of collection 2,621,528 949,985 846,887 163,077 1,205,385 406,179 Bank premises owned and furniture and fixtures 912,669 586,934 325,735 201,760 18,625 324,305 367,979 Other real estate owned 157,897 72,490 85,407 19,627 1,326 60,658 76,286 Investments and other assets indirectly representing bank premises or other real estate 97,206 52,526 44,680 10,081 658 65,257 21,210 Customers' liability on acceptances 58,830 32,306 26,524 32,055 1,499 21,835 3,441 Income accrued but not yet collected 109,348 63,349 ' 45,999 39,610 9,018 41,043 19,677 Other assets , .« «.«.-.«. 88,383 38,820 49,563 11,871 5,510 30,958 40,044 Total assets _..-._.-..«.. 69,945,855 44,584,335 25,361,520 20,142,506 4,552,532 25,176,982 20,073,835 LIABILITIES Demand deposits—Total2 _ 51,168,041 32,278,438 18,889,603 17,383,702 3,781,032 18,250,268 11,753,039 Individuals, partnerships, and corporations 35,646,301 21,899,019 13,747,282 12,013,545 2,292,475 12,198,937 9,141,344 United States Government 1,724,343 1,123,813 600,530 863,492 201,006 422,469 237,376 States and political subdivisions 3,230,227 2,397,259 832,968 271,406 226,365 1,303,678 1,428,778 Banks in United States2 9,110,454 6,047,866 3,062,588 3,283,799 1,027,701 4,052,370 746,584 Banks in foreign countries 746,180 369,843 376,337 678,810 9,805 54,977 2,588 Certified and officers' checks, cash letters of credit and travelers' checks, etc 710,536 440,638 269,898 272,650 23,680 217,837 196,369 Time deposits—Total 12,236,412 8,255,229 3,981,183 738,011 460,236 4,795,669 6,242,496 Individuals, partnerships, and corporations: Savings deposits 10,357,105 7,060,271 3,296,834 400,871 408,538 4,091,299 5,456,397 Certificates of deposit 566,472 428,296 138,176 6,894 25,749 117,389 416,440 Christmas savings and similar accounts 129,771 87,373 42,398 6,476 999 42,284 80,012 Open accounts 619,738 230,158 389,580 302,583 24,750 203,145 89,260 United States Government and Postal savings , 49,033 35,576 13,457 18,493 30,540 States and political subdivisions 400,020 333,992 66,028 17,286 200 239,499 143,035 Banks in United States 108,782 74,851 33,931 160 81,810 26,812 Banks in foreign countries 5,491 4,712 779 3,741 1,750 Total deposits2 63,404,453 40,533,667 22,870,786 18,121,713 4,241,268 23,045,937 17,995,535 Due to own foreign branches 195,812 . 168,452 27,360 193,767 2,045 Bills payable, rediscounts, and other liabilities for borrowed money 6,007 2,014 3,993 3,000 3,007 Acceptances outstanding 68,323 37,222 31,101 37,334 1,554 25,865 3,570 Dividends declared but not yet payable 40,257 25,865 14,392 19,629 990 12,848 6,790 Income collected but not yet earned 62,325 42,035 20,290 9,891 2,463 31,327 18,644 Expenses accrued and unpaid 121,830 73,375 48,455 36,179 9,948 52,294 23,409 Other liabilities 56,281 31,100 25,181 22,649 3,438 21,800 8,394 Total liabilities 63,955,288 40,913,730 23,041,558 18,444,162 4,259,661 23,192,116 18,059,349 CAPITAL ACCOUNTS Capital 2,379,211 1,503,870 875,341 567,734 101,400 784,309 925,768 Surplus 2,446,176 1,408,751 1,037,425 860,678 120,890 781,094 683,514 Undivided profits 805,612 515,619 289,993 222,279 32,497 264,848 285,988 Reserves for contingencies 318,221 210,703 107,518 47,532 37,802 139,385 93,502 Other capital accounts — 41,347 31,662 9,685 121 282 15,230 25,714 Total capital accounts 5,990,567 3,670,605 2,319,962 1,698,344 292,871 1,984,866 2,014,486 Total liabilities and capital accounts 69,945,855 44,584,335 25,361,520 20,142,506 4,552,532 25,176,982 20,073,835 Net demand deposits subject to reserve 42,867,697 26,263,006 16,604,691 16,434,667 3,402,550 14,795,811 8,234,669 Demand deposits-adjusted3 , 36,965,536 23,065,373 13,900,163 11,710,714 2,379,443 12,515.067 10,360,312 Reciprocal bank balances 628,860 438,685 190,175 56,383 43,708 457,512 71,257 Number of banks 6,647 5,101 1,546 37 13 353 6,244 1 Banks are classed according to the reserves which they are required to carry. Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Excludes reciprocal bank balances, shown as a memorandum item below liabilities. 3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. NOTE.—Changes in assets and liabilities of member banks are affected from time to time by admissions of banks to membership and of banks liquidating or withdrawing from membership. Of the increase of 896 million dollars in total loans and investments in New York City during the period April 4 to June 30, 472 million is due to the admission to membership of one large bank, which on June 30 had total loans of 67 million dollars and total investments of 405 million. 963 SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON JUNE 30, 1942 BY CLASSES OF BANKS [In thousands of dollars] m b e A a m n ll b k e s r n m a b e t A a m i n o ll b k n e s a r l A m b ll e a m n S k b ta s e t r e Ne C w e m n Y e tr m o a r l b k e r r e s b e a r C v n e h k i s c c 1 a it g y o R m b e e a c s m n i e t k y r b v s e 1 e r C m b o e a u m n n k b t s e r i y r Loans—Total ,928,316 10,880,073 6,048,243 4,065,980 905,844 6,563,862 5,392,630 Commercial and industrial loans 887,812 5,085,055 2,802,757 2,774,514 696,930 3,102,603 1,313,765 Agricultural loans 725,589 600,112 125,477 8,653 2,780 151,794 562,362 Commercial paper bought in open market 383.800 267,381 116,419 6,717 10,161 173,838 193,084 Bills, acceptances, etc. payable in foreign countries 4,935 4,283 652 47 2,723 1,673 492 Acceptances of other banks, payable in United States.... 37,755 19,589 18,166 31,759 10 3,499 2,487 Reporting banks' own acceptances 68,333 45,373 22,960 27,701 2,259 36,188 2,185 Loans to brokers and dealers in securities 554,047 186,986 367,061 430,474 29,066 78,493 16,014 Other loans for purchasing or carrying securities 562,415 307,361 255,054 166,772 50,114 176,723 168,806 Real estate loans: On farm land 292,063 220,039 72,024 26 286 79,563 212,188 On residential property 441,386 1,557,486 883,900 66,313 13,721 1,102,342 1,259,010 On other properties 767,490 459,609 307,881 54,369 8,014 341,831 363,276 Loans to banks 28,873 10,156 18,717 23,411 3 3,132 2,327 All other loans 164,051 2,109,711 1,054,340 472,935 89,277 1,307,798 1,294,041 Overdrafts 9,767 6,932 2,835 2,289 500 4,385 2,593 United States Government direct obligations—Total 21,412,952 13,254,011 8,158,941 7,383,354 1,768,498 7,382,904 4,878,196 Treasury bills 1,508,974 1,136,715 372,259 402,007 357,125 579,164 170,678 Treasury certificates of indebtedness 1,872,130 1,172,571 699,559 662,705 180,738 673,618 355,069 Treasury notes 3,546,373 2,170,409 1,375,964 1,746,463 162,413 980,761 656,736 United States Savings Bonds 143,862 111,509 32,353 265 220 7,582 135,795 Other bonds maturing in 5 years or less 1,651,464 854,432 797,032 897,184 57,553 417,923 278,804 Other bonds maturing in 5 to 10 years 4,947,976 2,823,304 2,124,672 1,722,113 248,182 1,789,054 1,188,627 Bonds maturing in 10 to 20 years 6,621,102 4,217,732 2,403,370 1,821,882 581,221 2,544,064 1,673,935 Bonds maturing after 20 years 1,121,071 767,339 353,732 130,735 181,046 390,738 418,552 Obligations guaranteed by United States Government- Total 2,685,132 1,623,726 1,061,406 1,166,483 89,545 805,572 623,532 Total amount maturing™ 5 years or less 2,048,684 1,221,744 826,940 853,892 89,499 640,593 464,700 Reconstruction Finance Corporation 878,374 420,382 457,992 408,358 51,467 232,597 185,952 Home Owners' Loan Corporation 843,911 650,195 193,716 368,686 1,937 280,913 192,375 Federal Farm Mortgage Corporation 377,976 218,892 159,084 196,957 240 93,478 87,301 Other Government corporations and agencies 584,871 334,257 250,614 192,482 35,901 198,584 157,904 Obligations of Government corporations and agencies, not guaranteed by United States—Total 585,067 353,101 231,966 186,498 47,565 224,281 126,723 Total amount maturing in 5 years or less 441,190 257,757 183,433 137,651 32,379 186,190 84,970 Federal Land Banks 162,837 106,945 55,892 49,755 16,350 46,447 50,285 Federal Intermediate Credit Banks 232,826 138,880 93,946 86,280 17,163 102,777 26,606 Other Government corporations and agencies 189,404 107,276 82,128 50,463 14,052 75,057 49,832 Obligations of States and political subdivisions—Total.. 2,933,835 1,955,746 978,089 623,011 163,838 924,594 1,222,392 In default. 2,704 2,314 390 299 826 1,579 Without specific maturity 124,671 106,241 18,430 5,322 "'56'303' 15,083 47,963 Maturing in 5 years or less. 1,734,227 1,033,759 700,468 466,891 75,092 536,985 655,259 Maturing after 5 years 1,072,233 813,432 258,801 150,499 32,443 371,700 517,591 Other bonds, notes, and debentures—Total 1.870,638 1,202,159 668,479 452,282 118,485 497,741 802,130 Total amount in default 30,564 18,302 12,262 9,128 642 9,797 10,997 Total amount maturing in 5 years or less 617,549 334,094 283,455 223,739 58,838 181,256 153,716 Railroads 686,083 443,622 242,461 164,856 32,547 194,150 294,530 Public utilities 384,798 253,143 131,655 50,683 29,608 93,560 210,947 Industrials 523,057 342,617 180,440 150,279 42,583 128,121 202,074 Other domestic corporations 127,313 63,266 64,047 53,276 2,462 37,430 34,145 Foreign-public and private 149,387 99,511 49,876 33,188 11,285 44,480 60,434 Corporate stocks—Total 384,285 194,949 189,336 141,862 22,357 135,894 84,172 Federal Reserve Banks 144,761 87,459 57,302 42,855 6,663 46,988 48,255 Affiliates of reporting banks 96,668 44,624 52,044 40,280 Til 50,954 5,157 Other domestic banks 14,732 4,423 10,309 1,799 9 6,127 6,797 Other domestic corporations 123,213 57,958 65,255 52,485 15,408 31,598 23,722 Foreign corporations 4,911 485 4,426 4,443 227 241 Bank premises, furniture and fixtures, and other real estate—Total 1,070,566 659,424 411,142 221,387 19,951 384,963 444,265 Bank premises 840,502 531,865 308,637 201,015 18,436 295,418 325,633 Furniture and fixtures 72,167 55,069 17,098 745 189 28,887 42,346 Farm land (including improvements) 11,282 8,645 2,637 5 10 4,995 6,272 Residential properties 51,947 21,474 30,473 6,275 673 15,022 29,977 Other real properties 94,668 42,371 52,297 13,347 643 40,641 40,037 Assets indirectly representing bank premises or other real estate—Total 97,206 52,526 44,680 10,081 658 65,257 21,210 Investments 71,568 45,770 25,798 8,452 559 46,901 15,656 Other assets 25,638 6,756 18,882 1,629 99 18,356 5,554 Capital: Par or face value—Total 2,381,083 1,505,100 875,983 567,734 101,400 784,309 927,640 Capital notes and debentures 37,841 37,841 197 22,267 15,377 First preferred stock 202,721 " 139^810 62,911 8,718 '" 1,400 76,997 115,606 Second preferred stock 17,171 12,451 4,720 2,150 15,021 Common stock 2,123,350 1,352,839 770,511 558,819 100,000 682,895 781,636 Retirable value of: First preferred stock 290,921 184,225 106,696 21,617 1,400 107,403 160,501 Second preferred stock 23,046 14,399 8,647 2,150 20,896 1 For footnote see preceding page. 964 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 966 Gold production 967 Gold movements 967 Net capital movements to United States since January x, 1935. • • 9^8 Central banks 969-972- Money rates in foreign countries 973 Commercial banks 974 Foreign exchange rates 975 Price movements: Wholesale prices 976 Retail food prices and cost of living 977 Security prices 977 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 aata 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 figuresm ay in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. SEPTEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k c o i h - a o- D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec. 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec. 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 1353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Aug... 22,719 352 734 65 274 24 11 30 17 61 45 52 2,000 428 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 29 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 74 274 24 5 30 15 61 44 52 2.000 Apr... 22,691 355 734 74 274 6 30 16 61 44 2,000 May.. 22,714 355 76 274 7 30 16 61 2.000 June.. 22.737 78 274 5 31 16 July.. 22,744 18 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 nd N w o ay r- Peru Poland Po g r a t l u Ru n m ia a- A S f o r u ic t a h Spain 1936—Dec . 25 25 208 463 60 46 491 23 20 75 68 114 203 5 718 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 120 189 6 525 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 4 84 69 152 249 1940—Dec .. 24 26 P120 164 140 47 617 23 *84 20 59 158 367 1941—Aug. . 24 26 8164 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 21 59 182 366 1942—Jan... 24 26 216 42 575 23 21 59 182 363 Feb. 24 26 28 575 23 21 59 198 380 Mar... 24 26 30 575 23 21 200 397 Apr. . 31 537 23 21 429 May . 30 23 21 447 June.. 32 23 468 July. • 33 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o 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 a g v o ia - B.I.S. c O t o r t i u h e n e s - r ' End of month in U S t n p a i r t t e e e s d viou U K d s n o i n i f m t i g e g - d ure F s rance2 g B iu e m l- 1 1 1 1 1 9 9 9 9 9 3 3 4 3 3 6 7 0 8 9 — — — — — D D D D D e e e e e c c c c c 2 2 3 3 1 2 4 4 0 6 1 0 4 8 0 6 6 7 5 5 5 5 0 0 4 7 0 1 2 9 2 2 2 2 6 9 9 9 2 2 2 , , , 6 5 6 8 8 8 9 1 1 9 4 0 7 6 9 7 6 7 9 0 4 8 92 5 5 5 5 9 9 2 2 2 5 8 5 5 7 2 1 9 1 1 1 5 7 4 1 2 1 1 1 1 1 8 4 8 5 4 5 2 3 3 5 1 1 1 9 9 9 3 3 3 6 7 8 — — — D J D J M u u e e n n c c a e e r . . . . . . . . . . 1 4 6 4 9 4 1 1 3 , , 4 3 9 8 9 3 9 5 4 1 9 8 6 1 3 1 2 5 1 1 9 9 4 4 1 2 — — N O D M S F M A J J A J u u e e a o c e p u a a n l p b n t c v g r y r y t e 3 3 1 1 1 2 1 2 2 2 2 9 9 0 0 9 8 7 9 5 2 2 1 2 8 9 6 0 7 1 1 5 3 6 5 5 5 6 8 7 7 7 7 7 7 0 2 4 6 6 0 6 8 9 0 9 9 2 5 3 0 5 2 4 4 5 1 5 6 1 1 1 9 9 9 9 9 8 0 0 0 3 2 1 2 2 9 7 0 0 1 1 1 1 1 1 1 1 1 1 1 9 9 0 9 9 9 0 0 0 0 7 7 6 7 7 7 8 2 0 1 4 4 4 4 4 4 5 5 5 5 5 5 1 1 1 1 1 9 2 6 2 6 6 6 483 1 1 1 1 1 1 1 1 9 9 0 0 5 2 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 3 4 3 3 3 3 3 3 3 3 3 3 7 4 8 7 8 8 8 8 9 9 9 9 1 1 1 9 9 9 3 4 4 9 0 1 — — — D M D S D S J J S J M M M u u u e e e e e e a a a a p c n p n c c n p y r r r . t t e e e . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 8 8 5 6 8 5 4 4 0 8 8 2 0 5 4 4 6 6 5 8 5 8 9 4 1 4 , 6 7 7 2 1 3 5 9 5 2 2 9 1 3 4 5 7 3 5 1 9 7 4 1 1 1 1 4 7 7 7 7 Dec 25 P Preliminary. 1942—Mar..... 12 1 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. 2 Change from previous December due largely to inclusion of gold formerly not reported. 1 Reported at infrequent intervals or on de- 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 4 Figures relate to last official report dates for the respective countries, as follows: Greece- (Special A/c No. 1); U. K.—Exchange Equali- Mar. 31, 1941; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28,1941. zation Account; France—Exchange Stabilization 5 Figures for Dec 1936 and Dec 1937 are those officially reported on Aug. 1, 1936, and Apr.30, Fund and Rentes Fund; Belgium—Treasury. 1938, 6 r F e i s g p u e r c e t i f v o e r l y F . eb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately. 2 For complete monthly series from Oct. 1938- 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian May 1939, see BULLETIN for February 1941, Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, p. 170. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain 3 Figure for end of Mar. 1937, first date reported. of these countries have been carried forward from last previous official report. 4 Figure for end of September. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British 6 Figure for September 1. Exchange Equalization Account during 1939. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the French 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported E. S. F. and the Bank of France, see BULLETIN figures through April 1940 appear on p. 926 in that issue. for September 1940, p. 926. 966 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 si . d R e .1 . Total A So fr u ic th a d R e h s o i - a A W fri e c s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 I \| MmreAxVi;cMo I| Co b l i o a m- Chile I Nicara- Au l s ia tr a-1 I B In ri d ti i s a h 7 $1 = 15 grains of gold ft$ fine; i.e., an ounce of fine gold = $35 1934.... 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 1935.... 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 1936... 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 1937.... ,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 1938.... ,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 1939.... 208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 1940.... 279,455 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 1941.... ,287,720 "I,088,150 504,268 27,765 32,414 208,443 186,568 27,969 22,961 9,259 7,525 P51,039 1941—July 109,970 93,597 43,093 2,319 2,800 18,463 15,983 2,485 2,072 628 693 4,185 Aug 108,535 92,443 42,458 2,329 2,800 17,413 16,353 2,579 1,739 860 661 4,376 Sept 109,935 93,863 42,135 2,312 2,765 20,807 15,578 1,984 1,984 504 717 4,271 Oct 111,265 94,890 43,061 2,319 2,590 18,781 16.141 2,300 2.098 703 699 5,357 Nov 107.940 91,596 41,807' 2,240 2,590 19,740 15,499 1,688 1,726 701 718 4,047 Dec 105.035 ^88,823 42,436 2,302 2,590 16,700 14,746 1,832 1,749 622 770 '4,200 1942-Jan 104,510 *>88,599 42,556 2,283 2.695 14,982 14,198 3,790 2,075 558 772 '3,850 Feb 90,440 P75,654 39,651 , 2,187 2,625 10,034 13,147 563 1,573 537 647 '3,430 Mar *>100,590 P85.066 42,618 P2.310 2.625 10,959 15,372 3,457 1,916 596 663 '3,675 Apr ^98.140 ^82,625 41,491 P2.345 2,555 11,058 14.728 P2.617 1,865 '596 644 '3,815 May ,. p83,232 42,539 '*>2,345 2,520 10,807 14,881 PP2.617 1,719 '596 6„9—4 ,P ~3,.667755 June P81.775 42,005 '*2345 '2,520 10,147 14,877 'P2.617 '1,719 '596 609 '^3,675 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are 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. • 6 Figures for Canada beginning January 1941 are subject to official revision. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. '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 [ID thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im T n o p e t o a t r l ts U K d n o i i n m t g 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 l i a 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 t r A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 18? 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184.756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791£24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1940 Nov 330,107 936 7 262,718 545 3,283 14,441 6,240 12,186 2,170 27,580 Dec 137,176 99 80,389 347 2,814 3,268 14,994 1,751 13,262 7,446 12,805 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 ?9,36S N D o ec v 5 5 0 2 , , 3 8 7 9 4 6 1 1 2 6 1 3 2 2 4 0 , , 9 3 1 7 7 7 6 1 , ,2 3 7 3 3 6 2 2 , , 1 2 1 3 0 8 5 1, , 8 5 3 0 0 6 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 711 R61 69 8 , , 0 7 3 2 9 6 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine 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 $44,920,000 from U.S.S.R., $10,963,000 from Central America and $44,603,000 from other countries. 6 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, Dec. $13,460,000. NOTE.—The net gold import figures by countries for the months May-December 1941 are published herewith for the first time by special permission of the Department of Commerce. Comparable figures for subsequent months have not been released fo^publication. For gross import and export figures and for additional countries see table on p. 926. SEPTEMBER 1942. 967 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] Increas f e u n in ds f o in re i U gn . S b . anking Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage Central funds of U. S. foreign balances Total bank funds Other abroad funds funds in N. Y.1 1935—Dec. (Jan. 1, 1936) .... 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar.30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939).. 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar.29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1,1941).. 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1.841.0 767.4 812.7 701.8 95.9 June (July 2), 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 1941—July 9 5,584.6 3,194.6 1,366.2 1,828.4 826.2 835.5 630.0 98.3 Tuulby 16.. 5,561.8 3,171.5 1,362.8 1,808.7 826.2 837.8 628.2 98.2 July 23.. 5,534.0 3,153.6 1,342.7 1,810.9 819.4 838.3 624.8 97.9 July 30.. 5,506.9 3,141.4 1,320.3 1,821.1 803.5 838.9 623.6 99.5 Aug. 6.... 5,556.1 3,185.5 1,378.9 1,806.6 807.3 839.7 624.8 98.8 Aug. 13... 5,535.8 3,166.9 1,369.7 1,797.3 805.7 841.0 623.1 99.1 Aug. 20... 5,521.2 3,156.2 1,374.2 1,782.0 803.7 842.0 619.7 99.6 Aug. 27... 5,467.2 3,105.5 1,318.1 1,787.4 801.8 841.4 617.3 101.0 Sept. 3.... 5,478.3 3,113.2 1,313.3 1,799.9 805.6 841.7 616.5 101.2 Sept. 10... 5,448.3 3,073.2 1,292.0 1,781.1 814.9 842.0 617.0 101.2 Sept. 17... 5,397.3 3,022.1 1,262.4 1,759.7 814.8 . 841.8 618.2 100.5 Sept. 24... 5,422.7 3,050.9 1,255.2 1,795.6 810.1 839.8 622.1 99.9 Oct. 1 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 5,494.3 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 5,478.1 3,108.0 1,337.2 1,770.8 802.1 843.3 623.2 101.5 5,460.2 3,091.1 1,291.6 1,799.5 803.4 843.2 621.2 101.3 5,503.2 3,138.3 1,334.1 1,804.2 797.7 845.2 621.3 100.6 5,429.2 3,074.3 1,266.7 1,807.5 785.5 846.9 621.6 100.9 5,429.7 3,063.2 1,262.8 1,800.4 796.1 847.6 622.1 100.8 5,383.3 3,021.7 1,208.4 1,813.3 792.4 846.7 621.7 100.8 5,384.0 3,018.5 1,195.2 1,823.3 795.8 847.7 621.3 100.7 5,379.3 3,011.6 1,192.2 1,819.4 795.2 851.0 620.5 101.0 5,358.4 2,989.1 1,154.1 1,835.0 796.6 852.7 620.4 99.6 5,290.9 2,919.4 1,102.2 1,817.3 795.4 853.6 622.5 100.1 5,266.8 2,894.9 1,075.5 1,819.4 792.6 854.5 624.6 100.1 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8... 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15.. 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22.. 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29.. 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6 5,375.2 2,971.0 ' 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 21,144.0 21,852.8 2839.8 843.2 629.0 2104.6 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. 2 Outstanding amounts on June 3, 1942, in millions of dollars: Foreign central bank funds in New York, 1,209.2; other foreign banking funds in U. S., 2,427.8; U. S. banking funds abroad, 319.3; brokerage balances (net due "foreigners"), 27.4. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 31, 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for April 1939, pp. 284-296, and May 1937, pp. 394-431. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O ia t b h i e l r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 . 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275 0 6 31.6 27.3 133.0 364 2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 . .. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—July 30 .2 680.0 1.7 21.8 6.5 181.7 658.4 132.1 11.3 50.5 17.9 Aug. 27 .2 680.0 1.8 15.5 6.4 183.9 664.7 125.7 14.9 49.1 18.0 Sept. 24 .2 5 730.0 1.6 58.8 4.6 149.8 671.4 133.9 10.6 52.2 18.1 Oct. 29 .2 730.0 1.3 36.9 4.5 163.3 693.3 117.0 13.7 57.7 17.7 Nov 26 .2 730.0 .6 20.2 4.0 192.3 710.0 136.4 9.8 53.1 17.8 Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Jan. 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 6830 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 June 24 .2 830.0 1.3 34.2 5.5 165.8 796.0 133.6 8.0 47.3 17.8 July 29 .2 5880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d 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—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 •S3.2 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 June 30 .9 493.7 322.1 26.2 541.2 221.3 31.3 26.7 22.4 July 31 33.7 501.0 338.8 36.7 563.8 271.6 26.0 15.7 33.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 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. 969 SEPTEMBER Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an rn c m es e n to t Deposits (Figures in millions Foreign Note Other of francs) Gold1 ch e a x n - ge c F u c o p o r a s o t t i s c o 3 - n Other* a O s t s h e e ts r cir ti c o u n la- G m ov e e n r t n- C.A.R.4 Other lia ti b e i s li- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. 5 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—June 10.. 84,616 108 44,173 1,518 11,885 36,250 25,221 174,469 1,049 25,405 2,848 Aug. 296 84,616 (7) ? 27,200 64,195 i 198,578 995 27,200 28,226 S7 O N D S c e e o t p c v . t . . . 3 2 2 1 6 2 8 6 6 6 6 6 , 8 8 8 8 4 4 4 4 , , , , 6 6 6 6 1 1 1 1 6 6 6 6 ( o ( !7) ) 43,194 661 3,646 3 5 6 7 9 4 6 2 , , , , 2 3 3 8 1 9 0 0 7 7 0 6 6 6 6 6 3 5 9 1 , , , , 3 9 2 2 4 0 0 5 0 0 0 0 8 2 2 2 2 0 1 1 1 5 8 4 3 , , , , 4 1 3 1 3 7 8 3 9 6 3 1 1, 9 9 0 7 9 8 9 4 7 4 0 8 3 3 3 4 8 9 4 1 , , , , 1 9 4 9 0 3 0 3 7 0 0 2 2 2 2 2 4 5 7 5 , , , , 9 7 2 0 4 0 0 7 1 0 2 5 3, ( 58 ) 6 1941—J N O D A S u c e e o u l t p c v g . y t . . . . 3 3 3 2 2 1 0 1 2 7 8 . . 5 . . . . . ^ . . . . 8 8 8 8 8 8 4 4 4 4 4 4 , , , , , , 5 5 5 5 5 5 9 9 9 9 9 9 8 8 8 8 8 8 4 3 3 3 3 3 3 2 7 8 7 7 7 8 4 4 4 4 4 4 1 2 0 1 1 0 , , , , , , 6 1 7 1 0 7 1 5 7 3 1 2 5 4 6 8 4 0 1 5 2 1 4 6 5 6 7 ( , , , , , 5 4 1 3 8 7) 1 1 3 4 4 7 9 9 9 8 1 1 1 1 1 1 4 1 1 2 2 2 2 7 7 9 9 3 , , , , , , 5 7 5 5 5 5 1 0 5 1 6 7 5 7 5 8 8 8 6 6 6 6 6 6 0 8 9 4 9 7 , , . , , , 5 9 5 5 7 7 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 1 3 1 2 0 3 , , , , , , ,1 1 0 5 6 8 8 7 2 1 5 0 2 4 9 1 6 5 5 6 6 2 2 2 2 2 2 5 6 7 4 4 4 5 0 0 4 8 2 , , , , , , 6 7 1 0 0 9 8 7 4 0 9 9 4 2 4 0 9 3 1 1 1 1 , , , , 2 5 3 3 7 1 7 1 7 2 8 1 6 6 6 6 6 5 1 0 4 0 0 9 , , , , , , 0 9 5 1 7 6 7 3 9 8 1 1 3 2 3 0 4 2 3 2 2 2 2 9 4 3 5 5 ( , , , , , 4 1 7 9 2 9 ) 3 7 9 7 7 1 9 9 2 8 4 3 3 3 3 3 , , , , , , 4 3 4 8 7 7 0 9 0 7 6 4 9 4 2 9 3 1 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 18 5,588 149,754 67,400 20,086 278,392 1,173 59,203 27,287 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 3,391 Assets Liabilities Relchsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) Total i T n r c e l a u s d u i r n y g Se l c o u a r n i s ty E as li g n i o b 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 lireserves Gold bills cover 1929—Dec. 31.. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31.. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31.. 1,136 984 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—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 () (7) 17,793 2,493 (7) Dec. 31.. 77 21,656 32 107 283 2,311 19,325 3,649 1,492 1942—Jan. 3lp. 77 20,884 28 151 18,987 2,417 Feb. 28P. 77 21,458 23 144 19,443 2,426 Mar. 31.. 77 21,673 23 72 19,774 2,762 Apr. 3QP. 77 21,529 19 17 20,047 2,701 v 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; SeQtember 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. * 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. 970 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) July June May July date of month) July June May July Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia— Cont. Gold reported separately 1,077 1,071 Deposits 64,465 56,336 49,975 Other gold and foreign exchange... 570 415 Other liabilities 42,393 43,116 39,467 Negotiable Government bonds 371 357 National Bank of Denmark (millions Rediscounted paper 1 9 of kroner): Other assets 236 228 Gold 98 100 Note circulation 1,483 1,263 Foreign exchange 17 30 Deposits—Member bank 603 669 Clearing accounts (net) . . .. 966 634 Go v er nmen t 31 64 Loans and discounts 54 54 Other 39 13 Securities. . 35 142 Foreign exchange sold forward 7 4 Government compensation ac- Other liabilities 92 68 counts 125 Commonwealth Bank of Australia Other assets 764 (thousands of pounds): Note circulation 830 736 Issue department: Deposits 1,268 789 Gold and English sterling 26,611 25,954 17,705 Other liabilities 198. Securities 85,179 80,939 52,614 Central Bank of Ecuador (thou- Banking department: sands of sucres): (Apr.)2 Coin, bullion, and cash 5,107 6,704 4,108 Gold 71,205 68,453 London balances 34,786 32,883 42,489 Foreign exchange (net) 68,305 12,175 Loans and discounts 28,291 29,647 22,176 Loans and discounts 86,960 73,117 Securities 100 905 106,130 52,111 Other assets 34,761 27,585 Deposits 125 261 127,592 110,484 Note circulation 126,862 95,556 Note circulation 102,614 98,364 69,114 Demand deposits 101,547 42,260 National Bank of Belgium and Other liabilities 32,823 43,514 Bank of Issue of Brussels (mil- National Bank of Egypt7 (thoulions of belga) ;i sands of pounds): (Mar.)3 Gold 4,332 4,331 Gold 6,251 6,241 Foreign exchange 2,669 740 Foreign exchange 4,273 1,308: Credits to State and public bodies 4,285 3,091 Loans and discounts 2,268 2,353- Credits to private economy .... 88 115 British, Egyptian, and other Gov- Reichskreditkasse 759 769 ernment securities 107,357 80,514 Other assets Other assets 6,557 6,126 Note circulation 10,919 8,297 Note circulation 52,035 40,388. Demand deposits 712 383 Deposits—Government 18,604 5,967 Postal Checking Office 773 706 Other 43,678 36,807 Other liabilities t2) Other liabilities. 12,388 13,379 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (Mar.)3 dor (thousands of colones): Gold 1,514 1,505 Gold8 19,185 15,244 13,238 Foreign exchange 777 793 Foreign exchange 12,549 12,250 1,421 Discounts 840 840 Loans and discounts . . 527 468 1,359 Loans Government debt and securities 7,204 7,211 6,317 Other assets 13,231 10,672 Other assets 553 2,257 1,606 Note circulation 9,755 7,151 Note circulation 22,904 22 886 15,783 Demand deposits 2,943 3,319 Deposits 11,350 10,554 3,572 Other liabilities 3,664 3,339 Other liabilities 5,765 3 991 4,587 Central Bank of Bolivia (thousands Bank of Finland & of bolivianos): Bank of GreeceS Gold at home and abroad 380,252 106,611 National Bank of Hungary (millions Foreign exchange 341,315 315,611 of pengo): Loans and discounts 338,219 228,234 100 124 Securities—Government 486,364 445,828 Foreign exchange reserve 15 20 Other 11,222 9,156 Discounts 1,210 887 Other assets 57,158 48,777 Loans—To Treasury 760 803 Note circulation 686,885 550,911 To foreign countries 343 Deposits 769,998 515,159 Other 35 41 Other liabilities 157,646 88,146 Other assets 467 National Bank of Bulgaria^ Note circulation 2,129 1,773 Central Bank of Chile (millions of Demand deposits 383 251 pesos): Consolidated foreign credits of 1931. (2) 32 Gold 149 148 147 Other liabilities 286 Discounts for member banks 334 320 183 Reserve Bank of India (millions of Loans to Government 729 733 738 rupees): Other loans and discounts 913 854 522 Issue department: (Apr.)3 Other assets 59 104 99 Gold at home and abroad 444 444 Note circulation 1,625 1,547 1,199 Sterling securities 2,419 1,216 Deposits—Bank 216 227 189 Indian Gov't. securities 1,382 885 Other 142 169 70 Rupee coin 295 376 Other liabilities 202 217 231 Note circulation 4,426 2,730 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department.... 114 192 Gold 30,676 27,160 28,339 31,452 Balances abroad 416 432: Foreign exchange 52,336 39,474 31,636 13,587 Treasury bills discounted 10 3 Loans and discounts 15,384 24,056 25,338 26,200 Loans to Government 117 1 Government loans and securities... 59,493 59,463 59,126 55,141 Other assets 145 93 Other assets 32,119 31,919 32,280 30,231 Deposits 586 606 Note circulation 83,150 77,268 67,169 Other liabilities 215 115 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Figure not available. 3 Latest month for which report is available for this institution. 4 Less than 500,000. 5 For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942, pp..280-281. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly. 8 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, 20 per cent reduction in the gold value of the colon. 9 Gold revalued in week ending Sept. 30,1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent. SEPTEMBER 1941 971 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) July June May July date of month) July June May July Bank of Japani South African Reserve Bank—Cont. Bank of Java (millions of guilders): (Jan.)2 Note circulation 32,106 33,235 23,807 Deposits 76,998 72,764 69,357 Gold 407 327 Other liabilities 4,590 4,920 4,417 Foreign bills 24 19 Bank of Sweden (millions of kronor): Loans and discounts 171 78 Gold 681 678 417 Ban M O N O k D "A t t o e e o h h p u t t f e e e a o t r r l h M s l c i o i l a i t c e i r r s s a x c i s b r z u i e e c i e l t s l o s a d i e t t " r i i ( v e o t s e h n h 3 o o u ld s i a n n g d s s o o f f p s e e s c o u s r ) i- : 224,883 219,442 213,6 3 3 1 3 3 6 3 4 1 7 6 9 0 176, 2 2 5 1 3 8 0 3 2 5 0 7 8 9 Swis D O N O D F s o e t o t o h h r m N t m e e e e i a r r a e g c n s t n a l i d i t i r s i o a c c s a d n b u e s l e a i t l s o s l a p l e i a t o t t i n s i o B s s e i n ( s t a a n s . n . n . e . k d t) i ( n m v i e ll s i t o m ns e n o ts f .. 1 1, , 7 0 9 5 8 5 0 6 2 7 4 3 5 0 4 7 3 1 1 1 1 , , , 5 8 0 6 1 54 0 2 9 2 7 : 0 6 9 4 6 1, 8 7 7 8 7 4 3 0 9 5 4 0 7 2 8 8 7 0 ties, etc 620,196 599,075 576,562 521,167 francs): Bills and discounts 107,402 108,112 118,844 39,638 Gold 3,464 3,442 3,442 2,305 Other assets 58,118 57,754 49,625 69,003 Foreign exchange 107 143 136 1,262 Note circulation 612,920 607,209 584,815 462,846 Loans and discounts 62 154 287 109 Demand liabilities 286,610 270,559 269,680 243,188 Other assets 278 285 227 Other liabilities 111,069 106,616 104,167 100,281 Note circulation 2,245 2,246 2,237 2,114 Netherlands Bank (millions of guil- Other sight liabilities 1,378 1,477 1,622 1,514 ders) : Other liabilities 294 291 275 Gold 951 1,023 Central Bank of the Republic of Silver (including subsidiary coin). 8 12 Turkey (thousands of pounds): (Apr.)2 Foreign bills 1,036 397 Gold 134,176 119,258 Discounts 184 45 Foreign clearing accounts 67,867 44,986 Loans 150 185 Loans and discounts 544,856 444,128 Other assets (4) 274 Securities 191,824 190,853 N De o p te o s c i i t r s c — ul G at o i v o e n rnment 2,311 1,705 O N t o h t e e r c a ir s c s u et l s ation 59 1 0 8 , , 7 81 0 5 4 5 3 1 6 7 , ,0 3 6 0 6 2 Other 190 173 Deposits—Gold 79,358 79,358 Other liabilities 56 Other 116,098 101,230 Reserve Bank of New Zealand (thou- Other liabilities 171,377 137,872 sands of pounds): Bank of the Republic of Uruguay Gold 2,802 2,802 2,802 (thousands of pesos): Sterling exchange reserve 24,723 22,775 15,583 Issue department: Advances to State or State under- Gold and silver 86,235 86,235 takings 34,260 33,753 24,408 Note circulation 112,156 109,857 Investments 4,147 4,146 3,773 Banking department: Other assets 1,203 1,058 1,614 Gold... 66,839 82,841 Note circulation «.. 25,529 24,652 21,776 Notes and coin 40,195 24,974 Demand deposits 38,954 36,895 23,902 Advances to State and to Other liabilities 2,652 2,985 2,501 government bodies 31,289 40,402 Bank of Norwayi Other loans and discounts. 105,646 87,015 Central Reserve Bank of Peru (thou- Other assets 119,104 107,697 sands of soles): Deposits 134,538 124,215 Gold and foreign exchange 69,661 55,418 Other liabilities 228,536 218,713 Discounts 23,223 24,693 Central Bank of Venezuela (thou- Government loans 227,461 166,620 sands of bolivares): Other assets 6,956 8,447 Gold 171,377 170,677 170,677 123,805 Note circulation 232,968 171,696 Foreign exchange (net) 30,148 26,234 19,936 31,148 Deposits 73,506 62,356 Credits to national banks 35,230 35,230 35,230 38,000 Other liabilities 20,828 21,127 Other assets 11,137 10,228 8,003 7,567 Bank of Portugal (millions of Note circulation— escudos): (Feb.)2 Central Bank 156,551 147,030 144,161 79,385 Gold& 1,360 1,291 National banks 45,205 46,600 47,581 85,978 Other reserves (net) 1,720 1,262 Deposits 39,781 42,782 35,813 27,720 Non-reserve exchange 3,993 1,552 Other liabilities 6,355 5,957 6,291 7,437 Loans and discounts 308 367 National Bank of the Kingdom of Government debt 1,028 1,031 Yugoslaviai Other assets 805 Bank for International Settlements Note circulation 4,372 3,313 (thousands of Swiss gold francs6): Other sight liabilities 4,225 2,355 Gold in bars 45,477 28,281 Other liabilities 638 Cash on hand and on current ac- National Bank of Rumania (millions (Mar.)2 count with banks 42,085 36,862 of lei): Sight funds at interest 15,680 16,310 Gold 37,701 33,605 Rediscoun table bills and accept- Special exchange accounts 13,295 12,699 ances (at cost) 149,392 142113 Loans and discounts 33,737 30,102 Time funds at interest 21,026 22307 Special loans (in liquidation) 478 579 Sundry bills and investments.... 202,267 220643 Government debt 9,421 9,608 Other assets 174 52 Other assets. 45,992 31,164 Demand deposits (gold) 29,007 22981 Note circulation 95,978 81,861 Short-term deposits (various cur- Demand deposits 33,464 23,574 rencies): Other liabilities 11,183 12,323 Central banks for own account. 16018 17,963 So s u an th d s A o f f r i p c o an u n R ds e ) s : erve Bank (thou- Long O - t t h er e m r depos . i m t s: Spec ; ial ac- 5180 4,780 Gold 56,748 54,255 52,255 counts 229,001 229,001 Foreign bills 1,118 871 836 Other liabilities 196,894 191,841 Other bills and loans 1,176 35 13 Other assets 54,652 55,758 44,478 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941). see BULLE- TIN for March 1942, p. 282. 2 Latest month for which report is available for this institution. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 Figure not available. 5 Valued at average cost beginning October 1941. 6 See BULLETIN for December 1936, p. 1025. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Rate Rate 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 t r 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 of a — l g A 3 u u 1 s - t ef D fe a ct t i e ve ba C n e k n t o r f a — l g A 3 u u 1 s - t ef D fe a c t t e ive In effect Oct. 2, O O c c 1 t t 9 . . 3 9 1 6 6 2 3 P 4 2 3 2y 2 2 A A Be l r b g lg a e i n n u i t m a ina 2 2 M J M a a a n r r . . . 2 2 1 5 1 , , , 1 1 1 9 9 9 4 4 3 0 0 6 J L J a a a v p t a v an ia 3 5 3.29 • A J F a p e n b r . . . 1 1 4 7 7 , , , 1 1 1 9 9 9 3 3 4 7 6 0 Oct. 20 2y Bohemia and Lithuania. .. 6 July 15, 1939 Nov.26 2 iy Moravia.... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 2 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 Canada Mar. 11, 1935 Norway 3 May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 1 3 3 0 2y 2 3 Colombia 4 July 18, 1933 Portugal.... 4 Mar. 31, 1941 Sept. 28 3 Oct. 27 2y Nov. 25 2 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 ... 4 El Salvador... 3 Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 . . .. Finland 4 * Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 . .. 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 6 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 .... Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941 May 29 3 June 27 2y% 1 Not officially confirmed. In effect August 31, NOTE.—Changes since July 31: none. 1942 . . 2 1% 3K 2 2H 3 OPEN MARKET RATES [Per cent per annum ] United Kingdom Germany Netherlands Sweden Switzerland Month ac B 3 c e a m p n o t k a n e n t r c h s e s ' s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a 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 i r s r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o t a e u t n e t 1929— 5.32 5.35 4.23 7.50 7.90 5.30 5.30 3.26 1930— 2.31 2.30 1.93 3.58 3.74 1.89 1.93 2.06 1931— 2.09 2.10 1.64 6.05 6.74 1.05 1.07 .12 1932— 1.05 .85 .99 4.75 5.70 .39 1.00 .50 1933— .50 .40 .62 C3.88 4.93 2.18 2.06 .50 1934—une. .91 .85 .92 3.76 4.57 .78 1.00 .50 1935—;une. .71 .64 .75 ' 3.00 3.16 4.42 3.83 .60 1936—June .78 .78 .75 2.88 2.67 3.92 3.95 .25 1937—June .68 .68 .79 2.88 2.78 .15 1.00 .00 1938—June .59 .59 .75 2.88 3.06 .13 .50 .00 1939—June .75 .76 .77 2.79 2.71 .49 .00 1940—June 1.03 1.02 1.00 2.38 1.98 C1) .50 1941—Juunne. 1.03 1.00 1.00 2.13 1.93 1.88 2.25 1941—July.... 1.03 1.00 1.00 2.13 1.63 1.88 2.25 .25 Aug 1.03 1.00 1.00 2.13 1.73 1.88 2.25 .25 Sept.... 1.03 1.01 1.00 2.13 1.94 1.88 2.25 .25 Oct 1.03 1.00 1.00 2.13 1.76 1.88 2.25 .25 Nov 1.03 1.00 1.00 2.13 1.75 .25 Dec 1.03 1.01 1.03 2.13 1.98 .25 1942—Jan 1.03 1.01 1.04 2.13 1.92 .25 Feb 1.03 1.00 1.04 2.13 1.75 .25 Mar 1.03 1.00 1.03 2.13 1.95 .25 Apr 1.03 1.01 1.00 2.13 1.96 .25 May.... 1.03 1.00 1.03 .25 June... 1.03 1.00 1.00 .25 c Corrected. 1 Figure not available. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. SEPTEMBER 1941 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i o g n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o h n l t o e i a y r c n t e d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total I D D e e p m o a s n it d s 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 ,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 ,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 ,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 ,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 ,770 1,030 250 1941—July.. .?.. 306 139 275 476 902 866 267 2,991 1,093 240 August 316 140 266 469 935 850 264 2,997 ,909 1,088 242 September 330 134 315 531 939 839 269 3,115 ,991 1,123 243 October... 328 132 270 596 986 837 273 3,176 2,023 1,153 246 November. 332 127 246 651 999 825 280 3,208 2,054 1,154 250 December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—January... 330 118 157 739 1,008 832 288 3,222 2,088 1,134 249 February. 318 122 112 646 1,017 840 275 3,085 2,003 1,082 243 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 May 326 133 291 471 1,049 822 277 3,131 2,036 1,095 238 June 355 147 292 543 1,058 814 289 3,263 2,141 1,122 234 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 chartered banks. End of abroad Note excluding interbank deposits* m o o f n t C h a f n ig a u d r i e a s n in d o m lla il r l s io ) ns Cash Security O lo t a h n e s r d a u n e d f n ro e m t Securities O as t s h e e t r s cir ti c o u n la- li O ab th il e i r t ^ ie reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 463 535 88 2,500 840 1,660 843 1939—December. 292 53 088 132 646 612 85 2,774 033 1,741 963 1940—December. 323 40 108 159 531 570 80 2,805 163 1,641 846 1941—July 314 34 279 188 681 559 80 3,068 579 1,489 907 August. . . 299 35 255 190 698 553 81 3,031 509 1,522 919 September 308 36 237 197 696 579 79 3,037 482 1,555 938 October... 325 37 233 199 643 594 80 3,012 420 1,592 939 November. 342 36 218 182 ,690 593 76 3,041 ,402 1,639 944 December 356 32 169 168 759 653 71 3,105 436 1,669 962 1942—January... 296 31 128 158 916 585 71 3,096 376 1,720 945 February., 324 30 135 164 ,960 595 72 3,181 517 1,664 955 March 348 34 300 166 881 624 71 3,305 755 1,550 976 April 322 32 252 178 899 637 72 3,262 725 1,537 986 May 285 29 215 175 878 601 71 3,118 562 1,556 993 June 327 28 137 181 883 639 72 3,121 523 1,598 1,002 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 re s) 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 Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 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—March..,, 4,U0 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 43,410 345 1,044 3,718 September*.. 5,817 3,615 37,051 9,121 ,690 52,599 52,287 312 551 4,143 October 5,453 3,526 40,757 8,533 ,760 55,194 54,868 326 511 4,325 November... 5,111 3,562 43,251 8,060 ,823 56,741 56,306 436 502 4,564 December... 6,258 3,546 44,243 7,984 ,999 58,890 58,413 477 515 4,604 1941—February*... 5,628 3,197 48,596 8,155 ,357 62,528 62,003 525 599 3,805 March 5,661 3,191 50,401 7,784 ,403 63,998 63,465 533 534 3,909 April 5,407 3,190 51,158 7,768 ,429 64,441 63,910 531 467 4,044 May 5,549 3,279 52,961 7,720 ,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 ,371 68,376 67,867 509 474 4,383 July......... 5,837 3,239 53,951 7,511 ,526 67,148 66,640 508 460 4,456 September*. 5,790 3,241 56,788 7,640 ,464 69,763 69,269 495 388 4,772 December4.. 6,424 3,281 57,727 7,852 ,051 71,833 71,400 433 393 4,108 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. *Through December 1937, excludes deposits in offices outside England and Wales which are included in total. * No data available April through August 1940, and January, August, October, and November 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. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rate;s in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Year or month (peso) (pound) g B iu el m - Brazil (milreis) B I r n it d i i s a h g B a u r i i . a Canada (dollar) Chile (peso) C (y h u i a n 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 S h h a an i) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 15.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 14.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!l248 33.279 n.2111 96.018 5.1727 4.0000 11.879 1940 29.773 "i322i 80" 305.16 116.880 6.0562 5.0214 30.155 "*96! 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—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 June 29.773 23.704 322.80 321.50 6.0580 5.1435 30.122 90.909 89.958 July 29.773 23.704 322.80 321.50 6.0580 5.1450 ( 30.122 90.909 89.943 Year or month C ( o p b l e i o s a m o) - C s (k l z o o e v r c u a h n k o a ia ) - ( m D kr e a o n r n - k e) ( 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 i e 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 (l t i a ra ly ) J ( a y p e a n n ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 U9.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 57.004 12.0101 139.968 124.5921 U9.770 15.0703 123.439 20.538 322.54 1941—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 June 57.037 20.568 322.78 July 57.059 20.567 322.78 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( n u le m i u a ) a- ( A S p o o fr u u i n c th d a )( S p p es a e i t n a) S S m (d t e o e r t l n a t la l i t e t r s s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - (pound) Con- (peso N ) on- ( Y s d l i u a n v g a i r o a ) - Official Free trolled controlled 1934 . 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 U8.835 4.0375 .71*11 440.17 10.630 51.736 23.991 22.525 443.54 62.011 1361789' 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—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 52.783S 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 52.717 398.00 403.50 403.50 65.830 52.735 398.00 403.50 403.50 65.830 52.740 398.00 403.50 403.50 65.830 52.744 July 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. SEPTEMBER 1941 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100 ) =100) 1926 100 100 1 124 695 134 237 106 1 126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 . ... 73 72 88 500 111 75 153 76 1 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933 . . 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 96 90 1935 80 72 89 338 102 68 186* 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 . .. 79 83 137 110 311 3 88 146 143 1941 87 90 153 P112 329 172 184 1941—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 94 156 347 179 199 1942—January 96 94 156 ^351 181 202 February 97 95 159 ^352 183 205 March 98 95 159 184 207 April . 99 95 160 186 208 May 99 95 161 187 P209 June 99 96 160 2*188 July.... 99 96 ^160 P193 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 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) :i913=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r n u t d a u r l s y e n - d d F f u m c a g l h c o l a i y t o e n u f d a u r l s e y - n d d Foods p I r n o tr d d i u u a s c l - ts p A r g t o u r d i r u c a u c l l t - s a p t f n r r I i i d o n n a i d d l s s u u h e r c a s m e - t w d s i- p tr I r i i n o s a h d 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—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 80 89 92 163 159 June 104 99 96 82 91 92 160 159 July 105 99 96 81 90 92 Sources.—See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159 976 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 numbersl [Index numbers] Year or month U ( S 1 = 9 n t 1 a 3 i 0 5 t t 0 e - e 3 ) d s 9 (1 C = 9 a 1 a 3 d n 0 5 - a 0 -3 ) 9 U K = d ( n 1 J i 1 o 9 i n u 0 1 t m l g e 0 4 y d - (1 = m G 9 1 1 a e 0 3 n r 0 - - y 1 ) 4 N (1 l = e a 9 1 t n 1 0 h 1 d 0 e -1 s ) r 3 S e = r ( w 1 J 1 l 9 a u i 0 1 t n n 0 z 4 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 g 0 e 4 y ) - d (1 m = G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 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 z 4 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—July 107 117 167 134 179 1941-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 P128 185 October.... 109 116 199 182 November 113 125 165 188 November.. 110 116 200 P132. 184 December, 113 124 165 P126 189 December. . 111 116 201 P132 184 1942—January .. 116 122 163 PI 28 191 1942-January 112 115 200 P134 186 February. 117 123 163 PI 29 194 February... 113 116 200 188 March 119 124 162 195 March 114 116 200 189 April 120 124 160 P132 197 April 115 116 199 P137 191 May 122 124 160 P134 199.. May 116 116 200 P137 192 June 123 126 159 June 116 117 199 July 125 130 160 July 117 118 200 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 St n a i t t e e s d K U in n g it d e o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e e )1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 .. 84.4 113.2 88.6 567.1 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 3101.8 117.5 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—July 118.7 124.7 103.1 83.2 72.5 P27O 142.6 118 5 124.5 103.1 83.2 73.8 P292 144.0 September 118.1 125.9 103.1 83.6 75.1 P305 146.4 October 118.8 125.5 80.4 74.8 P311 November 119.2 125.7 77.4 76.0 P329 December 117.5 125.5 71.8 74.8 P348 1942—January 117.5 126.8 72.6 76.0 P387 117 1 126.5 69 9 73.0 P409 March 116.7 127.1 66.0 72.6 P437 117 8 127 5 63.3 72.5 P454 May 117 7 126.8 63.2 73.0 P470 June 118.0 126.7 66.1 73.7 July 118.9 68.2 P Preliminary. 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. 6 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. SEPTEMBER 1941 977 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 LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINIS- GEORGE B. VEST, Assistant General Attorney TRATION B. MAGRUDER WINGFIELD, Assistant General Attorney 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 C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. E. RAGLAND, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney W. DALE .CLARK, KANSAS CITY DISTRICT 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 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston A. M. Crcighton Henry S. Dcnnison... W. W. Paddock William Willctt K. K. Carrick Carl B. Pitman* New York ... Beardsley Ruml Edmund E. Day Allan Sproul L. R. Rounds R. M. Gidney Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B, McCabc.. Warren F. Whitticr.. Alfred H. Williams.. Frank J. Drinncn... W. J. Davis P? C Will C. A. Mcllhcnny1 C. A. Sicnkicwicfc Cleveland .... Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlindcn C. W. Arnold R. B. Hays W. F. Taylor8 G. H. Wagner Richmond.... Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldenjr 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. Duno A. J. Mulroney Alfred T. Sihlcr St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis F. Guy Hitt O. M. Attcbery C. M. Stewart Minneapolis.. W. C. Coffcy Roger B. Shepard.... J. N. Peyton 0. S. Powell A. W. Mills* Harry I. Zicmer Kansas City... R. B. Caldwcll. Robert L. Mchornay.. H. G. Lccdy Henry 0. Koppang. J. W. Helm2 D. W. Woollcy Dallas Jay Taylor J. B.Cozzo R. R. Gilbert E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford1 San Francisco. Henry F. Grady.... St. George Holden... Wm. A. Day Ira Clerk C. E. Earhart1 W M Hale 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. Lasar 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: H. J. Chalfont San Francisco: Detroit Branch ... 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 SEPTEMBER 1942. 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo o FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES F ==g 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 F O FEDERAL RESERVE BANK AGENCY JUNE. I, 1942 5 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis