Federal Reserve Bulletin, 1942-10

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

^CONTENTS: PAGE Review of the Month—War Program and Living Standards 981-5 Law Department Amendment to Regulation A 989 Supplement to Regulation D 989 Consumer Credit: Interpretation of Regulation W 990 Government Contracts 990 Foreign Funds Control 99°~99I Statistics of Consumer Loans at Commercial Banks 992-~994 Personal Loans and Retail Instalment Paper of Insured Banks, June 30, 1942... 995~99^ Current Events 997 National Summary of Business Conditions ! 998-999 Financial, Industrial, Commercial Statistics, U. S. (See p. 1001 for list of tables) . 1001-1047 International Financial Statistics (See p. 1049 for list of tables) 1049-1061 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1062. Senior Officers of Federal Reserve Banks; Managing Directors of Branches 1063 Map of Federal Reserve Districts 1064 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 Hon duras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama,Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ETIN VOLUME 18 October 1942 NUMBER IO WAR PROGRAM AND LIVING STANDARDS In September Government expenditures tion of the expanded consumer income has for .war purposes aggregated 5I billion dol- gone into savings. lars, an amount aBout seven-eighths as Retailers' stocks of most goods are still large as the total spent by consumers for at a high level and for a time will be availcivilian goods and services. Over half of able to meet future demands as new supplies the current output of factories and mines is become more limited. Declines in output being used for war purposes and further of consumer goods, however, will be reexpansion in war output is in prospect. To flected to an increasing extent in reductions an increasing extent, however, this con- in goods available to consumers and it tinued growth is pressing against limita- is evident that problems of adjustment tions in the supply of raw materials and of throughout the civilian economy will manpower. become increasingly important. This increasing concentration of the Directing attention to the inflationary nation's activities on the war effort has not dangers in a situation in which consumer been fully reflected in decreases in goods incomes would continue to increase while and services available to consumers or in the supply of consumer goods would be upward pressure on prices. Increases in decreasing, the President on September 7 the cost of living have been less rapid since asked Congress for additional powers to the program for stabilization of prices was deal with the situation. As this review inaugurated last spring, and ryany prices went to press legislation relating to prices have shown no further increase or have of farm commodities and wage rates, and declined. Food prices, however, have con- other elements in the situation, was under tinued to rise. consideration in Congress. Also under con- Total income payments have expanded sideration was a tax measure, which was greatly and in September were at a rate of expected to increase Federal taxes, on a full about 116 billion dollars a year, compared year basis, by about 8.6 billion dollars, with 96 billion a year earlier and 72. billion the bulk of which would represent a in September 1939. Sales to consumers, withdrawal of disposable income from however, have not increased in dollar consumers. amount since last year and have diminished somewhat in physical volume. Last year WAR FINANCE AND BANK RESERVES consumers used some of their income to Government expenditures in recent make substantial purchases of durable and months have been far in excess of receipts semi-durable goods in anticipation of future and borrowings have been almost as large needs, while this year an increasing propor- as the volume of funds required for war 981 OCTOBER I942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH purposes. Purchases of United States but when it does, this will release some Government obligations both by com- additional materials for munitions output. mercial banks and other institutions and Output at factories and mines, including by individuals have been large. Bank both materials and finished products, purchases have increased the volume of reached an estimated 185 per cent of the ba^k deposits and have added to the 193 5-193 9 average in September, as comamount of reserves that commercial banks pared with 176 in June and 161 a year ago. must hold; at the same tkne, these reserves Fully half of this industrial output was for have been diminished by continued with- war purposes. drawals of currency by the public. In During recent months restrictions on the order to meet the banks* current need for use of materials for private construction additional reserves, the Federal Reserve have been strengthened and made more ef- System made considerable purchases of fective. New private residential construc- United States Government obligations in tion has been reduced by two-thirds since the open market and the Board of Gover- last spring and practically all such construcnors reduced reserve requirements for tion currently is in defense areas. Publicly demand deposits at central reserve city financed residential building in defense banks in New York and Chicago where the areas has been further expanded. decline in reserves was concentrated. A Meanwhile, demand for overseas transfirst reduction in requirements, from 2.6 to portation has continued to increase as outi./\ per cent, became effective on August 2.0;put of finished war products in this country a second, to TL per cent, on September 14; expanded and as the number of United and a further reduction, to xo per cent, on States troops abroad increased to a number October 3. officially announced as over 600,000. Construction of merchant and naval ships has PRODUCTION AND TRANSPORTATION continued to expand and apparently sink- In recent months production of airplanes, ings of merchant ships have declined from ships, ordnance, and other military products earlier high levels. has increased further, making more urgent Immediate problems of domestic transthe necessity of obtaining additional mate- port have been met through small additions rials, especially metals, and of allocating to equipment, increased operating effithem to the most essential uses. Growth ciency, and certain restrictions on civilian of capacity to produce raw materials has activities, notably the use of automobiles been generally at a slower rate than the on the East Coast. The Special Inquiry increase in capacity to fabricate them into Committee found, however, that the rubber finished products. The campaign for col- resources of the country were being used up lection of scrap metals has been intensified at a rate altogether too rapid for military and some progress has been made in re- and civilian safety and urged further prompt writing specifications to save scarce and sharp compulsory curtailment in the materials. There has also been progress in civilian use of automobiles on a countrythe redistribution of inventories. The wide basis as well as rapid expansion of amount of materials going into plant and synthetic rubber production facilities. equipment for war production has not Fuel oil rationing was made effective declined as yet and may not for some time, October 1 in 30 Eastern and Middle Western 98Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OP THE MONTH States as increases in rail shipments of employment of workers not previously in petroleum products, although large, were the labor market. Higher living costs not sufficient to offset the reductions in have also tended to increase rates. Actual shipments by tankers. advances in rates have been substantial in some lines, particularly in war industries LABOR SUPPLY AND WAGES where special efforts have been made to Over 4 million men were in the armed attract additional workers. forces in September, as compared with less Wage increases have been somewhat than x million a year earlier, and the rate of larger in manufacturing than elsewhere. inductions is increasing. At the same time For manufacturing the rise between January the demand for workers in war industry 1941 and May 1942., the period covered in has been rising and it appears that to the ''Little Steel" formula for wage stabiliachieve war production objectives it will zation, is estimated at about 15 per cent, be necessary to maintain or increase total as indicated on the chart. In the same employment as well as to increase the pro- period average hourly earnings, which portion of workers engaged in war produc- reflect changes in the proportion of hours tion. Total employment, not including the at premium overtime rates as well as armed forces, in recent months has been about changes in wage rates, increased xi per cent. 3 million larger than last year and about 7 Because employees worked more hours in a million larger than in the summer of 1939. week, average weekly earnings rose more, Increasing numbers of women and others by 35 per cent. Payrolls, which reflect not ordinarily in the labor market have increases in the number employed as well been employed, but labor shortages are coming to be increasingly important in PAYROLLS, AVERAGE WEEKLY AND HOURLY EARNINGS, AND WAGE RATES IN MANUFACTURING certain areas. To maintain production of nonferrous metals and lumber in iz Western States the War Manpower Commission has prohibited workers in critical occupations in these industries from obtaining other jobs without a certificate of separation obtained from the United States Employment Service; also, the War Production Board has ordered the Pacific Coast lumber industry to adopt a 48-hour week. Transfer of Federal employees within the Federal Government without the consent of the employee or his department on order of the Civil Service Commission has been authorized by the War Manpower Commission. The continued rising demand for workers TOTAL AVERAGE AVERAGE ESTIMATED in industry at a time when the usual labor PAYROLLS WEEKLY HOURLY WAGE EARNINGS EARNINGS RATES supply is being diminished by inductions NOTE.—Changes in total payrolls, average weekly earnings, and average hourly earnings based directly on Bureau of Labor Statistics into the armed forces has been a factor in data. Change in wage rates estimated by Federal Reserve from average hourly earnings figures, making allowance for overtime and other raising wage rates as well as in increasing premium payments and for shifts in the proportions of employees in the various industries within manufacturing. 983 OCTOBER 194Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH as all these other factors, rose by 60 per cent Prices at the farm have also risen this in this period. Approximately three-fifths year, although at a less rapid rate than last of the payroll increase represented amounts year. For some time after the General paid for additional work, while about two- Maximum Price Regulation was issued last fifths reflected higher average hourly earn- spring, prices of farm products showed little ings. The rise in wage rates alone was change, reflecting a slackening of speculaabout 15 per cent, as compared with the tive interest, improved crop prospects, and payroll increase of 60 per cent. Since May liquidation of previously accumulated average hourly earnings have advanced stocks of processed farm products. Also, about 3 or 4 per cent. approximately 60 per cent of commodities sold by farmers were affected indirectly by FARM PRODUCTION, PRICES, AND INCOME price ceilings on their manufactured prod- Crop production this year is expected to ucts. In July the pressure of mounting be about 15 per cent greater than in 1941, consumer incomes was reflected strongly in which was close to a record year. The the markets for fresh vegetables and various unusually large production is attributable livestock products. In August prices of mainly to exceptionally high yields per these farm products continued to advance, acre but reflects also increases in acreage in and prices of tobacco in the markets opened line with the Government program to in- for the new crop showed sharp advances crease output of commodities especially over a year ago. On August 31a temporary needed. In the case of oilseed crops sharp price ceiling at current levels was estabincreases in output are due principally to lished for flue-cured types. Prices received expansion in acreage, undertaken to replace by growers of truck crops for current concoconut oil supplies previously obtained sumption reached the highest level for any from the Philippines. In cotton, the aver- period since records were first compiled in age yield is estimated at 2.89 pounds per 19214. Prices of grains and cotton and acre, as Compared with a ten-year average cottonseed are currently close to March of zi5 pounds, and the cotton crop will 1941 levels. The table shows for selected increase from 11 million bales last year to dates the level of prices of various comabout 14 million bales this year, with little modities sold by farmers as well as the level increase in acreage. Feed crops and sup- of prices paid by farmers. plies are expected to be of record propor- FARM PRICE RELATIONSHIPS tions, making possible further increases in 1910-14 = 100 production of livestock and dairy products. Aug. Mar. Aug. Production of all foods this year is about 15,1942 15,1942 15,1941 10 per cent larger than last year and one- 163 146 -131 Prices received by farmers, total.. fourth larger than in the 1935—1939 period, Meat animals 200 180 155 Chickens and eggs.. 156 130 130 according to estimates made by the Bureau Dairy products 151 144 135 of Agricultural Economics. Whether agri- Truck crops.. .# 256 136 136 Miscellaneous items 173 132 128 Cotton and cottonseed.. 151 151 128 cultural production is maintained at current Fruits 126 111 100 Grains 115 122 99 advanced levels in 1943 will depend partly Prices paid by farmers, total (including inon the availability of manpower on farms terest and taxes) m 152 150 136 Ratio of prices paid to prices received as well as on weather conditions, which (parity) 107 97 96 this year have been unusually favorable. NOTE.—Miscellaneous items include mainly tobacco, hay, and potatoes. Source of data.—Bureau of Agricultural Economics. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Farmers' cash income this year is expected year, showed practically no change from to be about 15 billion dollars which will March to August, the last month shown on be larger than that for any other year, the accompanying chart. Rents also reincluding the boom year of 1919. mained stable for the most part and in some areas were reduced by orders freezing rents COST OF LIVING at levels prevailing before the previous In the six months since last March, the rise, mostly as of some date in 1941. month taken as a standard in the stabiliza- Prices of fuels have risen somewhat, reflecttion program undertaken last spring, the ing in part higher prices for bituminous cost of living has risen about 3 per cent, as coal and fuel oil. The only group to show compared with 6 per cent in the preceding a continued rapid increase has been foods. six months. The level reached in Sep- From March to August food prices rose tember was about 118 per cent o£the1935- 6 per cent and there was a further advance 1939 average. This compares with about in September. In the five months after 100 in August 1939 and a range of 1x0-115 March all groups of foods for which pubfor most of the 192.0's. ' . lished indexes are available advanced, with Prices of clothing and housefurnishings, the exception of cereal products and sugar, which had been advancing rapidly for a as is shown in the following table. RETAIL PRICES OF FOODS COST OF LIVING 1935-39 = 100 1935-39 AVERAGE'100 Per cent rise to August 18,1942 from Aug. 18, 1942 Mar. 17, Aug. 15, 1942 1939 All foods.. 126 35 Meats 130 7 35 Dairy products.. 126 3 35 Fats and oils 120 3 42 Eggs 146 30 61 Fruits and vegetables., 133 44 Fresh...." 135 9 46 Canned 123 2 34 Dried 139 9 54 Sugar 127 -1 33 Beverages 124 3 30 Cereal products 105 0 13 Source of data.—Bureau of Labor Statistics. In most of the more important groups advances have been substantial for so short a period, especially taking into account usual seasonal developments. ' Increases since last spring have been due primarily to the basically strong demand situation and to the exemption of about 40 per cent of foods from the general regulation limiting prices to the highest levels charged in 1935 1936 1937 1938 1939 I94O March. Retail prices of these uncon- Bureau of Labor Statistics data for the middle of the month, selected dates, March 1935 to July 1936; quarterly through September trolled foods advanced 10 per cent on the 1940; and monthly October 1940 to August 1942. 985 OCTOBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH average from May to August. There have ing along with the rise in consumer income, also been upward adjustments in prices of action has been taken to restrict meat some controlled foods but prices of certain deliveries for civilian consumption during others have declined and controlled foods the last three months of this year to 80 as a group were at about the same level in per cent of deliveries in the corresponding August as in May. period last year, and the Office of Price The large rise for uncontrolled foods Administration has been asked to prepare a has been due partly to marked increases in program for nationwide coupon rationing. both civilian and Lend-Lease demand for livestock, dairy and poultry products, and LIVESTOCK AND MEATS fruits and vegetables. Also, production and supply problems are somewhat different for most uncontrolled items. In general, stocks of these products are relatively small and expansion in output is often slow and costly, perhaps requiring more price or other incentives. Labor requirements are a more important consideration than for most other foods and this is of some importance in a period when it is difficult to hire additional workers and wage rates on farms are rising. Retail prices for meats have continued to rise, reflecting sharper increases, percentagewise, in the price of livestock at the farm. Meat prices generally fluctuate less than livestock prices because they include manufacturing and distributive margins that are fairly stable; and after last spring, when NOTE.—Index of prices received by farmers for meat animals, Bureau of Agricultural Economics index converted to a 1935-1939 base; ceilings were established for meats but not index of retail prices of meats, Bureau of Labor Statistics; index of meat packing, Federal Reserve. Annual estimates for meat packing for civilian and war uses based on data and estimates of Bureau of livestock, margins per unit actually de- Agricultural Economics and Food Requirements Committee converted into points in Federal Reserve index of meat packing. clined while livestock prices were increasing. As the accompanying chart Dairy prices, which ordinarily decline indicates, meat production in the marketing at this season, were up 3 per cent, reflecting a year ending next June may be as much as sharp rise in butter prices. Since the 15 per cent larger than last year. Hog middle of March the Department of Agriproduction is likely to be up about zo per culture has raised its buying price, first cent and beef production about 7 per cent, from 34 cents per pound to 36 cents, and according to the Food Requirements Com- then, in July, to 39 cents per pound. mittee. The supply available for civilians Subsequently, market prices have risen above after the demands of the armed forces and this support level to 43 cents in the middle Lend-Lease are met, however, will probably of September. Prices of cheese and evapobe substantially smaller than last year. rated milk, also uncontrolled, are about With per capita consumer demand increas- the same or lower than in March, reflecting 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH accumulations of stocks after Lend-Lease income than before the war and, with the purchases of these particular products were cost of living showing little rise before the curtailed in an effort to conserve shipping spring of 1941, were able to buy many more space. Retail milk prices are controlled, goods, at the same time increasing somebut in many markets fluid milk prices are what their savings in various forms, inclosely related to butter prices, and during cluding currency, bank deposits, and inthe summer period of flush production surance. Buying increased, particularly in Federal permission to raise delivered milk durable goods of all sorts, including houses, prices was granted in some markets. Egg and semidurable goods, such as clothing. prices, which usually rise about 15 per In some cases purchases represented anticicent from March to August, advanced patory buying prompted by fear of scarcities 30 per cent this year. and higher prices and, in the summer of Total supplies of fruits and vegetables 1941, by impending regulation of conare expected to be about 5 per cent higher sumer credit. Also, increased purchases than last year but, because of military were to some extent facilitated by increases needs and Lend-Lease shipments, sup- in consumer debt; for the most part, howplies available for civilian consumption, ever, people bought more because they had particularly of canned products, are likely more income and were able to buy goods to be less than in 1941. To assure an previously out of their reach. outlet for 1941 packs of important vegetable The first curtailments in production of crops the Government agreed last spring to finished civilian goods came in the autumn accept all offers by canners at 92. per cent of of 1941 as a beginning was made on the their gross maximum price levels. These program to convert existing industrial maximum levels allowed an 8 per cent aver- plants to war production. Soon after the age increase over prices for the 1941 pack— entry of the United States into the war more to allow for advances in factory costs other decisive measures were taken in some lines, than raw materials-—plus the amount of but production of most consumer goods, increase in raw material costs up to May 4. other than automobiles, tires, and silk For canned fruits retail price increases of stockings, continued at a high level for between 15 and X5 per cent have been several months. Consumers, whose inpermitted because of the special agricultural comes were still increasing, made heavy provisions of the Price Control Act and purchases early in the year, especially of inability to work out arrangements for durable goods other than automobiles and absorption by the Government of higher of such semidurable goods as clothing. fresh fruit costs. Meanwhile, for a long time there was a heavy upward pressure of demand on prices. RISE IN STANDARDS OF LIVING Retail price advances were widespread More complete utilization of this coun- after early in 1941, as indicated in the chart try's resources following the outbreak of on page 985, and there seemed to be a real war in Europe three years ago was reflected possibility that consumer spending would at first in a marked increase in standards of be further stimulated by these price inliving. For two years production of con- creases. sumer goods increased. Consumers had At this juncture, in May of this year, available for expenditure substantially more retail price controls were extended to cover 987 OCTOBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH most commodities, except certain foods, PROSPECTIVE DECLINE IN LIVING and also rents in defense areas. Consum- STANDARDS ers by this time generally were well With a large and increasing proportion stocked with goods, especially durable and semidurable items—as were producers and of economic activity being devoted to war distributors. With supplies still readily purposes, it is evident that sooner or later available in the markets and with the the supply of goods in many civilian mardanger of runaway prices reduced, the buy- kets will decline. This transition to a ing wave subsided, and purchases, in physi- lower level of supplies may be gradual becal terms, were smaller early this summer cause of the existence of large stocks and than a year ago when incomes were not so continued large production in some lines, high. Thus it has happened that for a but over a longer period substantial reducconsiderable period after curtailment of tion in available supplies appears certain. production in an increasing number of Meantime, consumers are using up the industries, supplies in the markets have services of some durable goods which can continued large. Consumers have been not be replaced. Thus, standards of conable to buy most commodities freely in the sumption for civilians will decline. The market and, although required to tneet decline, however, may be expected to be stricter credit terms and to pay additional much less than in the countries devastated taxes, have been able to make purchases by military operations or in countries with required for current consumption and also for maintenance in good condition of the more limited resources and greater dedurable goods bought earlier. pendence on world markets. 988 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Discounts by Federal ^Reserve Banks RESERVES REQUIRED TO BE MAIN- Amendment to Regulation A TAINED BY MEMBER BANKS The Board of Governors, on September 18, WITH FEDERAL RESERVE 1941, amended Regulation A entitled Dis- BANKS counts for and Advances to Member Banks by Federal Reserve Banks, effective immediately, Pursuant to the provisions of section 19 of the by adding at the end of subsection (h) of section Federal Reserve Act and section 2.(a) of its 1 the following sentence: Regulation D, the Board of Governors of the The requirement of this section of the Regula- Federal Reserve System hereby prescribes the tion that a note, draft of bill of exchange be following reserve balances which each member negotiable shall not be applicable with respect bank of the Federal Reserve System is required to any note, draft or bill of exchange evidenc- to maintain on deposit with the Federal Reserve ing a loan which is in whole or in part the Bank of its district: subject of a guarantee or commitment by 6 per cent of its time deposits plus— the War Department, Navy Department, or 14 per cent of its net demand deposits if not United States Maritime Commission^pursuant in a reserve or central reserve city; to Executive Order No. 91 ix. 2.0 per cent of its net demand deposits if in a Reserves reserve city, except as to any bank located in an outlying district of a reserve city or in territory Central Reserve City Banks added to such city by the extension of the city's Since the publication of the September 1941 corporate limits, which, by the affirmative vote Federal Reserve BULLETIN, the Board of of five members of the Board of Governors of Governors has twice amended the Supplement the Federal Reserve System, is permitted to to Regulation D, relating to reserves required maintain 14 per cent reserves against its net to be maintained by member banks with demand deposits; Federal Reserve Banks, so as to reduce from 2.4 to 2.0 per cent the reserves required to be main- 2.0 per cent of its net demand deposits if located tained against net demand deposits by member in a central reserve city, except as to any bank banks in central reserve cities. The first re- located in an outlying district of a central reserve duction, from 2.4 to ix per cent, became effective city or in territory added to such city by the as of the opening of business on September 14, extension of the city's corporate limits, which, 1941, and the second, from 22. to xo per cent, by the affirmative vote of five members of the became effective as of the opening of business Board of Governors of the Federal Reserve on October 3, 1942. There is set forth below System, is permitted to maintain 14 per cent the text of the Supplement to Regulation D as or ID' per cent reserves against its net demand thus amended: deposits. SUPPLEMENT TO REGULATION D The supplements to Regulation D which have previously been issued are hereby revoked and Effective as to each member bank at the opening of business on October 3, 1941 superseded. 989 OCTOBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Consumer Credit extend the provisions of Executive Order No. Interpretation of Regulation W 9001, of December 2.7, 1941, to the Board of Economic Warfare with respect to all contracts Since the publication of the September Federal made or to be made by it relating to the prosecu- Reserve BULLETIN, the Board of Governors has tion of the war; and subject to the limitations issued the following interpretation of Regulaand regulations contained in such Executive tion W: order, I hereby authorize the Chairman of the INSTALLATION OF STOKER Board of Economic Warfare, and such officers and employees as he may designate, to perform The Board has ruled that section 8(m) of and exercise, as to the Board of Economic Regulation W does not except credit to finance Warfare, all of the functions and powers vested the installation of a stoker if the same kind of in and granted. to the Secretary of War, the coal is to be used. Furthermore, the extension- Secretary of the Navy, and the United States of credit to finance the installation of a stoker Maritime Commission by such Executive order. in connection with a change of fuel, as from oil to soft coal, or from hard coal to soft coal, is FRANKLIN D. ROOSEVELT only excepted when the stoker is necessary for THE WHITE HOUSE, August 2.2., 1942.. mechanical reasons to burn the type of coal to be used. Foreign Funds Control Government Contracts Public Circulars and Public Interpretation Executive Order Dealing With War Contracts Since the publication of the September Federal Reserve BULLETIN the following Public Circulars There is set forth below the text of an Execuand Public Interpretation relating to transactive Order issued by the President on August xz, tions in foreign exchange, etc., have been issued 1942., extending the provisions of Executive by the Office of the Secretary of the Treasury Order No. 9001 of December zy, 1941, so as to under the authority of the Executive Order of authorize the Board of Economic Warfare to April 10, 1940, as amended, and the Regulations perform the functions and exercise the powers issued pursuant thereto: described in Title II of the Act of December 18, 1941, pertaining to Government contracts. Treasury Department, Office of the Secretary, Executive Order No. 9001 is published at page September 14, 1941 105 of the February 1942. Federal Reserve BUL- PUBLIC CIRCULAR NO. 4C LETIN, and the Act of December 18, 1941, is published at page 12. of the January 1942. Federal Under Executive Order No. 8$8g, April 10, 1940, as Amended, and Reserve BULLETIN. Regulations Issued Pursuant Thereto<t Relating to Transactions in Foreign Exchange, etc.* EXECUTIVE ORDER 92.33 This Circular, containing instructions for the preparation of reports on Form TFR-300, Series L, with respect to EXTENSION OF THE PROVISIONS OF EXECUTIVE property subject to the jurisdiction of the United States in ORDER NO. 9001 OF DECEMBER 17, 1941, TO which certain specified classes of persons have any interest of any nature whatsoever, direct or indirect, is published THE BOARD OF ECONOMIC WARFARE on pages 72.74-7180 of the Federal Register for September 16, By virtue of the authority vested in me by the 1941. An amendment to this Circular is published on page act of Congress entitled "An Act to expedite 742.8 of the Federal Register for September 2.1, 1942.. Copies the prosecution of the war effort", approved December 18, 1941, and as President of the • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as United States, and deeming that such action will amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December facilitate the prosecution of the war, I hereby 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26,1941. 99O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT may be obtained from any Federal Reserve Bank, the (b) Delete "Syria and Lebanon", and in lieu thereof, Governor of any territory or possession of the United States, substitute "(1) Syria and Lebanon; and 00 the New or the Secretary of the Treasury, Washington, D. C. Hebrides Islands". (5) General License No. 11A and General License No. 77 Treasury Department, Office of the Secretary are hereby revoked. September 2.2., 194.x (6) General Ruling No. 11 is hereby amended in the following respects: PUBLIC CIRCULAR NO. 19 (a) In the definition of "enemy national" in para- Under Executive Order No. 8389, as Amended, Executive Order graph 00 Ca) CO °£ such general ruling, delete the words No. 9193, Sections 5OO and jQ>) of the Trading with the Enemy "CGermany, Italy, and Japan) and the Governments of Act, as Amended by the First War Powers Act, 1941, Relating Bulgaria, Hungary, and Rumania", and in lieu thereof, to Foreign Funds Control* substitute the words "(Germany, Italy, Japan, Bulgaria, Hungary, and Rumania)". (1) General License No. 4 is hereby amended by the addi- (b) In the definition of "enemy territory" in paration of the following paragraph to the end thereof: graph 00 00 CO of such general ruling, delete the words "Securities issued or guaranteed by the Government "and Japan" and in lieu thereof substitute the words of the United States or any state, territory, district, "Japan, Bulgaria, Hungary, and Rumania". county, municipality or other political subdivision (7) General License No. 13 is hereby amended by the thereof (including agencies and instrumentalities of the deletion of the word "Rangoon* from section 00 of paraforegoing) need not be sold on a national securities ex- graph CO thereof. change; -provided that such securities are sold at market C8) General License No. 66 was amended on December 7, value and pursuant to all other terms and conditions 1941, by deleting sections 00, Ce)> and CO thereof. prescribed in this general license." C9) General License No. 69 was amended on December 7, 00 General License No. 5 is hereby amended to read as 1941, by deleting sections 00, (c), and 00 thereof. In view follows: of such amendment, General License No. 69 is hereby "00 A general license is hereby granted authorizing amended to read as follows: the payment from any blocked account to the United "A general license is hereby granted licensing as a States or any agency or instrumentality thereof, or to generally licensed national the San Francisco office of any state, territory, district, county, municipality, or the Bank of Canton." political subdivision in the United States, of customs CSigned) RANDOLPH PAUL, duties, taxes, and fees payable thereto by the owner of Acting Secretary of the Treasury. such blocked account. Treasury Department, Office of the Secretary, "(2.) Banking institutions within the United States Foreign Funds Control, making any single payment in excess of $1,000, pursuant August 31, i94x to the terms of this general license, shall file promptly with the appropriate Federal Reserve Bank a report PUBLIC INTERPRETATION NO. 6 setting forth the details of such transaction. Under Executive Order No. 8389, April-10, 1940, as Amended, and (3) General License No. 2.0 is hereby amended by deleting Regulations Issued Pursuant Thereto, Relating to Foreign the second paragraph, thereof. Funds Control (4) The definition of the term "generally licensed trade It has come to the attention of the Treasury Department area" in paragraph (3) (a) of General License No. 53 is that persons within the United States have been sending hereby amended in the following respects: securities, currency, checks, drafts, and promissory notes to (a) Insert "the Faroe Islands" as a separate item persons in Sweden, Switzerland, Spain, Portugal, and Unbetween the item whose text is "the Union of Soviet occupied France." Socialist Republics" and the item whose text is "the Any such unlicensed sending of securities, currency, Netherlands West Indies." checks, drafts, or promissory notes to such countries is prohibited by the Order. None of the general licenses Concluding * Section 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; General Licenses Nos. 31, 33, 49; 50, 52., and 70) authorizes Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, any such sending. 1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, 1941; Ex. Order 8963, December 9, 1941, and Ex. Order 8998, J. W. PEHLE, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Assistant to the Secretary OCTOBER 1942. 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF CONSUMER LOANS AT COMMERCIAL BANKS Because of the responsibility of the Board of estimates derived from the commercial bank Governors for the regulation of consumer credit, reports on amount outstanding and volume of the collection of statistics in this field has been loans made for each of the first eight months of centralized so far as practicable in the Reserve 1941. Quarterly figures from December 1939 System, x The objectives of this change are three: through December 1941, based upon information (i) to secure more adequate consumer credit obtained from other sources, are also included. statistics by utilizing information already avail- Beginning in October the monthly estimates able within the Reserve System and by im- will be released to the public and to the press proving the methods of collecting data; (V) to about the 2.8th of each month following the eliminate duplication and inconsistency in one to which the latest figures refer. reporting; and (3) to minimize the burden of respondents. The registration statements filed LOANS OUTSTANDING pursuant to the Board of Governors' Regulation Table 1 gives estimates of consumer instal- W and the condition reports of member banks ment loans outstanding in commercial banks, submitted regularly to the Board provide data by type of loan, quarterly from December 1939 of use in collating and standardizing the collection and presentation of other figures for con- through December 1941 and monthly thereafter. sumer credit. Figures shown for December 30, 1939, December As part of the program the monthly series of 31, 1940, June 30, 1941, and December 31, 1941, consumer instalment loans held by commercial are based upon bank call reports obtained by banks, previously compiled by the Consumer the Comptroller of the Currency, the Federal Credit Division of the American Bankers Asso- Reserve System, and the Federal Deposit Insurciation, have been taken over by the Reserve ance Corporation. Data for insured Morris System. Likewise the consumer credit statistics Plan and industrial banks submitting call refor personal finance companies, industrial banks, ports for those dates are excluded, while esticredit unions, and certain retail lines, formerly mates for uninsured banks are included. collected by the Bureau of Foreign and Domestic Commerce, have been transferred to the Federal TABLE 1 Reserve. The collection of credit data from CONSUMER INSTALMENT LOANS OUTSTANDING IN department stores has been extended and the COMMERCIAL BANKS, BY TYPE OF LOAN collection of retail furniture statistics has been [Estimates, in millions of dollarsl r h c e e a q n s u tr e a e s l x t i p z o e a f n d d t e i h n d e t B h th e o e a S rd y s , s c t o t e h p m e e . B o u f I r n e t a h a u d e d o i s f t t i a o th t n i e s , ti C a c t e s n t s h u i e t s End o r o f y e m a o r nth Total c P h A a u u s r e t - r o d e m ta D o il t i i r v e e ct c O r d h e a i t a n t r h a s e d e e i c l r d t m i R z o a e a d n p t d e i a o r i n n r - i m s n P c o a s e e n t s r n a a h - t l l collects from sales finance companies. 1939—Decembei 1,020 210 160 150 220 280 NEW COMMERCIAL BANK SERIES 1940—March... 1,080 230 180 160 210 300 June 1,240 280 210 200 230 320 The Reserve System has been collecting com- D Se e p c t e e m m b b e e i r.. 1 L , . 3 3 1 4 0 0 3 2 0 9 0 0 2 2 3 3 0 0 2 2 1 1 0 0 2 2 6 5 0 0 3 34 3 0 0 mercial bank figures on consumer instalment 1941—March... 1,400 320 260 220 250 350 credit since early this year. This article1 presents Jane 1,620 390 320 270 260 380 September.. 1,690 420 330 290 270 380 Decembei 1,586 386 306 273 252 369 w co e n re s 1 u P w lt l o a a t n r i k s o e n d a n w o d i u t p t h r b o t y h c e e t d h F u e e r e d B s e o r f a a o l r r d R ' c s e o s l D e le r i v c v t e i i s n i B o g a n a n n o k d f s , R c t o e h s m e e p a D r il e c i h p n a g a r n t t m h d e e S s n e t t a t s o i t s f a t t i C i c s o s t m i i c n - s 1942— M A F J e a p a b n r r r u i c u l a . h a ry r . . y . . . . . . L 1 1 1 , , , , 4 3 4 5 3 3 0 0 2 5 1 9 3 3 3 2 5 2 1 9 5 5 6 1 2 2 2 2 8 5 6 4 4 0 3 1 2 2 2 2 6 5 5 4 7 9 7 3 2 2 2 2 4 3 3 1 2 1 3 8 3 3 3 3 4 5 6 4 7 2 1 2 merce, the American Bankers Association, and others. The figures are May L.27O 265 230 231 213 331 collected by the Federal Reserve Banks. Estimates of national totals June L.208 245 218 210 209 326 are made at the Board's offices. The making of these estimates and the July 1,131 218 204 197 202 310 preparation of this article have been largely done by Milton Moss, under August... L.064 211 184 180 191 298 the direction of Roland Robinson of the Division of Research and Statistics. FEDERAL RESERVE BULLETIN 992- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF CONSUMER LOANS AT COMMERCIAL BANKS The quarterly figures interpolated between the reported by the same sample of banks which call dates in 1940 and 1941 are based on percent- furnished the data for loans outstanding, but age changes for an identical sample of banks there were no call report figures for loans made which had reported quarterly to the Consumer at all banks to be used as a basis for determining Credit Division of the American Bankers Asso- the monthly relationship between the sample ciation.2 and the whole. An estimate of the loans of The bench mark for computing the monthly each type made by all banks in each district in figures for 1942. is the total amount of consumer June 194X—the month in which the largest numloans of all commercial banks outstanding on ber of banks reported—was derived by applying December 31, 1941, obtained by adjusting the the relation, as of December 31, 1941, between call report total for that date so as to exclude the outstandings of reporting banks and those of insured industrial and Morris Plan banks and to all banks (the same relationship used in estiinclude uninsured commercial banks.3 In order mating total outstandings as noted above), to to assist in deriving figures for all commercial the loans made in June 1941 by the reporting banks from figures for a sample of banks, the banks. Estimates of loans of each type made banks reporting in any given month include 1941 in other months were derived by applying year-end figures for amounts outstanding as well month-to-month percentages of change in reas the current monthly figures. The relation ported figures to the June and successively derived of the district figure for each type of loan re- estimates of total loans for all banks, working ported monthly by the sample to the correspond- backward to January as well as forward. ing monthly total for all banks in each Reserve district is assumed to be the same as had pre- TABLE 2 vailed at the end of 1941. By this method of VOLUME OF CONSUMER INSTALMENT LOANS MADE BY projecting sample figures to totals, allowance COMMERCIAL BANKS, BY TYPE OF LOAN is made for variations in sample coverage by [Estimates, in millions of dollars] typ T e h e o f e s lo ti a m n a f t r e o m fo r d i e s a t c ri h c t ty to p e d i o s f t r l i o ct a . n in each Total Aut r o e m ta o il tive c O r h p e t a u t h s a r e e - i r l d m R o a e d n p e d a r i n r - P i e m n r s s e t o n a n l t - a] district, for each month from February through c P h u as r e - d Direct d a i n re d ct ization l c o a a s n h s August, is thus computed by dividing the loans 1942—January 148 39 21 27 5 56 of the reporting banks for the month by the February... 115 23 19 21 7 45 March 138 27 22 23 9 57 proportion which the amount of loans of the April 125 19 20 28 10 48 May 110 17 18 25 9 41 given type at the reporting banks was of total June 102 15 16 16 9 46 July 95 16 16 13 9 41 loans of that type at all banks in the district on August 93 23 14 11 9 36 December 31, 1941. The estimates for all commercial banks are aggregates of the district The estimates on volume of loans made are estimates. January 1942. figures are interpolated. accurate only within broad margins since the method for deriving them is based upon an VOLUME OF LOANS MADE assumption which may be only roughly correct. Table 2. contains estimates of consumer instal- It is assumed, for example, that if the reporting ment loans made since January 1942., by type of banks in a given district accounted for 50 per loan. These estimates are derived from data cent of automotive loans outstanding at all commercial banks in that district at the end of 2 All figures prior to December 1941 are necessarily approximations and are therefore rounded to tens of millions, the closest point to which June, those banks also extended 50 per cent of they are believed to be reasonably accurate. The detail shown in Table 1 had to be estimated for call dates prior to December 31, 1941, the automotive loans made by all banks in that from more generalized information contained in the earlier call reports. Moreover, the figures interpolated between the call dates were derived district in June. Such an assumption probably from a sample reporting only about 10 per cent of the total volume of consumer instalment loans outstanding. is reasonably accurate and the method it im- 3 When later call report figures are adjusted as indicated in the text, they will replace the December 31 figures. Thus the June 1942 call plies produces useful if somewhat approximate figures given on page 996, after adjustment, will become the bench mark for monthly estimates until the next call report figures are obtained, results. and so on. OCTOBER 1941 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF CONSUMER LOANS AT COMMERCIAL BANKS COMPUTATION OF REPAYMENTS TABLE 4 Repayments of consumer instalment loans are REPORTING BANK HOLDINGS OP CONSUMER INSTALMENT CREDIT AS PROPORTION OF TOTAL FOR ALL BANKS, BY not reported by commercial banks. Such TYPE OF LOAN, DECEMBER 31,1941 monthly figures are derived from volume of loans f m o a r d t e h a e n f d ir s a t m e o ig u h n t t s m o o u n ts t t h a s n d o i f n g 1 9 a 4 n 2. d i n ar T e a s b h l o e w 3 n . Type of loan All banks1Re b p a 3 o n 9 r k 5 ti s ng P o e f r t c o e t n al t Automotive retail TABLE 3 Purchased 386.2 201.4 52 Direct 305.6 122.5 40 Other retail TOTAL CONSUMER INSTALMENT CREDIT OPERATIONS OF Purchased and direct 272.7 203.7 75 Repair and modernization 252.4 147.4 58 COMMERCIAL BANKS Personal instalment cash 368.8 178.9 49 [Estimates, in millions of dollars] Total 1,585.7 853.9 54 New loans Repayments Outstanding Month made during during at end of 1 Excludes reported figures for insured Morris Plan and industrial month month month banks and includes estimates for noninsured banks. 1941—December ... C1) 1,586 retail instalment loans on commodities other 1942—January 148 225 1,509 February. .. 115 192 1,432 than automobiles and about two-fifths of direct March 1 8 169 1,401 April 125 191 1,335 loans on automobiles. These variations in cov- May 110 175 1,270 Tune 102 164 1,208 erage are taken into account since the method July 95 172 1,131 August 93 160 1,064 of expanding to totals employs weights by type of loan as well as by Federal Reserve district. 1 Not available. A check on the reliability of this reporting The derivation formula is: repayments during group is given in Table 5, which shows that current month equal outstanding loans at end percentage changes for the 395 reporting banks of previous month plus loans made in current for each type of loan were approximately the month minus outstanding loans at end of current same as corresponding percentages for all commonth. mercial banks. DESCRIPTION OF SAMPLE TABLE 5 CHANGES IN CONSUMER INSTALMENT LOANS OUTSTANDING The sample of commercial banks currently ALL COMMERCIAL BANKS AND 395 REPORTING BANKS reporting to the Board has varied from month BY TYPE OF LOAN, DEC. 31, 1940-DEC. 31, 1941 to month between 350 and 395 banks and has Percentage change from accounted for about one-half of consumer instal- December 31, 1940 to Type of loan1 December 31,1941 ment loans held by all commercial banks. The 395 banks reporting in June were analyzed to All banks2 395 Banks determine some of the characteristics of the Retail instalment paper Purchased +30 +31 reporting sample. Table 4 shows theproportion Direct +32 +30 Personal instalment cash +9 +9 of various types of credit held by the reporting Total +24 +25 banks at the end of 1941. 1 The types shown in this table are only for those loans which were In relation to all commercial banks, the banks comparable as between the two call dates indicated. in the sample represent about three-fourths of 2 Excludes reported figures for insured Morris Plan and industrial banks and includes estimates for uninsured banks. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL LOANS AND RETAIL INSTALMENT PAPER OF INSURED BANKS, JUNE 30 1942 9 Personal and retail instalment paper reported The figures (including personal single-payby all insured commercial banks on June 30, ment loans) reported as of June 30, 1942., are 1942., amounted to 1.3 billion dollars, a decrease shown in detail by States in a table on page 996 of .4 billion or 13 per cent as compared with of this BULLETIN. A comparison of the June December 31,1941. In addition, banks reported 1942. and December 1941 figures (after deducting for the first time their holdings of personal personal single-payment loans from the June single-payment loans. The total of this new figures) shows that the percentage decline was item as reported by all insured commercial fairly uniform throughout the country, both by banks as of June 30, 1942., was slightly over i major geographic regions and by classes of bank. billion dollars. By geographic regions the decline ranged from Of the total instalment paper reported, 504 2.1 per cent in the Middle Atlantic to 2.6 per cent million dollars arose from retail sales of autoin the Pacific States, and by class of bank from motive vehicles and 2.2.9 million dollars from xo per cent at central reserve city member other retail instalment sales, 384 million banks to 14 per cent at country member banks. dollars were personal instalment cash loans, and xii million dollars were repair and modernization loans. Retail instalment loans arising NOTE.—These figures were obtained by the Comptroller of the Currency for national banks, the Board of Governors for State member from sales of automotive vehicles declined 31 banks, and the Federal Deposit Insurance Corporation for insured nonmember banks. In reporting figures for holdings of retail instalper cent during the six-month period ended ment paper, banks were asked to include the unpaid balances of instalment loans arising from the retail sale of and secured by automobiles, June 30, other retail instalment paper 18 per trucks, tractors, other automotive vehicles, household appliances, furniture, clothing, jewelry, etc.; they were asked not to include any cent, personal instalment cash loans 14 per loans made to dealers and finance companies on their own promissory notes even if secured by the pledge of instalment paper. Paper purcent, and repair and modernization instalment chased from or rediscounted for dealers and finance companies was reported separately as paper purchased and paper representing loans loans 2.1 per cent. These comparisons are shown made directly to the borrowers was reported separately as direct loans. Banks were requested, in reporting FHA Title I class 1 loans which in the following table: are for the purpose of financing alterations and improvements to existing completed properties, to exclude class 2 and 3 loans which are for the purpose of financing new construction. In reporting personal instalment cash loans they were asked to include the unpaid balances of all loans made to individuals which are repayable in instalments PERSONAL AND RETAIL INSTALMENT PAPER HELD and the proceeds of which are ordinarily used for such purposes as BY INSURED COMMERCIAL BANKS, JUNE 30, 1942 consolidation of debts, medical attention, and personal expenditures. Deposits accumulated for payment of personal instalment loans were [Amounts in millions of dollars] to be deducted and the net figures reported. Personal single-payment loans, reported for the first time as of Amount Decrease since June 30, 1942, were defined as comprising all secured and unsecured reported December 31, 1941 single-payment (non-instalment) loans made to individuals except (1) June 30, real estate loans, (2) loans for business and agricultural purposes, and (3) 1942 Amount Per cent l p o a a y n m s e f n o t r l t o h a e n s p u th rp e o p s r e o c o e f e p d u s r o c f h a w s h in ic g h o a r r e c a o r r r d y i i n n a g r i s ly ec u u s r e it d ie f s o ; r i . c e o ., n s s o in li g d l a e - tion of debts, medical attention, and general expenditures, or to finance Retail instalment paper purchases of consumers' goods or alterations or improvements to Automotive 504 226 31 existing completed properties. As a result of considerable corres- Other 229 50 18 pondence with individual banks and substantial corrections obtained, Personal instalment cash loans 384 63 14 it is believed that the figure of 1 billion dollars for such loans represents Repair and modernization instalment a reasonably fair measure of the amount of such loans held on June 30, loans 211 58 21 though the reports received in many cases appear to be inaccurate as to this item, due largely to the fact that the item had not previously Total instalment loans 1,328 397 23 been reported by the banks. OCTOBER 1941 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL LOANS AND RETAIL INSTALMENT PAPER OF INSURED BANKS JUNE 30, 1942. PERSONAL LOANS AND RETAIL INSTALMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS, JUNE 30, 1942 [In thousands of dollars] Repair and moderni- Retail instalment paper zation instalment Total loans personal Personal Classes of B D an iv k i s s i a o n n d s Geographic i l n o s a r t n e a t s l a m a il n e d nt Ar o is f i n v a g u e h t f o r i o c m l m e o s t s iv al e es A r r e i t s a in il g s i f n a r s l o e t m a s l m o e th n e t r T F. i H tle .A I . All i c n P a s s e t h r a s l o l m o n a e a n n l s t pa s l i y o n m a g n l e e s n - t paper class 1 other Paper Direct Paper Direct loans purchased loans purchased loans All insured commercial banks.. l2,355,752 281,602 222,756 209,628 19,467 187,991 22,905 383,547 1,027,856 Member banks—Total 1.905,937 210,873 162,227 185,976 14,151 157,488 17,414 268,714 889,094 Central reserve city banks.. 380,677 26,679 5,879 64,113 78 22,154 1,508 51,342 208,924 Other reserve city banks.... 735,786 90,296 75,433 80,121 6,618 75,909 8,047 94,812 304,550 Country banks 789,474 93,898 80,915 41,742 7,455 59,425 7,859 122,560 375,620 Insured nonmember banks... 449,815 70,729 60,529 23,652 5,316 30,503 5,491 114,833 138,762 New England 141,320 11,690 7,021 12,956 877 8,849 1,275 23,707 74,945 Maine 6,086 660 505 320 55 209 37 844 3,456 New Hampshire 4,617 296 378 148 40 150 54 975 2,576 Vermont 6,588 1,259 392 393 58 175 55 940 3,316 Massachusetts 94,763 7,993 4,302 9,628 497 6,305 621 13,512 51,905 Rhode Island 7,785 335 280 338 69 261 49 1,221 5,232 Connecticut 21,481 1,147 1,164 2,129 158 1,749 459 6,215 8,460 Middle Atlantic 784,895 52,451 28,334 79,886 3,582 64,033 6,743 141,349 408,517 New York 514,488 28,887 14,291 59,432 958 37,803 2,684 98,891 271,542 New Jersey 90,516 9,619 3,416 7,806 232 13,141 585 15,020 40,697 Pennsylvania 179,891 13,945 10,627 12,648 . 2,392 13,089 3,474 27,438 96,278 East North Central 399,004 55,592 50,447 34,868 3,547 33,175 5,538 55,857 159,980 Ohio 131,552 9,715 18,063 8,345 1,596 4,542 3,125 20,764 65,402 Indiana 40,144 10,445 3,809 2,883 289 2,278 280 4,639 15,521 Illinois 113,930 19,981 6,173 17,909 568 9,312 1,055 14,940 43,992 Michigan 79,138 12,119 17,821 4,121 609 14,470 755 10,518 18,725 Wisconsin 34,240 3,332 4,581 1,610 485 2,573 323 4,996 16,340 West North Central 210,461 34,101 31,671 19,915 2,858 25,341 2,691 22,943 70,941 Minnesota 60,528 6,534 9,284 9,899 1,095 14,794 2,121 6,523 10,278 Iowa 31,464 7,943 5,428 1,836 512 2,557 171 3,666 9,351 Missouri 74,775 8,622 9,491 5,548 781 5,319 196 7,358 37,460 North Dakota 6,143 2,829 1,013 347 63 304 77 710 800 South Dakota 5,766 2,014 1,172 482 82 207 27 638 1,144 Nebraska 12,298 2,164 1,429 577 75 1,282 14 1,707 5,050 Kansas 19,487 3,995 3,854 1,226 250 878 85 2,341 6,858 South Atlantic 265,761 30,653 20,779 12,171 1,914 15,514 2,336 48,131 134,263 Delaware 14,213 338 362 111 45 463 48 2,083 10,763 Maryland 31,760 2,175 2,066 927 217 2,901 559 4,406 18,509 District of Columbia.. 17,760 873 2,331 702 52 1,421 100 6,292 5,989 Virginia 67,024 8,498 5,684 2,898 260 4,383 774 11,147 33,380 West Virginia 24,268 2,409 757 714 109 172 120 3,608 16,379 North Carolina 42,234 2,618 2,995 1,058 258 1,281 417 9,105 24,502 South Carolina 6,867 627 973 61 88 561 39 1,247 3,271 Georgia 44,375 10,443 4,229 4,250 687 3,158 165 6,745 14,698 Florida 17,260 2,672 1,382 1,450 198 1,174 114 3,498 6,772 East South Central 118,001 11,872 7,260 3,350 3,545 7,754 1,558 15,610 67,052 Kentucky 35,756 1,909 1,823 866 65 997 179 3,593 26,324 Tennessee 46,068 6,454 2,734 1,688 3,128 3,941 355 6,541 21,227 Alabama 24,125 2,358 2,037 556 141 1,770 874 3,667 12,722 Mississippi 12,052 1,151 666 240 211 1,046 150 1,809 6,779 West South Central 137,369 19,460 22,478 5,738 1,170 4,502 1,102 24,979 57,940 Arkansas 11,331 2,429 1,223 460 79 390 59 1,051 5,640 Louisiana 21,787 2,880 1,194 654 67 1,272 128 4,008 11,584 Oklahoma 26,379 3,802 4,677 1,056 396 805 78 5,351 10,214 Texas 77,872 10,349 15,384 3,568 628 2,035 837 14,569 30,502 Mountain 42,300 7,117 7,257 4,106 322 4,319 379 8,454 10,346 Montana 3,940 557 764 233 52 274 79 1,000 981 Idaho 4,223 1,498 471 327 33 424 50 410 1,010 Wyoming 2,411 415 516 73 53 126 45 517 666 Colorado 11,997 2,346 1,789 617 71 741 37 2,299 4,097 New Mexico 2,978 487 373 171 55 233 26 482 1,151 Arizona 8,100 371 1,355 1,672 6 1,103 5 2,424 1,164 Utah 6,175 1,035 1,730 452 26 993 116 827 996 Nevada 2,476 408 259 561 26 425 21 495 281 Pacific... 256,641 58,666 47,509 36,638 1,652 24,504 1,283 42,517 43,872 Washington 40,348 9,292 9,618 6,794 396 5,090 205 5,110 3,843 Oregon 23,746 4,046 6,492 2,648 93 1,811 146 2,427 6,083 California 192,547 45,328 31,399 27,196 1,163 17,603 932 34,980 33,946 1 Includes approximately $132,000,000 held by insured Morris Plan and other "industrial" banks. 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Admissions of State Banks to Membership in the Federal Reserve System The Federal Advisory Council held its third The following State banks were admitted to meeting of the year on September 14 and 15. membership in the Federal Reserve System dur- On September 14 the members of the Council ing the period August 16, 194X9 to September 15, met with the Board of Governors. 1941, inclusive. A meeting of the Presidents' Conference of the Federal Reserve Banks was held on Sep- Arkansas tember 2.5 -2.7, and on September 2.7 and x8, a El Dorado—The Exchange Bank and Trust meeting of the Federal Open Market Commit- Company tee was held. Illinois Resignation of Class C Director Port Byron—Port Byron State Bank The Board of Governors accepted, effective September 11, 1942., the resignation of Winfield Maryland W. Riefler, as a Class C director of the Federal Havre de Grace—The Havre de Grace Banking Reserve Bank of Philadelphia. Mr. Riefler had and Trust Company served the Federal Reserve Bank as director since July 1, 1941, and his resignation was tendered Michigan because of his appointment as Special Assistant Ishpeming—The Peninsula Bank of Ishpeming to the American Ambassador in London, with the rank of Minister. Missouri Mexico—Mexico Savings Bank Death of Branch Director A. E. Engbretson, President of the Eng- Ohio bretson Seed Company, Astoria, Oregon, who Fremont—The Colonial Savings Bank had served as a director of the Portland Pennsylvania Branch of the Federal Reserve Bank of San Francisco since his appointment by the Board Jeannette—First Jeannette Bank and Trust on April 1, 1937, died on September 2.8, 1942.. Company OCTOBER 1941 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled September 18 and released for publication September 21. Figures shown on charts may differ from preliminary figures used in text, hater developments are discussed on pages 981-988 of this BULLETIN. Industrial output continued to rise in August DISTRIBUTION and the first half of September and retail dis- Distribution of commodities to consumers tribution of commodities also increased. Prices increased considerably in August, reflecting of farm products and foods advanced further. particularly marked increases in department store sales and in sales of general merchandise PRODUCTION in small towns and rural areas. Dollar value of Industrial output increased in August and the sales to consumers in August was somewhat Board's seasonally adjusted index rose 3 points lower than the unusually large sales a year ago, to 183 per cent of the 193 5-1939 average. There when there was a considerable amount of anticwere further marked increases in activity in the ipatory buying, while average prices were about machinery, transportation equipment, and other iz per cent higher. On the basis of physical armament industries. Crude petroleum producvolume, therefore, sales were smaller than a tion increased considerably from the reduced year ago. level of recent months and output of manu- Railroad freight-car loadings were sustained factured food products rose more than is usual at a high level during August and the first half at this time of year. Production of materials, of September, reflecting continued large shipsuch as steel, nonferrous metals, coal, and lumments of most classes of freight. ber, continued in large volume. Value of construction contracts awarded in COMMODITY PRICES August declined from the record high levels of During August and the first half of September June and July, according to figures of the F. W. the general wholesale price index advanced Dodge Corporation. The extent to which the about half a point to 99.x per cent of the 192.6 continuing large volume of construction reflects average, reflecting chiefly increases in prices of the war program is indicated by the fact that in livestock products. Prices of wheat, flour, and the first eight months of this year 84 per cent of some other uncontrolled commodities also adtotal awards have been for publicly financed vanced. New crop tobacco prices showed sharp projects and in recent months the percentage has increases over last year and a temporary ceiling been higher. DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 150 200 200 140 I A 140 z i V/ 180 180 l3° 130 y 1 V y 120 120 160 160 ( 110 Jr 110 140 140 100 100 / A 120 \ / 120 90 v / 90 \J 80 80 100 J / \ \ / \ j 100 70 ^~*>—- STOCKS _,v 70 60 60 80 80 50 50 1939 1940 1940 Federal Reserve monthly index of physical volume of production, Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1935-39 average = 100. Latest figures adjusted for seasonal variation, 1923-25 average = 100. Latest figures shown are for August 1942. shown are for August 1942. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS at current levels was established for flue-cured with the Reserve Banks in connection with types. September 15 tax collections and fiscal opera- Retail food prices continued to rise from the tions. Funds for these disbursements arose in middle of July to the middle of August and part from theissuance of special one-day certififurther increases are indicated in September. cates to the Reserve Banks. Prices of uncontrolled foods in August were Excess reserves of New York City banks have 10 per cent higher than in May. been declining for a number of months owing principally to the excess of funds raised in that AGRICULTURE city by the Treasury over amounts expended Crop prospects improved considerably during there. The effect of this drain has been offset August and aggregate production this year is in part by purchases of Government securities by expected to be about 15 per cent greater than in the Federal Reserve System and by the two suc- 1941, which was close to a record year for crops. cessive reductions in reserve requirements. Unusually high yields per acre are indicated for At banks outside New York City excess remost major crops and for some others, like oil- serves have shown little change in recent months. seed crops, substantially increased acreages are These banks have lost reserves through currency expected to be harvested. Feed grain supplies drain and their required reserves have increased are expected to be of record proportions, but owing to growth of their deposits; both these owing to the growing number of livestock on factors, however, have been largely offset by farms the supply per animal will probably be transfers of funds from New York. about the same as last season. Holdings of Government securities at New York City banks, which increased substantially BANK CREDIT in July and August, declined somewhat in the Excess reserves of member banks, which have first half of September. At banks outside New generally fluctuated between 2..0 and £.5 billion York City holdings have continued to increase. dollars in recent months, rose temporarily to over 3 billion on September 16. This increase UNITED STATES GOVERNMENT SECURITY PRICES was due partly to a further reduction in reserve The recent 3 billion dollar Treasury cash requirements on demand deposits at central re- financing operation had little effect on the Govserve city banks from 2.4 to zz per cent and partly ernment securities market, and prices continued to Treasury disbursements out of its balances steady. EXCESS RESERVES OF MEMBER BANKS MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS B8ILLIONS OF DOLLAR! FACTORS SUPPLYING RESERVE FUNDS GOLD STOCK- 22 \JL 14 4 TREASURY CURRENCY - RESERVE BANK CREDIT " 1940 1941 1942 1940 1941 1942 1936 1937 1938 1939 1940 1941 1942 Wednesday figures. Latest figures shown are for September 23* Wednesday figures, partly estimated. Latest figures shown are for 1942. September 23, 1942. OCTOBER 1942. 999 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 1003 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1004 Federal Reserve Bank statistics 1005-1009 Reserve position of member banks; deposits in larger and smaller centers 1010 Money in circulation 1011 Gold stock and gold movements; bank suspensions; bank debits. . . 1011 All banks in the United States, number, deposits, loans and investments 1013 Condition of all member banks 1014-1015 Weekly reporting member banks 1016-1019 Commercial paper, bankers' acceptances, and brokers* balances. .. . iozo Money rates and bond yields 1011 Security markets 1011 Corporate profits 10x3-1014 Treasury finance 10x5-1017 Governmental corporations and credit agencies; Postal Savings System 1018-1030 Business indexes 1031-1041 Department store statistics 1041-1043 Wholesale prices 1044 Current statistics for Federal Reserve chart book 1045-1047 September crop report, by Federal Reserve districts 1047 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. OCTOBER 1941 IOOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF OOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS 0 tr 1936 1937 1938 1939 1940 1941 1942 i r> 10 f 8 8 - REQUIRED RESERVES^^'-^ - 6 —%\ ~*+ \ 4 j ^f EXCESS RESERVES r Wl 2 0 1936 1937 193* 1939 1940 1941 1942 Latest figures for September 23. See page 1003. IOO2 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 bank reserve Treas- balances U. S. Government Treas- ury de- Other Date c B o d e i u i l d s n l - s t- Total se T cu b r a u e r i n r i l a d t y l s i s e - s o A th l e l r ot A h l e l r1 Total s G t o o l c d k s r t u c i o e a u n r u n n r g y t c d - - y - M i c n t u i o c o l n a i n e r - - y T c i h r u n a o e r g s l a y s h d s - - F B p e w s o d a R e i s e n r e t i r k - v t h a s e s l b p m N e o r e o s m n d i - t - e s - c s F o e e a R e r u r c v e a d n - - e l - ts Total Excess2 certificates Monthly averages of daily figures: 1941— J J u u l n y e 2 2 , , 1 1 8 8 4 4 2 2 , , 1 18 8 4 4 1 9 1 4 1 2 2, , 2 2 9 8 8 0 2 2 2 2 , , 6 6 5 0 1 2 3 3 , , 1 1 4 5 1 6 9 9 , , 4 6 4 7 2 0 2 2 , , 2 3 4 0 9 3 9 9 4 8 9 7 , , 8 7 5 7 6 4 2 2 9 8 0 9 1 1 3 3 , , 2 1 0 2 1 0 5 5, , 1 3 9 5 3 1 Aug 2,184 2,184 92 2,284 22,700 3,173 9,839 2,360 829 ,839 286 13,004 5,017 1942—June 2,580 258 2,322 176 2,761 22,725 3,310 12,213 2,192 136 ,334 297 12,624 2,704 July 2,984 624 2,360 180 3,168 22,742 3,319 12,532 2,204 425 ,363 296 12,409 2,237 Aug 3,370 993 2,337 185 3,560 22,745 3,332 12,939 2,208 240 ,333 294 12,623 2,248 End of month figures: 1941—June 30 2 2,184 2,184 81 2,267 22,624 3,149 9,612 2,275 ,831 290 13,051 5,210 July 31 5 2,184 2,184 104 2,293 22,675 3,166 9,732 2,334 877 ,752 287 13,151 5,215 Aug. 31 11 2,184 2,184 80 2,275 22,719 3,181 9,995 2,376 906 ,821 284 12,794 4,796 1942—June 30 3 2,645 310 2,336 126 2,775 22,737 3,313 12,383 2,187 290 ,362 297 12,305 2,362 July 31 4 3,153 783 2,370 188 3,345 22,744 3,326 12,739 2,223 266 ,401 294 12,492 2,130 Aug. 31 7 3,426 1,037 2,390 131 3,565 22,756 3,340 13,200 2,217 246 ,368 292 12,338 2,143 Wednesday figures: 1941—Nov. 5 2,184 2,184 57 2,247 22,788 3,221 10,421 2,195 933 1,821 291 12,594 3,409 Nov. 12.... 2,184 2,184 72 2,263 22,793 3,222 10,472 2,213 807 1,790 290 12,707 3,540 Nov. 19.... 2,184 2,184 118 2,307 22,778 3,228 10,535 2,184 598 1,764 290 12,942 3,692 Nov. 26.... 2,184 2,184 94 2,284 22,781 3,230 10,567 2,195 440 1,678 288 13,126 3,799 Dec. 3 2,184 2,184 100 2,289 22,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 Dec. 10.... 2,196 2,184 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 Dec. 17... 2,240 2,229 188 2,433 22,747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 Dec. 24.... 2,243 2,233 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 Dec. 31.... 2,254 2,244 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Jan. 7... 2,254 2,244 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 Jan. 14.. 2,254 2,244 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan. 21.. 2,250 2,244 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 Jan. 28.. 2,243 2,243 92 2,339 22,744 3,256 11,097 2,196 302 1,379 290 13,075 3,479 Feb. 4... 2,243 2,243 70 2,316 22,738 3,259 11,231 2,201 376 1,367 289 12,849 3,326 Feb. 11.. 2,243 2,243 86 2,331 22,741 3,263 11,319 2,194 319 1,310 288 12,905 3,357 Feb. 18.. 2,250 2,250 151 2,404 22,712 3,264 11,339 2,181 264 1,251 288 13,058 3,460 Feb. 25.. 2,262 2,262 125 2,392 22,715 3,266 11,422 2,189 798 1,154 288 12,521 2,878 Mar. 4... 2,262 2,262 134 2,402 22,705 3,269 11,518 2,180 287 ,270 286 12,835 3,208 Mar. 11.. 2,253 2,253 88 2,347 22,709 3,271 11,520 2,176 60 ,317 286 12,968 3,266 Mar. 18.. 2,249 2,249 96 2,351 22,686 3,273 11,474 2,168 59 ,373 297 12,939 3,161 Mar. 25.. 2,244 2,244 76 2,326 22,684 3,274 11,462 2,175 472 ,352 296 12,527 2,847 Apr. 1... 2,244 2,244 86 2,339 22,672 3,277 11,593 2,187 362 ,354 295 12,496 2,999 Apr. 8... 2,243 2,243 134 2,384 22,675 3,279 11,610 2,177 190 ,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 ,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 ,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 ,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 ,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 ,440 295 12,667 2,925 May 20.. 5 2,445 145 2,299 128 2,578 22,709 3,299 11,888 2,188 304 ,427 293 12,486 2,565 May 27.. 6 2,489 183 2,306 89 2,584 22,712 3,302 11,971 2,197 239 ,430 293 12,467 2,535 6 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 ,358 293 12,653 2,783 6 2,568 252 2,316 135 2,708 22,717 3,310 12,176 2,213 92 ,333 293 12,629 2,782 5 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,.189 160 ,277 304 12,706 2,791 5 2,583 254 2,329 110 2,698 22,735 3,313 12,231 2,191 139 ,358 303 12.523 2.648 July 1... 3 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 ,341 297 12,192 2,259 July 8... 3 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 ,353 297 12,246 2,322 July 15.. 4 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 ,302 295 12,042 2,065 July 22.. 5 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 ,347 295 12,551 2,296 July 29.. 5 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 ,411 296 12,545 2,196 Aug. 5... 5 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 ,333 295 12,602 2,246 Aug. 12.. 5 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 ,331 296 12,709 2,381 Aug. 19.. 4 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 ,344 294 12,653 2,103 Aug. 26.. 5 3,389 1,011 2,378 131 3,525 22,747 3,337 13,057 2,219 176 ,338 293 12,526 2,342 Sept. 2.. 9 3,388 996 2,392 144 3,542 22,756 3,341 13,250 2,216 146 ,318 291 12,418 2,262 Sept. 9.. 13 3,502 1,100 2,403 188 3,703 22,745 3,343 13,389 2,205 214 ,290 291 12,402 2,348 Sept. 16. 10 3,573 1,212 2,361 274 3,857 22,747 3,346 13,440 2,206 6 ,239 299 12,760 3,039 Sept. 23. 9 3,395 1,025 2,370 178 3,581 22,750 3,349 13,519 2,200 485 ,292 298 11,886 2,034 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 tack 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. OCTOBER 1942. 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect September 30,1942. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than inember 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 n an g d 9 0 13 d a) a 2 ys ing 4 mos.—Sec. 10(b)] To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston 1 Sept. 1, 1939 Sept. 1, 1939 2 Sept. 2, 1937 1 Sept. 1, 1939 2 y 2 Apr. 29, 1938 New* York 1 Aug. 25, 1939 Aug. 27, 1937 2 Oct. 10, 1935 1 Aug. 25, 1939 3% Feb. 8, 1934 Philadelphia . . ..... Mar. 21, 1942 Mar. 21, 1942 2 Sept. 4, 1937 1 Mar. 21, 1942 2% Sept. 1, 1939 Cleveland Apr. 11, 1942 Apr. 11, 1942 1* Sept. 12, 1942 1 Apr. 11, 1942 zy& May 11, 1935 Richmond Mar. 14, 1942 Mar. 14, 1942 2 Sept. 10, 1937 1 Mar. 14, 1942 4 Feb. 19, 1934 Atlanta Sept. 16, 1939 Mar. 21, 1942 2 Aug. 21, 1937 1 Sept. 16, 1939 2V£ Apr. 23, 1938 Chicago Sept. 1, 1939 Feb. 28, 1942 it Aug. 29, 1942 1 Sept. 1, 1939 4 Oct. 16, 1933 St Louis Sept. 16, 1939 Mar. 14, 1942 Mar. 14, 1942 1 Sept. 16, 1939 3 Mar. 14, 1942 Minneapolis ... .... Mar. 28, 1942 Mar. 28, 1942 2 Aug. 24, 1937 1 Mar. 28, 1942 3 Oct. 8, 1938 Kansas City Sept. 16, 1939 Apr. 11, 1942 2 Sept. 3, 1937 1 Sept. 16, 1939 2/^ Apr. 16, 1938 Dallas Sept. 16, 1939 1 Mar. 21, 1942 2 Aug. 31, 1937 1 Sept. 16, 1939 23^ Apr. 16, 1938 San Francisco Apr. 4, 1942 1 Apr. 4, 1942 2 Sept. 17, 1937 1 Apr. 4, 1942 4 Oct. 19, 1933 2D Rates shown also apply to six months. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Rate on Sep- In effect be- Previous Maturities not exceeding five years Maturity tember 30 ginning— rate [In effect September 30. Per cent per annum] Treasury billsl % Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days do 121-180 days 1 do Discounts or Federal Reserve purchases 1 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 i u ll y s in o g ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces co m m O e m n n t i s t- fo p r o w O rt h n io ic n h 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 New York () Net demand deposits1 Time Philadelphia deposits Cleveland (all C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n t e y k rv s e C b o a u n n k tr s y m ba e n m k b s e ) r A R C St i h t . c l i a h c L n m a o g ta u o o i n s d . 2 2 A H J^ - 5 5 £18 0 (2) 2^ 8 -5 X-V4 June 21, 1917-Aug. 15, 1936 13 10 7 3n Minneapolis (3) Aug. 16, 1936-Feb. 28, 1937 19^ 15 Kansas City Mar. 1, 1937-Apr. 30, 1937 22M 17^ 12^ Dallas... 2^-5 M N A A S E e f o u p a f p g r v y e . t . . c . 1 t 2 1 i 4 v 0 1 6 1 , e , , , , 1 1 1 1 1 O 9 9 9 9 9 4 4 4 c 3 3 2 2 1 t 8 7 . - - - - - O S A O A 3 e , c u c p p t t g 1 r . . t . 9 . . 4 3 1 1 1 2 9 2 3 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 2 2 8 1 2 2 2 2 2 2 6 6 4 2 0 2^ 2 2 2 2 2 1 0 0 0 7 0 0 H 1 1 1 1 1 1 2 4 4 4 4 4 6 6 5 6 6 6 Sa * 4 1 n R M R I F n a a r a c t a t y l e e u n d c c c c i h h i h s n a a a c g r r r o g g g l e e e o d d a s n a b b s m o o m r r e r r a o o r d w w a e t e e 2 e r i r H n . a l e - s p 5 s a c s r h t c a i o c r m g ip e m a d t i i t b o m o n r e r w n o t i w t r h e a r f t i e b n . y a nc fi i n n a g n i c n in s g ti tu in ti s o ti n tu s. tion, if 1 See footnote to table on p. 1010 for explanation of method of computing low 6 e F r i . nancing institution is charged M per cent on undisbursed portion of net demand deposits. 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 E t e x B m c o h a i a r n n d g a o e c c f o A G r c d o t a v n e o c r f e n o 1 w r 9 s 3 i t 4 o h f t S h e e c u F r e i d ti e e r s al O A 1 c 1 p 9 t 9 r . 3 3 . 6 3 7 1 1 - , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e [P N er o v c . e 1 n , t 1 p 9 e 3 r 3 - a nnu F m eb ] . 1,1935- Effective Jan. 31,1935 Dec. 31,1935 Jan.1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 40 Savings deposits For short sales, under Regulation T 50 Postal savings deposits... For loans by banks on stocks, under Regulation U.... 3 55 40 Other deposits payable: In 6 months or more 1 Reg. T and U limit the amount of credit that may be extended on a In 90 days to 6 months. security by prescribing a maximum loan value, which is a specified In less than 90 days 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 NOTE.—Regulations T and U also provide special margin requirements on the laws of the State in which the member bank is located. "omnibus" accounts and loans to brokers and dealers. IOO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 1942 1941 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Aug. 26 Aug. 19 Aug. 12 Aug. 5 Aug. July Aug. Assets Gold certificates on hand and due from U. S. Treasury 20,562,623 20,562,625 20,561,127 201,,556622,,125 20,551,126 20,547,619 20,546,64120,547,628 20,562,129 20,531,628 20,299,030 Redemption fund—F. R. notes.. 14,643 15,409 13,241 13,101 13,036 13,992 12,942 13,189 13,101 14,158 15,146 Other cash 232,607 226,168 215,074 228,116 245,038 248,914 251,714 251,491 227,452 255,792 256,847 Total reserves 20,809,873 20,804,202 20,789,442 20,803,342 20,809,200 20,810,525 20,811,29720,812,308 20,802,682 20,801,578 20,571,023 Bills discounted: For member banks 7,596 7,943 10,851 6,896 4,417 2,841 3,766 3,683 4,665 2,614 10,814 For nonmember banks, etc. 1,500 2,500 2,500 2,500 1,000 1,500 1,500 1,500 2,500; 1,500 200 Total bills discounted.... 9,096 10,443 13,351 9,396 5,417 4,341 5,266 5,183 7,165 4,114 11,014 Industrial advances 14,638 14,835 14,532 16,358 14,181 13,547 12,928 13,497 14,475 11,984 9,801 U.S. Government securities: Direct Bonds 1,697,880 1,689,395 1,670,953 1,662,403 1,648,683 1,645,286 1,645,286 1,645,286 1,642,966 1,359,200 Notes 667,140 667,140 726,930 724,930 724,930 724,930 724,930] 724,400 722,150 820,300 Certificates 446,206 630,756 423,980 340,973 340,973 340,973 322,858] 292,358 217,731 Bills 579,067 580,885 675,577 655,253 669,410 732,135 689,0401 636,045 565,541 Guaranteed 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,775 4,600 TotalU.S. Government securities, direct and guaranteed 3,395,068 3,572,951 3,502,215 3,388,334 3,388,771 3,448,099 3,386,889 3,302,864 3,426,261 3,153,163 2,184,100 Other Reserve Bank credit outstanding 162,664 258,742 172,958 127,745 117,087 148,968 106,883 124,048 116,613 75,855 70,355 Total Reserve Bank credit outstanding... 3,581,466 3,856,971 3,703,056 3,541,833 3,525,456 3,614,955 3,511,966 3,445,592 3,564,514 3,245,116 Liabilities F.R. notes in actual circulation. 10,462,28310,392,123 10,328,49810,201,223 10,030,941 9,923,080 9,840,752 9,768,48110,157,109 9,720,823 Deposits: Member bank —reserve account 11,886,28412,759,539 12,402,373 12,417,62012,526,41812,652,84312,708,64512,602,052 12,337,94212,491,57912,794,227 U. S. Treasurer—general account 485,265 6,381 213,769 146,263 175,955 239,778 173,977 285,388 245,833 266,124 Foreign 971,633 972,113 948,823 960,752 907,640 914,334 888,618 891,117 947,862 900,342 Other deposits 320,085 267,043 341,673 356,795 430,039 429,224 442,841 442,127 420,081 500,883 Total deposits 13,663,26714,005,076 13,906,63813,881,43014,040,052 14,236,17914,214,08114,220,68413,951,718 14,158,92815,521,244 Ratio of total reserves to deposit and F .R. note liabilities combined (per cent) 86.3 85.3 85.8 86.4 86.4 86.1 86.5 86.8 86.3 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 6 t y h s s 6 . 1 m y o to e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Aug. 26 5,417 4,196 971 143 82 25 Sept. 2 9,396 6,691 1,003 106 949 647 sept. 9 :.;.; 13,351 11,568 156 105 1,520 2 Sept. 16 10,443 8,720 88 21 1,612 2 Sept. 23 9,096 7,508 23 41 1,522 2 Industrial advances: Aug. 26 14,181 7,602 376 144 2,164 713 1,528 820 834 Sept. 2 16,358 9,592 371 137 2,410 693 1,560 787 808 Sept. 9 14,532 8,861 364 144 1,338 692 1,544 785 804 Sept. 16 14,835 8,964 348 142 1,641 773 1,156 1,021 790 Sept. 23 14,638 8,788 338 175 1,675 765 1,147 994 756 U. S. Government securities, direct and guaranteed: Aug. 26 3,388,771 71,519 145,978 300,427 442,494 146,965 134,700 268,175 385,330 1,493,183 Sept. 2 3,388,334 184,983 105,894 483,732 171,652 146,965 134,700 268,175 388,530 1,503,703 Sept. 9 3,502,215 147,214 200,097 530,488 107,881 201,187 144,390 268,175 395,030 1,507,753 Sept. 16 3,572,951 327,259 153,357 497,324 74,579 210,437 145,885 295,575 419,842 1,448,693 Sept. 23 3,395,068 199,014 104,533 498,101 63,363 211,577 145,885 295,575 424,162 1,452,858 OCTOBER 194Z 1005 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 e h lp il h a i - a C l l a e n v d e- R m i o c n h d - \tlanta Chicago L S o t u . is M ap in o n li e s - K C a i n ty sas Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U. S. Treasury: Aug. 26 20,551,126 158,135 ,342,152 ,201,244 746,654 900,063 657,689 ,579,062 646,246 395,898 637,855 435,7171,850,411 Sept. 2 20,562,125 164,790 ,180,563 ,205,016 751,043 922,091 677,457 ,603,832 651,005 400,984 659,717 443,600 1,902,027 Sept. 9 20,561,127 184,392 ,007,842 ,220,859 770,658 937,320 699,258 ,598,131 661,486 409,615 666,125 466,286 1,939,155 Sept. 16 20,562,625 195,680 ,008,841 ,230,225 813,877 939,161 688,986 ,559,325 645,198 397,195 669,522 451,6631,962,952 Sept. 23 20,562,623 202,179 ,876,619 ,248,724 781,242 966,039 691,719 ,601,820 665,225 430,851 682,987 450,229 1,964,989 Redemption Fund—Federal Reserve notes: Aug. 26 13,036 2,322 1,615 483 474 1,135 404 1,430 591 86 686 643 3,167 Sept. 2 13,101 2,265 1,324 411 410 1,716 361 1,362 573 79 671 630 3,299 Sept. 9 13,241 2,224 1,135 343 1,356 1,365 324 1,304 560 73 660 620 3,277 Sept. 16 15,409 2,179 1,751 1,263 1,291 1,988 286 1,236 544 366 647 611 3,247 Sept. 23 14,643 2,091 1,531 1,185 1,227 1,559 241 1,148 518 349 619 586 3,589 Other cash: Aug. 26.. 245,038 20,474 60,778 13,103 16,482 12,992 15,573 39,499 13,622 6,482 11,268 11,759 23,006 Sept. 2... 228,116 20,413 54,236 12,538 14,915 12,875 14,262 36,672 13,067 6,039 9,259 10,856 22,984 Sept. 9... 215,074 19,622 54,173 11,677 14,670 10,759 11,638 34,598 11,591 6,170 9,458 10,060 20,658 Sept. 16.. 226,168 22,135 49,622 12,556 15,768 12,653 11,808 36,543 11,853 6,387 9,792 11,065 25,986 Sept. 23.. 232,607 24,050 50,831 11,347 17,015 12,802 12,477 35,523 11,947 7,018 10,380 11,358 27,859 Total reserves: Aug. 26 20,809,200 ,180,9317,404,5451,214,830 ,763,610 914,190 673,6663,619,991 660,459 402,466 649,809 448,1191,876,584 Sept. 2 20,803,342 ,187, 468 7^,236,1231,217,965 ,766,368 936,682 692,0803,641,866 664,645 407,102 669,64: 455, ,928,310 Sept. 9 20,789,442 ,206,238 7,063,1501,232,879 ,786,684 949,444 711,2203,634,033 673,637 415,858 676,243 476,966 1,963,090 Sept 16 20,804,202 ,219, 994 7,060,2141,244,044 ,830,936 953,802 701,0803,597,104 657,595 403,948 679,961 463, ,992,185 Sept. 23 20,809,873 ,228,3206,928,981 1,261,256 ,799,484 980,400 704,4373,638,491 677,690 438,218 693,986 462,1731,996,437 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Aug. 26 4,325 1,300 1,940 310 580 Sept. 2 6,605 1,100 3,995 335 1,080 Sept. 9 10,235 600 7,770 310 30 1,080 Sept. 16 7,875 300 4,125 125 250 1,000 1,605 25 Sept 23 7,52= 800 2,475 200 50 2,000 1,595 Other bills discounted: Aug. 26 1,092 425 96 11 44 122 102 76 Sept. 2 2,79: 1,263 240 249 110 305 144 190 Sept. 9 3,lli 1,588 240 249 110 305 144 190 Sept. 16 2,56? 1,062 240 230 110 305 141 190 Sept. 23 1,57: 638 144 138 66 183 105 114 Total bills discounted: Aug. 26 5,41 l,30C 2,365 406 44 35 122 175 682 76 Sept. 2 9,396 1.10C 5,258 575 lH 88 305 120 1,224 190 Sept. 9 13,35 60C 9,358 55C 14C 88 305 12C 1,224 190 Sept. 16 10,44, 30C 5,18r 365 36C 1,088 305 121 1,746 215 Sept. 23 9,096 80C 3,113 344 11 2,053 183 9C 1,700 114 Industrial advances: Aug. 26 14,18: 1,15' 5,303 844 81 228 2,074 140 2,043 Sept. 2 16,351 1,156 5,266 829 824 23C 2,152 139 4,043 Sept. 9 14,53: 47f 5,226 829 81 19' 1,115 138 4,043 Sept. 16 14,83i 464 5,298 804 802 19 1,365 138 4,043 Sept. 23 14,63! 461 5,14, 783 802 192 1,390 138 4,040 U. S. Government securi ties, direct and guaran teed: Bonds: Aug. 26 1,650,28- 117,36? 459,367 122,40; 153,80- 100,04, 71,384 211,403 82,214 44,239 72,822 63,860 151,375 Sept. 2 1,664,00- 118,34' 463.18C 123,41< 155,071 100,88C 71,980 213,167 82,899 44,605 73,426 64,390 152,638 Sept. 9 1,672,55; 119,05 466,12: 124,51, 156,23, 100,999 72,296 213,441 83,10: 45,049 74,024 64,709 153,005 Sept. 16 1,690,995 120,25( 470,668 125,396 157,57' 102,53 73,149 216,664 84,254 45,319 74,605 65,434 155,133 Sept. 23 1.699.48C 120,87' 473,096 126,080 158.4H 103,004 73,509 217,654 84,65. 45,572 75,007 65,761 155,862 Notes: Aug. 26 728, 51,783 202,67 54,004 67,857 44,14: 31,497 93,271 36,27 19,519 32,128 28,175 66,787 Sept. 2 728,10: 51,782 202,67 54,004 67,85* 44,14: 31,493 93,276 36,27. 19,518 32,127 28,174 66,788 Sept. 9 730, lOi 51,97' 203,47 54,352 68,203 44,09: 31,558 93,171 36,27- 19,664 32,314 28,248 66,789 Sept. 16 670,31 47,67i 186,573 49,70S 62,463 40,64. 28,99" 85,888 33,399 17,965 29,574 25,939 61,495 Sept. 23 670,31 47,67: 186,59? 49,73i 62,48C 40,62' 28,996 85,850 33,38 17,974 29,584 25,938 61,475 Certificates: Aug. 26... 340,97. 24.25C 94,91 25.29C 31,77. 20,67 14,745 43,679 16,98 9,141 15,046 13,194 31,276 Sept. 2 340,97 24.25C 94,91 25,289 31,77 20,67: 14.75C 43,680 16,98: 9,140 15,046 13,1941 31,277 Sept. 9 423.98C 30,18C 118,159 31,564 39,604 25,60: 18,32' 54,106 21,065 11,419 18,765 16,403 38,786 Sept. 16.... 630,7 44,857 175,564 46,773 58,77 38,247 27,286 80,817 31,428 16,904 27,829 24,408 57,866 Sept. 23.... 446,20* 31, 124,21 33,103 41,59 27,044 19,300 57,146 22,22* 11,965 19,693 17,266 40,922 Bills: Aug. 26.. 669.41C 47,55: 186,11 49,591 62,31 40,533 28,92 85,650 33,805 17,923 29,504 26,172 61,330 Sept. 2... 655,253 46,51 182,04$ 48,507 60,952 39,65C 28,52* 83,783 33,582 17,532 28,859 25,308 59,992 Sept. 9... 675,57/ 48,09C 188,27* 50,294 63,106 40,795 29,202 86,213 33,56* 18,196 29,900 26,137 61,802 Sept. 16.. 580,88: 41.16C 161,092 42,91 53,933 35,095 25,03< 74,256 28,837 15,511 25,555 22,396 55,096 Sept. 23.. 579,06! 41,16/ 161,125 42,93! 53,96* 35,08C 25,03, 74,127 29,08C 15,521 25,545 22,397 53,083 1006 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 e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco U. S. Government securities, direct and guaranteed: Total Aug. 26 3,388,771 240,953 943,063 251,288 315,751 205,390 146,551 434,003 169,281 90,822 149,500 131,401 310,768 Sept. 2 3,388,334 240,890 942,811 251,216 315,663 205,344 146,749 433,906 169,741 90,795 149,458 131,066 310,695 Sept. 9 3,502,215 249,297 976,028 260,725 327,148 211,48" 151,383 446,931 174,006 94,328 155,003 135,497 320,382 Sept. 16 3,572,951 253,946 993,897 264,796 332,750 216,52! 154,468 457,62J 177,918 95,699 157,563 138,17' 329,590 Sept. 23 3,395,068 241,452 945,034 251,852 316,449 205,755 146,840 434,777 169,344 91,032 149,829 131,36: 311,342 Total bills and securities: Aug. 26 3,408,363 243,410 946,051 256,997 316,383 206,278 147,400 434,353 169,470 91,314 151,603 132,223 312,887 Sept. 2 3,414,088 243,146 948,690 257,057 316,617 206,283 147,661 434,441 169,87. 91,279 151,682 132,429 314,928 Sept. 9 3,530,098 250,369 986,007 266,501 328,070 212,456 152,28. 447,433 174,140 94,823 156,540 136,859 324,615 Sept. 16 3,598,225 254,710 999,705 270,459 333,66! 217,686 156,358 458,12 178,05: 96,206 159,350 140,061 333,848 Sept. 23 3,418,802 242,713 948,768 257,339 317,296 206,654 149,691 435,152 169,448 91,470 151,571 133,200 315,496 Due from foreign banks: Aug. 26 4 Sept. 2 Sept. 9 Sept. 16 X18 Sept. 23 Jl8 Federal Reserve notes of other banks: Aug. 26 30,069 1,043 2,913 1,629 1,884 3,29: 3,208 3,075 2,591 847 3,460 1,159 4,968 Sept. 2 28,491 1,098 2,714 1,483 1,75: 2,669 2,937 3,108 1,640 1,344 2,877 1,809 5,060 Sept. 9 32,805 756 4,908 1,238 1,500 3,356 3,664 3,506 2,984 1,372 3,639 1,546 4,336 Sept. 16 35,150 1,160 4,962 1,464 1,883 3,955 3,301 3,918 3,518 1,255 3,149 1,271 5,314 Sept. 23 32,723 1,146 4,049 1,752 1,615 2,804 3,460 3,540 3,193 1,835 3,626 995 4,708 Uncollected items: Aug. 26 1,047,362 100,587 227,967 67,194 125,692 92,679 44,499 152,094 45,601 26,777 47,497 46,951 69,824 Sept. 2 1,076,349 93,914 243,979 68,353 124,814 87,915 44,075 166,546 49,454 26,824 49,076 37,833 83,566 Sept. 9 1,099,595 96,453 228,860 66,257 122,045 97,438 55,988 150,542 53,517 31,530 62,466 41,895 92,604 Sept. 16 1,616,080 146,467 373,871 99,646 194,377 142,212 66,411 227,176 69,072 38,414 71,201 50,530 136,703 Sept. 23 1,249,163 121,199 262,270 71,363 146,721 107,063 57,666 173,286 56,241 34,179 58,930 49,337 110,908 Bank premises: Aug. 26 40,388 2,745 10,379 4,827 4,364 3,074 1,950 2,956 2,128 1,321 2,831 1,090 2,723 Sept. 2 40,312 2,740 10,360 4,823 4,364 3,068 1,950 2,940 2,124 1,319 2,825 1,083 2,716 Sept. 9 40,312 2,740 10,360 4,823 4,364 3,068 1,950 2,940 2,124 1,319 2,825 1,083 2,716 Sept. 16 40,313 2,740 10,360 4,823 4,364 3,069 1,950 2,940 2,124 1,319 2,825 1,083 2,716 Sept. 23 40,306 2,740 10,360 4,823 4,354 3,069 1,949 2,944 2,124 1,319 2,825 1,083 2,716 Other assets: Aug. 26 50,210 3,355 13,405 3,784 5,284 3,159 2,112 6,290 2,333 1,410 2,234 1,936 4,908 Sept. 2 52,737 3,537 13,940 3,911 5,573 3,319 2,225 6,582 2,500 1,490 2,390 2,015 5,255 Sept. 9 56,956 3,570 14,310 6,746 5,760 3,421 2,294 6,823 2,541 1,550 2,455 2,093 5,393 Sept. 16 45,255 2,879 11,851 3,258 4,942 2,872 1,906 5,697 2,075 1,324 2,034 1,801 4,616 Sept. 23 46,285 2,984 12,156 3,359 4,950 2,986 1,942 5,766 2,148 1,361 2,111 1,814 4,708 Total assets: Aug. 26 25,385,645 ,532,074 8,605, 278 1,549,266 2,217,2211,222,674 872,837 4,218,765 882,583 524,135 857,435 631,4792,271,898 Sept. 2 25,415,366 ,531,906 8,,445555,,824 1,5531,597 2,219, 492 1',239,938. 890,930 4,255,489 890,239 529,358 878,498 630,2562,339,839 Sept. 9 25,549,255 ,560,129 8,,330077,,613 1,578!,449 21,248,427 1,269,185 927,403 4,245,283 908,944 546,452 904,169 660 4432,392,758 Sept. 16 26,139,276 ,627,r,953 8,460,981 1,6231!,699 2!.,370,173 1,323,598 931,008 4,294,968 912,437 542,466 918,521 658,0862,475,386 Sept. 23 25,597,199 ,599,,105 8;,166,602 1,599',,897 2!,,274,424 1,302,978 919,1514,,259,185 910,845 568,382 913,050 648,603 2,434,977 Liabilities Federal Reserve notes in actual circulation: Aug. 26 10,030,941 745,7462,430,212 711,946 958,939 578,016 395,937 ,048,660 395,721 244,980 338,615 179,•,311 1,002,858 Sept. 2 10,201,223 757,2'2"^5 2,460,133 723,608 967,741 598,401 411,350 ,070,323 403,841 250,614 348,502 185,3221,024,163 Sept. 9 10,328,498 768,6902,479,783 731,821 980,164 611,094 415,916 ,088,186 409,448 253,053 353,049 189,2781,048,016 Sept. 16 10,392,123 773,2 2—8 "2,493,695 737,014 983,574 620,240 417,575 ,102,930 412,633 255,640 354,083 188," ,053,359 Sept. 23 10,462,283 775,7942,502,737 742,898 990,059 634,715 419,9432,118,843 418,320 258,348 356,394 190,813 1,053,419 Deposits: Member bank—reserve account: Aug. 26 12,526,418 641,844 5,052,268 642,701 965,214 489,141 393,397 ,872,511 388,909 211,165 428,135 363,8181,077,315 Sept. 2 12,417,620 631,1414,914,242 647,081 963,017 490,605 392,041 ,863,342 376,653 211,007 436,426 360,6711,131,394 Sept. 9 12,402,373 642,407 4,782,116 661,569 1,003,777 499,876 414,716 ,833,077 382,338 215,148 448,523 379,384 ,139,442 Sept. 16 12,759,539 678,967 4,929,323 677,410 1,048,520 514,613 413,718 ,844,363 387,545 219,912 459,323 389,008 1,196,837 Sept. 23 11,886,284 617,816 4,512,814 630,283 952,393 474,784 380,823 ,767,280 373,747 223,071 446,645 366,3331,140,295 U. S. Treasurer—general account: Aug. 26 175,955 7,271 41,455 18,406 12,293 14,171 4,159 13,152 9,658 12,053 10,682 12,211 20,444 Sept. 2 146,263 8,731 42,413 4,149 14,619 10,624 3,751 17,527 10,767 11,124 7,853 12,771 1,934 Sept. 9 213,769 15,783 41,122 11,912 661 12,419 9,987 33,291 20,823 19,201 9,603 16,849 22,118 Sept. 16 6,381 39 782 214 622 530 228 896 513 590 545 146 1,276 Sept. 23 485,265 55,034 159,450 30,502 28,390 36,885 20,444 45,343 17,276 23,032 18,649 13,957 36,303 Foreign: Aug. 26 907,640 24,355 480,891 67,132 64,335 30,769 24,475 85,313 20,979 15,384 20,279 20,279 53,449 Sept. 2 960,752 24,653 2501,976 72,422 69,404 33,193 26,404 92,036 22,632 16,597 21,877 21,877 57,681 Sept. 9 948,823 23,110 2498,193 71,147 68,182 32,609 25,939 90,416 22,233 16,304 21,492 21,492 57,706 Sept. 16 972,113 24,113 2508,583 73,299 70,245 33,595 26,724 93,151 22,906 16,798 22,142 22,142 58,415 Sept. 23 971,633 22,700 2508,488 73,471 70,409 33,674 26,786 93,369 22,960 16,837 22,194 22,194 58,551 * Less than $500. *Af ter deducting $29,000 participations of other Federal Reserve Banks September 2, to September 23. 1 After deducting $458,055,000 participations of other Federal Reserve Banks on September 2, $449,644,000 on September 9, $462,724,000 on September 16, and $462,410,000 on September 23. OCTOBER 1942. IOO7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h p il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Other deposits: Aug. 26 430,039 4,608 278,447 9,287 63,532 9,028 4,076 3,021 10,244 8,295 6,226 2,786 30,489 Sept. 2 356,795 4,205 207,670 10,765 52,635 9,614 2,767 3,074 11,252 7,; 6,984 5,420 34,529 S S S e e e p p p t t t . . . 9 2 1 3 6 3 3 2 4 2 6 1 0 7 , , , 6 0 0 7 8 4 2 5 3 3 3 3, , , 3 1 5 8 4 8 2 3 8 1 1 13 0 9 4 8 4 , , , 4 8 9 5 6 6 7 6 8 2 8 8 2 , , , 7 7 4 2 6 0 9 9 7 5 5 62 3 6 , , , 8 9 1 7 8 5 8 9 0 1 1 9 0 1 , , , 7 4 4 7 0 6 1 3 8 3 4 2 , , , 0 4 6 2 8 4 1 8 6 4 8 4, , , 4 8 0 1 7 9 9 0 3 1 1 1 0 0 4 , , , 6 5 2 9 3 6 6 9 3 1 8 7 1 , , , 4 5 6 0 0 9 8 7 4 3 5 7 , , , 5 8 7 9 9 4 0 2 0 2 2 2 , , , 2 6 2 9 2 4 2 1 4 4 3 4 5 5 0 , , , 5 0 3 0 4 5 1 4 4 Total deposits: Aug. 26 .4,040,052 678,078 ,853,061 737,526 1,105,374 543,109 426,107 ,973,997 429,790 246,897 465,322 399,0941,181,697 Sept. 2 .3,881,430 668,730 ,666,301 734,4171,099,675 544,036 424,963 ,975,979 421,304 246,608 473,140 400,7391,225,538 Sept. 9 .3,906,638 684,443 ,516,399 753,3971,128,770 554,307 453,663 ,960,877 436,090 258,160 485,508 420,3461,254,678 Sept. 16 .4,005,076 706,707 ,547,554 759,6521,173,376 560,206 443,316 ,946,880 421,503 245,708 489,752 413,5401,296,882 Sept. 23 .3,663,26' 698,932 ,315,209 756,6631,114,070 556,114 432,541 ,910,811 428,246 274,634 491,078 404,7761,280,193 Deferred availability items Aug. 26 930,322 81,721 189,674 64,755 117,398 84,753 36,509 146,566i 44,870 22,244 41,531 41,152 59,149 Sept. 2 948,651 79,444 197,095 60,632 116,570 80,748 40,312 159,690 52,881 22,133 44,912 32,320 61,914 Sept.,9 926,684 80,497 178,919 55,468 103,919 86,994 43,508 146,612| 51,152 25,215 53,730 38,917 61,753 Sept. 16 1,357,385 121,526 287,012 92,061 177,661 126,372 55,823 195,585 66,086 31,096 62,862 44,469 96,832 Sept. 23 1,086,546 97,859 215,993 65,320 134,724 95,319 52,343 179,8811 52,019 25,352 53,651 41,064 73,021 Other liabilities, including accrued dividends: Aug. 26 4,135 572 850 331 331 349 213 450 128 148 350 221 192 Sept. 2 3,758 564 784 241 327 327 229 346 117 121 329 169 204 Sept. 9 6,981 569 945 3,063 387 360 237 440 141 143 259 193 244 Sept. 16 4,173 583 1,103 268 372 335 213 386 120 130 222 212 229 Sept. 23 4,407 604 1,003 317 373 365 242 443 132 157 296 235 240 Total liabilities: Aug. 26 25,005,450 ,506,117 8,473,7971,514,558 2,182,0421,206,227 858,766 4,169,673 870,509 514,269 845,818 619,778 ,243,896 Sept. 2 25,035,062 ,505,9638,324,3131,518,8982,184,3131,223,512 876,854 4,206,338 878,143 519,476 866,883 618,550 311,819 Sept. 9 25,168,801 ,534,199 8,176,046 " ,749 22,213,2401,252,755 913,324 4,196,115 896,831 536,571 892,546 648,734 ,364,691 Sept. 16 25,758,757 ,602,044 8,329,3641,588,9952,334,983 1,307,153 916,927 4,245,781 900,342 532,574 906,919 646,373 ,447,302 Sept. 23 25,216,503 ,573,189 8,034,9421,565,1982,239,226 11,286,513 905,069 4,209,978 898,717 558,491 901,419 636,888 406,873 Capital accounts Capital paid in: Aug. 26 145,162 9,439 53,473 11,774 14,838 5,836 5,133 15,997 4,507 3,065 4,692 4,446 11,962 Sept. 2 145,181 9,438 53,473 11,773 14,840 5,836 5,149 15,997 4,508 3,065 4,692 4,447 11,963 Sept. 9 145,230 9,439 53,479 11,773 14,845 5,836 5,152 15,997 4,512 3,065 4,692 4,447 11,993 Sept. 16 145,267 9,439 53,479 11,774 14,845 5,837 5,152 16,005 4,522 3,077 4,696 4,448 11,993 Sept. 23 145,281 9,439 53,480 11,767 14,846 5,839 5,152 16,016 4,522 3,077 4,699 4,448 11,996 Surplus (section 7) Aug. 26 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Sept. 2 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Sept. 9 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Sept. 16 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Sept. 23 157,502 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) Aug. 26 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Sept. 2 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Sept. 9 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Sept. 16 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Sept. 23 : 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: Aug. 26 50,750 2,695 14,287 3,370 4,988 2,131 2,500 8,741 2,071 2,649 2,175 2,016 3,127 Sept. 2 50,840 2,682 14,317 3,362 4,986 2,110 2,489 8,800 2,092 2,665 2,173 2,020 3,144 s Sept. 9 50,941 2,668 14,367 3,363 4,989 2,114 2,489 8,817 2,105 2,664 2,181 2,023 3,161 Sept. 16 50,969 2,647 14,417 3,366 4,992 2,128 2,491 8,828 2,077 2,663 2,156 2,026 3,178 Sept. 23 51,132 2,654 14,459 3,368 4,999 2,146 2,492 8,837 2,110 2,662 2,182 2,028 3,195 Total liabilities and capital accounts: Aug. 26 25,385,6451,532,074 8,605,278 1,549,266 2,217,2211,222,674 872,837 4,218,765 882,583 524,135 857,435 631,479 2,271,898 Sept. 2 25,415,3661,531,906 8,455,824 ,553,597 2,219,4921,239,938 890,9304,255,489 890,239 529,358 878,498 630,256 2,339,839 Sept. 9 25,549,2551,560,129 ,307,6131,578,449 2,248,4271,269,185 927,4034,245,283 908,944 546,452 904,169 660,443 2,392,758 Sept. 16 26,139,27* 1,627,953 ,460,981 ,623,699 2,370,1731,323,598 931,0084,294,968 912,437 542,466 918,521 658,0862,475,386 Sept. 23 25,597,1951,599,105 ,166,6021,599,897 2,274,424 ,302,978 919,1514,259,185 910,845 568,382 913,050 648,603 2,434,977 Commitments to make industrial advances: Aug. 26 16,721 750 433 1,423 699 146 1,589 1,022 1,327 8,087 Sept. 2 13,053 750 351 1,444 613 14: 332 1,018 1,082 6,102 Sept. 9 14,07( 750 351 1,465 626 142 332 1,013 2,107 6,078 Sept. 16 13,80e 748 347 1,396 602 14: 331 1,163 1,857 6,010 Sept. 23 12,892 113 34' 1,534 579 142 326 1,163 1,832 5,649 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, Date ( e la ac st h W m e o d n n t e h s ) day of Numb r e e r c eiv A ed mount Nu c m o b n e s r ider A at m io o n unt Numb ap er prov A ed mount s ( A a ta d m o n v u o d a t u n i - n c n g e t) s 1 m ( C s a e t o m n a m n t o s d m u o i n n i u t t g - ) t- c A ( o a b m p m u p p t o r l o u n e v t n o e e t t d ) d 2 a d o e p r r x a p e w p l w t i i c n c r . i e a t b d h n , - y t, ( s P p a ta m a a o n r t u o i t d o i t u - i c n n n i s - g t) (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 12,723 8,224 2,471 158,110 11,137 June 26 9,512 413,646 2 33 2,838 195,739 10,988 8,762 2,195 162,612 11,182 Sept. 25 9,556 417,260 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10,749 Dec. 31s 9,609 431,236 2 222 2,908 212,510 9,152 5,226 13,954 177,792 6,386 1941—Jan. 29 9,633 435,474 4 1,929 2,923 214,800 9,483 5,207 12,325 179,021 8,764 Feb. 26 9,659 442,712 1 600 2,945 223,226 9,451 5,066 20,424 179,569 8,716 Mar. 26 9,682 448,506 3 823 2,959 228,732 9,526 7,315 19,986 180,989 10,916 Apr. 30 9,719 444,985 2 35 2,987 225,849 9,157 8,464 13,035 183,646 11,547 May 28 9,793 455,868 5 1,725 3,046 234,714 9,639 12,342 14,134 186,062 12,537 June 25 9,817 458,092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 July 30 9,855 471, 035 3 145 3,096 248,867 10,761 11,697 11,626 202,287 12,496 Aug. 27 9,891 481,255 2 70 3,120 258,154 10,359 12,928 11,520 208,279 15,068 Sept. 24 9,912 498, 017 3 2,220 3,132 267,606 9,808 13,551 10,251 216,258 17,738 Oct. 29 9,950 504,144 1 5 3,161 274,739 10,612 13,238 12,317 219,598 18,974 Nov. 26 9,974 506,320 3 375 3,179 276,499 10,836 14,735 9,774 221,421 19,733 Dec. 31 10,007 510,443 4 150 3,202 279,860 10,337 14,597 8,294 227,032 19,600 1942—Jan. 28 10,035 512,449 4 135 3,224 281,617 9,752 14,272 7,612 230,593 19,388 Feb. 25 10,056 525,432 1 600 3,241 292,905 9,227 14,921 15,751 233,082 19,924 Mar. 25 10,081 530,556 1 300 3,261 297,945 9,312 14,364 17,698 237,485 19,086 Apr. 29 10,129 546,600 4 424 3,300 313,660 10,699 11,673 18,473 250,105 22,710 May 27 10,171 558,821 2 400 3,337 325,507 11,464 14,378 22,480 253,801 23,384 June 24 10,191 572,411 3 600 3,352 338,822 11,265 16,832 26,346 257,949 26,430 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 Sept. 23 10,243 597,628 1 30 3,393 363,122 15,290 12,892 8,235 302,822 23,883 1 Includes industrial advances past due 3 months or more which are not inc uded 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 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 c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Aug. 26 10,479,902 775,117 2,538,837 738,346 990,342 611,352 429,530 2,091,126 428,929 250,071 352,707 198,3511,075,194 Sept. 2 10,613,404 789,1482,559,217 751,0871,000,207 627,410 433,8612,108,913 428,450 254,656 359,931 206,3901,094,134 Sept. 9 ,.. 10,735,925 803,7"24 22,580,569 757, 2"62 1,007,782 636,725 443,2"2"8 2,126,636 433,322 258,418 365,300 208,2281,114,731 S S e e p pt t . . 2 1 3 6 ,.1 1 0 0 , , 8 9 6 6 1 4 , , 9 5 6 1 4 9 8 8 1 2 1 0 , ,9 9 1 2 9 82 2 , , 6 6 0 1 8 5 , , 7 9 2 5 1 7 7 7 6 6 4 8 , , 4 68 58 1 1 1 , , 0 0 2 1 2 9 , , 0 6 7 7 7 4 6 6 4 5 5 9 , , 8 5 0 5 7 9 4 4 4 6 9 4 , ,9472, , 1 1 7 4 3 7 , , 1 1 9 8 0 5 4 4 4 4 3 7 , , 9 29 4 5 8 2 2 6 6 1 3 , , 6 7 3 0 5 0 3 3 6 7 9 1 , , 0 9 8 0 8 4 2 2 1 1 2 5 , , 4 7 1 0 6 6 1 1, , 1 1 2 4 8 0 , , 0 5 1 8 8 4 Held by Federal Reserve Bank: Aug. 26 448,961 29,371 108,625 26,400 31,403 33,336 33,593 42,466 33,208 5,091 14,092 19,040 72,336 Sept. 2 412,181 31,923 99,084 27,479 32,466 29,009 22,511 38,590 24,609 4,042 11,429 21,068 69,971 Sept. 9 407,427 35,034 100,786 25,441 27,618 25,631 27,312 38,450 23,874 5,365 12,251 18,950 66,715 Sept. 16 469,841 38,700 115,026 27,444 36,100 25,567 31,511 44,255 31,315 5,995 15,005 24,264 74,659 Sept. 23 502,236 45,125 113,220 25,783 32,018 24,844 45,004 54,347 28,975 5,352 15,510 24,893 87,165 In actual circulation:1 Aug. 26 10,030,941 745,7462,430,212 711,946 958,939 578,016 395,937 2,048,660 395,721 244, 338,615 179,3111,002,858 Sept. 2 10,201,223 757,2252,460,133 723,608 967,741 598,401 411,350 2,070,323 403,841 250,614 348,502 185,3221,024,163 Sept. 9 10,328,498 768,6902,479,783 731,821 980,164 611,094 415,916 2,088,186 409,448 253,053 353,049 189,2781,048,016 Sept. 16 10,392,123 773,2282,493,695 737,014 983,574 620,240 417, ,102,930 412,633 255,640 354,083 188,1521,053,359 Sept. 23 10,462,283 775,"794 2,502,737 742,898 990,059 634,715 419,9432,118,843 418,320 258,348 356,394 190,8131,053,419 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Aug. 26.'. 10,589,500 785,0002,550,000 740,000 ,000,000 625,000 435,000 2,100,000 440,000 255,000 360,000 205,5001,094,000 Sept. 2 10,771,500 800,0002,585,000 765,000 ,010,000 650,000 450,0002,120,000 440,000 255,000 370,000 212,5001,114,000 Sept. 9 10,833,000 815,0002,585,000 765,000 ,010,000 650,000 450,000 2,140,000 440,000 260,000 370,000 214,0001,134,000 Sept. 16 11,036,000 824,0002,635,000 800,000 ,020,000 675,000 465,000 2,160,000 450,000 265,000 370,000 218,0001,154,000 Sept. 23 11,124,000 834,0002,635,000 800,000 ,030,000 675,000 480,000 2,180,000 460,000 265,000 380,000 221,0001,164,000 Eligible paper: Aug. 26 3,695 1,300 1,940 310 145 Sept. 2 5,675 1,100 4,195 335 45 Sept.9 9,630 600 8,295 310 30 45 350 Sept. 16 5,195 300 4,125 125 250 45 350 Sept. 23 3,880 800 2,475 200 50 45 10 300 Total collateral: Aug. 26 10,593,195 786,3002,551,940 740,>,310 1,000,000 625,000 435,000 2,100,000 440,145 255,000 360,000 205,5001,094,000 Sept. 2 10,777,175 801,1002,589,195 765,3351,010,000 650,000 450,i 120,000 440,045 255,000 370,000 212,5001,114,000 Sept.9 10,842,630 815,6002,593,295 765,310 1,010,000 650,030 450,000 2,140,000 440,045 260,000 370,350 214,0001,134,000 Sept. 16 11,041,195 824,300 2,639,125 800,1251,020,000 675,250 465,000 2,160,000 450,045 265,000 370,350 218,0001,154,000 Sept. 23 11,127,880 834,800 2,637,475 800,•",200 1,030,000 675,050 480,i 180,000 460,045 265,010 380,300 221,0001,164,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank: Digitized foOr CFTROABSEERR 1941 1009 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, AUGUST, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK {Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Centralreserve Cl a a n ss d e s d i o s f t r b ic a t n s ks m G d d r a e e o n - - s d s m N d d a e e e n - - t d T p d o im e s - i e ts Feder B al a n R k e s serve b m a b A e n e m l k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i n r t e v y k - e s b C a t o n r u y k n s - 1 posits posits1 Re- Held Ex- York cago quired cess Total reserves held: All member banks 53,375 45,424 12,334 10,375 12,623 2,248 1941—August 13,004 5,600 1,140 4,287 1,978 Central reserve city banks: September 13,184 5,554 ,218 4,335 2,076 New York 17,682 16,996 739 4,331 4,616 286 October 13,097 5,314 L,243 4,391 2,149 Chicago. 4,002 3,656 458 949 1,009 60 November 12,900 5,053 1,210 4,424 2,213 December 12,812 5,142 ,143 4,317 2,210 Reserve city banks: 1942—January 12,936 5,248 1,085 4,365 2,238 Boston district 1,499 1,380 81 281 342 61 February 12,908 5,266 1,086 4,356 2,199 New York district 326 284 142 65 76 10 March 12,827 5,188 1,157 4,279 2,204 Philadelphia district 1,756 1,569 130 322 433 111 April 12,649 5,028 1,140 4,293 2,188 May 12,510 4,870 L,049 4,325 2,265 Cleveland district 2,678 2,271 680 495 691 196 June 12,624 4,859 979 4,448 2,338 Richmond district 1,224 1,019 239 218 314 96 July 12,409 4,609 1,000 4,447 2,353 Atlanta district 1,166 899 172 190 241 51 August 12,623 4,616 L,009 4,574 2,423 Week ending (Friday): Chicago district 2,417 1,928 726 429 562 133 1942—Aug. 7 12^618 4,719 1,013 4,505 2,381 St. Louis district 1,282 1,067 168 "223 266 43 Aug. 14 12,777 4,663 1,036 4,623 2,454 Minneapolis district 587 481 80 101 114 13 Aug. 21 12,629 4,655 1,015 4,557 2,402 Aug. 28 12,547 4,518 987 4,610 2,433 Kansas City district 1,570 1,119 152 233 313 80 Sept. 4 12,407 4,341 983 4,624 2,459 Dallas district 1,138 809 127 169 233 64 Sept. 11 12,429 4,218 980 4,710 2,521 San Francisco district ... 3,684 3,148 2,113 756 989 233 Sept. 18 12,682 4,260 947 4,863 2,612 Excess reserves: Total 19,326 15,974 4,811 3,483 4,574 1,091 1941—August 5,017 1,898 403 1,824 892 September 5,116 1,834 478 1,836 968 October 5,001 1,626 512 1,845 1,017 Country banks: November 3,611 945 367 1,456 844 Boston district 1,381 1,103 561 188 279 91 December 3,390 989 295 1,303 804 New York district 2,092 1,687 1,510 327 482 155 1942—January 3,446 1,083 225 1,330 809 Philadelphia district 972 745 846 155 224 69 February 3,309 1,071 204 1,279 755 March 3,147 962 255 1,190 740 Cleveland district 1,089 781 746 154 250 96 April 2,951 795 262 1,175 718 Richmond district 1,027 668 404 118 171 54 May 2,667 546 178 1,171 772 Atlanta district 911 615 261 102 149 47 June 2,704 556 89 1,232 827 July 2,237 269 64 1,105 799 Chicago district 1,541 1,053 878 200 313 113 August 2,248 286 60 1,091 812 St. Louis district. 674 450 256 78 113 34 Week ending (Friday): Minneapolis district 486 327 283 63 93 30 1942-Aug. 7 2,217 281 56 1,092 789 Aug. 14 2,350 242 73 1,174 862 Kansas City district 729 441 159 71 111 39 Aug. 21 2,083 228 41 1,036 779 Dallas district 847 541 100 82 126 44 Aug. 28 2,319 383 71 1,060 804 San Francisco district... 616 388 322 74 112 39 Sept. 4 p2,224 252 69 1,073 ?830 Sept. 11 p2,308 204 77 1,136 P892 Total 12,364 8,798 6,326 1,611 2,423 812 Sept. 18 p2,820 491 100 1,245 *>984 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. 1004 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 a a ce n s k s o v in e r l a 1 r 5 g , e 0 r 0 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 Aug. July Aug. July Aug. July Aug. July Aug. July Aug. July Boston 2,880 2,840 642 632 2,697 2,665 521 512 183 175 120 120 New York 20,100 19,613 2,391 2,371 11,977 1l,920 11,129 11,118 441 420 523 515 Philadelphia... 2,728 2,703 976 974 2,353 2,345 528 527 375 358 448 447 Cleveland 3,767 3,655 1,426 1,416 3,359 3,263 1,073 1,067 407 392 353 350 Richmond 2,250 2,164 643 636 1,941 1,872 434 430 309 292 209 206 Atlanta 2,077 2,013 434 430 1,856 1,800 347 344 221 213 87 87 Chicago 7,960 7,662 2,062 2,035 *3,377 *3,250 H.249 !l,227 581 557 356 349 St. Louis 1,956 1,905 424 422 1,558 1,519 302 300 397 386 122 122 Minneapolis.., 1,073 1,034 364 361 841 811 193 191 232 223 170 169 Kansas City... 2,300 2,198 311 308 1,804 1,738 202 200 496 461 109 108 Dallas 1,985 1,915 227 227 1,534 1,480 184 184 451 435 43 43 San Francisco. 4,299 4,087 2,435 2,422 4,112 3,911 2,326 2,315 187 176 109 107 Total 53,375 51,790 12,334 12,233 ^^ll ^6,574 X8,488 4,280 4,088 2,649 2,623 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. IOIO 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 er a i t l t i v e f e i s - 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 b l o v r s y i e i n d r i- M co in in or U S n n t o a i t t t e e e s d s R F n e e o 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 r k s a v l e n t b i N o o a t a n n e - a k s l 1941—July 9,732 63 54 1,691 1 438 196 307 6,813 20 149 August.... 9,995 62 55 ,723 1 «5 199 313 7,027 20 148 September 10,163 62 56 ,724 1 455 202 314 7,181 20 147 October... 10,364 62 57 ,715 1 463 205 317 7,378 20 146 November. 10,640 61 59 1,737 1 474 208 321 7,615 20, 145 December. 11,160 61 60 L.733 1 481 209 313 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 1,745 496 211 316 9,022 19 140 June 12,383 59 66 1,754 504 213 317 9,310 19 139 July 12,739 59 67 1,764 510 215 315 9,650 19 138 August 13,200 59 69 1,786 521 218 321 10,068 18 138 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 t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 ,$100 $500 $1,000 $5,000 $10,000 1941—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 L.549 268 558 9 29 1 May... 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 L,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 L,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1,517 3,379 3,310 3,409 868 L,663 266 575 8 29 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held,' in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation, In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] Silver Fed- End of month Total d s l o b i a i l l u o n v l n l a d e - r 1 r s s S s c a i i u l o r d v b i y i e n - - * r M co in in or U S n n t o a i t t t e e e s d s n B s e R e o a r r e t a n v e - l k e s t n b i N o o a t a n n e - k a s l 1937 Year or month m E e S u n h r 2 t o i 1 s p p .5 - e to R E e f 4 u r c 7 o r e o . m i 6 p pe ts m s N h e i e n p t t - s re 2 c N e 6 e i .1 p t ts 1938 33.1 34.4 1.3 1941—July 3,166 1,991 455 202 347 20 151 1939 110.2 9.8 iooii' August 3,181 1,998 462 204 347 20 150 1940 17.7 .7 17.0 September. 3,198 2,006 469 207 347 20 149 1941 .3 .5 .2 October.... 3,219 2,013 482 210 347 20 148 November 3,231 2,017 489 212 347 20 146 1941—September December.. 3,247 2,023 497 215 347 20 146 October (1) November V) 1942—January.... 3,259 2,029 501 218 347 20 144 December F M A e p a b r r i c r l u h ary... 3 3 3 , , , 2 2 2 8 7 6 9 7 8 2 2 2 , , , 0 0 0 4 3 3 4 3 8 5 5 5 0 1 0 5 4 9 2 2 2 2 2 2 0 2 1 3 3 3 4 4 4 7 7 7 2 1 1 0 9 9 1 1 1 4 4 4 2 4 3 1942— F J e a b n r u u a a ry ry .2 .2 .1 ft'/' M ayj 3,305 2,050 524 224 347 19 141 March . JTune 3,313 2,053 530 225 347 19 140 April .1 .1 July 3,326 2,057 539 225 347 19 139 May August 3,340 2,059 551 226 347 19 139 Tune July.. August 1 Includes silver held against silver certificates amounting to $1,974 000,000 on Aug. 31,1942 and $1,931,000,000 on Aug. 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. OCTOBER 1941 IOII 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 1 [In millions of dollars 1 1941 Ear- — Period of a s G t t p o o e e c l n r k d i d od I i n n s c to r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r : a i k n s e d - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - From or to— p Im or - ts Dec. p E or x t - s p I o m r N t - s ov. p E o x r - ts p J I a o m n r - t . s -De p c E o . x r - ts crease (—) 1 1 1 1 9 9 9 9 3 3 3 3 5 6 7 42 3 3 1 1 1 1 2 8 0 , , , , 2 7 2 1 5 3 6 2 8 0 8 5 4 1 1 1 , , , , 2 8 1 5 0 8 3 0 2 7 2 2 . . . . 5 2 5 5 1 1 1 1 , , , , 1 7 1 5 3 3 1 8 3 9 6 5 . . . . 9 0 6 5 — -8 2 8 0 5 2 0 . . . 9 . 6 2 4 1 1 1 9 1 3 4 2 0 1 3 . . . . 9 7 6 9 F P S S U r w o w n a r e i i n t t t d u e z c e g e d e n r a l K l an in d gdom 1 2 6 4 3 1 2 2 4 1 3 1, , 7 7 4 8 4 7 0 9 7 9 2 9 1 1938 14,512 1,751.5 1,973.6 -333.5 148.6 U.S.S.R 13,460 5,615 44,920 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Canada 20,379 2 24,921 4 412,093 ' 37 1 19 9 4 4 1 0 2 2 2 1 , , 7 9 3 9 7 5 4,3 7 5 4 1 1 . . 2 8 4,7 9 4 8 4 2 . . 5 4 - - 4 6 0 4 7 4 . . 7 7 r1 1 6 7 9 0 . . 1 2 M Ce e n x t i r c a o l . America 1,2 9 7 7 3 6 6,3 9 3 3 6 9 1 1 6 0 , , 8 9 0 6 0 3 8 West Indies and Ber- 1941—July 22,675 50.5 37.0 -27.7 r13.8 muda 53 77 1 867 3 August 22,719 44.7 37.0 -31.2 r12.6 Argentina 6 18 184 September... 22,761 41.5 65.7 -46.8 r18.0 Bolivia . . . 1 8 95 October...... 22,800 38.8 40.4 -32.2 r15.9 Brazil 2 5 1 25 10 November.... 22,785 -14.4 50.4 —60.9 rl8.2 Chile 883 441 8,510 December.... 22,737 -48.8 452.9 -99.7 r11.5 Colombia . . 2,238 2,110 24,448 234 218 3,057 1942—January 22,747 10.6 -38.5 14.7 Peru . . . 678 436 9,119 February.... 22,705 -42.4 -109.3 10.0 Venezuela 369 227 4,581 March 22,687 -17.3 -65.5 11.0 British Guiana 53 91 1,039 April 22,691 3.3 -20.1 11.1 Australia . . 3,713 5,980 67,492 May 22,714 23.6 -38.2 10.8 New Zealand 293 156 2,658 June 22,737 22.3 -14.8 10.1 British Oceania 311 314 3,894 July 22,744 7.6 -24.4 12.3 British India 711 9,665 August 22,756 11.4 s-21.8 P7.8 Netherlands Indies 855 China and Hong Kong. C665 4,362 Jan.-Aug 22,756 19.1 6-332.5 p87.8 Japan 9,444 Philippine Islands 5,506 1,832 1 '42,684 6 South Africa 190 40 292,893 p Preliminary. r Revised. All other countries 716 473 4,972 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 1051, adjusted to exclude Philip- Total 52,897 50,382 8 982,442 64 pine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. c Corrected. 3 Includes gold in the Inactive Account amounting to 27 million dollars i Figures represent customs valuations which, with some exceptions, on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. are at rate of $35 a fine ounce. 4 The net gold import figures for months subsequent to December 1941 NOTE.—Figures for months subsequent to December 1941 have not been have not been released for publication. released for publication. For back figures for selected countries beginning 6 Gold held under earmark at Federal Reserve Banks for foreign account in 1934, see table on page 1051. amounted to 2,547.9 million dollars on August 31, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member Nonmember Total, banks banks BANK DEBITS all Debits to deposit accounts except interbank accounts banks ti N o a n - al State su I r n e - d2 in N su o r t ed [In millions of dollars! Number of banks suspended: Total, 133 1934 ! 57 1 8 48 all New 140 other 1935 34 4 22 Year and month report- York other reporting 1 19 9 3 3 7 6 4 5 4 9 4 1 2 4 4 7 0 6 3 ce i n n t g ers City centers2 1938 55 1 1 47 6 1939 42 4 3 25 10 1929 982,531 603,089 331,938 47,504 1940 22 1 18 3 1936 461,889 208,936 219,670 33,283 1941 8 4 3 1 1937 469,463 197,836 235,206 36,421 1942—Jan.-Aug 6 4 2 1938 405,929 168,778 204,745 32,406 1939 423,932 171,382 218,298 34,252 Deposits of suspended banks 1940 445,863 171,582 236,952 37,329 (in thousands of dollars) :3 1941 537,343 197,724 293,925 45,694 1934 36,937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1941—August.... 42,853 15,079 24,045 3,729 1936 11,306 507 10,207 592 September. 43,866 15,654 24,322 3,890 1937 19,723 7,379 1,708 10,156 480 October... 50,869 19,148 27,329 4,392 1938 13,012 36 211 11,721 1,044 November. 45,076 16,077 25,087 3,912 1939 34,998 1,341 24,629 6,589 2,439 December.. 56,582 20,598 31,133 4,850 1940 5,943 256 5,341 346 1942—January... 48,605 17,247 27,028 4,330 1941 3,726 3,144 503 79 February.. 41,545 14,242 23,543 3,760 1942—Jan.-Aug 915 632 283 March 49,161 17,056 27,764 4,341 April 46,613 16,023 26,451 4,138 o w (i r n h 1 o p s s R e o e r e m m d p e e r a e p n i s o n e e s n s n i t t t a t l s y n l i c b a o e b a n s n i l k w a it s c i i c e t w h o s u h w t n i h c e t e h r e o , a . f a d i d s u f s i r n u o i a n m f n g F e c d e i t a h d b l e e y d r p a i o f e l f t r i h D i c o e u e d r l p t s b i o e s a s s h n i ; t o k w d s In o n a e s , t u s c t r n h l a o e o n s t c e t e i d i m n c C t e e l o u m o r d f p p e o c o l r b r o a a a s t r n i i i n o k ly g n s M A J J u u u a n l g y y e u . st v.. 4 5 4 5 8 9 0 0 , , , , 1 0 3 1 8 6 0 4 7 9 7 2 1 1 1 1 7 6 7 7 , , , , 3 9 0 1 9 8 1 5 4 5 0 1 2 2 2 2 7 7 8 8 , , , , 2 5 8 2 4 0 3 9 1 5 7 2 4 4 4 4 , , , , 2 1 4 4 8 1 7 2 2 6 1 2 ' Federal deposit insurance became operative January 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmember banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions were Back figures.—Annual report for 1937, page 157. Annual totals, beginreported. ning with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). available for distribution .and will be furnished upon request. IOI2. 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 pprriivate 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. FFii*gures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars! Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g a s s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a a - l State M s b a a u v n i t n u k g a s l s m O n b e t o h m e n e r - - 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-305... 6,647 5,101 1,546 1942—June 305 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 13,20b 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." Back figures.—See Annual Report for 1937 (tables 48-49). OCTOBER 1941 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars1 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 in m a c d n i e u a d r l s - - A t c a g u u l r 2 r l- - i- p O m a k p a p e e r t e n - r br s T o e o c k u - r To 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 f C ic e o a r f te ti s - G a u n a - r- S p a o t c a n l a i t d l t e i s - O r s i e t t c h ie u e s - r trial2 ers oth- Bills in- Notes Bonds teed suband 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 5,386 730 455 790 700 2,957 2,944 19,979 14,328 563 2,223 8,398 3^144 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 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 16,729 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 City* 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 1 19 9 3 3 9 3 — _ D juenec . 3 3 0 0.... 9 7 , , 3 13 3 3 9 3 3 , , 2 42 9 4 6 1,768 7 3 1 6 2 4 0 6 7 1 5 1 9 1,0 1 4 8 4 8 1 1 5 3 7 3 1 '4 0 6 9 9 9 3 6 , , 7 0 0 4 9 3 4 2 , , 7 5 7 5 2 1 3 3 1 3 5 0 309 9 7 8 9 7 7 2,3 9 8 2 5 6 1,275' 4 5 7 7 8 9 6 6 8 9 0 3 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 1933—June 30.... 1 287 677 69 61 251 30 267 610 384 149 57 82 97 87 138 1939—Dec. 30.... 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 "172' 162 170 1940—June 29.... 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31... 2,377 696 476 5 17 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—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 1933—June 30.... 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30.... 12,272 5,329 2,100 221 155 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972' 890 860 1940—June 29.... 12,160 5,365 2,134 176 156 87 210 1,372 L.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 7,516 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 1,315 9,971 8,188 579 674 981 5,149 806 925 858 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 1,549 1939—Dec. 30.... 10,224 4,768 1,151 495 163 20 224 1,477 L,238 5,456 3,159 31 431 1,972 "725' L.061 1,236 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 1,144 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 1,102 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 L, 165 1,047 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 L,222 1,028 1942—Apr. 4 12,753 5,749 7,004 4,746 797 1,253 1.005 June 30 13,130 5,393 1,314 562 "l98" "16 169 1,834' 1,299' 7,737 5,502 171 355 657 3,696 624 L,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. 6 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). IOI4 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 d a 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 d e n i c o s t k e t - h i s s c 1 j m p u a o d s a d t s e n e - i - d t d s n2 v p an i a s p I t d h d r i n o o u t i r d n p c n a a i e o s s l - - s r , r - , - p v S s o i u a t l s a b i n i t o t d i d e c n i s - a s l c C c f h a o e e i e n f e t e r f c r c d i d t s . - i k ' - s m U G er e o . n S n v - . t - a v ) n i s p a I t d d h n r i o o u t i r d n p c n a a i e o s s - l - , s r r - , - v S s p i u a i t s o c a n b i l a o t d d i e l n t i s - s - p U G m e o a s in r . o a s n e S n g t v v d n a - . s - - t l m D a D e n - o b d m a 3 n e k s s T tic ime b F e a i o n g 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 e9,650 e118 e641 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 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 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 1,648 1942—Apr. 4 5,236 81 «192 11,335 11,235 296 154 967 751 25 e3,383 e576 4 1,655 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—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—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 g285 1,919 1,886 203 31 296 455 el,253 e9 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 e2,705 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 ^0 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. 0 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). OCTOBER 1941 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are'averages'of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month i m n a v e n e n d s t t s - Total I t t a n a c r u g d i u n r a r u l a d i - l s l - , - p O m k a p e a p e t r e n - r b d a T r e e n o r o a s d k l- - ot T h o ers e l R o st a e a n a t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C f o d n i f e e e c e d b r a i s t n - t t s i e - - - Notes Bonds G t a e u n e a - d r- O r s i e t t c h ie u e s - r ers Total—101 Cities 1941—August 28,942 10,661 6,149 400 453 438 1,253 41 1,927 18,281 14,578 1,069 2,266 7,931 3,312 3,703 1942—April 31,095 11,288 6,905 418 434 402 1,244 28 1,857 19,80^ 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 1,170 678 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 17,324 1,360 672 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 1,6561,465 2,886 10,809 2,036 3,405 August 34,033 10,600 6,391 324 546 394 1,231 36 1,678 23,433 19,985 2,1031,832 2,808 11,189 2,053 3,448 1942—July 1 32,382 10,74C 6,469 341 519 393 1,236 36 1,746 21,642 18,232 1,44' 1,471 2,899 10,383 2,032 3,410 JulyS 32,366 10,661 6,456 344 485 382 1,234 24 1,736 21,705 18,31 1,5261,482 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 1,6331,461 2,888 11,086 2,042 3,382 July 22 33,396 10,764 6,430 342 623 411 1,231 27 1,700 22,632 19,21 1,7511,454 2,876 11,097 2,040 3,414 July 29 33,512 10,696 6,432 336 569 407 1,230 29 1,693 22,816 19,387 1,9211,455 2,858 11,118 2,035 3,429 Aug. 5 33,509 10,64? 6,408 327 551 406 1,230 39 1,688 22.86C 19,44: 2,0091,414 2,851 11,122 2,045 3,419 Aug. 12.... 33,603 10,642 6,425 329 537 402 1,230 37 1,682 22,96! 19,505 2,0651,406 2,821 11,172 2,045 3,452 Aug. 19.... 34,517 10,634 6,390 322 584 389 1,229 38 1,682 23,883 20,42. 2,1072,251 2,795 11,221 2,051 3,458 Aug. 26.... 34,503 10,477 6,342 317 513 379 1,236 29 1,661 24,026 20,564 2,2292,256 2,764 11,243 2,072 3,4o2 Sept. 2 34,457 10,38! 6,282 313 493 381 1,230 26 1,657 24,07; 20,581 2,2452,267 2,753 11,228 2,095 3,487 Sept. 9 34,322 10,32' 6,252 306 472 379 1,227 44 1,647 23,99. 20,52. 2,2262,224 2,746 11,228 2,101 3,470 Sept. 16.... 34,358 10,31 6,317 299 442 374 1,222 22 1,637 24,04. 20,588 2,3852,223 2,666 11,219 2,095 3,457 Sept. 23 35,349 10,321 6,281 295 513 371 1,223 22 1,621 25,02, 21,48? 2,434 3,082 2,628 11,238 2,106 3,535 New York City 1941—August 12,082 3,534 2,367 326 161 110 33 452 8,548 7,08: 602 1,438 3,188 1,854 1,466 1942—April 12,592 3,851 2,733 316 147 103 26 447 8,74 7,27, 34' 162 1,461 3,846 1,457 1,468 May 12,696 3,75^ 2,604 363 148 103 24 436 8,94C 7,559 35? 329 1,431 3,996 1,445 1,381 June 12,625 3,718 2,594 355 151 103 26 424 8,907 7,584 391 297 1,605 4,090 1,201 1,323 July 13,097 3,784 2,584 444 151 103 30 415 9,31. 8,060 495 586 1,639 4,242 1,094 1,253 August 13,438 3,770 2,589 427 150 104 33 411 9,668 8,39C 723 671 1,563 4,344 1,089 1,278 1942—July 1 12,864 3,73? 2,576 405 144 102 34 419 9,12t 7,87' 414 616 1,646 4,100 1,101 1,249 July 8 12,807 3,68t 2,580 374 136 102 22 416 9,12] 7,877 43- 615 1,639 4,094 1,095 1,244 July IS 13,246 3,84* 2,585 483 159 103 45 414 9,39? 8,164 47. 590 1,650 4,350 1,099 1,234 July 22 13,251 3,83c 2,573 504 159 103 25 411 9,41 8,153 534 556 1,644 4,324 1,095 1,265 July 29 13,319 3,815 2,604 455 156 103 26 415 9,504 8,221 636 554 1,618 4,340 1,080 1,276 Aug. 5 13,266 3,7* 2,595 434 157 103 36 413 9,472 8,21: 68C 500 1,610 4,337 1,085 1,261 Aug. 12.... 13,313 3,77c 2,595 418 151 104 34 413 9,54C 8,25! 725 519 1,577 4,345 1,089 1,285 Aug. 19.... 13,619 3,80? 2,591 461 149 104 35 412 9,811 8,52f 71 835 1,544 4,344 1,086 1,285 Aug. 26.... 13,554 3,70! 2,574 397 143 104 27 405 9,84< 8,565 77 830 1,521 4,348 1,095 1,284 Sept. 2 13,506 3,64f 2,541 377 143 104 24 403 9,86C 8,54' 75! 848 1,508 4,318 1,115 1,313 Sept. 9 13,378 3,63C 2,528 361 142 104 42 402 9,74? 8,44: 693 836 1,498 4,299 1,115 1,307 Sept. 16.... 13,328 3,61 2,575 329 138 104 19 400 9,711 8,41( 72t 833 1,463 4,279 1,115 1,295 Sept. 23.... 13,746 3,65 2,562 394 135 104 20 392 10,08! 8,741 7611,162 1,435 4,257 1,125 1,349 Outside New York City 1941—August 16,860 7,12' 3,782 315 127 277 1,143 1,475 9,73c 7,49( 46' 828 4,743 1,458 2,237 1942—April 18,503 7,437 4,172 339 118 255 1,141 1,410 11,066 8,817 65c 203 899 5,838 1,224 2,249 May 18,797 7,24C 4,018 325 118 254 1,142 1,380 11,557 9,30C 812 349 913 6,002 1,224 2.257 June 19,045 7,093 3,943 301 116 251 1,137 1,342 11,95 9.74C 965 375 1,148 6,246 1,002 2,212 July 19,901 6,957 3,870 285 117 250 1,130 1,303 12,944 10,79: 1,157 879 1,247 6,567 942 2,152 August 20,595 6,83C 3,802 268 119 244 1,127 1,267 13,765 11,591 1,38( 1,161 1,245 6,845 964 2,170 1942—July 1 19,518 7,00: 3,893 283 114 249 1,134 1,327 10,35 1,03; 855 1,253 6,283 931 2,161 July 8 19,559 6.97J 3,876 288 111 246 1,132 1,320 , 10,43e 1,092 867 1,269 6,270 938 2,148 J J u u l l y y 2 1 2 5 2 2 0 0 , , 1 0 4 9 5 2 6 6 , , 9 9 3 9 : ! 3 3 , , 8 8 5 9 7 6 2 2 8 8 4 7 1 1 2 1 6 9 2 2 5 5 2 5 1 1 , , 1 1 2 2 8 9 1 1 , , 3 2 0 8 3 9 1 13 2 , , 0 5 9 8 4 1 1 1 0 , f 0 9 6 4 5 f 1 1 , , 2 1 1 5 7 ? 8 8 9 7 8 1 1 1 , , 2 2 3 3 2 8 6 6 , , 7 73 7 6 3 9 9 4 4 5 3 2 2 , , 1 1 4 4 8 9 July 29.... 20,193 6,88: 3,828 280 114 251 1,127 1,278 13,214 11,15' 1,285 901 1,240 6,778 955 2,153 13,31 Aug. 5 20,243 6,85i 3,813 272 117 249 1,127 1,275 13,38' 11,22' 1,325 914 1,241 6,785 960 2,158 Aug. 12... 20,290 6,86' 3,830 271 119 251 1,126 1,269 13,42: 11,25- 1,34( 887 1,244 6,827 956 2,167 Aug. 19... 20,898 6,82i 3,799 266 123 240 1,125 1,270 14,07: 11,89! 1.39C 1,416 1,251 6,877 965 2,173 Aug. 26..., 20,949 6,77: 3,768 262 116 236 1,132 1,256 14,17' 11,99! 1,45? 1,426 1,243 6,895 977 2,178 Sept. 2 20,951 6,73i 3,741 259 116 238 1,126 1,254 14,21: 12,04 1,487 1,419 1,245 6,910 980 2,174 Sept. 9 20,944 6,697 3,724 255 111 237 1,123 1,245 14,24: 12,08^ 1,533 1,388 1,248 6,929 986 2,163 Sept. 16... 21,030 6,69f 3,742 247 113 236 1,118 1,237 14,33^ 12,17: 1,655 1,390 1,203 6,940 980 2,162 Sept. 23... 21,603 6,665 3,719 245 119 236 1,119 1,229 14,93 12,74! 1,67: 1,92( 1,193 6,981 981 2,186 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. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars! Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v - h k l - e s v C a i a n u s l h t b m a w a n d e n o i c s t k - e t h i s s c 1 j m p u a o d s a e d t s n - e i - t d d s 2 s p u p n v c h a o a a e i o n i d r l r p r r d s a t - - - s , - - , S p d s a t i o u c a i n b v l a t d i - e i l t - - s c C c h o a e f e e e t f i n c f e r r c i d . t s d - k i ' - s m U G e e . r o S n n v . - t - s p u p v n c h a o a a i o e i n d l r r p r r s d a t - - - s , - - , S p s d s a i t i o u i c a o n v b l a t n d i - i e l t - s s - p U m G o s a e in . a o n r e s S g n v t n d v . a s - - t - l m D a e n - b d a 1 nk T s ime b F e a i o n g r k n - s B r in o o g w r s - - c C o i a u a t c a p - n - l ts B d i a e t b n s - 3 k tions tions Total 101 Cities 1941—August 10,646 547 3,476 24,343 23,789 1,798 467 530 5,274 158 22 9,075 111 639 3,883 8,405 1942—April 9,936 514 3,277 24,845 24,304 1,963 533 1,810 4,942 173 20 8,739 639 3,935 9,166 May...!.... 9,711 514 3,335 25,250 24,582 2,068 521 1,510 4,921 189 20 8,806 660 3,947 9,688 Tune 9,759 510 3,398 25,878 25,393 1,905 485 846 4,924 166 20 9,080 667 3,949 9,348 July 9,421 494 2,820 25,992 25,756 1,767 561 1,657 4,962 125 20 8,538 679 3,951 9,437 August 9,614 485 2,702 26,638 26,323 1,769 468 2,154 5,000 115 21 8,450 684 3,963 9,459 1942-July 1 9,351 475 3,290 25,502 25,343 1,803 657 1,442 4,955 137 20 9,005 673 3,950 11,174 July 8 9,308 503 2,675 25,654 25,321 1,718 487 1,094 4,956 129 20 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 20 8,470 684 3,948 9,766 July 22 9,638 493 2,687 26,313 25,942 1,772 465 2,053 4,969 119 20 8,313 679 3,953 9,386 July 29 9,602 509 2,709 26,670 26,236 1,811 497 1,782 4,975 120 20 8,364 678 3,951 8,648 Aug. 5 9,613 475 2,713 26,138 25,651 1,824 505 2,120 4,981 116 20 8,477 692 3,961 10,213 Aug. 12 9,667 495 2,775 26,526 26,379 1,753 459 1,872 4,995 114 20 8,523 689 3,964 9,004 Aug. 19 9,642 480 2,678 26,718 26,424 1,735 451 2,614 5,006 115 20 8,418 673 3,961 9,916 Aug. 26 9,533 491 2,644 27,168 26,836 1,763 456 2,009 5,019 116 24 8,382 683 3,965 8,701 Sept. 2 9,379 473 2,635 27,217 26,818 1,806 467 1,511 5,019 115 24 8,604 679 3,975 9,829 Sept. 9 9,361 498 2,696 27,650 27,300 1,806 433 832 5,030 116 26 8,746 681 3,972 7,001 Sept. 16 9,571 496 2,870 28,085 28,180 1,752 520 417 5,027 113 26 9,136 680 3,967 10,628 Sept 23 8,846 503 2,617 27,807 27.504 1,847 504 1,124 5,040 114 26 8,721 683 3,968 10,912 New York City 1941—August 5,316 87 10,910 10,995 299 251 62 740 24 3,797 1,518 3,369 1942—April 4,682 78 111 10,519 10,687 282 281 940 680 20 3,250 573 ,541 3,557 May 4,482 80 84 10,347 10,459 296 288 998 656 20 3,224 592 ,546 3,898 June 4,438 79 77 10,621 10,797 238 256 506 647 18 3,280 599 ,548 3,618 July-- 4,203 75 41 10,552 10,801 216 322 877 651 12 3,151 610 ,541 3,694 August 4,221 73 29 10,583 10,780 206 244 1,290 647 14 3,049 614 ,547 3,717 1942—July 1 4,276 81 10,391 10,727 234 388 790 654 12 3,281 603 ,541 4,719 July8 4,130 34 10,484 10,640 189 254 592 650 12 3,137 610 ,542 3,123 July 15 4,048 31 10,357 10,753 197 445 987 649 11 3,188 612 ,541 3,963 July 22 4,297 27 10,665 10,820 234 244 1,083 651 11 3,065 612 ,543 3,444 July 29 4,266 29 10,862 11,064 229 278 934 653 12 3,086 611 ,539 3,221 Aug. 5 4,312 23 10,422 10,574 215 280 1,294 647 13 3,116 622 ,548 4,334 Aug. 12 4,18' 28 10,507 10,756 209 240 1,161 647 12 3,078 619 ,548 3,473 Aug. 19 4,280 34 10,625 10,808 198 231 1,534 648 14 3,024 603 ,548 3,819 Aug. 26 4,105 29 10,777 10,980 202 226 1,172 648 15 2,977 614 ,546 3,242 Sept. 2 3,969 29 10,819 10,976 216 234 878 642 16 3,067 607 ,553 3,881 Sept. 9 3,853 29 10,941 11,115 224 206 473 644 16 3,086 608 20 ,550 2,523 Sept. 16.... 3,944 35 11,079 11,426 187 249 192 636 16 3,289 608 ,549 3,977 Sept. 23.... 3,573 33 11,026 11,199 256 267 500 639 17 3,109 612 ,549 4,208 Outside New York City 1941—August 5,33C 459 3,389 13,433 12,794 1,499 216 468 4,534 134 22 5,278 111 62 2,365 5,036 1942—April 5,254 436 3,166 14,326 13,617 1,681 252 870 4,262 153 20 5,489 66 2,394 5,609 May 5,229 434 3,251 14,903 14,123 1,772 233 512 4,265 169 20 5,582 68 2,401 5,790 June 5,32: 431 3,321 15,257 14,596 1,667 229 340 4,277 148 20 5,800 68 2,401 5,730 July 5,218 419 2,779 15,440 14,955 1,551 239 780 4,311 113 20 5,387 69 2,410 5,743 August 5,393 412 2,673 16,055 15,543 1,563 224 864 4,353 101 21 5,401 70 2,416 5,742 1942—July 1 5,075 400 3,209 15,111 14,616 1,569 269 652 4,301 125 20 5,724 70 2,409 6,455 July 8 5,178 424 2,641 15,170 14,681 1,529 233 502 4,306 117 20 5,404 69 2,412 5,090 July 15 5,159 418 2,709 15,465 15,183 1,533 254 927 4,308 110 20 5,282 72 2,407 5,803 July 22.. .. 5,34: 420 2,660 15,648 15,122 1,538 221 970 4,318 108 20 5,248 67 2,410 5,942 July 29 5,336 432 2,680 15,808 15,172 1,582 219 848 4,322 108 20 5,278 67 2,412 5,427 Aug. 5 5,30: 402 2,690 15,716 15,077 1,609 225 826 4,334 103 20 5,361 70 2,413 5,879 Aug. 2 5,480 420 2,747 16,019 15,623 1,544 219 711 4,348 102 20 5,445 70 2,416 5,531 Aug. 19 5,362 408 2,644 16,093 15,616 1,537 220 1,080 4,358 101 20 5,394 70 2,413 6,097 Aug. 26 5,428 417 2,615 16,391 15,856 1,561 230 837 4,371 101 24 5,405 69 2,419 5,459 Sept. 2 5,410 401 2,606 16,398 15,842 1,590 233 633 4,377 99 24 5,537 72 2,422 5,948 Sept. 9 5,508 421 2,667 16,709 16,185 1,582 227 359 4,386 100 26 5,660 73 2,422 4,478 Sept. 16... 5,62' 422 2,835 17,006 16,754 1,565 271 225 4,391 97 26 5,847 72 2,418 6,651 Sept. 23... 5,273 427 2,584 16,781 16,305 1,591 237 624 4,401 97 26 5,612 71 2,419 6,704 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. OCTOBER 1941 1017 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 n s t d n - a t t - s s l Total C m t c d 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 o a k n s s O lo t a h n e s r Total Total Bills f C i i c e o n a r f - t te i- NotesBonds G a u n a - r O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Aug. 26 1,816 762 438 90 11 13 74 1 135 1,054 920 114 124 63 560 59 Sept. 2 1,820 749 430 87 11 13 74 1 133 1,071 936 127 125 62 563 59 Sept. 9 1,827 745 426 85 13 13 74 1 133 1,082 948 134 126 63 568 57 Sept. 16 1,834 738 425 83 11 13 73 2 131 1,096 963 150 126 62 568 57 Sept. 23 1,886 729 416 81 13 13 73 1 132 1,157 1,020 163 159 65 574 59 New York (8 cities)* Aug. 26 14,711 4,074 2,717 59 403 178 192 27 498 10,637 9,228 810 872 1,621 4,768 1,157 Sept. 2 14,666 4,015 2,682 57 383 178 192 24 499 10,651 9,213 799 888 1,610 4,736 1,180 Sept. 9 14,546 4,000 2,670 54 367 177 192 42 498 10,546 9,113 741 876 1,600 4,716 1,180 Sept. 16 14,497 3,990 2,720 55 335 173 192 19 496 10,507 9,086 775 873 1,562 4,697 1,179 Sept. 23 14,925 4,034 2,712 53 400 170 192 20 487 10,891 9,408 801 1,208 1,534 4,675 1,140 Philadelphia (4 cities) Aug. 26 1,565 511 279 30 27 31 96 ,054 801 93 60 54 530 64 Sept. 2 1,563 506 275 30 27 31 47 96 ,057 805 93 60 55 530 67 Sept. 9 1,564 505 274 30 26 31 48 96 ,059 808 96 60 55 529 68 Sept. 16 1,560 504 278 29 26 31 47 93 ,056 806 98 60 54 526 68 Sept. 23 1,585 498 271 29 26 33 47 92 ,087 837 105 81 54 529 68 Cleveland (10 cities) Aug. 26 2,713 836 424 23 15 15 187 172 ,877 1,601 83 182 227 979 130 Sept. 2 2,736 838 427 24 15 15 183 174 ,898 1,624 100 180 226 993 125 Sept. 9 2,728 829 421 23 13 15 182 175 ,899 1,625 111 154 226 1,004 130 Sept. 16 2,720 822 416 23 14 15 181 173 ,898 1,625 115 155 215 1,011 129 Sept. 23 2,773 814 411 23 13 15 181 171 ,959 1,685 133 191 205 1,025 131 Richmond (12 cities) Aug. 26 1,056 296 142 15 3 11 52 73 760 692 61 52 69 448 62 Sept. 2 1,069 296 142 15 3 11 52 73 773 705 73 52 71 446 63 Sept. 9 1,074 295 142 14 3 11 52 73 779 711 75 53 72 447 64 Sept. 16 1,066 294 142 12 4 12 52 72 772 704 68 59 70 443 64 Sept. 23 1,100 295 144 12 3 12 52 72 805 736 66 86 70 449 65 Atlanta (8 cities) Aug. 26 951 336 188 6 4 8 29 100 615 506 63 77 240 46 Sept. 2 946 330 185 6 4 8 29 97 616 506 63 79 78 240 46 Sept. 9 940 327 183 6 4 8 29 96 613 503 62 79 77 239 46 Sept. 16 941 332 188 5 5 7 29 97 609 498 62 76 78 236 46 Sept. 23 958 331 189 6 4 7 29 95 627 516 61 97 74 236 48 Chicago (12 cities)* Aug. 26 5,296 1,333 911 34 31 57 147 153 3,963 3,388 599 474 292 1,763 260 Sept. 2 5,241 1,325 905 34 30 57 147 152 3,916 3,344 557 474 290 1,765 258 Sept. 9 5,243 1,317 899 35 29 57 147 150 3,926 3,364 577 468 291 1,770 258 Sept. 16 5,309 1,320 904 34 30 57 146 149 3,989 3,431 655 467 280 1,771 258 Sept. 23 5,514 1,309 892 34 35 55 146 147 4,205 3,643 613 732 281 1,769 248 St. Louis (5 cities) Aug. 26 1,076 378 218 15 3 10 62 70 698 576 72 110 61 298 35 Sept. 2 1,079 376 216 15 3 10 62 70 703 581 76 110 62 298 35 Sept. 9 1,070 372 213 14 3 10 62 70 698 577 74 108 61 299 35 Sept. 16 1,091 376 218 14 3 10 62 69 715 593 92 109 56 301 35 Mi S n e n p ea t. p o 2 l 3 is (8 cities) 1,120 379 220 14 4 10 62 69 741 620 87 140 55 302 36 Aug. 26 589 219 116 2 1 5 16 79 370 330 58 39 25 188 20 Sept. 2 593 219 116 2 1 5 16 79 374 334 62 39 25 188 20 Sept. 9 594 216 116 2 1 5 15 77 378 338 66 39 26 187 20 Sept. 16.- 595 219 117 2 1 5 16 78 376 336 66 39 24 187 20 Sept. 23 617 219 117 2 1 5 16 78 398 358 66 59 24 1 20 Kansas City (12 cities) Aug. 26 1,024 380 227 29 8 35 77 644 520 78 65 99 212 66 Sept. 2 1,033 379 227 29 8 35 76 654 529 83 65 99 213 69 Sept. 9 1,033 377 226 29 3 9 34 76 656 531 86 64 99 212 70 Sept. 16 1,029 375 225 28 3 8 34 77 654 528 89 63 91 215 70 Sept. 23 1,067 375 226 27 3 8 35 76 692 565 99 89 92 214 71 Dallas (9 cities) Aug. 26 785 305 221 2 2 12 21 47 480 422 69 70 44 200 39 Sept. 2 792 305 220 1 2 13 21 48 487 428 74 68 44 202 40 Sept. 9 791 301 217 2 2 12 21 47 490 432 74 69 45 204 40 Sept. 16 778 298 215 2 2 12 20 47 480 422 65 69 43 205 40 Sept. 23 807 300 216 2 3 12 20 47 507 448 70 89 43 206 40 San Francisco (7 cities) Aug. 26 2,921 1,047 461 12 9 31 373 161 ,874 1,580 129 128 132 ,057 134 Sep. 2 2,919 1,044 457 13 10 32 372 160 ,875 1,583 138 127 131 ,054 133 Sept. 9 2,912 1,043 465 12 8 31 371 156 ,869 1,575 130 128 131 ,053 133 Sept. 16 2,938 1,045 469 12 8 31 370 155 ,893 1,596 150 127 131 ,059 129 Sept. 23 2,997 1,043 467 12 8 31 370 155 ,954 1,652 170 151 131 ,070 130 City of Chicago* Aug. 26 3,433 891 696 17 25 51 24 78 2,542 2,182 444 323 158 ,159 98 Sept. 2 3,389 892 695 17 27 51 24 78 2,497 2,135 399 323 157 ,158 98 Sept. 9 3,383 690 18 26 51 24 77 2,497 2,142 406 321 158 ,159 98 Sept. 16 3,444 694 17 26 51 24 78 2,554 2,203 474 321 152 ,158 98 Sept. 23 3,592 881 682 18 31 49 24 77 2,71 2,359 424 538 152 1,158 87 * 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. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Red F i e s d tr e i r c ( a 1 t l 9 a 4 R n 2 d e ) s e d r a v t e e B s s w F e e R a e r e r n i r e v a t d v - k h e l - e s s v C a i a n u sh lt m b a w B a n d e o n i a c s t l - e k t h - , i s s c j p m u D o a d s a d s e e t n - e i - - t d d s 1 s p u p I h n v c a o n a a i o e i n p r d d l r r r d a s t s - - - i , - - - , S p d s s a i t o i i u c a o n v l b a t n i d i - e l t - s - s c C c h o e a f e e e i t f n c e f r r c i d . s d t k - i ' - s m U G er . e o S n n v . - t - s p I p u n h v c a n a o a o e i i n d r p l d r r r d s t a i - s - - - , - - , S p d s s a t i i o i u c a o n v l b a t n d i i - e l t - s - s p m U G i a e s o n a . n o r e s g S n v t d n v s . a - - t - l m D a D e n - b o d a m n e k T s s t i i m c e b e F a i o n g r n k - s B r i o n o w g r s - - c f o a u c c n - ts r B d i a e t n s b 2 k tions tions Boston (6 cities) Aug. 26 476 64 136 1,657 1,624 99 23 53 222 1 327 22 1 254 510 Sept. 2 469 62 142 1,664 1,629 98 24 38 223 1 334 23 2 254 520 Sept. 9 472 65 143 1,688 1,655 95 28 21 223 1 340 24 1 255 416 Sept. 16. ... 494 66 159 1,715 1 713 95 26 13 223 1 366 21 1 255 586 Sept. 23 444 65 135 1,687 1,658 97 26 33 224 1 351 22 1 255 611 New York (8 cities)* Aug. 26 4,307 103 131 11,699 11,763 366 249 1,216 1 008 22 7 3,046 6 615 1,672 3,504 Sept. 2 ... 4,178 99 129 11,754 11,771 389 255 910 1,002 23 7 3,141 6 608 1,679 4,177 Sept. 9 4,058 106 133 11,898 11,925 407 221 491 1,005 23 7 3,160 6 609 20 1,676 2,756 Sept. 16 4,173 104 141 12,068 12,276 369 273 203 997 23 7 3,364 6 610 1,675 4,300 Sept. 23 3,808 106 127 12,015 12,007 461 289 516 1,001 24 7 3,183 6 613 1,675 4,542 Philadelphia (4 cities) Aug 26 434 26 109 1,398 1,347 130 16 34 163 2 363 2 6 219 387 Sept 2 435 25 115 1 399 1 349 125 14 24 163 2 376 2 6 219 422 Sept 9 450 26 106 1,420 1,366 128 11 12 163 2 374 2 7 219 307 Sept. 16 460 26 134 1,430 1,423 119 14 7 162 2 403 2 7 219 452 Sept. 23 420 27 108 1,409 1,382 116 12 20 161 2 373 2 6 218 502 Cleveland (10 cities) Aug 26 742 60 303 2,216 2,219 124 29 43 686 18 491 24 2 402 661 Sept 2 741 60 305 2,227 2,221 122 30 38 686 18 510 24 2 402 705 Sept. 9 775 61 312 2,277 2,258 129 31 19 685 18 513 24 2 402 521 Sept 16 808 61 324 2,299 2,316 134 37 14 684 17 532 24 2 402 786 Sept 23 715 62 297 2,242 2,224 137 34 34 686 17 501 22 2 402 808 Richmond (12 cities) Aug. 26 298 32 205 862 831 94 15 34 204 2 5 370 6 104 300 Sept. 2 292 30 202 826 91 19 26 204 2 5 383 6 1 104 322 Sept 9 302 33 212 871 852 88 14 18 204 2 5 404 6 1 104 272 Sept 16 313 30 218 866 851 91 24 14 205 2 5 421 6 1 104 358 Sept. 23 281 33 203 859 829 96 14 24 205 2 5 406 6 1 104 339 Atlanta (8 cities) Aug 26 250 20 191 709 676 100 7 52* 192 3 2 377 1 3 100 265 Sept. 2 244 18 189 701 680 98 7 39 192 2 2 381 2 3 101 273 Sept 9 261 21 200 722 700 98 8 24 192 3 2 399 2 3 100 227 Sept. 16 257 20 209 726 723 93 8 15 193 3 2 408 1 3 1 100 296 Sept 23 238 21 191 701 695 93 9 30 193 3 2 396 2 3 2 100 311 Chicago (12 cities)* Aug 26 1,464 92 469 4,185 3,949 448 49 323 960 2 5 1,435 8 13 441 1,450 Sept. 2 . . 1 439 90 474 4,144 3,908 467 48 244 961 2 5 1,476 7 14 443 1,613 Sept 9 1,426 92 486 4,235 3,989 463 48 133 964 2 7 1,494 7 14 443 1,126 Sept 16 1 406 93 521 4,330 4,145 450 60 74 965 2 7 1,533 7 14 443 1,788 Sept. 23 1,354 91 471 4,264 4,041 447 45 323 967 2 7 1,447 7 14 443 1,767 St. Louis (5 cities) Aug 26 268 16 145 752 762 62 8 39 183 2 440 101 264 Sept 2 263 15 143 750 758 64 7 30 185 2 444 102 282 Sept 9 269 16 148 756 781 63 8 18 185 2 454 101 218 Sept 16 268 15 142 769 798 ' 63 9 12 185 2 459 102 317 Sept 23 253 17 143 776 794 64 10 28 186 2 451 102 327 Minneapolis (8 cities) Aug. 26 136 9 93 425 395 72 6 19 107 213 3 1 66 166 Sept 2 137 8 109 432 395 77 7 14 107 231 3 1 66 203 Sept. 9 ... . 131 9 114 439 407 73 7 8 108 230 3 1 66 160 Sept 16 132 9 116 439 412 73 7 6 108 235 3 1 66 209 Sept. 23 138' 9 111 451 423 75 7 14 108 238 3 1 66 202 Kansas City (12 cities) Aug 26 308 18 329 800 779 108 11 35 138 1 600 6 114 324 Sept 2 312 17 311 796 781 110 11 27 138 1 605 6 114 320 Sept. 9 329 18 314 808 811 102 11 17 139 1 624 6 114 282 Sept 16 331 18 342 841 845 106 12 12 139 1 1 621 5 114 391 Sept. 23 „ 317 18 294 825 825 105 12 16 139 1 609 5 115 378 Dallas (9 cities) Aug. 26 . ... 230 18 278 722 719 53 11 53 121 10 335 1 94 231 Sept. 2 228 16 266 733 721 57 10 39 121 9 331 1 94 238 Sept 9 245 17 260 745 744 56 12 21 121 9 348 1 94 191 Sept 16 245 17 288 764 778 54 15 12 121 8 353 1 94 276 Sept. 23 .„ 232 18 273 757 761 52 13 29 122 8 1 344 1 94 281 San Francisco (7 cities) Aug 26 ... ..,. ,. 620 33 255 1,743 1,772 107 32 108 1,035 53 385 21 20 398 639 Sept. 2 .......-. „. 641 33 250 1,759 1,779 108 35 82 1,037 53 392 21 20 397 754 Sept 9 643 34 268 1 791 1,812 104 34 50 1,041 53 406 22 19 398 525 Sept 16 684 37 276 1,838 1,900 105 35 35 1,045 52 441 21 20 393 869 Sept. 23 646 36 264 1,821 1,865 104 33 57 1,048 52 422 21 20 394 844 City of Chicago* Aug 26 1 005 45 194 2 638 2,539 226 27 259 463 1,041 12 288 854 Sept 2 992 43 194 2,617 2,499 248 27 196 463 1,066 12 289 991 Sept 9 960 44 207 2 669 2 552 248 23 104 463 2 1,079 12 290 680 Sept. 16 905 43 213 2,686 2,607 245 22 55 463 2 1,117 12 289 1,074 Sept. 23 906 43 193 2,652 2,547 239 22 281 463 2 1,053 13 288 1,075 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in proce, i of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. 1019 OCTOBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Total Accep O t 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 n p a i t o t t o e e r d s ts E U S x f t n r p a o i t o t m e e r s d ts ex D c o h l a l n ar ge G U sh o n i o i p t d e p p s d o e s i d n t o t b s r e e F i t d n w o r i e e n e i n g o n r States countries 1941—May 295 215 164 105 60 51 125 24 41 22 June 299 213 161 101 59 52 123 24 43 20 July 330 210 161 106 55 49 121 22 47 16 August 354 197 148 100 47 50 114 21 49 11 September.. 371 177 131 85 46 46 105 13 45 9 October... . 378 185 138 90 47 47 109 12 48 11 November.. 387 194 144 93 51 50 116 14 48 12 December.. 375 194 146 92 54 49 116 15 11 1942—January 381 197 154 103 52 43 116 17 51 11 February... 388 190 144 92 53 46 112 18 44 13 March 384 183 146 89 57 37 103 17 45 16 April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 June 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 45 11 August 297 139 108 71 37 31 78 41 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 dollars] 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 ba ( d n l e a e b n t i ) c t 1 es a i m n n a p v d c a e c r t s o t r t n a u m d e n e r i t n s s n ' g t a in n a v d c e c f t i s o r r t a m u m d n e i t n s n g t a b h n a a d n n k d in s bo M rro o w ne e y d2 Free O (n th e e t) r I a i n n n v d p e a t s r r t a m t d n e i e n n r g t s' a in n v d In e t s r f t i a m r d m e in n g t I a n c ( c c n o a e u p t) n it t a s l accounts accounts 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 July3 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). 3 Collection of monthly figures discontinued after July 31; figures to be collected and published on semiannual basis beginning December 31, 1942. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). IO1O 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 Gov Y e i r e n l m ds e n o t n s U ec . u S r . i mties [Per cent per annum] mo Y w n e e th a e , k r , or m m p P 4 c o a e r o n t p i r o m m c t e h i r - 6 e a s , l i a a b P d c n a e r a c 9 c i r n y e m 0 s e k p s ' s e - i t , - c S l h n c a o e t r a e o a l x e a n w l c - n - l g k - e m bi o 3 ll n - s t S h d C F e o c n ( e e b f d a e b r t t u t i s . e i e n s e f d 1 s - i - - , t 3 a n y - x o t e o a t a e - b r 5 s le 1934 average1 1 T 9 3 o . c 4 t i a 5 ti l es Y N 2 C . o e i 4 t r w 5 y k e E 7 N r c a 3 n i o o s t . r t 7 i t a h e t e 1 h n s e rn - d r 1 W e 1 r c 4 n e S i . s t 3 o i t a e e 2 u n s r t d n h- 1943} 1935 average; 2.93 1.76 3.39 3.76 1936 average1 2.68 1.72 3.04 3.40 1 1 1 9 9 9 4 3 4 0 9 1 a a a v v v e e e r r r a a a g g g e e e . . . 4 4 4 4 4 4 . . . 0 0 0 0 0 0 . . . 0 0 1 2 1 0 3 4 3 .76 1 1 1 1 9 9 9 9 4 3 3 3 0 9 7 8 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 2 2 2 2 . . . . 5 5 6 7 9 3 3 8 2 2 1 1 . . . . 6 7 0 0 9 3 7 4 2 2 2 2 . . . . 8 8 7 5 8 7 5 6 3 3 3 3 . . . . 5 2 2 3 1 5 6 8 1941—Aug .44 .00 .108 .62 1941 average 2.54 1.97 2.55 3.19 Sept .44 .00 .055 .62 Monthly figures1 Oct .44 .00 .049 .72 1938—October 2.57 1.70 2.90 3.21 Nov .44 .00 .242 .90 November 2.49 1.70 2.68 3.20 Dec .44 .00 .298 1.02 December 2.60 1.70 2.95 3.23 1942— F Ja eb n . . 4 4 4 4 . . 0 0 0 0 . . 2 2 1 5 4 0 . . 9 9 6 3 1939— F J e a b n r u u a a ry ry 2 2 . . 5 6 2 4 1 1 . . 7 7 0 3 2 2 . . 9 6 7 9 3 3 . . 3 2 2 6 Mar .44 .00 .212 .93 Quarterly figures Apr .44 .00 .299 .98 1939—March 2.95 2.13 3.05 3.77 May .44 1.00 .364 1.03 June 2.91 2.15 3.05 3.62 June .44 1.00 .363 1.15 September 2.68 2.04 2.78 3.31 July .44 1.00 .368 .61 1.20 December 2.59 1.96 2.59 3.32 Aug .44 1.00 .370 .57 1.25 1940—March 2.65 2.03 2.67 3.35 Week ending: June 2.59 2.00 2.49 3.38 A Se u p g. t .5 29 1 1. . 0 0 0 0 . . 3 3 6 6 8 7 . . 5 5 0 4 1 1 . . 2 2 6 6 D Se e p ce te 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 Sept. 12 1.00 .369 .48 1.27 1941—March 2.58 2.06 2.53 3.25 Sept. 19 1.00 .370 .48 1.27 June 2.55 1.95 2.58 3.23 Sept. 26..: ... 1.00 .373 .49 1.28 September 2.60 1.98 2.62 3.29 December 2.41 1.88 2.45 2.99 1 Monthly figures are averages of weekly prevailing rates. 1942—March 2.48 1.85 2.48 3.20 2 The average rate on 90-day stock exchange time loans was 1.25 per June 2.62 2.07 2.56 3.34 cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to l Prior to March 1939 figures were reported monthly on a basis not strictly March 1941; taxable bills thereafter. comparable with the current quarterly series. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures 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 * [Per cent per annum] U. S. Corporate (Moody's)5 Government2 High- Year, month, or week M ip un al i 3 c- c g o r r a p d o e - By ratings By groups Partially rate4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1939 average 2.36 2.76 2.92 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 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—August 1.94 2.00 2.65 3.29 2.74 2.90 3.24 4.27 2.90 3.92 3.06 September 1.94 1.99 2.64 3.30 2.75 2.91 3.24 4.30 2.88 3.95 3.07 October 1.88 1.91 2.61 3.27 2.73 2.87 3.21 4.28 2.85 3.93 3.05 November 1.85 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 August 2.02 2.34 2.28 2.73 3.34 2.81 2.99 3.27 4.28 2.94 3.98 3.09 Week ending: Aug. 29 2.02 2.34 2.26 2.73 3.33 2.80 2.99 3.27 4.27 2.95 3.97 3.08 Sept. 5 2.02 2.34 2.26 2.73 3.33 2 81 2.99 3.27 4.27 2.95 3.97 3.08 Sept. 12 2.02 2.34 2.25 2.72 3.33 2.81 2.99 3.26 4.26 2.95 3.96 3.08 Sept. 19 2.04 2.34 2.24 2.73 3.33 2.80 2.98 3.25 4.27 2.96 3.96 3.07 Sept. 26 2.04 2.34 2.24 2.73 3.32 2.80 2.97 3.25 4.27 2.96 3.94 3.08 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 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. OCTOBER 1941 iozr 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 trad- Year, month, or week U.S. . ing? Gov- Munic- Medium and lower-grade Pre- (in thoum er e n n - t2 H gr i a g d h e - Total Indus- Rail- Public fau D l e t - ed ferred5 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c s s a h n a d r s e s o ) f trial road utility Number of issues.. 2-6 15 50 20 20 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 -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 August 109.9 125.4 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 Week ending: Aug. 29 109.9 125.7 118.8 99.6 109.0 85.6 104.3 27.8 164.0 68 71 66 59 331 Sept. 5 109.9 125.7 118.8 99.9 109.3 85.8 104.7 28.4 163.6 69 71 66 59 286 Sept. 12 109.9 125.9 118.9 100.4 109.7 85.9 105.4 28.9 164.3 69 71 66 60 363 Sept. 19 109.7 126.1 119.0 100.7 109.8 86.3 106.1 29.6 163.2 69 71 65 59 385 Sept. 26 109.7 126.1 119.1 101.2 110.0 87.1 106.4 30.2 163.6 70 72 68 60 611 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. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 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] ?or newcapital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e d - g) d- m e ( a f e i d o n s g d o r - - t n) ic Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B r n a p o o n o n d te r d s s ate Stocks eign2 m e ( e a f i d o s n g d o r t - - n) ic Total S n m a p t i n u a c a d l i t - e - a F c e g i e r e e a d l - n s1 - Total Co B n r a o o p n n t d o e d s s rate 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 1.38B 803 405 178 144 35 774 765 136 317 312 312 9 1 1 9 9 3 3 5 6 4 6 , , 6 2 9 1 9 4 1 1 , , 4 9 5 7 7 2 1 1 , , 4 9 0 4 9 9 8 7 5 3 5 5 1 2 5 2 0 1, 4 19 04 2 3 8 3 3 4 9 35 6 2 9 '"4 23 8" 3 4, ,2 2 4 42 2 4 3 , , 1 21 2 6 3 3 3 6 8 5 2 9 3 8 5 7 3 3 1 , , 3 8 8 6 7 4 3 1 , , 1 7 8 8 7 2 200 1 2 1 6 9 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—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 "26" 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 August 162 103 103 44 59 57 " " 2" 59 59 3 50 6 6 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle, for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures— See Annual Report for 1937 (table 78). IO2.X FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated New money Retirement of securities Year or month gross net Repayment proceeds2 of Other Total e P q l u a i n p t m a e n n d t Wo c r a k p i i n ta g l Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 530 515 57 32 26 362 362 84 11 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 7 1939 2,177 2,128 325 170 155 1,708 1,650 59 69 26 1940 2,786 2,723 604 424 180 1,927 1,798 128 174 19 1941 2,524 2,480 797 639 158 1,528 1,448 80 102 53 1940—October... 373 366 45 39 6 316 312 5 2 2 November. 148 145 65 25 41 73 59 15 6 1 December. 578 567 193 158 35 367 318 50 6 1 1941—January... 270 265 48 44 4 210 184 26 6 1 February.. 151 148 29 25 5 103 101 2 15 March 268 263 67 55 12 179 171 8 15 2 April 145 142 27 18 9 111 90 21 2 2 May 265 259 66 51 15 188 188 4 Tune 234 229 80 69 11 132 127 5 16 1 July 117 114 40 31 10 60 58 2 10 4 August 408 404 185 168 17 200 198 2 14 5 September 172 170 31 20 11 137 135 2 2 October... 227 224 91 64 26 118 117 1 11 5 November. 140 137 80 60 20 38 37 1 19 December. 128 125 51 34 17 54 44 10 3 17 1942—January... 164 161 71 38 33 80 80 9 February.. 78 76 40 34 5 23 12 11 2 11 "March.... 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 May 126 124 59 27 33 11 11 53 1 June 142 139 72 57 15 60 55 5 2 July 53 52 14 11 3 29 29 8 August 89 39 33 6 34 34 3 - 12 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties 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 "8l" 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 1 1 9 9 4 4 0 1 3 3 1 6 9 1 2 1 5 1 3 5 1 1 8 0 6 8 "l8" 1 1, , 3 1 0 8 6 0 3 2 0 4 9 5 9 9 2 7 2 2 2 1 5 3 9 7 6 1 1 5 2 16 1 7 1 4 7 0 3 2 8 1 5 0 6 3 2 9 6 8 3 7 2 8 4 8 4 1 7 1 2 0 7 4 1940—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— M F J e a a b n r r u c u a h a ry ry 3 7 8 2 1 2 2 3 7 1 5 5 5 0 1 1 3 2 8 7 2 4 4 1 1 6 5 1 1 3 0 3 6 5 6 "i 2 " 1 2 0 7 0 8 1 1 6 7 7 9 3 1 8 7 3 1 5 6 2 2 0 1 "i 1 " 4 1 1 1 5 April 2 2 71 17 53 66 7 56 3 4 3 1 May 45 45 144 6 138 1 69 15 50 3 June 58 51 7 110 9 97 4 61 20 28 13 July 23 23 33 7 26 54 9 35 10 5 1 4 August 24 24 316 142 173 59 18 27 14 6 1 5 September 42 7 35 102 6 96 1 24 17 6 1 1 1 October 25 21 4 80 11 67 2 74 48 12 14 44 10 ""34" November 1 1 56 45 10 1 71 29 24 18 8 4 4 December 28 28 51 3 36 12 38 17 15 6 9 3 3 2 1942—January 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 6 48 8 40 46 25 6 15 April .. . 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 1 June 9 3 6 69 17 49 3 61 511 6 4 1 1 July 2 2 3 2 1 46 9 29 8 August 2 2 68 34 34 18 4 15 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN. OCTOBER 1942. 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIALiCORPORATIONS [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 r te n o e d n l c M e h r i a y n - - t b o A i m u le - o s - p e O t m r t q o i a t u e o r h n t n i n e a s p t r - - - f m p N e u a r r e o r c n o t o t n a d d s u l - - s s O d go b u th o l r e a d e - r s t F b o a a e o b g n v o a d e e d c s r s , c - , o p r a e i O r n f n o i i g d d n l , - c I h n c tr e d a i m l u a s l s i- - O d n u b t o h r l n e a e - - r c n s M e i e e c l o r e l i v u a s s - - - s pr N of e it t s , 1 fe P D r r r e i e v - d i d I e C n m d o s o m n - Number of companies.... 629 47 69 68 77 75 49 45 30 74 152 152 152 1939... 1,465 146 115 223 102 119 70 151 186 134 122 847 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 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 4 101 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—1 425 52 38 46 856 36 19 32 35 39 39 32 204 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] Railroad! Electric power Telephone3 Year or quarter O re p v i e n e r n g a u t e - i I b n n e c c f o o o m m re 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 e nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e income1 d D en iv d i s - 5 r O e p v i e e n r n g a u t e - i . nc N o e m t e d D en iv d i s - * 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 (*) 21 175 46 39 19 287 46 21 2 906 -43 -47 (0 23 166 37 32 19 295 50 20 3 1,058 68 58 (*) 21 167 34 30 19 295 50 16 4 1,133 139 126 61 184 43 36 22 303 52 15 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 r179 r90 12 '29 216 63 33 19 369 52 19 2 r1,797 r389 r199 37 r35 202 r53 r25 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. 1024 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 Tr b e o a n s d u s ry Total2 s b a V 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 1941—Aug 50,921 50,371 37,667 1,604 5,698 30,169 6,234 4,908 1,037 6,470 550 Sept 51,346 50,791 37,368 1,305 5,698 30,169 6,765 5,132 1,343 6,658 556 Oct 53,584 53,040 38,869 1,404 5,509 31,759 7,507 5,394 1,818 6,664 544 Nov 55,040 54,536 39,677 1,703 6,012 31,765 8,052 5,620 ' 2,136 6,806 504 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 1942—Jan 60,012 59,531 42,271 2,101 5,591 34,383 10,196 7,198 2,697 7,063 481 Feb 62,381 61,895 43,700 2,002 5,591 35,912 11,004 7,893 2,807 7,190 486 Mar 62,419 61,940 43,329 1,652 5,571 35,910 11,278 8,436 2,536 7,333 480 Apr 64,961 64,496 45,137 1,953 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 Aug 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 1 Including amounts held by Government agencies and trust funds, which aggregated $2,457,000,000 on July 31, and $2,574,000,000 (preliminary) on August 31, 1942. 2 Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. SECURITIES FULLY GUARANTEED BY UNITED STATES SALES OF UNITED STATES SAVINGS BONDS GOVERNMENT, BY ISSUING AGENCIESi [In millions of dollars] [In millions of dollars] Interest-bearing Amount Funds received from sales during out- month Month standing End of month a T m o o u o t t u a - n l t F F e a e r r a d m l - Own- R st t e i r c o u o n c n - - m C o o d m it - y a m t e o n n d t h o 1 f se A ri - e n s 2 4 Se E ries Se F ries Se G ries st i a n n g d 2 - Total M ga o g r e t- L e o rs an na F n i- ce C C r o e r d - it Other 1941—May 4,008 370 101 38 211 Cor- Cor- Cor- pora- June 4,314 315 103 29 183 p t o io r n a- tion p t o io ra n - tion J A u u l g y ust 4 4 , , 6 9 4 0 9 8 3 2 4 6 2 6 1 1 4 1 5 8 2 2 7 0 1 1 7 2 0 8 September... 5,132 232 105 18 109 1938— D Ju e n c e . 4 4 , , 9 8 9 5 2 3 1 1 , , 3 4 8 1 8 0 2 2 , , 8 9 8 3 8 7 5 2 0 9 9 9 2 2 0 0 6 6 1 1 N D O o c e t v c o e e b m m er b b e e r r... 6 5 5 , , , 1 3 6 4 9 2 0 4 0 2 5 2 2 3 7 9 4 1 3 1 1 4 1 2 1 0 3 3 2 1 3 3 9 1 1 1 2 0 5 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 1941—June 6,370 6,360 1,269 2,409 1,741 696 244 April 8,951 531 327 40 164 1941—Aug 6,937 6,928 1,269 2,409 2,101 905 243 M Ju a n y e 1 9 0 , , 5 1 6 8 9 8 6 6 3 3 4 4 4 4 2 3 2 3 4 4 2 1 1 1 7 6 0 0 Sept 6,937 6,929 1,269 2,409 2,101 905 244 July 11.078 901 508 74 319 Oct 6,938 6,930 1,269 2,409 2,101 905 244 Aug 11,751 697 454 52 191 Nov 6,324 6,316 1,269 2,409 1,802 701 135 Dec 6,324 6,317 1,269 2,409 L.802 701 136 1 At current redemption values except Series G, which is stated at par. 1942—Jan 5,703 5,673 937 2,409 1,492 701 134 Difference between "Funds received" and month to month changes in Feb 5,696 5,673 937 2,409 L,492 701 135 "Amounts outstanding" represents the difference between accrued increases Mar 5,690 5,666 930 2,409 1,492 701 135 £y.'..'..'..'.5 5 , , 6 6 8 8 8 7 5 5 , , 6 6 6 6 6 7 9 9 3 3 0 0 2 2 , , 4 4 0 0 9 9 1 1 , , 4 4 9 9 2 2 7 70 0 1 1 1 1 3 3 5 6 in 2 r e In d c e l m u p d t e i s o n fi g v u a r l e u s e s f o a r n s d e r r i e e d s e A m p D ti o n n o s t o sh f o b w o n n d s s e d p u ar r a in te g l y th ; e t h m es o e n s th e . ries have June 4,568 4,549 930 1,563 1,219 701 136 not been issued since April 1941, July 4,581 4,551 930 1,533 1,216 738 134 Aug 4,592 4,567 930 1,533 1,216 754 135 1 Excluding obligations held by U. S. Treasury and reflected in the public debt. 2 Figures on matured debt were not published prior to September 1939. OCTOBER 1942. 10x5 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, AUGUST 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 P d P r s a e o n - s w d ta a l 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 r o o g r p e r m n e r o t- a r l - O C H a w L o t o r o n i p m o a e o n n r e r s - ' F C R s a i o n t t e t i r r i c a o p u o o n n o c n n c - r e - - C m C a C o o t r r o i e d p o 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 e a t i a e u e b r s e o r l - i d r e - 1 Savings Within 1 year 10,143 4,168 4,705 1,270 454 986 644 342 "iii" 986 1 to 5 years 9,365 5,419 3,914 31 8,055 1,852 755 571 412 3,560 5 to 10 years 11,566 11,535 31 19,224 1,614 "835" 779 10 to 20 years 18,864 18,730 134 10,970 Over 20 years 7 239 7,239 2,716 95 95 Total 57,1-76 4,168 4,705 6,689 41,418 196 41,418 4,547 930 1,533 1,216 754 114 4,547 1942—Before Oct. 1 1,798 1,456 342 53 53 53 Oct. 1-Dec. 31 4,452 2,712 1,507 232 320 320 320 1943—Jan. 1-Mar. 31 1,654 1,588 66 Apr. 1-June 30 629 629 454 289 289 289 July 1-Sept. 30 1,889 "1,609 279 324 324 324 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 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: 2,118 1963 919 919 1964 95 95 1965 1,485 1,485 1967 2,118 2,118 2,716 1972 2,716 2,716 1 Securities not callable prior to maturity are shown as of date of maturity. 2 Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on August 31. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and trust iunds 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 s b u l e i s c F R B e e a d s n e e k r r s v al e Total M b e a m nk b s er m b O c e a o t r n h c m k e ia - s r l M sa b 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 - - 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—June 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 ioo" 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 1,700 2,690 5,500 10,500 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 1939—June 45,336 3,770 2,116 2,551 36,899 13,777 1,920 3,040 5,900 10,400 1,900 December.. 47,067 4,231 2,300 2,484 38,052 14,328 1,970 3,100 6,300 10,200 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 63,270 324,098 ^32,100 p3,900 ^8,900 ^11,200 13,100 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. 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 IO2.6 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 Excess e e x t c c e .ts i s of re- of re- Period c ta I o x n m - e e s i c n r n M e e e n t l v i o e a l s a e u l - r- - - s s S t e a i o c t x c y u e i r a s - l o A th l e l r c T e r o i e p t - a ts l ce N r i e p e - t ts I d n e e t s e b t r t - a W t c i t e i a s v ' r " i- c T f o t e r r a r a u u c s n n - s s t t t o s o A th l e l r Total d e ( c i x + e t p u i ) p e r n t o e s - s r p ( c t + e u e e n r i x ) p e d - o s t i s - r F a G b e u n a r e n c l a n d - e l - 1 d G e r b o t s 2 s nue etc. Fiscal year ending: June 1940 2,125 2,345 838 617 5,925 5,387 1,041 1,657 232 6,068 8,998 -3,611 +136 -947 +2,528 [une 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 +742 +5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,598 -3,506 +358 +23,461 2 months ending: Aug. 1941 142 537 221 109 1,009 809 33 2,100 189 805 3,127 -2,318 +598 +240 +1,960 Aug. 1942 428 777 285 100 1,591 1,334 42 9,378 268 687 10,376 -9,042 -58 +163 +9,263 1941—Aug 59 269 173 54 554 397 9 1,131 15 374 1,529 -1,133 -2 +274 +1,408 Sept 780 261 37 58 1,136 1,135 169 1,330 6 369 1,874 -739 -293 -607 +425 Oct 68 314 49 57 489 445 75 1,537 45 426 2,083 -1,637 -225 +376 +2,238 Nov 66 436 181 47 730 564 15 1,448 10 384 1,858 -1,294 -484 -322 +1,456 Dec 767 353 41 53 1,214 1,212 232 1,850 9 450 2,542 -1,329 -328 +1,241 +2,898 1942—Jan 133 369 53 59 614 578 32 2,104 42 451 2,628 -2,050 -633 -610 +2,073 Feb 283 340 257 58 937 758 12 2,208 9 400 2,629 -1,871 +114 +612 +2,369 Mar 3,083 364 49 52 3,548 3,547 205 2,809 22 385 3,421 +126 -234 -69 +39 Apr 335 305 43 49 732 695 77 3,238 390 3,753 -3,058 -126 -642 +2,542 May 216 270 222 56 764 563 19 3,560 375 3,953 -3,391 -257 -39 +3,609 June 2,086 298 42 67 2,494 2,492 390 3,829 1 310 4,530 -2,037 -1,635 +179 +3,852 July 273 416 53 52 794 747 35 4,495 249 381 5,160 -4,413 -4 +296 +4,714 Aug 155 362 232 48 797 587 7 4,883 19 306 5,215 -4,628 -54 -134 +4,549 Details of trust accounts, etc. General Fund of the Treasury (end of period) Social Security Net ex- All other Assets Balance in General Fund accounts penditures Period in checkc 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 e d - s i- c a G o i g n m o u e g v n n e e t a n c s r c i t n e - o - s f ce R i e p - ts I m nv e e n s ts t- p t e E u n r x d e - i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s c n e o i - i s t a i s l - O as t s h e e t r s l T ia t o i b e t i s a l l i- Total I m n g o c e o n r n l e d t - S io e r i a g g n e - W a b i n o n a c l r g - k e - Banks taries Fiscal year ending: June 1940 1,662 1,016 643 *33 464 98 266 2,038 254 805 979 147 1,891 143 585 1,163 June 1941 1,958 1,200 741 218 680 138 490 2,812 ,024 661 1,127 179 2,633 143 605 1,885 June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 143 619 2,229 2 months ending: Aug. 1941 505 214 90 *364 223 106 85 3,057 995 833 1,229 185 2,873 143 610 2,120 Aug. 1942 645 301 105 340 254 147 64 3,695 569 1,880 1,246 541 3,154 144 619 2,392 1941—Aug 334 130 44 169 55 1 46 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 1,064 305 3,562 143 617 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 143 618 2,732 Apr 112 15 59 189 73 9 39 3,216 522 1,579 1,115 365 2,851 143 618 2,089 May •. 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 143 619 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 1,162 452 2,991 143 619 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 143 619 2,525 Aug 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 144 619 2,392 r Figures for fiscal years 1942 and 1943 are revised. 1 Details given in lower section of table. 2 For details, see page 1025. * Excess of receipts. ** Excess of redemptions. OCTOBER 1942. 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based oncompilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1941 (End of mont h) 1942 (End of month) July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Assets Loans and preferred stock: Loans to financial institutions 408 407 409 409 408 434 404 396 380 371 382 361 Preferred stock, etc 693 669 666 665 664 680 675 663 658 650 649 648 642 Loans to railroads 497 497 497 484 483 498 497 498 500 502 498 498 497 Home and housing mortgage loans.. 2,413 2,413 2,427 2,413 2,401 2,424 2,430 2,380 2,392 2,372 2,352 2,357 2,344 Farm mortgage loans 2,437 2,426 2,411 2,396 2,380 2,361 2,343 2,332 2,311 2,296 2,282 2,268 2,245 Other agricultural loans 754 726 717 709 732 773 780 785 789 976 811 808 792 All other loans 1,553 1,690 1,738 1,957 1,933 1,996 1,934 2,004 2,026 2,041 2,042 2,067 2,067 Total loans and preferred stock 8,756 8,826 8,864 9,033 9,001 9,167 9,063 9,059 9,065 9,218 9,005 9,026 8,948 Cash. 771 594 523 489 502 496 560 582 621 645 732 403 407 U. S. Govt. direct securities 824 844 846 895 906 884 915 947 950 966 981 990 1,008 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 123 123 122 120 115 115 112 112 110 110 107 106 105 Other1 17 18 17 20 26 46 52 53 54 54 55 57 58 Accounts and other receivables 651 600 672 725 641 574 604 600 632 621 733 774 773 Business property 653 664 671 689 698 714 751 782 792 815 833 859 879 Property held for sale 1,567 1,625 1,710 1,805 1,879 1,891 1,964 2,017 2,262 2,717 3,067 3,512 3,808 Other assets 435 517 563 592 701 773 888 1,073 1,265 1,510 1,829 2,235 2,498 Total assets other than interagency2 13,797 13,810 13,989 14,368 14,470 14,660 14,90815,224 15,750 16,656 17,34317,962 18,482 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 6,939 6,937 6,937 6,938 6,324 6,324 5,705 5,697 5,690 5,688 5,687 4,568 4,581 Other1 1,442 1,445 1,434 1,416 1,393 1,392 1,402 1,396 1,433 1,431 1,440 1,442 1,443 Other liabilities 1,761 1,741 1,859 1,952 1,974 2,049 2,111 2,325 2,497 2,656 2,950 3,265 3,457 Total liabilities other than interagency2 10,142 10,123 10,231 10,306 9,690 9,765 9,219 9,418 9,620 9,776 10,078 9,275 9,482 Excess of assets over liabilities, excluding interagency transactions 3,655 3,687 3,758 4,062 4,779 4,895 5,689 5,806 6,130 6,880 7,265 8,687 9,000 U. S. Govt. interests 3,230 3,261 3,331 3,633 4,349 4,464 5,256 5,372 5,694 6,444 6,828 8,249 8,562 Privately owned interests 425 426 427 428 430 431 432 434 435 436 437 438 438 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, JULY 31,1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o o a n e t n c d r a r k s l ed Cash d s G U e i i t r c o . i e u e S v c s r . 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 a c c t b h o n e l e u d i e v r n s - ts B pr u o s p in e e rt s y s P h r e o l s d p a e le f r o ty r an U G te n u e i a d d t r e e - d b b e y ntur O es ther States Reconstruction Finance Corporation 1,856 2 56 36 46 1,216 National defense corporations 77 10 108 2,285 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,819 70 5 3 258 1,551 Federal Home Loan Banks 174 55 73 4 1 92 RFC Mortgage Company 83 2 7 2 Federal National Mortgage Association 215 1 5 1 85 Federal Public Housing Authority 388 15" 7 5 127 114 Farm credit agencies: Federal Farm Mortgage Corporation 554 17 2 57 12 942 Federal land banks 1,692 38 215 169 6 43 •"1947" Federal intermediate credit banks 291 35 44 2 302 Banks for cooperatives 104 42 34 1 Production credit corporations 82 1 13 Regional agricultural credit corporations 5 18 Commodity Credit Corporation 201 2 107 8 1,126 738 Farm Credit Administration 256 10 Farm Security Administration .. 458 32 1 1 Insurance agencies: Federal Crop Insurance Corporation 9 15 F F e e d d e e r r a a l l S D a e v p i o n s g i s t a I n n d su L ra o n a c n e In C s o u r r p a o n r c a e ti o C n orporation. 44 2 3 3 49 2 0 5 '" "ioo" 3 7 1 27 Federal Housing Administration 18 44 39 1 6 20 2 Export-Import Bank of Washington 115 1 78 Tennessee Valley Authority 22 7 537 8 U. S. Maritime Commission 24 25 75 W^ar Shipping Administration 9 43 Rural Electrification Administration 343 8 Public Works Administration 92 Other 75 15 6 23 70" 2 8 Total 8,948 407 1,008 105 773 879 3,808 4,581 1,443 1 Excludes Federal land bank bonds in the amount of $724,000,000 held by Federal Farm Mortgage Corporation. IO2.8 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Loans to financial institutions ... 134 131 127 124 118 106 107 105 105 102 100 99 100 Loans on preferred stock of banks and insurance companies 48 48 48 48 48 44 44 44 44 44 44 44 44 Preferred stock, capital notes, and debentures.... 410 407 405 404 401 398 393 388 381 379 378 377 372 Loans to railroads (including receivers) 461 461 448 448 462 462 462 465 466 462 462 462 462 Loans for self-liquidating projects 81 81 81 51 51 53 54 55 56 56 58 58 58 Loans to industrial and commercial businesses: For national defense 71 82 93 101 106 111 119 127 134 146 158 170 185 Other 108 106 100 103 110 106 104 102 98 97 92 90 89 Loan to Great Britain 100 125 299 299 345 345 385 385 381 378 376 375 375 Loans to drainage, levee, and irrigation districts.. 77 77 74 74 73 72 72 72 71 70 70 69 69 Other loans 5 5 5 5 5 5 5 5 5 5 5 5 6 Securities purchased from Public Works Administration 117 117 117 116 114 114 111 110 109 109 108 107 107 Total loans and investments, other than interagency 1,613 1,640 1,798 1,772 1,833 1,815 1 857 1 859 1 850 1 847 1,852 1 856 1,868 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.... 195 202 207 211 214 211 215 218 221 225 228 227 228 Capital stock of, and loans to RFC Mortgage Company 76 77 80 7*9 79 81 82 82 85 87 89 90 93 Capital stock of, and loans to Federal National Mortgage Association 105 107 109 111 112 114 115 119 120 120 119 118 117 Loans to Tennessee Valley Authority 8 8 8 8 8 8 8 8 8 8 8 8 8 Capital stock of, and loans to national defense companies* 380 527 643 727 721 785 916 1,105 1,303 1,567 1,827 2,009 2,268 Loans to Farm Security Administration 96 101 110 117 133 114 145 179 199 205 213 169 175 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,772 2,962 3,254 3,325 3,400 3,428 3,638 3,869 4,085 4,358 4,635 4,776 5,055 1 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, U.S. Commercial Company, and War Damage Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans to cooperatives End of year or month 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 i c e e a n r d d n e te e k i d a r r s i - t a t 2 e l P a c s 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 l r o o o e e m p l a u n i e e n c g a r f s y h - n t d Total3 c B a o t f a o i o v n p r e k e s s r- i A M i r n n e g t g g a v u r r o r i f k c A a u l e u v l n c t - l d t - - 1934 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2.035 813 367 40 138 173 120 88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1,905 691 364 33 154 168 99 76 21 1940 2,973 2,500 1,851 648 381 34 172 168 93 75 16 1941—August 2,975 2,426 1,804 622 450 45 221 177 99 83 16 September 2,954 2,411 1,795 616 431 43 208 174 111 94 16 October 2,924 2,395 1,786 610 410 39 194 170 119 101 16 November 2,906 2,380 1,776 604 398 38 187 167 128 109 17 December 2,891 2,361 L,764 597 397 39 188 165 133 113 17 1942—January 2,873 2,343 1,753 590 400 40 191 165 130 111 16 February 2,878 2,332 1,746 586 417 41 203 169 129 110 17 March 2,876 2,311 1,731 580 440 43 219 174 125 106 16 April 2,887 2,296 I 721 575 470 44 245 177 121 102 16 May 2,869 2,288 1,715 572 468 45 241 177 114 99 13 June 2.865 2,274 1,706 568 .476 47 248 177 115 101 13 July 2,868 2,274 1,706 568 477 47 249 176 117 104 12 August 2,818 2,232 1,679 553 469 47 243 174 117 104 12 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, . $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $4,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for other Farm Credit Administration agencies amounting to a total of $255,000,000 in August 1942. 3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 n 1935, and a negligible amount since 1935. OCTOBER 1942. 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars] Assets End of month O C r H L w a o o t o n r i m a p o e n o n e r - s' B H L F a e o o e n r m a d a k n l - e s1 s a a a F s l t a e v o s i e n r o o i a d a n d c n n l - g i s - s 2 M C p R g a a o o F n g m r C y e t - - A M t F g i N e s o a e o s r g a n o a d r - e l a c t - - ^ l i- F t P H h e u A i d o o n b e r u u g l i r - i s t a c y - l End of month D i b e to a p l r o - s s Total i b p C n t a o o a n d s r s y k i e h - s - T U ot . a S l s . e G cu o r D e r v i i c - e t t i r e n s m G t e a e u n n e a t - d r- f s C e u e r t n a r c e v s d - . h 2 e s ation 1933—June 47 1934—June ,198 1,225 695 453 418 35 76 1934— D Ju e n c e . 1,2 1 1 3 7 2 8 85 5 1935— D Ju e n c e , , 2 2 0 0 5 7 1 1 , , 2 23 3 7 6 5 38 4 5 0 5 7 9 7 7 7 4 6 6 3 7 0 1 1 4 3 7 0 10 7 0 4 2,379 87 81 ,201 1,237 287 853 706 147 98 1935—June 2,658 79 186 1936—June." '.'.'.'.'.'.'.'.'. ,232 1,265 203 967 800 167 95 1 1 9 9 3 3 7 6 — — D D J J u u e e n n c c e e 2 2 2 2 , , , , 5 7 9 8 5 6 4 9 6 5 5 7 1 1 1 1 6 4 0 1 5 3 9 7 5 3 4 7 8 7 4 4 7 5 8 2 4 3 1 6 9 6 8 1 1 9 9 3 3 8 7 — — D D J J u u e e n n c c e e , , , , 2 2 2 2 5 7 6 6 2 0 8 0 1 1 1 1 , , , , 2 3 3 2 9 0 0 9 0 8 7 6 1 1 1 1 1 3 4 3 5 6 5 0 1 1 , , , , 1 0 1 0 0 9 5 0 3 7 8 0 8 9 9 9 9 3 3 3 1 0 6 3 1 1 1 1 6 6 6 6 7 7 7 7 8 9 7 7 0 3 3 1 1 1 1 9 9 9 3 3 4 8 9 0 — — — D D D J J J u u u e e e n n n c c c e e e 2 2 2 2 2 2 , , , , , , 1 0 2 0 3 0 6 1 8 6 9 3 9 3 1 5 8 8 2 1 1 1 1 1 8 9 0 6 5 9 1 9 9 7 6 0 1 1 , , , , 0 4 2 1 8 9 0 3 7 3 5 4 5 1 8 4 6 4 5 6 5 5 6 4 7 4 7 0 1 8 1 1 1 4 8 3 2 6 7 0 8 5 3 1 3 8 6 2 1 1 2 7 8 3 0 3 1 1 1 9 9 9 4 3 4 0 9 1 — — — D D D J J J u u u e e e n n n c c c e e e , , , , , , 2 2 3 2 3 2 6 9 0 7 0 5 2 3 4 9 4 2 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 2 3 4 1 5 0 9 7 8 9 6 4 1 3 4 3 8 5 6 6 3 0 6 3 8 , , , , , , 2 1 1 1 2 2 9 5 2 3 2 5 2 7 4 2 4 1 1 , , , , , 0 0 0 1 0 9 7 4 0 1 7 6 8 6 4 8 1 5 1 1 1 1 1 1 4 4 4 6 4 4 6 6 6 7 6 6 8 6 7 7 7 7 8 9 8 4 5 3 Dec ,956 201 ,546 67 181 186 1941—June ,870 170 ,687 65 194 316 1941—Aug.. . ,309 1,365 28 ,250 ,104 146 86 Sept.. ,311 1,366 28 ,250 ,104 146 89 1941—Aug ,841 173 ,751 69 198 306 Oct... ,317 1,377 27 ,250 ,104 146 100 O Se c p t t , , 8 8 0 2 9 5 1 1 7 8 8 4 , , 7 8 7 0 5 1 7 7 0 3 2 2 0 0 0 3 3 3 3 2 2 8 N D o ec v . . . . , , 3 3 2 1 3 4 1 1 , , 3 38 9 8 6 2 2 6 7 , , 2 2 5 7 0 4 , , 1 1 0 2 4 8 1 1 4 4 6 6 1 9 1 5 1 Nov. . . ,794 187 .816 72 205 329 Dec ,777 219 ,825 72 207 367 1942—J " a e n b . . . . , , 3 30 1 7 0 1 1, , 4 4 4 2 4 1 2 2 5 5 , , 2 2 7 7 4 4 , , 1 1 2 2 8 8 1 14 4 6 6 1 1 4 2 5 2 1942— M M F A Ja e p a a n b r r y . 1 1 1 , , , , , 7 7 6 7 7 0 4 9 2 5 9 2 2 4 8 2 1 1 1 1 0 9 8 9 8 6 7 5 2 1 1 1 L 1 , , , , . 8 8 8 8 8 2 3 2 4 4 4 2 9 7 2 7 7 7 7 7 4 5 5 7 9 2 2 2 2 2 1 1 1 1 1 0 1 5 4 6 3 3 3 3 3 5 8 7 7 6 2 8 9 1 5 M M A J J u u p a a n l r r y y e pl, , , , 3 , 3 3 3 3 2 0 0 0 1 9 6 7 5 6 1 1 1 1 , , , , 4 5 4 5 0 8 6 2 4 3 3 5 2 2 2 2 5 5 4 4 1, , , , 2 2 2 2 7 7 7 7 2 2 2 2 1 , , , , 1 1 1 1 2 2 4 2 6 6 6 6 1 1 1 1 4 4 2 4 6 6 6 6 2 1 1 2 2 0 6 8 9 8 6 6 June 1,676 193 L.849 82 216 384 Aug I,344 July L,657 174 1J853 83 215 388 Aug 1,640 160 (3) 85 215 356 p Preliminary. 1 Loans and discounts to member institutions of the Federal Home Loan inc 1 lu O d u e t s a t c a c n r d u i e n d g i p n r t i e n r c e i s p t a n l, o r r e o p u r t e s s t e a n n t d e i d n g b y s a c v e i r n ti g f s ic s a t t a e m s o p f s . deposit. Does not Ba 2 n F k e d S e y r s a t l e m H . ome Loan Bank Board estimates for all Federal savings and mi 2 s c IInn el cc ll l aa u nn d ee e oo s uu ss w o ww r oo k rr in kk g iinn gg c as ff h uunn w ddss i th ww i p itt o hh s t tt m hhee a st T e r r e s a , a ss 5 uu - rr p ee e rr r oo c ff e n tt t hh e r e e s UU er nn v iit e tee dd fu n SS d tt aa a ttee n ss d ,, loan associations which are private institutions chartered and supervised accruedd iinntteerreesstt oon bbodn d iinevesttt ments, d nd accot untds dufe froml t late by 3 t N he o t F a e v d a e i r l a a l b H le o . me Loan Bank Board. po B s a tm ck a f s i t g e u r r s e . s.—Set BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION1 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] New Mort- Year or month Total p ( P m T r e i r o I r m e i o ) t v t n y p l - e e t - - s h ( s c t t T m o i o r o i m u n a t n l c - l e e l - m H ( g T a I o o D i g m r t e l t e - s e h g o a r g ( e g u T a r n o e s n i s i t t u d n l a p o e g l n ( h f V T D e i o n n i u I e g t s ) - s l e e - End of month Total b C m c a o i n e a m k r l - s - b s i M t a n a u n g v u a k s - l - s a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n n s m c u ie e r - s - a c F e g i e r e e a d s n l - 2 - Other3 II) 1936—Dec 365 228 56 41 5 27 1934 30 30 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Mar 856 472 26 119 146 42 51 1 1 1 1 1 1 9 9 9 9 9 9 4 3 3 3 4 3 0 9 8 7 1 6 1 1 , , 1 0 4 6 5 9 8 2 9 9 5 5 6 6 5 4 7 4 2 2 2 2 1 0 5 6 6 4 6 8 1 2 0 6 0 2 2 2 1 5 6 1 3 8 4 3 4 6 7 7 7 6 2 0 3 7 3 9 4 9 6 4 5 1 1 1 8 1 2 3 3 1 13 1939— J S J D S M u u e e e n a n p p c r e e t t 1 1 1 1 1 , , , , , 6 4 1 3 0 9 2 7 9 4 4 3 2 8 9 9 9 3 8 5 6 6 5 7 2 9 6 3 5 0 4 9 5 4 9 9 3 4 3 5 5 2 8 4 2 0 7 8 1 1 1 1 1 1 7 6 5 4 3 2 8 7 9 9 7 7 3 2 2 2 1 1 0 7 4 1 8 6 2 1 1 2 7 5 1 1 1 4 3 4 1 5 7 8 7 4 4 6 7 1 9 9 9 1 6 7 0 2 4 3 0 2 1941—Aug 91 18 1 70 1 1940— D M e a c r 1 1 , , 7 9 9 4 3 9 9 9 0 7 2 1 9 7 0 1 2 1 0 9 1 2 3 3 4 9 2 2 1 1 5 7 3 1 1 1 3 2 3 4 O N Se c o p t v t 1 1 1 0 2 0 7 5 7 3 3 2 1 4 4 2 2 1 8 7 7 5 7 3 '"2" 2 2 4 1 D J S u e e n p c e t 2 2 2 , , , 2 4 0 3 0 7 2 9 5 1 1 1 , , , 1 0 0 6 9 2 2 3 6 1 1 1 3 1 0 0 1 0 2 2 2 2 1 0 4 6 8 4 4 5 8 3 4 0 2 2 2 1 1 0 8 9 1 2 0 1 1 1 5 2 4 0 7 1 Dec 112 18 2 88 5 1941—Mar 2,598 1,246 146 230 606 210 160 June 2,755 1,318 157 237 668 220 154 1942—Jan 111 16 2 87 7 Sept 2,942 1,400 171 246 722 225 178 Feb 93 12 1 71 8 Dec 3,107 1,465 186 254 789 234 179 Mar 93 10 2 68 1 12 1942—Mar 3,307 1,549 201 264 856 237 200 Apr 83 13 2 55 1 11 June 3,491 1,623 219 272 940 243 195 May 92 15 2 60 1 14 June 96 13 2 66 ......... 16 July 97 11 1 63 21 1 Gross amount of mortgages held, excluding terminated mortgages and Aug 89 10 1 52 25 cases in transit to or being audited at the Federal Housing Administration. 8 The RFC Mortgage Company, the Federal National Mortgage Associa- 1 Figures represent gross insurance written during the period and do not tion, the Federal Deposit Insurance Corporation, and the United States take account of principal repayments on previously insured loans. Housing Corporation. 8 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. IO3O 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 ( m 1 n v p 9 c a e a 3 o l n y 5 1 u m - - 0 t e 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 t s r 3 i i c 5 a a - l 3 l 9 v p f r o M a = o l c a u d t 1 m n u u 0 c u r e N 0 t - e ) i o 2 o s n n * - M er i a n l - s To a t w a 1 a l 9 r 2 c d 3 o - e R n d 2 e t t d e i s 5 r n a ( i a - = l v - c a t l 1 s u 0 o e 0 t A ) h l 3 e l r E 19 m 2 F 3 p a - l 2 o c 5 t y o m = ry e 1 n 0 t4 0 1 r 9 F t o 2 o a 1 l 3 r c 0 l y - s - 0 2 4 5 F 1 r l 9 o e c 3 i i n a a 5 1 g r d g - 0 h 3 - s 0 t * 9 - D 1 e 9 m u s s ( p 2 a e t e v a 3 l a o ) n 1 r - e l r * t 0 2 t s - e 5 0 - 5 W m p c = r 1 s o o i h a 9 c d m o 1 2 l e e i l 0 6 s t - e y 0 4 - C l 9 i = o 3 v 5 s i 1 n t - 0 3 g o 0 9 f 4 Dur- durable able Ad- Ad- Unad- 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 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 87 142 106.0 110.4 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 92.4 89.4 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 78.1 67.8 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 66.3 46.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 73.4 50.1 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 85.7 64.5 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 91.3 74.1 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 99.0 85.8 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 108.6 102.5 111 92 86.3 102.7 1938 .5 89 78 95 97 64 45 80 90.9 78.5 89 85 78.6 100.8 1939 105.5 108 109 108 106 72 60 81 99.9 92.2 101 90 77.1 99.4 1940 113.8 123 138 113 117 81 72 89 107.5 105.4 109 94 78.6 100.2 1941 137.0 156 193 135 125 122 149 127.7 148.8 130 110 87.3 105.2 1939 July 104.8 105 102 102 106 107 62 71 98.4 96.6 85.8 99 87 75.4 August 106.1 106 106 108 108 92 67 78 99.0 99.5 91.2 101 88 75.0 September 107.3 114 119 118 111 114 68 76 100.8 103.7 95.4 111 99 79.1 100.6 October 109.3 121 126 130 115 119 68 82 104.8 107.3 103.2 114 92 79.4 November 109.9 124 126 134 117 120 61 101 107.0 107.5 103.2 114 93 79.2 December 111.3 125 122 138 117 114 60 107 108.2 107.8 105.4 110 95 79.2 1940 January 110.7 122 117 134 113 119 75 93 107.6 105.0 99.8 111 92 79.4 February 110.7 116 114 123 110 115 63 68 105.8 105.0 99.3 105 90 78.7 March 110.3 113 112 118 107 118 62 66 104.0 104.4 99.8 100 89 78.4 99.8 April 110.6 113 112 116 107 119 64 66 102.8 103.2 97.9 103 89 78.6 May 112.0 116 117 124 110 118 64 65 102.8 102.5 97.8 106 89 78.4 Tune 112.1 122 122 133 114 119 74 77 103.9 103.1 99.5 111 91 77.5 July 112.8 122 120 136 113 120 85 91 105.1 103.2 98.2 110 92 77.7 August 113.9 124 124 143 112 115 90 98 107.4 107.4 105.5 112 98 77.4 September 115.5 127 132 151 112 117 93 101 108.9 111.4 111.6 112 97 78.0 100.4 October 117.2 131 136 155 117 114 95 103 111.4 113.8 116.2 110 94 78.7 100.2 November 117.7 134 136 157 120 118 111 130 114.2 114.7 116.4 116 100 79.6 100.1 December 121.3 139 136 164 124 119 115 136 116.6 116.2 122.4 119 101 80.0 100.7 1941 January 123.4 141 135 171 123 119 103 117 118.3 115.5 120.7 122 101 100.8 February 125.4 144 140 176 126 119 99 118 118.6 117.8 126.8 124 103 80.6 100.8 March 127.2 147 144 180 128 126 94 109 119.4 119.9 131.2 126 103 81.5 101.2 April 129.4 144 144 180 131 96 103 121 122.0 122.6 134.7 112 104 83.2 102.2 May 133.6 155 155 190 135 126 101 111 124.9 124.9 144.1 135 105 84.9 102.9 June 137.0 159 160 195 139 133 117 101 129 128.7 127.9 152.2 139 104 87.1 104.6 July 138.9 160 159 199 138 131 139 115 158 133.3 130.6 152.7 138 115 88.8 105.3 August 141.1 161 163 199 139 133 152 112 184 133.3 133.1 158.1 139 134 90.3 106.2 September 143.1 161 167 203 137 131 161 105 206 132.3 135.2 162.6 130 116 91.8 108.1 October 145.4 164 168 208 139 131 145 87 192 132.8 135/4 167.0 127 105 92.4 109.3 November 146.5 166 167 209 144 131 138 74 189 134.4 134.8 165.4 135 116 92.5 110.2 December 154.7 168 164 215 141 132 123 69 167 134.9 134.2 169.9 137 111 93.6 110.5 1942 January 156.0 172 165 223 143 131 118 82 147 135.7 132.5 173.5 140 138 96.0 112.0 February 157.1 172 167 227 142 129 128 100 151 135.1 133.8 178.3 139 126 96.7 112.9 March 158.4 172 168 230 139 127 125 95 149 134.7 135.1 182.9 136 124 97.6 114.3 M J A A J u u u p a l n y g r y e i u l st ^1 1 1 1 6 6 6 6 9 6 3 1 . . . . 2 8 0 7 P1 1 1 1 1 8 8 7 7 7 3 0 6 5 3 1 1 1 1 8 7 7 7 1 7 5 2 *> 2 2 2 2 2 5 4 3 3 5 0 3 6 8 3 > 1 1 1 1 1 3 3 3 3 4 6 8 8 9 0 pl 1 1 1 1 3 3 3 2 3 5 2 3 9 0 P 2 1 1 1 1 0 7 9 5 2 6 7 3 8 8 7 8 7 7 4 2 6 6 n 2 2 3 1 n 1 8 2 6 3 8 6 5 ^ r r 1 1 1 1 1 4 3 4 4 3 0 7 4 3 6 . . . . . 0 7 5 7 0 * r r 1 1 > 1 1 3 1 3 4 3 4 9 7 2 6 5 . . . . . 3 8 2 6 3 ^ r r 1 2 2 1 1 1 9 0 9 8 4 4 8 8 3 . . . . . 4 3 1 0 5 1 1 1 1 1 4 4 4 4 4 3 1 3 2 3 1 1 1 1 1 2 1 3 0 0 1 7 0 8 4 * ? > 9 9 9 9 9 8 8 9 8 8 . . . . 7 6 8 . 2 7 1 1 1 1 1 1 1 1 1 1 6 6 6 7 5 . . . . . 4 9 4 0 1 September e263 "139 e131 "136 *>99.6 J Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 1032-1035, 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. 1040. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1036-1039 for employment and payrolls and p. 1058 for prices. 5 For sales comparisons by cities and by departments see pp. 1042-1043 of this BULLETIN. Back figures in BULLETIN.—For industrial p. roduction, AAuuggust 1940, pp. 825-882fand 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. OCTOBER 1942. 1031 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 fuly Aug. Sept. Oct. Nov. Dec. Jan. Feb. Vlar. Apr. May June July Aug. Industrial Production—Total 160 161 161 164 166 168 172 172 172 173 175 176 180 p183 Manufactures—Total . .. 165 166 167 170 173 175 179 180 180 181 183 184 188 P192 Durable 199 199 203 208 209 215 223 227 230 233 238 243 250 ^256 Nondurable1.., 138 139 137 139 144 141 143 142 139 139 138 136 138 mo Iron and Steel 185 185 192 191 191 196 191 193 Pig iron , 181 182 185 184 184 190 189 189 Steel 196 197 206 206 206 211 208 210 216 217 218 215 221 216 Open hearth and Bessemer 173 172 179 178 176 181 174 176 180 179 180 177 179 176 Electric 358 375 399 407 417 422 445 444 473 483 484 485 519 503 Machinery 216 225 228 232 230 243 250 258 267 272 277 285 287 P294 Government Arsenals and Quartermaster Depots Transportation Equipment . 255 241 245 269 276 279 305 315 330 r351 r373 r396 428 p459 997 1,113 1,204 1,290 1,340 Automobile bodies, parts, and assembly 168 141 134 146 142 120 118 105 105 104 107 112 116 122 Automobile factory sales 154 93 74 110 123 (2) (2) C2) Railroad cars 233 236 249 278 264 Locomotives 307 306 319 335 338 Shipbuilding Private yards 467 485 560 634 645 » Government yards Nonferrous Metals and Products 192 189 192 185 190 193 191 187 180 177 182 188 191 p193 Nonferrous metal smelting 142 145 145 147 150 151 153 157 157 161 163 Copper smelting 131 135 135 137 139 141 140 141 147 155 161 Zinc smelting 173 175 175 177 179 182 184 189 184 185 184 Lead production 114 116 120 119 127 122 131 140 134 132 * Copper deliveries 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 142 1 1 4 9 3 9 2 1 0 4 9 5 143 147 145 152 151 148 145 .146 * * * Tin consumption 155 161 166 153 155 171 Lumber and Products 141 140 136 135 135 138 143 144 134 133 134 133 136 p127 L Fu um rn b it e u r re 1 1 3 6 1 1 1 1 3 5 4 2 1 1 2 4 9 9 1 1 2 4 9 6 1 1 2 4 8 8 1 1 3 4 2 9 1 1 3 5 8 3 1 14 4 7 3 1 1 2 4 8 5 1 1 2 4 7 6 1 1 2 5 4 2 1 1 2 4 7 4 1 14 3 7 0 2*131 Stone, Clay, and Glass Products 151 154 157 158 162 167 199 189 169 152 144 r137 134 P139 Cement 143 148 154 159 164 191 249 236 188 161 146 145 150 160 Unglazed brick 136 146 144 145 153 152 160 152 133 119 104 92 Glass containers 154 159 165 167 169 165 184 178 187 176 178 163 "145 153 Polished plate glass 146 133 120 102 105 67 65 49 41 43 35 37 49 36 Textiles and Products 155 154 151 150 156 154 158 156 153 157 156 152 r154 p156 Textile fabrics 151 149 145 143 148 146 148 147 143 148 146 143 144 Cotton consumption 162 r159 156 161 167 155 169 174 169 177 175 169 166 169 Rayon deliveries 173 170 168 172 179 179 180 174 175 170 169 169 168 169 77 Wool textiles ^ 157 166 169 164 166 178 161 153 148 153 150 151 159 Carpet wool consumption 126 148 142 133 133 164 78 79 70 34 5 46 41 Apparel wool consumption 177 181 205 199 200 209 202 191 196 203 201 194 208 Woolen yarn 153 162 163 157 156 159 163 165 161 173 172 165 175 Worsted yarn 174 179 185 185 184 195 173 148 143 164 168 166 176 Woolen and worsted cloth 160 166 169 164 170 182 183 172 167 177 179 172 183 Leather and Products 130 122 120 125 134 128 127 121 121 127 126 r126 117 P107 Leather tanning 125 124 125 129 134 123 130 127 127 130 128 122 117 Cattle hide leathers 137 141 136 138 145 135 148 139 139 147 147 142 143 Calf and kip leathers 93 103 101 107 108 89 86 93 96 91 95 r88 79 Goat and kid leathers 116 97 115 121 123 117 119 120 120 115 104 r94 79 Shoes 121 118 123 134 131 125 117 116 124 125 129 117 2*101 134 Manufactured Food Products 132 130 134 141 137 140 140 136 136 p135 P139 PJ49 126 Wheat flour 98 99 101 103 109 108 110 101 98 105 102 106 105 Cane sugar meltings 110032 129 111 112 139 Manufactured dairy products. 126 128 139 148 147 155 154 150 146 151 P149 PI 45 Ice cream 129 126 143 158 146 154 155 150 147 160 Butter 111 107 109 108 105 104 106 107 108 110 111 105 "108 108 Cheese • • 131 144 145 148 163 176 172 182 192 195 183 157 159 163 Canned and dried milk 141 165 183 197 224 240 234 220 198 187 178 168 164 r Revised. p Preliminary, * Included in total and group indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 2 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and assembly series, which is more representative of production by the automobile industry. IO32. 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] t 1941 1942 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 125 134 126 133 135 142 148 141 144 142 140 153 146 153 Pork and lard . . 132 149 139 148 148 161 165 151 161 156 163 177 168 174 Beef 123 124 118 123 124 127 138 139 132 134 121 137 130 136 Veal 96 94 101 108 114 98 96 96 98 96 94 103 103 113 Lamb and mutton 110 105 99 103 111 117 113 113 128 119 105 104 116 127 Other manufactured foods 128 135 132 135 144 137 140 142 138 137 136 141 147 H53 Alcoholic Beverages 130 r130 131 129 109 116 139 133 116 109 111 104 127 Malt liquor 116 110 118 127 110 123 120 128 117 114 115 104 119 130 Whiskey 108 93 94 107 81 91 77 74 62 63 55 63 96 Other distilled spirits 206 206 262 178 139 121 250 75 44 53 80 61 83 Rectified spirits 190 219 170 138 120 102 243 241 201 153 158 163 218 Tobacco Products .114 118 121 128 132 129 132 130 125 127 122 122 121 130 Cigars 106 109 104 112 115 139 129 126 121 120 108 112 109 112 Cigarettes 123 129 137 144 149 136 144 144 137 140 140 136 136 152 Manufactured tobacco and snuff 97 96 99 104 106 95 99 93 94 97 89 94 89 88 Paper and Paper Products1 r145 147 144 146 153 155 154 149 150 148 U5 134 127 Paper and pulp 150 152 149 150 160 162 161 155 156 153 149 136 127 Pulp 167 172 170 172 185 179 181 180 189 183 184 177 164 Groundwood pulp.,.. 122 128 129 130 141 129 135 131 138 129 120 116 113 Soda pulp 149 151 140 145 167 153 153 154 155 148 147 129 127 Sulphate pulp r208 215 210 210 225 225 221 224 239 236 245 228 212 Sulphite pulp r164 164 163 166 178 171 177 173 181 174 173 173 158 Paper r147 149 145 147 156 160 158 151 151 148 143 129 122 Paperboard 162 161 158 158 167 186 175 163 162 154 144 120 115 121 Fine paper 140 147 152 147 160 157 151 144 150 146 147 138 132 Newsprint production 112 113 107 110 110 106 107 110 106 109 104 103 103 108 Printing paper r150 150 146 149 161 145 151 146 140 135 124 110 108 Tissue and absorbent paper 142 143 130 140 153 152 166 168 164 169 175 179 148 Wrapping paper 138 139 136 138 140 147 147 142 148 151 153 142 132 Printing and Publishing* 127 129 125 127 136 130 128 125 121 117 112 103 106 "108 Newsprint consumption 106 109 105 105 111 115 104 103 103 98 100 97 103 108 Petroleum and Coal Products 128 130 132 133 135 139 135 131 126 119 117 114 117 Petroleum refining 124 126 128 129 133 135 131 126 120 112 109 107 109 Gasoline 123 126 130 131 134 139 134 125 117 106 103 99 r102 p106 Fuel oil 124 127 124 129 129 130 123 128 124 126 122 125 129 Lubricating oil 133 132 130 129 137 132 133 131 131 126 122 123 117 Kerosene 108 116 119 121 123 126 120 128 113 106 101 99 103 Coke 155 154 152 153 153 160 161 161 160 162 164 164 r163 p165 Byproduct coke 146 146 144 145 145 151 152 152 151 152 154 154 155 Beehive coke 452 r478 425 437 410 474 472 493 476 494 511 509 r499 P497 Chemicals 146 145 146 148 149 152 156 161 161 165 167 171 172 P168 Rubber Products 153 130 131 134 Rubber consumption 156 132 134 137 Tires and tubes 126 117 108 103 103 67 33 28 26 . 25 * # * * Pneumatic tires 126 118 108 104 104 67 32 28 26 25 * * * * Inner tubes 125 110 103 94 102 64 33 27 27 27 * * • * Minerals—Total 131 133 131 131 131 132 131 129 127 130 129 133 132 p135 Fuels 128 130 129 128 129 129 128 125 122 126 125 128 128 V131 Bituminous coal 148 150 141 131 127 130 129 120 146 178 173 168 160 Anthracite 142 168 132 120 101 92 89 110 113 114 105 127 156 p160 Crude petroleum 119 119 124 128 132 132 132 128 114 107 108 113 112 pj2Q Metals 151 148 145 146 147 153 151 152 151 151 154 r158 157 P157 Iron ore shipments . k 205 202 192 182 204 209 211 212 215 217 225 235 240 Copper 156 155 154 151 152 157 161 158 162 164 174 Lead 114 116 120 119 127 122 131 140 134 132 * * He Zinc 125 131 135 134 131 138 138 146 * * * * Gold 121 114 114 130 116 125 113 118 * * * * * Silver 124 129 116 108 106 105 105 101 106 109 106 104 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." 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. 1033 OCTOBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average= 100 1941 1942 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 159 163 167 168 167 164 165 167 168 172 175 177 181 P187 Manufactures—Total 164 167 172 173 173 171 173 175 177 180 183 185 190 P196 Durable .... . . .. 197 199 206 210 209 212 216 220 227 233 240 245 252 P259 Nond urablei 138 142 145 143 144 138 137 138 137 138 138 136 139 P144 Iron and Steel 185 185 192 191 191 196 191 193 Pig iron 181 182 185 184 184 190 189 189 Steel 196 197 206 206 206 211 208 210 216 217 218 215 221 216 Open hearth and Bessemer 173 172 179 178 176 181 174 176 180 179 180 177 179 176 Electric 358 375 399 407 417 422 445 444 473 483 484 485 519 503 Machinery 216 225 228 '232 230 243 •250 258 267 272 277 285 287 P294 Transportation Equipment 229 221 245 269 276 279 305 315 330 r351 r373 r396 428 P459 A A i u r t c o r m af o t bile bodies, parts, and assembly 9 1 9 3 7 5 1,1 1 1 2 3 0 1,2 1 0 3 4 4 1,2 1 9 4 0 6 1,3 1 4 4 0 2 120 118 105 105 104 107 r112 116 mi Automobile factory sales 134 47 74 110 123 (2) (2) (2) (2) (2) (2) Railroad cars 233 236 249 278 264 Locomotives 307 306 319 335 338 * * * Shipbuilding Private yards 467 485 560 634 645 Government yards • Nonferrous Metals and Products 191 189 191 185 190 192 191 187 180 177 182 187 191 Nonferrous metal smelting 141 145 145 147 151 152 153 157 156 162 164 * Copper smelting 131 135 135 137 139 141 140 141 147 155 161 Zinc smelting 173 175 175 177 179 182 184 189 184 185 184 * Lead production 110 116 120 119 128 124 131 140 131 135 * a * Copper deliveries 244 231 233 217 226 230 235 224 208 195 205 * Lead shipments 200 199 209 Zinc shipments 142 143 145 143 147 145 152 151 148 145 146 * Tin consumption 154 159 159 151 155 165 Lumber and Products 144 151 148 145 134 128 122 128 129 132 135 139 140 P138 L Fu um rn b it e u r re 1 1 4 4 2 9 1 1 4 5 8 7 1 1 4 5 4 6 1 1 3 5 8 9 1 1 2 5 4 4 1 1 1 5 3 5 1 1 1 4 2 2 1 1 1 4 8 7 1 14 2 7 0 1 1 2 4 7 2 1 1 3 4 1 3 1 1 3 4 8 0 1 1 4 3 1 7 P p1 1 3 4 5 O Stone Clay and Glass Products 165 174 175 175 169 147 138 132 140 151 163 r158 152 Cement 177 181 184 185 171 153 137 132 141 161 ..178 183 186 195 Unglazed brick 168 175 177 170 166 137 97 83 90 116 118 115 Glass containers 161 174 168 172 170 153 165 164 176 176 ..190 171 151 167 Polished plate glass 96 109 120 117 120 80 68 47 43 43 35 37 32 30 Textiles and Products 155 r153 151 150 156 154 158 156 153 157 156 152 rl54 P156 Textile fabrics 150 148 145 143 148 146 148 147 143 148 146 143 r144 Cotton consumption 162 r159 156 161 167 155 169 174 169 177 175 169 166 169 Rayon deliveries 173 170 168 172 179 179 180 174 175 170 169 169 168 169 Silk deliveries 69 50 32 10 15 Wool textiles 157 166 169 164 166 178 161 153 148 153 150 151 r159 Carpet wool consumption 126 148 142 133 133 164 78 79 70 34 5 46 41 Apparel wool consumption 177 181 205 199 200 209 202 191 196 203 201 194 208 Woolen yarn 153 162 163 157 156 159 163 165 161 173 172 165 175 Worsted yarn 174 179 185 185 184 195 173 148 143 164 168 r166 r176 Woolen and worsted cloth 160 166 169 164 170 182 183 172 167 177 179 172 r183 Leather and Products 126 130 129 127 123 116 124 131 128 131 124 r115 113 PU4 Leather tanning 120 120 124 129 135 125 131 138 127 130 125 r118 112 Cattle hide leathers 128 134 135 140 151 137 149 155 140 147 144 r135 133 Calf and kip leathers 102 108 99 103 102 91 84 98 91 90 90 r90 87 Goat and kid leathers 115 95 116 120 119 119 119 125 119 119 102 r94 78 Shoes 130 137 132 125 116 110 120 126 129 122 r114 114 131 Manufactured Food Products 137 152 159 143 139 130 124 121 121 P131 P156 pl72 123 Wheat flour 102 99 114 110 107 104 109 109 98 96 95 105 106 Cane sugar meltings 117 136 132 109 114 92 Manufactured dairy products 182 169 142 117 100 98 99 109 124 152 P203 P221 pin Ice cream 217 204 155 114 88 80 78 88 113 154 Butter 136 r118 108 95 83 82 85 92 96 109 143 147 132 119 Cheese 168 r162 150 139 124 123 124 142 157 189 242 241 205 185 Canned and dried milk 172 169 168 158 156 166 178 187 194 211 257 249 200 r Revised. p Preliminary. * Included in total and group indexes but not available 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 automboile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 1034 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 July Aug. Sept Oct. Nov Dec Jan Feb Mar Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 119 116 119 134 152 ' 165 173 135 131 134 140 149 138 132 Pork and lard.. 119 112 111 139 178 208 214 151 145 148 163 172 '151 131 Beef 125 126 132 134 130 127 138 125 120 125 121 134 131 137 Veal.. 95 95 111 119 116 93 93 84 93 95 98 104 102 114 Lamb and mutton 104 104 111 109 108 111 118 113 124 115 108 99 110 125 Other manufactured foods 137 159 170 151 146 131 123 124 121 121 123 134 157 Alcoholic Beverages 131 r124 137 137 118 106 112 117 113 113 120 116 133 Malt liquor 143 128 120 104 90 96 96 109 112 124 136 134 148 152 Whiskey 59 51 75 102 101 104 102 96 77 69 54 50 53 Other distilled spirits 97 99 359 472 292 150 163 45 29 32 48 36 39 Rectified spirits 160 171 180 180 190 135 177 207 191 136 139 130 183 Tobacco Products 123 122 132 133 134 no 126 121 117 119 123 132 131 135 Cigars 111 113 120 135 137 107 104 109 111 114 107 120 113 115 Cigarettes 138 136 146 141 143 121 146 136 127 130 142 150 153 160 Manufactured tobacco and snuff 99 96 107 106 105 83 96 92 96 96 89 96 91 89 Paper and Paper Products^ 139 146 149 151 152 146 151 153 155 151 144 133 122 Paper and pulp . 143 150 151 155 159 154 159 160 161 157 149 134 121 Pulp r162 170 168 173 186 174 183 186 194 187 186 174 156 Groundwood pulp 109 109 112 121 144 134 140 137 148 144 133 118 100 Soda pulp 141 151 142 145 167 148 153 158 160 152 147 127 119 Sulphate pulp r204 215 210 214 225 214 223 230 243 236 245 226 208 Sulphite pulp.. 155 164 163 169 179 166 177 179 185 178 173 169 150 Paper 140 147 148 152 155 151 155 156 156 152 143 128 115 Paperboard . 154 163 167 167 167 166 168 167 168 157 141 120 109 123 Fine paper r127 139 144 147 155 154 152 155 160 159 151 135 120 Newsprint production 109 110 107 110 113 107 107 108 106 109 105 104 101 105 Printing paper r141 145 145 151 160 144 151 151 145 140 127 107 102 Tissue and absorbent paper 135 143 136 145 151 146 161 175 166 172 173 177 140 Wrapping paper 133 138 138 143 140 143 147 147 151 152 150 139 128 Printing and Publishing^ 116 121 125 131 138 131 125 126 126 123 115 103 96 "WO Newsprint consumption 92 96 106 112 117 117 99 102 107 105 104 98 90 95 Petroleum and Coal Products 129 131 134 135 136 138 132 129 122 118 117 115 117 Petroleum refining 125 128 131 132 134 134 128 124 116 111 110 108 110 Gasoline 127 130 134 134 135 136 129 121 112 104 103 101 r105 2*109 Fuel oil 122 124 125 130 130 132 127 129 122 123' 122 123 127 Lubricating oil 131 131 130 129 137 131 129 129 130 131 127 123 115 Kerosene 103 111 117 121 126 127 126 129 115 108 101 97 97 Coke 155 154 152 153 153 160 161 161 160 162 164 164 r163 Byproduct coke 146 146 144 145 145 151 152 152 151 152 154 154 155 p156 Beehive coke 452 r478 425 437 410 474 472 493 476 494 511 509 r499 Chemicals 139 142 148 153 151 153 155 161 166 168 166 165 165 P165 Rubber Products 153 130 131 134 Rubber consumption 156 132 134 137 Tires and tubes 126 117 108 103 103 67 33 28 26 25 * * * * Pneumatic tires 126 118 108 104 104 67 32 28 26 25 * * * Inner tubes 125 110 103 94 102 64 33 27 27 27 * * * Minerals—Total 131 135 138 139 135 126 125 125 118 125 130 132 132 P138 Fuels 121 126 130 132 131 131 131 130 122 121 121 121 121 P128 Bituminous coal 130 138 146 146 145 144 144 141 140 150 147 144 141 Anthracite 111 124 127 127 103 98 104 121 116 122 115 117 122 Crude petroleum 119 122 124 127 128 129 129 127 115 109 111 113 112 ^124 Metals 184 187 182 181 161 98 91 92 96 153 189 r194 198 p199 Iron ore shipments 344 335 311 281 231 23 236 371 381 t04 387 Copper 147 152 152 156 157 159 158' 165 169 174 * * LeadL '.. \\ \\\\\ \1\1 0\\ \1\1\6 120 119 128 124 131 140 131 135 * * Zinc .... 125 131 135 134 131 138 138 146 Gold 116 126 131 152 132 130 107 106 Silver 122 126 117 107 106 105 106 103 110 110 105 100 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. OCTOBER 1941 1035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1941 1942 Industry and group July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. APr- May June July Aug. Tot D N al u o i n ra d b u l r e a g b o l o e d g s o i odsi . 1 1 1 3 4 2 3 0 6 .3 . . 7 3 1 1 1 3 4 2 3 1 5 .3 . . 5 5 1 1 1 3 4 2 2 1 3 .3 . . 3 8 1 1 1 3 2 4 2 3 2 .8 . . 8 3 1 1 1 3 4 2 4 3 5 .4 . . 7 6 1 1 1 3 4 2 4 4 6 .9 . . 3 0 1 1 1 3 2 4 5 5 6 . . . 7 2 7 1 1 1 3 2 4 5 3 6 .1 . . 8 8 1 1 1 3 2 4 4 3 6 . . . 7 1 9 1 1 1 3 4 2 6 9 3 .0 . . 2 3 7 r 1 1 3 5 2 7 1 4 . . . 7 7 3 1 1 1 4 2 5 0 4 6 . . . 0 2 6 ] 1 1 1 4 6 2 3 1 6 . . . 7 8 4 1 1 1 4 2 6 4 4 5 . . . 5 7 4 Iron B B C a o l a n a s l d s t t s t - , S i f r t n u o e u e n rn l t s a p a , c i n p e w d e s a , s P s h r t e o e r d e s l u , c w t a s o n r d k s r , i v e e t t c s 1 1 1 9 4 3 6 5 9 9 9 .1 1 1 1 9 7 5 4 4 3 0 0.2 1 1 1 9 3 4 7 7 9 9 2 .7 1 1 1 9 3 4 7 8 8 8 0 .2 1 1 1 1 0 3 6 4 1 8 9 8 .3 1 1 1 1 3 7 4 0 8 0 9 0 .9 1 1 1 3 9 7 5 9 8 1 0 .0 1 1 1 1 4 3 6 0 9 6 9 0 .5 1 1 1 9 3 4 7 9 4 8 0 .7 1 1 1 9 4 7 3 8 9 0 4.2 " 1 1 1 9 5 7 3 8 1 2 4.1 r1 1 1 3 9 7 5 5 4 6 3 .5 1 1 1 9 3 7 5 1 6 7 3 .4 1 1 1 8 3 7 5 9 5 8 1 .1 Cutlery and edge tools 130 130 128 129 130 134 136 133 134 . 129 127 129 131 126 Forgings 112 112 113 115 115 117 119 122 123 128 129 r132 138 136 H T T W P S S S S t t l o t i t a n o e i a u r o r r u a m v m e d l c m s e c w w p a b s t e n o u e a a d s r r r r n k e s a a d ' a l n n s a h d u d n o p t d t e p i - n n w l o a i w r e a m n s a t a e e re r m l e h d e e n w a ta t a i l r n e m g etal work 2 1 2 1 1 1 1 1 1 2 2 2 0 1 3 0 0 4 3 1 8 5 8 1 2 5 2 2 1 1 1 1 1 1 1 1 3 1 1 2 0 0 4 3 9 1 5 6 6 3 7 6 2 8 1 2 1 2 1 1 1 1 1 1 3 0 1 2 0 4 0 3 7 1 9 4 5 0 7 6 2 2 1 1 1 1 2 1 1 9 2 1 0 0 2 0 2 4 8 5 5 5 7 5 3 7 5 2 1 1 2 1 1 1 1 9 2 1 2 0 0 4 0 3 8 5 3 3 1 7 6 4 8 r1 2 1 1 1 1 1 1 0 9 2 2 0 0 4 9 4 4 8 5 0 8 7 1 9 8 2 1 1 1 1 1 1 9 9 1 2 0 4 1 8 5 9 6 7 7 8 7 0 4 2 2 1 1 1 1 1 1 9 9 0 5 1 6 4 2 0 4 2 8 3 2 9 1 4 1 2 1 1 1 1 1 9 9 8 0 2 1 5 2 6 5 4 8 7 3 3 3 2 0 2 1 1 1 1 1 8 9 9 0 2 1 1 5 5 1 1 0 0 2 6 5 2 4 2 1 1 r 1 1 1 8 7 1 0 1 4 5 1 90 6 8 9 0 6 7 4 0 2 1 r 1 1 1 1 9 7 0 2 8 1 5 0 5 3 4 4 0 5 7 3 5 5 2 1 1 1 1 1 9 6 0 9 1 0 2 5 5 6 6 5 2 9 1 4 3 9 2 1 1 1 1 1 1 6 8 0 0 0 2 5 2 5 3 3 8 1 0 4 5 0 8 Machinery 173.3 178.1 178.4 180.2 182.3 185.0 189.1 192.8 196.5 199.4 201.5 r205.5 210.9 216.9 Agricultural implements 175 182 181 180 172 167 161 161 160 157 162 166 169 172 Cash registers, etc 168 170 173 175 177 178 176 178 177 174 177 186 185 181 Electrical machinery 164 168 168 168 168 Engines, turbines, etc 302 327 340 370 399 Foundry and machine-shop products. 143 146 147 148 149 150 153 155 157 160 161 165 168 171 Machine tools 349 366 355 360 365 * * Radios and phonographs 191 187 183 179 194 206 220 235 250 249 223 195 199 195 Textile machinery 107 108 110 110 109 109 109 110 109 110 109 109 108 106 Typewriters 155 157 158 160 159 159 157 152 147 126 "115 104 100 101 Tran A A C sp a i u o r r t r c s o t r , a m a t e f i o o l t e b n c il t e r E i s c 2 q - u a i n p d m e s n t t eam-railroad. 7, 1 1 1 8 9 4 6 9 6 9 0 .1 7,8 1 1 9 8 3 9 7 7 9 3.1 8, 1 1 8 9 9 2 1 8 5 8 7 .4 9 2 , 1 1 0 5 2 0 4 0 9 0 . 5 7 9, 2 1 1 8 0 2 0 6 9 7 0 1 .6 2 1 0 1 * 5 1 .9 r21 9 * 1 6 .2 r21 8 * 6 4 .5 '2 8 2 1 * 1.2 r2 7 3 9 * 2.2 "2 8 4 3 • 7.6 r2 8 7 9 0 * .0 29 9 6 6 * .1 3 9 1 9 5 * .5 Locomotives 67 70 73 74 77 Shipbuilding 387 398 440 490 533 Nonf A er l r u o m us i nu M m e i tals and Products . r2 1 3 4 5 7.8 r2 1 4 4 8 7.9 144.8 r2 1 5 4 3 3.1 r2 1 6 4 0 2.2 143.4 r147.1 r146.7 '146., U45.8 146.5 r 148.0 150.9 151.4 Brass, bronze, and copper... 193 195 194 191 192 Clocks and watches 125 121 110 114 110 108 112 110 Ill 113 117 116 115 108 Jewelry 120 119 110 105 106 112 114 110 109 106 104 98 96 89 Lighting equipment 118 118 119 119 114 106 102 100 97 88 87 86 93 92 Silverware and plated ware. 94 87 85 84 82 83 82 78 77 66 65 65 72 67 Smelting and refining 103 105 103 100 99 100 102 102 101 102 101 100 101 101 Lumber and Products .. 78.9 78.4 77.3 76.4 76.9 78.1 79.2 77.9 75.4 73.8 73.2 72.3 72.6 71.1 Furniture '.. 108 107 103 101 104 105 106 104 103 101 100 97 95 91 Lumber, mill work. 75 76 75 76 75 75 75 73 72 70 70 69 71 71 Lumber, sawmills.. 68 68 68 67 67 68 70 68 66 64 64 63 64 63 Stone, Clay, and Glass Products. 98.6 98.4 98.7 98.9 100.9 101.6 105.0 100.1 96.9 94.7 r90.9 r90.8 91.0 89.7 B M P C G o r e l a i a t m c r t s b k e s e l , r n e y t t , il g e r , a a n n ; it d e , t e a r n ra d s c l o a t t t e a . . . . 1 1 4 7 7 3 2 3 3 7 1 6 1 1 4 7 7 2 3 2 4 8 3 0 1 1 4 7 7 2 3 3 4 9 2 0 1 1 4 2 7 7 3 5 1 3 9 1 1 1 4 8 7 2 3 5 2 6 1 3 1 1 4 8 2 7 3 5 5 1 7 2 1 1 8 8 4 2 3 1 8 8 5 5 1 1 4 8 7 2 2 3 7 8 1 6 1 1 8 4 7 1 2 3 1 5 6 4 1 1 7 3 8 2 1 1 9 0 4 5 ' 1 1 3 6 7 2 1 2 7 7 2 5 rl 1 l 3 6 7 1 9 7 5 8 9 1 1 6 3 2 1 7 5 5 5 7 9 1 1 3 6 7 1 1 5 3 9 9 7 Textiles and Products 120.0 117.1 114.7 112.9 113.3 113.2 112.0 110.0 109.4 110.9 112.3 112.2 114.5 111.4 Fabrics 111.1 109.6 107.2 105.4 105.1 104.4 104.1 102.2 102.6 104.8 105.5 107.2 108.1 106.1 Carpets and rugs 89 91 91 90 90 90 85 81 75 70 67 70 71 70 Cotton goods 113 115 112 112 111 110 110 110 110 112 114 117 119 119 Cotton small wares 110 110 110 108 109 109 107 107 106 107 110 115 118 116 Dyeing and finishing textiles 149 143 140 135 130 133 131 130 132 133 133 132 138 134 Hats, fur-felt 86 79 77 78 78 76 73 71 70 68 60 68 64 53 Hosiery 149 144 135 133 132 133 132 130 127 125 123 122 123 120 Knitted outerwear 85 83 78 77 78 81 78 79 79 82 81 81 81 78 Knitted underwear 90 88 88 87 87 86 90 86 86 85 87 88 92 89 Knitted cloth 162 161 158 147 147 147 149 150 151 155 155 156 153 145 Silk and rayon goods 72 67 61 60 61 60 59 59 61 63 68 69 66 61 Woolen and worsted goods .. 112 108 112 109 110 107 106 99 102 109 108 108 108 104 Wearing apparel 135.0 128.8 126.6 124.7 126.9 128.2 125.1 122.1 120.0 119.7 122.7 118.5 123.8 118.3 Clothing, men's 124 120 119 120 125 128 123 118 118 119 126 122 116 114 Clothing, women's 193 176 171 165 167 169 161 162 156 154 156 150 171 155 Corsets and allied garments . 119 122 123 112 122 115 112 116 113 112 111 110 100 109 Men's furnishings 137 137 134 127 121 113 115 113 111 111 111 112 121 120 Millinery 75 79 77 75 68 68 72 78 74 70 64 55 69 69 Shirts and collars 135 135 134 131 132 135 145 133 129 129 130 129 134 129 Leather and Manufactures . 100., 97.9 98.0 99.6 104.2 103.1 96.3 97.4 100.0 100.1 95.3 91.2 Boots and shoes 97 94 94 96 101 100 95 92 93 95 97 98 92 88 Leather 97 96 97 98 97 96 95 96 95 94 94 92 90 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 D 569 2 Seasonal adjustment factors for all months changed to a constant of 100 beginning with July 1942. NOTE.—Figures for August 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. IO36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment {Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1941 1942 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug Food and Kindred Products 138.4 140.9 138.8 140.7 147.0 147.5 148.4 147.6 144.4 142.3r143.7 143.8 149.1 148.5 Baking 149 152 151 152 152 152 153 152 152 151 151 153 159 161 Beverages 289 298 295 303 311 316 310 310 304 304 310 288 291 307 Butter 102 104 102 102 106 106 105 105 109 115 116 r115 114 113 Canning and preserving 161 169 157 164 201 188 183 189 168 150 r157 154 165 142 Confectionery 97 100 91 90 96 95 94 93 94 94 91 89 99 103 Flour 79 77 79 78 78 79 80 80 79 79 79 81 80 80 Ice cream 78 79 78 83 83 83 82 82 81 82 79 79 78 78 Slaughtering and meat packing ... 123 124 125 126 127 133 139 138 137 138 141 146 151 152 Sugar, beet 89 76 98 91 98 141 168 115 107 102 104 100 106 107 Sugar refining, cane 94 93 103 103 98 101 97 90 93 94 93 85 82 82 Tobacco Manufactures.... 65.7 64.4 62.0 64.1 65.0 66.5 69.2 66.7 66.1 65.8 63.6 64.1 64.8 64.6 Tobacco and snuff 53 53 54 54 54 56 54 53 52 52 52 52 53 53 Cigars and cigarettes . 67 66 63 65 66 68 71 69 68 68 65 66 66 66 Paper and Printing 124.8 125.1 124.4 124.9 124.8 125.9 125.2 123.4 122.0 121.3 119.5 118.5 117.4 115.9 Boxes, paper 142 143 141 138 139 140 142 139 136 133 129 126 122 119 Paper and pulp 126 128 128 128 129 129 130 130 130 130 128 126 122 119 Book and job printing 108 106 105 108 107 107 107 103 101 r101 98 99 101 100 Newspaper and periodical printing ... 117 118 117 117 116 120 116 115 r114 r113 113 112 113 113 Chemicals, Petroleum, and Coal Products., 143.9 146.3 145.7 147.1 148.2 149.2 151.8 154.7 155.9 r157A r159.1 r160.8 160.7 160.6 Petroleum refining 127 127 127 129 128 129 130 131 132 132 133 133 133 134 Other than petroleum refining 148.0 150.9 150.3 151.7 152.9 154.1 157.1 160.5r161.7 r163.5 r165.5 r167.6 167.4 167.0 Chemicals 173 179 180 181 184 187 190 192 r195 194 195 196 192 193 Cottonseed oil, cake, and meal 109 101 88 95 93 93 93 94 90 97 99 91 104 93 Druggists' preparations 136 138 141 141 144 146 152 152 153 157 162 164 170 167 Explosives Fertilizers .* 129 124 124 115 118 116 120 139 111 97 116 138 134 135 Paints and varnishes 145 148 145 144 144 144 145 142 141 137 131 127 126 129 Rayon and allied products 326 328 324 323 320 320 313 308 309 317 318 324 311 305 Soap 98 99 96 94 94 95 94 92 91 91 88 '86 85 84 Rubber Products 113.0 113.3 111.6 110.1 110.1 109.4 99.6 '98.3 97.5 93.7 94.5 r98.1 102.7 106 A Rubber boots and shoes 82 79 75 78 80 78 73 76 75 75 76 r74 11 76 Rubber tires and inner tubes 87 87 87 86 86 85 75 73 73 73 75 78 83 86 Rubber goods, other 194 200 196 189 187 189 175 173 170 156 154 162 168 175 r Revised. * Included in total and group indexes but not available separately. NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Manufac- Transporta- Finance Year and month Total turing [ning Construction tion and Trade service and Government pub. util. miscellaneous 1939—January 28,364 9,535 879 1,160 2,795 6,186 3,913 3,896 February 28,524 9,671 875 1,145 2,800 6,172 3,921 3,940 March 28,836 9,787 875 1,196 2,823 6,259 3,949 3,947 April 28,924 9,787 590 1,360 2,858 6,367 4,023 3,939 May 29,277 9,732 701 1,511 2,886 6,410 4,073 3,964 June 29,676 9,775 841 1,595 2,948 6,471 4,108 3,938 July 29,665 9,817 836 1,644 2,955 6,399 4,112 3,902 August 29,955 10,117 853 1,587 2,962 6,404 4,109 3,923 September 30,717 10,489 883 1,571 3,006 6,589 4,147 4,032 October... 31,110 10,780 931 1,527 3,064 6,672 4,085 4,051 November 30,932 10,746 943 1,446 3,021 6,705 4,048 4,023 December 31,109 10,694 928 1,304 2,970 7,102 4,053 4,058 1940—January 29,744 10,453 918 1,068 2,936 6,379 4,006 3,984 February 29,713 10,475 916 1,036 2,945 6,338 4,011 3,992 March 29,966 10,439 916 1,106 2,943 6,518 4,026 4,018 April 30,025 10,343 899 1,285 2,968 6,435 4,086 4,009 May 30,369 10,298 902 1,476 3,016 6,514 4,126 4,037 June 30,619 10,353 894 1,574 3,048 6,570 4,137 4,043. July 30,638 10,411 907 1,660 3,059 6,462 4,140 3,999 August 31,190 10,830 919 1,696 3,080 6,481 4,147 4,037 September 31,933 11,182 926 1,729 3,105 6,643 4,174 4,174 October 32,276 11,405 934 1,802 3,121 6,706 4,105 4,203 November 32,441 11,523 934 1,840 3,082 6,795 4,088 4,179 December 32,984 11,647 931 1,815 3,057 7,247 4,099 4,188 1941—January 31,923 11,585 924 1,738 3,021 6,487 4,063 4,105 February 32,276 11,823 921 1,801 3,031 6,491 4,075 4,134 March 32,674 12,034 932 1,776 3,080 6,578 4,097 4,177 April 33,134 12,297 626 1,859 3,163 6,792 4,174 4,223 May 33,896 12,518 929 1,920 3,245 6,753 4,235 4,296 Tune 34,480 12,809 941 1,987 3,308 6,861 4,260 4,314 July 34,939 13,087 961 2,100 3,362 6,837 4,300 4,292 August 35,457 13,337 979 2,173 3,401 6,897 4,300 4,370 September 36,056 13,571 984 2,184 3,418 7,008 4,325 4,566 October 36,053 13,597 988 2,204 3,424 7,070 4,256 4,514 November 35,926 13,563 980 2,091 3,382 7,146 4,229 4,535 December 36,088 13,566 976 1,880 3,344 7,511 4,227 4,584 1942—January 34,876 13,468 965 1,662 3,288 6,756 4,179 4,558 February 35,062 13,693 947 1,594 3,270 6,686 4,180 4,692 March 35,411 13,859 933 1,625 3,295 6,711 4,194 4,794 April 35,998 14,109 929 1,771 3,389 6,679 4,265 4,856 May 36,346 14,133 928 1,909 3,442 6,667 4,309 4,958 June 36,666 14,302 921 1,991 3,485 6,606 4,324 5,037 July 37,234 14,641 923 2,108 3,519 6,504 4,355 5,184 August 37,789 14,978 918 2,131 3,533 6,491 4,349 5,389 Revised. NOTE.—Revised series of the Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for August 1942 are preliminary. Seasonally adjusted figures will be published in the next BULLETIN. OCTOBER 1941 1037 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 July Aug. Apr. May June July Aug. July Aug. Apr. May June July i Aug. 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 3 2 3 0 3 7 . . . 6 9 6 1 1 1 3 2 3 3 7 8 . . . 1 7 7 1 1 1 3 2 5 6 3 0 . . . 6 0 9 r r 1 1 1 2 5 3 2 4 7 . . . 4 0 8 r r r 1 1 1 2 5 3 2 7 9 . . . 1 4 3 1 1 1 4 2 6 2 4 0 . . . 2 4 9 1 1 1 2 6 4 6 5 5 . . . 1 4 3 1 1 1 5 3 7 2 0 2 . . . 7 7 2 1 1 1 5 3 7 8 6 7 . . . 1 3 6 1 2 1 8 2 4 8 4 6 . . . 0 8 6 r 1 r 2 1 4 3 9 6 5 3 . . . 4 6 5 r r 2 1 1 4 4 9 6 4 8 . . . 6 1 1 2 1 2 0 5 5 4 0 2 . . . 3 5 3 2 2 1 1 6 5 4 5 7 . . . 4 6 0 Iron and Steel and Products 137.7 139.9 135.4r135.0 r135.5 135.0 134.6 166.6 172.0 181.6 r184.1 r186.4 188.1 192.8 Blast furnaces, steel worksj etc 147 149 151 152 152 152 151 182 183 193 197 198 201 203 Bolts, nuts, washers, and rivets 167 171 172 174 176 175 176 239 257 285 292 291 291 315 Cast-iron pipe 98 96 98 98 96 94 91 112 112 130 133 136 132 133 Cutlery and edge tools 124 127 132 128 128 125 123 135 148 179 183 182 177 177 Forgings 108 111 128 r130 rl32 134 135 158 170 r232 r237 r242 241 245 H P S l t a a u r m m dw p b e e a d r r s e ' a n su d p e p n li a e m s eled ware 2 1 1 2 0 0 2 2 4 2 1 1 2 1 0 5 3 3 2 9 8 0 2 1 6 2 r 7 0 91 4 8 2 r 7 0 9 4 4 3 2 9 6 0 5 6 0 2 6 9 0 3 8 2 2 1 1 7 0 2 2 2 4 2 1 1 8 0 4 6 7 6 3 1 9 0 3 3 5 6 r1 3 9 3 1 9 1 0 r1 3 r 4 1 9 5 1 7 3 1 8 0 5 0 8 1 3 1 S 2 6 3 5 6 Steam and hot-water heating 119 125 122 120 120 120 123 138 148 174 174 r172 173 184 Stoves 117 117 92 89 87 89 85 122 127 110 105 107 113 109 Structural and ornamental metal work 107 110 114 116 118 121 123 113 125 146 149 155 159 172 Tin cans and tinware 139 145 111 108 r108 107 111 171 185 145 141 r144 147 160 Tools 140 143 155 154 155 152 152 174 190 238 241 245 234 246 Wirework 213 190 155 152 155 156 152 272 248 235 241 249 251 244 Machinery 172.7 177.0 200.0 203.1 r206.5 210.3 215.4 233.7r244.5 321.7 rJ32.6 r342.9 347.8 363.9 Agricultural implements 171 172 167 167 167 165 163 228 228 250 259 263 255 260 Cash registers, etc 168 170 175 179 186 185 181 214 223 262 293 294 295 291 Electrical machinery 164 167 232 240 Engines, turbines, etc 307 327 525 r572 Foundry and machine-shop products. 143 146 160 163 165 167 170 177 186 235 243 250 250 262 Machine tools 346 352 535 553 Radios and phonographs 189 202 209 196 191 197 211 219 234 292 283 284 293 309 Textile machinery 106 108 111 109 109 108 106 133 136 158 158 160 158 158 Typewriters 153 156 126 116 r103 99 100 217 222 r172 r163 r161 149 156 Transportation Equipment 179.0 172.0 r240.9r256.7 r273.4 293.2 312.3 228.8 224.4 r384.5 r411.3 r438.3 477.4 524.1 Aircraft ,231 7,897 * * * * * 9,046 10,303 * * * * * Automobiles 127 111 84 88 91 96 99 158 139 131 136 142 148 158 Cars, electric- and steam-railroad 89 89 91 94 Locomotives 68 70 93 93 Shipbuilding 375 388 582 615 Nonf A er lu ro m u i s n u M m e 1 tals and Products r2 1 3 43 0 .1 r2 1 4 4 3 5.5 r14 • 5.7 145 * .9 r 146 * .1 14 * 6.6 14 * 9.2 r3 1 2 7 5 3.7 r3 1 4 8 5 2.6 r210 * .1 r213 * .6 218 * .3 22 * 3.5 231 • .3 Brass, bronze, and copper J C e l w oc e k lr s y and watches 1 1 11 9 1 8 0 2 1 1 11 1 9 8 3 8 1 1 0 1 0 2 r1 9 14 6 1 9 1 0 2 1 8 0 9 9 1 8 0 8 6 2 1 1 6 3 0 4 8 5 2 1 1 7 1 5 4 6 3 1 10 6 9 7 1 1 7 0 6 8 1 1 7 03 8 1 9 8 9 0 1 1 0 8 1 1 Lighting equipment 111 112 89 87 85 88 87 113 119 104 102 103 111 111 Silverware and plated ware 83 85 66 66 65 64 66 87 94 80 81 82 81 89 Smelting and refining 103 104 102 101 100 100 100 117 118 127 130 134 137 138 Lumber and Products 79.5 81.0 73.4 73.3 73.3 73.3 73.5 85.5 92.3 87.3 r90.3 93.7 93.3 97.7 Furniture 106 108 97 96 95 93 92 110 116 113 115 112 110 115 Lumber, millwork 76 78 70 70 70 72 73 68 75 70 71 75 77 82 Lumber, sawmills 70 71 65 65 65 66 66 74 80 75 79 85 84 88 Ston B e, r i C c l k a , y t , il a e n , d a n G d l a t s e s r r P a r o c d o u tt c a ts 9 7 9 8 .6 1 7 01 9 .3 9 7 5 0 .4 7 94 1 .3 r9 7 4 0 .0 6 9 9 1.8 6 92 8 .2 9 7 8 3 .9 10 7 4 7 .2 10 7 4 1 .9 r10 7 5 2 .6 10 7 4 3 .6 1 7 00 2 .2 1 7 05 3 .3 Cement 83 84 80 82 84 85 85 91 94 91 95 101 101 104 Glass 128 130 126 124 121 115 119 147 155 165 167 156 143 158 Marble, granite, and slate 45 45 40 34 38 38 38 35 36 33 28 33 33 33 Pottery 117 119 120 rll9 117 116 114 115 124 r135 rl35 133 127 133 Te F x a t C i b le r a s i r c p a s e n t d s a P n r d o d r u u c g t s s 1 1 8 1 07 3 9 . .2 0 1 1 9 0 1 6 1 5 . . 9 4 1 1 7 0 1 5 3 1 . . 2 1T1 1 1 6 0 1 4 7 . . 8 7 1 1 0 0 7 4 8 0 . . 5 8 1 1 7 0 0 4 8 1 . . 2 2 1 1 6 0 0 3 9 9 . . 3 7 1 1 9 1 1 3 3 0 . . 3 6 1 1 9 1 14 9 3 . . 4 3 1 1 2 2 7 8 6 6 . . 8 9 1 1 2 7 28 8 7 . . 7 3 1 1 2 8 2 3 9 1 . . 2 0 1 1 8 2 2 9 4 2 . . 9 3 1 1 8 3 3 2 0 2 . . 6 7 Cotton goods 109 110 114 114 115 115 114 123 126 149 153 153 151 157 Cotton small wares 105 106 112 110 • 112 113 112 121 123 155 158 163 167 169 Dyeing and finishing textiles 139 136 138 133 128 128 128 134 133 157 148 143 145 148 Hats, fur-felt 84 82 68 58 65 63 56 92 91 66 59 67 63 59 Hosiery 143 142 125 122 120 118 118 160 154 149 149 148 146 156 Knitted outerwear 81 81 82 81 79 77 77 75 77 86 86 82 81 81 Knitted underwear 86 86 89 89 89 88 87 91 91 111 110 111 110 111 Knitted cloth 159 161 156 155 152 151 146 154 157 171 171 166 166 164 Silk and rayon goods 69 68 63 64 64 63 62 64 64 71 71 71 70 69 Woolen and worsted goods 109 109 104 106 106 106 105 117 119 127 132 134 144 142 We C a l r o i t n h g i n a g p , p m ar e e n l 's 1 1 2 2 2 2 .2 1 12 29 3 .6 1 12 26 3 .0r1 1 2 2 2 2 .8 1 1 1 1 3 8 .8 1 1 1 1 2 4 .4 1 1 1 1 9 8 .1 1 1 0 0 7 9 .1 1 1 2 1 1 4 .7 1 1 2 2 5 1 .2 r1 1 1 2 9 2 .6 r1 1 0 1 4 2 .2 1 1 0 0 5 8 .6 1 1 1 1 8 4 .7 Clothing, women's 160 176 166 161 140 141 155 127 154 153 141 110 120 143 Corsets and allied garments 115 119 116 113 109 97 106 132 139 159 151 143 124 136 Men's furnishings 125 128 114 112 111 111 112 138 144 139 140 140 139 148 Millinery 58 80 79 66 51 53 70 40 75 66 45 37 41 72 Shirts and collars 129 134 133 131 128 128 128 131 141 159 158 151 150 154 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 f"<or February 1941, p. 166. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] Factory employment Factory payrolls Industry and group 1941 1942 1941 1942 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Leather and Manufactures 101.0 101.1 100.5 98.7 97.1 96.2 94.1 103.2 104.7 115.7 112.6 r109.7 110.2 108.4 Boots and shoes . 98 98 97 96 94 94 92 99 101 110 107 r103 103 102 Leather 96 95 96 94 93 91 88 109 109 124 123 122 124 120 Food and Kindred Products 145.8 159.3 132.8 r135.7 141.8 156.6 164.1 152.8 165.5 152.9 160.3 r170.1 186.5 194.0 Baking 150 153 150 151 154 160 162 153 155 160 166 175 182 186 Beverages 324 328 298 317 313 326 338 421 430 396 445 424 468 492 Butter 112 111 111 r118 r125 124 121 104 105 109 119 129 131 131 Canning and preserving. . 211 304 104 r107 r135 216 256 216 325 117 r121 r158 274 316 Confectionery 83 91 88 83 79 85 93 85 101 103 97 99 103 116 Flour 80 78 78 77 79 81 81 82 81 86 88 92 98 104 Ice cream ... . 96 95 78 87 94 96 94 85 84 74 82 91 95 93 Slaughtering and meat packing 123 122 134 138 146 151 150 139 143 162 170 184 188 185 Sugar, beet 52 64 46 50 52 62 90 57 68 61 67 71 79 113 Sugar refining, cane 98 95 94 93 87 85 84 91 100 91 90 89 87 86 Tobacco Manufactures 65.4 65.8 64.4 62.7 63.8 64.5 66.1 69.8 70.0 r73.6 73.3 77.5 78.5 84.0 Tobacco and snuff ... . 52 52 52 51 51 52 52 68 68 73 71 76 76 78 Cigars and cigarettes 67 68 66 64 65 66 68 70 70 74 73 78 79 85 Paper and Printing 123.0 123.9 120.8 119.1 117.2 115.6 114.7 128.6 130.9 133.2 131.9 r130.5 128.4 130.2 Boxes, paper 139 142 131 127 123 119 118 174 182 173 169 164 159 164 Paper and pulp 126 128 130 128 126 122 119 157 163 172 171 r169 162 165 Book and job printing 105 106 100 98 97 99 99 98 99 96 95 93 96 96 Newspaper and periodical printing.... 115 115 114 113 112 110 110 110 110 114 114 114 112 113 Chemicals, Petroleum, and Coal Products... 140.0 143.1 158.8 H57.2 T156.8 156.7 157.4 177.7 181.5 222.8 r225.8 r227.4 230.8 232.6 O Pe th tr e o r le t u h m an r p e e fi t n ro in le g um refining m 1 12 4 8 6.7 1 1 3 6 2 5.4 r1 1 6 3 3 2 .3 r1 1 6 3 2 4 .4 1 1 3 6 4 2.2 1 13 6 5 2.9 1 15 8 7 4.0 1 15 8 9 8.4 2 17 3 8 6.6 r2 1 4 7 0 9 .1 r2 1 4 8 1 2 .4 2 18 4 7 4.4 2 1 4 88 6.4 Chemicals 143.0 180 r194 194 196 195 194 240 247 r294 303 308 313 310 Cottonseed oil, cake, and meal 16736 71 80 68 57 61 65 60 65 86 70 61 66 71 Druggists' preparations 130 136 157 157 158 162 163 163 165 203 206 203 208 214 Fertilizers 91 90 156 126 102 94 97 90 91 181 148 122 118 119 Paints and varnishes 146 145 139 136 132 126 126 173 172 177 176 170 162 162 Rayon and allied products 324 329 310 312 315 309 307 369 368 390 393 398 393 401 Soap . . 96 97 92 87 r85 83 83 139 135 137 130 129 122 122 Rubber Products . , 111.4 111.8 94.6 94.6 r97.2 101.3 105.1 135.6 138.8 126.1 132.4 r137.5 145 6 151 8 Rubber boots and shoes 79 79 74 73 74 77 94 102 93 102 r99 100 111 R R u u b b b b e e r r g ti o r o es d s a , n o d t h i e n r ner tubes 1 8 8 7 9 1 8 9 7 3 1 7 5 3 9 15 7 6 5 r 7S 1 S 6 3 4 1 8 6 6 9 2 1 1 1 4 8 2 1 2 1 8 6 2 1 0 0 6 6 2 1 1 1 0 3 r2 1 1 1 8 9 2 1 2 3 1 0 2 1 2 3 9 5 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for August 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 June July Mar. Apr. May June July June July Mar. Apr. May June July Total . 41.3 40.3 42.5 42.4 42.6 42 6 42.4 73.8 74.4 80.9 81.9 83.1 84 0 85 0 Durable goods 43.1 41.5 44.7 44.7 45.0 45.1 44.7 82.2 82.6 89.9 91.0 92.3 93.3 94.6 Iron and Steel and Products 42.0 39.9 42.6 42.2 42.6 42.6 42.0 86.3 86.2 91.6 92.6 93.3 93.7 94.3 Machinery 45 6 44.6 47.8 47.5 47.8 48 1 47.5 83.2 83.6 91.8 93.0 94.2 95 2 95 9 Transportation Equipment 43.8 41.2 46.6 47.0 46.9 46.7 46.5 97.6 98.8 105.2 105.7 106.9 107.1 109.1 Nonferrous Metals and Products 43.1 42.0 44.1 44.2 44.2 44.6 44.5 79.4 80.3 88.4 r89.6 r90.8 r92.0 93.5 Lumber and Products. 40 9 39.9 40.5 40.4 41.2 41 4 41.2 57.0 57.7 62.0 63.2 64.4 65 9 66 0 Stone, Clay, and Glass Products 38.6 37.4 39.0 38.8 39.0 38.6 37.7 71.7 72.0 76.2 76.7 77.1 78.0 78.4 Nondurable goods 39.4 39.0 39.8 39.7 39.7 39.6 39.6 65.0 65.7 70.7 71.4 72.2 72.7 73.2 Textiles and Products 38.1 37.4 39.1 39.1 39.0 38.6 38.2 53 A 55.0 59.6 59.9 60.4 60.3 61.3 W Fa e b a r r i i c n s g apparel 3 36 9 . . 0 1 3 3 8 5 . . 5 4 4 37 0 . . 2 1 4 37 0 . . 0 1 4 3 0 6 . . 3 4 4 3 0 5 . . 2 1 3 34 9 . . 7 8 5 5 2 5 . . 2 9 5 5 3 8 . . 4 2 5 6 7 3 . . 6 5 5 63 8 . . 2 3 5 62 9 . . 7 2 r6 5 1 9 . . 6 5 6 62 0 . . 8 6 Leather and Manufactures 38 7 38.7 40.0 39.3 38.6 38.1 38.1 59.9 60.9 66.3 67.8 68.2 68.5 68.7 Food and Kindred Products 41.0 40.9 40.7 40.4 40.9 41.5 41.9 67.2 66.2 72.3 73.2 74.1 74.3 73.5 Tobacco Manufactures 37.6 37.3 36.6 37.6 37.7 38.5 38.5 51.7 52.3 53.7 55.4 56.5 57.5 57.5 Paper and Printing 40.1 39.6 40.1 39.6 39.5 39.0 38.8 82.6 82.5 86.2 86.8 87.6 88.6 89.3 Chemicals, Petroleum, and Coal Products 40.5 40.0 40.7 40.9 41.0 41.0 41.0 82.4 83.8 88.9 90.0 91.7 93.0 94.2 Petroleum refining 38.2 37.4 38.7 38.2 38.5 38.4 39.0 102.0 103.0 110.4 110.3 109.8 110.2 110.9 Other than petroleum refining 41.2 40.8 41.3 41.6 41.8 41.7 41.6 76.1 77.7 83.0 84.4 86.7 88.1 89.4 Rubber Products i 41.4 39.2 40.6 40.0 41.4 41.5 41.4 83.6 84.5 90.1 90.2 91.6 92.6 93,3 r Revised. OCTOBER 1941 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educationall Otherl a u nd ti l p it u ie b s li l 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 577.4 943.8 205.0 127.4 109.8 303.5 37.2 34.7 19.1 26.5 54.5 124.3 151.7 327.3 August 760.2 721.0 231.5 100.6 135.7 261.1 69.8 21.3 11.7 17.1 69.4 107.7 242.0 213.2 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 May 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 July 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 1 Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities> Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district August July August August July August August July August B N Ph o e i w s l t a o d Y n e o lp rk hia 2 2 1 1 6 6 , , , 8 1 4 8 1 0 8 8 0 3 2 7 3 7 6 , , , 2 9 99 0 8 7 0 6 4 2 7 1 6 6 , , , 7 4 3 3 7 2 7 9 1 B N P C h o e le i w s l v t a o e d n l Y e an l o p d r h k ia 2 5 8 2 3 0 0 8 0 2 5 5 3 9 3 1 0 7 3 4 5 6 6 7 7 8 0 2,6 2 2 5 1 5 9 9 4 4 2 6 3,2 6 2 7 1 9 2 4 4 5 3 1 3 1 , ,4 2 7 7 4 1 8 5 5 4 6 0 R C i l c e h v m ela o n n d d 5 7 1 2 , , 8 9 9 0 2 4 8 9 3 0 , , 9 0 3 1 9 7 1 5 4 2 6 , , 5 0 8 9 9 3 A Ri t c la h n m ta ond 2 2 1 5 2 2 2 9 3 4 2 2 2 1 8 5 2 4 3 5 0 8 9 2 3 3 7 1 7 7 Atlanta 69,157 161,581 102,851 C St h . ic L a o g u o is 1 2 0 8 7 11 1 7 9 1 2 3 3 6 1,1 2 8 1 9 9 9 1 8 7 4 6 2,0 1 9 8 0 3 Chicago 210,319 121,296 118,723 Minneapolis 15 9 15 124 89 75 M St i . n L n o e u ap is olis - . .. 6 1 3 7 , , 9 2 4 4 0 0 9 4 6 1 , , 7 8 5 5 4 0 6 1 2 3 , , 7 5 8 9 2 7 D K a an ll s a a s s City 2 1 6 2 3 8 4 4 2 2 0 20 8 4 4 3 3 6 3 6 2 2 1 1 0 7 San Francisco 76 95 112 769 1,136 1,470 Kansas City 65,450 111,826 25,462 Dallas 105,720 98,350 93,599 Total 698 764 954 6,781 8,548 11,134 Total (11 districts) 721,028 943,796 760,233 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. IO4O 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 r478 163 158 200 234 r253 99 61 147 69 '225 March 275 268 351 357 609 173 190 217 268 272 102 77 134 89 336 April 274 231 323 387 r696 160 186 212 287 234 115 45 111 100 r461 May 257 249 324 385 ^525 148 202 211 297 p191 109 47 112 88 2*335 June . 233 236 350 330 p610 146 179 211 280 ^220 87 57 138 50 P390 July 228 230 317 365 P629 141 169 232 278 *228 87 61 84 87 2*401 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.—July 1,818 1,646 2,381 2,451 p4,026 1,102 1,263 1,526 1,872 2*1,652 717 382 855 580 *>2,374 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. Source—Department of Commerce. Backfigures.SQG BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke L s i t v o e c - k pr e o s t d t - Ore l c o a e u n l e s - - c l d . h c is a . e l n . - o r p T a e i o r lw a ta t a i l n y g e r x a T p i o l e w t n a a s l y es o r p a e N i r l a w e t t a in y g i m n c N o e m t e revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941— A Ju u l g y ust 1 1 3 3 9 8 1 1 5 5 0 8 r1 2 9 0 8 0 1 10 1 3 2 8 8 4 3 1 1 4 5 8 2 1 15 5 5 6 1 1 4 4 0 1 1 9 0 9 0 1941— J A J u u u l n y g e ust 4 4 4 7 7 8 1 4 5 3 3 3 6 7 7 3 7 0 1 1 1 0 1 0 8 0 0 5 6 6 7 5 8 September 130 133 176 111 84 138 149 135 97 September 464 379 85 42 October 127 121 165 97 95 140 204 133 97 October 453 403 49 10 November 135 121 159 118 93 146 204 144 99 November 476 403 73 33 December 137 111 167 124 101 145 246 149 100 December 486 410 76 37 1942—January 140 119 153 142 99 156 186 152 97 1942—January 495 413 82 40 February 139 116 150 131 95 159 187 151 100 February 519 420 99 58 March 136 122 168 119 97 149 282 143 92 March 542 446 96 52 April 143 160 200 117 101 159 289 141 80 April 584 471 113 70 May 143 164 197 115 98 155 289 142 62 May 618 487 131 June 141 160 199 113 103 159 183 144 60 June 627 500 128 J A u u ly gust 1 14 4 3 2 1 15 5 5 4 2 2 0 0 8 5 1 9 0 5 6 1 9 0 0 6 1 1 6 7 5 2 1 17 8 6 0 1 1 4 5 9 2 5 5 7 7 July 643 519 124 UNADJUSTED UNADJUSTED 1941—June 455 362 93 53 1941—July 138 127 172 163 70 149 283 139 99 July 485 379 106 64 August 140 139 167 125 80 160 271 141 99 August 494 382 111 66 September 145 140 172 122 111 149 261 150 102 September 489 385 104 59 October 144 138 165 104 146 147 232 151 101 October •518 424 94 54 November 141 135 168 115 117 143 199 150 101 November 457 388 69 29 December 128 125 182 113 97 129 69 138 96 December 399 81 55 1942— M A M F J e a p a a b n r y r i r u c l u a h a ry ry 1 1 1 1 1 2 3 3 2 2 9 8 6 9 9 1 1 1 1 1 3 3 3 2 3 5 6 9 5 2 1 1 1 1 1 7 8 8 7 8 6 1 4 5 4 1 1 1 1 9 2 0 0 1 9 5 0 2 0 9 9 8 7 7 0 5 9 6 7 1 1 1 1 16 5 5 4 4 1 3 9 0 9 3 2 4 0 4 7 1 6 3 7 3 8 1 1 1 1 1 3 4 3 4 3 5 2 4 4 9 9 9 8 9 62 3 6 1 2 1942— J M M A 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 4 5 6 4 5 6 8 7 2 6 0 4 1 3 4 2 1 0 4 4 3 4 4 5 1 0 9 4 9 7 2 5 1 8 6 0 1 1 1 6 9 6 0 1 1 9 2 6 2 9 0 4 5 6 7 2 2 7 8 4 8 6 4 June 139 135 179' 111 81 165 318 145 60 July 665 532 133 P90 July 142 132 177 138 76 173 325 148 57 August 144 136 175 129 100 173 308 152 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. OCTOBER 1942 1041 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 Feb. 4 79 Feb. 3 86 Feb. 1 94 Jan. 31 121 11. ... .•80 10.... . 80 8 . 95 Feb. 7.... .114 J J M F M J A A u a u e p u a a n l n b y r g y r u e r i c u l u a h s r a t y S ry ALES 9 9 8 8 9 9 9 8 2 0 9 9 1 2 8 9 1 1 1 1 1 1 1 1 0 0 0 0 0 1 0 3 3 1 3 4 5 5 4 4 6 6 8 8 8 8 6 6 9 9 2 8 7 3 0 9 M Ap a r r . . 2 1 2 1 1 4 1 5 8 1 8 8 5 . . . . . . . .. . . . . . . . . 1 1 1 1 8 0 8 7 9 1 9 8 9 2 0 8 0 0 3 M Ap a r r . . 2 2 3 1 1 2 9 3 0 7 4 6 6 .. . . . . . . . . . . . . . . . . . 1 1 8 9 1 9 8 1 9 8 2 5 2 8 2 3 9 8 M Ap a r r . . 2 1 1 2 2 1 2 8 5 5 9 2 5 .. . . . . . . . . . . . . . . 1 1 1 1 1 0 0 1 9 3 9 8 1 1 5 7 7 1 7 8 1 M Ap a r r . . 2 2 1 1 2 2 7 1 8 1 8 4 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 3 4 2 4 6 0 6 9 1 0 5 7 0 O Se c p to te b m er ber 9 9 7 4 1 1 1 0 6 5 9 9 7 9 1 2 5 2 . ... . 9 9 2 3 1 2 3 0 . . ... . . 9 9 7 9 1 1 2 9 . . . .. . .1 1 1 3 7 6 1 1 1 8.... ..1 1 3 2 5 0 N D o ec v e e m m b b e e r r 1 1 0 0 0 1 1 1 1 1 6 1 1 1 0 6 6 8 May 29 6 . . . . . . . . . .1 0 9 4 8 May 27 4 . . . . . . . . .. . 1 0 9 8 8 May 26 3.... . . 1 1 2 1 4 4 May 25 2 . . . . . . . . . .. . 1 1 3 2 4 9 13 106 11 114 10 128 9 136 20.... .. 94 18.... .. 99 17.... .110 16.... ..115 Year. 90 110 27 97 25 97 24 117 23 . .114 June 3 .. 99 Tune 1 .. 90 31.... .109 30.... .. 95 J F a e n b u ru a a r S y r T y . OCKS 1 1 0 7.... .. 1 9 0 8 5 1 8 5 . . . . . . . . ..1 1 0 2 7 0 J J une 1 7 4... .1 1 2 2 0 7 June 13 6 . . . . . " . ...1 1 1 3 7 5 March 24.... .. 84 22.... .. 92 21.... .107 20.... ..116 April July 1 .. 85 29.... .. 89 28.... ..109 27.... ..100 May 8 .. 62 July 6... .. 67 July 5.... .. 86 July 4.... .. 84 June 2 1 2 5. .. 6 7 7 3 2 1 0 3 . . . . . . . . . . . 7 7 2 8 1 1 2 9 . . . . . . . . . . . . 9 8 3 9 1 18 1 . . .. .. . .. . 10 9 2 3 July 29 .. 66 27.... .. 69 26.... .. 87 25... .. 92 A Se u p g t u e s m t ber Aug. 5.... .. 77 Aug. 3.... .. 81 Aug. 2......102 Aug. 1... .. 96 O N c o t v o e b m er ber 1 2 1 2 6 9 . . . . . . . . . . . . . . . . . . 7 7 8 3 6 2 1 2 1 4 0 7 . . . . . . . . . . . . . . . . . 7 8 9 9 1 2 2 1 9 3 6 . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 6 3 9 2 1 8 2 5 . . . . . . . . . . . . . . 1 1 1 1 1 1 0 6 3 December Sept. 2.... ..108 31.... ..118 30.... ..152 29... ..132 Year 68 69 83 1 9 6 . .. . . . . . . . 11 9 2 8 Sept. 14 7 . . . . . . . . 1 1 0 2 9 3 Sept. 13 6 . . . . . . . . . . 1 1 2 2 2 3 Sept. 1 5 2 . . . . . . . . 1 1 5 2 3 8 23... ..107 . 21.. ..117 20... ..131 19.. ..137 P Preliminary. 30... ..120 28.. ..120 27... ..148 26.. ..155 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] A 19 u 4 g 2 . J 1 u 94 ly 2 E m 1 i 9 g o 4 h s 2 . t A 19 u 4 g 2 . J 19 u 4 ly 2 E m 19 i o g 4 s h 2 . t A 19 u 4 g 2 . J 1 u 94 ly 2 E m 1 i 9 o g 4 s h 2 . t A 19 u 4 g 2 . J 1 u 94 ly 2 E m 1 i 9 o g 4 s h . 2 t United States.. -3 +5 +11 Boston -8 +6 +11 Cleveland (cont'd) Chicago (cont'd) Dallas -3 +6 +6 New Haven -10 +5 +12 Youngstown -7 +1 Fort Wayne.... +10 +20 +21 Shreveport -14 +5 +11 Portland +10 +20 +21 Erie +2 +3 +19 Indianapolis +2 +11 +15 Dallas -13 -2 0 B P S r p o o r s i v t n o i g d n f e i n el c d e - - - 9 3 5 + + + 1 8 8 3 + + + 1 1 1 7 0 2 Ri W P ch it h m t e s o e b n l u i d n r g gh - - + 1 2 2 2 6 + - 1 9 3 + + + 1 8 3 8 D D F Si l e e o i s n t u r t x M o i C t on it i y es -9 0 5 + + 11 2 0 + - + + 1 1 0 4 5 6 H F Sa o o n r u t s A t W o n n t o o r n th io + - - 4 3 7 + + + 1 5 4 9 + + + 1 8 8 2 New-York —9 +1 +7 Washington +4 +19 +23 Grand Rapids- -16 +2 San Francisco +4 +14 +16 Bridgeport -7 +13 Baltimore +9 +13 +19 Lansing -11 -6 +3 Phoenix +28 +27 +26 Newark —11 +6 +7 Winston-Salem... -6 -1 Milwaukee 0 -1 +15 Tucson +23 * +20 Albany -26 -21 -8 Charleston, S. C +49 +56 +36 +11 Bakersfield +1 -2 +2 Binghamton -13 -13 +5 Lynchburg -9 -4 +6 St. Louis +2 +3 +11 Fresno -12 -3 Buffalo —7 +10 +14 Norfolk +26 +17 +29 Fort Smith +21 +34 +37 Long Beach +15 +31 Elmira -10 +6 +13 Richmond +7 +14 +13 Little Rock +22 +25 +22 Los Angeles -9 0 +6 Niagara Falls.. +18 +34 +34 Charleston,W.Va -29 -21 -6 Quincy -9 +4 Oakland and New York City +1 +7 Huntington -6 —5 +6 Evansville +13 +16 Berkeley +4 +30 +27 Poughkeepsie... -6 +2 +7 Louisville -15 -11 Sacramento +2 +12 +17 Rochester -7 +8 +9 Atlanta +2 +8 +9 St. Louis +2 +1 +13 San Diego +15 +30 +29' Syracuse -7 -1 +7 Birmingham +4 +9 +21 Springfield.... -20 -18 -11 San Francisco +3 +9 +13 Montgomery +7 +11 +12 Memphis +12 +13 +16 San Jose -1 +7 +12 Philadelphia -2 +5 +12 Jacksonville +16 +12 Santa Rosa +12 +7 +17 T L r a e n n c t a o s n ter + -6 2M- r li 0 + + 1 8 8 M Ta i m am pa i +2 + + 7 5 + - 1 6 2 Minneapolis , +2 +6 V St a o l c le k j t o o n and Napa + + 1 3 6 9 + +2 3 4 6 + + 3 4 0 8 Philadelphia.... +3 +9 +15 Atlanta +1 +2 Kansas City +5 +8 +11 Boise and Reading +3 +4 +14 Macon +22 +28 +22 Denver +2 +9 +10 Nampa +22 +17 +23 Wilkes-Barre... -13 +3 +11 Baton Rouge +6 +6 Hutchinson -2 Portland +9 +29 +26 York +18 r+18 +18 New Orleans +4 +14 +15 Topeka -4 +5 +2 Salt Lake City.. +24 +31 +27 Jackson +13 +10 Wichita +23 +25 +28 Bellingham +1 +5 +15 Cleveland -8 —3 +10 Chattanooga +5 +12 +16 Joplin -1 +14 Everett -5 0 +7 Akron +3 +7 + 18 Knoxville +6 +11 Kansas City... +5 +6 +13 Seattle +17 +30 +32 Cincinnati -6 -2 +9 Nashville 0 +4 +6 St. Joseph -6 0 Spokane +11 +19 +11 Cleveland — 11 -2 +13 Omaha +3 +14 +12 Tacoma +11 +17 +19 Columbus +2 +5 +12 Chicago -5 +3 +9 Oklahoma City +6 +6 Walla Walla +12 +24 +17 Toledo +2 +5 +13 Chicago -11 -1 +6 Tulsa +15 +22 Yakima -3 0 Peoria -13 +1 +2 r Revised. ' Not available. IO42. 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 Department r o N e f p u o s m t r o t b i r n e e r g s P c e h r a a c g n e e g n e t- Per J c u e n n e ta t g o e J c u h l a y nge P J c u e h a r l a y c g n e e 3 g n e 1 t- , P J e u r n c e e n 3 t 0 ag t e o c J h u a ly n g 3 e 1 (month J s u ' l s y upply) Jul f y r om 1942 1942 from July 1941 1942 1941 Ju 1 ly 9 41 31, 1942 1941 1942 1941 GRAND TOTAL—entire store 357 +7 -17 -18 +67 -1 +2 5.6 3.6 MAIN STORE—total.. . 357 +6 —17 -17 +66 0 +2 5.9 3.7 Women's apparel and accessories 353 +15 -17 -19 +65 +2 +3 4.3 3.0 Women's and misses' coats and suits 332 +27 +11 +9 +116 +46 +89 7.1 4.2 Women's and misses' dresses 333 +17 -31 -36 +9 -26 -27 1.1 1.2 Blouses, skirts, sportswear, sweaters, knit apparel 312 +8 -14 -19 +86 -9 -12 2.9 1.7 Juniors' and girls' wear 274 +26 -30 -34 +72 +6 +13 3.7 2.8 Infants' wear 303 +35 -6 -9 +78 0 +3 5.0 3.8 Aprons, housedresses uniforms 282 +14 -22 -24 +35 -26 -18 1.6 1.3 Women's underwear, slips, negligees 304 +13 -6 -11 +89 -2 -6 4.7 2.8 Corsets brassieres 328 +11 -18 -23 +86 -4 -4 5.6 3.4 H G o lo s v ie e r s y (w (w o o m m e e n n 's ' s a a n n d d c c h h i i l l d d r r e e n n ' ' s s ) ) 3 3 2 2 2 8 ++? - - 3 7 9 - + 44 1 + + 17 4 3 1 - + 7 6 - + 14 4 1 4 9 . . 5 7 1 1 4 . . 9 9 * Shoes (women's and children's) 229 +27 -24 -30 +33 +4 +3 5.9 5.7 Furs 235 -41 +350 +344 +3 +34 +54 10.6 6.1 Men's and boys' wear 321 +2 -33 -33 +67 -2 -2 8.0 4.9 Men's clothing .. . . 227 -5 -27 -31 +60 -3 -4 8.1 4.8 Men's furnishings, hats caps 306 +1 -35 -32 +76 -2 -3 7.4 4.2 Boys' clothing and furnishings 273 +21 -40 -43 +71 +1 +4 10.3 7.4 Men's and boys' shoes and slippers 157 • +io -28 -34 +40 -2 0 8.8 6.9 Home furnishings 321 -7 -10 -9 +67 0 +4 7.8 4.3 Furniture, beds, mattresses, springs 221 -8 +1 -2 +56 +3 +8 6.3 3.8 Domestic floor coverings 241 -8 -20 -16 +79 -3 +9 11.4 5.9 Draperies, curtains, upholstery . . 297 +14 -25 -24 +55 -1 6.9 5.1 Major appliances (refrigerators, washers, stoves, etc.) 191 —55 -14 +1 +31 -6 +4 5.5 1.9 Domestics, blankets, linens, etc 269 -1 +5 +5 +70 0 +5 7.2 4.2 China and glassware 214 -1 -18 -23 +30 +1 +2 10.9 8.3 Housewares 223 +7 -14 -12 +90 +1 7.2 4.0 Piece goods (dress and coat yard goods, all ma terials) 294 +32 -21 -21 +57 -4 -1 5.7 4.8 Small wares 329 +10 -15 -18 +63 -2 -1 6.2 4.2 Notions ... 224 +15 -18 -18 +71 -4 -1 5.2 3.5 Toilet articles, drug sundries (including prescriptions) 320 +4 -9 -8 +70 -4 -2 5.4 3.3 Jewelry and silverware 271 +20 -25 -35 +59 —1 -2 7.3 5.5 Miscellaneous 285 +10 -6 -14 +88 +3 +2 6.0 3.5 BASEMENT STORE—total 227 +14 —19 -21 +77 -3 +3 4.2 2.7 Women's apparel and accessories 189 +17 -17 -19 +82 -2 +6 3.1 2.0 Men's and boys' clothing and furnishings 164 +10 -29 -29 +88 -2 +3 6.6 3.9 Home furnishings 129 -16 -16 +83 —4 +3 6.1 3.6 Piece goods 65 & —14 -10 +53 -6 +4 4.6 3.8 Shoes 128 +17 -28 -34 +41 -5 —3 4.7 3.9 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for imain store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. 1043 OCTOBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c A t o o i m e l d l s - i- F p u a r c o r t m d s - Foods Total H p l i r e d o a e d t s u h a c e n t r s d p T ro e d x u ti 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 c C a a l h l s l e i e m a d n i d - i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94. 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 . 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 .. 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 . 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86. 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.S 77.3 1941 87.3 8214 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1941—January. 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78.6 89.0 77.1 February 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March .. 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 May 84.9 76.4 79.5 87.4 106.4 83.0 75.6 98.1 100.4 83.6 91.4 79.6 June 87.1 82.1 83.1 88.6 107.8 84.5 77.9 98.3 101.0 83.8 93.1 80.6 July . 88.8 85.8 84.7 89.7 109.4 86.2 78.5 98.5 103.1 85.2 94.4 82.0 August 90.3 87.4 87.2 90.8 110.2 88.3 79.0 98.6 105.5 86.0 95.4 83.7 September 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October . . 92 A 90.0 88.9 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 1942—January 96.0 100.8 93.7 94.6 114.9 93.6. 78.2 103.5 109.3 96.0 102.4 89.3 February 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 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 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 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 August P99.2 106.1 100.8 p95.6 118.2 97.3 79.0 P103.& 110.3 96.2 102.7 88.9 Week ending 1942—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 une 6 98.7 105.6 99.7 95.9 118.8 97.2 78.9 104.0 109.9 97.2 104.5 90.0 une 13 98.4 104.3 99.5 95.9 118.9 97.2 78.9 104.0 109.9 97.2 104.5 89.9 une 20 98 1 104.5 98.4 95.9 118.9 97.3 79.0 104.0 109.9 97.2 104.5 90.0 une 27 98.4 104.6 99.3 96.0 118.9 97.3 79.2 104.0 110.0 97.2 104.5 90.0 uly 4 98.5 104.9 99.3 96.1 118.9 97.3 79.5 104.0 110.6 97.2 104.5 90.1 uly 11 98.5 105.5 98.7 96.0 118.9 96.8 79.5 104.0 110.3 97.2 104.5 90.0 uly 18 98.3 104.9 98.3 95.9 118.8 96.8 79.6 103.9 110.2 97.2 104.4 89.6 uly 25 98.4 105.4 98.9 95.9 118.8 96.8 79.5 103.9 110.1 96.4 104.4 89.6 i\uenist 1 P98.6 105.6 100.1 95.8 118.8 96.5 79.6 P103.9 110.0 96.4 104.4 89.1 August 8 *>98.6 105.4 99.7 95.7 118.8 96.5 79.6 P103.9 110.2 96.3 104.4 88.9 August 15 P98.9 106.0 100.5 95.8 118.8 96.5 79.7 2>103.9 110.2 96.3 104. 89.0 August 22 P9S.9 106.4 100.8 95.7 118.9 96.5 79.6 P103.9 110.3 96.2 104. 88.6 August 29 P98.9 106.0 100.7 p95.7 118.9 96.6 79.6 P103.9 110.3 96.2 104. 88.6 September 5 ^99.1 106.7 101.4 P95.7 119.0 96.7 79.6 ^103.9 110.3 96.2 104. 88.6 September 12 ^99.2 107.2 101.6 119.0 96.7 79.6 ^103.9 110.3 96.2 104. 88.6 September 19 P99.3 107.1 102.0 p95!7 118.6 96.6 79.6 P103.9 110.4 96.2 104. 88.6 September 26 P99A 107.3 102.0 p95.7 18.4 96.7 79.6 P103.9 110.5 96.2 104. 88.6 1941 1942 1941 1942 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 79.6 92.2 81* 8 89 1 89.8 Agricultural implements... 92.9 96.9 96.9 96 9 96.9 Livestock and poultry 99.0 117.6 116.9 117.8 122.6 Farm machinery 93.9 98.0 98.0 98.0 98.0 Other farm nrnrlnrte 82 0 99 0 100 * 101 99.9 Iron and steel.. 96.9 97.2 97.2 97 97.2 Foods' Motor vehicles 100.4 112.8 112 8 Dairy products 90.3 93 5 92.0 96-0 100.2 Nonferrous metals 84.4 85.6 85.6 85 6 85.6 CerP^I nrnrhirts 81 5 89 0 87.2 87 87.8 Plumbing and heatiner .. 86.8 98.5 98.5 94 1 94.1 Fiuits and vegetables .. 70.3 96.7 105.4 98.5 98.0 Building Materials: Meats . 97.5 114 8 113.9 11S4 115.2 Brick and tile.. 95.1 98.0 98.1 980 98.7 Other foods 84 4 90 6 91 0 910 93.1 Cement 92.1 94.2 94.2 94 94.2 Hides and Leather Products: Lumber 127.5 131.5 131.7 1329 133.0 Shoes 116.1 126.6 126.4 4 126.4 Paint and paint materials. 93.3 100.6 100.3 1007 100.1 Hides and skins 112.2 121.4 118.5 118 5 118.8 Plumbing and heating 86.8 98.5 98.5 94 1 94.1 Leather 98 5 101 3 101 3 101 101.3 Structural steel. 107.3 107.3 107.3 1073 107.3 Other leather products.. 103.7 115.2 115.2 115 115.2 Other building materials... 99.9 103.8 103.8 1038 103.8 Textile Products: Chemicals and Allied Products: Clothing 95 1 109 6 109.1 107 -7 107.2 Chemicals. 87.5 96.5 96.5 96 •> 96.3 Cotton goods 101.5 112.9 112.7 11? 7 112.9 Drugs and Pharmaceuticals 100.1 129.1 129.1 179 1 129.0 Hosiery and underwear.. 63.8 71.9 70.0 69.7 69.7 Fertilizer materials 75.3 79.0 78.4 785 78.3 Silk Mixed fertilizers 77.1 82.8 82.8 8?,8 82.8 Rayon 29.5 30.3 30.3 10•2 30.3 Oils and fats. .. 87.3 108.6 108.5 104 2 101.6 Woolen and worsted goods 98.2 111.0 111.0 111.0 111.7 Housefurnishing Goods: Other textile products 96 8 98 3 98 2 98 97 9 Fumi chines 100.7 108.1 108.1 108,0 107.9 Fuel and Lighting Materials: Furniture 89.9 97.5 97.4 97 5 97.4 Anthracite 83.3 85.3 85.7 as7 85.7 Miscellaneous: Bituminous coal 106.3 108.5 109.2 1098 110.0 Auto tires and tubes 60.8 73.0 73.0 730 73.0 Coke 122.2 122.1 122.1 1?? 1 122.1 Cattle feed 108.8 140.4 140.0 1363 125.4 Electricity 66.4 63.8 63.3 Paper and pulp. 100.7 102.8 101.6 1005 98.9 Gas 78.3 79 9 81-2 814 Rubber, crude.. 47.8 46.3 46.3 46 3 46.3 Petroleum products 61.4 59.1 5<).8 60.6 60.7 Other miscellaneous 89.8 93.5 93.3 93 3 93.0 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. 1044 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 Aug. Sept. Sept. Sept. Sept 26 2 9 16 23 June July Aug. MONTHLY FIGURES In billions of dollars WEEKLY FIGURES1 In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total . 2, 7 2.76 3.17 3.56 Rese U rv . e S B . G an o k v ' c t. r e s d e i c t, u r t i o t t ie al s , by maturi- 3 3.53 3.54 3.70 3.86 B U.. i . l l S s .. . d G:i s o c v ou 't n . t s e e d c urities 7 7 2. . 5 0 8 1 ( 2. 5 9 ) 8 3. . 3 0 7 1 ties, total 5 3.39 339 3.50 3.57 3.40 Gold stock 2 22.73 22.74 22.75 Within 1 yr 5 1.24 1.23 1.33 1.41 1.22 Money in circulation 2 12.21 12.53 12.94 Within 5 yrs 5 1.90 188 1.99 2.12 1.94 Treasury cash 2 2.19 2.20 2.21 After 5 yrs 5 1.49 150 151 1.45 1.45 Treasury deposits 2 .14 .42 .24 Gold stock 3 22.7522.76 227522.75 22.75 Reserve balances 2, 8 12.62 12.41 12.62 Treasury currency 3 3.34 334 334 3.35 3.35 Required reserves 8 9.92 10.17 10.37 Money in circulation 3, 11 13.061325 1339 13.44 13.52 Excess reserves 8 2.70 2.24 2.25 Treasury cash holdings 3 2.22 222 221 2.21 2.20 Money in circulation, total 10 12.38 12.74 13.20 Treasury deposits , 3 .18 15 21 .01 .49 Coins and bills under $50 10 9.08 9.40 9.80 Nonmember deposits 3 1.34 132 129 1.24 1.29 Bills of $50 and over 10 3.30 3.34 3.41 Member bank reserves 3 12.531242 1240 12.76 11.89 Excess reserves—-totale 9 2.322>222n31^2.82 TREASURY FINANCE New York City 9 .38 25 20 .49 U. S. Government debt: Chicago 9 .07 07 08 .10 Direct obligations, total 71.97 76.69 81.24 R C e o s u e n r t v r e y c b i a ty n k b s a 6 nks 9 9 1 . . 8 0 0 6 V 10 8 7 3 p I 8 1 9 4 * 1 \ . 9 2 8 4 N Bo o n te d s s 4 9 8 . . 7 7 0 8 5 1 1 0 . . 7 0 6 5 5 1 3 0 . . 6 4 8 3 Bills.... 65.60 66.76 68.87 MEMBER BANKS Special issues 7.88 8.12 8.26 Total, 101 cities: Guaranteed obligations 4.55 4.55 4.57 Loans and investments 16 34.50344634.32 34.36 35.35 Balances due to domestic banks.... 16 8.46 868 882 9.21 8.80 Per cent per annum Demand deposits adjusted 16 27.172722276528.09 27.81 MONEY RATES, ETC. Time deposits 16 5.14 5.14 515 5.14 5.16 F. R. Bank discount New York City: rate,N.Y 23 1.00 1.00 1.00 Commercial loans 17 2.57 254 253 2.58 2.56 Treasury bills (new issues).. 23 .363 .368 .370 Brokers' loans 17 .40 38 36 .33 .39 Treasury notes (taxable)... 23 1.15 1.20 1.25 U. S. Gov't. obligations 17 8.57 855 844 8.42 8.74 U. S. Gov't. bonds2 29 1.97 2.00 2.02 100 cities outside New York: Commercial „p„a per. 25 .69 .69 .69 Commercial loans 17 3.77 374 372 3.74 3.72 Corporate Aaa bonds 25, 29 2.85 2.83 2.81 U. S. Gov't. obligations 17 12.001204 1208 12.17 12.75 Corporate Baa bonds 29 4.33 4.30 4.28 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39=100): Treasury bills (new issues) 21 .367 .368 .369 .370 .373 Total ..: 31 66.1 68.2 68.3 Treasury notes (taxable) 21 1.26 1.26 1.27 1.27 1.28 Industrial 31 68.2 70.6 70.5 U C C o o . r r S p p . o o G r r a a o t t e e v ' A B t. a a b a a o n b b d o o s n n * d d s s 21,2 2 2 9 9 9 4 2 2. . . 8 0 2 0 2 7 4 2 2 . . . 8 2 0 1 7 2 4 2 2 . . . 0 2 8 2 6 1 4 2 2 . . . 8 0 2 0 4 7 2 4 2 . . . 8 0 2 0 4 7 Volu P R m u a e b i l l r o i o c f a u t d r t a i d li i t n y g (mill, shares)... 3 3 3 1 1 1 5 5 8 9 . . . 3 8 0 2 6 5 2 8 . . . 9 4 35 5 6 8 5 . . . 8 4 32 Brokers' balances (mill, dollars): 8 Credit extended customers.... 33 496 491 In unit indicated Money borrowed 33 309 307 Customers' free credit balances 33 240 238 Stock prices (1935-39 « 100): BUSINESS CONDITIONS Total 31 68.4 68.9 69.2 68.7 469.7 Wholesale prices: Industrial 31 70.5 71.1 71.3 70.9 71.9 All commodities (1926 = 100): Railroad 31 65.8 65.9 66.2 65.4 67.5 Total8 35, 65 98.6 p98.7 ^99.2 Public utility 31 59.0 59.4 59.6 58.9 59.6 Farm products 35 104.4 105.3 106.1 Volume of trading (mill, shares) 31 .33 .29 .36 .39 .61 Others 35 95.6 P95.7 P95.6 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 121.4 P121.6 '121.4 All c T o o m ta m l odities (1926=100): 35 P98.9 *>99.1 *>99.2 ^99.3 P99A F R i a n w is h a e n d d semifi . n # ished.... 3 3 7 7 1 13 1 0 7 . . 3 1 1 1 1 3 7 0. . 8 0 1 13 1 0 6 . . 3 9 Farm products 35 106.0 106.7 107.2 107.1 107.3 Cost of living (1935-39 = 100): Others 35 ^95.7 *>95.7 ^95.7 2*95.7 95.7 All items 39 116.4 116.9 117.4 Basic commodities Rent 39 108.5 107.7 107.6 (Aug. 1939 = 100), total 36 .66.5 167.4 168.3 168.2 169.2 Clothing 39 125.3 125.3 125.1 12 foodstuffs 36 .85.3 186.9 188.0 187.1 190.0 Food 39 123.2 124.6 126.1 16 industrial materials 36 .53.5 154.0 154.7 155.1 155.0 A St u e ( t p e o l e m r p o c r b o e i d n l u t e c o p t f i r o o c n d a u p c a t c i i o t n y ) (thous. cars)4.. 4 4 4 4 97.3 97.6 96.4 97.2 96.2 1 e F E i s g t u im re a s te fo d r . o p t h 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 i d s a e t d e . s are shown under the Wed- F E r l h e e r i c g T M s t . r h o ) i i t c s t - a c c l e p a l o r l a w l n o e e a r o d u p in s r g o s d u ( c th ti o ^ o u n s . ( c m ar il s l ) . : kw. 4 4 4 5 6 5 1 3 9 ,6 9. 4 4 0 4 8 3 2 8 0 , 8 . 6 . 1 7 0 3 3 8 3 1 7 , 4 9 5 . . 8 9 0 3 9 4 3 0 2 , 3 1 . 7 . 5 1 8 7 4 8 3 2 9 , 5 7 7 . . 2 7 8 0 ne 5 2 3 4 s d L O D P a e a t a y s h r t s t a e i i n r a t n c l h l t o l y h a u n a d lo n t e a n d $ x g f 5 a - e i , n e 0 r r m x 0 t p 0 e h , m u e 0 p b 0 p r w l 0 o t i e . s d h e i u s k e c s l d u t y s . e s p a e n o r d i n o l d y fo . . ods. D F. e H ( p t . a h A o r . t u m s 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 . ) 4 4 7 6 .32 3 . .17 15 3 3 . . 28 12 2 8 . . 21 13 3 7 . . 09 155 3 . .56 8 6 7 I E S n e s c r t i l i e u m s d a i d n te i g s c f c o o e r n r t S t i i n e fi p u c t e a e d t m e . s b e o r f i i s n s d h e o b w te n d n o e n s p s. age 1044. * Copies of this Chart Book may be obtained at a price of 50 cents each. 1045 OCTOBER 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 page June | July August page June July August 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, 42 176 180 Canada 65 95.8 96.1 95.6 Durable manufactures 41 92 95 P97 Germany 65 Iron and steel 42 22 22 P22 Japan 65 Machinery, etc 42 55 58 P60 Sweden 65 P149.3 p153.3 Other durable 42 15 15 P15 Switzerland 65 Nondurable manufactures 41 64 65 ?66 United Kingdom 65 129.0 129.0 Textiles and leather 42 20 20 P20 Paper and printing 42 11 11 n\ In cents per unit of Foods, liquors, and tobacco ... 42 19 19 foreign currency Other nondurable 42 14 15 Minerals 41, 42 20 20 P20 Foreign exchange rates: Ne i w nv o en rd to e r r i s e , s s : hipments, and P20 A C r a g n e a n d t a i na (d o (p ll e a s r o ) ) r 6 6 7 7 2 8 9 9 . . 7 96 7 2 8 9 9 . . 7 9 7 4 2 89 9 . . 5 7 2 7 New orders, total (Jan. 1939 =100). 43 314 256 United Kingdom (pound) ...».« 67 403.50 403.50 403.50 Durable 43 545 399 Nondurable 43 166 163 Shipments, total (1939 = 100) 43 202 207 1942 Durable 43 256 264 Nondurable 43 160 163 Apr. May June Inventories, total (1939 = 100).... 43 173 174 Durable 43 193 196 Nondurable 43 155 155 In billions of dollars Freight-car loadings:! 2 Total (1935-39 » 100)3 57 141 142 143 Increase in U. S. gold stock:7 Coal 57 34.1 33.1 32.8 Total 63 15.67 15.69 15.71 Miscellaneous 57 78.9 81.6 83.1 Net capital inflow: All other 57 27. 27.0 27.3 Total 62, 63 5.72 5.82 5.90 Inflow of foreign capital 62 3.60 3.69 3.78 Return of domestic capital 62 2.02 2.03 2.01 1923-25=100 Merchandise export surplus8 63 C7.41 Other factors8 63 C2.53 Factory employment 51, 53 r139.3 142 2 PU5.3 Short-term foreign liabilities and Factory payrolls 51, 53 198.1 204 3 P2UA assets of banks: Average hourly earnings Due to foreigners 64 3.55 3.64 3.72 (cents per hour) 51 84.0 85 0 Due from foreigners 64 .33 .32 .32 Average hours worked Net due to foreigners 64 3.22 3.32 3.41 D D e e ( p p h a a o r r u t t r m m s e e p n n e t t r s s w t t o o e r r e e e k s ) s . a t . o l v e c s k 1 s ! 5 5 5 1 9 9 1 1 4 0 3 2 4 4 .6 1 1 4 2 4 1 0 2.4 P1 1 3 3 S 0 1941 1942 In millions of dollars Oct.- Jan.- Apr.- Dec. Mar. June Residential contracts awarded:1 Total 47 181 126 101 QUARTERLY FIGURES In billions of dollars Public 47 141 85 53 Private, total 47 40 41 48 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 35 35 39 Cash income 18 2.86 5.55 4.42 Other 47 5 7 9 Cash outgo 18 7.19 9.04 13.18 Construction contracts awarded :* Excess of cash outgo 18 4.33 3.49 8.76 Total 49 792 844 p726 Domestic corporation security issues: Residential 49 140 136 ^108 Total 32 .47 .36 .36 Other 49 652 708 P618 New , „. 32 .27 .22 .28 No ( n m a i g ll r , i c p u e l r t s u o r n al s ): employment5 Refunding.. .„ w ,„ ,„ m ,M „,,., ,if,.,,, 32 .20 .14 .09 Total 50 Manufacturing and mining 50 Per cent per annum Trade 50 Government 50 Bank rates on customers' loans: Transportation and utilities 50 Total, 19 cities 25 2.41 2.48 2.62 Construction 50 New York City 27 1.88 1.85 2.07 Income payments:! 7 other Northern and Eastern Total 54 9,337 9,511 p9,696 cities 27 2.45 2.48 2.56 Salaries and wages 54 6,470 6,645 P6,798 11 Southern and Western cities.... 27 2.99 3.20 3.34 Other 54 2,867 2,866 p2,898 Cash T o fa t r a m l income: 55 1,070 1,219 pl,400 p 1 A Pr d e j l u i s m te i d n ar f y o . r r s e R a e so v n is a e l d. va c r ia C t o io rr n e . cted Crops 55 286 492 P674 2 In points in total index. Livestock and products 55 784 727 3 Estimate for September is shown on page 1031. Gov't. payments 55 4 Three-month moving average, adjusted for seasonal variation. Exports and imports:6 6 Revised figures will be published in November BULLETIN, see p. 1037 Exports 61 p610.0 ^268.6 of this issue. Imports 61 p22O.O P227.7 6 Back figures for May 1942: Exports, P525.1; Imports, 2*190.6; Excess of Excess of exports 61 P390.0 ^400.9 exports, p334.5. 7 Cumulated from Jan. 31, 1934. 8 Correction: Merchandise export surplus: February 1942, 6.61; March 1942, 6.95. Other factors: February 1942, 3.59; March 1942, 3.22. IO46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued [In billions of dollars] 1939 1940 1941 1942 Chart book page Oct. Dec. Mar. June Dec. June Sept. Dec. Apr. June 2 30 26 29 31 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 e80.00^82.03 Demand deposits adjusted 12 29.09 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 HO. 00*42.00 Time deposits 12 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2Op27.26 Currency outside banks 12 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 e10 Loans and investments, total 13 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 e62.00 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 5 13 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 e35.70 P38.90 MEMBER BANKS Investments, total 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 14.24 14.09 15.71 16.98 21.41 Loan O O R A S F C S s o t t e l t t o , r a l h h r a m e t e t e e l o e e G o i r r m t t g e t h u a a n s s e d l e a n l e t o r o r a r d c s c a m a t i e u n l e a n l o c e r s o l t u a i s l e c t o n t l r ( y a e i o i b s a c l d t a n r i l n e o g o s s s s k o e a c v e n ( u r e i s s n r r 3 ' i n c t l m l i o . e a e s o . n n p t s e ) n o - b m li a g r a k ti e o t n p s aper) 3. „ 1 C 1 1 1 1 1 1 11 4 5 5 ) 4 4 4 5 5 1 2 2 . . 8 7 9 6 2 1 2 3 6 2 2 2 3 . . . . . . . . . . 5 1 7 9 9 6 1 6 9 8 7 4 7 4 6 9 9 1 6 8 1 3 2 3 . . . 8 ( 0 ( 1 9 9 ? 2 1 0 4 ) ) 1 3 6 3 3 2 2 3 . . . . . . . . . . 0 0 1 7 7 8 9 1 3 8 7 6 2 2 0 9 7 7 2 0 1 3 3 3 3 2 7 5 . . . . . . . . . . 2 0 4 2 5 8 3 4 1 8 7 1 9 3 2 0 2 7 7 3 1 8 3 3 3 2 2 6 . . . . . . . . . . 5 3 6 8 7 9 7 1 7 4 5 7 1 4 2 8 9 5 3 2 4. 8 8 24 1 3 3 3 3 9 2 8 . . . . . . . . . . 4 0 6 8 6 7 0 7 1 4 9 9 9 3 4 3 2 8 4 1 1 3 3 7 . . . 1 4 ( 8 ) 7 7 3 1 C 3 3 9 2 2 2 c 6 . . . . . . . . . . 1 5 2 1 6 6 9 4 9 6 5 0 0 1 9 9 3 3 3 9 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 2.30 2.30 2.25 2.36 2.55 2.72 Special issues 20 4.23 4.77 5.37 6.12 6.98 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 P26.19 Mutual savings banks 20 3.10 3.11 3.22 3.43 3.70 P3.90 Insurance companies 20 6.30 6.50 6.80 6.90 7.90 ^8.90 Other investors 20 12.40 12.20 12.80 13.70 18.60 p24.30 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. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1942] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Sept. 1, 1942 1941 Sept. 1, 1942 1941 Sept. 1, 1942 1941 Sept. 1, 1942 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,659 7,952 36 40 New York 31,008 32,161 7,381 8,279 72 80 Philadelphia 47,602 52,175 15,268 14,187 150 146 Cleveland 201,445 221,621 54,212 41,088 63 57 Richmond . . 986 1,629 133,964 134,041 26,631 26,054 Atlanta 1,947 2,704 182,345 174,604 7,106 7,267 Chicago 1,045,410 1,186,886 58,373 36,837 1,465 1,473 St Louis *3,509 23,974 348,402 378,785 51,228 25,396 22 20 Minneapolis 289,981 330,194 32,433 41,418 238,357 256,145 Kansas City 596 740 287,441 392,346 285,960 356,241 7,093 5,644 Dallas. 3,139 4,321 87,759 96,034 28,066 48,576 108 117 San Francisco 567 660 9,525 9,116 104,635 92,365 27,278 20,363 Total 10,744 14,028 2,672,541 3,015,915 671,293 697,708 274,644 284,085 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Sept. 1,1942 1941 Sept. 1, 1942 1941 Sept. 1, 1942 1941 Sept. 1, 1942 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,106 6,309 2,782 3,354 33,273 31,712 53,238 53,785 New York 26,949 34,676 4,465 6,390 1,944 1,596 32,986 32,629 Philadelphia ... 18,974 17,112 2,096 2,511 52,518 50,795 21,710 19,931 Cleveland 63,867 61,578 4,994 5,668 107,933 104,013 17,418 16,646 Richmond 23,470 25,242 4,008 4,622 650,557 759,413 21,435 25,209 Atlanta 21,866 22,870 4,056 4,102 136,328 147,996 15,547 16,219 Chicago . . .... 471,752 533,958 18,116 20,435 32,051 30,725 40,711 41,262 St. Louis 71,149 79,391 8,232 9,013 240,239 236,460 11,838 13,134 Minneapolis 264,344 372,723 11,388 12,103 2,603 2,517 40,006 47,691 Kansas City 136,518 145,844 7,894 8,491 3,918 4,434 29,697 31,737 Dallas 41 748 15 683 1,907 2 171 6,760 6,320 San Francisco 29,364 38,045 12,420 12,418 66,437 73,833 Total ... 1,176,107 1,353,431 82,358 91,278 1,261,364 1,369,661 357,783 378,396 1 Includes 25,000 bales grown in miscellaneous territory. 2 Includes 20,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimate for August 1; no estimate for September 1. OCTOBER 1941 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1050 Gold production 1051 Gold movements 1051 Net capital movements to United States since January i, 1935... 105Z Central banks 1053-1056 Money rates in foreign countries 1057 Commercial banks 1058 Foreign exchange rates 1059 Price movements: Wholesale prices 1060 Retail food prices and cost of living 1061 Security prices 1061 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November ii, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. OCTOBER 1941 IO49 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 - - Bel- Brazil B I r n i d ti i s a h B ga u r l- ia Canada Chile lom Co b - ia C v z s a e l k o c - 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 30 21 56 53 55 2,709 29 28 1940—Dec... 21,995 1353 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Sept.. 22, 761 352 734 66 274 24 30 17 61 44 52 2,000 428 Oct... 22,800 354 734 68 274 24 30 17 61 44 52 2,000 Nov. . 22,785 354 734 69 274 24 30 17 61 44 52 2,000 Dec... 22,737 354 734 70 274 24 30 16 61 44 52 2,000 29 1942—Jan... 22,747 354 734 71 274 24 30 18 61 44 52 2,000 Feb... 22,705 354 734 72 274 24 30 17 61 44 52 2,000 Mar.. 22,687 354 734 74 274 24 30 15 61 44 52 2,000 Apr... 22,691 355 734 74 274 24 30 16 61 44 52 2,000 May.. 22,714 355 734 76 274 24 30 16 61 44 52 2,000 June.. 22,737 355 78 274 31 16 52 2,000 July.. 22,744 79 18 Aug.. 22,756 19 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 I 718 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 2*120 164 140 47 617 23 4 84 20 59 158 367 1941—Sept.. 24 26 6164 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 59 200 397 24 26 31 537 23 21 59 203 429 May!! 24 30 533 23 21 59 205 447 June.. 32 23 21 468 July.. 33 23 21 502 Aug.. 34 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 av g i o a - B.I.S. O c t o r t i u h e n e s - r ' in previous figures End of month U St n a i t t e e s d U K d n o in i m t g e - d France2 g B iu el m - 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 7 8 9 6 0 — — — — — 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 4 0 7 0 1 9 2 2 2 2 2 8 6 9 9 9 8 2 2 2 , , , 6 6 5 8 8 8 9 1 9 4 0 1 6 7 7 6 9 9 7 4 8 0 9 5 5 5 5 2 9 2 2 2 9 4 5 5 5 8 8 1 7 9 2 1 1 1 5 1 4 7 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 c n c n a e e r . . . . . . . . . . ''' 1 " 6 4 9 4-"" 4 1 3 1 , 4 ,3 9 8 9 3 9 5 4 "" 1 6 9 8 1 2 3 1 5 " 1941— O N S c o e t v pt 1 1 1 9 9 9 1 2 6 5 6 5 4 0 6 3 2 0 9 9 9 2 2 1 1 1 1 0 0 0 6 2 1 4 4 4 1 1 1 483 1 1 9 0 0 r r r 1 1 1 3 3 3 8 9 8 1939— D M J M u e a a c n y . r . e . . . . . . . . . . . . . ""8 1 8 5 5 0 4 " 1 4 , 7 7 3 5 2 9 3 4 5 7 3 5 7 1 9 .... 4 . 4 .. Dec 223 665 92 100 41 12 r142 Sept.... 164 1942 P — P M F M A J J A r J u u e e a u p a a n l l b n g r y i y r e minary. r Re 3 3 3 2 2 2 2 v 1 0 0 2 5 7 8 i 1 9 8 5 1 7 0 sed. 8 7 8 7 7 7 7 7 0 0 0 9 9 6 8 9 1 1 2 5 5 4 4 6 1 1 1 1 8 0 1 0 0 9 0 1 7 0 9 9 9 9 9 9 7 7 7 7 7 7 4 5 5 5 5 5 5 5 9 2 2 6 6 6 6 6 .1 1 1 1 1 5 3 2 4 5 r r r r r r r 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 2 2 2 3 3 3 4 4 1 1 1 9 9 9 4 4 4 0 1 2 — — — D D S D J J S M M M u u e e e e e a a c a n c n p p c r r . r . e t e t . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 5 4 8 4 0 8 8 2 2 1 6 5 6 8 5 8 9 4 5 2 5 2 1 9 5 2 1 1 1 1 1 7 7 7 7 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. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol 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. IO5O 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 . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o ia - A W fri e c s a t 2 B C e o l n g g i o an S U St n a i t t e e s d * CanadaB Mexico Co b l i o a m- Chile 1 N i g c u a a r « a- Au l s ia tra- B In ri d ti i s a h 7 $1 = m\ grains ofgoldfr fine; i.e.,an ounce iif fine god - $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,279,455 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 rl,288,945 pl,088,882 504,268 27,765 32,414 r209,175 186,568 27,969 22,961 9,259 7,525 ^51,039 9,940 1941—Aug. 108,535 '92,504 42,458 2,329 2,800 r17,474 16,353 2,579 1,739 860 661 4,376 875 Sept 109,935 r93,923 42,135 2,312 2,765 r20,868 15,578 1,984 1,984 504 717 4,271 805 Oct 111,265 r94,950 43,061 2,319 2,590 r18,842 16,141 2,300 2,098 703 699 5,357 840 Nov... . 107,940 r91,657 41,807 2,240 2,590 r19,801 15,499 1,688 1,726 701 718 4,047 840 Dec 105,035 P88.884 42,436 2,302 2,590 r16,761 14,746 1,832 1,749 622 770 *>4,200 875 1942—Jan. 104,510 ?>88,598 42,556 C2,282 2,695 14,982 14,198 3,790 2,075 558 772 *>3,850 840 Feb 90,440 ^75,653 39,651 C2,186 2,625 10,034 13,147 563 1,573 537 647 2*3,430 1,260 Mar ?100,590 P85.068 42,618 *>2,312 2,625 10,959 15,372 3,457 1,916 596 663 ?3,675 875 Apr p98,140 ^82,570 41 491 P2 346 2 555 11,058 14,728 p2,617 1 865 540 644 3>3,815 910 May.... ^83,213 42,539 ^2,311 2,520 10,807 14,881 •^2,617 1,719 '540 694 p3,745 840 June ^81 405 42 005 fv2 311 ^2 520 10,147 14 877fp2 617 'l 719 '540 609 ^3 395 665 July 2*84,652 42,784 ^2,311 ^2,520 12,396 '14,877 '*2,617 A,719 '540 827 ^3,395 '665 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. r Revised. c Corrected. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and 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 $12,626 so that aggregate for 1941 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning January 1941 are subject to official revision. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] 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 la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o r t 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 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 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 2 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 e9,008 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 59,365 D N e o c v 5 52 0 , , 8 3 9 7 6 4 1 1 2 6 1 3 2 2 4 0 , , 9 3 1 7 7 7 6 1 , , 3 2 3 7 6 3 2 2 , ,2 11 3 0 8 5 1 , , 5 8 0 3 6 0 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 711 f6i 1 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 ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $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.—Figures for months subsequent to December 1941 have not been released for publication. For gross import and export figures and for additional countries see table on p. 1012. OCTOBER 1942. 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage Central funds of U. S. foreign balances Total bank funds Other abroad funds funds in N. Y.1 1935—Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 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—Aug. 6 5,556.1 3,185.5 1,378.9 1,806.6 807.3 839.7 624.8 Aug. 13 5,535.8 3,166.9 1,369.7 1,797.3 805.7 841.0 623.1 99.1 Aug. 20 5,521.2 3,156.2 1,374.2 1,782.0 803.7 842.0 619.7 99.6 Aug. 27 5,467.2 3,105.5 1,318.1 1,787.4 801.8 841.4 617.3 101.0 Sept. 3 5,478.3 3,113.2 1,313.3 1,799.9 805.6 841.7 616.5 101.2 Sept. 10 5,448.3 3,073.2 1,292.0 1,781.1 814.9 842.0 617.0 101.2 Sept. 17 5,397.3 3,022.1 1,262.4 1,759.7 814.8 841.8 618.2 100.5 Sept. 24 5,422.7 3,050.9 1,255.2 1,795.6 810.1 839.8 622.1 99.9 Oct. 1 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Oct. 8 5,494.3. 3,123.0 1,309.3 1,813.7 804.6 841.7 623.9 101.1 Oct. 15 5,478.1 3,108.0 1,337.2 1,770.8 802.1 843.3 623.2 101.5 Oct. 22 5,460.2 3,091.1 1,291.6 1,799.5 803.4 843.2 621.2 101.3 Oct. 29 5,503.2 3,138.3 1,334.1 1,804.2 797.7 845.2 621.3 100.6 Nov. 5 5,429.2 3,074.3 1,266.7 1,807.5 785.5 846.9 621.6 100.9 Nov. 12 5,429.7 3,063.2 1,262.8 1,800.4 796.1 847.6 622.1 100.8 Nov. 19 5,383.3 3,021.7 1,208.4 1,813.3 792.4 846.7 621.7 100.8 Nov. 26 5,384.0 3,018.5 1,195.2 1,823.3 795.8 847.7 621.3 100.7 Dec. 3 5,379.3 3,011.6 1,192.2 1,819.4 795.2 851.0 620.5 101.0 Dec. 10 5,358.4 2,989.1 1,154.1 1,835.0 796.6 852.7 620.4 99.6 Dec. 17 5,290.9 2,919.4 1,102.2 1,817.3 795.4 853.6 622.5 100.1 Dec. 24 5,266.8 2,894.9 1,075.5 1,819.4 792.6 854.5 624.6 100.1 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan. 14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb. 4 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb.18 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 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 1,144.0 1,852.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 July 1 5,490.8 3,083.6 2l,208.2 21,875.5 2842.3 826.6 632.0 2106.2 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 July 1, 1942, in millions of dollars: Foreign central bank funds in New York, 1,273.3; other foreign banking funds in U. S., 2,450.4; U. S. banking funds abroad, 316.8; brokerage balances (net due "foreigners"), 29.1. 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. 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 . .. 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—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 5830.0 .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 6880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26 .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Gold an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) d S o t l a l t a e r s s S t h e o rm rt 6 - Other assets circulation* Ch b a a r n te k r s ed D g o m o m v e i e n n r t i n o - n Other liabilities 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—j)ec 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Aug 30 40.6 519.7 141.4 21.3 422.2 212.9 60.7 10.0 17.2 Sept 30 109.3 516.4 146.3 19.9 435.3 207.5 124.6 6.4 18.2 Oct. 31 42.5 462.2 234.7 29.6 448.9 231.8 60.3 2.4 25.7 Nov 29 113.8 428.7 228.5 20.3 463.0 247.2 53.2 7.2 20.7 Dec 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Jan 31 299.1 245.7 203.8 14.9 479.1 200.6 46.6 18.7 18.7 Feb. 28 377.0 209.5 204.6 17.6 493.2 236.8 49.4 11.1 18.2 Mar 31 276.3 386.6 209.4 19.7 508.9 241.9 118.8 6.1 16.3 Apr. 30 209.5 413.1 223.5 19.1 516.7 214.7 104.5 7.3 22.0 May 30 187.4 430.8 223.8 12.9 528.6 186.0 96.7 23.4 20.1 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 Aug 31 1.0 518.7 351.3 14.7 592.6 225.4 15.5 28.1 24.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 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. OCTOBER 1942. 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p rk en et^ Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O ia t t i b h e i e s l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec# 28 .... 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 5 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940— A O N S Ju e u c o n p t g v . e t . . . 3 2 1 2 2 1 9 0 8 6 6 6 6 6 ..... 8 8 8 8 8 4 4 4 4 4 , , , , , 6 6 6 6 6 1 1 1 1 1 6 6 6 6 6 f 10 t 8 44 ( 0 ( ,1 I 7 ) ) ) 73 1,5 ( ( ( ( 7 1 7 I 7 ) ) ) ) 8 11 f ( ( , 7 8 7 ) 8 t ) 5 5 3 6 2 6 4 9 7 , , , , 3 2 8 2 9 0 0 0 7 0 6 0 6 3 6 6 6 5 6 1 4 9 , , , , , 2 2 2 1 3 5 0 5 9 4 0 0 0 5 0 25 ? ( ,2 7) ! 21 2 2 1 2 1 0 1 7 1 9 5 3 4 4 8 , , , , , 4 4 5 1 1 3 6 7 7 3 9 9 8 6 1 1 1 . , 0 0 9 9 7 4 9 9 9 4 9 7 5 0 8 "2 3 3 3 7 8 9 4 ,* , , , 1 2 9 9 O 0 3 3 7 0 2 6' 2 2 2 2 2 5 5 5 8 4 , , , , , 4 7 2 0 9 0 0 2 7 4 5 0 6 5 1 2,I848 Dec. 266 84,616 42 661 72,317 63,900 218,383 984 41,400 27,202 43,194 3,646 23,179 3,586 1941—July 31 84,598 37 40,776 6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 .... 84,598 37 40,720 6,139 117,555 67,700 21,826 244,099 1,341 60,193 29,179 3,763 Sept. 25 84,598 37 41,014 6,896 123,578 64,700 20,846 248,993 1,279 59,715 27,208 4,402 Oct. 30 84,598 37 41,138 1 7,849 129,518 60,500 23,555 255,684 1,272 60,932 25,999 3,309 Nov. 27 84,598 38 41,654 5 5,348 129,568 68,900 21,016 260,772 1,371 61,073 24,431 3,479 Dec. 31 84,598 38 42,115 12 4,517 142,507 69.500 22.121 270,144 1,517 64,580 25,272 3,894 1942—Jan. 29 84,598 38 42,071 16 4,855 149,562 64,700 20,138 273,281 1,350 59,649 27,797 3,900 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 s 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 Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31... 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31... 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31... 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31... 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30... 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31... 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31... 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31... 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31... 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31... 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30... 78 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31... 78 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—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 20 335 2,364 17,432 2,470 1,377 Nov. 29.. 77 18,899 24 58 283 2,395 17,793 2,493 1,450 Dec. 31... 77 21,656 32 107 283 2,311 19,325 3,649 1,492 1942—Jan. 31... 77 20,884 28 151 1,406 18,987 2,417 1,431 Feb. 28*.. 77 21,458 23 144 () 7 19,443 2,426 (7) Mar. 31... 77 21,673 23 72 227 19,774 2,762 1,287 Apr. 30?.. 77 21,529 19 17 (7) 20,047 2,701 (7) May 30... 77 22,093 19 16 204 2,344 20,548 2,840 1,366 p Preliminary. 1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29* September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Apr. 30, 1942, advances of 169,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from'Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 1054. 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) August July June August date of month) August July June August Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia— Cont. Gold reported separately 1,077 1,069 Deposits 66,064 64,465 59,116 49,805 Other gold and foreign exchange.. 583 446 Other liabilities 42,551 42,393 42,340 40,944 Negotiable Government bonds 367 365 National Bank of Denmark (millions Rediscounted paper of kroner): (May) Other assets 290 210 Gold 98 100 Note circulation 1,478 1,248 Foreign exchange 17 29 Deposits—Member bank 667 545 Clearing accounts (net) 966 676 Government 43 211 Loans and discounts 54 52 Other 40 13 Securities 35 136 Foreign exchange sold forward 7 7 Government compensation ac- Other liabilities 82 68 count6 125 Commonwealth Bank of Australia Other assets 787 (thousands of pounds): Note circulation 830 740 Issue department: Deposits 1,268 843 Gold and English sterling.... 26,610 26,611 18,955 Other liabilities 198 Securities 87,417 85,179 53,859 Central Bank of Ecuador (thou- Banking department: sands of sucres): (Apr.)* Coin, bullion, and cash 7,265 5,107 3,636 Gold 71,205 69,067 London balances 38,183 34,786 33,645 Foreign exchange (net) 68,305 14,841 Loans and discounts 27,673 28,291 22,307 Loans and discounts 86,960 77,584 Securities 104,465 100,905 56,676 Other assets 34,761 28,071 Deposits 129,429 125,261 106,202 Note circulation 126,862 105,245 Note circulation 104,856 102,614 70,364 Demand deposits 101,547 46,508 National Bank of Belgium and Other liabilities 32,823 37,810 Bank of Issue of Brussels (mil- National Bank of Egypt7 (thoulions of belga) :l (May): sands of pounds): Gold 4,332 4,331 . Gold 6,251 6,251 Foreign exchange 2,669 1,084 Foreign exchange 6,016 1,616 Credits to State and public bodies 4,285 3,169 Loans and discounts 3,340 2,858 Credits to private economy 88 115 British, Egyptian, and other Gov- Reichskreditkasse 759 766 ernment securities 116,634 81,099 Other assets (3) (3) Other assets 5,978 6,073 Note circulation 10,919 8,525 Note circulation 64,770 40,411 Demand deposits 71 563 Deposits—Government 23,324 6,983 P O o th st e a r l li C a h b e il c i k ti i e n s g Office (3 7 ) 73 (3 7 ) 20 Other liabi O lit t i h e e s r 3 1 7 2 , , 1 9 8 4 6 0 3 1 6 3 , , 8 6 4 5 8 4 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (Mar.)2 dor (thousands of colones): Gold. 1,514 1,508 Gold8 21,703 19,185 13,233 Foreign exchange 777 787 Foreign exchange 10,138 12,549 1,110 Discounts 840 840 Loans and discounts .-.•••• 652 527 1,298 Loans Government debt and securities.. 7,150 7,204 6,308 Other assets 13,231 10,265 Other assets 530 553 1,697 Note circulation 9,755 7,402 Note circulation 23,420 22,904 15,587 Demand deposits 2,943 2,904 Deposits 10,974 11,350 3,947 Other liabilities 3,664 3,094 Other liabilities 5,779 5,765 4,111 Central Bank of Bolivia (thousands Bank of Finland 5 of bolivianos): Bank of GreeceB Gold at home and abroad 389,214 388,282 380,859 186,675 National Bank of Hungary (millions Foreign exchange 323,185 306,905 333,398 385,540 (May) Loans and discounts 303,788 299,406 308,147 249,892 100 124 Securities—Government 492,816 492,229 487,000 435,441 Foreign exchange reserve 15 20 Other 41,234 41,220 11,216 9,280 Discounts 1,210 1,027 Other assets 70,157 72,373 45,247 35,387 Loans—To Treasury 760 803 Note circulation 729,079 717,715 698,384 562,824 To foreign countries 343 72 Deposits 738,071 724,114 718,315 593,739 Other 35 35 Other liabilities 153,244 158,585 149,168 145,650 Other assets 430 National Bank of BulgariaS Note circulation 2,129 1,912 Ce p n e t s r o a s l ) : Bank of Chile (millions of D Co em ns a o n li d d a d t e e p d o f s o i r t e s i gn cred<its of 1931 383 3 3 2 2 6 D Go is l c d ounts for member banks 2 1 6 4 1 9 3 1 3 4 4 9 2 1 0 4 9 7 Rese O rv th e e r B l a ia n b k i li o ti f e s I ndia (mill ; ions of 241 Loans to Government 729 729 738 rupees): Other loans and discounts 907 913 530 Issue department: Other assets 112 59 97 Gold at home and abroad 444 444 Note circulation 1,582 1,625 1,222 Sterling securities. 2,619 1,316 Deposits—Bank 278 216 192 Indian Gov't. securities 1,223 785 Other 88 142 70 Rupee coin. 276 385 Other liabilities 210 202 237 Note circulation 4,432 2,766 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department 129 164 Gold 33,690 30,676 27,160 30,584 Balances abroad 608 451 Foreign exchange 53,470 52,336 39,474 7,209 Treasury bills discounted 1 4 Loans and discounts 14,605 15,384 24,056 33,501 Loans to Government 50 50 Government loans and securities... 59,544 59,493 59,463 55,025 Other assets 184 88 Other assets 32,345 32,119 31,919 29,515 Deposits 772 644 Note circulation 85,040 83,150 80,616 65,085 Other liabilities 201 115 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 Latest month for which report is available for this institution. 3 Figure not available. 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. 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, a 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. OCTOBER 1942. 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 Central Bank (Figures as of last report (Figures as of last report date of month) August July June August date of month) August July June August Bank of Japani South African Reserve Bank—Cont. Bank of Java (millions of guilders): (Jan.)1 Note circulation 35,657 32,106 27,179 Gold 407 364 Deposits 82,601 76,998 65,699 Foreign bills 24 19 Other liabilities 4,233 4,590 4,206 Loans and discounts 171 97 Bank of Sweden (millions of kronor): O N t o h t e e r c a ir s c s u e l t a s. tion 3 1 3 4 9 0 2 1 4 2 9 4 G Fo o r l e d ign, assets (net) 6 5 8 4 6 6 6 5 8 4 1 3 4 86 2 1 2 D O e th p e o r s i l t i s abilities 3 3 6 7 6 32 3 0 5 D O o th m e e r s a ti s c s e l t o s ans and investments.. 1,0 8 0 63 1 1, 8 0 7 6 7 0 8 7 7 6 8 5 Bank of Mexico (thousands of pesos): Note circulation 1,702 1,705 1,495 Metallic reserve3 231,172 224,883 219,442 177,319 Demand deposits 996 924 731 "Authorized" holdings of securi- Other liabilities 397 531 699 ties, etc 650,896 620,196 599,075 518,561 Swiss National Bank (millions of Bills and discounts 102,159 107,402 108,112 42,308 francs): Other assets 54,384 58,118 57,754 73,494 Gold 3,464 3,464 3,442 2,273 Note circulation 632,509 612,920 607,209 472,632 Foreign exchange 103 107 143 1,268 Demand liabilities 292.176 286,610 270,559 236,644 Loans and discounts 69 62 154 132 Other liabilities 113,927 111,069 106,616 102,406 Other assets 278 216 Netherlands Bank (millions of guil- Note circulation 2,261 2,245 2,246 2,106 ders): (May)2 Other sight liabilities 1,357 1,378 1,477 1,510 Gold..., t 951 1,023 Other liabilities 294 274 Silver (including subsidiary coin).. 8 8 Central Bank of the Republic of Foreign bills 1,036 452 Turkey (thousands of pounds): (Apr.)* Discounts 184 97 Gold 134,176 115,679 Loans 150 187 Foreign clearing accounts 67,867 48,359 Other assets 257 Loans and discounts 544,856 444,880 Note circulation 2,311 1,779 Securities 191,824 190,822 Deposits—Government Other assets 18,815 28,096 Other 190 .188 Note circulation 590,704 498,066 Other liabilities 57 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou Other 116,098 113,375 sands of pounds): Other liabilities 171,377 137,038 Gold 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 24,669 24,723 15,091 (thousands of pesos): Advances to State or State under- Issue department: (May): Inve t s a t k m in e g n s ts 3 4 2 , , 1 3 4 0 6 0 3 4 4 , , 1 2 4 6 7 0 24 3, , 7 3 7 0 3 7 N Go o l t d e a ci n r d cu s l i a l t v i e o r n 5. „ ...., 1 8 12 6 , , 1 2 5 3 < 5 1 8 0 6 8 , , 2 4 3 2 5 4 Other assets 1,229 1,203 1,661 Banking department: Note circulation. 25,923 25,529 22,119 Gold 66,835 82,841 Demand deposits.... 36,499 38,954 23,005 Notes and coin 40,19: 25,025 Other liabilities 2,724 2,652 2,511 Advances to State and to Bank of Norway! governmmeenntt bbooddiieess 31,289 39,471 Central Reserve Bank of Peru (thou- Ottrh er olaonas andd d disicounts... 105,646 87,570 sands of soles): OOthher assets 119,104 109,287 Gold and foreign exchange 91,082 55,464 Deposits 134,538 124,735 Discounts 14,337 18,507 Other liabilities 228,53( 219,459 Government loans 229,641 173,668 Central Bank of Venezuela (thou- Other assets 10,256 7,372 sands of bolivares): Note circulation 243,865 176,478 Gold 171,37 171,37' 170,677 124,304 Deposits 79,078 57,O3C Foreign exchange (net) 38,54C 30,14* 26,234 35,789 Other liabilities 22,374 21,502 Credits to national banks 35,23i 35,23C 35,230 38,997 Bank of Portugal (millions of Other assets 12,194 11,13*" 10,22; 8,160 escudos): (Mar.)2 Note circulation— Gold5 1,363 1.30C Central Bank 164,80? 156,55 147,03C 83,289 Other reserves (net) 1,68: 1,263 National banks 43,101 45,20^ 46.60C 81,464 Non-reserve exchange 4,338 1,747 Deposits 43,30C 39,781 42,782 34,509 Loans and discounts 302 363 Other liabilities 6,132 6,355 5,95' 7,988 Government debt 1,028 1,031 National Bank of the Kingdom of Other assets 859 802 Yugoslavia! Note circulation. 4,388 3,358 Bank for International Settlement! Other sight liabilities 4,459 2,52£ (thousands of Swiss gold francs6): Other liabilities 725 62C Gold in bars 65,24: 59,05 28,281 National Bank of Rumania (millions Cash on hand and on current acof lei): (Mar.)* count with banks 35,861 38,73! 39,072 Gold 37,701 33,673 Sight funds at interest 15,804 167fr 16,411 Special exchange accounts 13,295 14,765 Rediscoun table bills and accept- Loans and discounts. 33,737 30,84^ ances (at cost) 144,368 146,98; 140,891 Special loans (in liquidation) 478 57 Time funds at interest 20,94C 20,98' 21,008 Government debt 9,421 9,605 Sundry bills and investments. 199,722 202, IV 220,543 Other assets. 45,992 36,713 Other assets 41 u: 54 INote circulation 95,978 87,163 Demand deposits (gold) 37,72: ( 22,951 Demand deposits 33,464 26,39. Short-term deposits (various cur- Other liabilities 11,183 12,62- rencies): South African Reserve Bank (thou- Central banks for own account 15,9(K 17,855 sands of pounds): Other 5.42J 4,114 Gold . 60,963 56,748 52,92( Long-term deposits: Special ac- Foreign bills 1,206 1,118 92! counts 229,00: 229,00 229,001 Other bills and loans 37" 1,176 Other liabilities 193,93: 192,336 Other assets 59,946 54,652 43,23: 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, pp. 281-282. 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. IO56 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 el m - N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l t S e b 3 e m e p 0 r - - eff D ec a t t i e ve ba C n e k n t o r f a — l t S e b 3 e m e 0 p r - - ef D fe a ct t i e ve In effect Oct. 2, 1936 2 h 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2K Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 Moravia Oct. 1, 1940 Mexico 4K June 4, 1942 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands 2K June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1,1940 land IK July 26, 1941 Nov. 13 3 2 Canada Mar. 11, 1935 Norway 3 May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2K Colombia 4 2 July 18, 1933 Portugal.... Sept. 3, 1942 May 30 "3"" Sept. 28 3 Oct. 27 2K Nov. 25 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 4K Oct. 1, 1935 Sweden 3 May 29,1941 July 6 2K Finland Dec. 3, 1934 Switzerland. IK Nov. 26,1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France f Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 3K Hunararv Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 m Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941 z May 29 3 June 27 1 Not officially confirmed. In effect September- NOTE.—Changes since August 31: Portugal—Sept. 3, down from 4 to 30, 1942 2 1% 3K 2 3 IK 3H per cent. OPEN MARKET RATES (Per cent per annum 1 Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a e m n p o k ta e n n r t s c h ' e s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P i r s r i a c 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 t t n o h s s 3 d P is r r i c a v o t a e u t n e t uullyy. 5.38 5.39 4.54 7.39 8.21 5.20 4.90 3.19 1930— uly 2.37 2.38 1.78 3.40 4.30 1.85 1.85 1.92 1931— ully 2.58 2.44 2.05 x7.00 *8.89 1.53 1.40 1.55 1932—'uly .92 .66 .67 4.58 5.49 .49 1.00 1.50 1933— uly .48 .40 .62 C3.88 5.19 3.54 2.64 1.50 1934— uly .87 .76 .85 3.75 4.67 .74 1.00 1.50 1935— .65 .59 .75 3.00 3.10 3.25 2.77 2.79 1 1 9 9 3 3 6 7 — — uy . . 5 5 6 8 . . 5 5 8 3 . .7 7 9 5 - 2 2 . . 8 8 8 8 2 2 . . 6 9 4 6 2. . 0 1 1 3 1. . 7 9 3 2 2 1 . .0 2 0 5 1938— uly .55 .52 .75 2.93 2.96 .13 .50 1.00 1939—]uly .79 .77 .75 2.75 2.65 .75 1.00 1 19 9 4 4 1 0 — — ] u u u l l l y y y 1 1 . . 0 0 3 3 1 1 . .0 0 2 0 1 1 . . 0 0 0 0 2 2 . .3 1 8 3 1 1 . . 7 6 3 3 1 & .88 2 2. . 2 8 5 3 3-5K 1 1. . 2 5 5 0 1941—Aug 1.03 1.00 1.00 2.13 1.73 1.88 2.25 1.25 Sept 1.03 1.01 1.00 2.13 1.94 1.88 2.25 1.25 Oct 1.03 1.00 1.00 2.13 1.76 1.88 2.25 1.25 Nov 1.03 1.00 1.00 2.13 1.75 1.25 Dec 1.03 1.01 1.03 2.13 1.98 1.25 1942—Jan 1.03 1.01 1.04 2.13 1.92 1.25 Feb 1.03 1.00 1.04 2.13 1.75 1.25 Mar 1.03 1.00 1.03 2.13 1.95 1.25 Apr 1.03 1.01 1.00 2.13 1.96 1.25 May 1.03 1.00 1.03 2.13 1.25 June 1.03 1.00 1.00 1.25 July 1.03 1.00 1.00 1.25 c Corrected. 1 Based on data for part of month only. 2 Figure not available. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. OCTOBER 1942. 1057 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 io n g 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 Loans to 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 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—August.... 316 140 266 469 935 850 264 2,997 1,909 1,088 242 September 330 134 315 531 939 839 269 3,115 1,991 1,123 243 October... 328 132 270 596 986 837 273 3,176 2,023 1,153 246 November 332 127 246 651 999 825 280 3,208 2,054 1,154 250 December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—January.. 330 118 157 739 1,008 832 288 3,222 2,088 1,134 249 February. 318 122 112 646 1,017 840 275 3,085 2,003 1,082 243 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 Tune 355 147 292 543 1,058 814 289 3,263 2,141 1,122 234 July 342 132 273 607 1,075 807 261 3,264 2,138 1,126 232 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 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 1,088 132 ,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 ,531 570 80 2,805 1,163 1,641 846 1941—August . . . 299 35 1,255 190 ,698 553 81 3,031 1,509 1,522 919 September 308 36 1,237 197 ,696 579 79 3,037 1,482 1,555 938 October... 325 37 1,233 199 ,643 594 80 3,012 1,420 1,592 939 November 342 36 1,218 182 ,690 593 76 3,041 1,402 1,639 944 December 356 32 1,169 168 ,759 653 71 3,105 1,436 1,669 962 1942—January... 296 31 1,128 158 ,916 585 71 3,096 1,376 1,720 945 February. 324 30 1,135 164 ,960 595 72 3,181 1,517 1,664 955 March 348 34 1,300 166 ,881 624 71 3,305 1,755 1,550 976 April 322 32 1,252 178 1,899 637 72 3,262 1,725 1,537 986 May 285 29 1,215 175 1,878 601 71 3,118 1,562 1,556 993 June 327 28 1,137 181 1,883 639 72 3,121 1,523 1,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 1,654 999 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r 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—December4 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 3 large banks 1939—December. 4,499 3,520 27,512 7,155 2,170 39,647 39,271 375 786 4,423 1940—December. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—January... 5,704 3,297 46,294 8,064 1,396 60,323 59,820 503 586 3,846 February . 5,628 3,197 48,596 8,155 1,357 62,528 62,003 525 599 3,805 March 5,661 3,191 . 50,401 7,784 1,403 63,998 63,465 533 534 3,909 April 5,407 3,190 51,158 7,768 1,429 64,441 63,910 531 467 4,044 May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 508 460 4,456 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 506 418 4,568 September. 5,790 3,241 56,788 7,640 1,464 69,763 69,269 495 388 4,772 October... 6,034 3,270 55,716 8,807 1,571 70,229 69,754 475 398 4,771 November. 5,840 3,287 56,837 7,719 1,693 70,070 69,619 451 432 4,873 December. 6,424 3,281 57,727 7,852 1,051 71,833 71,400 433 393 4,108 • *.Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1J per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. JThrough December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks,, ssee BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia (peso) (pound) Bel- Brazil (milreis) British Bui- Canada (dollar) Chile(peso) China Year or month gium India garia (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export Sh h a a n 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!1248 33.279 11.2111 96.018 5 1727 4 0000 11 879 1940 29.773 1322.80 305.16 !16.880 6.0562 5 0214 30 155 190 909 85 141 5 1668 4 0000 6 000 1941 29.773 123.704 322.80 321.27 6.0575 5.0705 30.137 90 909 87.345 15 166414.0000 !5.313 1941—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 August 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.523 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c u a h n k o a i ) a - ( m D kr e a o n r n k - e) ( l F m a k i n a a n r ) d - k- F ( r fr a a n nc c ) e ( m m G re a a e i r c r n k h - ) y s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I ( t li a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67 383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 119.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 57.004 !2.0101 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941—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 August 57.186 20.568 322.78 United Kingdom Uruguay Year or month N ( o k r ro w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le i m a u) a- ( A S p o o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S m (d t e e o r t l n a t l l a i t e t s r - s ) S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree t C ro o l n le - ( d peso t ) N r c o o o l n l n e - - d ( Y s d l i a u n v g a i r o a ) - 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 H8.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 136.789 2.2716 1940 122.709 3.7110 1.6896 397.99 9.322 46.979 23.802 22.676 1403.50 383.00 65.830 37.601 2.2463 1941 14.0023 398.00 ^.lSO 47.133 123.829 123.210 403.50 403.18 65.830 43.380 12.2397 1941—Sept. 398.00 47.160 403.50 403.27 65.830 43.836 Oct. 398.00 47.160 403.50 403.29 65.830 45.796 Nov 398.00 47.160 403.50 403.42 65.830 48.125 Dec 398.00 47.160 403.50 403.50 65.830 52.783 1942 Jan 398.00 47.007 403.50 403.50 65.830 52.571 Feb 398.00 46.710 403.50 403.50 65.830 52.785 Mar 398.00 403.50 403.48 65.830 52.717 Apr 398.00 403.50 403.50 65.830 52.735 May 398.00 403.50 403.50 65.830 52.740 June 398.00 403.50 403.50 65.830 52.744 July 398.00 403.50 403.50 65.830 52.740 398.00 403.50 403.50 65.830 52.744 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. OCTOBER IO59 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 1124 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 nu 329 172 184 1941—August 90 92 153 113 330 174 189 September 92 93 154 113 330 175 191 October 92 94 155 112 337 176 193 November 93 94 155 112 340 178 198 December 94 94 156 p113 347 179 199 1942—January 96 94 156 *>114 P351 181 202 February 97 95 159 113 P352 183 205 March 98 95 159 114 184 207 April 99 95 160 114 186 208 May 99 95 161 PI 14 187 209 June 99 96 160 ^188 July 99 96 160 pl93 August 99 96 p159 P191 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 [Indexesjfor groups included in total index above] United States Canada United Kingdom Germany (1926=100) 1926=100) (1930=100) (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r n u t d a u r ly s n e - d d F f u m c a g l h c o l a i y t o e n u f d u r a l s e y - n d d Foods p I r n o tr d d i u u a s l c - ts p A r t g o u r d i r u c a u c l t l s - a p t f n r r I i i n d o n a i d d l s s u u e r h a c m s e w - t d s i- p tr I r i i n o s a d h d l e u u f d s c i - n ts - 1926.. 100 100 100 100 100 100 129 130 150 1930.... 88 91 85 82 82 87 100 100 113 120 150 1931.... 65 75 75 56 62 75 89 87 104 103 136 1932.... 48 61 70 48 55 70 88 85 91 89 118 1933.... 51 61 71 51 57 70 83 87 87 88 113 1934.... 65 71 78 59 64 73 85 90 96 91 116 1935.... 79 84 78 64 66 73 87 90 102 92 119 1936.... 81 82 80 69 71 74 92 96 105 94 121 1937.... 86 86 85 87 84 81 102 112 105 96 125 1938.... 69 74 82 74 73 78 97 104 106 94 126 1939... 65 70 81 64 67 75 97 106 108 95 126 1940.... 68 71 S3 67 75 82 133 138 111 99 129 1941.... 82 S3 89 71 82 89 146 156 1941—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 93 148 158 111 101 132 November 91 89 94 74 85 93 149 158 112 101 133 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 92 157 159 113 102 133 March 103 96 95 79 88 92 158 159 113 102 133 April 105 99 96 80 89 92 160 159 113 102 133 May 104 99 96 80 89 92 163 159 June 104 99 96 82 91 92 160 159 July 105 99 96 81 90 92 158 161 August 106 101 96 81 90 92 Sources.—See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t 1 a 3 i 0 5 t t e 0 e -3 d s ) 9 (1 C = 9 a 1 a 3 d 0 n 5 a 0 - - 3 ) 9 U K = d ( n 1 J i 1 o 9 i n u 0 m 1 t l g e 0 4 y - d (1 = m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 l = e a 9 1 t n 1 0 h 1 d 0 e - s 1 ) r- 3 S e = r ( w 1 J l 1 9 a u i 0 1 t n n 0 z 4 e d ) - Year or month U ( S = 1 n 9 t 1 a 3 i 0 5 t t 0 e e - ) 3 d s 9 ( = 1 C a 9 1 a d 3 0 n a 5 0 - - ) 39 U K = d ( n 1 J 1 i o 9 i n u 0 m 1 t 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 9 a 1 t 1 n 0 h 1 d 0 e - s 1 ) r- 3 S e = ( w r 1 1 J l i 9 0 u 1 a t 0 n 4 n ) z e d - 1932 87 86 126 116 119 125 1932 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 M32 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 106 116 168 129 175 1941 105 112 199 133 174 1941—August 108 121 167 133 180 1941-August 106 114 199 136 178 September. 111 123 166 128 181 September.. 108 115 199 133 178 October ... 112 123 165 126 185 October 109 116 199 132 182 November. 113 125 165 126 188 November.. 110 116 200 133 184 December. 113 124 165 126 189 December. . 111 116 201 133 184 1942—January ... 116 122 163 127 191 1942-January 112 115 200 134 186 February.. 117 123 163 130 194 February... 113 116 200 136 188 March 119 124 162 131 195 March 114 116 200 136 189 April 120 124 160 132 197 April 115 116 199 137 191 May 122 124 160 134 .. 199.. May 116 116 200 138 192 June 123 126 159 June 116 117 199 July. 125 130 160 July 117 118 200 August 126 130 160 August 117 118 201 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d r e t n i a r c i i t t v e e e e ) s d 1 d ( K 1 D U 9 i e 2 n n c 1 g i e = t d m 1 e o 0 d b m 0 e ) r (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p r v r m e ic r a a e g n )2 e y N la e n th d e s r 3 - U ( S 1 = 9 n t 1 3 a i 0 5 t t 0 e - e 3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 00 - ) N umber of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100 0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105 2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 .... 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76-. 3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 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—August 118.5 124.5 103.1 83.2 73.8 *>292 144.0 September 118.1 125.9 103.1 83.6 75.1 p305 146.4 October 118.8 125.5 103.1 80.4 74.8 2>311 137.2 November 119.2 125.7 103.1 77.4 76.0 P329 136.4 December 117.5 125.5 71.8 74.8 1942—January 117.5 126 8 103.2 72.6 76.0 P387 139.1 February 117.1 126.5 103.3 69.9 73.0 H09 141.6 March 116.7 127.1 103.3 66.0 72 6 ^437 141.1 April 117.8 127.5 103.5 63.3 72.5 p454 142.5 May 117.7 126.8 63.2 73.0 June 118.0 126.7 66.1 73.7 July 118.9 127.7 68.2 73.8 August 118.7 127.5 68.3 74.4 P Preliminary. l Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yieldifor 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. 2fiSince April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4)4 per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937 — 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. OCTOBER 1942. 1061 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 DIVISION OF PERSONNEL ADMIN- J. P. DREIBELBIS, General Attorney ISTRATION GEORGE B. VEST, Assistant General Attorney B. MAGRUDER WINGFIELD, Assistant General At- ROBERT F. LEONARD, Director torney OFFICE OF ADMINISTRATOR FOR DIVISION OF RESEARCH AND STATISTICS WAR LOANS COMMITTEE E. A. GOLDENWEISER, Director KENTON R. CRAVENS, Administrator WOODLIEF THOMAS, Assistant Director GARDNER L. BOOTHE, II, Assistant WALTER R. STARK, Assistant Director Administrator DIVISION OF EXAMINATIONS FISCAL AGENT LEO H. PAULGER, Chief O. E. FOULK, Fiscal Agent C. E. CAGLE, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal WILLIAM B. POLLARD, Assistant Chief Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE 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 ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK H. LANE YOUNG, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President CHESTER MORRILL, Secretary S. E. RAGLAND, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary LYMAN E. WAKEPIELD, MINNEAPOLIS DISTRICT WALTER WYATT, General Counsel W. DALE CLARK, KANSAS CITY DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar- GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ket Account WALTER LICHTENSTEIN, Secretary 1062. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston A. M. Creighton. Henrv S. Dennison. . W. W. Paddock. William Willett... K. K. Carrick E. G. Hult Carl B. Pitman1 New York. . Beardsley Ruml.. Edmund E. Day Allan Sproul. L. R. Rounds. R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. William s Philadelphia. Thomas B. McCabe. Warren F. Whittier.. Alfred H. Williams Frank J. Drinnen. .. W.J.Davis E. C. Hill C. A. Mcllhenny1 C. A. Sienkiewicz Cleveland .... Geo. C. Brainard ... R. E. Klages M. J. Fleming. F. J. Zurlinden C. W. Arnold Wm. H. Fletcher R. B. Hays W. F. Taylor2 Richmond Robt. Lassiter. W. G. Wysor. Hugh Leach J. S. Walden, Jr.. .. J. G. Fry Geo. H. Keesee1 R. W. Mercer Atlanta Frank H. Neely.. J. F. Porter W. S. McLarin, Jr. Malcolm H. Bryan. H. F. ConnifT L. M. Clark Chicago Simeon E. Leland . .. H. P. Preston , Allan M. Black1 C. S. Young J. H. Dillard Charles B. Dunn A. J. Mulroney Alfred T. Sihler St. Louis Wm. T. Nardin. Oscar Johnston Chester C. Davis.. F. Guy Hitt. O. M. Attebery C. M. Stewart Minneapolis. W. C. Coffey.. . Roger B. Shepard. . . J. N. Peyton O. S. Powell. A. W. Mills1 E. W. Swanson Harry I. Ziemer Kansas City. . R. B. Caldwell. Robert L. Mehornay. H. G. Leedy.. Henry O. Koppang. J. W. Helm2 D. W. Woolley 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. 2 Also Cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch R. B. Wiltse Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E, Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch E. B. Austin New Orleans Branch E. P. Paris Chicago: Detroit Branch H. J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw 1063 OCTOBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ^^m BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 3 J^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM (•) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE. BRANCH CITIES O FEDERAL RESERVE BANK AGENCY r JUNE I, 1942 i BOARD OF GOVERNORS OF THL FEDERAL RESERVE SfSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis