Federal Reserve Bulletin, 1942-11

FEDERAL RESERVE ULLETIN NOVEMBER 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—Economic Stabilization Controls and War Finance 1065-1077 Law Department: Consumer Credit: Amendment to Regulation W 1078 Interpretation of Regulation W 1078-1079 Rediscounts—Eligibility of Notes Evidencing Guaranteed Loans 1079-1080 Emergency Price Control—Economic Stabilization Board 1080-1085 Federal Reserve Bank Stock—Tax on Dividends 1085-1086 Foreign Funds Control 1086-1088 Interest Rates at Member Banks 1089-1097 Member Bank Earnings First Half of 1941 (See p. 1150 for table) 1098 Current Events 1099 National Summary of Business Conditions IIOO-IIOI Financial, Industrial, Commercial Statistics, U. S. (See p. 1103 for list of tables) . 1103-1156 International Financial Statistics (See p. 1157 for list of tables) 1157-1169 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1170 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 1171 Map of Federal Reserve Districts 1171 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama, Paraguay,Peru, 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 November 1942 VOLUME 2.$ NUMBER II ECONOMIC STABILIZATION CONTROLS AND WAR FINANCE Last month the Government's anti-in- dent. The following persons have been flation program was carried forward by the appointed in addition to the ex-officio establishment of an Office of Economic members: representing labor, William Stabilization with a director responsible Green of the American Federation of Labor directly to the President. Authority for and Philip Murray of the Congress of the President's Executive Order was con- Industrial Organization; representing agritained in an Act of Congress approved on culture, Edward O'Neal of the American October 2.. Justice James F. Byrnes of Farm Bureau Federation and James G. South Carolina was appointed director and Patton of the Farmers Cooperative Union; resigned from the United States Supreme representing management, Eric A. John- Court to undertake this task. The Direc- ston of the Chamber of Commerce of the tor has been ordered to formulate a com- United States and Ralph E. Flanders of the prehensive national economic policy for the Jones and Lamson Machine Company. purpose of preventing avoidable increases in the cost of living, of reducing unneces- STABILIZATION ORDER sary migration of labor, and of facilitating Adoption of a national policy to stabilize the prosecution of the war. He has author- wages and salaries is pro vided f or by the Order. ity to issue directives on policy to the Fed- The functions of the National War Labor eral departments or agencies concerned Board are extended to all industries and all with the control of civilian purchasing employees. Changes in wage rates are not power, prices, rents, wages, salaries, profits, authorized unless approved by the Board, rationing, subsidies, and related matters. except for minor exemptions. No increases The Executive Order provides for the in the wage rates prevailing on September establishment of a Board, to serve in an 15, 19^ shall be approved unless they are advisory capacity, consisting of the Secre- necessary to correct maladjustments or intaries of Treasury, Agriculture, Commerce, equalities, to eliminate substandards of livand Labor, the Chairman of the Board of ing, to correct gross inequities, or to aid Governors of the Federal Reserve System, in the effective prosecution of the war. If, the Director of the Bureau of the Budget, however, such an increase in wage rates the Price Administrator, the Chairman of requires a change in the maximum price the National War Labor Board, and two of the commodity or service affected, it representatives each of labor, management, must be approved by the Director of Ecoand farmers to be appointed by the Presi- nomic Stabilization as well as by the War NOVEMBER 1942. 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Labor Board. Decreases in wages for any and September 15, 1942. (in either case particular work from the highest wages adjusted for grade, location, and seasonal paid between January i and September 15, differentials). The Act also provides that 194Z shall not be approved by the Board maximum prices for products manufactured unless to correct gross inequities or to aid in substantial part from agricultural comin the prosecution of the war. Salaries in modities shall not be established at levels excess of $5,000 per year shall not be in- below those which would return to agricreased, except to conform to changes in cultural producers prices equal to the duties, until otherwise determined by the standards noted. In order to correct gross Director. Salaries shall not be lowered inequities, however, maximum prices may except under conditions similar to those be adjusted but not below parity levels. specified for wage decreases. Also, no Also, modifications in maximum prices salary over $2.5,000, after payment of are required where it appears necessary to taxes, shall be authorized except that increase production for war purposes or allowance shall be made for previous com- where increased labor or other costs of mitments such as life insurance and fixed agricultural producers incurred since Januobligations and to prevent undue hardships. ary 1, 1941 will not be reflected in the Wage and salary payments made in viola- maximum prices. Fair and equitable proction of these provisions are to be disre- essing margins are to be allowed. Adegarded by Federal agencies in determining quate weighting is to be given to farm labor employers' costs and expenses in connec- in fixing maximum prices for agricultural tion with price regulations, revenue law commodities and their primary products. deductions, and Government contracts, According to the Order, allowance shall be and for the purpose of any other law or made for governmental payments and subregulation. sidies in establishing or maintaining these Prices of agricultural commodities are maximum prices. Price determinations for made subject to more extensive control by agricultural commodities shall be made the Executive Order. Maximum price jointly by the Secretary of Agriculture and standards previously provided in the Emer- the Price Administrator, subject to the gency Price Control Act enacted in January directives on policy of the Director, who i94x are generally lowered but in some in- shall also resolve any disagreements. Price stances are raised. Loan rates to support determinations for commodities processed prices of some leading crops are required to in substantial part from agricultural combe higher and are to be made available for modities shall continue to be in the hands a two-year period after the end of the war. of the Price Administrator as provided The Order directs that prices of agricultural under the Price Control Act. commodities and their primary products be With regard to profits, the Order directs stabilized at the levels prevailing on Sep- that the Price Administrator, in fixing and tember 15, 1942. and in compliance with the adjusting prices, shall determine price Act of October x, 1942-. By this Act no ceilings which would prevent unreasonable maximum price for agricultural commodi- and exorbitant profits. ties shall be established below either the Subsidies are to be provided where such parity price of that commodity or the high- measures are required to insure the maxiest price reached between January 1, 1942.mum necessary production and distribution 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of any commodity, to maintain ceiling applied to manufacturers, wholesalers, and prices, or to prevent an undue price rise. retailers. In some cases, particularly mil- Any Federal agency may be directed to use lers' prices for flour, there has since that its authority to subsidize and to purchase time been an upward adjustment of 10 to 15 for resale. per cent in these maximums. The newly In accordance with a provision of the Act controlled items constitute nearly one-third of October x, the President designated the of the food budget and now retail prices of Director of Economic Stabilization as the about 90 per cent of all foods are controlled. official to receive notices of any increases Fresh vegetables, apples, and fish are the in the rates of common carriers or other major foods remaining uncontrolled. public utilities which were in effect on Retail prices of about two-thirds of the September 15, 1942-. This Act had pro- foods which had been under control since vided that no general increases should be the middle of May were permitted to admade unless thirty days' notice had been vance on October 15. These commodities, given to the agency designated by the including coffee, sugar, canned vegetables, President and permission had been granted and eight other groups of foods, had preto intervene before the Federal, State, or viously been limited to their March levels. municipal authority having jurisdiction. The new action provides an alternative The Office of Price Administration has pricing formula which grants maximum been designated by the Director to be the permissible mark-ups varying by product agency to receive reports of proposed in- and class of store. In the case of lard and creases in rates or charges of common dried fruits these maximum margins are carriers and public utilities. also required to be the minimums. According to the announcement of the Office NEW PRICE CONTROLS IMPOSED SINCE of Price Administration this formula is OCTOBER 2. designed to increase the margins of food Early in October temporary maximum distributors who had difficulty in transactprices were established on various foods ing business under their March ceiling which had previously been uncontrolled. prices. Because of the rise in prices of In general, action on these products had farm products and the failure to obtain been restricted by special provisions of the subsidies, adjustments had been permitted Emergency Price Control Act relating to earlier in maximum prices charged by agricultural commodities, which were mod- packers and processors of these products. ified by the Act of October 2.. In Septem- The new formula permits these higher ber, while the amendment was being prices to be passed on to wholesalers and considered, wholesale prices of butter, retailers and finally to consumers. Addicheese, and eggs had advanced about 10 per tional regulations are to be issued soon cent. The new controls covered these which will permit specific price increases foods and also poultry, mutton, flour, in some new-pack canned goods other than beans, onions, potatoes, citrus fruits, and vegetables and will provide new controls canned and dried milk products. The over a number of highly seasonal food maximum levels provided for these com- items. modities were the highest prices reached In the early part of October crop loan between September ^8 and October 2. and rates on cotton, tobacco, rice, and peanuts NOVEMBER 1942. 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH were raised from 85 per cent of parity to permission for individual wage adjustments 90 per cent. The new rates, as required without approval of the Board if they are by the Act of October 2., were effective the result of individual promotions, inimmediately and additional payments will dividual merit increases within established be made to producers who have already ob- rate ranges, operation of an established tained loans on the 19^ crop. Loan rates plan based upon length of service, inwere maintained at 85 per cent of parity creased productivity under piece work or for corn and wheat, as permitted by the incentive plans, or operation of an apprenspecial provision of the Act, in order to tice system, and if they are incident to the prevent an increase in the cost of feed for application of an established agreement or livestock and poultry if necessary to aid in schedule. Such adjustments, however, do the prosecution of the war. The new loan not provide justification for increasing program is to extend throughout the war price ceilings or for resisting decreases in and then for a two year period beginning price ceilings. Approval of the War Labor with the January first following the end Board is required before wage increases of the war. are granted under agreements providing Additional broad action following the for automatic wage advances in relation issuance of the Stabilization Order was to increases in the cost of living. In order taken to control urban and rural rents to prevent "pirating" by payment of throughout the country. On October 5 higher wages, employers are prohibited, residential rents in the part of the United without Board approval, from hiring in- States not already under rent control pro- dividuals at a wage-rate in excess of the cedures were ordered reduced to the levels previously established rate in the plant or of March 1, 1942-. The Director of Eco- if no rate has previously been established nomic Stabilization has requested addi- in the plant, the hiring rate must not extional legislation to control commercial ceed that for similar work within the area. rents. Various Federal agencies have been requested by the Director to prepare detailed REGULATION OF SALARIES AND WAGES reports on some of the problems which will The National War Labor Board has been confront the Economic Stabilization Board designated the agency to regulate all salaries in the future. Some of these reports which under $3,000 and salaries up to $5,000 al- have been announced will deal with proready covered by wage agreements. The posed measures to control excess spending Treasury Department has been requested power, rationing needs, spacing of Federal to prepare regulations covering salaries purchases, subsidy requirements, wages of over $3,000 which are not covered by wage farm labor, and the problem of the migraagreements. The War Labor Board has tion of workers. issued several general orders defining and interpreting the application of the Execu- THE REVENUE ACT OF 1942. tive Order. Among those already issued The Revenue Act of 194.x was adopted by is one which, with certain exceptions, ex- Congress in October and signed by the empts from the provisions of the Executive President on October xi. The increase in Order employers who employ not more revenue expected from the new act on a than eight persons. Another order grants full year basis is estimated at 6.9 billion 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dollars. An additional 1.7 billion dollars The normal rate under the income tax is will be collected but be subsequently re- raised from 4 per cent to 6 per cent and the turned to the taxpayer; a substantial part surtax rate in the lowest bracket is inof this amount will be refunded in the creased from 6 per cent to 13 per cent. The following year in the form of credits against new range of surtax rates under the individcurrent tax liabilities and the remainder ual income tax is 13 to 8x per cent, as comwill be returned after the war. During the pared with 6 to 77 per cent under the Revecurrent fiscal year the new act is estimated nue Act of 1941. The former top rate of 77 to yield an additional 4 billion. per cent applicable to income in excess of 5 million dollars under the 1941 Act is pay- ESTIMATED ADDITIONAL YIELD OF THE REVENUE ACT OF 1942, AS COMPARED WITH able under the 1942. Act on income in the PREVIOUSLY EXISTING LAW1 $90,000 to $100,000 bracket. An over-all [In millions of dollars] limit to the combined income-tax and Individual income taxes: Normal and surtax 3,010.7 Victory-tax rates is set at 90 per cent of Victory tax 3,087.6 Less post-war credit -1,132.3 net income. Victory tax net 1,955.3 Total individual income taxes, net 4,966.0 In addition to the income tax, a Victory Corporate income taxes: Normal and surtax 8.1 tax of 5 per cent is imposed on gross income Excess profits tax 1,901.0 Less post-war credit -549.9 above $6x4 yearly. It is estimated that Excess profits tax net 1,351.1 Total corporate income taxes, net. 1,359.2 this tax will be paid by about 40 million Total income taxes, net 6,325.2 Capital stock and declared value ex- taxpayers. In the case of wages and salcess profits tax -110.0 Excises and miscellaneous taxes 666.6 aries, the Victory tax will be collected at Total additional revenue yield 6,881.8 the source in the form of a 5 per cent with- 1 Treasury Department, Division of Research and Statistics. holding tax on earnings in excess of $ix All estimates show full year effects; minus sign (—) indicates decrease in revenue yield. a week. No additional personal exemp- Individual Income Taxes tions or credits for dependents are allowed in assessing the tax currently, although Nearly three-fourths of the additional differences in family status are reflected in gross yield from the Act is derived from inpost-war refunds to taxpayers. These redividual income taxes. Personal exempfunds amount to 2.5 per cent of taxes paid tions are lowered from $1,500 to $i,zoo for for single and 40 per cent for married taxthe head of a family, and from $750 to $500 payers, with an additional 2. per cent for for a single person; credits for dependents each dependent. Total refunds are limited are reduced from $400 to $350. A new to $500 a year for single taxpayers and credit is permitted against income tax for $1,000 for married persons filing a joint all medical expenses in excess of 5 per cent return. On annual returns to be filed on of net income, with a maximum credit of March 15, 1944, taxpayers may elect to $1^50 for a single person and of $z,5oo for deduct purchases of United States Governthe head of a family. Owing to the lowment obligations, life insurance premiums, ered exemptions, the number of personal and repayments on some debts in an amount income tax returns is expected to increase equal to the refundable portion of the by 7 million to a total of 32. million. It Victory tax on income of the previous year, is expected that 27 million taxable returns instead of waiting for actual refunds of will be filed, representing a total net income of over 60 billion dollars. these amounts. These deductions are al- NOVEMBER 1942. 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH lowable as tax credits against the total of method of computing this average is regular income tax and the portion of the changed. Corporations are permitted to Victory tax not collected at source. Hence, substitute for the actual earnings of one it is likely that only a small part of the bad year in the four-year base period 75 per refundable portion of the Victory tax will cent of the average earnings for the three be retained by the Treasury until after the other years. A two-year carry-back of war. losses or unused portions of excess profits credit is permitted in addition to the pre- Corporate Income Taxes vailing carry-over provisions. The post- Normal rates under the corporate income war credit granted under the excess profits tax remain unchanged at 15 to 14 per cent, tax is made available currently for retirebut surtax rates are raised to 16 per cent on ment of the taxpayers' indebtedness. Ficorporations with net income in excess of nally, the combined income and excess $50,000. For smaller corporations, sur- profits rates are not to exceed an over-all taxes range down to 10 per cent on the first limit of 80 per cent of the corporation $2.5,000 of net income. The combined surtax net income. normal and surtax rate on corporations Other Provisions with net income in excess of $50,000 is thus increased from 31 per cent to 40 per cent. The Act provides for an additional 666 A uniform 90 per cent is substituted for the million dollars of revenue from miscel- 1941 excess profits tax rates, which ranged laneous and excise taxes, 3x0 million of from 35 per cent to 60 per cent, but 10 per which will be obtained from various types cent of the liability determined under the of liquor taxes. The rest will be derived 90 per cent rate will be refundable to the from taxes on tobacco products, the transcorporation after the war. The specific portation of persons, and various smaller excess profits exemption of $5,000 is re- items. Only minor changes were made tained. Corporations determining their in the estate and gift tax. Rates under excess profits liability under the invested these taxes remained unchanged. Other capital method may continue to exempt important parts of the Act provide for 8 per cent and 7 per- cent on the first and liberalizing the tax treatment of capital second 5 million dollars worth of capital gains and losses and for freezing of old-age respectively, but the exemption on capital security taxes for 1943 at z per cent, half of in excess of 10 million dollars is lowered which is assessed on employers, half on from the present 7 per cent to 6 per cent for employees. capital in excess of 10 million but not over zoo million and to 5 per cent for capital in REVISED ESTIMATES OF WAR FINANCING excess of zoo million dollars. On October 7 the Director of the Budget A number of additional provisions are announced a revision of Federal budget introduced to cushion the impact of higher estimates for the current fiscal year. The rates upon corporations. Under the aver- estimate of war expenditures, including net age earnings method of determining excess outlays by Government corporations, was profits liability, the allowance of 95 per increased to 78 billion dollars, which is 8 cent of earnings during the four-year billion dollars larger than the estimate average from 1936-39 is retained, but the made in April by the Bureau of the Budget • • 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and xi. billion larger than the original billion, and net receipts 3.9 billion, leaving estimate contained in the President's budget a budget deficit of 1x4 billion. One of last January. The chief causes given billion was added to the general fund balfor the present upward revision in the es- ance, and the gross public debt increased timate of war expenditures are expanding by about 14 billion dollars. War exwar production, increases in the armed penditures included in the budget, which forces and in their pay rates, and provision amounted to 1.9 billion dollars last Decemfor dependency allotments. Included in ber, increased to 5.4 billion in September the revision also is 700 million dollars for and to 5.5 billion in October. On the subsidies to stabilize prices, for war risk basis of the new estimates of the Bureau of insurance on cargoes and ocean freight the Budget, war expenditures in the budget surcharges, and for the transportation of will average about xo billion dollars a petroleum and coal. The estimate of receipts under the new SUMMARY OF TREASURY OPERATIONS, FISCAL YEARS 1942 AND 1943 tax legislation requested in the President's [In millions of dollars] Budget Message was reduced from 7 billion Fiscal year ending dollars to 4 billion dollars. While the June 30 additional yield under the Revenue Act of 1943 1942 (esti- 194X5 which was enacted into law on Octo- mated) ber xi, is estimated at about 8.6 billion Budget accounts: Expenditures: dollars on a full year basis, including War activities 26,011 74,000 Other 6,386 6,044 amounts subsequently refundable, only Total 32,397 80,044 about 4 billion dollars of this will be Net receipts1 12,799 20,918 realized in the current fiscal year. Total Budget deficit 19,598 59,126 budget receipts of the Government during Go n v e e t r e n x m p e e n n t d c it o u r r p e o s r 2 ations, trust accounts, etc., 1,696 3,934 the current fiscal year, including those Gross deficit 21,294 63,060 under the new Revenue Act, are estimated Borrowing from trust accounts 1,792 2,764 Borrowing from public (net) 19,860 60,296 at xi billion dollars. About 3 billion Direct and guaranteed public debt at end of dollars of the receipts of Government agen- fiscal year 76,991 140,051 cies and trust funds will be invested in 1 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance Government securities. In order to meet trust fund. 2 Including 2 billion dollars for war expenditures by Government expenditures it will be necessary for the corporations in 1942 and an estimated 4 billion in 1943. Government to borrow from the public quarter during the last three quarters of about 60 billion dollars. The total direct this fiscal year, and the rise in the public and guaranteed debt is expected to increase debt will average over 16 billion dollars a by 63 billion dollars to a total of 140 bil- quarter. lion on June 30, 1943. The revised budget estimates for the fiscal year 1943, together RECENT INCREASE IN PUBLIC DEBT with actual figures for 1942., are shown in As shown by the following table the the table. increase in the public debt in the first In the first three months of the current quarter of the current fiscal year exceeded fiscal year, war expenditures, excluding the total increase for the preceding half those by Government corporations, were year. In the latest quarter there were in- 14.8 billion dollars, other expenditures 1.5 creases of 9.8 billion dollars in public 1071 NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OV THE MONTH marketable issues, 1.3 billion in savings September. The Treasury also sold in bonds, and 1.1 billion in tax notes. Among July about z.i billion dollars of 2. per cent marketable issues the increase in short bills bonds of December 1949-51. In August and certificates was slightly larger than the registered 2.3^ Per cent bonds of 1961that in the longer-term notes and bonds, 67 were re-offered. These bonds may not whereas in the previous six months the be subscribed to by commercial banks increase in bonds comprised two-thirds of accepting demand deposits or purchased by the total. such banks for a period of 10 years. Subscriptions, which were allotted in full, UNITED STATES GOVERNMENT DIRECT AND totaled 1,136 million dollars in August, GUARANTEED DEBT [In millions of dollars] compared with 88x million in May, when Outstanding on Change from the bonds were first offered. Insurance companies were the largest purchasers in June Dec. 30, 31, both instances. f June Dec. 1942 1941 1 3 9 0 4 , 2 1 3 9 1 4 , 1 th S r e o p u t g . h th J r u o n u e gh In September the Treasury offered new 1942 1 3 9 0 4 , 2 1 3 9 0 4 , 2 series of tax notes to replace the old series. The new Series A notes, like those of the Treasury bills 4,619 2,508 2,002 +2,111 +506 Certificates of indebtedness 6,211 3,096 +3,115 +3,096 prior Series A notes, are intended primarily Treasury notes 7,958 6,689 5,997 +1,269 +692 Treasury bonds 41,418 38,085 33,367 +3,333 +4,718 for the small taxpayer. The new notes Guaranteed issues 4,552 4,549 6,317 +3 -1,768 extended the maturity from 1 to 3 years, Total marketable issues1 64,954 55,122 47,878 +9,832 +7,244 and the limitation on the principal amount Savings bonds., 12,479 10,188 6,140 +2,291 +4,048 Tax notes 4,137 3,015 2,471 +1,122 +544 that may be presented on account of any Special issues.. 8,509 7,885 6,982 +624 +903 one taxpayer's liability for each class of Total interest-bearing d d i e r b e t c 2 t and guaranteed 90,399 76,517 63,768 +13,882+12,749 taxes (income, estate, and gift taxes) for each taxable period was raised from $1,2.00 1 Including Postal Savings and pre-war bonds, for which there were negligible changes. to $5,000. There was no change in the 2 Including adjusted service and depositary bonds, for which there were negligible changes. interest rate on the notes. They yield, The amount of 3-month Treasury bills when used in payment of taxes, approxioutstanding was increased by x.i billion mately 1.91 per cent. dollars in the quarter. The weekly offering The new notes of Series C, replacing Series of bills was increased from 300 million B notes, maybe purchased in larger amounts. dollars to 350 million in July and to 400 They also have a maturity of 3 years, but million in September. Two issues of cer- they carry a graduated scale of interest betificates of indebtedness of about 1.5 billion ginning at 0.60 per cent per annum for the dollars each were sold. One issue was of first six months and increasing to 1.32. per J^ of one per cent certificates offered in cent for the final two six-month periods, August and due August 1, 1943 and the the equivalent yield if held to maturity being % other was of 0.65 per cent certificates approximately 1.07 per cent per annum. offered in September and due May 1, 1943. These notes were designed for the dual Treasury notes outstanding increased by purpose of providing for the accumulation 1.3 billion dollars in the three months—a of tax reserves and for the temporary or small maturing issue was paid off in cash short-term investment of cash balances of and 1.6 billion dollars of new i}£ per cent individuals and corporations. The new notes due on March 15, 1945 were sold in Series C notes may be redeemed for cash 1071 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH without loss of interest upon thirty days allotted in full. In the latter half of advance notice during and after the sixth October the Treasury increased the weekly calendar month from date of issue. If in- bill offerings to 500 million dollars and scribed in the name of a bank that accepts offered z billion dollars of % of one per demand deposits, the Series C notes will be cent certificates of indebtedness due Novemaccepted at par and accrued interest in pay- ber 1, 1943. The YL of one per cent cerment of taxes, but will be redeemed for tificates maturing November 1, 194Z, cash at or before maturity only at the pur- amounting to 1.5 billion dollars, were paid chase price. The notes of this series may off in cash. be pledged with banking institutions as collateral for loans, but no other hypotheca- CHANGES IN OWNERSHIP OF PUBLIC DEBT tion will be recognized by the Treasury It is estimated that commercial banks Department. Gross sales of tax notes in- added about 6 billion dollars to their holdcreased to 930 million dollars in September ings of Government securities in the quarter compared with 390 million in July and 4x0 ending September 30, while holdings by million in August. In October these sales Federal Reserve Banks increased by 900 amounted to 9x0 million dollars. million dollars. The banking system as a Gross sales of savings bonds amounted to whole, therefore, took approximately half 915 million dollars in July, when the maxi- of the total increase of 14 billion dollars mum annual amount that an individual in the interest-bearing direct and guaransubscriber to the Series F and G bonds is teed debt, compared with about two-fifths permitted to purchase was increased from in the preceding six months. Federal $50,000 to $100,000. They declined to 700 agencies and trust funds purchased about million dollars in August, but increased to 800 million in the latest quarter. Insur- 760 million in September and to 940 million ance companies probably purchased as in October. much as 700 million dollars of additional In October the Treasury offered 4 billion Government securities in the period. Indollars of z per cent bonds of March 1950- dividuals, trust accounts, and corporations 5Z and of 1 }/2 per cent notes of Decemberadded 3.4 billion dollars to their holdings 1946. The Treasury announced that the of savings bonds and tax notes and also proportionate amount of bonds and of notes took most of the remaining z billion of to be issued would be determined by the public marketable securities. relation between subscriptions to each and The increase in the amount of bills and that subscriptions from nonbanking in- certificates outstanding has aided in the vestors would be allotted in full. Four distribution of securities outside of New consecutive issues of z per cent bonds have York City and Chicago banks. In the past now been offered, and the call and maturity six months, as shown in the chart on the dates on each successive issue have been next page, the amount of bills outstanding advanced by three months. The ij^ per has increased by about 3 billion dollars. cent notes were an addition to the series The Reserve Banks added about 400 million offered in May. Subscriptions to the notes dollars to their holdings, while New York amounted to z,i4o million dollars and sub- City banks increased theirs by 700 million, scriptions to the bonds amounted to 1,961 and Chicago banks by zoo million. million dollars. All subscriptions were Weekly reporting member banks in 99 1073 NOVEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH other leading cities increased their hold- bonds has continued at about x.34 per cent ings from 400 million dollars to 1,300 mil- since last March. The average yield on lion, and other investors added 1,100 mil- 3- to 5-year taxable Treasury notes has inlion to their holdings. The amount of creased slightly since early this year, and certificates outstanding on October z8 the rate of discount on new issues of 3totaled 6.2. billion dollars, all of which month Treasury bills, which was around were issued since early last April. New one-fourth of one per cent until April, York City banks held 1,100 million, Chi- has since been close to three-eighths, which cago banks 550 million, and the Reserve is the rate at which Federal Reserve Banks Banks 700 million. Reporting member will purchase any bills offered. banks outside New York and Chicago held OPEN-MARKET OPERATIONS 1.3 billion dollars and other investors x.5 billion. In recent months the Federal Reserve System has made large purchases of Government securities principally for the purpose DISTRIBUTION OF TREASURY BILLS AND CERTIFICATES OF INDEBTEDNESS of providing to the banks an adequate BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS amount of reserves to form the basis for such purchases of United States Government securities as are offered to the banks. Reserve System purchases of notes and bonds have also been made for the maintenance of market stability. In addition, under the authority granted by the Second War Powers Act in March, the System has from time to time purchased directly from'' the Treasury special one-day certificates, which were all redeemed on the following day in accordance with their terms. From April 8 to October 2.8 the System's holdings of all types of United States Government obligations increased by x.x billion dollars. Holdings of Treasury bills increased by 460 million dollars, certificates of in- 1942 debtedness by 680 million, Treasury notes Latest figures are for October 21 by 480 million, and Treasury bonds by 560 million. Most of the increase in holdings GOVERNMENT SECURITIES MARKET of bills and certificates occurred in July Prices of Government securities have con- and August, while purchases in October tinued to be steady during recent months. were largely of bonds and notes. The yield on long-term partially tax-exempt bonds averaged 1.05 per cent in DECREASE IN RESERVE REQUIREMENTS October compared with 1.97 per cent in In addition to reserves supplied by open- June and x.oo per cent in July, while the market operations, the Board of Governors average for long-term taxable Treasury has made reserves available to central re- 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH serve city member banks in New York and Banks has continued small, because most Chicago by reducing the percentage ratios member banks have had reserves in excess of reserves required against net demand de- of requirements and all have been in a posits at these banks. This reduction, from position to meet temporary reserve shortx6 per cent to xo per cent, was made in three ages by selling Treasury bills or other stages of i. points each, effective August xo, Government securities to Federal Reserve September 14, and October 3. Altogether Banks. Recent reductions in discount rates about 1.1. billion dollars of reserve funds provide an additional means for member were released by this action. banks to obtain reserve funds, when they At present both central reserve and re- may need to, by borrowing from the Reserve city banks are required to hold re- serve Banks at a low rate. This action serves of zo per cent against their net de- should have the effect of encouraging memmand deposits and other banks are required ber banks to make fuller use of their availto hold 14 per cent. All classes of banks able excess reserves in helping to finance must maintain reserves of 6 per cent against the war. It should also result in a wider time deposits. Present reserve require- distribution of short-term Government sements against demand deposits at reserve curities among banks outside of financial city and country banks and against time centers. deposits are at the maximum permitted under existing law. The minimum per- CHANGES IN EXCESS RESERVES mitted by law is at one-half this level. Excess reserves of member banks, which have shown a gradual decline during most REDUCTIONS IN DISCOUNT RATES of this year, increased somewhat in Octo- During October all Federal Reserve Banks ber. At the end of the month they totaled established discount rates of one-half of one about 2.. 6 billion dollars compared with a per cent on advances to member banks se- low point of 1.7 billion at the end of Sepcured by United States Government obli- EXCESS RESERVES OF MEMBER BANKS gations maturing or callable in one year or less. Rates on advances to member banks LIONS OF DOLLARS WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS secured by other direct obligations of the United States or by eligible paper and on discounts of eligible paper at all Reserve Banks continued at one per cent—a level established by some Federal Reserve Banks in 1939 and by others last spring. Discount rates on other advances to member banks (under section 10b of the Federal Reserve Act) and on advances to individuals, partnerships, and corporations secured by direct obligations of the United States have also been reduced recently at a number of the Reserve Banks. These rates are shown in the table on page 1106 of this BULLETIN. 1938 1939 1940 1941 1942 Volume of discounts by Federal Reserve Figures for all member banks and for country banks are partially estimated. Latest figures are for week ending October 23. NOVEMBER 1942. 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Member. The increase was due largely to October. At country banks, however, Federal Reserve open-market purchases of excess reserves continued close to 900 I.I billion dollars and a reduction in re- million dollars. serve requirements, which together more BANK INVESTMENTS AND DEPOSITS than offset a continued growth of 500 million in the amount of money in circulation. New Treasury financing in large volume Notwithstanding the reduction in reserve in recent months has been accompanied by requirements, the amount of required re- sharp increases in bank holdings of United serves increased by approximately 2.00 mil- States Government securities. As previlion, reflecting a further expansion of de- ously stated, it is estimated that holdings of posits at member banks. all commercial banks increased by about 6 At New York City banks excess reserves, billion dollars in the third quarter of this which have generally been around 300 year. During October, as indicated on the million dollars or less during recent months, chart, the amount of Government securities were in excess of 500 million during most of held by weekly reporting member banks in October, as shown in the chart on the pre- leading cities showed a further increase of ceding page. At Chicago banks the 1.7 billion dollars, of which 800 million amount of reserves held continued close to was in New York City. Much of the inrequirements. Excess reserves of reserve crease in New York was in Treasury bills, city banks, which have generally been and all groups of banks reported substantial around 1.2. billion dollars during most of purchases of the new ij per cent notes and the year, declined to less than a billion in z per cent bonds sold in the latter part of REPORTING MEMBER BANKS IN NEW YORK CITY REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY WEDNESDAY FIGURES WEDNESDAY FIGURES 1941 1942 U. S. Government obligations include both direct and fully guaranteed issues. Break in "Due to Domestic Banks" curve is occasioned by elimination of reciprocal balances from reported figures on July 1. Latest figures shown are for October 21. IO76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the month. Holdings of securities other to the Treasury for taxes and the purchase than those of the United States Govern- of securities caused some decline in deposits ment declined somewhat in October, fol- of individuals and corporations at reporting lowing an increase in September. member banks, but in October, as the Treas- Commercial loans of reporting banks in- ury drew upon its balances, other deposits creased by 50 million dollars during the increased further, and in the latter part of month, reversing their consistent down- the month were at a new high level. trend since last March. This increase, which occurred entirely at New York City GUARANTEED WAR LOANS banks, reflected in part loans made to war From March x6, 194.x, the date of Execuproducers partially guaranteed by the tive Order No. 91 ix empowering the War Army, Navy, and Maritime Commission Department, Navy Department, and Mariunder the provisions of the Board's Regula- time Commission to guarantee loans for tion V. Other loans, however, continued war production purposes, to September 30, to decline gradually, with some increase in loans aggregating 936 million dollars were loans for purchasing and carrying securities authorized through the Federal Reserve around Government financing dates. Banks, acting under Regulation V of the Bank deposits have continued to increase Board of Governors as fiscal agents for the at a rapid rate, as the Government has sold three services. During October 310 applisecurities to banks and spent the proceeds. cations for guarantees were approved for It is estimated that in the third quarter of 1,2.59 million dollars, including one rethis year total deposits at all banks in the volving credit in the amount of one billion. country increased by about 4.5 billion dol- The majority of guarantees authorized lars, and in addition there was a further ex- have covered loans to relatively small pansion of 1.3 billion in the amount of cur- business enterprises. Of the total number rency in circulation. This growth in bank of loans authorized 2.8 per cent were in deposits and currency has been nation-wide, amounts ranging up to $z5,ooo and 59 per with relatively large increases in rural as cent for amounts of $100,000 and less. As well as in urban communities. Banks in of September 30 guaranteed loans were New York City showed much smaller in- outstanding in the amount of 418 million creases in deposits than those in other dollars, and in addition x^i million was places. available to borrowers under outstanding In the latter part of September payments guarantees. NOVEMBER 1941 1077 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. Consumer Credit meaning of sections $(c) or iz.(m) if the amount Amendment to Regulation W in default is less than $2..00. (Jo) "Approvals", "Demonstrators", etc.— The Board of Governors, effective October 2.6, When a charge account is in default, the Regis- 1941, issued Amendment No. 9 to Regulation W, trant shall not deliver any listed article to the relating to Consumer Credit. The text of the obligor in anticipation of a sale of that article amendment is as follows: or a similar article (such as a delivery "on ap- Amendment No. 9 to Regulation W proval", "on trial", or as a "demonstrator"). Regulation W is hereby amended in the fol- When a charge account is not in default and the lowing respects, effective October 2.6, 1942.: Registrant makes such a delivery of any article, the delivery (unless it is in anticipation of an 1. By adding to section 4 entitled "INSTALinstalment sale) shall be treated for the purposes MENT SALES" the following new subsection: of this regulation as a charge sale made on the (i) "Approvals", "Demonstrators", etc.— date of the delivery. In case a listed article is delivered in anticipation of an instalment sale of that article or a similar Interpretation of Regulation W article (such as a delivery "on approval," "on trial," or as a "demonstrator"), the Registrant Since the publication of the October Federal shall require, at or before the time of such de- Reserve BULLETIN, the Board of Governors has livery, a deposit equal to the down payment that issued the following interpretation of Regulawould be required on such an instalment sale. tion W: 2.. By adding to section 5 entitled "CHARGE CHARGE ACCOUNT—DEFECTIVE ARTICLE ACCOUNTS" the following two new subsections (g) and (£), and by changing subsection (/) The Board has received several inquiries reto read as follows: garding the status under Regulation W of a (/) "Authorization" of Small Items.—In charge account in which the balance remaining case a Registrant makes a charge sale of a listed unpaid beyond the tenth day of the second article the cash price of which is $5.00 or less, calendar month represents the sale of an article he shall not be deemed to have violated section which the buyer has refused to pay for on the 5(T) if the person authorizing such sale on behalf ground that the article is defective. In answerof the Registrant acts in good faith without ing this question, three classes of cases need to knowledge that the customer's charge account be distinguished. is in default, provided the Registrant, promptly In the first place, if the Registrant takes the upon discovery that such charge account is in position that the article is not defective, he default and in any event within 15 days from should consider the account to be in default. the date of sale, makes a request of the customer In the second place, if the article is defective that he either return the article or else pay for it so that the Registrant must correct the defect or in full immediately. replace the article in order to fulfill his obliga- (g) Small Defaults.—A charge account shall tions under the contract of sale, the regulation not be deemed to be "in default" within the does not require him to consider the account to 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT be in default, pending such correction or re- fourth or more of the borrower's war production placement. contracts. In the third place, if on the tenth day of the Although by reason of this provision the note second calendar month after the date of sale the is subject to a contingency in which maturity question as to whether or not the article is defec- may be suspended, the maturity stated on the tive has not yet been determined, the Registrant face of the note will not be more than 90 days should consider the account to be in default. at the time of acquisition by the Federal Reserve Of course, if it is subsequently determined that Bank, and, pending the cancellations of onethe article is defective, the rule stated in the fourth or more of the borrower's war production previous paragraph is applicable. contracts, which may or may not occur in the Whether a particular case falls within one or future, the note will in all cases be payable at its another of these classes is a question of fact to expressed maturity. Accordingly, the Board is be determined in the light of all of the surround- of the opinion that the fact that the suspension ing circumstances. If the Registrant has taken of maturity provisions of the standard form of the article back, this would ordinarily be an guarantee agreement are incorporated in the note indication that he expects to correct the defect does not render it ineligible for discount or as or replace the article. If the article is still in collateral for advances by a Federal Reserve the possession of the customer, however, this Bank under section 13 of the Federal Reserve would be an indication, in the absence of other Act. However, when cancellation or terminaevidence, that the article is not defective or that tion of one-fourth or more of the borrower's war the matter has not yet been determined. production contracts in the manner indicated in In any case where the account is considered the standard form of guarantee agreement has by the Registrant to be not in default, there occurred, suspension of maturity is no longer would be a question as to whether the parties dependent upon a contingency but may be are acting is good faith and with no intent to effected merely at the will of the borrower and, evade or circumvent the regulation, and there- accordingly, in the Board's opinion, such notes fore in any such case the Registrant for his own if then offered for discount may not be considered protection should see that his records contain eligible. As a practical matter, if, when such an adequate statement of the relevant facts. notes are offered, the Federal Reserve Bank has reason to believe that cancellations in such Rediscounts amount are imminent, the notes should not be acquired by the Reserve Bank under section 13 Eligibility of Notes Evidencing Guaranteed Loans of the Federal Reserve Act. In connection with notes evidencing loans Another question which has been raised in this connection is whether a note evidencing a loan guaranteed under Executive Order No. 91 ix, the guaranteed pursuant to Executive Order No. question has been raised whether such a note 91 ix which is otherwise eligible for discount by which is otherwise eligible for discount or as a Federal Reserve Bank is rendered ineligible by collateral for advances by a Federal Reserve the fact that the note is issued under a revolving Bank under section 13 of the Federal Reserve Act fund arrangement whereby the financing instituis rendered ineligible by the fact that the note tion is obligated to extend credit up to a speciincorporates by reference the terms of the standfied maximum amount over a specified period of ard form of guarantee agreement used by the months or years. Upon the maturity of the 90- War Department, Navy Department and Mariday note the financing institution can be retime Commission, providing for suspension of quired by the borrower to lend the same amount maturity of a part or all of the guaranteed loan for another 90 days, and the proceeds of the in the case of cancellation or termination of one- second note can be used to pay off the first. This NOVEMBER 1942. 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT commitment, however, does not affect the Fed- finds necessary to aid in the effective prosecution of the war or to correct gross inequities: Proeral Reserve Bank, and it is assumed that the vided, That no common carrier or other public Reserve Bank in discounting such note or acutility shall make any general increase in its cepting it as security for an advance will have rates or charges which were in effect on Septemno obligation or commitment to extend or renew ber 15, 1942., unless it first gives thirty days the credit at maturity or to accept other notes notice to the President, or such agency as he may designate, and consents to the timely inin lieu thereof. The Federal Reserve Bank is, tervention by such agency before the Federal, therefore, legally entitled to require payment at State, or municipal authority having jurisdicthe end of the 90-day period. Accordingly, in tion to consider such increase. the Board's opinion, the fact that such a note SEC. x. The President may, from time to time, may be a part of a revolving fund arrangement promulgate such regulations as may be necessary and proper to carry out any of the provisions of of the kind described does not prevent its being this Act; and may exercise any power or aueligible for discount or as security for an advance thority conferred upon him by this Act through under section 13 of the Federal Reserve Act. such department, agency, or officer as he shall direct. The President may suspend the provi- Emergency Price Control sions of sections 3 (a) and 3 (c), and clause (1) of section 302. (c), of the Emergency Price Con- Economic Stabilization Board trol Act or 194Z to the extent that such sections The President of the United States, on Octo- are inconsistent with the provisions of this Act, ber i, 1942., approved an Act of Congress which, but he may not under the authority of this Act suspend any other law or part thereof. in order to aid in preventing inflation, amended SEC. 3. No maximum price shall be established the Emergency Price Control Act of 19^ and or maintained for any agricultural commodity authorized the issuance of a general order staunder authority of this Act or otherwise below bilizing prices, wages and salaries. Pursuant to a price which will reflect to producers of agrithis authority, the President, on October 3, i94i, cultural commodities the higher of the following issued Executive Order No. 9x50 which, among prices, as determined and published by the Secretary of Agriculture— other things, established an Economic Stabiliza- (1) The parity price for such commodity tion Board. The text of the Act and of the (adjusted by the Secretary of Agriculture for Executive Order is as follows: grade, location, and seasonal differentials) or, in case a comparable price has been deter- [PUBLIC LAW 719—77TH CONGRESS] mined for such commodity under and in ac- [CHAPTER 578—ID SESSION] cordance with the provisions of section 3 (b) of the Emergency Price Control Act of 1942., [H. R. 6 ] 75 5 such comparable price (adjusted in the same AN ACT manner), or (2.) The highest price received by such To amend the Emergency Price Control Act of 1942., to aid producers for such commodity between Januin preventing inflation, and for other purposes ary 1, 1941, and September 15, 1942. (adjusted Be it enacted by the Senate and House of Repre- by the Secretary of Agriculture for grade, sentatives of the United States of America in Congress location, and seasonal differentials), or, if the assembled, That in order to aid in the effective market for such commodity was inactive prosecution of the war, the President is au- during the latter half of such period, a price thorized and directed, on or before November 1, for the commodity determined by the Secre- 1942., to issue a general order stabilizing prices, tary of Agriculture to be in line with the wages, and salaries, affecting the cost of living; prices, during such period, of other agriculand, except as otherwise provided in this Act, tural commodities produced for the same such stabilization shall so far as practicable be general use; on the basis of the levels which existed on am no maximum price shall be established or September 15, 1942.. The President may, except maintained under authority of this Act or otheras otherwise provided in this Act, thereafter wise for any commodity processed or manuprovide for making adjustments with respect to factured in whole or substantial part from any prices, wages, and salaries, to the extent that he agricultural commodity below a price which 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT will reflect to the producers of such agricultural of such regulations shall be disregarded by the commodity a price therefor equal to the higher executive departments and other governmental of the prices specified in clauses (i) and (2.) of agencies in determining the costs or expenses of this section: Provided, That the President may, any employer for the purposes of any other law without regard to the limitation contained in or regulation. clause 00, adjust any such maximum price to (b) Nothing in this Act shall be construed the extent that he finds necessary to correct to prevent the reduction by any private emgross inequities; but nothing in this section shall ployer of the salary of any of his employees be construed to permit the establishment in any which is at the rate of $5,000 or more per annum. case of a maximum price below a price which (c) The President shall have power by regulawill reflect to the producers of any agricultural tion to limit or prohibit the payment of double commodity the price therefor specified in clause time except when, because of emergency condi- (1) of this section: Provided further, That modi- tions, an employee is required to work for seven fications shall be made in maximum prices es- consecutive days in any regularly scheduled tablished for any agricultural commodity and work week. for commodities processed or manufactured in SEC. 6. The provisions of this Act (except whole or substantial part from any agricultural sections 8 and 9), and all regulations thereunder, commodity, under regulations to be prescribed shall terminate on June 30, 1944, or *on such by the President, in any case where it appears earlier date as the Congress by concurrent resoluthat such modification is necessary to increase tion, or the President by proclamation, may the production of such commodity for war pur- prescribe. poses, or where by reason of increased labor or SEC. 7. (a) Section 1 (b) of the Emergency other costs to the producers of such agricultural Price Control Act of 1942. is hereby amended by commodity incurred since January i, 1941, the striking out "June 30, 1943" and substituting maximum prices so established will not reflect "June 30, 1944''-. such increased costs: Provided further, That in (b) All provisions (including prohibitions the fixing of maximum prices on products re- and penalties) of the Emergency Price Control sulting from the processing of agricultural com- Act of 194Z which are applicable with respect to modities, including livestock, a generally fair orders or regulations under such Act shall, and equitable margin shall be allowed for such insofar as they are not inconsistent with the processing: Provided further, That in fixing price provisions of this Act, be applicable in the maximums for agricultural commodities and for same manner and for the same purposes with commodities processed or manufactured in whole respect to regulations or orders issued by the or substantial part from any agricultural com- Price Administrator in the exercise of any funcmodity, as provided for by this Act, adequate tions which may be delegated to him under weighting shall be given to farm labor. authority of this Act. SEC. 4. No action shall be taken under au- (c) Nothing in this Act shall be construed to thority of this Act with respect to wages or invalidate any provision of the Emergency salaries (1) which is inconsistent with the pro- Price Control Act of 1942. (except to the extent visions of the Fair Labor Standards Act of 1938, that such provisions are resuspended under auas amended, or the National Labor Relations thority of section z), or to invalidate any regu- Act, or (V) for the purpose of reducing the wages lation, price schedule, or order issued or or salaries for any particular work below the effective under such Act. highest wages or salaries paid therefor between SEC. 8. (a) The Commodity Credit Corpora- January 1, 1941, and September 15, I94x: Protion is authorized and directed to make available vided, That the President may, without regard upon any crop of the commodities cotton, corn, to the limitation contained in clause (x), adjust wheat, rice, tobacco, and peanuts harvested wages or salaries to the extent that he finds after December 31, 1941, and before the expiranecessary in any case to correct gross inequities tion of the two-year period beginning with the and also aid in the effective prosecution of 1st day of January immediately following the the war. date upon which the President by proclamation SEC. 5. (a) No employer shall pay, and no or the Congress by concurrent resolution declares employee shall receive, wages or salaries in that hostilities in the present war have tercontravention of the regulations promulgated minated, if producers have not disapproved by the President under this Act. The President marketing quotas for such commodity for the shall also prescribe the extent to which any marketing year beginning in the calendar year wage or salary payment made in contravention NOVEMBER 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT in which such crop is harvested, loans as nouncement has heretofore been made under follows: such section 4 (a). (i) To cooperators (except cooperators out- SEC. 10. When used in this Act, the terms side the commercial corn-producing area, in "wages" and "salaries" shall include additional the case of corn) at the rate of 90 per centum of compensation, on an annual or other basis, the parity price for the commodity as of the paid to employees by their employers for perbeginning of the marketing year; sonal services (excluding insurance and pension (2.) To cooperators outside the commercial benefits in a reasonable amount to be determined corn-producing area, in the case of corn, at by the President); but for the purpose of dethe rate of 75 per centum of the rate specified termining wages or salaries for any period prior in (1) above; to September 16, 1942., such additional com- (3) To noncooperators (except noncoopera- pensation shall be taken into account only in tors outside the commercial corn-producing cases where it has been customarily paid by area, in the case of corn) at the rate of 60 per employers to their employees. centum of the rate specified in (1) above and SEC. 11. Any individual, corporation, partneronly on so much of the commodity as would ship, or association willfully violating any be subject to penalty if marketed. provision of this Act, or of any regulation (b) All provisions of law applicable with promulgated thereunder, shall, upon conviction respect to loans under the Agricultural Adjust- thereof, be subject to a fine of not more than ment Act of 1938, as amended, shall, insofar as $1,000, or to imprisonment for not more than they are not inconsistent with the provisions of one year, or to both such fine and imprisonment. this section, be applicable with respect to loans Approved, October 2., 1941. made under this section. (c) In the case of any commodity with respect EXECUTIVE ORDER 92.50 to which loans may be made at the rate provided Providing for the Stabilizing of the National Economy in paragraph (1) of subsection (a), the President By virtue of the authority vested in me by may fix the loan rate at any rate not less than the Constitution and the Statutes, and parthe loan rate otherwise provided by law if he ticularly by the Act of October x, 1941, entitled determines that the loan rate so fixed is neces- "An Act to Amend the Emergency Price Control sary to prevent an increase in the cost of feed Act of 1942., to Aid in Preventing Inflation and for livestock and poultry and to aid in the effor Other Purposes", as President of the United fective prosecution of the war. States and Commander in Chief of the Army and SEC. 9. (a) Section 4 (a) of the Act entitled Navy, and in order to control so far as possible "An Act to extend the life and increase the the inflationary tendencies and the vast dislocacredit resources of the Commodity Credit Cortions attendant thereon which threaten our poration, and for other purposes", approved military effort and our domestic economic struc- July 1, 1941 (U. S. C, 1940 edition, Supp. I, title ture, and for the more effective prosecution of 15, sec. 713a-8), is amended— the war, it is hereby ordered as follows: (1) By inserting after the words "so as to support" a comma and the following: "during TITLE I—ESTABLISHMENT OF AN OFFICE the continuance of the present war and until OF ECONOMIC STABILIZATION the expiration of the two-year period beginning with the 1st day of January immediately follow- 1. There is established in the Office for Emering the date upon which the President by proc- gency Management of the Executive Office of lamation or the Congress by concurrent resolu- the President an Office of Economic Stabilization tion declares that hostilities in the present war at the head of which shall be an Economic have terminated,". Stabilization Director (hereinafter referred to as (2.) By striking out "85 per centum" and in- the Director). serting in lieu thereof "90 per centum". 2.. There is established in the Office of Eco- (3) By inserting after the word "tobacco" nomic Stabilization an Economic Stabilization a comma and the word "peanuts". Board with which the Director shall advise and (b) The amendments made by this section consult. The Board shall consist of the Secreshall, irrespective of whether or not there is tary of the Treasury, the Secretary of Agriculany further public announcement under such ture, the Secretary of Commerce, the Secretary of section 4 (a), be applicable with respect to any Labor, the Chairman of the Board of Governors commodity with respect to which a public an- of the Federal Reserve System, the Director of 1081 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the Bureau of the Budget, the Price Adminis- to correct gross inequities, or to aid in the trator, the Chairman of the National War effective prosecution of the war. Labor Board, and two representatives each of Provided, however, that where the National labor, management, and farmers to be appointed War Labor Board or the Price Administrator by the President. The Director may invite for shall have reason to believe that a proposed consultation the head of any other department wage increase will require a change in the price or agency. The Director shall serve as Chair- ceiling of the commodity or service involved, man of the Board. such proposed increase, if approved by the 3. The Director, with the approval of the National War Labor Board, shall become effec- President, shall formulate and develop a com- tive only if also approved by the Director. prehensive national economic policy relating to 3. The National War Labor Board shall not the control of civilian purchasing power, prices, approve a decrease in the wages for any parrents, wages, salaries, profits, rationing, sub- ticular work below the highest wages paid sidies, and all related matters—all for the pur- therefor between January 1, 1942. and September pose of preventing avoidable increases in the cost 15, 1941, unless to correct gross inequities and of living, cooperating in minimizing the un- to aid in the effective prosecution of the war. necessary migration of labor from one business, 4. The National War Labor Board shall, by industry, or region to another, and facilitating general regulation, make such exemptions from the prosecution of the war. To give effect to the provisions of this title in the case of small this comprehensive national economic policy the total wage increases or decreases as it deems Director shall have power to issue directives on necessary for the effective administration of policy to the Federal departments and agencies this Order. concerned. 5. No increases in salaries now in excess of 4. The guiding policy of the Director and of $5,000 per year (except in instances in which an all departments and agencies of the Government individual has been assigned to more difficult shall be to stabilize the cost of living in ac- or responsible work), shall be granted until cordance with the Act of October 2., 1942.; and otherwise determined by the Director. it shall be the duty and responsibility of the 6. No decrease shall be made in the salary for Director and of all departments and agencies any particular work below the highest salary of the Government to cooperate in the execution paid therefor between January 1, 1941 and of such administrative programs and in the September 15, 1941 unless to correct gross indevelopment of such legislative programs as equities and to aid in the effective prosecution may be necessary to that end. The administra- of the war. tion of activities related to the national eco- 7. In order to correct gross inequities and to nomic policy shall remain with the departments provide for greater equality in contributing to and agencies now responsible for such activities, the war effort, the Director is authorized to take but such administration shall conform to the the necessary action, and to issue the appropriate directives on policy issued by the Director. regulations, so that, insofar as practicable, no salary shall be authorized under Title III, Sec- TITLE II—WAGE AND SALARY STABILIZA- tion 4 to the extent that it exceeds $2.5,000 after TION POLICY the payment of taxes allocable to the sum in 1. No increases in wage rates, granted as a excess of $2.5,000: Provided, however, that such regulations shall make due allowance for the result of voluntary agreement, collective barpayment of life insurance premiums on policies gaining, conciliation, arbitration, or otherwise, heretofore issued, and required payments on and no decreases in wage rates, shall be aufixed obligations heretofore incurred, and shall thorized unless notice of such increases or demake provision to prevent undue hardship. creases shall have been filed with the National 8. The policy of the Federal Government, as War Labor Board, and unless the National War established in Executive Order No. 9017 of Labor Board has approved such increases or January 12., 1942., to encourage free collective decreases. bargaining between employers and employees x. The National War Labor Board shall not is reaffirmed and continued. approve any increase in the wage rates pre- 9. Insofar as the provisions of Clause (1) of vailing on September 15, 1942., unless such in- section 302. (c) of the Emergency Price Control crease is necessary to correct maladjustments or Act of 1942. are inconsistent with this Order, inequalities, to eliminate substandards of living, they are hereby suspended. NOVEMBER 1941 1083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT TITLE III—ADMINISTRATION OF WAGE of the United States or for the purpose of deter- AND SALARY POLICY mining costs or expenses uncfer any contract made by or on behalf of the Government of the i. Except as modified by this Order, the United States. National War Labor Board shall continue to perform the powers, functions/and duties con- TITLE IV—PRICES OF AGRICULTURAL ferred upon it by Executive Order No. 9017, and COMMODITIES the functions of said Board are hereby extended to cover all industries and all employees. The 1. The prices of agricultural commodities and National War Labor Board shall continue to of commodities manufactured or processed in follow the procedures specified in said Executive whole or substantial part from any agricultural Order. commodity shall be stabilized, so far as pracz. The National War Labor Board shall con- ticable, on the basis of levels which existed on stitute the agency of the Federal Government September 15, 194Z and in compliance with the authorized to carry out the wage policies stated Act of October z, 194Z. in this Order, or the directives on policy issued z. In establishing, maintaining or adjusting by the Director under this Order. The National maximum prices for agricultural commodities War Labor Board is further authorized to issue or for commodities processed or manufactured such rules and regulations as may be necessary in whole or in substantial part from any agrifor the speedy determination of the propriety cultural commodity, appropriate deductions of any wage increases or decreases in accordance shall be made from parity price or comparable with this Order, and to avail itself of the serv- price for payments made under the Soil Conices and facilities of such State and Federal servation and Domestic Allotment Act, as departments and agencies as, in the discretion of amended, parity payments made under the the National War Labor Board, may be of Agricultural Adjustment Act of 1938, as assistance to the Board. amended, and governmental subsidies. 3. No provision with respect to wages con- 3. Subject to the directives on policy of the tained in any labor agreement between em- Director, the price of agricultural commodities ployers and employees (including the Ship- shall be established or maintained or adjusted building Stabilization Agreements as amended jointly by the Secretary of Agriculture and the on May 16, 1941, and the Wage Stabilization Price Administrator; and any disagreement be- Agreement of the Building Construction In- tween them shall be resolved by the Director. dustry arrived at May zz, 194Z) which is in- The price of any commodity manufactured or consistent with the policy herein enunciated or processed in whole or in substantial part from hereafter formulated by the Director shall be an agricultural commodity shall be established enforced except with the approval of the Na- or maintained or adjusted by the Price Administional War Labor Board within the provisions trator, in the same administrative manner proof this Order. The National War Labor Board vided for under the Emergency Price Control shall permit the Shipbuilding Stabilization Act of 194Z. Committee and the Wage Adjustment Board 4. The provisions of sections 3 (a) and 3 (c) for the Building Construction Industry, both of the Emergency Price Control Act of 194Z are of which are provided for in the foregoing hereby suspended to the extent that such proagreements, to continue to perform their func- visions are inconsistent with any or all prices tions therein set forth, except insofar as any of established under this Order for agricultural them is inconsistent with the terms of this commodities, or commodities manufactured or Order. processed in whole or in substantial part from 4. In order to effectuate the purposes and pro- an agricultural commodity. visions of this Order and the Act of October z, TITLE V—PROFITS AND SUBSIDIES 194Z, any wage or salary payment made in contravention thereof shall be disregarded by 1. The Price Administrator in fixing, reducthe Executive Departments and other govern- ing, or increasing prices, shall determine price mental agencies in determining the costs or ceilings in such a manner that profits are preexpenses of any employer for the purpose of any vented which in his judgment are unreasonable law or regulation, including the Emergency or exorbitant. Price Control Act of 194Z or any maximum z. The Director may direct any Federal Deprice regulation thereof, or for the purpose of partment or agency including, but not limited calculating deductions under the Revenue Laws to, the Department of Agriculture (including 1084 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the Commodity Credit Corporation and the sion of the Director as to such delegation and Surplus Marketing Administration), the De- the manner of exercise thereof shall be final. partment of Commerce, the Reconstruction 6. The Director, if he deems it necessary, may Finance Corporation, and other corporations direct that any policy formulated under this organized pursuant to Section 5d of the Recon- Order shall be enforced by any other department struction Finance Corporation Act, as amended, or agency under any other power or authority to use its authority to subsidize and to purchase which may be provided by any of the laws of the for resale, if such measures are necessary to United States. insure the maximum necessary production and 7. The Director, who shall be appointed by distribution of any commodity, or to maintain the President, shall receive such compensation ceiling prices, or to prevent a price rise incon- as the President shall provide, and within the sistent with the purposes of this Order. limits of funds which may be made available, may employ necessary personnel and make pro- TITLE VI—GENERAL PROVISIONS vision for supplies, facilities and services necesi. Nothing in this Order shall be construed sary to discharge his responsibilities. as affecting the present operation of the Fair FRANKLIN D. ROOSEVELT Labor Standards Act, the National Labor Rela- THE WHITE HOUSE tions Act, the Walsh-Healey Act, the Davis- October 3, 1941. Bacon Act, or the adjustment procedure of the [F.R. Doc. 41-9889; Filed, October 3, 1941; 1:04 p.m.] Railway Labor Act. z. Salaries and wages under this Order shall Federal Reserve Bank Stock include all forms of direct or indirect remuneration to an employee or officer for work or per- Tax on Dividends sonal services performed for an employer or The Commissioner of Internal Revenue, on corporation, including but not limited to, September 9, 1941, addressed a letter to the bonuses, additional compensation, gifts, commissions, fees, and any other remuneration in Board of Governors setting forth the requireany form or medium whatsoever (excluding in- ments necessary in order to avoid the application surance and pension benefits in a reasonable of the first-in, first-out rule with regard to the amount as determined by the Director); but for taxation of dividends on Federal Reserve Bank the purpose of determining wages or salaries stock. Treasury Decision (T.D. 5160) referred for any period prior to September 16, 1941, such to in the Commissioner's letter was published in additional compensation shall be taken into account only in cases where it has been cus- the August 1941 Federal Reserve BULLETIN at tomarily paid by employers to their employees. page 753. The text of the Commissioner's letter "Salaries" as used in this Order means remunera- is as follows: tion for personal services regularly paid on a weekly, monthly or annual basis. "Reference is made to your letter of August 4, 1941, regarding the application of 3. The Director shall, so far as possible, section 6 of the Public Debt Act of 1941, utilize the information, data, and staff services approved March 2.8, 1941 (Internal Revenue of other Federal departments and agencies which Bulletin 1941-16, p. 31), and Treasury Decihave activities or functions related to national sion 5160 (I.R.B. 1942.-18, 2.), as relating to economic policy. All such Federal departments the taxability of dividends on shares of and agencies shall supply available information, Federal Reserve Bank stock. data, and services required by the Director in "Your inquiry concerns the ascertainment discharging his responsibilities. of whether the dividends are on shares pur- 4. The Director shall be the agency to receive chased and paid for prior to, or on or after, notice of any increase in the rates or charges of March 18, 1941 (the effective date of section common carriers or other public utilities as pro- 6, supra). vided in the aforesaid Act of October z, 1942.. "In connection with such ascertainment, 5. The Director may perform the functions you refer to the "first-in, first-out" rule, and duties, and exercise the powers, authority, which is applicable, inter alia, in ascertainand discretion conferred upon him by this ing what particular shares of stock in a Order through such officials or agencies, and in corporation are disposed of, in the absence such manner, as he may determine. The deci- of positive identification thereof, where the NOVEMBER 1942. 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT seller has several lots of such stock pur- eral Reserve System Form 56, Revised 1936), chased at different dates. Section i9-xx(a)- to the date they were purchased and paid 8 of Regulations 103; Helvering v. Jas. L. for. You are advised that such identifica- Kankin (1935, 2.95, U.S. 12.3, Ct. D. 966, tion will be accepted as satisfactory, for the C.B. XIV-i, 160); John A. Snyder v. Com- purposes of the ascertainment here conmissioner (1935, 2-95 U.S. 134, Ct. D. 967, cerned, provided that, also, the (single) C.B. XIV-i, 164). stock certificate representing the shares on "You state that, by virtue of your Board's which the dividends are received shows the Regulation I, a member bank may not have number of shares purchased and paid for more than one stock certificate evidencing prior to March 2.8, 1942., and the number of its holdings of Federal Reserve Bank stock, shares, if any, purchased and paid for on or and that it is possible for a certificate (issued after that date. After all, the certificate is on or after March 2.8, 1942.) to represent the best evidence of the shares a member shares purchased and paid for prior to as bank holds, in the absence of clear and conwell as on or after March ±S, 1942.. vincing evidence of error therein. See "You request advice, (1) whether the /. E. Davidson v. Commissioner"(1938, 305 "first-in, first-out" rule will be inapplicable, U.S. 44, Ct. D. 1366, C.B. 1938-2., 2.2.7); in ascertaining the particular shares of Fed- Z. T. 3426 (C.B. 1940-1, 41); A. F. Mack eral Reserve Bank stock on which dividends (1935, 31 B.T.A. 1149). have been received, if, when a member bank "It was contemplated in section 19.2.2.^) surrenders some of its shares of Federal (4)-!. of Regulations 103, as amended by Reserve Bank stock in reduction of its aggre- T. D. $160 (supra), that it was feasible to gate holdings, it identifies, by reference to arrange for issuance by the Federal Reserve the date they were purchased and paid for, Banks of two certificates outstanding at one the shares surrendered. You are advised time to a particular member bank where it is that the "first-in, first-out" rule is inap- the holder of some Federal Reserve Bank plicable in such ascertainment where the stock purchased and paid for prior to March particular shares on which dividends are 2.8, 1942., and of some such stock purchased received are positively identified as having and paid for on or after that date. It is been purchased and paid for either prior to believed that if this be done, with each or on or after March z8, 1941. See G.C.M. certificate showing the respective holdings 11743 (1933, C.B. XII-2., 31); Louis G. accordingly, it would greatly facilitate Neville (1933, 2,9 B.T.A. 450); H. H. Frank- identification for the purposes here conlin (1938, 37 B.T.A. 471, acq. C.B. 1938-2., cerned. ii). It is, of course, impracticable to out- "It may be added that before a member line comprehensively the proof or evidence bank surrenders a certificate or certificates which will be required or accepted as satis- which shows such respective holdings, it factorily showing or constituting such iden- should make, and retain in its files for contification in every case. Cf. Henry C. Heinz, venient reference and as permanent evidence v. Commissioner (1934, CCA-5, 70 F. (id) in this connection, a photostatic or certified 461); Geo. Vawter v. Commissioner (1936, copy of the certificate or certificates." CCA-10, 83 F. (id) 11, Ct. D. 1198, C.B. 1937-1, 184, certiorari denied 199 U.S. 578); Foreign Funds Control S. B. Kraus v. Commissioner (1937, CCA-i, 88 F. (zd) 616, Ct. D. 1173, C.B. 1937-2., General License, Public Circular and Public Interpretation 9)) "In the event the answer to question (1) Since the publication of the October Federal is in the affirmative, you request further Reserve BULLETIN the following General Liadvice, (i) whether there is sufficient identi- cense, Public Circular and Public Interpretation fication for the purposes of the ascertainrelating to transactions in foreign exchange, ment here concerned, if, when a member bank so surrenders shares of Federal Reserve etc., have been issued by the Office of the Secre- Bank stock, it identifies the shares sur- tary of the Treasury under the authority of the rendered by reference, on APPLICATION Executive Order of April 10, 1940, as amended, FOR ADJUSTMENT IN HOLDINGS OF and the Regulations issued pursuant thereto: FEDERAL RESERVE BANK STOCK (Fed- 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department, Office of the Secretary (c) Any transaction directly or indirectly at the re- • October 2.3, 1942. quest or upon the instructions of any national of a blocked country; or GENERAL LICENSE NO. 30A (d) Any transaction which could not be effected if Under Executive Order No. 8389, as Amended, Executive Order no national of a blocked country had any interest in No. 9193, Sections $(a) and $(Ji) of the Trading with the such estate. Enemy Act, as Amended by the First War Powers Act, (4) As used in this general license, the term "blocked 1941, Relating to Foreign Funds Control* estate" shall mean any decedent's estate in which a national (1) A general license is hereby granted authorizing all of a blocked country has an interest. A person shall be transactions incident to the administration of the assets deemed to have an interest in a decedent's estate if he (i) situated within the United States of any blocked estate in was the decedent; (ii) is a personal representative; or Qi\) is which any one of the following conditions is present: a creditor, heir, legatee, devisee, distributee, or beneficiary. (a) The decedent was not a national of a blocked (5) This general license authorizes all transactions incountry at the time of his death; cident to the collection, conservation, administration, (b) The decedent was a citizen of the United States liquidation, and distribution of any blocked estate engaged and a national of a blocked country at the time of his in since the effective date of the Order, provided such transacdeath solely by reason of his presence in a blocked tions comply with the terms and conditions of this general country as a result of his employment by or service license. with the United States Government; or (6) Any transfer or other dealing in any property author- (c) The gross value of the assets within the United ized under this general license shall not be deemed to limit States does not exceed $5,000; or restrict the exercise of any power or authority under secprovided, however, that any property paid or distributed to ation 5(b) of the Trading with the enemy Act, as amended. national of a blocked country pursuant to this general (7) Attention is directed to the provisions of Public Cirlicense shall be subject to all the provisions of the Order, cular No. zo. and provided, further, that any payment or distribution of any RANDOLPH PAUL, funds, securities or other choses in action to a national of a Acting Secretary of the Treasury. blocked country shall be made by deposit in a blocked ac- Treasury Department, Office of the Secretary count in a domestic bank or with a public officer, agency, or instrumentality designated by a court having jurisdiction October 13, 1942. of the estate (i) in the name of the national who is the ul- PUBLIC CIRCULAR NO. 2.0 timate beneficiary thereof; (ii) in the name of a person who is not a national of a blocked country in trust for the national Under Executive Order No. 8389, as Amended, Executive Order who is the ultimate beneficiary; or (iii) under any other No. 9193, Sections $(a) and s(f) of the Trading with the designation which clearly shows the interest therein of such Enemy Act, as Amended by the First War Powers Act, national. 1941, Relating to Foreign Funds Control* (2.) This general license also authorizes all transactions (1) Reference is made to General License No. 30A relative incident to the following limited acts of administration of the to the administration of estates of decedents. assets situated within the United States of any other blocked (2.) All transactions incident to the administration of a estate: blocked estate, including the appointment and qualification (a) The appointment and qualification of a personal of a personal representative, the collection and liquidation representative; of assets, the payment of claims, and the distribution to the (b) The collection and preservation of such assets by beneficiaries, may be effected only pursuant to license. As such personal representative and the payment of all used herein, the term "blocked estate" shall have the meancosts, fees and charges in connection therewith; and ing prescribed in General License No. 30A. (c) The payment by such personal representative of (3) Attention is directed to the fact that in instances funeral expenses and expenses of the last illness. where the decedent was not a national of a blocked country, (3) This general license shall not be deemed to authorize: or was a United States citizen and a national of a blocked (a) Any national of a blocked country to act as per- country solely by reason of his presence in a blocked country sonal representative or co-representative of any estate; as a result of his employment by or service with the United (b) Any national of a blocked country to represent, States Government, or whenever the gross value of the assets directly or indirectly, any person who has an interest within the United States does not exceed $5,000, such general in an estate; license authorizes the complete administration of a blocked * oSeeccutioonn J5^O(bJ), ,• 4tu0 dSimta. t.< ±41io5 a annad v o9o6;6 ;o eSce.c z., 210, 4o8ta St.t a1t;. o1t ; o5i4ai .S tia/ty.; 179; * o a S u ec u t i i i o n o\ u 5 / ( , b ) ** , " 4 o 0 i a S i. t a t t w . 41 a 5 u u a ? n w d , 9 o 6 c 6 < ; - . S .* e ., c to . 2 O , W 4 L 8 . S A t , a J t * . ± 1 O ; W 5 L 4 . x S / t y a , t. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, 1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, July 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. amended June 14, 1941, and July 26, 1941. NOVEMBER 1941 1087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT estate. This includes the appointment and qualification of a license application Form TFE-i. Such application should personal representative, the collection and liquidation of assets, contain a complete statement of all relevant facts, including, the payment of debts and claims, and the distribution of the as accurately as possible, an inventory of the assets, the names remaining assets to the persons entitled thereto. Property and nationality of all persons who have an interest in, or distributable to nationals of blocked countries must be dis- have made any claim against, the estate, and the probable tributed in accordance with the provisions of such general method of distribution. license. (9) General License No. 30A authorizes all transactions (4) In instances where the decedent was a national of a incident to the collection, conservation, administration, blocked country (other than a United States citizen who was liquidation, and distribution of any blocked estate engaged a national of a blocked country solely by reason of his in since the effective date of the Order, provided such transacpresence in a blocked country as a result of his employment tions comply with the terms and conditions of such general by or service with the United States Government) and the license. gross value of the assets situated within the United States (10) Attention is directed to the fact that General License of the estate of such decedent exceeds $5,000, such general No. 30A does not affect any orders, rules or regulations of the license permits certain limited acts of administration. These Alien Property Custodian relating to estates. In this conacts are confined to transactions incident to the appointment nection, see General Orders 5 and 6 issued by the Alien and qualification of a personal representative, the collection Property Custodian. and preservation of the assets and the payment of all costs, RANDOLPH PAUL, fees and charges incident thereto, and the payment of funeral Acting Secretary of the Treasury. -expenses and expenses of last illness. All other transactions Treasury Department, Foreign Funds Control incident to the administration of such estates, including the October 17, 1942. liquidation of assets, the payment of claims and the distribution of any of the assets, may be effected only pursuant PUBLIC INTERPRETATION NO. 7 to special license. Under Executive Order No. 8389, as Amended, and peculations (5) Attention is directed to the fact that no national of a Issued Pursuant Thereto, Updating to Foreign Funds Control blocked country may, except pursuant to special license, act .as personal representative of any estate, nor may he act as SUBJECT: Remittances under General Licenses Nos. 32. and attorney or attorney in fact for or represent, directly or in- 33directly, any personal representative, creditor, heir, next of Inquiry has been made whether a remittance may be kin, legatee, devisee, distributee, or beneficiary therein. effected under General Licenses No. 32. and 33 to an individual (6) In any estate in which distribution is authorized under for the necessary living expenses of a person not constituting this general license, property may be transferred to the trustee part of the household of the recipient. of any testamentary trust or to the guardian of the estate of General Licenses Nos. 31 and 33 authorize remittances a minor or of an incompetent, provided such trustee or guard- to individuals only for the purpose of defraying the expenses ian is not a national of a blocked country. The administra- of such individuals and their households. A remittance to tion of such testamentary trust or such estate of a minor or of an individual for the purpose of defraying the expenses of a an incompetent shall conform to all applicable provisions of person not constituting part of his household is not authordie Order. ized under such general licenses. The transmittal of any (7) General Licenses Nos. 30, 49, 50, 52., and 70 are instructions to the recipient of remittances under General amended so as to be inapplicable to the administration of License No. 32. or 33 directing the transfer of funds to third decedents' estates. persons or directing the use of such funds for the benefit of (8) Application for special license authorizing any transac- persons not forming part of the household of the recipient, tion, or series of transactions, in connection with any requires a special license from the Treasury Department. blocked estate not authorized by General License No. 30A J. W. PEHLE, may be made to the appropriate Federal Reserve Bank on Assistant to the Secretary. 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS A recent survey of commercial loans at member somewhat higher rates than did large banks to banks has provided hitherto unavailable in- borrowers of comparable size. (Table z) formation on interest rates charged on loans to (5) Rates charged appear to have declined different types of borrowers for commercial and somewhat since 1936. industrial purposes. These data show that the (6) Regional differentials in average rates major cause of variations in rates paid on differ- paid were evidently accounted for in considerable ent commercial loans is the nature and size of part by differences in the average size and busithe borrower's business, and that differences in ness of borrowers. Such differentials between rates as between regions, different sizes of city, average rates to reported borrowers of comparand different sizes of bank reflect in large part able size at comparable banks seldom exceeded differences in size and business of borrower. 1% percentage points, although differentials on Thus, rates paid by small borrowers exceed individual loans often far exceeded this range. those paid by very large firms by several per cent, Some shifting of the geographical rate structure and firms in certain industries, such as finance toward relatively lower rates in the midwest companies, consistently obtain very low rates as seems to be evident. (Tables 3 and 5) compared to others, such as construction com- (7) Borrowers in different industries paid subpanies. Differences dependent wholly on re- stantially different rates for borrowed funds, gional, size-of-city, and size-of-bank factors both on the average and when borrowers of appear to be of less importance. comparable size are considered. Finance com- Underlying this broad generalization, the fol- panies consistently obtained the lowest rates, lowing major conclusions are disclosed by the followed by food and chemical manufacturers, data obtained from the survey: and by public utilities, while the highest rates (i) The average rate charged all borrowers were paid by borrowers in the petroleum, was per cent. However, very large bor- service, and construction industries. (Tables 4 rowers (firms with assets of over 5 million and 5) dollars) paid, on the average, rates that were (8) Long-term loans to large borrowers were only about one-third of those paid by borrowers at higher rates than short-term loans to the having assets of $50,000 or less (1.8 per cent same group, but because such a large proportion compared to 5.5 per cent). (Table 1 and Chart 1) of all long-term loans went to large firms the (z) Rates charged comparable borrowers for average long-term rate was lower than the averwar and non-war purposes were similar. age short-term rate. (Table 6) (Table 1) Average interest rates were computed in all (3) Nearly one-fourth of all funds advanced cases by weighting each rate paid by the dollars were at rates between 1 and z per cent, with the borrowed at that rate. Rates were reported for next largest amount at 4 per cent. Only small virtually all loans covered by the survey, in amounts were loaned at one per cent or less or at which nearly all member banks participated, over 6 per cent. (Chart 11) and therefore the rates shown are typical of all (4) Smaller banks charged, on the average, member banks. The survey, however, did not NOTE.—This is the third of a series of articles presenting informa- cover very srnall loans—those under 5,000 doltion obtained in a survey of commercial lending at member banks made by the Board and the Reserve Banks over the period April 16-May 15, lars at banks having over 10 million dollars 1942. Details of the survey and previous data on loans and borrowers were presented in the August BULLETIN, pp. 768-73, and the September of commercial loans outstanding, under 1,500 dollars at other banks in cities of over 100,000 augmented reprint. The series of articles was prepared by G. L. Bach population, and under 1,000 dollars at banks in of the Board's Division of Research. 1089 NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS cities having less than 100,000 population. Ex- cent or more for three-fifths of their funds, while clusion of these small loans eliminated many of very large firms obtained over two-thirds of the very high rate advances which are made their borrowings at less than 2. per cent. especially by small rural banks in the southern Medium size and moderately large firms paid a and western part of the country and biased the somewhat wjder range of rates on the bulk of picture somewhat for these regions, but, in view their borrowings. As will be further shown in of the small dollar amounts excluded, this had a later section,1 borrowers of like size generally little effect on the national averages. paid closely similar rates even when they were in different industries and different localities. RATES PAID BY LARGE AND SMALL BORROWERS Using size as one possible measure of the credit Firms having large assets and commonly bor- standing of borrowers, it appears, therefore, rowing large amounts consistently obtained that differences of this nature were perhaps the funds at substantially lower rates than did Chart I smaller borrowers. The differential varied widely in individual cases, depending on a PER CENT OF FUNDS BORROWED AT DIFFERENT RATES APRIL 16. 1942 - MAY 15. 1942 variety of factors—the credit rating of the BY BY BORROWERS WITH ASSETS OF: ALL UNDER |50,000 • 500.000 OVER borrower, the size and maturity of the loan, the BORROWERS 150,000 .TO • 5.000.000 *5'°°°-O TABLE 1 AVERAGE INTEREST RATES ON COMMERCIAL LOANS AT MEMBER BANKS, BY PURPOSE OF LOAN AND SIZE OF BORROWER, APRIL 16-MAY 15, 1942 [Per cent per annum] All War Non-war Loans Loans Loans Borrowers with assets of: Under $50,000 5.5 5.4 5.5 $50,000 to $500,000 4.5 4.5 4.5 $500,000 to $5,000,000... 3.1 3.1 3.1 Over $5,000,000 1.8 2.0 1.8 All Borrowers • 3.4 3.3 3.4 collateral offered, the use planned for the funds, and so on. In Table 1 borrowers are lumped into four size groups, as measured by total assets, and the average rate paid by borrowers of each size is shown. Average rates paid ranged from 1.8 per cent for very large borrowers to 5.5 per cent for major factor accounting for the wide differenreported borrowers having assets of less than tials in rates paid on different commercial 50,000 dollars. The table also shows that war loans.2 Since large firms generally borrow and non-war borrowers of comparable size paid much larger amounts than do small ones, anvirtually identical rates. other closely related rate-determining factor Chart 1 shows in more detail the rates paid by may be the higher cost per dollar advanced of different sized firms on borrowed funds. Each making small loans than large ones. of the five columns represents 100 per cent of the Although most borrowers had to pay subfunds obtained by the size group indicated, and 1 See especially Table 4. the subdivisions in each column indicate the 2 W. W. Riefler, in Money Rates and Money Markets in the United States (Harper and Brothers, 1930), the most detailed available study proportion of the total for the group that was of bank interest rates in this country, concluded from his study of rates during the 1920's that differences in the credit standing of borborrowed at the rate indicated. From this rowers and differences in geographical location of the markets involved were the major factors accounting for existing rate differentials on chart it is evident that small firms paid 6 per commercial loans. Such factors as differences in maturity and collateral were found to be relatively unimportant. IO9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS stantially higher rates, nearly one-fourth of all RATES CHARGED AT DIFFERENT SIZED BANKS funds borrowed in the period covered were at Table 2. shows the spread of interest rates rates less than 2. per cent, This is shown by charged by different classes of banks. For pur- Chart II, which also indicates the bunching of poses of convenience, banks were divided into loans at 4 per cent, 6 per cent, 5 per cent and 3 per Groups A, B, and C, representing respectively cent, in that order. As indicated in the earlier banks having over 10 million dollars of comarticles, only about 10 per cent of all the funds mercial loans outstanding, other banks in cities advanced went to borrowers in the smallest size of over 100,000 population, and banks in cities of under 100,000 population. While the average Chart II rate charged by all banks was 3.4 per cent, the MEMBER BANK COMMERCIAL LOANS AT DIFFERENT INTEREST RATES average rate at very large banks was only 2.. 8 per MILLIONS OF COLLARS APRIL 16. 1942 - MAY 15. 1942 cent as compared to 5.0 per cent at banks in cities of under 100,000 population. Separate figures for the individual smaller banks in the C group would show substantially higher rates still, and inclusion of the small loans excluded from the survey would further increase this spread. The range of rates shown was apparently accounted for in considerable part by the fact that most loans by Group A banks were to large borrowers who took substantial sums while most loans by Group C banks were to medium- PER CENT PER ANNUM sized or small firms whose individual borrowings group, while the remaining 90 per cent was were relatively small. divided equally among the three larger-firm Table 2. also shows the rate paid at each group groups. Therefore, as indicated by the data pre- of banks by comparable sized borrowers, so that sented, virtually all of the low-rate funds went a more specific comparison of rates paid at differto large borrowers and the higher rate loans ent sized banks can be made. This comparison were concentrated in the hands of smaller firms. indicates that banks outside the large cities Since the dollar volume of high-rate loans is throughout charged somewhat higher rates than relatively small, the average interest return re- did large urban institutions to the same size ceived by all member banks—about 3^ per cent borrowers. If a larger number of size groups —is determined largely by the larger low-rate were used for borrowers, however, it is likely loans. that these differences between classes of banks TABLE 2 AVERAGE INTEREST RATES ON COMMERCIAL LOANS AT MEMBER BANKS, BY CLASS OF BANK AND SIZE OF BORROWER, APRIL 16-MAY 15, 1942 Average Interest Rates Volume of Loans Made1 [Per cent per annum] [In millions of dollars] All Group A Group B Group C All Group A Group B Group C Banks Banks Banks Banks Banks Banks Banks Banks Borrowers with assets of: Under $50,000 5.5 4.7 5.1 5.8 201 34 43 124 $50,000 to $500,000 4.5 4.1 4.6 5.0 674 309 180 186 $500,000 to $5,000,000.... 3.1 2.9 3,5 3.8 689 529 108 52 Over $5,000,000 1.8 1.8 1.8 2.4 635 599 27 9 All Borrowers. 3.4 2.8 4.1 5.0 2,209 1,478 358 373 NOTE.—In this and Tables 3 and 4, Group A banks are, as specified in the text, those having over $10,000,000 of commercial loans outstanding; Group B banks are other banks in cities having over 100,000 population; and Group C banks are those in cities having less than 100,000 population. 1 Volume of loan figures exclude a small amount of loans on which interest rates were not reported. NOVEMBER 1942. 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS would be less. In all size groups, especially that by the data mentioned in the following paracomprising firms having over 5 million dollar graph. assets, the concerns borrowing at large banks The Board has also since 1919 collected reguwere probably larger on the average than those larly and published in the BULLETIN data showof the same size-group borrowing at smaller in- ing rates on loans to customers at large member stitutions. For example, of the few over 5 million banks in selected cities. In recent years this indollar firms borrowing from Group C banks formation has been obtained quarterly from most were probably fairly near the 5 million leading banks in 19 major cities and is published dollar limit, while most of the firms in this in the BULLETIN.1 Reported rates have recently class borrowing at Group A banks probably far averaged about 2. per cent at banks in New York exceeded the 5 million dollar asset minimum. City, 2% per cent at banks in 7 other northern Thus, the loans made by small banks to any and eastern cities, and 3^ per cent at banks in given size group of borrowers were probably to 11 southern and western cities, having generally somewhat smaller firms than those made by shown some decline from the middle 1930's. larger banks. These rates correspond closely to rates reported in the present survey by Group A banks in those COMPARISON WITH PREVIOUS PERIODS regions. The quarterly reported figures, there- These findings as to rates paid by customers at fore, are representative only of the rates charged different classes of banks may be compared with by the very largest metropolitan banks. other evidence on the subject. The Board made In addition, the Board regularly collects data a survey of interest rates on customer loans at on the earnings and expenses of member banks, member banks in October 1936, requesting banks including interest and discount received on loans. to report the range of rates charged and the rates Comparison of interest receipts with the average charged most frequently.1 This survey showed amount of loans outstanding gives a measure of that customer rates on commercial loans had the average rate of interest received.2 The fallen substantially from the levels of the 1920's, average rates, so calculated, for 1941 were 1.5 and that 1^ per cent was the commonest rate per cent for central reserve city banks, 3.9 per (based on volume of loans made) at central reserve cent for reserve city banks, and 5.3 per cent for city banks, 5 per cent at reserve city banks, and country banks, which correspond fairly well to 6 and 8 per cent at country banks. Comparing the rates obtained in the present survey for the these 1936 figures with the results obtained in A, B, and C groups of banks, respectively. In the present survey, rates charged most often by view of the fact that the earnings and expenses banks in Groups A and B corresponded with reports cover all loans while the loan survey those found for central reserve and reserve city covered only commercial advances, and since banks respectively in 1936, while the com- more detailed comparison of the two sets of monest rate for Group C institutions is now 6 data for strictly comparable groups of banks per cent, compared with 6 and 8 per cent in 1936. shows loan survey rates slightly under the all- This difference in the smaller-bank group may loan rates, it appears that commercial loan rates be due largely to the exclusion of very small generally may be slightly lower than rates on loans from the present survey. Thus the com- other loans. Figures by Federal Reserve dismonest rates charged appear to have been simi- 1 For a description of this series and the extent to which it is comlar in late 1936 and early 1941. However, there parable with earlier data, see the Federal Reserve BULLETIN for November 1939, pp. 963-969. For current figures see table on page 1123 is some reason to suppose the 1936 data may of this BULLETIN. 2 For the 1941 figures, see pp. 711-722 of the July 1942 BULLETIN. have somewhat understated rates actually Ratios of interest and discount on loans to outstanding loans, using aggregate dollar figures, classified by classes of banks and Federal charged so that in fact there may have been Reserve districts, are given on pp. 718-719. On the succeeding pages the same ratios are presented as computed for individual banks and some decline over the period, a result indicated then averaged together, giving equal weight to every bank. Much higher average rates are obtained by the second method, because very small, high-rate banks are given equal weight with the large metro- 1 Reported in the Federal Reserve BULLETIN for April 1937, pp. politan institutions. The figures obtained by the aggregate dollar 295-298. method are used in the present article. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS tricts show that average annual rates of interest large New York borrowers and 8 or 10 per cent received on all loans exceeded rates reported in rates to rural borrowers in the southern and the present survey by from about a quarter of a western states. Actually a large part of these percentage point in the Boston, New York and differentials result from differences in type and Philadelphia districts to one point in the Dallas size of loan and in credit standing of the bordistrict; differences were generally greatest in rower, rather than from geographical differences the southern and western states, where commer- alone. This fact is shown by Table 3, which cial loans are relatively less important than in shows average rates paid in each Federal Rethe more largely urban areas. serve district, subdivided by size of borrower and Comparison of rates now charged with such by class of bank. The left-hand portion of the information as is available on rates charged table shows the average rates paid at all banks in during the 192.0's, when the general level of each district by borrowers of different sizes. rates was much higher, indicates that the de- The other three sections of the table present the TABLE 3 AVERAGE INTEREST RATES ON COMMERCIAL LOANS AT MEMBER BANKS, BY DISTRICT, SIZE OF BANK, AND SIZE OF BORROWER, APRIL 16-MAY 15, 1942 [Per cent per annum] All Banks Group A Banks Group B Banks Group C Banks Borrowers with Borrowers with Borrowers with Borrowers with assets of: assets of: assets of: assets of: ft 88 It ga" « o O O Total 4.5 3.1 4.6 3.5 2.4 Boston 4.3 2.7 4.5 3.5 1.9 New York 4.2 2.7 4.6 3.7 2.7 Philadelphi 4.8 3.5 4.8 3.3 1.8 Cleveland 4.7 3.4 4.6 3.7 2.1 Richmond 4.2 3.1 4.6 3.3 1.9 Atlanta.. 4.6 3.3 4.9 3.3 2.2 Chicago.. 4.1 2.8 4.3 3.1 2.4 St. Louis. 4.0 2.6 4.1 3.3 1.5 Minneapolis.. 4.4 2.9 4.5 3.8 1.2 Kansas City.. 4.4 3.4 4.5 3.5 1.7 Dallas........ 4.8 3.6 4.8 3.3 5.1 San Francisco 5.1 3.7 5.0 4.1 2.1 See Note, Table 2. cline has occurred principally in rates to large, comparable data for each of the three groups of "high-credit" borrowers and on open market banks. paper, which source of credit is available pri- As shown by the left-hand (all-bank) portion marily to such borrowers. Loans involving of the table, the lowest average rate for all banks greater risk and to borrowers having more was 2-7 per cent in the New York district and limited facilities for obtaining credit have the highest was 4.5 per cent in the Dallas disshown less decline. trict, a differential of about 2. per cent. Average rates in other districts ranged between these ex- REGIONAL DIFFERENCES IN INTEREST RATES tremes, with the established pattern of higher Borrowers have long paid different interest rates in the southern and western states evident, rates, depending on the part of the country in but with average rates in the middle-western which they obtain funds. Extreme variations Chicago, St. Louis and Minneapolis districts are sometimes cited, such as one per cent rates to generally comparable with those in the tradi- NOVEMBER 1942. 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS tionally lower-rate northeast. If borrowers of even with such rough borrower-size groups as each size group are considered separately, how- are used in the table, the interdistrict spread ever, the differential between the highest and seldom reaches 2. percentage points, and if banks lowest district was only approximately one per of comparable size are used a range of 1.5 points cent in each case—a much narrower spread than is seldom exceeded. Within each district the is shown by the common comparison of all-loan range of variation in average rates for different average rates for each district. size groups of borrowers was generally around 4 When these all-bank averages are broken down points. to show more detail as to different groups of borrowers—in the other sections of the table— RATES PAID BY BORROWERS IN DIFFERENT more substantial differentials become apparent, INDUSTRIES especially for loans to small borrowers, but the Substantial differentials exist between the interdistrict spreads for these groups are still average interest rates paid by borrowers in much smaller than has often been suggested by different industries. These differentials remain use of all-loan averages. Rates to very large even when borrowers of similar size in the borrowers vary only slightly among districts at various industries are compared. For the same A and B banks, and in most districts rates for the industry, such differentials are generally greater largest borrowers at Class C banks were close to between large firms than between small ones. those at Class A and B banks.1 For smaller The average rates paid by borrowers in differborrowers interdistrict differentials were someent industrial groups are shown in Table 4. The what larger, the widest variation being in averfirst column of this table gives average rates paid age rates to borrowers with assets of less than at all banks by all borrowers in each industrial $50,000, which ranged from 4.0 per cent at Group group; the following columns give separate A banks in the Richmond area to 6.8 per average rates by size groups of borrowers and by cent at Group C banks in the Dallas district. groups of banks. The lower portion of the table Although the differentials are not large, the patgives the amount borrowed by each group at the tern of somewhat lower rates at larger, urban average rates indicated, to permit comparison of banks and in the northeastern and midwestern the dollar importance of funds borrowed at the districts is evident throughout. The consisvarious rates. tently low rates in the St. Louis, Chicago, and, It is evident from the left-hand column of the to some extent, Minneapolis districts, approachtable that finance companies obtained substaning or under those in traditionally low-rate tially the lowest average rate of any industrial northeastern areas, represent an interesting degroup, followed by food and chemical manuvelopment in the regional rate structure, of facturing concerns and by public utilities. At which some evidence has appeared in earlier the other extreme, petroleum producers and studies. refiners paid the highest average rate, followed What regional rate differentials may properly closely by service industries and less closely by be said to be depends on the rates picked for construction and wholesale and retail trade comparison. Extreme differentials may be borrowers. The average rate paid by manufound by comparing the lowest individual New facturing industries, taken as a group, was very York rates with the highest charged by small slightly lower than that paid by distributive western banks to extremely high-risk customers. concerns. But if roughly comparable loans are taken, a Some light on the factors underlying these large portion of these differentials vanish— differentials is provided by the other sections of the table. The low average for finance com- 1 The very high average rate in the Dallas district is of little significance because it represents only a small volume of loans and hence panies was in considerable part due to the large could have been almost completely controlled by one or two special transactions. Several of the district figures for large borrowers at portion of their total funds borrowed by large C Banks rest upon small samples. IO94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS concerns in the low-rate class, but these com- in most cases, but especially among the large panies also obtained the lowest average rate borrowers. at all classes of banks and in all borrower- Firms in the petroleum industry paid as consize groups. This advantageous rate for fin- sistently high rates as did finance companies low ance companies, which has long been estab- ones. Although the high average rate for borlished, rests largely on successful bank ex- rowers in the petroleum industry is due partly to perience with such loans over a period of years. a comparatively large proportion of small and Furthermore, the large finance companies are in medium-sized borrowers, even the very largest TABLE 4 AVERAGE INTEREST RATES ON COMMERCIAL LOANS AT MEMBER BANKS, BY BUSINESS AND ASSET SIZE OF BORROWER AND BY SIZE OF BANK, APRIL 16-MAY 15, 1942 Borrowers withtotal assets of: All borrow- Group Group Group Business of Borrower er b s a a n t k s all $ U 5 n 0 d ,0 e 0 r 0 $ $ 5 5 0 0 0 t , o , 0 0 0 0 0 0 $ $ 5 5 ,0 0 0 t 0 o 0 ,0 ,0 0 0 0 0 $5, O 00 v 0 e , r 000 Banks Ba B nks Ba C nks Rate; per cent per annum Total 3.4 5.5 4.5 3.1 1.8 2.8 4.1 5.0 Wholesale and retail trade. 3.5 5.6 4.5 2.9 1.7 2.7 4.2 5.2 Total manufacturing and mining 3.2 5.4 4.5 3.2 2.0 2.8 4.2 4.8 Metal mining and metal products 3.1 5.2 4.6 3.2 2.1 2.8 4.1 4.6 Petroleum and products 4.6 5.5 5.0 4.4 3.7 4.2 4.7 5.5 Chemicals, drugs, rubber 2.7 5.3 4.4 2.9 1.5 2.3 3.7 4.9 Textiles, apparel, leather 3.4 5.3 4.3 2.8 1.9 3.0 4.2 4.5 Food, liquor, tobacco 2.7 5.6 4.4 3.0 1.8 2.3 4.0 4.6 Other 3.7 5.7 4.8 3.3 1.9 3.0 4.3 5.1 Building and construction 3.9 5.5 4.4 3.3 2.3 3.3 4.4 5.1 Finance companies. — 2.3 5.1 4.1 2.8 1.5 2.0 3.0 4.0 Utilities, transportation, communication.. 2.8 5.7 4.7 2.9 1.8 2.1 3.6 5.1 Services 4.5 5.5 4.6 3.2 3.2 3.6 4.6 5.3 All other 3.8 5.2 4.4 3.0 1.7 2.9 4.2 5.1 Amounts loaned at above rates; in millions of dollars1 Total 22,,220099 201 674 689 635 1,478 358 373 Wholesale and retail trade. 639 79 223 191 143 398 100 141 Total manufacturing and mining 882 43 233 299 305 646 128 108' Metal mining and metal products 249 9 51 92 96 189 37 24 Petroleum and products 53 4 16 26 6 33 8 11 Chemicals, drugs, rubber 28 2 6 7 13 21 4 2 Textiles, apparel, leather 189 11 74 71 33 136 32 21 Food, liquor, tobacco 240 8 40 59 133 194 23 23 Other 124 9 45 44 24 73 24 27 Building and construction 263 24 105 110 21 167 49 47 Finance companies. 176 4 30 36 106 136 28 12 Utilities, transportation, communication 50 4 8 9 29 35 7 8 Services 42 13 15 9 4 17 8 16 All other 157 35 59 35 27 78 39 40 1 Includes a small amount of loans not classified as to size of borrower. See Note, Table 2. a favorable competitive position in the loan petroleum borrowers paid an average of 3.7 per market, each being able to obtain funds from a cent. Roughly the same situation appears to variety of bank and non-bank sources, including have been true for the service concerns. On the open market borrowing. The low average rate other hand the relatively high rate paid by paid by food processors stems more largely from wholesale and retail trade borrowers appears to the heavy concentration of loans in this group be connected more directly with a preponderance to very large borrowers, and a similar situation of medium-sized and small borrowers, because is found in the public utilities group; in both large concerns in these trades obtained low rates. cases, rates paid by small borrowers are near the A further factor to some extent related to the highest reported for the small-firm class. Chem- different rates paid by different industries is the icals appear to have obtained relatively low rates regions in which they borrow. Table 5 gives a NOVEMBER 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS breakdown by districts of the average rates paid it appears that such differentials may have apby different industrial groups. While finance preciably decreased since the 192.0' s. companies, for example, as shown in the Septem- Table 5 also provides a more complete picture ber BULLETIN article, concentrate their borrow- of differentials in rates paid by different ining hdavily in the lower-rate large metropolitan dustries within each Federal Reserve district. banks in New York and Chicago, petroleum In New York, the lowest average rate district, companies obtain most of their funds in the average industry rates varied from 1.9 per cent relatively high-rate Dallas and Kansas City dis- for finance companies to 4.x per cent for bortricts. Similarly, borrowings of food manu- rowers in the service industries. In the Dallas facturers were concentrated heavily in the low- area, with the highest average rate, the spread rate New York and mid-western districts, as was from 3.2. per cent for finance companies to compared to the wide geographical dispersion of 5.3 per cent for services. The widest differenservice and construction company borrowings. tials occurred in the St. Louis district (2..1 per It is not necessarily true, however, that the cent for finance companies to 5.3 per cent for TABLE 5 AVERAGE INTEREST RATES ON COMMERCIAL LOANS AT MEMBER BANKS, BY DISTRICT AND BUSINESS OF BORROWER, APRIL 16-MAY 15, 1942 [Per cent per annum] Business of Borrower Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M p in o n li e s a- K C an it s y as Dallas F S ra a n n cisco All borrowers 3.4 3.3 2.7 3.9 3.7 3.9 4.0 3.1 3.2 3.4 4.0 4.5 4.1 Wholesale and retail trade 3.5 3.1 2.8 4.1 4.3 4.3 4.2 3.2 3.2 3.5 3.7 4.3 4.0 Total manufacturing and mining.. 3.2 3.3 2.6 4.0 3.5 3.6 3.9 3.0 3.2 3.4 4.2 4.6 4.1 Metal mining and metal products 3.1 3.0 2.7 3.7 3.2 4.3 3.7 2.8 3.3 4.0 4.2 4.6 3.8 Petroleum and products 4.6 3.4 3.4 4.3 4.5 4.5 4.2 4.6 5.3 4.6 4.8 4.8 4.6 Chemicals, drugs, rubber 2.7 2.6 2.6 4.2 3.4 3.2 4.4 2.1 2.2 2.8 4.4 3.5 2.9 Textiles, apparel, leather 3.4 3.2 3.1 4.0 3.4 3.0 3.5 3.1 3.1 3.4 4.5 4.9 4.9 Food, liquor, tobacco 2.7 3.8 2.0 3.5 3.8 3.4 3.9 2.8 2.8 2.9 3.8 3.6 4.0 Other 3.7 3.8 2.9 4.4 4.0 4.0 4.4 3.5 3.6 4.2 3.4 5.0 4.6 Building and construction 3.9 4.1 3.1 4.1 4.3 3.8 4.2 3 8 4.4 4 1 4.3 4.8 4.3 Finance companies 2.3 2.3 1.9 2.3 2.0 2.9 3.1 2.0 2.1 2.3 3.3 3.2 3.0 Utilities, transportation, communication 2.8 2.2 2.7 2.7 2.3 3.9 3.1 2.5 4.0 2.9 4.8 5.1 2.7 Services 4.5 4.7 4.2 4.8 4.9 4.3 4.3 3.6 4.7 5.4 5.0 5.3 5.2 All other • 3.8 4.1 2.6 4.8 4.3 3.9 4.2 3.7 3.7 3.9 4.2 4.7 4.6 industry differentials depend to any substantial petroleum companies) and the Minneapolis disextent on the regional distribution of their bor- trict (x.3 per cent for finance companies to 5.4 rowings; on the contrary, the relative consist- per cent for services), although in both cases the ency of industry differentials tends to indicate peak rates may not be representative because of that the causal relation in many cases runs more the relatively small amounts involved. The strongly from industry to geographical differ- range was narrowest in the Atlanta district, entials than vice versa. Detailed breakdowns of where only 1.3 points separated the highest and rates paid by commercial customers of banks, lowest averages. In all cases, however, these classified by industry and size of borrower, have figures show substantially smaller spreads than never before been available on a nationwide appear when borrowers are broken down by size basis, so it is impossible to tell precisely whether groups. differentials of a strictly regional character have increased or decreased as compared with past RATES ON LONG- AND SHORT-TERM LOANS periods. From such comparisons as can be made Large borrowers paid higher rates on longwith the study of money rates and money than on short-term loans, but the average longmarkets by W. W. Riefler, previously referred to, term rate was below the average short-term 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AT MEMBER BANKS rate because of the predominance of very large loans (loans having a stated maturity of over borrowers in the long-term group—85 per cent one year) varied much less as between large and of all long-term funds went to firms having small borrowers than did rates on the more comassets of over $500,000. This comparison of mon short-term paper. On the basis of maturity alone, term loan rates would be expected to be TABLE 6 the higher of the two throughout, and the AVERAGE INTEREST RATES ON SHORT- AND LONG-TERM substantial investigating and servicing costs on COMMERCIAL LOANS AT MEMBER BANKS, BY SIZE or BORROWER, APRIL 16-MAY 15, 1942 term advances would be expected to further in- [Per cent per annum] crease this differential. Among the very large Loans matur- firms where customer credit standing and coming in over 1 year petitive borrowing position are apt to be good for nearly all firms to whom loans are made, this Borrowers with assets of: Under $50,000 expected differential is operative. On the other $50,000 to $500,000 4.3 $500,000 to $5,000,000 3.9 hand, small firms obtain term loans only when Over $5,000,000 2.5 they have a very high credit standing, and then All Borrowers 3.0 the loans are fairly substantial in amount. For this reason term-loan rates to small borrowers long- and short-term rates is shown in Table 6, are below rates on shorter paper, contrary to the which gives average rates paid by borrowers in usual time differential, reflecting the highly each size group on short-term loans and on those selected quality of small firms that obtain term for periods longer than a year. loans as compared to the bulk of small-firm As is shown by the table, rates on "term" borrowers. NOVEMBER 1941 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS FIRST HALF OF 1942 Total earnings of member banks were utable to the larger volume held, as the larger in the first six months of 1942. than rate of return has declined. in the first half of any year since the bank- Losses and depreciation, and recoveries, ing holiday.1 Expenses, however, were profits on securities sold, etc., were both also larger, and net current earnings showed less than in any half-year period since 1934. practically no change as compared with the Recoveries and profits on securities (parfirst half of 1941. Recoveries, profits on ticularly profits) declined by a larger securities sold, etc., showed a considerable amount than losses and depreciation. Net decrease as compared with recent periods, profits (after recoveries, charge-offs, etc.) which were not offset by the decrease in in the first half of 19^ were 170 million losses and depreciation. As a result net dollars, compared with 198 million in the profits were lower than in the first half of first half of 1941. The annual rate of net 1941. The amount of cash dividends profits on total capital accounts was 5.7 showed no change as compared with the per cent in the first half of 1942. as compared first half of 1941. with similar annual rates of 6,9 per cent The amounts of interest and discount on in the first half of 1941 and 5.8 per cent in loans and of interest and dividends on se- the first half of 1940. Cash dividends were curities showed increases in the first half at an annual rate of 3.4 per cent on total of 1942. as compared with recent six-month capital accounts as compared with 3.5 per periods; in both instances this is attrib- cent in the first half of 1941. For detailed figures of earnings, expenses, etc., in the first half of 1941 and 1941, see 1 Due to accessions to and withdrawals from membership and absorptions of member and nonmember banks, current figures are not, page 1150 of this BULLETIN. • of course, fully comparable with back figures. MEMBER BANK EARNINGS [Amounts in millions of dollars] Year First Half Item 1938 1939 1940 1941 1938 1939 1940 1941 1942 Earnings—Total 1,274 1,296 1,323 1,417 631 633 649 681 726 Interest and discount on loans. 544 560 595 665 269 272 290 318 330 Interest and dividends on securities.. 448 444 431 445 224 223 214 215 247 Service charges on deposit accounts.. 51 54 59 65 25 27 29 32 34 All other earnings 232 237 238 242 113 111 116 116 115 Expenses—Total 890 895 921 448 446 455 475 520 Salaries and wages 380 388 400 426 187 190 195 204 223 Interest on time deposits.. 171 159 147 X40 88 82 75 71 65 All other expenses 339 347 373 422 173 174 185 200 232 Net Current Earnings 384 401 402 429 183 187 194 206 206 Recoveries, profits on securities sold, etc.. 279 327 303 278 137 191 143 129 86 Losses and depreciation 398 380 356 318 175 187 175 137 122 Net Profits 265 347 349 390 145 191 162 198 170 Gash Dividends Declared1. 198 207 210 211 99 104 100 101 101 Number of officers2 33,176 34,172 35,369 36,476 33,527 34,386 35,002 36,085 36,909 Number of employees2. 154,039 158,137 163,783 176,466 154,564 156,710 162,307 173,231 181,346 Number of banks2 6,338 6,362 6,486 6,619 6,338 6,330 6,398 6,556 6,647 1 Includes interest on capital notes and debentures. 2 At end of period. NOTE.—Earnings for the second half of 1941 have not been tabulated for all member banks. Approximate figures for the second half of 1941 can be computed from the figures shown for the first half of 1941 and for the full year. However, the figures for the first half include some banks which were no longer members at the end of the full year, and the figures for the year include annual figures of some banks which were not members of the Federal Reserve System on June 30. IO98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of the Chairmen of the Federal Reserve The Board announced on October 28,1942., the Banks appointment of Mr. R. B. Richardson, Presi- The Chairmen of the Federal Reserve Banks dent, Western Life Insurance Company, Helena, met with the Board of Governors in Washington Montana, as a director of the Helena Branch of on October 5, 1941. the Federal Reserve Bank of Minneapolis, for Appointment of Chairman and Deputy Chairman the unexpired portion of the term ending Deat the Federal Reserve Bank of Chicago cember 31, 1942. The Board of Governors of the Federal Re~ On October 30, 1942, the Board also anserve System on October 13,1942., announced the nounced the appointment of Mr. William H. appointment of Mr. Simeon E. Leland as Chair- Steen, Milton, Oregon, as a director of the man of the Federal Reserve Bank of Chicago. Portland Branch of the Federal Reserve Bank of Mr. Leland has served as a Class C Director of San Francisco, for the unexpired portion of the the Bank since January 1, 1941, and as Deputy term ending December 31, 1942. Chairman since January 1, 1942. Mr. W. W. Waymack has been appointed Special Assignment Deputy Chairman of the Bank to succeed Mr. Walter R. Stark, Assistant Director of the Leland. Mr. Waymack has served as a Class C Board's Division of Research and Statistics, has Director of the Bank since December 26, 1941. been assigned to Justice James F. Byrnes, Di- Election of Class A Director rector of the Office of Economic Stabilization, The Federal Reserve Bank of Boston on Octo- to assist him in the handling of economic ber 13, 1942, announced the election of Mr. Allen problems. W. Holmes, President of the Middletown Na- Admissions of State Banks to Membership in the Federal Reserve System tional Bank, Middletown, Connecticut, as a Class A director of the Bank for the unexpired The following State banks were admitted to portion of the term ending December 31, 1943. membership in the Federal Reserve System dur- Mr. Holmes succeeds Mr. Lewis S. Reed, who ing the period September 16,1942, to October 15, resigned. 1942, inclusive. Appointment of Class C Director Arkansas The Board of Governors on October 28, 1942., Hot Springs—Arkansas Trust Company announced the appointment of Mr. H. R. Well- Idaho man, Berkeley, California, as a Class C Director Glenn's Ferry—The Glenn's Ferry Bank, of the Federal Reserve Bank of San Francisco Limited for the unexpired portion of the term ending Illinois December 31, 1941. Mr. Wellman is a member Illiopolis—Farmers State Bank of Illiopolis of the faculty of the University of California St. Charles—State Bank of St. Charles where he is Director of the Giannini Foundation and Professor of Agricultural Economics. Iowa Branch Directors—Resignations and Appointments Tipton—Tipton State Bank The Board of Governors accepted, effective Maryland September 29, 1941, the resignation of Mr. Alex Randallstown—Randallstown Bank Cunningham, as a director of the Helena Branch Michigan of the Federal Reserve Bank of Minneapolis. Mr. Cunningham had served the Branch as a Kalamazoo—Industrial State Bank of Kaladirector since January 1, 1939, and his resigna- mazoo tion was tendered because of his entering mili- Virginia tary service. Hilton Village—Bank of Warwick NOVEMBER 1942. 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled October 22 and released for publication October 24. Figures shown on charts may differ from preliminary figures used in text, hater developments are discussed on pages 1065-iojj of this BULLETIN. Industrial activity expanded further in Sep- Output of crude petroleum showed little change tember and the first half of October. Prices of following a considerable increase in August. uncontrolled commodities continued to advance Value of construction contracts awarded in in September. Early in October an Office of September was about the same as in August, Economic Stabilization was established with a according to reports of the F. W. Dodge Corporaview to more effective control of prices and tion. As in other recent Months, awards were wages affecting the cost of living. mainly for publicly-financed work which, in September, amounted to over 90 per cent of the PRODUCTION total. Industrial production increased more than Contracts for manufacturing buildings reached seasonally in September and the Board's adjusted the highest total yet reported, and increased index rose 2. points to 185 per cent of the 1935- awards for defense housing raised the total for 1939 average. Armament production continued residential building by about one-fourth despite to advance. Steel production was maintained a decline in privately-financed work. Awards at a high level during September and then in- for public works and utilities and for commercial creased during October, reaching 101 per cent buildings dropped substantially. of rated capacity in the third week of the month. DISTRIBUTION Cotton consumption continued at a high rate and output of manufactured food products rose Department store sales, which had been unusumore than seasonally owing chiefly to increased ally large in August, showed somewhat less activity in the meatpacking and canning indus- than the usual sharp seasonal rise during Septries. Coal production, which has been main- tember. In the first half of October sales were tained in large volume during the summer sustained near the high level prevailing at the months, did not show the usual sharp seasonal beginning of the month. Variety store sales rise in September and the first half of October. COST OF LIVING 130 INDUSTRIAL PRODUCTION IE0 200 110 no y y 180 ALL ITEMS 100 100 160 90 90 130 rr 130 140 120 CLOTHING 120 120 —f 110 RENT y* no /• / isr 100 100 100 FOOD \ 90 1 90 \ 80 80 1936 1937 1938 1939 1940 1941 1942 Bureau of Labor Statistics' indexes, 1935-39 average = 100. Fif- Federal Reserve monthly index of physical volume of production, teenth of month figures. Last month in each calendar quarter through adjusted for seasonal variation, 1935-39 average = 100. Latest figures September 1940, monthly thereafter. Latest figures shown are for shown are for September 1942. September 1942. IIOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS increased seasonally from August to September, yields were in sight. The Department of Agriwhile sales in small towns and rural areas rose culture pointed out, however, that, as the harby more than the usual seasonal amount. vest progresses under difficulties, particularly as Railroad freight-car loadings increased further to labor supply, farmers are showing less assurin September and the first half of October. The ance that it can be completed in season. Record rise was small for this time of year, however, crops of grain, hay, oilseeds, sugar, vegetables, owing mainly to the fact that shipments of many and probably fruits are still likely. commodities, particularly coal, had been maintained at unusually high levels during the sum- BANK CREDIT mer months. Following a temporary peak of 3 billion dol- COMMODITY PRICES lars in mid-September, excess reserves of member banks declined to 1.7 billion dollars in the latter Prices of uncontrolled commodities advanced half of September but increased considerably in further in September. During the first half of the first three weeks of October. This increase October, after passage of an amendment to the resulted in part from the action of the Board of Price Control Act of 194X5 more widespread con- Governors of the Federal Reserve System in retrols were announced. Maximum prices at the ducing reserve requirements on demand deposits highest levels reached around the end of Septemat central reserve city banks from 12. to zo per ber were established for butter, cheese, eggs, and cent, which added about 400 million dollars to various other foods. These items constitute excess reserves. In addition member bank renearly one-third of the food budget and now the serves were increased through purchases of Govproportion of the total under control is about 90 ernment securities by the Federal Reserve Banks. per cent. Another action directed residential As a result of these developments excess reserves rents throughout the country to be limited to of all member banks on October ii amounted to the levels of March 1, 1942., wherever rent conx.4 billion dollars, of which about 500 million trol procedures were not already in effect. dollars were in New York City. AGRICULTURE At reporting banks in leading cities heavy The October 1 official crop report confirmed purchases of new Treasury certificates of indebtearlier prospects that unusually heavy crop edness and Treasury notes were reflected in an increase of 1.6 billion dollars in Government MEMBER BANK RESERVES security holdings during the four weeks ending October 14. Further large increases occurred in the following week as banks received their allotments of the new ij per cent notes and 2. per cent bonds. Commercial loans, after declining in August and September, increased in the first two weeks of October, mainly in New York City, while other loans declined further. UNITED STATES GOVERNMENT SECURITY PRICES Prices of United States Government securities continued steady last month. Long-term taxable bonds are yielding 2-33 per cent on the aver- 1936 1937 1938 1939 1940 1941 1942 age and long-term partially tax-exempt bonds Wednesday figures. Required and excess reserves, but not the total, are partly estimated. Latest figures shown are for October are yielding 2.05 per cent. 21, 1942. NOVEMBER 1942 IIOI 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 .... 1105 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1106 Federal Reserve Bank statistics 1107-1111 Reserve position of member banks; deposits in larger and smaller centers 1112. Money in circulation 1113 Gold stock and gold movements; bank suspensions; bank debits. . . 1114 All banks in the United States, number, deposits, loans and investments . . 1115 Condition of all member banks 1116-1117 Weekly reporting member banks 1118-112.1 Commercial paper, bankers' acceptances, and brokers' balances. . . . nix Money rates and bond yields 1113 Security markets *. 112.4 Corporate profits 1115-11x6 Treasury finance 1117-1129 Governmental corporations and credit agencies; Postal Savings System 1130-1131 Business indexes 1133-1143 Department store statistics 1144-1145 Wholesale prices 1146 Current statistics for Federal Reserve chart book 1147-1149 October crop report, by Federal Reserve districts 1149 Member bank earnings 1150 Statistics of all banks in the United States 1151-1155 Estimated employment in nonagricultural establishments by industry divisions 1156 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 arc obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. NOVEMBER 1941 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 MEMBER BANK RESERVE BALANCES .^TREAxSURYr CAvSH AsND rDEPO^SITS 1936 1937 1938 1939 1940 1941 1942 Latest figures for October 21. See page 1105. IIO4 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 Date B o d e u i i l s d n l - s t- T U o . t a S l . s e G c ' u o r a b r e v n i i a e d l t s l i r e s - n s me o n A th t l e l r ot A h l e l ri Total s G to o c ld k T s r t r u c i e o a n e u n r u n g a y r c t d - s - y - - M i c n t u o i c o l n a i n e r - y - T c i h r n u a o e g r s l y a s h d s - - u F T B p r e w s y o r d a R e e i s e n r e d t a i v - h r k t e s a e s s - - l b p m N e o o e r s m n i d t - s - e- c O s F o e e a R t e u r r c h e v a d - n - e e l - t r s To b ta a l lanc E e x s cess2 ertificates Monthly averages of daily figures: 1941—July 3 2,184 2 184 111 2 298 22,651 3,156 9,670 2,303 949 1,774 289 13,120 5,193 Aug. .. 8 2 184 2 184 92 2 284 22,700 3,173 9,839 2,360 829 1,839 286 13,004 5,017 Sept 12 2,184 101 2 297 22,740 3,188 10,061 2,379 476 1,836 289 13,184 5,116 1942—July 4 2 984 624 2 360 180 3 168 22,742 3,319 12,532 2,204 425 1,363 296 12,409 2,237 Aug 5 3,370 993 2,377 185 3,561 22,745 3 332 12,939 2,208 240 1,333 295 12,623 2,248 Sept 11 3,488 1,097 2,391 224 3,722 22,750 3,346 13,441 2,208 254 1,321 294 12,299 2,300 End of month figures: 1941—July 31 5 2,184 2,184 104 2,293 22,675 3,166 9,732 2,334 877 1,752 287 13,151 5,215 Aug. 31 . . 11 2 184 2 184 80 2 275 22,719 3,181 9,995 2 376 906 1,821 284 12,794 4,796 Sept. 30 11 2,184 2,184 69 2,264 22,761 3,198 10,163 2,281 423 1,838 292 13,227 5,169 1942—July 31 4 3,153 "783' 2,370 188 3,345 22,744 3,326 12,739 2,223 266 1,401 294 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 1,368 292 12,338 2,143 Sept. 30 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Wednesday figures: 1941—Dec. 3 6 2,184 2,184 100 2,289 23,770 3,233 10,717 2,180 321 1,609 288 13,178 3,860 Dec. 10 4 2,196 ""u 2,184 85 2,286 22,774 3,236 10,834 2,185 157 1,614 287 13,219 3,842 Dec. 17 5 2,240 10 2,229 188 2,433 22,747 3,238 11,023 2,193 925 1,483 297 12,497 3,085 Dec. 24 7 2,243 10 2,233 249 2,499 22,750 3,244 11,224 2,195 908 1,422 297 12,447 3,056 Dec. 31 3 2,254 10 2,244 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Jan. 7 4 2,254 10 2,244 128 2,386 22,742 3,248 11,109 2,220 663 1,376 291 12,717 3,385 Jan. 14 4 2,254 10 2,244 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan. 21 3 2,250 6 2,244 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 Jan. 28 4 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 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 3 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 3 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 4 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 6 2,262 2 262 134 2 402 22,705 3,269 11,518 2,180 287 1,270 286 12,835 3,208 Mar. 11 6 2,253 2,253 88 2 347 22,709 3,271 11,520 2,176 60 1,317 286 12,968 3,266 Mar. 18 6 2,249 2,249 96 2,351 22,686 3,273 11,474 2,168 59 1,373 297 12,939 3,161 Mar. 25 6 2,244 2,244 76 2 326 22,684 3,274 11,462 2,175 472 1,352 296 12,527 2,847 Apr. 1 9 2,244 2,244 86 2,339 22,672 3,277 11,593 2,187 362 1,354 295 12,496 2,999 Apr. 8 7 2,243 2,243 134 2 384 22,675 3,279 11,610 2,177 190 1,350 295 12,715 3,169 Apr. 15 9 2,254 10 2,244 152 2,415 22,678 3,280 11,624 2,166 301 1,485 295 12,502 2,886 Apr. 22 4 2,296 48 2,247 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 Apr. 29 7 2,350 89 2,261 86 2,443 22.689 3,286 11,723 2,186 128 1,421 297 12,662 2,815 May 6 8 2,436 137 2,299 128 2,572 22,703 3,291 11,845 2,193 376 1,413 295 12,444 2,691 May 13 8 2,484 185 2,299 119 2,612 22,706 3,294 11,861 2,191 158 1,440 295 12,667 2,925 May 20 5 2,445 145 2,299 128 2,578 22,709 3,299 11,888 2,188 304 1,427 293 12,486 2,565 May 27 6 2,489 183 2,306 89 2,584 22,712 3,302 11,971 2,197 239 1,430 293 12,467 2,535 June 3 6 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 1,358 293 12,653 2,783 June 10 6 2,568 252 2,316 135 2,708 22,717 3,310 12,176 2,213 92 1,333 293 12,629 2,782 June 17 5 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,189 160 1,277 304 12,706 2,791 June 24 5 2,583 254 2,329 110 2,698 22,735 3,313 '12,231 2,191 139 1,358 303 12.523 2,648 July 1 3 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 1,341 297 12,192 2,259 July 8 3 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 1,353 297 12,246 2,322 July 15 4 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 1,302 295 12,042 2,065 July 22 5 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 1,347 295 12,551 2,296 July 29 5 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 1,411 296 12,545 2,196 Aug. 5 5 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 1,333 295 12,602 2,246 Aug. 12 5 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 1,331 296 12,709 2,381 Aug. 19 4 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 1,344 294 12,653 2,103 Aug. 26,*... 5 3,389 1,011 2,378 131 3,525 22,747 3,337 13,057 2,219 176 1,338 293 12,526 2,342 Sept. 2 9 3,388 996 2,392 144 3,542 22,756 3,341 13,250 2,216 146 1,318 291 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 1,290 290 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 1,239 299 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 1,292 298 11,886 2,034 Sept. 30.... 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Oct. 7 8 3,592 1,104 2,488 184 3,784 22,756 3,356 13,830 2,235 393 1,342 295 11,801 2,291 Oct. 14 11 3,809 1,101 2,708 222 4,042 22,758 3,359 13,932 2,228 123 1,283 291 12,303 2,713 Oct. 21 7 4,225 1,111 3,114 261 1 4,494 22,745 3,363 13,995 2,238 521 1,254 290 12,304 2,352 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be ohtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves BULLETIN for August 1935, pp. 499-500. NOVEMBER 1942. 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31,1942. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or cor- Federal Reserve Bank G A w m o d i v a t v e h tu a r in n n ri m c n o e g e n s n e o s t e r y s c e c e u a a c r r e l u l d r a ( i m b t b i l a e e y - s o a r n t i h A d ti e d e r a s v d , G a v a n o a n c v n d e e c s r e d n s s i e m s s c c e e u o c n r u u e t n r d e t s s d e b c o y b u f y - O [m th a e tu r r s i e ti c e u s r e n d o t a d ex v c a e n e c d e - s p b o y r a n d t o i i t o r e n e c s x t c o o ee b th d li e i g n r a g t t i 9 h o 0 a n n d s a o y m f s e — t m he l b a e U s r t . p S b a . a r n . ( k m S s e a c t s . u e 1 r c 3 i u t ) f r e e s d turities not exceeding eligible paper (maturi- ing 4 mos.—Sec. 10(b)] 90 days—Sec. 13) da ti y e s s - n S o e t c . e x 1 c 3 e e a d n i d n g 1 9 3 0 a)1 To nonmember banks To others Rate * Effective Rate Effective Rate Effective Rate Effective Rate Effective I N Bo ew st o Y n ork O O c c t t . . 2 3 7 0 . . 1 1 9 9 4 4 2 2 A Se u p g t . . 25 1 , , 1 1 9 9 3 3 9 9 O Oc c t t . . 3 2 0 7 , , 1 1 9 94 4 2 2 1 1 A Se u p g t . . 2 1 5 , . 1 1 9 9 3 3 9 9 f 2 O O c c t t . 3 2 0 7 , . 1 1 9 9 4 4 2 2 Philadelphia.. Oct. 17,1942 Mar. 21. 1942 Oct. 17, 1942 1 Mar. 21,1942 Oct, 17. 1942 Cleveland . Oct. 27,1942 Apr. 11. 1942 Sept.12. 1942 1 Apr. 11.1942 Oct 27, 1942 Richmond Oct. 28,1942 Mar. 14. 1942 Oct. 28, 1942 1 Mar. 14,1942 ft Oct. 28. 1942 Atlanta. Oct. 15.1942 Mar. 21. 1942 Oct. 15, 1942 1 Sept. 16.1939 Oct. 15, 1942 Chicago Oct. 17.1942 Feb. 28, 1942 Aug. 29, 1942 1 Sept. 1.1939 2 Oct. 17. 1942 St. Louis Oct. 27,1942 Mar. 14, 1942 Mar. 14, 1942 1 Sept. 16,1939 Oct 27, 1942 Minneapolis.. Oct. 30,1942 Mar. 28. 1942 Oct. 30, 1942 1 Mar. 28,1942 \A Oct. 30. 1942 Kansas City.. Oct. 27.1942 Apr. 11. 1942 Oct. 27, 1942 1 Sept. 16,1939 Oct. 27, 1942 Dallas Oct. 17.1942 Mar. 21. 1942 Oct. 17, 1942 1 Sept. 16,1939 2 Oct. 17, 1942 San Francisco Oct. 28,1942 Apr. 4, 1942 Oct. 28, 1942 1 Apr. 4,1942 Oct 28, 1942 1 Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively. Rates shown also apply to advai,nces with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- [Per cent per annum] VANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity O R ct a o t b e e o r n 31 In g i e n f n fe in c g t — be- Pre ra v t i e ous [In M e a ff t e u c r t it O ie c s t o n b o e t r e 3 x 1 c . ee P d e i r n c g e n fi t v e p e y r e a a n rs num] Treasury billsl H Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercia 1 To financing institutions 1- 90 days XA Oct. 20, 1933 1 businesses 91-120 days % do 1 121-180 days do Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M r i e n a i s m u u ry m b b il u l y s in o g ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces1 co m m O e m n n t i s t- fo p r o O w rt n h io ic n h On re- m O i n t m c e o n m ts institu maining tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] Boston 2H-5 H-l 0 (3> lA-\ New York 2^-5 m (3) yrlH Net demand deposits1 de T p i o m s e its P C h le il v a e d la e n lp d hia 2 2 M 3^ - - 5 5 % ( ( 3 3 ) ) blA-iK C r b e c e s a i n e n t t r y k r v s a 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 a k l b s l e ) r R A S C t i h t . c l i a h c L n a m o g t u a o o i n s d 2 2 2 2 M 3 l l A A ^ - - - - 5 5 5 5 iA-m ( ( 2 2 ) ) 2M ( ( - 3 3 ) 5 ) X H A - - i \ M XA M M J A A u p u a a n r g y r e . . . 2 1 1 1 1 6 6 1 , , , , , 1 1 1 1 1 9 9 9 9 9 1 3 3 3 3 7 7 6 8 7 - - - - - A A O A F u e p c p g b t r r . . . . . 2 3 1 3 1 8 5 0 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 6 7 7 1 8 2 2 2 1 19 6 2 3 2 M H ^ 2 1 1 1 1 0 0 5 7 7 1 1 2 4 D M K Sa a a i n n l n l n s a F a e s r s a a p n C o c i l i t i s y s co 2 2 2 2 H K K H - - - - 5 5 5 5 Y y y 2 I * - - V i - H / m A 1 2 - H 1 ( ( ( H - 2 ? 2 ) 5 ) ) C ( ( 3 ,3 ) 3 ) ) 1 h V x Y XT A A T - - - V - V V I A H A A N A S E e f u o f p g v e t . c . . t 2 1 iv 0 4 1 e , , , 1 1 1 O 9 9 9 c 4 4 4 t 2 2 1 . - - - O S 3 A , e c u p t 1 g t 9 . . 4 1 1 2 2 3 9 , , , 1 1 1 9 9 9 4 4 4 2 2 2 . • 2 2 2 2 0 2 6 4 2 2 2 2 0 0 0 0 1 1 1 1 4 4 4 4 3 1 2 4 M R R In a a a c t l y l e e u d c c c h h i h n a a a g r r r 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 o a o r d w w a e t e e e r i r n . a l e s p s a c s r h c t 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 w i t r h e a r t f e i b n . y a( n 2) f c i i n n a g n c in in s g ti tu in ti s o ti n tu s. tion, if 1 See footnote to table on p. 1112 for explanation of method of computing low 6 e F r i . nancing institution is charged J4 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 f c o A G r c d o t a v n e o c r f n e o 1 w r 9 s 3 i t 4 o h f t S h e e c F ur 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 I 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 55 40 Savings deposits 2H For short sales, under Regulation T J2) 50 Postal savings deposits... 23/2 For loans by banks on stocks, under Regulation U 3 55 40 Other deposits payable: In 6 months or more 1 Reg. T and U limit the amount of credit that may be extended on a I I n n l 9 e 0 s s d a th y a s n to 9 0 6 d m ay o s nths. 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. IIO6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 1941 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. Assets Gold certificates on hand and due from U. S. Treasury 20,557,12820,567,128 20,561,62720,561,628 20,i,562,623 20,562,62520,561,127 !0,562,12520,561,62820,562,129 201,446,030 Redemption fund—F. R. notes.. 15,66: 17,466 11,578 14,332 14,643 15,409 13,241 13,101 14,332 13,101 14,729 Other cash 251,504 243,190 236,421 232,474 232,607 226,168 215,074 228,116 232,474 227,452 250,885 Total reserves 20,824,294 20,827,784 20,809,626 20,808,434 20,809,873 20,804,20220,789,44220,803,34220,808,43420,802,682 20,711,644 Bills discounted: For member banks 2,406 5,850 3,959 3,704 7,596 7,943 10.851 6,896 3,704 4.665 10,768 Fornonmember banks, etc. 5,000 4,864 4,000 4,000 1,500 2,500 2,500 2,500 4,000 2,500 200 Total bills discounted.... 7,406 10,714 7,959 7,704 9,096 10,443 13,351 9,396 7,704 7,165 10,968 Industrial advances 15,354 16,015 15,319 15,230 14,638 14,835 14.532 16,358 15,230 14", 475 8,918 U.S. Government securities: Direct Bonds 2,043,332 1,859,613 1,730,120 1,713,135 1,695,880 1,687,395 1,670,953 1,662,403 1,713,135 1,659,978 1,359.200 Notes 1,053,856 832,087 742,776 678,330 658,730 658,730 724,930 724,930 678,330 724,930 820,300 Certificates 625,387 601,676 572,026 503,845 446.206 630,756 423,980 340,973 503,845 340,973 Bills 485,215 499,801 531,865 656,796 579,067 580,885 675,577 655,253 656,796 695,605 Guaranteed 17,026 16,147 15,185 15,185 15,185 15,185 6,775 4,775 15,185 4,775 4,600 Total U.S. Government securities, direct and guaranteed 4,224,816 3,809,324 3,591,972 3,567,291 3,395,068 3,572,951 3,502,215 3,388,334 3,567,291 3,426,261 2,184,100 Other Reserve Bank credit outstanding 246,003 206,104 168,703 183,896 162,664 258,742 172,958 127,745 183,896 116.613 60,480 Total Reserve Bank credit outstanding... 4,493,579 4,042,157 3,783,953 3,581,466 3,856,971 3,541,833 3,774,121 3,564,514 Liabilities F.R. notes in actual circulation. 10,988,89:10,909,602 10,798,168 312 10,462,28310,392,123 10,201,22310,658,312 10,157,109 Deposits: Member bank —reserve account 12,304,40612,302,610 11,800,904 11,592,217 11,886,28412,759,53912,402,37312,417,62011,592,21 12,337,94! 13,227,293 U. S. Treasurer—general account 520,655 122,980 660,735 485,265 6,381 213.769 146,263 660,735 245,833 Foreign 932,318 946,9$1 946,734 971,633 972,113 948,823 960,752 946,73' 947,862 Other deposits 321,915 335,861 460,455 320,085 267,043 341,673 356,795 460,455 420,081 Total deposits 14,079,29413,708,402 13,536,15013,660,14113,663,26714,005.07613,906,63813,881,43013,660,14 13.951,71815,488,586 Ratio of total reserves to deposit and F.R. note liabilities com bined (per cent) 83.1 84.6 85.5 85.6 86.3 85.3 85.8 86. 85.6 86.3 91.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a 6 t y h s s 6 1 m t y o o e n a th r s 2 1 y y t e o e a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Sept 30 7,704 3,640 4 1,560 2,500 Oct 7 7,959 3,764 136 1,559 2,500 Oct. 14 10,714 5,530 225 1,550 2,545 864 Oct 21 7,406 2,311 50 1,499 3,546 Industrial advances: Sept 30 15 230 8,917 324 313 2,007 774 1,152 1,013 730 Oct. 7 15,319 8,869 362 295 2,127 819 1,117. 1,006 724 Oct. 14 16,015 8,972 319 285 2,753. 846 1,123 999 718 Oct. 21 15,354 8,924 352 311 2,241 704 1,106 1,016 700 U. S. Government securities, direct and guaranteed: i Sept 30 3 567 291 153,868 127,582 465,475 194,075 213,317 203,524 295,575 453,067 1,460,808 Oct. 7 . .. 3,591,972 99,487 467,279 69,911 105,208 220.717 338,489 295,575 519,727 1,475,579 Oct. 14 3,809,324 107,741 418,810 93,377 157,332 249,062 272,355 295,575 624,034 1,591,038 ' Oct. 21 • 4,224,816 470,086 41,390 110,892 131,308 267,756 286,870 295,575 856,282 1,764,657 NOVEMBER 1941 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C a i n t s y as Dallas F S ra an ncisco Assets Gold certificates on hand and due from U. S Treasury: Sept. 30 20,561,62 1,198,60* 6,834,48; 1,234,52*1,783,096 957,11 720,60: 3,568,82 684,77 446,85 697,04: 478,48; 1,957,221 Oct. 7 20,561,62' 1,184,78' 6,888,38i 1,212,7651,821,944 956,46 733,99:3,508,34: 717,54" 457,604 680,833 473,06 1,925,897 Oct. 14 20,567,121 1,195,75* 6,785,585 1,232,18C1,829,583 993,06 715,48;3,544,10: 711,17' 435,944 687,664 486,75i 1,949,826 Oct. 21 20,557,12! 1,196,01. 7,007,14^ 1,184,3071,784.60C 930,31 711,47(3,551,61! 698,99' 427,961 663,279 480,51: 1,920,910 Redemption Fund—Federal Reserve notes: Sept. 30 14,33: 2,02i 1,26( 1,08: 1,144 1,981 189 1,066 496 3,554 Oct. 7 11,57! 1,96: 1,00/ l,00: 1,074 1,48^ 134 984 470 1,998 Oct. 14 17,46i 1,87: 1,64: 961 1,95: 565 835 432 6,935 Oct. 21 15,66! 1,79! 97 884 1,40: 49' 74; 404 6,846 Other cash: Sept. 30.. 232,47' 22,29. 48,795 10,971 17,35. 13,32= 14,477 34,02C 12,805 7,7lt 10,38- 10,54: 29,778 Oct. 7... 236,421 23,31 46,784 11,896 18,24- 13,071 12,934 34,66= 14,51 7,390 10,08: 12,182 31,343 Oct. 14... 243,190 24,43= 48,00? 10,632 17,66. 14,45; 16,076 34,43; 14,03 7,60} 9,981 13,03e 32,826 Oct. 21... 251,504 25,48( 52,21 11,49 20,25: 14,43! 16,02: 33,21' 13,48' 7,195 10,56e 12,231 34,897 Total reserves: Sept. 30 20,808,43- ,222,92. 6,884,54, 1,246,58(1,801,59: 972,425 735,26/ 3,603,90: 698,07* 454,91 708,025 489,6061,990,553 Oct. 7 20,809,62i ,210,06] 6,936,17< 1,225,66?1,841,262 971,01 747,06C3,543,99 732,53? 465,32: 691,49/ 485,7971,959,238 Oct. 14 20,827,78- ,222,07 6,835,2391,243,69:1,848,2051,009,47, 732,12( 3,579,365 725,641 443,85I 698,19^ 500,31 1,989,587 Oct. 21 20,824,29- ,223,29C7,060,3341,196,57.l,8O5,73i 946,15; 728,00C3,585,58. 712,88: 435,45/ 674,37. 493,25, 1,962,653 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Sept. 30 3,686 3.40C 13 Oct. 7 3,95C 3.61C 185 Oct. 14 5,850 3.26C 2,00C 185 Oct. 21 2,406 1.51C 19: Other bills discounted: Sept. 30 4,018 1,700 384 368 14C 488 120 12. 304 Oct. 7 4,009 1,700 384 368 176 140 488 120 116 304 Oct. 14 4,864 2,125 480 368 176 175 610 150 145 380 Oct. 21 5,000 2,125 480 460 220 175 610 150 14: 380 Total bills discounted: Sept. 30 7,704 5,100 434 418 176 140 488 165 98 125 256 304 Oct. 7 7.959 5,310 434 418 176 140 488 165 98 125 301 304 Oct. 14 10,714 5,385 780 418 186 2,175 610 195 110 145 330 380 Oct. 21 7,406 3,635 510 230 175 610 195 110 145 336 380 Industrial advances: Sept 30... 15,230 461 621 5,222 682 801 188 387 1,850 138 4,040 Oct. 7 15,319 460 621 5,223 693 778 821 170 382 1,935 134 4,040 Oct. 14 16,015 460 621 5,288 721 777 812 175 370 2,555 134 4,040 Oct. 21 15,354 449 621 5,240 703 774 81' 176 369 1,97' 134 4,038 U S. Government securities, direct and guaranteed: Bonds: Sept. 30 1,716,735 122,065 477,713 127,205 159,896 104,182 74,275 220,138 85,586 45,964 75,693 66,434 157,584 Oct. 7 1,733,720 128,931 455,265 131,241 152,668 117,393 80,668 217,256 82,135 44,612 79,635 69,486 174,430 Oct. 14 1,864,175 138,464 492,517 141,876 165,494 124,583 86,246 232,269 88,14' 48,526 85,862 74,528 185,663 Oct. 21 2,048,773 151,883 546,408 157,227 184,170 134,109 93,94: 252,982 96,594 54,289 94,770 81,589 200,810 Notes: Sept. 30.. 689,915 49,057 191,980 51,121 64,260 41,869 29,848 88,470 34,393 18,470 30,420 26,698 63,329 Oct. 7... 754,361 56,098 198,091 57,104 66,429 51,081 35,101 94,532 35,738 19,410 34,649 30,233 75,895 Oct. 14... 843,672 62,664 222,898 64,210 74,899 56,383 39,031 105,116 39,895 21,964 38,860 33,728 84,024 Oct. 21... 1,065,441 78,951 284,021 81,724 95,729 69,707 48,832 131,500 50,208 28,218 49,762 42,407 104,382 Certificates: R Sept. 30 ... 503,845 35,825 140,204 37,333 46,928 30,576 21,799 64,609 25,119 13,490 22,215 19,498 46,249 Oct. 7 572,026 42,540 150,211 43,302 50,371 38,733 26,616 71,682 27,100 14,719 26,275 22,926 57,551 Oct 14 601,676 44,690 158,963 45,792 53,414 40,210 27,837 74,967 28,450 15,662 27,713 24,054 59,924 Oct. 21 625,387 46,362 166,791 47,993 56,218 40,937 28,676 77,223 29,485 16,571 28,929 24,905 61,297 Bills Sept. 30 656,796 35,136 212,049 33,669 43,502 33,804 19,394 129,082 35,898 12,002 20,765 17,347 64,148 Oct. 7 531,865 34,018 141,813 31,696 36,704 32,251 18,865 114,858 32,598 10,433 19,586 16,250 42,793 Oct. 14 499,801 33,088 120,532 30,588 35,194 30,569 20,047 98,902 22,265 10,154 20,017 15,595 62,850 Oct. 21 485,215 29,906 107,989 31,661 35,505 27,854 20,110 101,071 25,991 10,466 20,120 15,729 58,813 U. S Government securities, direct and guaranteed: Total Sept. 30 3,567,291 242,083 021,946 249,328 314,586 210,431 145,316 502,299 180,996 89,926 149,093 129,977 331,310 Oct. 7 3.591,972 261,587 945,380 263,343 306,172 239,458 161,250 498,328 177,571 89,174 160,145 138,895 350,669 Oct. 14 3,809,324 278,906 994,910 282,466 329,001 251,745 173,161 511,254 178,757 96,306 172,452 147,905 392,461 Oct. 21 4,224,816 307,102 105,209 318,605 371,622 272,607 191,560 562,776 202,278 109,544 193,581 164,630 425,302 Total bills and securities' Sept. 30 3,590,225 242,544 027,667 254,984 315,686 211,385 146,257 502,975 181,223 90,411 151,068 L3O,371 335,654 Oct. 7 3,615,250 262,047 951,311 269,000 307,283 240,412 162,211 498,986 177,798 89,654 162,205 39,330 355,013 Oct. 14 3,836,053 279,366 000,916 288,534 330,140 252,708 176,148 512,0391 179,014 96,786 175,152 48,369 396,881 Oct. 21 4,247,576 307,551 109,465 324,925 372,835 273,611 192,549 563,562 202,535 110,023 195,700 .65,100 429,720 IIO8 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- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco Due from foreign banks: Sept. 30 Oct. 7 Oct. 14 Oct. 21 Federal Reserve notes of other banks: Sept. 30 31,499 764 3,365 2,042 2,403 4,041 2,792 4,449 2,508 852 2,952 1,003 4,328 Oct. 7 35,774 978 3,903 1,786 1,898 4,682 4,247 4,606 2,786 1,381 3,168 1,116 5,223 Oct. 14 38,843 818 4,366 1,288 2,083 6,596 2,621 4,355 3,7.72 1,633 4,365 1,340 5,606 Oct. 21 39,602 1,030 3,448 1,805 2,535 7,575 3,604 3,813 4,167 1,419 4,262 1,168 4,776 Uncollected items: Sept. 30 1,234,399 110,264 273,183 80,216 150,936 95,697 44,919 164,886 59,357 34,576 56,638 44,769 118,958 Oct. 7 1,126,067 109,265 238,502 67,827 124,687 96,169 49,719 155,859 59,562 29,073 58,112 50,294 Oct. 14 1,674,192 139,806 384,218 96,118 215,038 135,577 57,988 248,672 74,845 38,327 75,802 66,087 141,714 Oct. 21 1,401,187 130,921 312,608 80,234 160,869 117,184 63,974 188,235 60,315 34,836 68,367 60,143 123,501 Bank premises: Sept. 30 40,236 2,736 10,342 4,812 4,354 3,062 1,947 2,934 2,122 1,317 2,825 1,075 2,710 Oct. 7 40,230 2,736 10,342 4,812 4,354 3,062 1,947 2,934 2,122 1,317 2,819 1,075 2,710 Oct. 14 40,229 2,736 10,342 4,812 4,354 3,062 1,946 2,934 2,122 1,317 2,819 1,075 2,710 Oct. 21 40,219 2,736 10,342 4,812 4,345 3,062 1,946 2,934 2,121 1,317 2,819 1,075 2,710 Other assets: Sept. 30 49,316 3,239 13,087 3,565 5,182 3,123 2,054 6,139 2,314 1,428 2,342 1,868 4,975 Oct. 7 50,182 3,425 12,649 3,707 5,119 3,484 2,213 6,062 2,272 1,402 2,385 2,017 5,447 Oct. 14 55,730 3,782 14,069 4,737 5,557 3,750 2,409 6,640 2,490 1,540 2,637 2,228 5,891 Oct. 21 56,929 3,847 14,550 4,276 5,810 3,792 2,531 6,846 2,562 1,648 2,714 2,340 6,013 Total assets: Sept. 30 25,754,1561,582,475 8,212,210 1,592,210 2,,280,1601,289,739 238 4,285,296 945,601 583,497 923,855 668,6932,457,182 Oct. 7 25,677,1761,588,515 8,152,9011,572,804 2,,284, ,318,828 399 4,212,444 977,079 588,149 920,187 679,6302,414,633 Oct. 14 26,472,8781,648,582 8,249,1681,639,187 2,,405, ,411,168 240 4,354,015 987,892 583,461 958,970 719,4172,542,393 Oct. 21 26,609,8541,669,378 8,510,7651,612,630 2,,352,1341,351,381 ,350,977 984,588 584,700 948,238 723,0802,529,377 Liabilities Federal Reserve notes in actual circulation: Sept. 30 10,658,312 783,315 2,535,031 750,945 999,260 656,027 444,7102,144,843 432,212 261,061 365,602 202,2011,083,105 Oct. 7 10,798,168 791,778 2,544,719 757,9261,011,711 677,062 454,7"8"8 "2,,165,475 443,825 265,531 372,761 209,0611,103,531 Oct. 14 10,909,602 800,804 2,564,282 764, ,023,410 686,288 457,5122,185,104 451,920 267,838 376,420 211,6871,119,514 Oct. 21 10,988,892 803,960 2,571,911 770,405 1,031,634 698,512 462,668 "2,200,006 460,957 271,252 379,637 212,5671,125,383 Deposits: Member bank—reserve account: Sept. 30 11,592,217 598,658 4:,412,524 589,980 933,536 456,978 387,9321,724,559 372,477 224,316 431,520 368,7491,090,988 Oct. 7 11,800,904 618,542 4:,, 420,646624,198 971,424 482,743 412,200 1,700,143 412,745 237,297 444,694 381,9971,094,275 Oct. 14 12,302,610 661,755 4,528,300 664,1551,028,464 522,676 413,0851,764,824 414,354 238,609 478,178 404,"244 1,183,966 Oct. 21 12,304,406 682,282 4:,, 732,941615,555 961,322 472,112 411,484 1,786,669 399,517 227,039 444,300 406,3311,164,854 U. S. Treasurer—general account: Sept. 30 660,735 50,038 120,922 64,498 53,092 30,616 17,628 109,384 45,113 37,728 33,812 25,162 72,742 Oct. 7 393,409 30,130 101,826 18,688 30;755 15,084 18,065 66,562 22,769 28,002 16,179 11,918 33,431 Oct. 14 122,980 5,271 39,524 6C4 10,934 14,718 5,110 14,864 10,714 11,557 2,254 6,498 932 Oct. 21 520,655 23,820 175,366 41,273 59,895 22,936 24,338 41,222 22,585 23,576 26,842 19,191 39,611 Foreign: - Sept. 30 946,734 23,648 2497,205 71,032 68,072 32,556 25,897 90,270 22,197 16,278 21,458 21,458 56,663 Oct. 7 927,940 23,874 2491,027 68,888 66,018 31,574 25,115 87,545 21,527 15,787 20,810 20,810 54,965 Oct. 14 946,951 25,361 2494,013 71,304 68,333 32,681 25,996 90,615 22,282 16,340 21,540 21,540 56,946 Oct. 21 932,318 23,620 2490,176 69,786 66,878 31,985 25,443 88,687 21,808 15,993 21,081 21,081 55,780 Other deposits: Sept. 30 460,455 3,583 290,787 10,100 55,849 9,450 3,300 2,297 9,634 7,804 8,023 2,825 56,803 Oct. 7 413,897 3,300 267,713 8,099 56,178 9,717 3,' 2,558 12,839 7,529 2,317 3,363 37,196 Oct. 14 335,861 3,255 163,780 12,813 55,368 10,065 7,030 5,718| 13,783 10,265 4,231 3,679 45,874 Oct. 21 321,915 3,925 161,311 9,381 59,011 10,029 2,514 4,158 10,550 8,785 7,635 4,265 40,351 Total deposits: Sept. 30 13,660,141 675,9275,321,438 735,610 1,110,549 529,600 434,757 1,926,510 449,421 286,126 494,813 418,194 1,277,196 Oct. 7 13,536,150 675,8465,281,212 719,8731,124,375 539,118 458,4681,856,808 469,880 288,615 484,000 418,0881,219,867 Oct. 14 13,708,402 695,642 ,225,617 748,876 ,163,099 580,140 451,2211,876,021 461,133 276,771 506,203 435,9611,287,718 Oct. 21 14,079,294 733,6475,559,794 735,9951,147,106 537,062 463,7791,920,736 454,460 275,393 499,858 450,8681,300,596 Deferred availability items: Sept. 30 1,050,550 96,732 223,013 70,660 134,806 87,335 39,439 164,264 51,690 26,282 51,379 36,412 68,538 Oct. 7 957,411 94,396 194,134 59,977 112,908 85,837 39,794 140,415 51,070 23,963 51,483 40,575 62,859 Oct. 14 1,468,135 125,631 326,209 89,742 183,181 127,850 50,130 243,031 62,511 28,791 64,467 59,828 106,764 Oct. 21 1,155,231 105,210 245,950 71,154 137,728 98,929 51,778 180,421 56,828 27,999 56,770 47,535 74,929 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks Sept. 30 to Oct. 21. 2 After deducting $448,774,000 participations of other Federal Reserve Banks on September 30; $436,402,000 on October 7; $452,012,000 on October 14; $441,080,000 on October 21. NOVEMBER 1942 1109 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 liabilities, including accrued dividends: Sept. 30 4,443 556 1,046 283 354 353 242 461 153 136 427 167 265 Oct. 7 4,769 574 1,123 329 434 379 259 526 208 151 302 189 295 Oct. 14 5,945 575 1,292 1,036 512 451 279 618 203 171 290 209 309 Oct. 21 5,314 618 1,263 346 462 405 273 516 219 163 364 365 320 Total liabilities: Sept. 30 25,373,4461,556,530 8,080,528 1,557,498 2,,244,9691,273,315 919,148 4,236,078 933,476 573,605 912,221 656,974 2,429,104 Oct. 7 25,296,4981,562,594 ,021,188 1,538,105 2,249,4281,302,396 953,309 4,163,224 964,983 578,260 908,546 667,913 2,386,552 Oct. 14 26,092,0841,622,652 8,117,4001,604,4772,370,2021,394,729 959, ,304,774 975,767 573.571 -947,380 707,685 ,514,305 Oct. 21 26,228,7311,643,435 8,378,9181,577, ,316,9301,334,908 978,498 4,301,679 972,464 574,807 936,629 711,3352,501,228 Capital accounts Capital paid in: Sept. 30 145,284 9,439 53,480 11,765 14,846 5,837 5,152 16,016 4,531 3,077 4,699 4,446 11,996 Oct. 7 145,290 9,440 53,49C 11,756 14,845 5,839 5,152 16,019 4,531 3,C77 4,699 4,446 11,996 Oct. 14 145,306 9,440 53,490 11,757 14,844 5,839 5,152 16,024 4,530 3,077 4,700 4,454 11,999 Oct. 21 145,339 9,440 53,492 11,757 14,844 5,839 5,152 16,035 4,530 3,077 4,703 4,455 12,015 Surplus (section 7) Sept. 30 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Oct. 7 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3.613 3,976 10,792 Oct. 14 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Oct. 21 157,5C2 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) Sept. 30 26,781 2,874 7,070 4,393 1,007 3.244 713 1,429 530 1.000 1,137 1,263 2,121 Oct. 7 26,781 2,874 7,070 4,393 1,007 3,244 713 1.429 530 1,000 1,137 1,263 2,121 Oct. 14 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Oct. 21 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: Sept. 30 51,143 2,683 14,481 3,383 4,992 2,107 2,500 2,098 2,663 2,185 2,034 3,169 Oct. 7 51,105 2,658 14,502 3,379 4,981 2,113 2,500 i,847 2,069 2,660 2,192 2,032 3,172 Oct. 14 51,205 2,667 14,557 3,389 4,986 2.120 2,508 1,863 2,099 2,661 2,140 2,039 3,176 Oct. 21 51,501 2,680 14,634 3,409 5,007 2,154 2,518 1,909 2,098 2,664 2,156 2,051 3,221 Total liabilities and capital accounts: Sept. 30..: 25,754,1561,582,475 8,212,2101,592,210 2,280,1601,289,739 933,238 4,285,296 945,601 583,497 923,855 668,6932,457,182 Oct. 7 25,677,1761,588,515 8,152,9011,572,8042,284,6071,318,828 967,3994,212,444 977,079 588,149 920,187 679,630 2",,414,633 Oct. 14 26,472.8781,648,582 8,249,1681,639,187 2,405,3851,411,168 973,240 4,354,015 987,892 583,461 958,970 719,4172,542,393 Oct. 21 26,609,8541,669,378 8,510,7651,612,630 2,352,1341,351,381 992,606 4,350,977 984,588 584,700 948,238 723,080 2,529,377 Commitments to make industrial advances: Sept. 30 12,187 113 347 1,462 576 1,204 142 326 1,087 1,372 5,558 Oct. 7 11,277 113 347 1,601 545 1,200 142 281 1,279 1,287 4,482 Oct. 14 10,275 113 347 1,453 514 1,197 135 126 1,279 667 4,444 Oct. 21 10,567 112 347 1,494 508 1,192 135 126 1,179 1,191 4,283 IIIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, Date ( e l a a c st h W m e o d n n t e h s ) day of Numb r e e r ceiv A ed mount Nu c m o b n e s r i der A at m io o n unt Numb ap er prov A ed mount s ( A t a a d m o n v u o d a t u i n - n n c g e t) s m ( C s a e t o m n a m t n o s d m u o i n n i u t t g ) - t- c A ( o a b m p m u p p t o r l o n u e v o t n e e t t d ) d 2 a d o e p r r x a p e p w l w t i i c n c r . i e a t b h d n - , y t, ( s P p a ta m a a o n r t u o i t d o t i u - i c n n n i s g - t) (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 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 Dec. 313 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 1936—June 24 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 Dec. 30 8,344 333,300 9 1,322 2,323 141,545 23, 059 18,611 7,898 85,210 6,767 1937—Mar. 31 8,430 339,509 10 1,263 2,361 145,758 23, 019 16,331 1,470 97,663 7,275 June 30 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Sept. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938— D J D S M u e e e c n p a c . e r t . . 2 2 2 3 2 9 8 9 0 8 8 8 9 9 9 , , , , , 1 9 1 2 7 8 0 4 7 0 8 2 9 6 8 3 3 3 3 3 7 5 8 9 6 8 8 7 2 9 , , , , , 9 9 4 2 8 7 3 9 3 5 4 6 0 0 3 1 1 5 9 4 1,2 4 3 2 1 9 4 7 4 4 6 9 4 7 6 2 2 2 2 2 , , , , , 6 4 5 6 6 1 6 6 5 8 7 4 6 3 3 1 1 1 1 1 5 6 7 6 7 4 1 5 8 7 , , , , , 9 1 8 0 3 1 5 9 1 8 8 8 5 3 0 1 1 1 1 1 9 8 7 7 5 , , , , , 3 4 5 3 7 4 7 6 4 9 4 1 7 5 8 1 1 1 1 1 3 3 3 2 4 , , , , , 1 6 5 6 1 9 4 1 4 6 7 7 0 9 1 3 3 5 1 1 , , , , , 4 7 0 9 9 1 3 8 4 7 9 7 4 6 5 1 1 1 1 1 2 2 3 1 1 8 2 5 1 7 , , , , , 8 4 0 5 1 3 4 0 5 9 9 7 4 5 3 1 1 8 9 7 2 2 , , , , , 4 0 7 8 4 2 2 3 2 7 2 2 6 5 1 1939—Mar. 29 9,308 395,499 5 255 2,721 179,778 15255 11,175 2,067 139,281 12,000 June 28 9,366 402,305 2 370 2,752 185,234 14454 10,517 1,938 146,156 12,169 Sept. 27 9,418 405,225 2 41 2,781 188,222 13683 9,220 2,659 151,679 10,981 Dec 27..., 9,476 410,192 7 199 2,814 192,665 12723 8,224 2,471 158,110 11,137 1940— J D S M u e e c n a p . e r t . 3 2 2 2 1 6 7 5 3 9 9 9 9 , , , , 5 5 6 6 1 5 0 8 2 6 9 2 4 4 4 4 1 1 3 4 3 7 1 8 , , , , 6 2 2 5 4 6 3 0 6 0 6 6 2 2 3 1 2 8 2 3 2 1 2 3 3 0 2 2 2 2 , , , , 8 8 9 9 3 6 0 5 8 5 8 9 1 2 1 2 9 1 9 2 5 8 2 8 , , . , 7 9 5 7 3 6 3 1 9 6 2 0 1 1 9 9 0 0 , , 9 7 1 5 8 7 5 2 8 8 2 6 8 8 5 7 , , , , 7 0 2 3 6 7 1 2 2 5 8 6 1 1 2 2 3 9 , , , , 3 1 9 9 1 9 5 8 5 5 4 6 * 1 1 1 1 6 6 7 8 2 7 7 0 , , . , 6 7 0 9 1 9 4 8 2 2 6 9 1 1 1 6 1 0 0 , , , , 3 1 7 9 8 8 4 1 2 6 9 6 ' 1941—Mar. 26 9,817 458,092 2 35 3,067 238,505 10549 13,072 8,090 192,783 14,011 June 25 9,912 498,017 3 2,220 3,132 267,606 9 808 13,551 10,251 216,258 17,738 Sept. 24 10,007 510,443 4 150 3.202 279,860 10,337 14,597 8,294 227,032 19,600 Dec 31 10,035 512,449 4 135 3,224 281,617 9 752 14,272 7,612 230,593 19,388 1942-Jan. 28 10,056 525,432 1 600 3,241 292,905 9,227 14,921 15,751 233,082 19,924 Feb 25 10,081 530,556 1 300 3.261 297.945 9,312 14,364 17.698 237,485 19.086 Mar. 25 10,129 546,600 4 424 3,300 313,660 10,699 11,673 18,473 250,105 22,710 Apr. 29 10,171 558,821 2 400 3.337 325,507 11,464 14,378 22,480 253,801 23,384 May 27 10,191 572.411 3 600 3.352 338,822 11,265 16,832 26,346 257,949 26,430 June 24 10,220 578,805 1 350 3,376 344,770 12,619 15,989 22,323 268,555 25,284 July 29 10.236 587,448 2 356 3,388 352.675 14,833 16.720 12,024 283,803 25,295 Aug.. 26 10,245 599,463 1 30 3,394 364,916 15,882 12,187 8,199 305,468 23,180 Sept. 30 10,250 611,871 3,399 377,306 14,934 11,572 7,536 322,281 20,983 Oct. 28 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS lln thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t._ is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Federal Reserve Notes Issued to F, R. Bank by F, R. agent Sept 30 11,120,927 830,0542,634,718 781,5591,035,470 679,086 480,9412,189,500 462,179 266,763 379.251 220,040 1,161,366 Oct. 7 11,267,079 837,6332,654,711 784,8311,045,898 701,630 492,5692,211,156 471,040 271,024 386,329 231,1351,179,123 Oct. 14 11,374,067 849,9322,667,175 790,260 ,057,040 714,508 493,380 2,227,745 479,358 272,939 388,136 235,3011,198,293 Oct. 21 . 11,470,614 850," 56"2 2,678,300 795,508 1,066,462 727,220 500,5452,251,284 488,972 276,886 390,882 236,7571,207,236 Held by Federal Reserve Bank: Sept 30 462,615 46,739 99,687 30,614 36,210 23,059 36,231 44,657 29,967 5,702 13,649 17,839 78,261 Oct 7 468,911 45,855 109,992 26,905 34,187 24,568 37,781 45,681 27,215 5,493 13,568 22,074 75,592 Oct. 14 464,465 49,128 102,893 25,437 33,630 28,220 35,868 42,641 27,438 5,101 11,716 23,614 78,779 Oct. 21 481,72: 46,602 106,389 25,103 34,828 28,708 37,877 51,278 28,015 5,634 11,245 24,190 81,853 In actual circulation:1 Sept. 30 10,658,312 783,3152,535,031 750,945 999,260 656,027 444, 710 2,144,843 432,212 261,061 365,602 202,2011,083,105 Oct. 7 10.798,168 791,7782,544,719 7579,2"6 1,011,711 677,062 454,7882,165,475 443,825 265,531 372,761 209,0611,103,531 Oct. 14. 10,909.60: 800,8042,564,282,764,8231,023,410 686,288 457,5122,185,104 451,920 267,838 376,420 211,6871,119,514 Oct. 21 10,988,892 803, ,571,911 770,4051,031,634 698,512 462, "" ",200,006 460,957 271,252 379,637 212,5671,125,383 Collateral held by agent as security for notes issued to bank; Gold certificates on hand and due from U. S. Treasury Sept 30 11,294,500 8401,,0000 2 660.000 800,000 1,040,000 700,000 495, 000 2,230,000 470,000 270,000 380,000 225,5001,184,000 Oct 7 11,429,500 849,000 2,1680,000 800,000 1,050,000 725,000 510, 000 2,230,000 480,000 275,000 390,000 236,5001,204,000 Oct. 14 11,543,000 863,000 2,680,000 800,000 1,060,000 750,000 510, 000 2,260,000 490,000 275,000 390,000 241,0001,224,000 Oct. 21 11,617,000 863,000 2,700,000 800,0001,070,000 738,000 510, ,290,000 500,000 280,000 400,000 242,000 1,224,000 Eligible paper; Sept. 30 3,505 3,400 50 45 10 Oct. 7 ' 3,715 3,610 50 45 10 Oct. 14 3,615 3,260 300 10 45 Oct, 21 2,165 1,510 600 10 45 Total collateral: Sept 30 11,298,005 840,0002,663,400 800,0501,040,000 700,000 495, ,230,000 470,045 270,010 380,000 225,5001,184,000 Oct. 7 11,433,215 849,0002,683,610 800,0501,050,000 725,000 510, COO 2,230,000 480,045 275,010 390,000 236,5001.204,000 Oct. 14 11,546,615 863,0002,683,260 800,3001,060,000 750,010 510, 0002,260,000 490,045 275,000 390,000 241,000 1,224,000 Oct. 21 11,619,165 863,0002,701,510 800,6001,070,000 738,010 510, ,290,000 500,045 280,000 400,000 242,0001,224,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. NOVEMBER 1942. n il Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Cl a a n ss d e s d i o s f t r b ic a t n s ks p m G o d d r a s e e o n i - - s t d s s p m N o d d a s e e e n i - - t t d s1 T p d o im e s - i e ts qu R ir F e e - e d der B a H l a e n R l k d e s serv E c e e x s - s b m a b A e n e m l k r l s - 1 , Y N o c e i r w k ty ba - n C c k a h s g i o - b s c a R e i n r e t v y k - e s b C a t o n r u y k n s - 1 Total reserves held: All member banks 54,381 46,111 12,452 9,999 12,299 2,300 1941—September 13,184 5,554 1,218 4,335 2,076 Central reserve city banks: October 13,097 5,314 1,243 4,391 2,149 New York 17,377 16.639 730 3,848 4,150 302 November 12,900 5,053 1,210 4,424 2,213 Chicago 4,044 3,693 460 872 944 73 December 12,812 5,142 1,143 4,317 2,210 1942—January 12,936 5,248 1,085 4,365 2,238 Reserve city banks: February 12,908 5,266 1,086 4,356 2,199 Boston district 1,547 1,426 82 290 360 70 March 12,827 5,188 1,157 4,279 2,204 New York district 331 293 142 67 75 8 April 12,649 5,028 1,140 4,293 2,188 Philadelphia district 1,768 1,586 130 325 416 91 May 12,510 4,870 1,049 4,325 2,265 June 12,624 4,859 979 4,448 2,338 Cleveland district 2,783 2,359 680 513 723 210 July 12.409 4,609 1,000 4,447 2,353 Richmond district 1,267 1,051 243 225 311 86 August 12,623 4,616 1,009 4,574 2,423 Atlanta district 1,195 926 174 196 246 51 September 12,299 4,150 944 4,676 2,529 Week ending (Friday): Chicago district 2,506 2,001 738 444 563 118 1942—Sept.Y 12,407 4,341 983 4,624 2,459 St Louis district 1,307 1,089 170 228 266 38 Sept. 11 12,429 4,218 980 4,710 2,521 Minneapolis district 635 503 81 106 123 17 Sept. 18 12.682 4,260 947 4,863 2,612 Sept. 25 12,154 4,061 912 4,640 2,541 Kansas City district 1,624 1,185 154 246 332 86 Oct. 2 11,721 3,917 885 4,455 2,464 Dallas district 1,166 839 127 175 236 61 Oct. 9 11,842 3,884 811 4,596 2,551 . San Francisco district ... 3.897 3,314 2,146 792 1,025 234 Oct. 16 12,293 4,056 812 4,774 2,651 Excess reserves: Total 20,026 16,573 4,868 3,607 4,676 1,069 1941—September 5,116 1,834 478 1,836 968 October 5,001 1,626 512 1,845 1,017 November 3,611 945 367 1,456 844 Country banks! December 3,390 989 295 1,303 804 Boston district. 1,436 1,141 566 194 283 90 1942—January 3,446 1,083 225 L,330 809 New York district 2,134 1,732 1,527 334 491 157 February 3,309 1,071 204 1,279 755 Philadelphia district 1,001 762 850 158 228 70 March 3,147 962 255 1,190 740 April... 2,951 795 262 ,175 718 Cleveland district 1,132 811 753 159 261 102 May 2,667 546 178 1,171 772 Richmond district 1,100 718 408 125 182 57 June 2,704 556 89 1,232 827 Atlanta district 947 636 265 105 153 48 July 2,237 269 64 1,105 799 August 2,248 286 60 1,091 812 Chicago district 1,614 1,112 890 209 333 124 September 2,300 302 73 1,069 857 St. Louis district 715 478 259 82 120 38 Week ending (Friday): Minneapolis district 520 347 286 66 100 34 1942—Sept. 4 2,209 252 69 1,073 815 Sept. 11 2,282 204 77 1,136 866 Kansas City district 779 475 160 76 117 40 Sept. 18 2,779 491 100 1,245 942 Dallas district 889 572 100 86 137 51 Sept. 25 2,317 374 70 1,023 850 San Francisco district... 667 421 330 79 124 45 Oct. 2 1,700 155 15 770 761 Oct. 9 2,232 491 37 890 814 Total 12,934 9,206 6,394 1,672 2,529 857 Oct. 16 P2.584 622 28 1,020 ^914 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. 1106 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Memb ( e p r l b ac a e n s k s o v in 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 , e 0 r 0 0 c ) enters Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Boston 2,983 2,880 648 642 2,790 2,697 , 526 521 193 183 122 120 New York 19,842 20,100 2,400 2,391 x2,014 il.977 h,uo 451 441 530 523 Philadelphia 2,769 2,728 979 976 2,377 2,353 '528 391 375 450 448 Cleveland . .... 3,915 3,767 1,433 1,426 3,489 3,359 530 1,073 426 407 358 353 Richmond 2,367 2,250 651 643 2,033 1,941 1,075 434 333 309 210 209 Atlanta 2,142 2,077 438 434 1,917 1,856 435421 347 225 221 87 87 Chicago 8,164 7,960 2,088 2,062 X3,511 X3,377 xl,267 xl,249 608 581 361 356 St Louis 2,022 1,956 428 424 1,604 1,558 306 302 419 397 123 122 Minneapolis 1,155 1,073 368 364 903 841 195 193 253 232 173 170 Kansas City 2,403 2,300 315 311 1,875 1,804 205 202 528 496 110 109 Dallas 2,055 1,985 227 227 1,583 1,534 184 184 472 451 43 43 San Francisco .. ... 4,564 4,299 2,476 2,435 4,356 4,112 2,364 2,326 208 187 112 109 Total 54,381 53,375 12,452 12,334 128,452 ^7,411 iS,584 18,488 4,508 4,280 2,677 2,649 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. III2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o 1 e r t 8 a y 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 c i o n in or U S n n o ta i t t t e e e s d s R F n e e o s d e t e e r r v s a e l F R n B e e o d a s t e n e e r r k s a v l e n t b i N o o a t n a n e a - k s l 1941—August... 9,995 62 55 1,723 1 445 199 313 7,027 20 148 September 10,163 62 56 1,724 1 455 202 314 7,181 20 147 October... 10,364 62 57 1,715 1 463 205 317 7,378 20 146 November. 10,640 61 59 1,737 1 474 208 321 7,615 20 145 December. 11,160 61 60 1,733 1 481 209 313 8,138 19 144 1942—January... 11,175 61 61 1,657 1 471 206 302 8,253 19 143 February.. 11,485 61 61 1,695 1 475 206 309 8,514 19 143 March 11,566 60 62 1,697 1 482 208 .307 8,587 19 142 April 11,767 60 64 1,707 1 488 209 309 8,76^ 19 141 May 12,074 60 65 1,745 1 496 211 316 9,022 19 140 'June 12,383 59 66 1,754 1 504 213 317 9,310 19 139 July 12,739 59 67 1,764 1 510 215 315 9.650 19 138 August 13,200 59 69 1,786 1 521 218 321 10,068 18 138 September 13,703 59 71 1,754 1 537 222 324 10,580 18 137 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions~of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c u c la ir - - so U r n te a d s- 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—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 L,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 L.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 ,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 ,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 ,566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 ,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 ,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1,517 3,379 3,310 3,409 868 ,663 266 575 8 29 4 September.... 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 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 com. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation. In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] End ot month Total d S s o b i i a l l l u n v l v a l d e e - r r r s s S s a i i u l r d v y b i e - - r M co in in or U S n n t o a i t t t e e e d s s B F s e R e e a r r e d a n v - l - k e t n b i N o o a a t n n e - a k s l Year or month m E e S u n h r t o i s p p - e to R E e f u r c o r e o m ip p t e s m s N h e i e n p t t - s rec N e e ip t ts lion1 coin notes 1937 21.5 47.6 26.1 1938 33.1 34.4 1.3 1941—August 3,181 1,998 462 204 347 20 150 1939 110.2 9.8 i66.3 September. 3,198 2,006 469 207 347 20 149 1940 17.7 .7 17.0 October.... 3,219 2,013 482 210 347 20 148 1941 .3 .5 .2 November 3,231 2,017 489 212 347 20 146 December .. 3,247 2,023 497 215 347 20 146 1941—October (*) November h /IN 1942—January.... 3,259 2,029 501 218 347 20 144 December 2 M Fe a b rc ru h ary... 3 3 , , 2 27 6 7 8 2 2 , , 0 0 3 3 3 8 5 5 0 0 5 9 2 2 2 2 0 1 3 3 4 4 7 7 2 1 0 9 1 1 4 4 4 3 1942—January .2 .2 .1 April 3,289 2,044 514 222 347 19 142 February C1) May 3,305 2,050 524 224 347 19 141 March June 3,313 2,053 530 225 347 19 140 April .1 .1 July 3,326 2,057 539 225 347 19 139 May August 3,340 2,059 551 226 347 19 139 June September.. 3,353 2,061 562 226 347 19 138 July (*) /IN August /IN September .1 1 Includes silver held against silver certificates amounting to $1,950- 000,000 on Sept. 30, 1942 and $1,929,000,000 on Sept. 30, 1941. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. NOVEMBER 1941 1113 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 STATESx UNITED STATES [ In thousands of dollars [In millions of dollars] 1941 Ear- Period of a s G t t p o o e e c l r n k d i d od I i n n s c t o r g e c o a k ld se N im et p g o o r l t d g m o o c l r r a d e r : i a k n d s e - e d e- p D ti r c t o o i m o d g n u e o 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 o a m r n - t . s -De p c E o . x r - ts crease (-) 19342 8,238 4,202.5 1,133.9 82.6 92.9 F P r o a r n tu ce gal. 24 24 402 1935 10,125 1,887.2 1,739.0 .2 110.7 Sweden .. 1,747 1 1 9 9 3 3 7 6 . . . 3 3 1 1 1 2 , , 2 7 5 6 8 0 1 1 , , 5 1 0 3 2 2 . . 5 5 1 1 , , 1 5 1 8 6 5. . 5 6 -2 -8 0 5 0 . . 9 4 1 1 3 4 1 3 . . 6 9 S U w n i i t t z e e d r l K an in d gdom 163 121 3,7 8 7 9 9 9i 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 1940 21,995 4,351.2 4,744.5 -644.7 170.2 Mexico . 1,273 6,336 16,800 8 1941 22,737 741.8 982.4 -407.7 169.1 Central America 976 939 10,963 West Indies and Ber- 1941—August 22,719 44.7 37.0 -31.2 12.6 muda 53 77 1 867 3 September... 22,761 41.5 65.7 -46.8 18.0 Argentina 6 18 184 October 22,800 38.8 40.4 -32.2 15.9 Bolivia 1 8 95 November 22,785 -14.4 50.4 -60.9 18.2 Brazil 2 5 25 '" 10 December 22,737 -48.8 452.9 -99.7 11.5 Chile 883 441 8,510 Colombia 2,238 2,110 ;;;;;;; 24,448 1942—January 22,747 10.6 -38.5 14.7 Ecuador 234 218 3,057 February 22,705 -42.4 -109.3 10.0 Peru 678 436 9.119 March 22,687 -17.3 -65.5 11.0 Venezuela 369 227 ! 4 581 April 22,691 3.3 -20.1 11.1 British Guiana 53 91 1,039 . May 22,714 23.6 -38.2 10.8 Australia 3 713 5,980 67.492 June 22,737 22.3 -14.8 10.1 New Zealand 293 156 2.6581 July 22,744 7.6 -24.4 12.3 British Oceania 311 314 3,894; ;. August 22,756 11.4 -21.8 9.8 British India 711 9.665J September... 22,754 -1.3 5—27.8 P11.8 Netherlands Indies 855! China and Hong Kong.. 665 4,362; Jan .-Sept 22,754 17.8 5-360.3 P101.7 Japan 9 444! Philippine Islands **5,'506' 1,832 1 42,684i 6 South Africa 190 40 292,893! p Preliminary. All other countries 716 473 4,972j 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 1159, adjusted to exclude Philip- Total 52,897 2 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. 1 Figures represent customs valuations which, with some exceptions, 3 Includes gold in the Inactive Account amounting to 27 million dollars are at rate of $35 a fine ounce. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. NOTE.—Figures for months subsequent to December 1941 have not been 4 The net gold import figures for months subsequent to December 1941 released for publication. For back figures for selected countries beginning have not been released for publication. in 1934, see table on page 1159. 5 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 2,575.6 million dollars on September 30, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS 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 8 Year and month report- York other reporting 1936 44 1 40 3 ing City centers2 1937 59 4 2 47 6 centers 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.-Sept 7 4 3 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—September, 43,866 15.654 24,322 3,890 1936 11,306 507 10,207 592 October .. 50,869 19,148 27,329 4.392 1937 . . .. 19,723 7,379 1,708 10,156 480 November. 45.076 16,077 25.087 3,912 1938 13,012 36 211 11,721 1,044 December. 56,582 20.598 31,133 4,850 1939 34,998 1,341 24,629 6,589 2,439 1942—January... 48,605 17,247 27,028 4.330 1940 5,943 256 5,341 346 February.. 41,545 14,242 23,543 3,760 1941 3,726 3,144 503 79 March 49,161 17,056 27,764 4,341 1942—Jan .-Sept 959 632 327 April 46,613 16,023 26.451 4.138 May 48,342 16,985 27,241 4.116 1 Represents banks which, during the periods shown, closed temporarily J J u u n ly e 5 5 0 0 , , 1 0 0 8 7 7 1 1 7 7 , , 3 1 9 1 4 0 2 2 8 8 , . 2 50 9 5 2 4 4 , . 4 4 2 7 1 2 or permanently on account of financial difficulties; does not include banks August 49,169 17.Q51 27,837 4 282 whose deposit liabilities were assumed by other banks at the time of closing September 52,703 18,593 29,521 4,589 (in some instances with the aid of Federal Deposit Insurance Corporation loans). * Federal deposit insurance became operative Tanuary 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. III4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,, private banks which, pursuant to the provisions of sec 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p.'883, and July 1936, p. 535. . Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVEIOF INTERBANKDEPOSITS1 [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- al State M s b a a u v n t in u k g a s l s m O n b e t o h m e n r e - - r banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929-June29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4 14,871 6,528 5,138 1,390 550 7,793 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 June 30 14,855 6,556 5,130 1,426 547 7,752 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Sept. 24 14,852 6,596 5,125 1,471 546 7,710 Sept. 24 68,449 49,160 31,500 17,660 10,643 8,646 Dec. 31. 14,825 6,619 5.117 1,502 545 7,661 Dec. 31 70,792 51,192 32,672 18,520 10,525 9,075 1942—June 30 14, 773 6,647 5,101 1,546 547 7,579 1942—June 30 5 72,382 53,434 34,036 19,397 10,395 8,554 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31.. 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 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. 31* 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 . 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 810,188 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 63,976 ' 25,078 38,897 46,800 16,928 29,872 10,360 4,822 5,538 " 6,815 3,328 3.488 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 Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 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). NOVEMBER 1941 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- Direct of Call date i m n a v e n e d n s t t s - Total1 i t n m a r c d i n i e a u a d r l l s - 2 - A t c a u 6e u l . r 2 r l- i - - p O m a k p p a e e r e t n - r b e r T s o r e s o c k u - o T t o h- e l R s o t a e a n a te s l l O o t a h n e s r 4 Total Total Bills f C ic e i o n a r f t - t e i- s Notes Bonds G t a u e n e a - d r- S p s a o t u c a n l b a i t d - l t e i s - O r s i e t t c h ie u e s - r and ers3 debt- divideal- ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30... 24,786 12,858 595 953 3,752 2,372 5,187 11,928 5,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30... 33,941 13,962 5^386" "730 455 790 730 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,*50l' '3 "263" 29,872 24,098 1,509 1,872*3,'546 14,' 485*2,685 2,934 2,840 New York City* i 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 1,768 7 120 611 188 133 '469 6,043 4,772 315 797 2,385 1*275' 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 468 7,527 5,044 207 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 19 251 538 21 623 309 116 1 2 19 94 96 96 1 19 9 3 3 9 3 — __ D juence . 3 3 0 0 2 1 , ,2 1 8 0 7 5 5 6 6 7 9 7 365 •'"6* 69 4 6 1 1 25 6 1 6 3 1 0 3 26 6 7 0 1,5 6 3 10 6 1,2 3 0 84 3 1 1 4 5 9 3 57 17 8 6 2 70 9 1 7 172 16 8 2 7 1 1 3 7 8 0 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 , Dec. 31 2,760 954 711 6 21 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Apr. 4 2,806 923 1,883 1,490 108 207 187 June 30 3,116 906 697 3 15 29 5*) 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 ,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 "22i" 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 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31..... 13,013 5,931 2,436 263 153 115 207 1,436 1,322 7,081 5.204 103 771 3,281 1,049 984 893 1941—June 30.... 14,013 6,498 2,879 175 202 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,206 300 250 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Apr. 4 ..... 15,605 6,989 8,616 6.832 1 051 941 844 June 30 16,535 6,564 3,103 152 215 78 177 1,524 1,315 9,971 i,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 1,238 5,456 -,159 31 431 1,972 725' 1,061 1,236 1940—June 29 10,257 4,987 1,187 546 174 17 208 1,544 1,311 5,270 ,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 ;,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 :,627 60 374 2,404 788 1,165 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 1,222 1,028 1942—Apr. 4 12,753 5,749 7 004 4 746 797 1,253 1,005 June 30 13,130 5,393 1,314 562 198 16 169 1,834 1,299' 7,737 1,502 171 355 657 3'696* 624 1,222 1,013 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Central reserve city banks. Back figures.—Sec Annual Report for 1937 (tables 52-58). 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] o ]Demand deposits Time deposits, Interbank except interbank except interbank deposits Re- Bal- Deserves 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 b a w a n d n i o c t k e - h . s s1 j m p u dn o s d a AU t s e n e - i - d t d s 2 v a p n i a s p I t d d h r i o n o u t i r d n p c n a a i e o s s - l - r s , r p v s S o i u a l s t i b a i n t o t d i d e c n i s - a s c C c h f a o e e e i t f n e e f c r r c d i d . t s - k i ' - m U G er e . o n n v S - t - . p a v n a p s i t I d d h r i o n o t u i r d n p c n a a i e o s s - l - r , s r v s S p i u i s t o c a b i l o a t d i e l n t i - s s - p m U G o e s a r s a . n e o n S t v d n v a , . - - t - l m D a D n e- d o b 3 m an e k s s T ti i c me 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 - it t a s l ings 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 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 T,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 e192 11,335 11,235 296 154 967 751 25 "3,383 "576 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 "285 1,919 1,886 203 31 296 455 "1,253 eg 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Reserve City Banks 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1933—June 30 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1939—Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 Dec 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 1942—Apr. 4 4,221 348 e2,705 11,689 11,105 1,313 202 633 4,366 224 18 "4,235 e90 . e54 6 1,981 . June 30 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 Country Banks 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1939—Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 1942—Apr. 4 2,180 429 "3,093 9,726 8,376 1,473 202 269 5,948 145 30 e779 "28 "2 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 m 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. • Partly estimated. Back figures—Set Annual Report for 1937 (tables 52-58), NOVEMBER 1941 1117 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, if In millions of dollars] Loans Investments Loans for U S, Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m n a v e n e n d s t t s - Total i t n t a a r c u d g i u n r u a r d l a i - l s l - , - p O m k a p e p a e t r e n - r b d a T r e e n o r a o s d k l- - ot T h o ers e l R o st e a a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C o d i n c e e f e e i d a b r n s t 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—September... 29,171 10,937 6,321 395 536 437 1,258 42 1,948 18,234 14,467 903 2,287 7,958 3,319 3,767 1942—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 1,656 1,465 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 2,103 1,832 2,808 11,189 2,053 3,448 September,.. 34,888 10,342 6,280 299 489 377 1,225 36 1,636 24,546| 21,048 2,323 2,576 2,815 11,234 2,100 3,498 1942—July 29 33,512 10,696 6,432 336 569 407 1,230 29 1,693 22,816 19,387 1,921 1,455 2,858 11,118 2,035 3,429 Aug. 5 33,509 10,649 6,408 327 551 406 1,230 39 1,688 22,860 19,441 2,009 1,414 2,851 11422 2,045 3,419 Aug 12 33,603 10,642 6,425 329 537 402 1,230 37 1,682 22,961 19,509 2,065 1,406 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 20,425 2,107 2,251 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 2,229 2,256 2,764 11,243 2,072 3,462 Sept. 2 ..... 34,457 10,382 6,282 313 493 381 1,230 26 1,657 24,075 20,588 2,245 2,267 2,753 11,228 2,095 3,487 Sept. 9 34,322 10,327 6,252 306 472 379 1,227 44 1,647 23,995 20,525 2,226 2,224 2,746 11,228 2,101 3,470 Sept 16 ... 34,358 10,313 6,317 299 442 374 1,222 22 1,637 24,045 20,588 2,385 2,223 2,666 11,219 2,095 3,457 Sept 23 35,349 10,326 6,281 295 513 371 1,223 22 1.621 25,023 21,488r2,423 r3,093 2,628 11,238 2,106 3,535 Sept. 30 35,954 10,361 6,270 282 526 381 1,221 65 1,616 25,593 22,054 2,337 3,071 3,283 11,257 2,106 3,539 Oct. 7 35,975 10,273 6,330 275 439 375 1,217 26 1,611 25,702 22,179 2,536 3,049 3,262 11,232 2,100 3,523 Oct. 14 35,908 10,264 6,353 270 434 368 1,216 20 1,603 25,644 22,149 2,627 3,044 3,235 11,141 2,102 3,495 Oct. 21 37,714 10,341 6,347 268 532 367 1,217 26 1,584 27,373 23,931 2,721 3,025 4,493 11,780 1,912 3,442 New York City 1941—September. . 12,222 3,655 2,426 77 396 159 108 33 456 8,567 7,021 495 1,447 3,221 1,858 1,546 1942—May 12,696 3,756 2,604 78 363 148 103 24 436 8,940 7,559 358 329 1,431 3,996 1.445 1,381 June 12,625 3,718 2,594 65 355 151 103 26 424 8,907 7,584 391 297 1,605 4,090 1,201 1,323 July 13,097 3,784 2,584 57 444 151 103 30 415 9,313 8,060 499 586 1,639 4,242 1,094 1,253 August 13,438 3,770 2,589 56 427 150 104 33 411 9,668 8,390 723 671 1,563 4,344 1,089 1,278 September.. 13,588 3,649 2,551 51 373 140 104 32 398 9,939 8,616 735 962 1,518 4,282 1,119 1,323 1942-July 29 13,319 3,815 2,604 56 455 156 103 26 415 9,504 8,228 636 554 1,618 4,340 1,080 1,276 Aug. 5 13,266 3,793 2,595 55 434 157 103 36 413 9,473 8,212 680 500 1,610 4,337 1,085 1,261 Aug. 12 13,313 3,773 2,595 58 418 151 104 34 413 9,540 8,255 725 519 1,577 4,345 1,089 1,285 Aug 19 ... 13,619 3,808 2,591 56 461 149 104 35 412 9,811 8,526 717 835 1,544 4,344 1,086 1,285 Aug 26.... 13,554 3,705 2,574 55 397 143 104 27 405 9,849 8,565 771 830 1,521 4,348 1,095 1,284 Sept 2 13,506 3,646 2,541 54 377 143 104 24 403 9,860 8,547 758 848 1,508 4,318 1,115 1,313 Sept. 9 13,378 3,630 2,528 51 361 142 104 42 402 9,748 8,441 693 836 1,498 4,299 1,115 1,307 Sept 16... 13,328 3,617 2,575 52 329 138 104 19 400 9,711 8,416 726 833 1,463 4,279 1,115 1,295 Sept 23 ... 13,746 3,657 2,562 50 394 135 104 20 392 10,089 8,740 761 1,162 1,435 4,257 1,125 1,349 Sept. 30.... 13,980 3,693 2,550 47 406 142 103 54 391 10,287 8,934 736 1,131 1,687 4,256 1,124 1,353 Oct. 7 13,959 3,626 2,600 44 323 140 103 24 392 10,333 8,990 803 1,142 1,677 4,243 1,125 1.343 Oct. 14 13,936 3,624 2,613 43 321 138 102 18 389 10,312 9,000 889 1,138 1,638 4,208 1,127 1,312 Oct. 21 14,801 3,726 2,619 42 417 137 102 23 386 11,075 9,805 974 1,115 2,229 4,491 996 1,270 Outside New York City 1941—September.. 16,949 7,282 3,895 318 140 278 1,150 9 1,492 9,667 7,446 408 840 4,737 1,461 2,221 1942—May 18,797 7,240 4,018 325 118 254 1,142 3 1,380 11,557 9,300 812 349 • 913 6,002 1,224 2.257 June 19,045 7,093 3,943 301 116 251 1,137 3 1,342 11,952 9,740 969 375 1,148 6,246 1,002 2,212 July 19,901 6,957 3,870 285 117 250 1,130 2 1,303 12,944 10.792 1,157 879 1,247 6,567 942 2.152 August . .. 20,595 6,830 3,802 268 119 244 1,127 3 1,267 13,765 11,595 1,380 1,161 1,245 6,845 964 2,170 September.. 21,300 6,693 3,729 248 116 237 1,121 4 1,238 14,607 12,432 1,588 1,614 1,297 6,952 981 2,175 1947-July 29 20,193 6,881 3,828 280 114 251 1,127 3 1,278 13,312 11,159 1,285 901 1,240 6,778 955 2,153 Aug. 5 20,243 6,856 3,813 272 117 249 1,127 3 1,275 13,387 11,229 1,329 914 1,241 6,785 960 2.158 Aug. 12.... 20,290 6,869 3,830 271 119 251 1,126 3 1,269 13,421 11,254 1,340 887 1,244 6,827 956 2,167 Aug. 19... 20,898 6,826 3,799 266 123 240 1,125 3 1,270 14,072 11,899 1,390 1,416 1,251 6,877 965 2.173 Aug. 26.... 20,949 6,772 3,768 262 116 236 1,132 2 1,256 14,177 11,999 1,458 1,426 1,243 6,895 977 2,178 Sept. 2 20,951 6,73<: 3,741 259 116 238 1,126 2 1,254 14,215 12,041 1,487 1,419 1,245 6,910 980 2,174 Sept. 9 20,944 6,697 3,724 255 111 237 1,123 2 1,245 14,247 12,084 1,533 1,388 1,248 6,929 986 2,163 Sept. 16... 21,030 6,69( 3,742 247 113 236 1,118 3 1,237 14,334 12,17 1,659 1,390 1,203 6,940 980 2,162 Sept. 23.... 21.603 6.665 3,719 245 119 236 1,119 2 1,229 14,934 12,74 rl,662 rl,93 1,193 6,981 981 2.186 Sept. 30.... 21,974 6,66$ 3,720 235 120 239 1,118 11 1,225 15,306 13,12 1,601 1,940 1,596 7,001 982 2,186 Oct. 7 22,016 6,64* 3,730 231 116 235 1,114 2 I,2i9 15,369 13,18 1,733 1,90 1,585 6,989 975 2,180 Oct. 14 21,972 6.64C 3,740 227 113 230 1,114 2 1,214 15,332 13,14 1,738 1,90 1,597 6,933 975 2,183 Oct. 21..... 22,913 6,61 = 3,728 226 115 230 1,115 3 1,198 16,298 14,12 1,747 1,91 2,264 7,289 916 2,172 r Revised. NOTE—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (p£. 530-531). For back figures 2 BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for DDeecie mb"e r 1935 ('p . 876), A*n nual *R eport ' for 1937 ('t ables 65-67*) and corresponding tables in previous Annual Reports. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r i r d n e a t 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 c i s t k - e t h , i s s c 1 j m p u o d s a e s t n - e it d d s z s p u p v n c h a o a i a e o n d i r l r r r d p - - s - a t s , - - , S p s d s a t i o i u n c a i o b d v l a t n i - e i l t - s - s c C c h o a e f e e e i n f t e f c r d r c i . d t s - k i ' - s m U G e e r . o n S v n - . - t s p u p v n c h a o a a i o e n i d l r r r r p d - s - - a t s , - - , S p s d s a i t i o u c i a n o v b l a d t n i - i e l t - s - s p m U G o a s e in a o . n r e s S n v v d g t n - - . - a s t l m D a e n - b d a 1 nk T s ime b F e a o i n g r k - n s B r i o n o w g r- - s c C o i a u a t c a p - n - l ts B d i a e t n b s k - a tions tions Total 101 Cities 1941—September. 10,74: 556 3,575 24,404 23,890 1,829 493 596 5,271 156 9,402 624 3,885 8,557 1942—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 June 9,759 510 3,398 25,878 25,393 1,905 485 846 4,924 166 20 9,080 667 3,949 9,348 A Ju u ly gust 9 9 9 , , , 4 1 6 2 5 1 1 5 4 4 4 4 8 9 9 5 3 4 2 2 2 , , , 7 8 6 0 2 6 2 0 8 2 2 2 6 7 5 , , , 6 6 9 3 3 9 7 8 2 2 2 2 6 5 7 , , , 3 7 4 2 5 2 3 6 9 1 1 1 , , , 7 7 8 6 6 2 7 9 4 4 5 4 6 6 9 8 1 6 2 1 1 , , , 1 6 1 5 5 8 7 4 0 5 4 5 , , , 0 0 9 3 0 6 1 0 2 1 1 1 1 2 1 5 5 6 2 2 2 1 0 6 8 8 8 , , , 4 7 5 5 3 3 0 2 8 6 6 6 8 7 7 4 9 9 3 3 3 , , , 9 9 9 5 7 6 1 1 3 1 9 9 0 , , , 4 4 0 3 5 0 7 7 9 September.. 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 1942—July 29 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. 5 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 A A u u g g . . 1 1 9 2 9 9 . , 6 5 4 3 2 3 4 4 9 8 1 0 2 2 , , 6 6 4 7 4 8 2 2 7 6 , , 1 7 6 1 8 8 2 26 6 , , 8 4 3 2 6 4 1 1 , , 7 7 3 6 5 3 4 45 5 1 6 2 2 , , 0 6 0 1 9 4 5 5 , , 0 0 1 0 9 6 1 1 1 1 6 5 2 2 4 0 8 8, , 4 3 1 8 8 2 6 6 8 7 3 3 3 3 , , 9 96 6 1 5 8 9 , , 7 9 0 1 1 6 S A S S S S e e e e e u p p p p p g t t t t t . . . . . 2 9 2 3 1 2 6 0 6 3 . . . . . . . . . . . . . . . . 9 9 9 8 8, , , , , 6 3 5 3 8 1 6 7 4 7 8 1 1 6 9 4 4 4 5 4 7 0 9 9 9 3 3 6 6 8 2 2 2 2 2 , , , , , 6 6 8 6 5 1 3 9 7 2 7 5 6 0 6 2 2 2 2 2 7 7 8 7 7 . , , , , 8 0 2 6 4 0 8 1 5 2 7 5 7 0 4 2 2 2 2 2 7 6 7 8 7 . , , , , 5 8 3 1 3 0 1 8 0 4 4 8 0 0 4 1 1 1 1 1 , , , , , 8 8 8 7 9 4 5 0 0 0 7 2 6 6 9 4 4 5 5 5 6 3 0 2 5 7 3 4 0 6 2 1 1 , , , 4 8 5 1 0 1 1 3 2 1 7 2 1 4 8 5 5 5 5 5 , , , , , 0 0 0 0 0 1 2 4 3 3 9 7 0 0 8 1 1 1 1 1 1 2 1 1 1 5 1 4 3 6 2 2 2 2 2 4 6 6 6 6 8 8 9 8 8 , , , , , 7 1 6 7 4 2 3 4 0 5 1 6 6 4 3 6 6 6 6 6 8 8 7 7 8 1 3 9 6 0 3 3 3 3 3 , , , , , 9 9 9 9 9 6 6 7 7 7 8 7 2 5 3 1 1 1 9 7 0 1 0 , , , , , 8 9 0 6 6 1 0 2 6 2 2 1 5 9 8 Oct. 7 8,700 506 2,535 27,819' 27,387 1,862 512 1,434 5,056 116 26 8,745 684 3,979 9,822 Oct. 14 9,086 536 2,713 28,183 28,579 1,851 509 1,103 5,070 116 26 9,227 679 3,983 8,866 Oct. 21 9,184 502 2,575 28,431 28,304 1,837 501 3,103 5,084 103 26 8,717 681 3,984 11,363 New York City 1941—September.. 5,285 10,888 10,983 299 264 111 738 24 3,883 561 1,519 3,441 1942—May 4,482 10,347 10,459 296 288 998 656 20 3,224 592 1,546 3,898 June 4,438 10,621 10,797 238 256 506 647 18 3,280 599 1,548 3,618 July 4,203 10,552 10,801 216 322 877 651 12 3,151 610 1,541 3,694 August 4,221 10,583 10,780 206 244 1,290 647 14 3,049 614 1,547 3,717 September.. 3,763 10,935 11,159 239 251 595 639 16 3,109 608 1,551 3,893 1942—July 29 .... 4,266 10,862 11,064 229 278 934 653 3,086 611 1,539 3,221 Aug. 5 4,312 10,422 10,574 215 280 1,294 647 13 3,116 622 1,548 4,334 Aug. 12 4,187 10,507 10,756 209 240 1,161 647 12 3,078 619 1,548 3,473 Aug. 19 4,280 10,625 10,808 198 231 1,534 648 14 3,024 603 1,548 3,819 Aug. 26 4,105 10,777 10,980 202 226 1,172 648 15 2,977 614 1,546 3,242 Sept. 2 3,969 10,819 10,976 216 234 878 642 16 3,067 607 1,553 3,881 Sept. 9 3,853 10,941 11,115 224 206 473 644 16 3,086 608 20 1,550 2,523 Sept. 16.... 3,944 11,079 11,426 187 249 192 636 16 3,289 608 1,549 3,977 Sept. 23.... 3,573 11,026 11,199 256 267 500 639 17 3,109 612 1,549 4,208 Sept. 30.... 3,478 10,810 11,078 312 299 930 634 15 2,997 605 52 1,554 4,875 Oct. 7 3,473 10,986 11,069 298 261 654 637 15 3,071 612 1,555 3,781 Oct. 14 3,554 11,048 11,394 299 256 501 643 15 3.238 609 1,555 3,377 Oct. 21 3,760 11,155 11,327 291 270 1,616 644 16 3,071 609 1,557 4,320 Outside New York City 1941—September.. 5,457 470 3,487 13,516 12,907 1,530 229 485 4,533 132 21 5,519 114 63 2,366 5,116 1942—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 5,321 431 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 5,74* 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 September.. 5,392 418 2,637 16,702 16,270 1,585 245 585 4,392 100 26 5,623 71 2,420 6,114 1942—July 29 5,336 432 2,680 15,808 15,172 1,582 219 4,322 108 20 5,278 67 2,412 5,427 Aug.5 5,301 402 2,690 15,716 15,077 1,609 225 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 ... 5,627 422 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 Sept. 30 ... 5,140 420 2,496 16,614 16,266 1,597 257 1,088 4,404 106 26 5,456 71 2,419 6,790 Oct. 7 5,227 428 2,508 16,833 16,318 1,564 251 780 4,419 101 26 5,674 72 2,424 6,041 Oct. 14 5,532 451 2,682 17,135 17,185 1,552 253 602 4,427 101 26 5,989 70 2,428 5,489 Oct. 21 . .. 5,424 425 2,545 17,276 16,977 1,546 231 1,487 4,440 87 26 5,646 72 2,427 7,043 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. NOVEMBER 1941 1119 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 t e r r i a ( ct l 1 a 9 R n 4 d e 2) se d rv a e te m T l v e a o o e i n n a t n s d - n a t t s - l s Total C t m d c a r i o i u e i n n d a - a m s r - - l - , l, p O m a k p a p e r e e t - n r b o r p T s r u o o e r k c c c - u a h r r a i r s t y i i i e n n s g g e l R s o e t a a a n t l s e L ba o t n a o k n s s O l t o h a e n r s Total Total Bills f Ce i i . r n c o t a - f i t - e Notes Bonds Gu a a n- r- O r s i t e t c h i u e e - r s agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Sept. 30 1,909 725 413 77 11 13 73 1 137 1,184 1,048 153 159 105 573 58 136 Oct. 7 1,897 712 408 76 10 13 73 1 131 1,185 1,051 155 161 104 573 58 134 Oct. 14 1,895 714 409 75 12 13 73 1 131 1,181 1,046 150 161 569 58 135 Get. 21 1,933 704 400 76 12 18 74 1 128 1,229 1,098 160 163 145 578 52 131 New York (8 cities)* Sept 30 15,200 4,077 2,708 49 412 178 192 54 484 11,123 9,636 7781,180 1,823 4,667 1,188 1,487 Oct 7 15,167 4,003 2,753 46 329 175 191 24 485 11,164 9,687 8511,189 1,807 4,653 1,187 1,477 Oct. 14 15,142 4,000 2,764 45 327 174 190 18 482 11,142 9,696 9421,186 1,770 4,609 1,189 1,446 Oct 21 16,026 4,099 2,769 44 423 171 190 23 479 11,927 10,534 1,025 1,164 2,379 4,917 1,049 1,393 Philadelphia {4 cities) Sept. 30 1,608 493 271 27 26 31 47 91 1.115 866 113 77 77 531 68 249 Oct. 7 1,606 494 273 28 25 31 47 90 1,112 865 113 78 75 531 68 247 Oct 14 1,600 486 266 28 26 30 47 89 1,11.4 867 115 78 75 531 68 247 Ocr. 21 1,667 479 260 28 26 32 47 86 1,188 942 121 77 118 562 64 246 Cleveland (10 cities) Sept 30.. 2,794 815 407 23 18 16 179 172 1,979 1,706 134 175 1,031 138 273 Oct 7 2,791 805 403 22 16 15 180 169 1,986 1,715 146 175 1,028 137 271 Oct 14. 2,784 797 397 22 14 15 180 169 1,987 1,717 146 175 230 1,029 137 270 Ocr. 21 2,873 794 397 21 14 15 180 167 2,079 1,810 147 181 301 1,052 129 269 Richmond {12 cities) Sept 30 1,140 300 148 12 4 12 52 72 840 770 70 88 99 448 65 70 Oct 7 1,138 299 148 11 4 12 51 73 839 770 76 89 93 448 64 69 Oct. 14 1,132 299 149 11 4 12 51 72 833 764 77 89 95 439 64 69 Oct 21 1,178 294 145 11 4 11 51 72 815 89 82 124 459 61 69 Atlanta (8 cities) Sept 30 333 190 6 5 28 95 653 543 60 93 105 238 47 110 Ocr. ? 993 337 193 6 6 7 27 97 656 546 65 93 104 237 47 110 Ocr. 14 992 338 196 5 4 7 28 97 654 543 68 91 105 232 47 111 Oct 21 1,053 341 199 5 4 7 28 97 712 603 77 91 134 256 45 109 Chicago {12 cities)* Sept. 30 5,541 1,301 884 33 32 54 146 144 4,240 3,680 545 764 355 1,768 248 560 Oct 7 5,567 1,289 883 31 31 53 146 144 4,278 3,716 607 740 356 1,766 247 562 Oct. 14 5,573 1,290 885 31 31 52 146 145 4,283 3,717 610 740 354 1,766 247 566 Oct 21 5,823 1,287 32 34 52 146 141 4,536 3,969 589 742 575 1,826 237 567 Si Louis (5 cities) Sept 30 1,137 386 226 13 4 10 63 69 751 629 80 139 71 304 35 122 Oct. 7 1,141 400 239 13 ' 4 10 64 70 741 620 72 139 70 304 35 121 Oct. 14 1,152 404 246 13 3 10 63 69 748 627 78 140 70 304 35 121 Oct 21 1,208 410 251 12 3 10 64 69 798 67: 73 133 109 326 34 123 Minneapolis {8 cities) Sept. 30 633 215 115 2 1 5 16 76 418 378 69 65 35 189 20 40 Oct. 7 637 214 115 2 1 5 15 76 423 382 70 64 39 189 20 41 Oct 14 641 215 115 2 1 5 16 76 426 384 72 64 39 189 20 42 Oct. 21 681 214 114 2 1 5 16 76 467 425 74 64 70 199 42 Kansas Ctty {12 cities) Sept. 30 1,092 375 227 27 3 35 75 717 591 104 89 112 217 69 126 Oct 7 1,103 375 228 26 3 34 76 728 603 116 87 113 219 68 125 Oct. 14 1,092 378 232 25 2 34 77 714 589 116 87 113 205 68 125 Oct 21 1,167 377 233 24 2 34 76 790 665 119 87 157 241 61 125 Dallas {9 cities) Sept 30 843 302 213 1 2 15 20 51 541 481 77 81 75 209 39 60 Oct 7 859 311 220 1 2 16 20 52 548 488 85 81 74 209 39 60 Oct. 14 851 309 226 1 2 12 20 48 542 482 79 79 74 211 39 60 Oct 21 907 311 227 1 2 13 20 48 596 537 75 79 108 237 38 59 San Francisco (7 cities) Sept 30 3,071 1,039 468 12 31 370 150 2,032 1,726 154 161 198 ,082 131 306 Oct 7 3,076 1,034 467 12 30 369 148 2,042 1,736 180 153 198 ,075 130 306 Oct. 14 3,054 1,034 468 12 30 368 148 2,020 1,717 174 154 202 ,057 130 303 Oct 21 3,198 1,031 470 12 30 367 145 2,167 1,858 172 162 273 ,127 124 309 City oj Chicago* Sept. 30 3.611 877 676 17 28 48 24 76 2,734 2.383 375 572 194 ,155 87 351 Oct 7 3.632 866 676 16 27 47 24 76 2,766 2,411 428 548 194 ,155 86 355 Oct 14 3.644 867 676 16 27 46 24 78 2,777 2,418 435 548 193 ,156 86 359 Oct 21 3,864 866 675 16 31 46 24 74 2,998 2,637 417 548 393 1,194 85 361 •Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 1I1O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 2 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v - k h l - e s v G a i a n u sh lt m b a w n a d e o i n c s t - e k t h i s s c j p m u o a d s a d e s t n - i e - t d d s 1 s p u p v n h c a o a a i e i o n d p r l r r r d s a t - - s - , - - , S p d s a t i o u i c a n v l b a t i d i - e t l - - 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 t d - k i ' - s m U G e . r e o n n S v - t - . s p p u v n h c a a o a o i e i n r l d p r r r s d t a - - - s - , - , S p d s a i t o i u c a n v l b a t d i i - e l t - - s p m U G i e a s o n a . n o r e s g S n v t n d v s . a - - t - l m D a e n - b d ank T s ime b e F a i o n g r n k - s B r i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i a e ts b n 2 - k tions tions Boston (6 cities) Sept. 30 434 133 1,680 1,662 105 43 79 224 1 322 22 255 671 Oct. 7 445 130 1,682 1,642 117 22 56 225 1 341 22 255 608 Oct. 14 485 148 1,732 1,726 124 28 43 225 1 361 22 255 479 Oct. 21 512 141 1,768 1,718 136 23 96 225 1 330 22 255 699 New York (8 cities)* Sept. 30 3,697 149 11,820 11,934 508 320 972 996 27 3,068 606 1,680 5,240 Oct. 7 3,693 109 147 11,991 11,900 492 288 685 1,000 27 3,148 614 1,682 4,111 Oct. 14 3,777 116 157 12,062 12,278 492 277 525 1,006 32 3,316 610 1,682 3,636 Oct. 21 3,985 144 12,153 12,186 466 291 1,676 1,009 18 3,144 611 1,683 4,700 Philadelphia (4 cities) Sept. 30 381 26 106 1,381 1,366 112 12 34 161 2 369 6 218 514 Oct. 7 410 26 107 1,409 1,375 113 11 24 160 2 379 6 219 419 Oct. 14 436 28 102 1,410 1,419 110 13 18 160 2 401 6 219 383 Oct. 21 404 27 103 1,433 1,410 110 10 73 159 2 359 6 219 476 Cleveland (10 cities) Sept. 30 705 61 283 2,219 2,225 136 32 64 684 21 491 2 403 785 Oct. 7 726 63 296 2,255 2,237 130 29 46 686 20 506 2 403 712 Oct. 14 775 67 309 2,289 2,368 128 34 36 687 20 538 2 404 628 Oct. 21. 729 63 298 2,307 2,309 129 34 93 689 21 489 2 404 804 Richmond (12 cities) Sept. 30 264 31 194 856 839 15 50 205 2 389 1 .104 371 Oct. 7 282 33 201 868 846 91 14 37 206 2 415 1 104 359 Oct. 14 309 34 211 882 881 90 19 30 207 2 438 1 105 278 Oct. 21 273 33 186 879 867 89 16 54 207 2 402 1 105 367 Atlanta (8 cities) Sept. 30 244 19 188 701 687 98 7 70 194 3 390 3 100 287 Oct. 7 252 22 187 711 698 98 8 50 194 3 415 3 101 281 Oct. 14 260 23 196 721 738 96 7 38 195 2 433 3 101 283 Oct. 21 251 21 189 725 727 91 92 196 3 418 3 101 334 Chicago (12 cities)* Sept. 30. 1,341 94 454 4,181 4,000 446 46 458 968 2 1,395 14 445 1,799 Oct. 7 1,283 91 438 4,236 4,019 426 44 318 972 2 1,425 14 445 1,476 Oct. 14 1,340 98 479 4,325 4,231 423 49 242 974 2 1,521 13 445 1,424 Oct. 21 1,372 86 453 4,352 4,175 430 42 560 977 2 1,414 13 445 1,785 St. Louis (5 cities) Sept. 30 252 16 128 753 787 58 11 46 186 2 458 101 362 Oct. 7 289 17 137 792 798 54 33 33 186 2 482 102 351 Oct. 14 283 18 150 798 843 55 12 22 187 2 505 102 331 Oct. 21 276 17 138 791 827 55 11 72 188 2 497 102 387 Minneapolis (8 cities) Sept. 30 144 9 100 459 428 76 7 29 108 227 66 216 Oct. 7 151 9 97 469 433 79 7 20 109 233 66 197 Oct. 14 148 10 103 472 452 71 6 15 109 242 66 182 Oct. 21 149 9 79 475 448 71 6 34 109 236 66 207 Kansas City (12 cities) Sept. 30 306 18 283 821 823 106 12 37 140 594 114 368 Oct. 7 313 18 284 830 830 96 12 29 142 614 114 342 Oct. 14 341 19 310 860 96 14 24 140 633 115 352 Oct. 21 320 18 307 858 99 12 82 140 626 115 394 Dallas (9 cities) Sept. 30 232 17 262 749 754 58 12 56 121 350 1 94 262 Oct. 7 240 18 255 759 759 60 10 42 121 6 374 1 94 260 Oct. 14 263 19 271 778 809 58 13 34 121 6 395 1 95 251 Oct. 21, 259 18 268 785 800 55 14 85 122 7 384 1 94 330 San Francisco{7 cities) Sept. 30 618 36 246 1,804 1,839 108 39 123 1,051 52 400 20 393 790 Oct. 7 616 35 256 1,817 1,850 106 34 94 1,055 50 413 20 394 706 Oct. 14 669 37 277 1,854 1,954 108 37 76 1,059 46 444 19 394 639 Oct. 21 654 36 269 1,905 1,965 106 34 186 1,063 44 418 21 395 City of Chicago* Sept. 30 899 43 189 2,600 2,521 237 21 389 463 1,007 12 290 1,098 Oct. 7 814 43 195 2,645 2,543 230 22 266 464 1,025 12 290 Oct. 14 832 45 195 2,664 2,654 220 23 200 465 1,102 12 290 Oct. 21 891 36 182 2,710 2,643 220 21 485 466 1,026 12 290 1,077 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. NOVEMBER 1941 Till Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b i i n w l g l n s banks b B ou il g ls ht Others2 I U m S i n t p n a i o t t t o e e r d s ts E U S x f n t r p a o i o t t m e e r s d ts I ex D c o h l a l n ar ge G U s o h n o i i p t d e p p s d o e s i d t n o t D r s e F i e n d t o w r in e e e ig n o n r States countries 1941_j une 299 213 161 101 59 52 123 24 3 43 20 July 330 210 161 106 55 49 121 22 3 47 16 August 354 197 148 100 47 50 114 21 3 49 11 September .... 371 177 131 85 46 46 105 13 4 45 9 October 378 185 138 90 47 47 109 12 4 48 11 November 387 194 144 93 51 50 116 14 5 48 12 December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 • 144 92 53 46 112 18 2 44 13 March 384 183 146 89 57 37 103 17 2 45 16 April 373 177 139 86 53 38 97 17 1 48 14 May 354 174 133 82 51 41 101 16 1 43 13 June 315 163 122 78 44 41 94 13 (3) 52 4 July 305 156 119 77 42 38 92 8 45 11 August 297 139 108 71 37 31 78 g 41 11 September 282 123 97 64 33 26 66 6 41 10 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 Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a I i n n n a v d c p e c a t s o r r t u a m t n d n e t i e s n n r g s t ' a in n a v d I c n e c t s o r f t u i a m r n d m e t i s n n g t I a n c ( c c n o a e p u t) i n t t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December.. 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December.. 985 34 108 232 688 278 ' 85 26 10 355 1938—June 774 27 215 495 258 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 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 74 219 308 274 72 18 6 209 February .. 534 74 203 307 262 66 18 5 206 March 531 70 195 306 249 67 16 4 201 April 515 68 195 300 247 61 16 5 196 May 502 79 177 300 238 59 16 3 194 June 496 86 180 309 240 56 16 4 189 J A u u ly gust. e4 4 9 9 0 1 95 172 6 3 3 0 0 7 0 e2 2 4 3 0 8 57 16 4 185 September e310 c240 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges) NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.-See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). IIZX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. 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 s 0 e k ' p s s - e l t , - c S l h n a c o e r t a e l o a x e a n w - - l c n l g k - e m b G i o 3 l o n l - s v t 3 h ern d m 9 m c e o c - e e b f t a o r n o t t t n i t - e e i n 1 t f d s h s i - 2 - - ecu t 3 a r y - i x t t e o i a a e - b r s 5 le [Per cen r t o c t i p a t * i e l e r s annu Y N m C o e i ] t r w y k E e 7 N r c a n o i o s t r t i t a h e t e h n s e rn - d r 1 W e 1 r c n e i S t s i a o t e e n u s r d t n hness 1934 average1 3.45 2.45 3.71 4.32 1935 averagej 2.93 1.76 3.39 3.76 1936 average1 2.68 1.72 3.04 3.40 1939 average .44 1.00 .023 1937 average1 2.59 1.73 2.88 3.25 1940 average .44 1.00 .014 1938 average1...: 2.53 1.69 2.75 3.26 1941 average .44 1.00 .103 76 1939 average 2.78 2.07 2.87 3.51 1941—Sept .44 1.00 .055 .62 1940 average 2.63 2.04 2.56 3.38 Oct .44 1.00 .049 .72 1941 average 2.54 1.97 2.55 3.19 , Nov .44 1.00 .242 .90 Monthly figures1 Dec .44 1.00 .298 10? 1938—November 2.49 1.70 2.68 3.20 December 2.60 1.70 2.95 3.23 1942— F Ja e n b . . 4 4 4 4 1 1 . . 0 0 0 0 . . 2 2 1 5 4 0 9 9} 6 1939—January 2.64 1.73 2.97 3.32 Mar .44 1.00 .212 February 2.52 1.70 2.69 3.26 Apr .44 1.00 .299 .98 Quarterly figures May .44 1.00 .364 1.03 1939—March 2.95 2.13 3.05 3.77 Tune .44 1.00 .363 1.15 June 2.91 2.15 3.05 3.62 July .44 1.00 .368 1.20 September 2.68 2.04 2.78 3.31 Aug .44 1.00 .370 4.80 1.25 December 2.59 1.96 2.59 3.32 Sept 1.00 .370 .76 1.27 1940—March 2.65 2.03 2.67 3.35 Week ending: June 2.59 2.00 2.49 3.38 O Oc c t t . . 3 10 1 1 . . 0 0 0 0 . . 3 3 6 7 9 3 . .7 7 7 8 1 1 . . 2 2 8 8 D Se e p c t e e m m b b e e r r 2 2 . . 5 6 9 8 2 2 . .1 0 4 0 2 2 . . 5 5 6 3 3 3 . . 3 4 6 3 Oct.17 1.00 .373 .76 1.28 1941—March 2.58 2.06 2.53 3.25 Oct. 24..: .... 1.00 .373 .73 1.28 June 2.55 1.95 2.58 3.23 September 2.60 1.98 2.62 3.29 December 2.41 1.88 2.45 2.99 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per 1942—March 2.48 1.85 2.48 3.20 cent during the entire period. June 2.62 2.07 2.56 3.34 3 Rate on new issues offered within period. Tax-exempt bills prior to September 2.70 2.28 2.66 3.25 March 1941; taxable bills thereafter. 4 Average for August 15 to 31: i Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures comparable with the current quarterly series. for Treasury bills and Treasury notes available on request. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS * [Per cent \:>er annum u. s. Corporate (Moody's)5 Government2 High- Year, month, or week M ip u a n l i * c- c g o r r a p d o e - By ratings By groups Partially rate4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1939 average 2.36 2.76 2.92 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1941—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 Feb ruary 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 September 2.03 2.34 2.25 2.73 3.33 2.80 2.98 3.26 4.26 2.95 3.95 3.08 Week ending: Oct. 3 2.05 2.35 2.26 2.72 3.32 2.80 2.96 3.25 4.26 2.94 3.93 3.08 Oct. 10 2.05 2.34 2.25 2.72 3.31 2.80 2.95 3.24 4.25 2.94 3.92 3.07 Oct. 17 2.05 2.33 2.23 2.71 3.30 2.80 2.95 3.24 4.23 2.93 3.91 3.07 Oct. 24 2.05 2.32 2.20 2.71 3.31 2.80 2.95 3.24 4.24 2.93 3.92 3.07 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesdaylfigures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. , . , . ,» , * LU JJ 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. NOVEMBER 1941 11x3 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? m G er e o n n v - r - M ip un al i 3 c- H gr i a g d h e - Tota M l edi I u n t m r d i u a a s l n - c lo R r w o a e a i d r l- -grad P u e t u i b li l t i y c fau D l e t - ed fe P r r r e e - ds 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 in a h n a t d r h e s o s ) o u f - Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1939 average 105.2 116.3 113.8 - 89.5 91.2 78.1 99.3 13.8 167.5 94 95 75 99 977 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average 111.0 129.0 117.8 98:9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1941 -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 j une 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 September 109.8 125.9 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 Week ending: Oct. 3 109.5 125.7 119.1 101.4 110.4 87.3 106.7 30.2 165.1 70 73 69 60 570 Oct. 10 109.5 1259 119.2 101.7 110.7 87.7 106.8 30.7 165.5 73 75 72 62 879 Oct. 17 109.5 126.3 119.3 101.9 111.1 87.6 107.1 30.4 165.9 75 77 73 65 651 Oct. 24 109.5 126.9 119.3 102.4 111.4 88.3 107.3 30.2 165.5 75 78 72 64 619 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%A per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capi al For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n g - d d ) - m e ( a f d e i o n g s o r d n t - - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks e F i o g r n - 2 m e ( a f i e d o g n s o r n d t - - i ) c Total S n a p t i m n a c a d l i t u - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o gn r- 2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933. 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 , 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 ~l,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—September .. 273 65 65 31 34 22 12 209 209 20 27 161 156 6 October 300 132 132 29 104 50 54 167 167 35 35 97 96 1 November .. 238 111 110 21 89 83 6 127 127 53 32 42 29 13 December... 241 138 138 42 20 77 62 15 102 102 18 25 59 57 2 1942—January 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 February.... 180 123 123 30 37 56 37 19 57 57 11 27 19 19 March 197 109 109 22 9 79 61 18 88 88 27 21 39 39 April 262 158 158 51 10 97 91 6 104 104 5 81 19 19 May 180 128 128 22 3 103 94 9 52 52 8 39 6 6 June 201 96 96 18 2 77 69 8 105 105 15 28 62 55 7 July 142 41 41 11 3 28 27 101 101 36 32 33 33 August 162 103 103 44 59 57 2 59 59 3 50 6 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 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). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsl Proposed uses of net proceeds Estimated Estimated New money Retirement of securities Year or month gross net Repayment proceeds2 proceeds3 Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other o f debt pu O r t p h o e s r es 1934 530 515 57 32 26 362 362 84 11 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 1 1939 2,177 2,128 325 170 155 1,708 1,650 59 69 26 1 19 9 4 4 1 0 r2 2 , , 7 7 0 8 5 6 r2 2 , , 6 7 6 2 1 3 r8 6 6 0 8 4 r6 4 6 2 1 4 r2 1 O 80 7 1 1 ,6 ,9 2 2 0 7 1 1 ,5 ,7 2 9 0 8 1 1 0 2 0 8 1 1 4 7 4 4 r2 1 8 9 1940—November 148 145 65 25 41 73 59 15 6 1 December 578 567 193 158 35 367 318 50 6 1 1941—January r269 r264 48 44 4 r208 183 26 6 1 February r211 r208 r53 25 r28 r137 134 2 17 1 March r262 r258 r68 r56 12 172 163 r9 14 r3 A M p ay ril r 1 2 8 6 4 9 r r 1 2 8 6 2 2 - r r 6 4 7 2 r r 5 2 4 6 r r 1 1 3 7 r r 1 1 3 8 2 9 1 1 1 8 1 8 2 1 1 r6 2 • r5 June r25O r246 r87 r75 r12 142 131 10 16 1 July r122 r119 r51 r35 r16 r56 r54 2 12 (r) August r417 r4l3 185 167 17 r210 194 15 14 September 182 r180 r27 r17 10 150 148 2 r3 October r239 r236 91 64 r27 126 125 1 14 5 November r155 r152 r92 r61 r31 r37 37 1 r22 December r144 142 r57 r36 r21 r62 r52 10 17 r6 1942—January 164 161 71 38 33 80 80 ii' 9 ri February 78 76 40 34 5 23 12 2 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 l June 142 139 72 57 15 60 55 5 5 2 'Tuly 53 52 14 11 3 29 29 8 August 89 88 39 33 6 34 34 3 12 September 62 60 23 8 15 28 26 l" 1 8 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi purceeds ties poses ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 . 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 . 120 57 54 10 1,250 30 1,190 30 774 74 550 150 485 81 399 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 597 218 359 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 135 112 13 10 1938 54 24 30 1,208 180 943 86 831 469 226 136 185 106 56 24 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 263 78 81 104 1941 361 253 108 1,340 r317 r993 r30 r828 r244 r463 121 132 55 56 r21 1940—November 27 22 1 4 18 1 16 1 37 4 32 1 64 39 24 December 12 12 365 144 219 2 171 26 141 4 19 12 7 1941—January 32 27 5 110 15 r93 2 120 6 109 5 2 1 1 February 71 21 50 r58 r55 1 r43 7 r27 10 r35 r23 4 r7 March 8 3 5 177 r47 129 1 r72 17 r39 17 1 1 M Ap ay ril 45 2 45 2 1 r 4 8 1 2 18 6 1 ' 3 6 4 4 1 1 r r 8 7 8 6 1 1 6 6 r r 5 6 4 6 r r6 7 r9 r8 1 June 58 51 7 113 12 97 4 r75 r38 13 July 23 23 r39 13 26 r48 9 r29 10 10 r6 1 r2 August 24 24 r3O7 138 169 r76 r22 r40 14 6 1 5 September 42 7 "35" 114 6 106 r2 r23 13 r9 1 1 1 October 25 21 , 4 r79 11 r63 r5 r75 r49 13- 14 r57 10 "r47" November 1 1 r59 r46 11 1 r85 r41 24 r21 r6 4 r2 December 28 28 r62 3 12 r46 r25 15 6 r6 r5 1942—J anuary 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 51 6 4 1 1 July 2 2 3 2 1 46 9 29 8 August 2 2 68 34 34 18 4 15 September 1 1 44 7 28 15 14 1 r Revised Figures for 1941 recently revised by the Securities and Exchange Commission. 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. NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL_CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e - o s - e p O t m q t r o i a t u e r o h n t n i n e a p s t r - - - f m p N e u a r r e o c n r o t o t n d a d s u - l - s s O g d b o u t l o h 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 c s , - , o p re a i O r n f n o i g i d n d l - , c I h n c tr e a d i m l u a s l s i . - - O g d n o u b t o o h r l n e a d e - - r s n c s M i e e e c o l r e i l v u s a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies.... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 Quarterly 1939— t 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 8#5 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 425 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] Railroads 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 t c c a f o o o x m r m * e e e AAHll rr N MoA e aa t d s in c I o n m r s o o e a l 1 d v s e 6 nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e i . n c N o e m t e1 d D en iv d i s - 5 r O e p v i e n e r n g a u t e - Net d D e i n v d i- s Number of companies. 28 28 28 28 32 32 32 1939.. 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940. 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941. 5,347 672 502 24 186 799 202 133 115 1,235 178 172 Quarterly 1939—1 898 -38 -43 <*) 21 175 46 39 19 259 44 42 2 4 3 1 1, , 9 1 0 0 3 5 6 3 8 - 1 4 6 3 3 8 9 - 1 4 5 2 7 8 6 P (7 ) i 2 2 6 3 1 1 1 1 1 6 6 8 6 7 4 3 3 4 7 4 3 3 3 3 2 0 6 2 1 1 2 9 9 2 2 2 6 6 7 7 6 4 4 4 5 9 7 1 4 4 4 2 3 8 1940— 4 2 3 1 . . . . . . . . 1 1 1, , , 9 1 1 0 8 7 3 1 6 1 0 0 - 1 9 1 4 3 2 5 5 - 1 1 7 2 2 3 1 7 - - - 3 2 1 3 9 4 3 2 2 2 7 5 9 8 9 1 1 1 1 8 7 7 9 7 7 6 4 4 4 4 4 8 1 2 7 4 3 3 3 1 4 1 7 1 2 1 1 0 9 9 9 2 2 2 2 7 9 8 8 4 4 1 1 4 4 5 5 9 5 0 0 4 4 4 4 4 6 4 4 1941-1.. 1,152 94 69 —4 22 201 59 43 18 295 43 45 2.. 1,272 144 101 2 36 191 48 33 24 308 44 45 3.. 1,468 267 190 25 31 196 46 25 18 311 45 44 4.. 1,454 167 142 1 97 211 50 34 19 321 46 40 1942—1.. 1.483 179 90. 12 29 216 63 33 19 324 47 44 2.. 1,797 389 199 37 35 202 53 25 19 336 48 42 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Series revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes 6 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. ' 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 Daees 214 to 217 of the March 1942 BULLETIN. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars! Marketable public issues1 Nonmarketable public issues Total Non- End of month T g d r o e o b t s a t s l i b n e d t a e e r r b i e n t s g t- Total2 Tre b a il s l u s ry in c C d a e n e te r 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 U o v . n i S n d g . s s T ta r x e a n s o u t r e y s S i p ss e u c e ia s l i b n e d t a e e r r b i e t n s g t 1938—June 37,165 36,576 32,344 1,154 9,147 21,846 1,556 1,238 2,676 589 Dec. . . 39,427 38 899 34,004 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—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 Sept. 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 1 Including amounts held by Government agencies and trust funds, which aggregated $2,588,000,000 on August 31, and $2,584,000,000 (preliminary)on September, 30, 1942. 2 Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. SECURITIES FULLY GUARANTEED BY UNITED STATES SALES OF UNITED STATES SAVINGS BONDS GOVERNMENT, BY ISSUING AGENCIES1 [In millions of dollars] tin millions of dollars] Interest-bearing Am ou o t u - nt Funds receive m d o f n ro th m sales during Month standing a T m o o t u a n l t F e e ra d l - riome R st e r c u o c n - - Com- at m e o n n d t h o 1 f se A ri l e l s 2 Se E ri es Se F ri es Se G ries End of month out- Farm \jvfn- tion modity st i a n n g d- Total Mort- L e o rs an na F n i c - e C C r o e r d - it Other 1941—May 4,008 370 101 38 211 SS Cor- Cor- pora- June 4,314 315 103 29 183 p t o io r n a- p t o io r n a- p t o io ra n - tion J A S u e u l p g y t • 4 4 5 , , , 9 6 1 0 4 3 8 9 2 3 2 2 4 3 6 2 2 6 1 1 1 0 4 1 5 5 8 2 2 1 7 0 8 1 1 10 7 2 9 0 8 1938— D j e un c e 4 4, , 9 8 9 5 2 3 4 4, , 9 8 9 5 2 3 1 1 , , 3 4 8 1 8 0 2 2 , , 8 93 8 7 8 5 2 0 9 9 9 2 2 0 0 6 6 1 1 D N O e o c c t v 5 6 5 , , , 6 1 39 2 4 4 0 0 5 2 2 2 7 3 9 1 4 3 1 1 4 2 1 1 3 0 3 2 1 3 3 9 1 1 1 5 2 0 4 5 5 1 19 9 4 3 0 9 — _ D _ J j u euc n n.e e 5 5 5 , , , 4 5 7 2 0 5 9 4 1 5 5 5, , , 4 6 4 9 2 5 8 1 0 1 1 1 , , , 3 2 2 7 6 6 9 9 9 2 2 2 , , , 6 9 7 0 2 3 3 8 1 1 1 ,0 8 0 9 2 9 6 0 6 4 4 2 0 0 0 7 7 6 1 1 1 2 1 1 2 8 7 1942— F Ja e n b 7 7, , 8 1 9 9 3 8 1,0 7 6 0 1 3 3 6 9 6 8 7 5 7 2 8 3 2 1 5 6 3 Dec. 5,917 5,901 1,269 2,600 1 097 696 239 Mar 8,436 558 338 41 179 1941—June 6,370 6,360 1,269 2,409 1,741 696 244 Apr 8,951 531 327 40 164 May 9,569 634 422 42 170 1941—Sept 6,937 6,929 1,269 2,409 2,101 905 244 June 10,188 634 433 41 160 Oct 6,938 6,930 1,269 2,409 2,101 905 244 July 11,078 901 508 74 319 Nov 6,324 6,316 1,269 2,409 ,802 701 135 11,751 697 454 52 191 Dec. . . . 6,324 6,317 1,269 2,409 1,802 701 136 Aug 12,479 755 510 61 184 Sept 1942— F J e a b n 5 5 , , 6 7 9 0 6 3 5 5 , , 6 6 7 7 3 3 9 9 3 3 7 7 2 2 , , 4 4 0 0 9 9 1 1 , , 4 4 9 9 2 2 7 7 0 0 1 1 1 1 3 3 4 5 1 At current redemption values except Series G, which is stated at par. Mar 5,690 5,666 930 2,409 1,492 701 135 Difference between "Funds received" and month to month changes in Apr. 5,688 5,666 930 2,409 1,492 701 135 "Amounts outstanding" represents the difference between accrued increases May 5,687 5,667 930 2,409 1,492 701 136 June 4,568 4,549 930 1,563 1,219 701 136 in redemption values and redemptions of bonds during the month. July 4,581 4,551 930 1,533 ,216 738 134 2 Includes figures for series A-D not shown separately; these series have Aug 4,592 4,567 930 1,533 L.216 754 135 not been issued since April 1941. Sept 4,574 4,552 930 1,533 L.216 * 738 135 1 Excluding obligations held by U. S. Treasury and reflected in the public debt. NOVEMBER 1941 1 izy 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, SEPTEMBER 30, 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 i t s e i n e s f s d - i- - T n u r o e r t a y e s s - Tr u e r a y s B - on S d P P a s r a o v e n i - s n d w t g a a l s r d b a c u o u b a e n r l l y e l d o - 1 s r Total2 F C M a F g e o t d a a r i o g r o p e r m e n r o t- a r l - O C H a L w o t o o r i n m o p a e n o n e r r s - ' C F R s a o i t t e n t i r r c i o a u p o o n n c o n n c - r - e - C m C C a o o t r o r i e d p o m d i n o t i - y t r- A F S P e o u u i d u t t b h e y s l r o i i n a c r g l - ca d a s g l e n u l u t c e t a i a e u e b r s o e r l - i d r e - 1 Within 1 year 12,036 4,619 6,211 1,207 454 971 644 327 971 1 to 5 years 11,911 6,751 '5,129 '" 31 8,055 1,852 755' 571 412 "iu" 3,560 5 to 10 years 11,538 11,507 31 19,224 1,614 835 779 10 to 20 years. 17,678 17,544 134 10,969 Over 20 years 7,238 7,238 2,716 95 95 Total 60,402 4,619 6,211 7,958 41,418 196 41,418 4,531 930 1,533 1,216 738 114 4,531 1942—Oct. 1-Dec. 31 6,358 4,619 1,507 232 357 320 ....37.. 357 1943—Jan. 1-Mar. 31 1,654 1,588 66 Apr. 1-June 30 2,135 1,506 629 454 289 289 289 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 4 802 2,860 1,941 1,755 412 412 1,167 1946 3,156 1,621 1,519 16 2,344 1947 2 384 2,370 14 1,460 '"'755' 755 1948 1,489 1,487 2 3,361 1949 821 819 2 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 I960 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 September 30. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and Total trust funds Held Other investors2 • 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 rv a s l e Total M b e a m nk b s er m b O c e a o t r n h c m k e ia - s r l M s b a u v a t i n n u k g a s l s p I a c n a n o n s i m u c e e r s - - 2 M a a b rk le e t 2 - m N a a r b o k l n e 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 10,400 100 1936—June 37,707 626 1,694 2,430 32,957 13,671 1,600 2,050 3,900 10,500 1,200 December.. 38,362 632 1,800 2,430 33,500 13,545 1,710 2,330 4,500 10,500 900 1937—June 40,465 1,558 2,026 2,526 34,355 12,689 1,870 2,390 5,000 11,300 1,100 December.. 41,353 2,227 2,028 2,564 34,534 12,371 1,790 2,450 5,300 11,400 1,200 1938—June 41,428 2,676 2,101 2,564 34,087 12,343 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 32,300 3,900 8,900 11,000 13,100 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Trust crease during ac- period Receipts Expenditures (excl. debt retirements) counts etc.,i Excess excess Period t c a I o x n m e - s e i c n r n M n e e n e t u v l o e a i l s e e a u l r - - - - s S s t e a i o c t x c y u e ia r s - l o A th l e l r c T e r o i e p t - a ts l ce N r i e p e - t ts I d n e o e t s n e b t r t - a W c t t i i e a v s r i- T c f t e e o r r a r t a u u c c s n n . - s s t t t o - s o A th l e l r Total d e ( c o i x + e < t f p i u ) p e r r o t e n e s - - s r p ( c o t + e u e f e n i r x ) p r e d o - e t s 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 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 t•2,528 June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 ++774 2 .• 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 ++335588 +23',46C 3 months ending: Sept. 1941 922 798 258 167 2,145 1,944 203 3,430 195 1,173 5,001 -3,057 +304 -368 +2,385 Sept. 1942 2,554 1,087 328 149 4,118 3,861 266 14,763 273 1,004 16,307 -12,446 —304 +1,311+14,061 1941—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 48 390 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 3,829 310 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 Sept 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 -3,404 -245 +1,148 +4,789 Details of trust accounts, etc. General Fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- All other Assets Balance in General Fund penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c i a G n i o g n m o u e c g v n e n h e t a n c e s r c t i c n e - o k - s f - ce R i e p - ts I m nv e e n s ts t- pe E n x d - i- 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 s i l - a O s t s h e e ts r l T i t a 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 - e k- 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 1,024 661 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 3 months ending: Sept. 1941........ 530 398 133 *271 275 110 131 2,461 526 797 195 2,266 143 611 1,511 Sept. 1942 675 515 150 365 337 185 101 4,688 1,021 2,411 386 4,302 144 619 3,540 1941—Sept 25 185 43 93 53 4 47 2,461 526 797 195 2,266 143 611 1,511 Oct 149 70 39 272 63 3 53 2,852 998 784 210 2,641 143 613 1,885 Nov 359 148 40 659 45 1 41 2,544 543 947 225 2,319 143 614 1,562 Dec 63 215 49 140 54 **5 47 3,816 966 1,756 256 3,560 143 615 2,802 1942—Jan 144 50 64 681 57 9 30 3,232 391 1,750 282 2,950 143 616 2,191 Feb 383 177 59 35 50 5 44 3,867 748 2,054 305 3,562 143 617 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 365 3,493 143 618 2,732 Apr 112 15 59 189 73 9 39 3,216 522 1,579 365 2,851 143 618 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 386 2,812 143 619 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 452 2,991 143 619 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 494 3,288 143 619 2,525 Aug 433 184 52 262 62 24 28 3,695 569 1,880 541 3,154 144 619 2,392 Sept 30 214 45 25 83 37 37 4,688 1,021 2,411 386 4,302 144 619 3,540 1 Details given in lower section of table. 2 For details, see page 1127. * Excess of receipts. ** Excess of redemptions. NOVEMBER 1941 11x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars! 1941 (End of month) 1942 (End of month) Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Assets Loans and preferred stock: Loans to financial institutions 407 409 409 408 434 404 396 388 380 371 382 361 348 Preferred stock, etc 669 666 665 664 680 675 663 658 650 649 648 642 626 Loans to railroads 497 497 484 483 498 497 498 500 502 498 498 497 497 Home and housing mortgage loans 2,413 2,427 2,413 2,401 2,424 2,430 2,380 2,392 2,372 2,352 2,357 2,344 2,297 Farm mortgage loans 2,426 2,411 2,396 2,380 2,361 2,343 2,332 2,311 2,296 2,282 2,268 2,245 2,226 Other agricultural loans 726 717 709 732 773 780 785 789 976 811 808 792 768 All other loans 1,690 1,738 1,957 1,933 1,996 1,934 2,004 2,026 2,041 2,042 2,067 2,067 2,096 Total loans and preferred stock 8,826 8,864 9,033 9,001 9,167 9,063 9,059 9,065 9,218 9,005 9,026 8,948 8,859 Cash 594 523 489 502 496 560 582 621 645 732 403 407 609 U S Govt direct securities 844 846 895 906 884 915 947 950 966 981 990 1,008 1,039 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 123 122 120 115 115 112 112 110 110 107 106 105 105 Other1 18 17 20 26 46 52 53 54 54 55 57 58 57 Accounts and other receivables 600 672 725 641 574 604 600 632 621 733 774 773 853 Business property 664 671 689 698 714 751 782 792 815 833 859 879 924 Property held for sale 1 625 1,710 1,805 1,879 1,891 1,964 2,017 2,262 2,717 3,067 3,512 3,808 4,177 Other assets 517 563 592 701 773 888 1,073 1,265 1,510 1,829 2,235 2,498 2,778 Total assets other than interagency2 13,810 13,989 14.368 14,470 14,660 14,90815,224 15,75016,656 17,343 17,962 18,482 19,401 Liabilities Bonds, notes, and debentures: Fullv guaranteed bv U S. 6,937 6,937 6,938 6,324 6,324 5,705 5,697 5,690 5,688 5,687 4,568 4,581 4,592 Other1 . .. 1,445 1,434 1,416 1,393 1,392 1,402 1,396 1,433 1,431 1,440 1,442 1,443 1,445 Other liabilities 1,741 1,859 1,952 1,974 2,049 2,111 2,325 2,497 2,656 2,950 3,265 3,457 3,691 Total liabilities other than interagency2.... 10,123 10,231 10,306 9,690 9,765 9,219 9,418 9,620 9,776 10,078 9,275 9,482 9,728 Excess of assets over liabilities, excluding interagency transactions 3,687 3,758 4,062 4,779 4,895 5,689 5,806 6,130 6,880 7,265 8,687 9,000 9,673 U S. Govt. interests 3,261 3,331 3,633 4,349 4,464 5,256 5,372 5,694 6,444 6,828 8,249 8,562 9,234 Privately owned interests 426 427 428 430 431 '432 434 435 436 437 438 438 439 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, AUGUST 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 a o n e t n c r d a k r s l ed Cash d s G U e i i t r c o i . e u e S v c r s . t t - . G s i u e t t a e c i u e e r d s a r n - - A r c o a e c a t c b o h n e l u e d i e v r n s - ts B pr u o s p in e e rt s y s P h r e o l s d p a l e f e r o t r y an U G te n u e i a d d t r e e - d b b y entur O es ther States Reconstruction Finance Corporation 1,867 3 68 27 47 1,216 National defense corporations 93 163 211 2,561 Home mortgage and housing agencies: Home Owners'Loan Corporation 1,793 68 5 3 252 1,549 Federal Home Loan Banks 160 67 74 4 1 92 RFC Mortgage Company 85 2 7 2 Federal National Mortgage Association 215 1 5 1 85 Federal Public Housing Authority 357 46 7 5 127 114 Farm credit agencies: Federal Farm Mortgage Corporation 547 14 2 60 12 938 Federal land banks 1,679 43 228 172 6 42 1947 Federal intermediate credit banks 287 44 44 2 304 Banks for cooperatives 104 . 36 * 33 2 Production credit corporations 82 13 Regional agricultural credit corporations 5 18 Commodity Credit Corporation 181 2 35 8 1,226 754 Farm Credit Administration 254 13 Farm Security Administration . 457 31 1 1 Insurance agencies: Federal Crop Insurance Corporation 10 14 Federal Deposit Insurance Corporation 44 23 490 31 27 Federal Savings and Loan Insurance Corporation. 3 26 100 7 Federal Housing Administration 15 47 39 1 6 21 1 Export-Import Bank of Washington 117 76 Tennessee Vallev Authoritv 24 7 549 8 24 77 41 9 113 Rural Electrification Administration 344 8 Public Works Administration .. . 90 Other 72 6 24 68 2 8 Total 8,859 609 1,039 105 853 924 4,177 4,592 1,445 1 Excludes Federal land bank bonds in the amount of $715,000,000 held by Federal Farm Mortgage Corporation. II3O 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Loans to financial institutions 131 127 124 118 106 107 105 105 102 100 99 100 97 Loans on preferred stock of banks and insurance companies 48 48 48 48 44 44 44 44 44 44 44 44 56 Preferred stock, capital notes, and debentures.... 407 405 404 401 398 393 388 381 379 378 377 372 369 Loans to railroads (including receivers) 461 448 448 462 462 462 465 466 462 462 462 462 462 Loans for self-liquidating projects 81 81 51 51 53 54 55 56 56 58 58 58 59 Loans to industrial and commercial businesses: For national defense 82 93 101 106 111 119 127 134 146 158 170 185 208 Other 106 100 103 110 106 104 102 98 97 92 90 89 •88 Loan to Great Britain 125 299 299 345 345 385 385 381 378 376 375 375 375 Loans to drainage, levee, and irrigation districts.. 77 74 74 73 72 72 72 71 70 70 69 69 69 Other loans 5 5 5 5 5 5 5 5 5 5 6 6 Securities purchased from Public Works Administration 117 117 116 114 114 111 110 109 109 108 107 107 106 Total loans and investments, other than interagency 1,640 1,798 1,772 1,833 1,815 1,857 1,859 1,850 1,847 1,852 1,856 1,868 1,896 Preferred stock of, and loans to Export-Import Bank 174 174 174 174 174 174 174 174 174 174 174 :74 174 Loans to Rural Electrification Administration — 202 207 211 214 211 215 218 221 225 228 227 229 Capital stock of, and loans to RFC Mortgage 228 Company 77 80 79 79 81 82 82 85 87 89 90 96 Capital stock of, and loans to Federal National 93 Mortgage Association 107 109 111 112 114 115 119 120 120 119 118 117 116 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* 527 643 727 721 785 916 1 105 1,303 1,567 1,827 2,009 2,268 2,319 Loans to Farm Security Administration 101 110 117 133 114 145 179 199 205 213 169 175 180 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 2,962 3,254 3,325 3,400 3,428 3,638 3,869 4,085 4,358 4,635 4,776 5,055 5,143 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 Emer- Agricul- End of year or month Total Total F b e l a a d n n e k d r s al s L B C m io a a o i n n n m s d e - k - r Total1 m F b c i e e a n r d d n e te e i d k a r r i s - t a t 2 e l P a c s r t s t r o i i o e o d o d c n n u i i s t c a - - c d r g r r l o o e o e p l u a n ie n c g a f s y h n t d Total3 c B a o t a f o i o v n p r e k e s s r- i M i r n n e g t g a v u r o r f k A a l u e v l n c t - t d - 1934 ... 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2 848 2 03.5 813 367 40 138 173 120 88 31 1938 3 211 2 735 L 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 L,851 648 381 34 172 168 93 75 16 1941—Sept 2,954 2,411 1,795 616 431 43 208 174 111 94 16 Oct . . 2,924 2,395 1,786 610 410 39 194 170 119 101 16 Nov 2,906 2,380 1,776 604 398 38 187 167 128 109 17 Dec 2,891 2,361 .764. 597 397 39 188 165 133 113 17 1942—Jan 2,873 2,343 1,753 590 400 40 191 165 130 111 16 Feb 2 878 2 332 1 746 586 417 41 203 169 129 110 17 March 2,876 2,311 1,731 580 440 43 219 174 125 106 16 April 2,887 2 296 1,721 575 470 44 245 177 121 102 16 May 2,869 2,288 1,715 572 468 45 241 177 114 99 13 June 2.865 2 274 1,706 568 476 47 248 177 115 101 13 Tulv 2 868 2 274 1 706 568 477 47 249 176 117 104 12 Aug 2,818 2,232 1,679 553 469 47 243 174 117 104 12 Sept 2,776 2,207 1,663 544 443 43 225 170 126 112 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 $249,000,000 in beptember 1942. 3 Including loans of .Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL HOME MORTGAGE AND HOUSING AGENCIES POSTAL SAVINGS SYSTEM LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [In millions of dollars! Assets Fed- Fed- eral Federal Depos- U. S. Government End of month O C H r L w a o o t o n r i m a p o e n o e n rs - ' B H L F a e o o e n r m d a a k n l - e s1 s a a a s l t a e v o s i n r o o i a a n d c n n l g i s - s 2 M C p R g a a o o F g n m r C e y t- - A M t a g i N s t o a o s i a n g o o r - e a n t c - l i- t P H h u A i o o n b r u u g l i - i s t c y - End of month a i b n t c a o e l r - s s1 Total i b p C n t a o o a n d r s s y k i e h - s - Total secu r D e ri i c - t t ies G t a e u n e a - d r- C e f s u t - e a c r n r s e . d v h 2 s e 1933 Tune 47 1934—June 1,198 1,225 695 453 418 35 76 1 1 9 9 3 3 4 5 — — D D J J u u e e n n c c e e 2 2 1 2 , , , , 2 3 6 8 1 1 7 5 9 3 7 9 8 7 2 1 8 8 8 7 0 5 7 5 9 3 3 1 8 4 8 1 8 6 6 1 19 9 3 3 5 5 — — D D D J J u u e e e c n n c c e e 1 1 1 1 1 , , , , , 2 2 2 2 2 3 6 0 0 0 2 0 5 7 1 1 1 1 1 1 , , , , , 2 2 2 2 2 6 3 9 3 3 5 7 6 6 7 5 3 2 2 1 4 8 8 0 4 0 5 7 3 5 1,0 5 8 9 7 5 9 5 6 7 8 7 3 7 7 8 4 8 6 7 6 9 3 0 0 7 0 6 1 0 1 1 1 1 1 6 6 4 4 3 7 7 0 7 7 1 9 9 9 0 7 8 3 5 0 4 1936—June........ 2,945 119 475 18 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 2,765 145 587 36 Dec 1,270 1,308 130 1,097 930 167 80 1937— D Ju e n c e 2 2, , 3 5 9 5 8 6 2 1 0 6 0 7 8 7 5 4 4 2 4 6 9 8 * 10 1938— D j e un c e . 1 1 , , 2 2 5 5 2 2 1 1, , 2 2 9 9 1 0 1 8 1 6 5 1 1 , , 1 1 3 0 2 3 9 96 3 5 6 4 1 6 6 7 7 7 7 3 3 1938—June 2,265 196 948 41 '•"38" 13 1939—June 1,262 1,304 68 1,157 1,011 146 78 Dec 2,169 199 1,034 54 80 32 Dec. 1,279 1,319 53 1,192 1,046 146 74 1939—June 2,081 169 1,136 57 125 68 1940—june 1,293 1,337 43 1,224 1,078 146 69 Dec , 2,038 181 1,271 57 147 123 Dec 1,304 1,348 36 1,224 1,078 146 88 1940—June 2,013 157 1,405 60 163 87 1941—June 1,304 1,356 30 1,251 1,104 146 75 Dec 1,956 201 1,546 67 181 186 1941—June 1,870 170 1,687 65 194 316 1941—Sept 1,311 1,366 28 1,250 1,104 146 89 Oct 1,317 1,377 27 1,250 1,104 146 100 1941—Sept.. 1,825 178 1,775 70 200 332 Nov 1,323 1,388 27 1,250 1,104 146 111 Oct 1,809 184 1,801 73 203 328 Dec. 1,314 1,396 26 1,274 1,128 146 95 Nov 1,794 187 1,816 72 205 329 Dec 1,777 219 1,825 72 207 367 1942—Jan. 1,310 1,421 25 1,274 1,128 146 122 Feb 1,307 1,444 25 1,274 1,128 146 145 1942—Jan 1,758 206 1,824 74 210 388 Mar 1,305 1,463 25 1,272 1,126 146 166 Feb 1,742 197 1,829 75 211 352 Apr. 1,306 1,483 25 1,272 1,126 146 186 Mar 1,724 192 1,832 75 214 . 379 May 1 307 1,504 24 1,272 1 126 146 208 Apr 1,709 185 1,842 77 215 371 June . ... 1,316 1,525 24 1,272 1,146 126 229 M J J u u a l n y y e 1 1 1 , , , 6 6 6 9 5 7 2 7 6 1 1 1 7 8 9 4 1 3 1 1 1 , , , 8 8 8 4 4 5 9 7 3 8 8 7 2 3 9 2 2 21 1 1 5 6 6 3 3 3 6 8 8 5 4 8 A J S u e u l p g y t p p l l 1 , , 3 , 3 3 4 5 2 4 9 9 1,554 21 1,271 1,146 126 262 Aug 1,640 160 1,856 85 215 r357 Sept 1,622 145 1,861 88 215 360 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not r Revised. include accrued interest nor outstanding savings stamps. 1 Loans and discounts to member institutions of the Federal Home Loan 2 Includes working cash with postmasters, 5-per cent reserve fund and Bank System. miscellaneous working funds with the Treasurer of the United States, 2 Federal Home Loan Bank Board estimates for all Federal savings and accrued interest on bond investments, and accounts due from late loan associations which are private institutions chartered and supervised postmasters. by the Federal Home Loan Bank Board. Back figures.—See BULLETIN for August 1935, pp. 501-502. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION1 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Year or month Total p ( P m T r e i r o I r m e o i ) t v t n y p - l e t e - - s ( s h N c t t T m o i o I r o e ) i m u n a t w n c l - l e e l - m H ( g T a I o o I i g m r ) t e l t e s - e h g o a r g M ( e g u T a r I n o e o n s I i ) s i t t d u r n l a t p o e - g l n ( h f T V D e i o n n i u e I g t s ) - s l e e - End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s - - l s a a s S l t 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 s n m c u ie e r - s - a F c e g i e r e e a d s n l - 2 - Other3 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 4 3 4 4 5 6 7 9 0 8 1 1 1 , , 0 1 3 5 4 6 9 2 8 2 3 5 9 9 5 6 6 0 0 7 5 4 4 2 2 2 2 2 1 3 2 6 4 0 6 6 5 0 4 0 6 8 0 2 1 ••• 2 2 2 — 5 6 1 •• 3 4 4 8 6 7 9 2 0 7 7 6 3 4 4 9 3 7 9 6 4 5 1 1 1 2 8 2 1 1 3 3 13 1 1 1 1 9 9 9 9 3 3 3 3 9 8 7 6 — — — — J J D S S M M D D u u e e e e e n n a a p p c c c e r e r t t 1 1 1 1 1 , , , , , 6 4 0 3 1 3 9 8 7 2 7 9 4 4 6 3 5 7 2 8 9 9 9 5 3 6 1 4 4 5 8 2 5 6 6 7 6 7 2 2 3 0 3 9 5 5 2 4 8 0 9 4 9 9 3 2 3 4 5 2 2 5 2 7 8 4 7 6 8 0 8 1 1 1 1 1 1 1 1 7 3 1 5 2 6 1 5 4 8 7 9 9 7 7 0 6 9 3 2 2 2 1 1 1 1 0 7 1 4 4 8 1 6 4 2 1 2 1 1 7 8 5 6 1 1 1 4 4 5 4 1 3 3 7 4 2 6 8 4 7 2 5 7 1 9 9 9 6 1 5 2 5 7 4 0 2 0 3 1 7 3 2 1941— O N S D A e c o e u p t c g v t . 1 1 1 1 9 0 2 0 1 1 7 5 7 2 3 3 2 1 1 1 4 4 8 8 1 2 2 2 1 8 8 7 7 7 5 8 3 7 0 2 2 * * 4 2 1 1 5 1 1 9 9 4 4 0 1 — — D J D S M M u e e e n a p a c c r e r t 2 2 2 2 1 1 , , , , , , 5 2 9 4 7 0 4 9 9 3 0 7 9 3 8 2 9 5 1 1 1 1 , , , , 2 0 0 1 9 9 4 6 2 9 0 7 6 2 6 3 2 1 1 1 1 1 9 7 0 3 4 1 0 0 0 6 1 1 2 2 2 2 2 1 2 0 0 3 1 9 4 8 1 0 6 2 4 3 3 4 5 6 3 4 9 4 8 0 2 2 2 2 0 6 2 2 1 1 1 1 1 0 7 8 9 5 0 1 1 2 0 3 1 1 1 1 1 1 2 5 4 6 2 3 7 0 1 0 4 3 1942— M M F A J e a p a a b n r r y....: 1 9 8 9 9 1 3 3 2 3 1 1 1 1 1 1 6 3 2 0 5 2 2 2 2 1 8 5 6 6 7 7 5 8 0 1 "l * 1 1 1 1 1 8 1 7 2 4 1942— J D J S M u u e e n n a p c r e e t 3 2 2 3 3 , , , , , 1 9 3 7 4 0 4 0 5 9 7 2 7 1 5 1 1 1 1 1 , , , , , 5 4 3 4 6 4 6 1 0 2 9 5 8 0 3 1 2 2 1 1 8 1 0 5 7 6 9 1 7 1 2 2 2 2 2 5 6 7 4 3 4 4 2 6 7 9 6 8 7 7 4 6 5 8 2 0 8 6 9 2 2 2 2 2 2 3 2 3 2 4 4 5 7 0 3 2 1 1 1 1 0 7 5 7 9 0 9 4 8 5 June 96 13 2 66 16 A Ju u l g y 9 8 7 9 1 1 0 1 1 1 5 6 2 3 2 * 2 2 1 5 1 Gross amount of mortgages held, excluding terminated mortgages and Sept 95 10 48 37 * Less than $500,000. Housing Corporation. 1 Figures represent gross insurance written during the period and do not 3 Including mortgage companies, finance companies, industrial banks, take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. 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>easonal variation] Construction Income In (p d h u y s 1 t s 9 r i 3 i c 5 a a - l l 3 9 v p o r = l o u d m 1 u 0 e c 0 ) t 2 i o * n aw 19 a 2 r c d 3 o e - n 2 d t 5 r ( a = v c a t 1 s lu 0 e 0 )3 Fac- Freight- D m ep e a n r t t- Whole- Y m ea o r nt a h nd ( m 1 v p = 9 a e a 3 l y n 5 1 u 0 - - t e 3 s 0 ) 9 1 Total Du f r a M - c a tu n r u N e d - s o u n r- - M era in ls - Total R d t e e ia s n l i - - o A th l e l r E 19 m 2 F 3 p - a l 2 o c 5 y t o m = ry en 1 t 0 4 0 1 = r 9 P t o 2 o 1 a l 3 v 0 r l - - y s 0 4 2 4 5 1 = 9 l i 3 o n c 1 g a a 0 5 d s r 0 - * - 39 19 = u s s ( 2 a v t e 3 o l ) a 1 e - * r 0 l 2 s e - 6 0 5 m p = c r 1 o s i o 9 a c d m 2 l 1 e i e 6 - 0 t s y 4 0 1 C l 9 = i o 3 v s 5 i t n 1 - 3 g 0 o 9 0 f 4 able able ju A st d e - d jus A te d d - j U u n s a te d d - ju A s d te - d ju A st d e - d ju A st d e - d ju A st d e - d ju A st d e - d ju A st d e - d ju A st d e - d U ju n st a e d d - j U u n st a e d d - j m u s A t d ed - ju A st d e - d j U u n s a te d d - U ju n s a te d d - 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 98.5 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 89 149 127.7 148.8 130 110 87.3 105.2 1939 July 104.8 105 102 102 106 107 67 62 71 98.4 96.6 85.8 99 87 75.4 August. 106.1 106 106 108 108 92 73 67 78 99.0 99.5 91.2 101 88 75.0 September 107.3 114 119 118 111 114 73 68 76 100.8 103.7 95.4 111 90 79.1 100.6 October 109.3 121 126 130 115 119 76 68 82 104.8 107.3 103.2 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 107.0 107.5 103.2 114 93 79.2 December 111.3 125 122 138 117 114 86 60 107 108.2 107.8 105.4 110 95 79.2 99.6 1940 January . . 110.7 122 117 134 113 119 75 53 93 107.6 105.0 99.8 111 92 79.4 February 110.7 116 114 123 110 115 63 56 68 105.8 105.0 99.3 105 90 78.7 March ... . 110.3 113 ' 112 118 107 118 62 57 66 104.0 104.4 99.8 100 89 78.4 99.8 April 110.6 113 112 116 107 119 64 62 66 102.8 103.2 97.9 103 89 78.6 May. 112.0 116 117 124 110 118 64 64 65 102.8 102.5 97.8 106 89 78.4 June 112.1 122 122 133 114 119 74 69 77 103.9 103.1 99.5 111 91 77.5 ioo!s July 112.8 122 120 136 113 120 85 77 91 105.1 103.2 98.2 110 92 77.7 August 113.9 124 124 143 112 115 90 82 98 107.4 107.4 105.5 112 98 77.4 September 115.5 127 132 151 112 117 93 82 101 108.9 111.4 111.6" 112 97 78.0 100.4 October 117.2 131 136 155 117 114 95 85 103 111.4 113.8 116.2 110 94 78.7 •100.2 November 117.7 134 136 157 120 118 111 87 130 114.2 114.7 116.4 116 100 79.6 100.1 December 121.3 139 136 164 124 119 115 90 136 116.6 116.2 122.4 119 101 80.0 100.7 1941 January 123.4 141 r136 171 123 119 103 84 117 118.3 115.5 120.7 122 101 80.8 100.8 February 125.4 144 140 176 126 119 99 76 118 118.6 117.8 126.8 124 103 80.6 100.8 March 127.2 147 r145 180 128 126 94 74 109 119.4 119.9 131.2 126 103 81.5 101.2 April .... 129.4 144 144 180 131 96 103 80 121 122:0 122.6 134.7 112 104 83.2 102.2 May 133.6 155 155 190 135 126 101 88 111 124.9 124.9 144.1 135 105 84.9 102.9 June 137.0 r160 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 r200 139 133 152 112 184 133.3 133.1 158.1 139 134 90.3 106.2 September 143.1 161 167 r202 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 146.5 167 167 209 144 131 138 74 189 134.4 134.8 165.4 135 116 92.5 110.2 December 154.7 168 164 r214 141 132 123 69 167 134.9 134.2 169.9 137 111 93.6 110.5 1942 January r156.1 172 r166 r224 143 131 118 82 147 135.7 132.5 173.5 140 138 96.0 112.0 February r157.4 172 167 227 142 129 128 100 151 135.1 133.8 178.3 139 126 96.7 112.9 March r157.8 172 168 r231 139 127 125 95 149 134.7 135.1 182.9 136 124 97.6 114.3 April . ... r160.9 r174 172 r234 139 • 130 128 82 165 136.0 136.6 188.0 143 117 98.7 115.1 May r16l.9 175 175 r239 138 129 158 76 226 137.7 137.8 193.5 143 108 98.8 116.0 June r165.8 176 177 r244 136 133 193 76 288 r140.1 r139.4 r198.2 141 104 98.6 116.4 Tulv r168.7 r179 r180 r249 138 132 206 74 313 143.9 142.4 204.6 142 121 98.7 r117.0 August 171.6 183 187 257 140 133 182 65 278 145.0 145.9 214.7 143 130 *>99.2 r117.5 September 2*173.0 p185 P191 P263 ^140 *>130 ?! 72 ?65 ?259 ^145.0 *>148.2 P220.5 136 123 2>99.6 117.8 October e188 e192 e269 el4l e129 e133 e99.9 v Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 3 Based on F. 4 The unadjustea inaexes ot employment ana payrolls, wnoiesaie commodity prices, ana cost 01 living are c...... ., of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see B ULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1138-1141 for employment and payrolls and p. 1146 for prices. 5 For sales comparisons by cities and by departments see pp. 1144-1145 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533. NOVEMBER 1942 1133 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total 161 161 164 r167 168 172 172 172 174 173 176 r179 183 V185 Manufactures—Total 166 r166 no 173 r174 179 180 180 181 183 184 188 192 p195 Durable r200 r202 208 209 T2U r224 227 r231 r234 r239 r244 r249 257 p263 139 137 139 144 141 143 142 139 139 138 136 138 140 2*140 Nondurable1 185 r187 r192 r192 r191 r192 r194 Iron and Steel* 182 185 184 184 190 189 189 Pig iron r198 r200 r2O7 r2O7 r205 r209 r211 r218 r219 r219 r216 r216 r218 219 Steels r173 r174 r179 r177 r176 r176 r178 r182 r181 r182 r178 r175 r177 179 Open hearth and Bessemer3 r377 r388 r409 r420 r411 r449 r448 r477 r487 r488 r489 r506 r5O7 503 Electric3 225 228 232 230 243 250 r259 r268 r273 r279 r287 r289 299 V305 Machinery Government Arsenals and Quartermaster Depots 241 245 269 276 r278 305 r314 330 r350 r372 396 r425 460 9481 Transportation Equipment 1,113 1,204 1,290 1,340 A Au ir t c o r m af o t bile bod ; ies, parts, and assembly 1 9 4 3 1 1 7 3 4 4 1 1 4 1 6 0 1 12 4 3 2 1 2 20 1 2 18 1 2 05 1 2 05 2 104 ( 107 1 2 12 C2) Automobile factory sales 236 249 278 264 Railroad cars 306 319 335 338 Locomotives Shipbuilding 485 560 634 645 Private yards Government yards Nonferrous Metals and Products 189 192 185 190 193 191 187 180 177 182 188 r188 189 P190 Nonferrous metal smelting 145 145 147 150 151 153 157 157 161 163 Copper smelting 135 135 137 139 141 140 141 147 155 161 Zinc smelting 175 175 177 179 182 184 189 184 185 184 Lead production 116 120 119 127 122 131 140 134 132 Copper deliveries 231 233 217 226 230 235 224 208 195 205 Lead shipments 199 209 Zinc shipments 143 145 143 147 145 152 151 148 145 146 Tin consumption 161 166 153 155 171 Lumber and Products 140 136 135 135 138 143 144 134 133 134 133 r136 127 P123 Lumber 134 129 129 128 132 138 143 128 127. 124 127 130 125 152 149 146 148 149 153 147 145 146 152 r143 r148 132 PU2 Furniture 154 157 158 162 167 199 189 169 152 144 137 134 139 p146 Stone, Clay, and Glass Products 154 159 164 191 249 236 188 161 146 145 150 160 167 U Ce n m gl e a n ze t d brick 1 1 4 5 6 9 1 16 4 5 4 1 16 4 7 5 1 1 5 6 3 9 1 16 5 5 2 1 1 6 8 0 4 1 17 5 8 2 1 1 8 3 7 3 1 1 1 7 9 6 1 1 0 7 4 8 1 9 6 2 3 1 9 4 0 5 isi 163 Glass containers 133 120 102 105 67 65 49 41 43 35 37 49 38 Polished plate glass 36 Textiles and Products 154 151 150 156 154 158 156 153 157 156 152 154 153 Textile fabrics 149 145 143 148 146 148 147 143 148 146 143 r145 144 Cotton consumption 159 r157 161 167 155 169 174 169 177 175 169 166 169 172 Rayon deliveries 170 168 172 179 179 180 174 175 170 169 169 168 r168 169 Silk deliveries 56 34 10 15 Wool textiles 166 169 164 166 178 161 153 148 153 150 151 r160 153 Carpet wool consumption 148 142 133 133 164 78 79 70 34 5 46 r43 27 Apparel wool consumption 181 205 199 200 209, 202 191 196 203 201 194 208 207 Woolen yarn 162 163 157 156 159 163 165 161 173 172 165 175 171 Worsted yarn 179 185 185 184 195 173 148 143 164 168 166 176 173 Woolen and worsted cloth 166 169 164 170 182 183 172 167 177 179 172 r184 174 Leather and Products 122 120 125 134 128 127 121 121 127 126 126 117 108 9106. Leather tanning 124 125 129 134 123 130 127 127 130 128 122 117 115 Cattle hide leathers 141 136 138 145 135 148 139 139 147 147 142 143 139 Calf and kip leathers 103 101 107 108 89 86 93 96 91 95 88 r80 95 Goat and kid leathers 97 115 121 123 117 119 120 120 115 104 94 79 71 Shoes 121 118 123 134 131 125 117 116 124 125 129 r118 103 99 Manufactured Food Products 132 130 134 141 137 140 140 136 136 134 138 143 143 9146 Wheat flour 98 99 101 103 109 108 110 101 98 105 102 106 105 101 Cane sugar meltings 129 111 112 139 Manufactured dairy products 128 139 148 147 155 154 150 146 151 143 137 142 143 P140 Ice cream 126 143 158 146 154 155 150 147 160 Butter : 107 r107 108 105 104 106 107 108 110 111 105 108 108 102 Cheese 144 r154 148 163 176 172 182 192 195 183 157 159 163 153 Canned and dried milk 165 183 197 224 240 234 220 198 187 178 168 164 172 r Revised. p Preliminary. industry. Figures not available for publication separately, 2 Beginning in »pped from the i and its weight transferred to the automobile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 3 See footnote 3 on following page. 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjusted jor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing . ... 134 126 133 135 142 148 141 144 142 140 153 146 153 159 Pork and lard 149 139 148 148 161 165 151 161 156 163 177 168 174 187 Beef . . 124 118 123 124 127 138 139 132 134 121 137 130 136 129 Veal 94 101 108 114 98 96 96 98 96 94 103 103 113 127 Lamb and mutton 105 99 103 111 117 113 113 128 119 105 104 116 127 137 Other manufactured foods 135 132 135 144 137 140 142 138 137 136 rl40 147 146 P15l A Icoholic Beverages 130 r132 129 109 116 139 133 116 109 111 104 127 142 p146 Malt liquor r112 r120 127 110 123 120 128 117 114 115 104 119 130 147 Whiskey r94 r95 107 81 91 77 74 62 63 55 63 96 82 49 Other distilled spirits 206 262 178 139 121 250 75 44 53 80 61 83 99 45 Rectified spirits 219 170 138 120 102 243 241 201 153 158 163 218 285 Tobacco Products 118 121 128 132 129 132 130 125 127 122 122 121 130 133 Cigars 109 104 112 115 139 129 126 121 120 108 112 109 112 107 Cigarettes -. 137 144 149 136 144 144 137 140 140 136 136 152 159 Manufactured tobacco and snuff. . 99 104 106 95 99 93 94 97 89 94 89 91 88 Paper and Paper Products1 147 144 146 153 155 154 149 150 148 145 134 127 131 Paper and pulp 152 149 150 160 162 161 155 156 153 149 136 127 Pulp ... r175 170 172 185 179 181 180 189 183 184 177 164 113619 Groundwood pulp 128 129 130 141 129 135 131 138 129 120 116 113 117 Soda pulp .... 151 140 145 167 153 153 154 155 148 147 129 127 125 Sulphate pulp r222 210 210 225 225 221 224 239 236 245 228 212 221 Sulphite pulp . 164 163 166 178 171 177 173 181 174 173 173 158 161 Paper 149 145 147 156 160 158 151 151 148 143 129 122 126 Paperboard . . . 161 158 158 167 186 175 163 162 154 144 120 115 121 123 Fine paper.. . 147 152 147 160 157 151 144 150 146 147 138 132 125 Newsprint production 113 107 110 110 106 107 110 106 109 104 103 103 108 106 Printing paper . .. ... 150 146 149 161 145 151 146 140 135 124 110 rl09 112 Tissue and absorbent paper 143 130 140 153 152 166 168 164 169 175 r178 148 158 Wrapping paper .... 139 136 138 140 147 147 142 148 151 153 142 132 134 Printing and Publishing* r130 125 127 136 130 128 125 121 117 112 r104 106 110 PjOT Newsprint consumption 109 105 105 111 115 104 103 103 98 100 97 103 108 101 Petroleum and Coal Products 130 132 133 135 139 135 131 126 119 117 114 117 120 Petroleum refining 126 128 129 133 135 131 126 120 112 109 107 109 113 Gasoline 126 130 131 134 139 134 125 117 106 103 99 102 106 *>106 Fuel oil . . .. 127 124 129 129 130 123 128 124 126 122 125 129 133 Lubricating oil 132 130 129 137 132 133 131 131 126 122 123 117 117 Kerosene . . . . . 116 119 121 123 126 120 128 113 106 101 99 103 106 Coke r155 r153 153 153 160 161 161 160 162 164 164 163 165 166 Byproduct coke 146 r145 145 145 151 152 152 151 152 154 154 153 155 155 Beehive coke » 478 r449 437 410 474 472 493 476 494 511 509 r502 505 521 Chemicals . 145 146 148 149 152 156 161 161 165 167 r172 r174 173 P172 Rubber Products 130 131 134 132 134 137 Tires and tubes 117 108 103 103 67 33 28 26 . 25 Pneumatic tires 118 108 104 104 67 32 28 26 25 Inner tubes 110 103 94 102 64 33 27 27 27 Minerals—Total 133 131 131 131 132 131 129 127 130 129 133 132 133 P130 Fuels 130 129 128 129 129 128 125 122 126 125 128 128 129 P127 Bituminous coal 150 141 131 127 130 129 120 146 178 173 168 160 152 P144 Anthracite ". 168 132 120 101 92 89 110 113 114 105 127 156 160 P134 Crude petroleum 119 124 128 132 132 132 128 114 107 108 113 112 118 PH9 Metals . • 148 145 146 147 153 151 152 151 151 154 158 r154 153 P153 Iron ore shipments 202 192 182 . 204 209 211 212 215 217 225 235 240 240 240 Copper 155 154 151 152 157 161 158 162 164 174 * * * Lead 116 120 119 127 122 131 140 134 132 Zinc 131 135 134 131 138 138 G Si o l l v d er 1 12 1 9 4 1 1 1 1 4 6 1 1 3 0 0 8 1 1 1 0 6 6 1 1 2 0 5 5 1 1 1 0 3 5 1 10 1 1 8 106 109 106 104 98 r Revised p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." . 3 In computing daily average output indexes for the steel series the use of holiday allowances has been discontinued and the bases for the indexes nave been changed accordingly. This revision was carried back to January 1941; however, the allowance for July 4 was retained in that year. The revised bases are: Open hearth and Bessemer steel 1941, 125,677 nettons; 1942,125,333 net tons; Electric steel 1941,2,204 net tons; 1942, 2,198 net tons. Revised indexes not shown in the table are as follows: January through July 1941, Iron and steel 180, 179,185,182,184, 185, 186; Steel 187,187,193, 193,196,196,197; Open hearth and Bessemer 173, 172, 178, 173, 175, 174,174; Electric 287, 296, 302, 335, 349, 357, 360. . 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. 1135 NOVEMBER 1942. 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. < May June July Aug. Sept. Industrial Production—Total 163 167 168 167 164 r166 167 168 172 175 177 r180 187 P191 Manufactures—Total r168 172 173 173 171 173 175 177 r181 183 185 189 196 P201 Durable 199 r205 210 209 r211 216 r221 r228 r234 240 r246 r251 260 142 145 143 144 138 137 138 137 138 137 136 139 P149 Nondurable! 185 r187 r192 r192 r191 r192 r194 Iron and Steel3 182 185 184 184 190 189 189 Pig iron r198 r200 r207 r2O7 r205 r209 r211 r218 r219 r219 r216 r216 r218 219 Stee^ r173 r174 r179 r177 r176 r176 r178 r182 r181 r182 r178 r175 r177 179 Open hearth and Bessemer3 r377 r388 r409 r420 r4U r449 r448 r477 r487 r489 r506 r5O7 503 Electric3 225 228 232 230 243 250 r259 r268 r273 r279 r287 r289 299 P305 Machinery Government Arsenals and Quartermaster Depots 221 245 269 276 r278 305 r314 330 r350 r372 396 r425 460 P481 Transportation Equipment Aircraft 1,1 1 1 2 3 0 1, 1 2 3 0 4 4 1, 1 2 4 9 6 0 1, 1 3 4 4 2 0 120 118 105 105 104 107 112 116 124 nn Automobile bodies, parts, and assembly 47 74 110 123 (2) (2) 2 (2) Automobile factory sales 236 249 278 264 Railroad cars 306 319 335 338 Locomotives Shipbuilding 485 560 634 645 Private yards Government yards Nonferrous Metals and Products 189 191 185 190 192 191 187 180 177 182 187 r188 189 P190 Nonferrous metal smelting 145 145 147 151 152 153 157 156 162 164 Copper smelting 135 135 137 139 141 140 141 147 155 161 Zinc smelting 175 175 177 179 182 184 189 184 185 184 Lead production 116 120 119 128 124 131 140 131 135 Copper deliveries 231 233 217 226 230 235 224 208 195 205 Lead shipments 199 209 Zinc shipments 143 145 143 147 145 152 151 145 146 Tin consumption 159 159 151 155 165 Lumber and Products 151 148 145 134. 128 122 128 129 132 135 r138 140 138 Lumber 148 144 138 124 113 112 118 120 127 131 138 141 139 p133 157 156 159 154 155 142 147 147 142 143 r139 137 136 Furniture 174 175 175 169 147 138 132 140 151 163 158 r151 160 P164 Stone, Clay, and Glass Products 181 184 185 171 153 137 132 141 161 .178 183 186 195 200 Cement 175 177 170 166 137 97 83 90 116 118 115 111 Unglazed brick 174 168 172 170 153 165 164 176 176 .190 171 151 "i67 ' 166 Glass containers 109 120 117 120 80 68 47 43 43 35 37 32 30 38 Polished plate glass ~. Textiles and Products 153 151 150 156 154 158 '156 153 156 152 154 153 P155 Textile fabrics .# 148 145 143 148 146 148 147 143 148 146 143 r145 144 Cotton consumption 159 r157 161 167 155 169 174 169 177 175 169 166 169 172 Rayon deliveries 170 168 172 179 179 180 174 175 170 169 169 168 r168 169 Silk deliveries 50 32 10 15 Wool textiles 166 169 164 166 178 161 153 148 153 150 151 160 153 Carpet wool consumption 148 142 133 133 164 78 79 70 34 5 46 43 27 Apparel wool consumption 181 205 199 200 209 202 191 196 203 201 194 208 207 Woolen yarn 162 163 157 156 159 163 165 161 173 172 165 175 171 Worsted yarn 179 185 185 184 195 173 148 143 164 168 166 176 173 Woolen and worsted cloth 166 169 164 170 182 183 172 167 177 179 172 r184 174 Leather and Products 130 129 127 123 116 124 131 128 131 124 115 r114 115 Leather tanning 120 124 129 135 125 131 138 127 130 125 118 112 112 Cattle hide leathers 134 135 140 151 137 149 155 140 147 144 135 133 132 Calf and kip leathers 108 99 103 102 91 84 98 91 90 90 90 r88 99 Goat and kid leathers 95 116 120 119 119 119 125 119 119 102 94 78 69 Shoes 137 132 125 116 110 120 126 129 131 122 114 114 117 111 Manufactured Food Products 152 159 143 139 130 124 121 121 123 131 139 156 165 V178 Wheat flour 99 114 110 107 104 109 109 92 96 95 105 106 116 Cane sugar meltings 136 132 109 114 Manufactured dairy products 169 142 117 100 98 99 109 124 152 193 210 207 193 Ice cream 204 155 114 88 ;80 78 88 113 154 Butter 118 r105 95 83 82 85 92 96 109 143 147 132 119 101 Cheese 162 r159 139 124 123 124 142 157 189 242 241 205 185 158 Canned and dried milk 169 168 158 156 166 178 187 194 211 257 249 200 177 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. * Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 2 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automboile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 3 See footnote 3 on p. 1135. II36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average= 100] 1941 1942 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing 116 119 134 152 165 173 135 131 134 140 149 138 132 147 Pork and lard 112 111 139 178 208 214 151 145 148 163 172 151 131 150 Beef 126 132 134 130 127 138 125 120 125 121 134 131 137 144- Veal 95 111 119 116 93 93 84 93 95 98 104 102 114 140 Lamb and mutton 104 111 109 108 111 118 113 124 115 108 99 110 125 153 Other manufactured foods 159 170 151 146 131 123 124 121 121 123 r133 157 173 Alcoholic Beverages 124 137 137 118 106 112 117 113 113 120 116 133 140 P150 Malt liquor . r131 121 104 90 96 96 109 112 124 136 134 148 152 149 Whiskey 51 r76 102 101 104 102 96 77 69 54 50 53 45 39 Other distilled spirits 99 359 472 292 150 163 45 29 32 48 36 39 47 62 Rectified spirits 171 180 180 190 135 177 207 191 136 139 130 183 223 Tobacco Products. .. 122 132 133 134 110 126 121 117 119 123 132 131 135 144 Cigars . ... .. .113 120 135 137 107 104 109 111 114 107 120 113 115 123 Cigarettes 136 146 141 143 121 146 136 127 130 142 150 153 160 170 Manufactured tobacco and snuff . .... 96 107 106 105 S3 96 92 96 96 89 96 91 89 98 Paper and Paper Products1 146 149 151 152 146 151 153 155 151 144 133 122 130 Paper and pulp.... 150 151 155 159 154 159 160 161 157 149 134 121 130 Pulp r172 168 173 186 174 183 186 194 187 186 174 156 166 Groundwood pulp 109 112 121 144 134 140 137 148 144 133 118 100 100 Soda pulp 151 142 145 167 148 153 158 160 152 147 127 119 125 Sulphate pulp r222 210 214 225 214 223 230 243 245 226 208 221 Sulphite pulp ... 164 163 169 179 166 177 179 185 178 173 169 150 161 Paper . • .... 147 148 152 155 151 155 156 156 152 143 128 r116 124 Paperboard 163 167 167 167 166 168 167 168 157 141 120 109 123 131 Fine paper 139 144 147 155 154 152 155 160 159 151 135 120 117 Newsprint production 110 107 110 113 107 107 108 106 109 105 104 101 105 106 Printing paper . r146 145 151 160 144 151 154 145 140 127 r108 102 109 Tissue and absorbent paper 143 136 145 151 146 161 175 166 172 173 177 140 158 Wrapping paper 138 143 140 143 147 147 151 152 150 139 128 133 138 Printing and Publishing^ 125 131 138 131 125 126 126 123 115 103 96 102 121 Newsprint consumption 106 112 117 117 99 102 107 105 104 98 90 95 102 96 Petroleum and Coal Products 134 135 136 138 132 129 122 118 117 115 117 121 131 Petroleum refining 131 132 134 134 128 124 116 111 110 108 110 114 Gasoline 112380 134 134 135 136 129 121 112 104 103 101 105 109 ^109 Fuel oil 124 125 130 130 132 127 129 122 123 122 123 127 130 Lubricating oil 131 130 129 137 131 129 129 130 131 127 123 115 116 Kerosene 111 117 121 126 127 126 129 115 108 101 97 97 101 Coke r155 r153 153 153 160 161 161 160 162 164 164 163 165 166 B Be y e p h r i o v d e u c c t o k c e oke. t 4 1 7 4 8 6 r r1 4 4 4 5 9 4 1 3 4 7 5 4 1 1 4 0 5 4 1 7 5 4 1 4 1 7 5 2 2 4 1 9 5 3 2 4 1 7 5 6 1 4 1 9 5 4 2 5 1 1 5 1 4 5 1 0 5 9 4 r5 1 0 5 2 3 5 1 0 5 5 5 5 1 2 5 1 5 Chemicals 142 148 153 151 153 155 161 166 168 166 r166 r167 170 P174 130 131 134 T R i u r b e b s e r a n c d o n t s ub u e m s ption 1 11 3 7 2 1 1 3 0 4 8 1 1 3 0 7 3 103 67 33 28 26 25 * * * * * Pneumatic tires 118 108 104 104 67 32 > 28 26 25 Inner tubes 110 103 94 102 64 33 27 27 ' 27 Min era Is— To ta I 135 138 139 135 126 125 125 118 125 130 132 r131 136 P137 Fuels 126 130 132 131 131 131 130 122 121 121 121 121 126 P128 Bituminous coal . . 138 146 146 145 144 144 141 140 150 147 144 141 140 PI 50 Anthracite 124 127 127 103 98 104 121' 116 122 115 117 122 118 Crude petroleum 122 124 127 128 129 129 127 115 109 111 113 112 121 P119 Metals 187 182 181 161 98 91 92 96 153 189 194 r194 195 P189 Iron ore shipments 335 311 281 231 23 236 371 381 404 387 357 Copper 152 152 156 157 159 158 160 165 169 174 * * * L Zi e n a c d 1 1 3 1 1 6 1 1 3 2 5 0 1 11 3 9 4 1 13 2 1 8 1 13 2 8 4 1 13 3 1 8 1 1 4 4 6 0 13 * 1 135 * * * * * * * • * Gold 126 131 152 132 130 107 106 * * * * * * Silver 126 117 107 106 105 106 103 110 110 105 100 97 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. NOVEMBER 1942. 1137 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 Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. TotaU 133.3 132.3 132.8 134.4 134.9 135.7 135.1 134.7 136.0 137.7 "140.1 143.9 145.0 145.0 Durable goodsi 141.5 141.3 142.3 143.7 144.3 146.7 146.8 146.9 149.2 151.7 156.3 162.1 165.7 167.2 Nondurable goodsi . 125.5 123.8 123.8 125.6 126.0 125.2 123.8 123.1 123.3 124.3 124.7 126.6 125.2 123.8 Iron and Steel and Products 140.2 139.7 138.2 138.3 138.9 139.0 136.5 134.7 134.2 134.1 135.5 '136.3 135.3 133.7 Blast furnaces, steel works, etc 150 149 148 148 149 150 149 148 149 151 153 153 151 149 Bolts, nuts, washers, and rivets 173 172 170 169 170 171 169 170 170 172 176 177 177 182 Cast-iron pipe 94 97 98 101 100 98 100 99 98 98 94 91 91 91 Cutlery and edge tools 130 128 129 130 134 136 133 134 129 127 129 "132 127 123 Forgings 112 113 115 115 117 119 122 123 128 129 132 138 137 138 Hardware 116 117 115 113 104 99 94 94 91 90 93 96 99 98 Plumbers' supplies 103 100 98 98 98 96 92 88 81 78 74 r65 63 62 Stamped and enameled ware 231 231 225 225 220 r216 208 207 200 200 '203 205 209 206 Steam and hot-water heating 126 125 125 123 125 127 124 123 122 119 120 124 126 127 Stoves 115 109 105 104 108 110 101 95 90 86 85 92 83 80 Structural and ornamental metal work 107 106 107 107 107 108 112 113 116 116 117 119 121 122 Tin cans and tinware 132 132 127 138 141 147 141 122 115 110 105 101 99 96 Tools 146 147 145 146 148 152 153 153 154 154 155 153 155 151 Wirework 198 214 203 201 199 184 169 160 152 147 153 159 158 152 Machinery ; 178.1 178.4 180.2 182.3 r185.2 r189.4 r 193.1r197.0 r200.4 r202.7 r206.9 1'212.3'218.6 219.7 Agricultural implements 182 181 180 172 167 161 161 160 157 162 166 169 173 168 Cash registers, etc 170 173 175 177 178 176 178 177 174 177 186 185 181 181 Electrical machinery Engines, turbines, etc.. Foundry and machine-shop products.. 146 147 148 149 150 153 155 157 160 161 165 168 172 171 T T M R e y a a x d p c t i e h i o w l i s e n r e a i m t n e t a o d r c s o h p ls i h n o e n r o y graphs 1 1 1 8 5 * 0 7 7 8 1 1 1 * 8 5 1 3 8 0 1 1 1 7 1 6 9 0 0 1 1 1 i 0 9 5 d 9 4 9 2 1 1 0 * 0 5 6 9 9 2 1 1 2 0 5 0 9 7 2 1 1 3 * 1 5 5 0 2 2 1 1 5 0 4 0 9 7 2 1 1 4 1 2 9 0 6 2 1 1 2 0 1 3 9 5 r1 1 1 0 9 0 8 5 4 r1 1 1 0 9 0 7 9 0 1 1 9 9 0 4 6 4 1 1 9 0 9 0 4 3 Transportation Equipment 193.1, 195.4 204. 209.6 r205.8 r211.0 r216.2 "220.7 r230.9 r246.2 r268.4 r295.2 314.4 329.1 A A Ca u ir r t c s o r , m a e f o l t e b c i t l r e i s c 2 - and steam-rai ; lroad 1 * 39 12 * 8 1 * 29 127 11 * 1 9 * 6 8 * 4 81 * 79 * 83 * 89 * 96 * 103 * Locomotives. Shipbuilding Nonferrous Metals and Products 147.9 144.8 143.1 142.2 143.4 147.1 146.7 146.8 145.8 146.5 •148.0 '150.8 151.3 149.0 Aluminumi Brass, bronze, and copper Clocks and watches 121 110 114 110 108 112 110 111 113 117 116 115 109 105 Jewelry 119 110 105 106 112 114 110 109 106 104 98 96 89 80 Lighting equipment 118 119 119 114 106 102 100 97 88 87 86 93 92 83 Silverware and plated ware 87 85 84 82 83 82 78 77 66 65 65 72 67 66 Smelting and refining 105 103 100 99 100 102 102 101 102 101 100 101 100 97 Lumber and Products .. 78. 77.3 76.4 76.9 78.1 79., 77.9 75.4 73.< 73.2 H2.4 H2.7 71.2 69.4 Furniture 107 103 101 104 105 106 104 103 101 100 97 95 91 88 Lumber, millwork. 76 75 76 75 75 75 73 72 70 70 r70 r72 72 72 Lumber, sawmills.. 68 68 67 67 68 70 68 66 64 64 63 64 63 61 Stone, Clay, and Glass Products. 98. 98.7 98.9 100.9 101.6 105.0 100.1 96.9 90.9 90.8 91.0 89.9 89.5 B M P C G o r e l a i a m t c r t s b k e s e l r , n e y t , t i l g e r , a a n n it d e , te a r n r d a s c l o a t t t e a . . . . 1 1 7 7 4 2 3 4 8 2 3 0 1 1 4 7 7 2 3 3 4 9 2 0 1 1 4 7 7 3 2 5 3 9 1 1 1 1 4 8 7 2 3 5 2 6 1 3 1 1 4 8 7 2 3 5 5 7 1 2 1 1 8 8 4 3 2 8 1 8 5 5 1 1 8 4 7 2 2 7 3 8 6 1 1 1 8 4 7 1 2 3 1 5 6 4 1 1 3 7 8 2 1 9 1 0 4 5 1 1 3 1 6 2 7 7 2 5 2 7 1 1 3 6 1 7 1 7 5 9 8 9 r1 1 r3 1 6 2 7 6 8 5 5 9 1 1 6 3 7 1 1 3 6 9 8 9 1 1 6 3 8 1 1 2 6 0 8 9 Textiles and Products 117. 114. 112.9 113.3 113.2 112.0 110.0 109.4 110.9 112.3 112.2 r114.6 111.4 108.2 Fabrics 109.6 107.2 105.4 105.1 104.4 104.1 102.2 102.6 104.8 105.5 107.2 108.1 106.2 103.5 Carpets and rugs 91 91 90 90 90 85 81 75 70 67 70 71 69 70 Cotton goods 115 112 112 111 110 110 110 110 112 114 117 119 119 116 Cotton small wares 110 110 108 109 109 107 107 106 107 110 115 118 117 114 Dyeing and finishing textiles . 143 140 135 130 133 131 130 132 133 133 132 138 134 133 Hats, fur-felt 79 77 78 78 76 73 71 70 68 60 68 64 54 48 Hosiery 144 135 133 132 133 132 130 127 125 123 122 123 120 116 Knitted outerwear 83 78 77 78 81 78 79 79 82 81 r80 r80 78 71 Knitted underwear 88 88 87 87 86 90 86 86 85 87 88 92 89 87 Knitted cloth 161 158 147 147 147 149 150 151 155 155 156 153 146 144 Silk and rayon goods 67 61 60 61 60 59 59 61 63 68 69 66 61 57 Woolen and worsted goods 108 112 109 110 107 106 99 102 109 108 108 108 104 105 Wearing apparel 128.8 126.6 124. 126.9 128.2 125.1 122.8 120.0 119.7 122.7 118.5 r124.0 118.2 114.1 Clothing, men's 120 119 120 125 128 123 118 118 119 126 122 116 114 113 Clothing, women's 176 171 165 167 169 161 162 156 154 156 150 171 155 148 Corsets and allied garments .. 122 123 112 122 115 112 116 113 112 111 110 100 107 103 Men's furnishings 137 134 127 121 113 115 113 111 111 111 112 121 120 113 Millinery 79 77 75 68 68 72 78 74' 70 64 55 69 70 65 Shirts and collars 135 134 131 132 135 145 133 129 129 130 129 134 129 123 Leather and Manufactures . 97.9 98.0 99.6 104.2 103.1 98.8 96.3 97.4 100.0 100.1 95.3 91.2 90.5 Boots and shoes 94 94 96 101 100 95 92 93 95 97 98 92 87 Leather 96 98 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. i Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. 1 Seasonal adjustment factors for all months changed to a constant of 100 beginning with July 1942. NOTE.—Figures for September 1942 arc 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. 1138 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Food and Kindred Products 140.9 138.8 140.7 147.0 147.5 148.4 147.6 144.4 142.3 143.7 143.8 r149.2 150.4 152.2 Baking 152 151 152 152 152 153 152 152 151 151 153 159 162 163 Beverages 298 295 303 311 316 310 310 304 304 310 288 r293 308 313 Butter # 104 102 102 106 106 105 105 109 115 116 115 114 114 114 Canning and preserving 169 157 164 201 188 183 189 168 150 157 154 165 157 178 Confectionery 100 91 90 96 95 94 93 94 94 91 89 99 103 90 Flour 77 79 78 78 79 80 80 79 79 79 81 80 80 Ice cream 79 78 83 83 83 82 82 81 82 79 79 78 78 Slaughtering and meat packing 124 125 126 127 133 139 138 137 138 141 146 151 152 151 Sugar, beet 76 98 91 98 141 168 115 107 102 104 100 v 106 97 121 Sugar refining, cane 93 103 103 98 101 97 90 93 94 93 85 r83 79 76 Tobacco Manufactures 64.4 62.0 64.1 65.0 66.5 69.2 66.7 66.1 65.8 63.6 64.1 64.8 64.7 64.9 Tobacco and snuff 53 54 54 54 56 54 53 52 52 52 52 53 53 55 Cigars and cigarettes 66 63 65 66 68 71 69 68 68 65 66 66 66 66 Paper and Printing 125.1 124.4 124.9 124.8 125.9 125.2 123.4 122.0 121.3 119.5 118.5r117.3 116.1 114.4 Boxes, paper 143 141 138 139 140 142 139 136 133 129 126 122 119 116 Paper and pulp 128 128 128 129 129 130 130 130 130 128 126 122 120 119 Book and job printing 106 105 108 107 107 107 103 101 101 98 99 101 100 98 Newspaper and periodical printing ... 118 117 117 116 120 116 115 114 113 113 112 113 113 112 Chemicals, Petroleum, and Coal Products 146.3 145.7 147.1 148.2 149.2 151.8 154.7 155.9 157.4 159.1 r 161.7 r162.4 163.0 161.2 Petroleum refining 127 127 129 128 129 130 131 132 132 133 133 133 134 132 Other than petroleum refining 150.9 150.3 151.7 152.9 154.1 157.1 160.5 161.7 163.5 165.5 r168.7 r169.5 170.1 168.1 Chemicals. 179 180 181 184 187 190 192 195 194 195 r197 r193 193 190 Cottonseed oil, cake, and meal 101 88 95 93 93 93 94 90 97 99 r92 r105 91 91 Druggists' preparations 138 141 141 144 146 152 • 152 153 157 162 164 170 166 164 Explosives Fertilizers 124 124 115 118 116 120 139 111 97 116 138 134 135 124 Paints and varnishes 148 145 144 144 144 145 142 141 137 131 127 126 128 127 Rayon and allied products 328 324 323 320 320 313 308 309 317 318 324 311 306 308 Soap 99 96 94 94 " 95 94 92 91 91 88 86 r83 83 83 Rubber Products 113.3 111.6 110.1 110.1 109.4 99.6 '98.3 97.5 93.7 94.5 98.1 r103.4 106.4 107.4 Rubber boots and shoes 79 75 78 80 78 13 76 75 75 76 74 r79 75 77 Rubber tires and inner tubes 87 87 86 86 85 75 73 73 73 75 78 83 86 88 Rubber goods, other 200 196 189 187 189 175 173 170 156 154 162 168 176 174 r Revised. * Included in total and group indexes but not available separately. ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION* [Thousands of persons] Transpor- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining Co t n io s n tr * uc- tat p io u n b l a ic nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1941—September 35,358 13,342 976 1,963 3,360 6,968 4,242 4,507 October 35,440 13,390 971 2,041 3,356 6,989 4,251 4,442 November 35,739 13,535 969 2,054 3,369 7,043 4,266 4,503 December . . . 35,868 13,621 973 2,067 3,377 7,017 4,273 4,540 1942—January 35,887 13,725 970 2,044 3,365 6,907 4,271 4,605 February 35,933 13,794 953 1,991 3,351 6,862 4,263 4,719 March 35,895 13,832 936 1,886 3,366 6,812 4,260 4,803 April 36,040 14,058 938 1,826 3,408 6,690 4,257 4,863 May 36,200 14,146 933 1,791 3,435 6,695 4,257 4,943 June 36,440 14,361 929 1,768 3,446 6,610 4,266 5,060 July 37,169 14,758 929 1,851 3,471 6,609 4,296 5,255 August 37,525 14,911 918 1,916 3,490 6,607 4,317 5,366 September 37,583 14,981 901 1,901 3,481 6,524 4,307 5,488 UNADJUSTED 1941—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 . . 37,802 14,980 918 2,181 3,533 6,496 4,371 5,323 September 38,303 15,235 911 2,119 3,539 6,562 4,391 5,546 * Includes contract construction and Federal force account construction. 1 Seasonally adjusted estimates for back months are shown on page 1156. . * NOTE.—Unadjusted data compiled by Bureau of Labpr 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 September 1942 are preliminary. NOVEMBER 1941 1139 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 Aug. I Sept. May | June | July ] Aug. ] Sept. Aug. Sept. May June July Aug. I Sept. TotaV 133.1 135.2 137.8 "139.4 r142.4\ 145.9\ 148.2 158.1 162.6 193.5 198.2 '204.6 214.7 220.5 Durable goods1 138.7 142.1 154.0 "157.5 161.2 165.4 168.2 177.6 183.3 235.6 r244.2 r252.7 266.7 274.9 Nondurable goods1 127.7 128.7 122.4 "122.2 124.6 127.2 129.2 136.3 139.5 146.4 146.7 150.8 156.6 159.6 Iron B a l n as d t S f t u e r e n l a a c n e d s , P s r t o e d e u l c w ts orks, etc 1 14 3 9 9.9 1 14 4 9 0.5 1 1 3 5 5 2 .0 1 15 3 2 5.5 1 15 3 2 5.0 1 15 3 1 4.8 1 14 3 9 4.4 1 1 7 8 2 3 .0 1 1 7 7 0 8 .6 ' 1 ' 9 18 7 '3.9 ' 1 1 9 8 8 6.1 r ' 2 1 0 8 2 8.2 2 1 0 9 3 2.1 2 1 0 9 7 4.3 Bolts, nuts, washers, and rivets 171 171 174 176 175 176 180 257 246 292 291 291 317 317 H F P C C o l a a u u r s r t m g l d t e - i w b i n r r y e g a o r s r n e s a ' n p d s i u p p e e d p g li e e s tools 1 1 1 1 2 1 1 0 9 7 1 3 3 6 1 1 1 2 1 1 9 9 8 3 6 8 9 1 1 9 9 2 3 7 8 1 8 0 8 1 1 9 2 9 3 7 6 8 3 2 4 * ' 1 r 1 6 9 9 3 2 5 4 5 4 6 1 1 2 3 6 9 9 5 5 3 4 7 1 1 9 9 6 2 3 2 7 2 3 8 1 1 1 1 1 1 4 4 7 0 2 6 8 0 7 1 1 1 1 1 1 4 7 5 0 6 9 6 0 6 r1 1 1 2 7 9 3 3 3 5 1 3 9 7 " 2 1 1 r 1 9 4 4 3 7 1 2 5 6 4 2 1 1 1 r 4 5 7 3 79 1 1 0 2 2 1 1 1 8 4 3 5 7 2 8 5 9 8 2 1 1 1 8 4 2 7 5 0 9 7 6 5 Stamped and enameled ware 225 228 204 '203 '199 203 203 286 291 "308 "314 "306 322 315 Steam and hot-water heating 125 127 120 120 120 125 129 148 155 174 172 173 185 197 Stoves 117 116 89 87 89 85 86 127 128 105 107 113 108 111 Structural and ornamental metal work 110 110 116 118 121 125 126 125 124 149 155 159 175 177 Tin cans and tinware 145 145 108 108 107 108 106 185 188 141 144 147 153 153 Tools :.. 143 144 154 155 152 152 149 190 197 241 245 234 237 232 Wirework 190 208 152 155 156 151 148 248 272 241 249 251 247 241 Machinery 177.0 179.3\'204.4 "207.9 "211.8 217.1 220.8 '244.5 249.6 "335.5 r346.0 "351.1 367.1 375.1 Agricultural implements 172 171 167 167 165 163 159 228 231 259 263 255 260 246 Cash registers, etc 170 173 179 186 185 181 181 223 230 293 294 295 289 308 Electrical machinery Engines, turbines, etc M Fo a u c n h d in ry e t a o nd o l m s— achine-shop products. 146 14 * 7 163 165 16 . 7 • 171 * 171 186 18 * 8 243 250 250 261 * 260 T R T e y a x d p t i e i o w l s e r a i m t n e a d r c s h p i h n o e n r o y graphs 2 1 1 0 0 5 2 8 6 2 1 1 1 0 5 3 9 8 1 1 1 9 1 0 6 6 9 ' 1 1 1 9 0 0 1 3 8 1 1 9 9 0 9 7 7 2 1 1 9 0 1 3 4 2 1 9 2 0 0 3 3 2 2 1 3 2 3 4 2 6 2 2 1 3 4 5 3 1 4 r1 2 1 5 8 6 9 3 3 " 2 1 1 6 8 5 1 4 9 2 1 1 9 4 5 3 9 8 3 1 1 1 5 4 3 7 7 3 1 1 4 6 3 0 0 8 Transportation Equipment 172.0 191.1 r255.3 r292.2 311.2 326.4 224.4 252.9\'408.6 r435.1 r475.3 519.1 555.3 A A C i a u r r t c s o r , m a e f o t le b c il t e r s ic - and steam-rai ^ lroad.. 11 * 1 124 88 * 96 • 99 * 10 * 3 13 * 9 159 136 * 142 * 148 * 16 * 2 Locomotives Shipbuilding Nonferrous Metals and Products 145.5 146.4 145.9 146.1 146.6 149.0 150.0 182.6 185.6 213.6 218.3 '223.1 232.0 236.3 Aluminum1 355 Brass, bronze, and copper 271 C Je l w oc e k l s ry and watches 1 1 1 1 8 8 1 1 1 2 1 0 r11 9 4 6 1 r9 1 l 2 1 r9 0 0 9 1 8 0 9 6 10 8 6 7 1 11 5 3 6 1 1 2 4 1 9 1 1 7 0 6 8 1 1 7 0 8 3 1 9 8 9 0 1 1 7 0 1 3 1 10 7 5 3 Lighting equipment 112 119 87 85 88 87 83 119 138 102 103 111 111 101 Silverware and plated ware 85 86 66 65 64 66 67 94 104 81 82 81 89 85 Smelting and refining 104 103 101 100 100 99 97 118 118 130 134 136 135 133 Lumber and Products... 81.0 80.4 73.3 r73.4 r73.4 73.6 72.1 92.3 90.8\ 90.3 r93.6 r92.7 97.0 93.7 F L L u u u r m m n b b it e e u r r , , r e s m a i w ll m w i o ll r s k . . . . . 1 7 0 7 8 8 1 1 7 0 7 6 8 0 9 6 7 6 5 0 r7 9 6 1 5 5 r7 9 6 3 3 6 6 9 7 6 2 4 9 6 7 2 4 4 1 7 1 5 6 1 7 1 7 3 8 8 11 7 7 5 1 9 1 8 1 7 5 2 5 1 r8 1 7 3 0 7 1 8 8 1 7 3 3 1 8 8 1 0 3 1 Stone, Clay, and Glass Products .. 101.3 101.8 94.3 r94.1 r92.1 92.5 92.3 104.2 105.4 105.6 '104.7 '101.0 105.5 103.6 B G M P C o r e l a i a t m c r s t b k e s e , l r n e y t t , il g e r , a a n n i d te , t e a r n r d a s c l o at t e ta... 1 1 8 4 7 1 3 4 5 9 9 0 1 1 8 4 7 2 3 4 6 9 1 0 1 1 7 8 3 2 1 1 2 4 4 9 1 1 r3 8 1 7 2 9 4 7 0 1 r1 1 1 6 8 3 1 6 9 5 8 6 1 1 6 8 3 1 1 8 5 8 5 8 1 1 6 8 3 1 1 6 5 8 9 7 1 1 9 3 7 5 2 4 6 7 5 4 1 1 9 3 7 6 2 4 7 6 1 5 1 1 9 2 3 6 7 5 8 5 7 2 1 1 1 3 0 5 3 7 3 1 6 3 3 1 1 1 3 7 2 4 0 3 2 7 6 1 1 1 1 0 7 3 5 3 5 3 3 7 4 1 1 1 7 3 0 5 3 1 3 5 2 3 Te F W xt a i W H H C C e C D K K K l S M M b C C C S e a i r a o o o s a h y n o l l n n l o r e i i o o k r t t t s i e l r i i i i c o n p t t s r l t t n i s t t t i s a o o i l , h t h e ' t t t n e e g s s a n n e n n e e e r i i g t t f n d n y e d d n d n s s f a u a d r g g s u g a n r p y a a a P m u o c , , o r - d n n n p n r n f l r n u o d w m a a d d o e d a o i d t d c l y s l r d t e o l e t s e h o h e w r o u r f a m n r l l u i i w n w c l w l o n n ' l g t s e a i a s i r e g s e g s r n e s r a s s h a o d ' e t r s i r e s o n d g d g s a g r t o m e o x e d t n i s l t . e s . s . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2 0 1 0 2 4 7 1 6 3 2 0 9 8 8 1 8 8 6 6 4 9 8 9 6 3 2 6 0 1 6 9 1 0 2 1 6 8 5 . . . 9 6 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 3 8 1 6 7 8 0 0 3 3 3 1 6 1 2 3 7 2 1 5 8 6 6 5 3 9 3 8 6 1 1 6 0 1 1 3 8 4 . . . 3 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 3 5 8 0 1 1 3 8 6 1 6 1 2 2 0 5 2 1 7 6 1 4 8 1 4 2 3 9 4 0 1 3 2 2 6 5 2 . . . 7 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r 0 7 0 1 1 1 2 0 7 8 5 2 1 6 5 4 2 6 1 0 8 4 8 5 2 1 9 8 0 9 1 8 0 8 5 4 3 2 0 6 . . . 8 4 8 r r r 1 1 1 1 r 1 1 1 1 1 1 1 1 1 7 0 5 1 1 0 6 6 9 1 1 2 1 5 4 7 8 2 1 0 0 4 3 5 8 3 3 7 5 2 3 8 1 1 1 7 8 8 8 6 . . . 1 2 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 0 5 8 6 0 1 1 2 7 2 4 7 1 0 1 5 1 1 0 9 9 6 7 2 3 4 3 7 6 6 9 5 8 2 5 0 8 8 5 . . . 6 4 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 7 4 0 8 5 2 1 1 2 7 7 1 4 0 1 1 0 5 1 2 8 0 9 6 9 9 4 2 5 7 8 5 3 7 3 7 4 4 0 . . . 5 8 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 1 6 2 2 3 7 5 5 4 7 1 5 3 2 4 1 9 3 1 1 4 4 6 3 3 7 4 7 9 4 1 1 5 9 4 4 . . . 3 4 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 9 8 8 9 6 8 1 5 3 2 3 5 5 2 4 6 2 5 1 3 7 1 0 6 8 2 1 0 4 8 6 7 1 9 6 2 6 7 4 . . . 4 0 3 1 1 1 1 1 1 r 1 1 1 1 1 1 1 1 1 7 2 5 2 5 8 5 4 4 7 3 1 4 7 4 5 4 2 5 1 6 8 3 8 9 6 8 8 9 1 2 0 1 1 5 1 0 9 2 8 . . . 3 7 6 ' r r 1 1 1 1 1 1 1 r 1 1 1 1 1 1 1 1 8 6 8 3 0 1 5 7 2 4 4 2 6 1 4 6 1 4 3 5 0 7 2 7 1 3 1 3 3 4 9 8 3 2 3 6 0 0 4 2 . . . 1 0 1 1 r 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 8 6 2 8 7 4 4 2 4 1 6 4 5 0 5 3 2 2 6 5 1 3 4 1 0 1 9 5 4 0 6 6 1 8 1 9 0 4 7 . . . 7 3 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 3 6 8 4 1 1 6 3 7 7 5 1 5 3 4 5 7 4 4 2 1 0 1 2 1 8 5 0 0 3 8 4 7 5 8 3 4 4 3 . . . 1 7 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 8 4 7 6 4 0 2 5 7 6 6 3 3 3 3 3 7 1 1 6 8 6 5 0 1 7 5 8 1 9 9 4 7 5 2 8 6 1 4 . . . 9 1 7 r Revised. * Included in total and group indexes but not available for publication separately. i Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. II4O 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. heather and Manufactures 101.1 98.9 98.7 97.1 96.2 94.1 91.4 104.7 101.6 112.6 109.7 110.2 107.4 110.5 Boots and shoes 98 95 96 94 94 92 88 101 95 107 103 103 102 106 Leather 95 97 94 93 91 88 89 109 114 123 122 124 117 117 Food and Kindred Products 159.3 163.2 135.7 r 141.9 r156 . 7 167.4 179.3 165.5 170.5 160.3 170.1 186.5 196.7 209.3 Baking 153 154 151 154 160 163 165 155 157 166 175 182 187 190 Beveranes 328 315 317 313 r328 339 335 430 402 445 424 468 489 471 Butter 111 106 118 125 124 122 119 105 100 119 129 131 132 128 Canning and preserving 304 326 107 135 216 282 368 325 363 121 158 274 350 489 Confectionery 91 102 83 79 85 93 100 101 115 97 99 103 116 126 Flour 78 81 77 79 81 81 82 81 93 88 92 98 104 109 Ice cream 95 84 87 94 96 93 86 84 77 82 91 r96 92 87 Slaughtering and meat packing....... 122 124 138 146 151 150 149 143 146 170 184 188 186 186 Sugar, beet 64 91 50 52 62 81 112 68 95 67 71 79 101 133 Sugar refining, cane 95 104 93 87 r86 81 77 100 103 90 89 r88 85 94 Tobacco Manufactures 65.8 63.9 62.7 63.8 64.5 66.3 66.9 70.0 70.4 73.3 77.5 r78.3 84.1 83.7 Tobacco and snuff 52 54 51 51 52 52 54 68 69 71 76 r75 78 80 Cigars and cigarettes 68 65 64 65 66 68 69 70. 70 73 78 79 85 84 Paper and Printing 123.9 124.9 119.1 117.2 115.6 115.0 114.7 130.9 133.3 131.9 130.5 r128.3 129.9 130.3 Boxes paper 142 145 127 123 119 118 119 182 188 169 164 159 163 165 Paper and pulp. 128 128 128 126 122 120 119 163 163 171 169 162 165 164 Book and job printing. 106 105 98 97 99 99 98 99 99 95 93 96 96 95 Newspaper and periodical printing.... 115 117 113 112 110 111 112 110 114 114 114 112 113 115 Chemicals, Petroleum, and Coal Products... 143.1 147.6 r157.8 r157.6 r158.4 159.9 163.4 181.5 188.5 r226.8 r228.8 r233.4 237.4 246.0 Petroleum refining 128 129 132 134 134 135 134 159 166 179 182 187 190 199 Other than petroleum refining 146.7 152.3 r164.0 r163.4 r164.4 166.0 170.6 188.4 195.4 r241.4 r243.3 r247.8. 252.2 260.6 Chemicals 180 182 194 r197 196 194 193 247 251 303 308 r314 309 307 Cottonseed oil, cake, and meal 71 114 68 57 61 64 118 65 114 70 r62 r68 72 147 Druggists' preparations 136 143 157 158 161 163 167 165 176 206 203 r206 212 224 Explosives Fertilizers 90 110 126 102 94 98 110 91 112 148 122 118 121 137 Paints and varnishes 145 144 136 132 126 126 126 172 170 176 170 162 163 164 Rayon and allied products 329 327 312 315 309 307 311 368 374 393 398 393 400 403 Soap 97 98 87 85 r82 82 85 135 140 130 129 122 126 134 Rubber Products ' 111.8 111.5 94.6 97.2 r 101.9 105.1 107.4 138.8 134.8 132.4 r137.6 r 147.0 154.0 157 6 Rubber boots and shoes 79 77 73 71 r76 75 79 102 104 102 99 103 112 120 Rubber tires and inner tubes 87 87 75 78 83 86 88 116 107 113 119 131 135 141 Rubber goods, other 193 193 156 161 164 170 171 228 232 r211 r219 r223 237 232 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for September 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 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Total 40.3 41.0 42.4 42.6 42.6 42.4 42.8 74.4 74.5 81.9 83.1 84.0 85.0 86.4 Durable goods 41.5 42.6 44.7 45.0 45.1 44.7 45.2 82.6 83.0 91.0 92.3 93.3 94.6 96.6 Iron and Steel and Products 39.9 41.4 42.2 42.6 42.6 42.0 42.8 86.2 87.1 92.6 93.3 93.7 94.3 96.7 M Tr a a c n h s i p n o e r r t y ation Equipment 4 4 4 1 . . 6 2 r4 4 1 5 . . 8 1 4 4 7 7. . 5 0 4 4 7 6 . . 8 9 4 4 8 6. . 7 1 r4 4 6 7 . . 4 5 4 46 7 . . 5 8 8 98 3 . . 8 6 9 8 8 4 . . 8 4 1 9 0 3 5 . . 0 7 1 9 0 4 6 . . 2 9 1 r9 0 5 7 . . 5 1 1 r9 0 6 9 . . 1 1 1 9 1 7 1 . . 6 4 Nonferrous Metals and Products 42.0 43.0 44.2 44.2 44.6 44.5 45.0 80.3 80.8 89.6 90.8 92.0 93.5 95.4 Lumber and Products 39.9 41.8 40.4 41.2 41.4 41.2 41.6 57.7 58.8 63.2 64.4 65.9 66.0 67.7 Stone, Clay, and Glass Products 37.4 38.5 38.8 39.0 38.6 37.7 38.7 72.0 72.1 76.7 77.1 78.0 r78.7 79.8 Nondurable goods 39.0 39.4 39.7 39.7 39.6 39.6 39.9 65.7 65.8 71.4 72.2 72.7 73.2 73.S Textiles and Products 37.4 38.1 39.1 39.0 38.6 38.2 38.8 55.0 55.4 59.9 60.4 60.3 r61.1 62.7 Fabrics 38.5 38.9 40.1 40.3 40.2 39.8 40.3 53.4 53.3 58.3 59.2 59.5 r60.4 61.9 Wearing apparel 35.4 36.4 37.0 36.4 35.1 34.7 35.9 58.2 59.6 63.2 62.7 61.6 62.8 64.2 Leather and Manufactures 38.7 39.2 39.3 38.6 38.1 38.1 38.2 60.9 61.5 67.8 68.2 68.5 68.7 68.7 Food and Kindred Products 40.9 41.0 40.4 40.9 41.5 41.9 41.5 66.2 65.8 73.2 74.1 74.3 73.5 73.2 Tobacco Manufactures 37.3 37.2 37.6 37.7 38.5 38.5 39.4 52.3 52.0 55.4 56.5 57.5 57.5 58.7 Paper and Printing 39.6 40.1 39.6 39.5 39.0 38.8 39.4 82.5 82.4 86.8 87.6 88.6 89.3 89.6 Chemicals, Petroleum, and Coal Products 40.0 40.0 40.9 41.0 41.0 41.0 41.2 83.8 83.7 90.0 91.7 93.0 r94.1 94.4 Petroleum refining 37.4 38.0 38.2 38.5 38.4 39.0 38.7 103.0 102.5 110.3 109.8 110.2 110.9 112.4 Other than petroleum refining... 40.8 40.6 41.6 41.8 41.7 41.6 41.9 77.7 78.0 84.4 86.7 88.1 89.4 89.3 Rubber Products 39.2 39.4 40.0 41.4 41.5 41.4 42.2 84.5 86.1 90.2 91.6 92.6 93.3 93.6 p Revised. NOVEMBER 1941 1141 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] Month Total R b es u i i d ld e i n n t g ial Factories Com N m on e r r e c s ia id l ential E b d u u i c l a d t i i n o g nal* Other! P a u u n b d t l i i h c p t u w ie b o s l r i ic ks 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 JTune 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 years before 1938 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 Tanuarv 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 281 313 312 415 760 721 104 171 158 195 520 633 178 142 154 220 240 88 September 207 301 323 348 623 723 80 160 144 144 403 661 127 141 179 204 220 62 October 202 358 262 383 606 78 203 92 175 371 124 154 170 209 235 November 198 302 300 380 459 93- 179 144 195 298 106 123 156 186 161 December 209 389 354 456 432 115 279 225 258 288 94 110 129 198 144 Year 2,913 3,197 3,551 4,004 6,007 1,152 1,705 1,708 1,802 3,492 1,761 1,492 1,842 2,202 2,515 l Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities5 Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district Sept. August Sept. Sept. August Sept. September August September N B Ph o e i w s l t a o d Y n e o lp rk hia 3 8 4 9 4 5 , , , 3 3 4 7 3 6 9 2 3 2 2 1 1 6 6 , , , 8 1 4 8 1 0 8 8 0 3 5 3 7 7 1 , , , 8 9 2 6 3 8 2 2 4 N B P C h o l e e i w s l v t a o e d n l Y a e n l o p d r h k ia 2 5 3 3 1 3 4 2 4 2 3 5 2 8 0 0 8 0 2 4 4 6 5 1 5 5 4 1,9 3 2 3 3 7 7 4 8 7 3 7 2,6 5 2 2 1 9 5 9 6 4 4 2 3,4 4 3 7 0 9 2 8 0 6 3 2 A C R l i t e c la v h n e m l t a a o n n d d 4 7 7 9 5 8 , , , 7 0 9 4 0 4 5 3 6 5 6 7 9 1 2 , , , 1 8 9 5 9 0 7 2 4 1 4 1 7 6 5 7 , , , 8 9 7 6 9 3 5 5 8 A R C St i h t . c l i a h c L n a m o g ta u o o i n s d 8 1 1 1 3 7 9 5 1 2 2 2 0 1 5 8 7 3 9 2 2 0 0 7 5 6 3 1 1 6 1 5 0 5 5 3 3 1,1 2 2 1 8 1 8 5 9 9 2 4 6 3 9 2 6 3 3 8 7 2 1 4 M C St h i . n ic L n a o e g a u o p is olis 1 4 6 1 9 5 0 , , , 7 9 1 2 8 5 1 7 5 2 6 1 1 3 0 7 , , , 9 3 2 1 4 4 9 0 0 9 6 1 9 1 0 , , , 1 4 0 0 6 3 7 2 0 D M K Sa a a i n n l n l n s a F a e s r s a a p n C o c i l i t i s y s co 5 2 1 4 9 5 2 7 1 1 6 6 5 2 9 3 1 1 3 5 9 1 4 5 2 8 6 4 1 0 2 7 3 2 7 1 6 8 0 2 9 4 4 4 1,0 2 7 1 7 7 0 2 6 7 4 1 K D a a n ll s a a s s City 1 2 0 2 1 , , 9 5 3 5 1 4 1 6 0 5 5 , , 4 7 5 2 0 0 4 3 6 8 , , 2 7 6 5 1 6 Total 556 698 735 5,473 6,781 9,393 Total (11 districts).. 723,216 721,028 623,292 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. 1142. 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 .. 262 219 347 303 478 163 158 200 234 r254 99 61 147 69 225 March 275 268 351 357 173 190 217 268 272 102 77 134 89 r339 April . .. 274' 231 323 387 r695 160 186 212 287 234 115 45 111 100 461 May 257 249 324 385 2*525 148 202 211 297 2*191 109 47 112 88 2*335 June 233 236 350 330 2*619 146 179 211 280 2*220 87 57 138 50 2*399 July 228 230 317 365 141 169 232 278 2*214 87 61 84 87 2*414 August 231 250 351 460 2*702 166 176 221 r282 2*184 65 74 130 178 2*518 September 246 289 295 425 2*718 168 182 195 262 2*190 79 107 101 162 2*529 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.-Sept 2,295 2,185 3,027 3,336 2*5,457 1,436 1,621 1,942 2,417 **2,012 861 564 1,086 920 p3,445 2* 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. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u r e c o s t d t s - Ore l e a o e n u l s e - - c I d . h C is a . e I n . o r r p e T a v e i o e r l a w n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es op i r e a n N r i c e a l o t w t m a i e n y g in N c e o t me SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941—July 471 370 100 57 1941—August 139 158 198 103 84 152 155 141 99 August 485 377 r109 65 September 130 133 176 111 84 r140 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 88 June 141 160 199 113 103 159 183 144 60 June. 627 500 128 84 July 142 155 205 95 90 172 180 149 57 July 643 519 124 79 August 143 154 208 106 106 165 176 152 57 August 669 539 130 September.... 136 135 188 126 102 154 174 146 55 UNADJUSTED UNADJUSTED 1941—July 485 379 106 64 1941—August 140 139 167 125 80 160 271 141 99 August 494 382 • 111 66 September 145 140 172 122 111 r151 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—January 481 412 69 26 1942—January 129 136 184 125 95 140 46 134 93 February 462 396 66 24 February 129 132 184 110 76 153 47 135 96 March 540 448 92 47 March 129 125 175 102 77 149 73 139 92 April 573 470 102 58 April 136 135 176 100 90 159 218 142 81 May 601 491 110 64 May 138 139 181 99 89 161 303 144 62 June 624 505 119 78 June 139 135 179 111 81 165 318 145 60 July...... 665 532 133 90 July 142 132 177 138 76 173 325 148 57 August 684 549 135 2*105 August 144 136 175 129 100 173 308 152 57 September.... 152 142 184 139 135 167 304 162 57 r Revised. r Revised. 2* Preliminary. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for * Derived from Interstate Commerce Commission data. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtained tion of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics. with weights derived from revenue data of the Interstate Commerce Commission. NOVEMBER 1941 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Index numbers based on value figures; 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted 1939 1940 1941 1942 1939 1940 1941 1942 1939 1940 1941 1942 Apr. 8 ......118 Apr. 6 112 Apr. 5 ..131 Apr. 4 .160 15 ...... 92 13 97 12 136 11"" 12C M J F a e n a b u r r c u a h r a y . S r . y A . LES 8 8 88 8 8 9 9 89 2 0 1 1 10 0 0 3 3 1 1 1 1 2 3 2 4 8 6 6 6 82 9 9 8 7 7 6 1 1 8 9 7 3 2 9 1 1 9 1 0 9 8 8 May 2 2 9 2 6 . . . . . . . . . . . . . . . . 1 9 0 9 3 4 8 May 2 2 4 0 7 . . . . . . . . . . . .. . 1 9 0 9 9 8 8 May 2 1 6 3 9 . . . . . . . . . . . . 1 1 1 2 1 1 4 7 4 May 2 1 2 5 8 . . . . . . ' . . . . : : : . i 1 1 3 2 3 4 9 5 N D M J J O A A S u u e e o c p u a n l p c t v r g y y o e t e i e e l . u b . . m m . . m . e s b r t b b . e e . e r . r r . 9 9 9 9 8 8 8 8 8 2 5 0 3 7 6 7 8 8 1 1 9 9 0 0 8 9 9 9 8 7 4 9 1 2 8 1 0 9 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 3 0 0 4 5 4 5 6 4 1 5 6 1 1 1 1 1 1 2 3 0 1 0 2 3 0 4 7 8 1 1 1 9 9 6 6 0 8 8 8 6 9 0 7 3 8 6 8 7 9 1 1 1 1 7 1 8 6 0 8 8 0 7 6 9 9 4 5 7 1 7 4 1 1 1 1 1 1 1 1 1 9 0 2 0 0 0 7 3 6 5 0 6 9 2 7 5 3 1 1 1 1 1 0 8 0 3 1 0 3 3 8 3 5 0 J J u u l n y e 1 2 2 1 2 1 1 8 1 7 5 0 3 4 3 7 0 . ... . . . . . . . 1 1 8 7 0 9 9 9 8 6 9 0 5 3 6 9 8 4 2 7 5 4 J J u u l n y e 1 2 1 1 2 2 1 6 5 8 3 2 8 1 1 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 1 7 0 9 9 9 9 6 2 4 9 8 7 2 9 7 7 0 0 J J u u l n y e 1 3 2 1 1 2 2 1 5 4 7 1 1 7 2 4 0 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 0 9 2 0 2 2 8 0 1 1 9 3 0 9 8 6 7 7 0 7 J Ju u l n y e i 3 2 1 2 2 1 4 6 i 9 0 3 6 0 3 7 . . . : . . . : . . : . . . . . . . . . : : 1 1 1 1 . i 1 1 3 1 0 3 i o 8 1 9 1 5 6 n 0 6 2 4 7 5 5 Year 90 94 110 22 .. 67 20.... .. 72 19... .. 89 18... .. 93 29 66 27.... . 69 26 ..... 87 25 92 Aug. 5.... .. 77 Aug. 3.... .. 81 Aug. 2.... ..102 Aug. 1 .... 96 D N O J S A M J F M J A u u e a e o e c u p a a l p n n c t b v y y g r r o t e e u i r e c u e l b m u m h a m s e a t r b S r b b r y T e y e O e . r r C r .. K . S 6 6 6 7 6 6 6 6 6 6 6 6 8 7 8 1 7 9 7 6 7 8 7 8 6 7 7 6 6 6 7 7 6 6 7 7 9 2 1 8 7 8 9 0 1 0 8 1 9 8 9 9 9 8 7 7 7 7 7 7 2 7 7 5 2 2 4 3 7 1 4 4 *1 1 1 1 1 1 1 1 2 3 2 1 4 3 9 0 0 3 7 5 6 8 0 4 3 2 6 8 6 6 6 7 6 6 6 7 6 6 5 2 4 9 9 8 0 7 4 1 0 5 6 8 6 6 6 7 7 6 6 7 7 7 6 3 6 4 1 3 9 1 8 0 1 1 1 1 8 8 9 1 7 7 0 6 7 7 7 7 6 4 5 0 6 3 8 5 6 4 3 0 ^1 1 1 1 1 1 1 2 9 8 2 2 3 2 2 1 7 8 3 2 9 0 6 1 8 N O Se o c p t v . t . . 2 1 1 2 3 2 1 2 1 6 4 9 7 2 9 2 1 8 0 3 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 9 7 2 7 2 0 1 1 2 1 0 8 4 3 3 7 6 2 8 0 2 8 6 3 2 N O Se o c p t v . t . 3 2 1 1 2 2 1 1 2 1 4 7 1 5 2 0 7 6 9 8 2 4 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 2 2 1 7 1 2 1 0 2 2 8 9 7 1 0 8 7 5 5 9 9 3 3 1 2 N O Se o c p t v . t . . 2 3 1 2 2 1 1 1 2 9 3 6 4 0 6 1 5 7 0 8 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 . . 1 1 1 1 1 1 1 1 1 3 5 1 1 3 2 3 3 4 2 6 1 3 1 2 6 3 0 2 8 0 8 3 9 1 9 O Se ct p . t. 2 2 1 3 2 2 1 1 1 1 3 5 8 2 5 9 1 4 7 0 6 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r , 1 1 1 1 1 1 . . 1 1 1 1 1 1 5 5 2 5 7 1 5 3 3 5 1 1 3 2 9 9 3 0 5 2 7 3 6 3 Year 68 69 83 11.... ..116 9... .122 8... .139 Nov. 7... 18... ..115 16... .130 15... ..148 14... p Preliminary. Dec. 2 2 5 . . . . . . . . . . . . 1 1 0 3 7 9 3 2 0 3 . . . . . . . .. 1 1 1 4 6 7 2 2 9 2 . . . . . . . . . . 1 1 2 6 8 9 2 2 8 1 . . . . . . 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. r Revised. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] S 1 e 9 p 42 t. A 19 u 4 g 2 . N m 19 i o 4 n s 2 e . S 1 e 9 p 42 t. A 19 u 4 g 2 . N m 19 i o 4 n s 2 e . S 1 e 9 p 42 t. A 19 u 4 g 2 . N m 19 i o n 4 s e 2 = S 1 e 9 p 42 t. A 19 u 4 g 2 . m N 1 o 9 in 4 s. e 2 United States.. +6 -3 +10 Bo N P B st o o e o w r s n t t l o a H n n a d ven + + + 2 5 2 2 0 + — - - 1 9 8 1 0 0 + + + + 1 2 1 9 0 3 0 Cl E Y P ev i r o t e i t u e l s a n . b n g u d s r t g o (c w h o n nt'd) +16 — + 1 2 2 +7 Ch F D I i n o c e d a r s t i g a M o W n o a ( a i c p y n o o n e n l e s i t' s d . ) .. + + + 1 1 2 0 2 6 + + + 1 2 6 4 1 Da F D S ll o h a a r r s l t e l a v W s ep o o r r th t + + + + 1 1 1 1 9 9 4 - - + 1 1 3 ' 7 + + + + 1 9 1 2 8 Ne B N A B B E P S w r p l u r i e l o m n i b r f w d Y i f v g a n i a o g a i n r h l g d r a r e o y a k f k e p i m n e o l c t r d o e t n , + + + - + + + — - 1 1 1 2 5 6 3 8 4 2 3 1 3 - - — - - — 1 - 1 1 5 3 2 0 1 3 6 h 7 + + + + + + + + - 1 1 1 1 2 9 5 6 5 2 2 2 3 1 Ric N R W W B W L C h y i a o h m h c a i n l r a n h s e o t f c r i s h o e n m m l h t l i d l e o i n b k o o n s n g u n t g r - o t r e d S o g n n a , le S m . . C .. + + + + + - + + - 1 1 4 3 1 3 1 4 1 7 2 9 6 5 3 + - + + + - 2 4 6 2 9 4 9 6 9 + + + + + + + + — 3 1 3 1 2 1 7 6 4 0 9 2 1 8 1 5 " // M F L . D F L G S , o i L l a i e r i o i t n r a l o n t t u w t r l n s u t x e o i d a i S n s i u C t m g R R k i o i e t a t y e c h p k id .. s . . . . + + + + + + + + 3 2 1 1 8 4 6 3 0 2 1 0 + + - r + + — 1 _ 2 2 1 9 2 1 2 0 1 8 + + + + + + + + 3 2 1 1 1 2 4 5 3 4 0 2 4 S>ia L L T B F H P S « r o o h u a a o e s F n k n o c u s g e s r e s n A a A o r n t o s B n n o i n n f x c n e i g t i e s a o e l c c n d l o h e io s...... + + + + + + + + - 1 3 3 2 2 2 1 1 6 6 8 5 5 1 5 8 + + + - + 1 + _ 1 2 2 2 1 / 5 3 8 4 c + + + + + + + + + 3 2 2 1 1 1 2 6 4 2 7 1 7 0 7 N N P R S o y o e ia w u r c a g g h c a h e Y u r s k a s o t e e e r e F k r p a s C l i l i e s t . . y . .. + + + - + 3 8 1 7 4 8 + — - - 7 7 1 6 + I + + 3 8 6 t 4 Atl H M B C a h i n u o r a t n m n a r t t l i i g e n n o s g g t m o h to n a e n m , r W y .Va + + + + - 1 1 6 5 2 9 3 X +7 I + + + — + 1 1 2 9 7 9 6 M Q E L S S p t o v u e . r u a i m i L n n n is c p o g s v y v h f u i i . i i l i e l s l s l l e d e + + + + - - 4 2 6 4 8 4 0 1 + + — - + - 1 1 1 9 2 5 2 3 2 0 + + - + + 1 1 1 1 0 4 0 4 7 0 O S S S S a a a a a B n n n c k r e l D J a F r a o k m n r i s e e a d e e g l n n e a o c y t n i o s d co... ; . + + + + + 1 3 2 1 3 9 6 5 5 0 + + + + - 1 1 3 4 2 5 + + + + + 3 1 1 1 2 0 3 3 8 8 Ph T L il r a a e d n n e c l t a p o s h n t i e a r + + + 1 5 2 4 + — — 2 6 2 4 + 8 1 8 1 M T Ja a c ia m k m s p o i a n . v .. i . lle + + 2 2 2 8 + + - 1 8 2 8 + + — 1 1 3 4 6 Minneapolis +5 +8 +6 V S S t a a o n ll c t e a k j t o o R n a o n sa d Napa + + + 7 2 3 8 1 9 + + + 1 1 3 6 2 9 + + + 3 5 1 2 0 8 W P R Y h e o i i a l r l k k d a e i d n s e g - l B p a h r i r a e . . . . . . . + + + + 1 1 6 6 4 5 ' ' + r - + + 1 1 4 2 3 7 + + + + 1 1 1 1 4 4 8 0 A M B N Ja a e t c a l w t c k a o o s n n O o n t a n R rl o e u an g s e + + + 1 1 9 1 0 + + — — 2 4 2 2 7 + + + + + 1 1 2 3 6 0 4 3 Ka D H T W n o e u s i p n a c tc e s v h h k i e t C i a r a n i s ty on + + + + + 1 1 3 1 4 6 5 0 7 + + + - 2 4 2 5 3 + + + + - 2 1 1 U 3 8 1 P B B S o a o e N l r l i t l s t a i e l m n L a a g n a p n h d k a d a e m City.. + + + 3 2 8 0 6 * + + + + 2 2 1 9 2 4 + + + 1 2 2 4 6 8 Cleveland +3 +9 Chattanooga +17 +5 +16 +9 +13 Everett +7 -5 +7 Akron +21 +3 +18 Knoxville +4 +10 Kansas City... +19 +5 +14 Seattle +21 +17 +30 Cincinnati +1 -6 +8 Nashville +16 +8 St. Joseph +9 +1 Spokane +28 +11 +13 ClevelanS +1 -11 +11 0 Omaha +13 +3 +12 Tacoma +21 +11 +19 T C o o l l e u d m o bus +10 + + 2 2 + +1 1 1 3 Ch C ic h a ic g a o go + -5 3 + +4 8 T O u k l l s a a homa City + + 1 1 6 6 + + 1 6 5 + + 2 7 1 W Ya a k ll i a m W a alla + + 1 6 9 + - 1 3 2 + + 1 1 7 +12 Peoria -5 -11 +1 r Revised. * Not available. 1144 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 ot month (value) Ratio of stocks to Number Per a c g e e nt- Percent- sales Department of stores change Percentage change age Percentage change reporting August July to August change July 31 toAugust 31 1942 August 31, August itom 1942 from Au 19 g 4 u 1 st 1942 1941 Aug 19 u 4 st 1 3 1 < , 1942 1941 1942 1941 GRAND TOTAL—entire store 357 -2 +24 +35 +52 +3 +13 4.6 3.0 MAIN STORE—total 357 -4 +25 +38 +52 +2 +12 4.8 3.0 Women's apparel and accessories 353 -2 +39 +63 +45 +7 +21 3.3 2.2 Women's and misses' coats and suits 330 -8 +196 +309 +71 +11 +41 2.7 1.4 Women's and misses' dresses 334 +5 +6 +18 0 +41 +55 1.4 1.5 Blouses, skirts, sportswear, sweaters, knit apparel 314 +14 +17 +11 +61 +5 +22 2.6 1.8 Juniors' and girls' wear 290 +12 +94 +119 +43 +16 +39 2.2 1.8 Infants' wear 304 +37 +40 +39 +51 +6 +25 3.8 3.4 Aprons, housedresses, uniforms 283 +11 -26 -24 +27 +2 +9 2.1 1.9 Women's underwear, slips, negligees 316 -2 0 +16 +63 +3 +18 4.8 2.9 Corsets, brassieres 332 +7 +5 +10 +66 0 +12 5.3 3.4 Hosiery (women's and children's) 337 -30 +15 +93 +134 -5 +11 3.7 1.1 Gloves (women's and children's) 321 -3 +53 +69 +33 +17 +24 15.0 11.0 Shoes (women's and children's) 242 +18 +22 +31 +23 +11 +21 5.4 5.2 Furs 259 -34 +281 +240 +1 -4 -2 2.6 1.7 Men's and boys' wear 320 -1 +3 . +6 +50 +7 +19 -8.3 5.5 Men's clothing 226 -13 -8 0 +39 +7 +23 9.3 5.8 Men's furnishings, hats, caps 304 +1 -6 -6 +64 +5 +13 S.3 5.1 Boys' clothing and furnishings 273 +15 +66 +74 +49 +12 +28 7.0 5.4 Men's and boys' shoes and slippers 160 +5 +4 +9 +31 +6 +13 8.9 7.1 Home furnishings 321 -15 +28 +41 +59 -2 +2 5.9 3.2 Furniture, beds, mattresses, springs 227 —19 +55 +78 +62 -7 -10 3.8 1.9 Domestic floor coverings 240 -16 +38 +52 +72 -2 +1 8.1 3.9 Draperies, curtains, upholstery 295 +6 +4 +12 +41 +6 +16 7.0 5.3 Major appliances (refrigerators, washers, stoves, etc.) 202 -63 +1 +24 +31 -7 -7 5.0 1.4 Domestics, blankets, linens, etc 283 -5 +35 +41 +59 -1 +6 5.3 3.1 China and glassware 213 -5 +18 +22 +26 +1 +4 9.4 7.1 Housewares 224 +9 +10 +8 +74 -2 +7 6.4 4.0 Piece goods (dress and coat yard goods, all materials) 294 +15 +16 +34 +36 +4 +20 5.1 4.3 Small wares 329 +12 +12 +11 +53 +1 +8 5.6 4.1 Notions 223 +18 -3 -5 +62 —3 +3 5.2 3.8 Toilet articles, drug sundries (including prescriptions) 319 -1 +3 +7 +62 -1 +4 5.2 3.2 Jewelry and silverware. 284 +20 +25 +25 +50 +4 +11 6.1 4.9 Miscellaneous 287 +16 +2 -4 +70 +2 +12 6.1 4.1 BASEMENT STORE—total 228 +7 +17 +24 +59 +6 +18 3.9 2.6 Women's apparel and accessories. 198 +7 +22 +34 +54 +6 +26 2.7 1.8 Men's and boys' clothing and furnishings 165 +8 +3 +5 +70 il +19 6.9 4.4 Home furnishings 135 +6 +29 +30 +78 +9 5.0 3.0 Piece goods 65 +19 +12 +19 +45 +7 +13 4.4 3.6 Shoes 128 +13 +11 +16 +35 +19 +18 4.7 3.9 by di „ in terms of sales for that month. NOVEMBER 1942. 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u m ed n c i d t - s i f n H u g r o n g u i o s s o e h - - ds l M an is e c o e u l s - 1929 95.3 1Q4.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1941—September.. 91.8 91.0 89.5 91.6 111.3 89.7 79.2 98.6 106.4 87.4 97.2 85.1 October 92.4 90.0 88.9 93.4 112.6 90.9 79.6 103.1 107.3 89.7 99.5 86.4 November.. 92.5 90.6 89.3 93.5 114.1 91.1 78.8 103.3 107.5 89.8 100.6 87.3 December... 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 101.1 87.6 1942—January 96.0 100.8 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February... 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 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 98.7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August ^99.2 106.1 100.8 ^95.6 118.2 97.3 79.0 p103.8 110.3 96.2 102.7 88.9 September . 107.8 102.4 118.1 97.1 79.0 3>103.8 110.4 96.2 102.5 88.8 Week ending 1942— une 20 98.1 104.5 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 August 1 105.6 100.1 95.8 118.8 96.5 79.6 P103.9 110.0 96.4 104.4 89.1 August 8 98. 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 P103.9 110.2 96.3 104.1 89.0 August 22 P98.9 106.4 100.8 95.7 118.9 96.5 79.6 P103.9 110.3 96.2 104.1L 88.6 August 29 P98.9 106.0 100.7 P95.7 118.9 96.6 79.6 P103.9 110.3 96.2 104.1 88.6 September 5... P99.1 106.7 101.4 P95.7 119.0 96.7 79.6 p103.9 110.3 96.2 104.1 88.6 September 12.. P99.2 107.2 101.6 p95.7 119.0 96.7 79.6 ^103.9 110.3 96.2 104.1 88.6 September 19. P99.3 107.1 102.0 P95.7 118.6 96.6 79.6 P103.9 110.4 96.2 104.1 88.6 September 26. ^99.4 107.3 102.0 P95.7 118.4 96.7 79.6 P103.9 110.5 96.2 104. 88.6 October 3 *>99.7 108.7 103.0 *>95.7 118.4 96.6 79.7 H03.9 110.5 96.2 104. 88.4 October 10... p99.8 108.9 103.3 P95.7 118.4 96.5 79.7 ^103.9 110.5 96.2 104. 88.4 October 17.... p99.6 107.9 103.1 P95.6 118.4 96.5 79.7 ^103.9 110.2 96.1 104.1 88.4 October 24... P99.7 108.7 103.1 p95.6 118.4 96.5 79.6 p103.9 110.2 96.1 104.I 88.3 1942 Subgroups Subgroups Sept. June July Aug. Sept Sept. June July Aug. Sept, Farm Products: Metals and Metal Products: Grains 85.3 89.1 89.8 93.6 Agricultural implements 93.4 96.9 96.9 96.9 96.9 Livestock and poultry 101.1 116.9 117.8 122.6 122.1 Farm machinery 94.4 98.0 98.0 98.0 98.0 Other farm products. 86.0 100.5 101.5 99.9 102.2 Iron »and steel 96.9 97.2 97.2 97.2 97.2 Foods: Motor vehicles 100.4 112.8 112.8 112.8 112.8 Dairy products 93.3 92.0 96.0 100.2 105.5 Nonferrous metals 84.4 85.6 85.6 85.6 86.0 Cereal products 85.8 87.2 87.2 87.8 89.1 Plumbing and heating 87.1 98.5 94.1 94.1 94.1 Fruits and vegetables 70.7 105.4 98.5 98.0 97.5 Building Materials: Meats 99.4 113.9 113.4 115.2 116:0 Brick and tile 95.7 98.1 98.0 98.7 98.7 Other foods 86.5 91.0 91.9 93.1 94.0 Cement 92.2 94.2 94.2 94.2 94.2 Hides and Leather Products: Lumber 129.1 131.7 132.9 133.0 133.2 Shoes 117.1 126.4 126.4 126.4 126.4 Paint and paint materials... 94.7 100.3 100.7 100.1 100.4 Hides and skins 112.1 118.5 118.5 118.8 118.0 Plumbing and heating 87.1 98.5 94.1 94.1 94.1 Leather 100.0 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 106.3 115.2 115.2 115.2 115.2 Other building materials.... 100.2 103.8 103.8 103.8 103.8 Textile Products: Chemicals and Allied Products: Clothing 96.1 109.1 107.2 107.2 107.0 Chemicals 88.2 96.5 96.5 96.3 96.3 Cotton goods 104.2 112.7 112.7 112.9 112.7 Drugs and Pharmaceuticals. 104.4 129.1 129.1 129.0 128.9 Hosiery and underwear 64.4 70.0 69.7 69.7 69.7 Fertilizer materials 76.6 78.4 78.5 78.3 78.2 Silk Mixed fertilizers 77^ 82.8 82.8 82.8 82.8 Rayon 29.8 30.3 30.3 30.3 "30^3 Oils and fats 91.3 108.5 104.2 101.6 101.5 Woolen and worsted goods 101.4 111.0 111.0 111.7 111.7 Housefurnishing Goods: Other textile products 95.0 98.2 98.2 97.9 97.8 Furnishings 102.1 108.1 108.0 107.9 107.4 Fuel and Lighting Materials: Furniture 92.2 97.4 97.5 97.4 97.4 Anthracite 84.5 85.7 85.7 85.7 85.7 Miscellaneous: Bituminous coal 107.2 109.2 109.8 110.0 110.4 Auto tires and tubes 60.8 73.0 73.0 73.0 73.0 Coke 122.2 122.1 122.1 122.1 122.1 Cattle feed 126.2 140.0 136.3 125.4 124.2 Electricity 66.7 63.3 Paper and pulp 101.7 101.6 100.5 98.9 98.8 Gas 81.7 81.2 &1A Rubber, crude 47.1 46.3 46.3 46.3 46.3 Petroleum products 61.7 59.8 60.6 60.7 Other miscellaneous 91.0 93.3 93.3 93.0 92.7 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. 1146 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 Chart 1942 book book page Sept. | Sept. Oct. Oct. Oct. page July Aug. Sept. 23 I 30 MONTHLY FIGURES In billions of dollars In billions of dollars WEEKLY FIGURES i RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2, 7 3.17 3.56 3.72 Reserve Bank credit, total 3 3.58 3.77 3.78 4.04 4.49 U. S. Gov't. securities 7 2.98 3.37 3.49 U. S. Gov't. securities, by maturi- Bills discounted 7 (5) .01 .11 ties, total 5 3.40 3.57 3.59 3.81 4.22 Gold stock 2 22.74 22.74 22.75 Within 1 yr 5 1.22 1.36 1.30 1.30. 1.31 Money in circulation 2 12.53 12.94 13.44 Within 5 yrs 5 1.94 2.11 2.12 2.22 2.46 Treasury cash 2 2.20 2.21 2.21 After 5 yrs 5 1.45 1.46 1.48 1.59 1.76 Treasury deposits 2 .42 .24 .25 Gold stock 3 22.75 22.75 22.76 22.76 22.75 Reserve balances 2, 8 12.41 12.62 12.30 Treasury currency 3 3.35 3.35 3.36 3.36 3.36 Required reserves 10.17 10.37 10.00 Money in circulation 3, 11 13.52 13.71 13.83 13.93 14.00 Excess reserves 2.24 2.25 2.30 Treasury cash holdings 3 2.20 2.22 2.24 2.23 2.24 Money in circulation, total 10 12.74 13.20 13.70 Treasury deposits 3 .49 .66 .39 .12 .52 Coins and bills under $50 10 9.40 9.80 10.21 Nonmember deposits 3 1.29 1.41 1.34 1.28 1.25 Bills of $50 and over 10 3.34 3.41 3.50 Member bank reserves 3 11.89 11.59 11.80 12.30 12.30 Excess reserves—totale 9 2.32 1.70 2.23 p2.58 P2.43 TREASURY FINANCE New York City 9 .37 .15 .49 .62 .64 U. S. Government debt: Chicago 9 .70 .02 .37 .28 .19 Direct obligations, total... . . 19 76.69 81.24 85.85 Reserve city banks 9 1.02 .77 .89 1.02 .89 Bonds 19 51.76 53.68 54.41 Country banks6 9 .85 .76 .81 P. 91 Notes 19 10.05 10.43 12.10 Bills. 19 66.76 68.87 610.83 MEMBER BANKS Special issues 19 8.12 8.26 8.51 Total, 101 cities: Guaranteed obligations 19 4.55 4.57 4.55 Loans and investments 16 35.35 35.95 35.98 35.91 37.71 Balances due to domestic banks.... 16 8.80 8.53 8.82 9.30 8.79 Per cent per annum Demand deposits adjusted 16 27.81 27.42 27.82 28.18 28.43 MONEY RATES, ETC. Time deposits 16 5.16 5.16 5.18 5.19 5.19 F. R. Bank discount New York City: rate, N. Y 23 1.00 1.00 1.00 Commercial loans 17 2.56 2.55 2.60 2.61 2.62 Treasury bills (new issues) 23 .368 .370 .370 Brokers' loans 17 .39 .41 .32 .32 .42 Treasury notes (taxable) 23 1.20 1.25 1.27 100 c U U C i . . o t i m e S S s . m . G G o e u r o o c t v v s ia i ' 't t d l . . e l o o o N b b a l l e n i i g g w s a a t t Y i i o o o n n r s s k : 1 1 1 7 7 7 1 3 8 2 . . . 7 7 7 2 4 5 1 8 3 3 . . . 9 7 1 3 2 2 1 3 8 3 . . . 9 7 1 9 3 9 1 9 3 3 . . . 0 7 1 0 4 5 1 9 3 4 . . . 8 7 1 1 3 3 U n C C C . o o o m r r S p p . m o o G r r e a a r o t t c - e e v i . a ' t A B l -. a a p b a a a o p b b n e o o d r n n s2 d d . s s 25, 2 2 2 2 9 5 9 9 4 2 2 . . . . 3 8 0 6 0 3 0 9 4 2 2 . . . . 2 8 6 0 8 1 9 2 4 2 2 . . . . 2 8 0 6 6 0 3 9 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39=100): Treasury bills (new issues) 21 .373 .369 .373 .373 .373 Total 31 68.2 68.3 69.4 Treasury notes (taxable) 21 1.28 1.28 1.28 1.28 1.28 Industrial. 31 70.6 70.5 71.6 U C C . o o r r S p p . o o G r r a a o t t e e v 't B A . a a b a a o n b b d o o s n n 2 d d s s 21,2 2 2 9 9 9 4 2 2 . . . 0 2 8 4 7 0 4 2 2 . . . 0 8 2 5 0 6 2 2 4 . . . 0 8 2 5 0 5 2 2 4 . . . 0 8 2 5 0 3 2 2 4 . . . 0 8 2 5 0 4 Volu R P m u a e b i l l r o i o c f a d u tr t a il d i i t n y g (mill, shares)... 3 3 3 1 1 1 6 58 2 . . . 4 9 35 6 5 5 8 . . . 4 8 32 6 5 6 9 . . . 7 5 42 Brokers' balances (mill, dollars): In unit indicated M Cr o e n d e i y t e b x o t r e r n o d w e e d d customers.... 3 3 3 3 4 30 9 7 1 ! ! 4 3 9 0 0 0 ! '3 5 1 0 0 0 Customers' free credit balances 33 238 !240 e240 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total 31 69.7 70.4 72.7 74.9 75.0 Wholesale prices: Industrial 31 71.9 72.6 75.0 77.1 77.5 All commodities (1926 = 100): Railroad 31 67.5 68.6 71.7 73.1 72.4 Total7 35, 65 P98.7 ^99 2 P99.6 Public utility 31 59.6 60.1 61.8 64.9 63.8 Farm products 35 105.3 106 A 107.8 Volume of trading (mill, shares) 31 .61 .57 .65 .62 Other3. 35 p95.7 ^95.6 *>95.5 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 121.6 '121.4 p12lA All commodities (1926=100): Finished 37 117.0 '116.9 *>116.8 Total 35 P99.4 ^99.7 ?99.8 *>99.7 Raw and semifinished.. 37 130.8 130.3 130.9 Farm products 35 107.3 108.7 108.9 107.9 108.7 Cost of living (1935-39 = 100): Other3 35 P95.1 P95.7 P95.7 ^95.6 P95.6 All items 39 r117.0 r117.5 117.8 Basic commodities Rent 39 r108.0 r108.0 108.0 (Aug. 1939 = 100), total 36 169.2 169.7 169.8 169.7 170.0 Clothing 39 125.3 r125.2 125.8 12 foodstuffs . 36 190.0 190.9 190.8 190.5 190.6 Food.... 39 124.6 126.1 126.6 16 industrial materials 36 155.0 155.3 155.4 155.5 155.8 S A t u e ( t e p o l e m r p o c r b o e i n d l t e u 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 96.2 100.2 101.0 1 e F E i s g t u im re a s te fo d r . o p th P er r e t l h im an i n W ar e y d . ne r s d R ay e v d is a e t d e . s are shown under the Wed- Freig M T h o i t s t - a c c l e a l r l a l n o e a o d u i s n gs (thous. cars): 4 4 5 5 8 4 9 2 7 5 . . 7 8 907.6 910.0 432.2 9 43 0 2 3 . .2 ne 2 3 s d P O a a t y h r t e i i n r a c ll t l y u h d an e ta d x f i - a n e rm x t e h m e p p r w o t e d e i u k s c s ly u ts e s p a e n o r d i n o l d f y o . . ods. El h e r c s t . r ) i c power production (mill. kw. 46 3,720 3,68.3 3,70! 3,717 375. 5 D Le a s t s a t n h o a n lo n $ g 5 e , r 0 0 p 0 u ,0 b 0 l 0 is . hed. D F. e H p . a A r . t m h e o n m t e s t m or o e rt s g a a le g s e s ( , 1 9 n 3 e 5 w -3 9 c o = n s 1 t 0 r. 0) 46 155 173 159 152 153 6 7 I E n s c t l i u m d a in te g f c o e r r N tif o i v ca e t m es 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 1146. (thous.) 47 3.56 3.48 2.5 3.50 4.0' 1147 NOVEMBER 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 July I Aug. Sept. page July | Aug. j Sept. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production :i 2 3 Wholesale prices: T D o u t r a a l b l ( e 1 9 m 35 a - n 3 u 9 f a = c tu 1 r 0 e 0 s ) 41, 4 4 1 2 r1 r 7 94 9 1 9 8 8 3 p P 1 1 8 0 5 0 C G a e n rm ad a a n y6... 6 6 5 5 96.1 95.6 Iron and steel 42 22 22 ni Japan 65 M Ot a h c e h r in d e u r r y a , b e le t c 4 4 2 2 5 1 8 5 6 1 1 5 S S w w e it d z e e n r land6 6 6 5 5 "1 1 5 4 3 7 . . 3 4 ^146.8 Nondurable manufactures 41 65 65 United Kingdom 65 r130.0 129.1 128.9 Textiles and leather 42 20 20 Paper and printing 42 11 11 In cents per unit of Foods, liquors, and tobacco ... 42 19 20 foreign currency Other nondurable 42 15 15 ns Minerals 41, 42 20 20 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 89.94 89.52 87.82 New orders, total (Jan. 1939 =100). 43 256 233 United Kingdom (pound) 67 403.50 403.50 403.50 Durable 43 399 334 Nondurable 43 163 167 Shipments, total (1939 = 100) 43 207 212 1942 Durable 43 264 270 Nondurable 43 163 167 May June July Inventories, total (1939 = 100) .... 43 174 175 Durable 43 196 198 Nondurable 43 155 155 In billions of dollars Freight-car loadings :i 2 Total (1935-39 = 100)3 57 142 143 136 Increase in U. S. gold stock:7 M Co is a c l ellaneous 5 5 7 7 8 3 1 3. . 1 6 3 83 2 . . 1 8 8 2 0 8: .1 7 T N o et t a c l apital inflow: 8 63 15.69 15.71 15.72 Allother 57 27.0 27.3 27.5 Total 62, 63 5.82 r5.91 5.95 Inflow of foreign capital 62 3.69 r3.77 3.82 Return of domestic capital 62 2.03 r2.03 2.03 1923-25 = 100 Merchandise export surplus 63 P7.75 Pg.14 *>8.54 A F F a a v c c e t t r o o a r r g y y e e p h m a o y u p r r l o l o y l y l s m e a e r n n t i ngs 5 5 1 1 , , 5 5 3 3 r r 1 2 4 0 2 4 . . 4 6 2 1 1 4 4 5 . .9 7 P P 2 1 2 48 0 . . 2 5 Sh a o s r O D s t e - u t t t h e s e e r o r m t o f f a b f f c o o a t r r n o e e k i r i g s g s n n :8 e l r i s a bilities'and 6 6 4 3 P2 3 . . 1 6 2 4 P r \ 3 . . 6 7 7 4 ^ 3 1 . . 7 23 8 (cents per hour) 51 85.0 86.4 Due from foreigners 64 .32 r .29 .28 Average hours worked Net due to foreigners 64 3.32 r3.45 3.50 (hours per week) 51 42.4 42.8 Department store sales1 59 121 130 123 1942 Department store stocks* 59 140 135 H43 Jan.- Apr.- July- In millions of dollars Mar. June Sept. Residential contracts awarded:1 Total 47 126 101 128 QUARTERLY FIGURES In billions of dollars Public 47 85 53 88 Private, total 47 41 48 40 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 35 39 37 Cash income 18 5.55 4.42 4.59 Other 47 7 9 3 Cash outgo 18 9.04 13.18 16.60 Construction contracts awarded :* Excess of cash outgo 18 3.49 8.76 12.02 Total 49 844 747 Domestic corporation security issues: Residential 49 136 119 PI 19 Total 32 .36 .36 .18 Non O ag t r h i e c r u ltural employment1'6 49 708 628 ^586 N Re e f w u nding 3 3 2 2 . . 2 1 2 4 . .0 2 9 8 . .0 1 7 1 (mill, persons): All establishments 50 37.2 37.2 m6 Inco T M T G C m r r o o a e a a n v n d n s e p u e s t r a f p r n a u y o m c c m r t t e t u i e a n o r n t t i n i n t o s g n : l a a n n d d m ut i i n l i i n ti g e s 5 5 5 5 5 0 0 0 0 0 1 6 5 3 5 1 . . . . . 6 5 3 9 7 1 6 5 3 5 1 . . . . . 6 4 5 9 8 H P P P P S S 6 3 I .9 . . . . 9 5 5 5 Bank T N 7 o e r c w a t o i a t t t i e l h Y e , s e s 1 o r o r 9 n k c N c i C t u o i i s e r t t t s y h o e m rn er s' a l n o d a ns E : astern 2 2 2 7 7 5 2 P 1 2 . . e . 4 8 4 r 8 5 8 cent pe 2 2 2 r . . . 6 5 0 a 2 6 7 nnum 2 2 2 . . . 7 2 6 0 8 6 T Sa o l t a a r l i es and wages 5 5 4 4 r r 9 6, , 5 4 9 4 1 4 r r 9 6 , , 6 7 0 l6 6 *>6,805 11 Southern and Western cities 27 3.20 3.34 3.25 Other 54 r2,853 r2,890 2*2,880 Cash farm income: p Preliminary. r Revised. Total 55 1,249 1,435 1 Adjusted for seasonal variation. Crops 55 492 675 P921 2 In points in total index. Livestock and products 55 727 737 3 Estimate for October is shown on page 1133. Gov't. payments 55 30 23 4 Three-month moving average, adjusted for seasonal variation. Exports and imports: 5 Revised figures for back months are shown on page 1156. Exports 61 P268.6 6 Back figures for June: Germany, ^85.7; Switzerland, 145.5. Imports 61 P227.7 7 Cumulated from Jan. 31, 1934. Excess of exports 61 p400.9 For explanation of revised basis for international capital movement statistics, see footnote 2 on page 1160 of this issue of the BULLETIN. Beginning with the revised figures for June 1942, the cumulative figures for net capital inflow relate to the movement through the last business day in the month, while the figures for the outstanding short-term foreign assets and liabilities of banks relate to the position on that day as reported in the new series. 1148 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. Apr. June Sept. Dec. Apr. June 2 30 26 29 31 4 30 24 31 4 30 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 62.87 64.10 64.88 66.96 70.75 72.43 74.15 76.09 78.25 e80.00*81.89 Demand deposits adjusted 29.09 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 J40.00p41.84 Time deposits 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2O^27.28 Currency outside banks 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 e10.40p10.91 Loans and investments, total 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 «62.OO 63.98 Loans 21.63 22.17 22.19 22.34 23.74 24.32 25.31 26.19 26.62 e26.3O 25.08 Investments 28.32 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 e35.70 38.90 MEMBER BANKS Investments, total 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 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 21.41 Guaranteed 2.92 3.14 3.11 3.12 3.49 3.49 3.84 4.24 3.83 3.47 2.69 State and local government obligations. 2.76 2.69 2.90 2.89 3.01 3.21 2.98 3.16 3.09 3.17 2.93 O Fo th re e i r g n d o s m ec e u st r i i c ti e s s e c u . rities ( ( ! ) 2. . 7 1 ' 9 0 (2) 2. . 7 1 0 7 2. . 8 1 0 7 ( 2 ) 2. . 7 1 2 5 ( ( 2 ) 2. . 7 1 3 4 ( ( 2 2) ) 2. . 6 1 9 5 Loan O C S s t o t , r h m e t e e o r m t t a e s l l r e o c c a i u n a s r l it l ( y o b a r l n o o s k a e n ( r i s s n 3 ' c l l o . a o n p s e ) n-market paper) 1 1 5 5 13.?47 1 6 3 . . . . 5 9 6 8 7 6 1 8 13. 8 ( 9 2 4 ) 1 6 3 . . . . 7 9 3 8 2 7 2 0 1 7 5 . . . . 5 3 4 8 2 2 7 3 15. 8 ( ( 8 2 2 8 ) ) 1 8 6 . . . . 5 4 7 7 5 2 9 3 17. ® 55 1 9 8 . . . . 6 0 7 4 4 2 8 1 17. S 83 I 1 9 6 . . . . 1 4 9 6 1 3 3 9 A R l e l a l o t e h s e t r a t l e o a l n o s a ns . < 1 * 5 ) 2 2 . .9 9 6 4 3 3 . . 0 0 7 6 3 3 . . 2 2 7 3 3 3 . . 3 6 7 1 3 3 . . 4 6 9 9 ( ( 2 2 ; ) 3 3 . . 2 5 0 0 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 4.77 537 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 26.40 Mutual savings banks 20 3.10 3.11 3 22 3.43 3.70 3.90 Insurance companies 20 6.30 6 50 6.80 6.90 7.90 8.90 Other investors 20 12.40 12 20 1280 13.70 18.60 24.10 p Preliminary. e Estimated. * Series not shown in Chart Book. 2 Figures'available for June and December dates only. 3 Includes only loans made for the purpose of purchasing or carrying securities. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1942J [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Oct. 1, 1942 1941 Oct. 1, 1942 1941 Oct. 1, 1942 1941 Oct. 1, 1942 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,659 7,978 36 40 New York 31,008 32,519 7,381 8,279 72 80 Philadelphia 47,602 52,174 15,268 14,187 150 146 Cleveland 201,445 227,692 54,212 41,088 63 57 Richmond 986 1,560 133,964 135,489 26,631 26,054 Atlanta 1,947 2,598 182 345 176,694 7,106 7,267 Chicago 1,045,410 1,234,116 58,373 36,837 1,465 1,508 St. Louis 13,509 24,115 348,402 388,926 51,228 25,396 22 20 Minneapolis 289,981 351,910 32,433 41,418 238,357 258,306 Kansas City 596 689 287,441 416,511 285,960 356,241 7,093 5,686 Dallas 3,139 4,197 87,759 98,785 28,066 48,576 108 117 San Francisco. 567 659 9,525 9,208 104,635 92,365 27,278 20,378 Total 10,744 13,818 2,672,541 3,132,002 671,293 697,708 274,644 286,338 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Oct. 1,1942 1941 Oct. 1, 1942 1941 Oct. 1, 1942 1941 Oct. 1, 1942 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,106 6,412 2,782 3,406 33,273 31,625 53,238 54,735 New York 26 949 35,038 4,465 6,433 1,944 1,695 32,986 32,645 Philadelphia 18,974 16,568 2,096 2,483 52,518 48,716 21,710 19,334 Cleveland 63,867 61,850 4,994 5,674 107,933 105,800 17,418 16,520 Richmond 23,470 25,180 4,008 4,670 650,557 804,536 21,435 25,650 Atlanta .... 21,866 22,870 4,056 4,055 136,328 149,438 15,547 16,347 Chicago 471,752 535,712 18,116 20,521 32,051 31,690 40,711 37,629 St Louis 71,149 80,321 8,232 9,091 240,239 242,266 11,838 13,273 Minneapolis 264,344 386,822 11,388 11,977 2,603 2,608 40,006 46,288 Kansas Citv 136,518 146,127 7,894 8,646 3,918 4,434 29,697 34,841 Dallas 41 748 15 705 1,907 2,114 6,760 6,329 San Francisco 29,364 36,935 12,420 12,513 66,437 72,718 Total 1,176,107 1,369,540 82,358 91,583 1,261,364 1,422,808 357,783 376,309 1 Includes 25,000 bales grown in miscellaneous territory. 2 Includes 22,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimate for Aug 1; no estimate for October 1. NOVEMBER 1941 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, BY FIRST HALF OF THE YEARS, 1941-1942 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half First half of 1941 of 1942 of 1941 of 1942 of 1941 of 1942 Earnings—Total 680,733 725,937 445,519 469,359 235,214 256,578 Interest and discount on loans 318,468 329,644 219,717 223,466 98,751 106,178 Interest and dividends on securities 215,024 247,121 141,416 161,024 73,608 86,097 Collection charges, commissions, fees, etc... 17,885 19,549 12,373 12,704 5,512 6,845 Foreign department 4,636 3,389 3,000 2,086 1,636 1,303 Trust department 43,829 43,147 15,233 15,093 28,596 28,054 Service charges on deposit accounts 31,704 34,136 21,704 23,221 10,000 10,915 O Re th n e t r re c c u e r i r v e e n d t earni # ngs 4 8 0 , ,7 4 0 8 2 5 4 8 0 , , 2 69 5 9 2 2 6 6 , , 0 0 6 14 2 2 5 6 , , 5 1 9 68 7 1 2 4 , , 4 6 2 8 3 8 1 2 4 , ,5 6 3 5 1 5 Expenses—Total 474,416 520,087 307,957 333,148 166,459 186,939 Salaries—officers 78,978 83,349 52,394 54,647 26,584 28,702 Salaries and wages—others 124,909 139,848 77,252 86,359 47,657 53,489 Directors' and committee members' fees 3,858 4,174 2,653 2,825 1,205 1,349 Interest on time deposits 70,564 64,700 50,245 45,423 20,319 19,277 Interest on borrowed money 44 58 27 38 17 20 Real estate taxes 16,077 15,678 10,096 9,725 5,981 5,953 Other taxes 40,692 62,754 27,220 39,547 13,472 23,207 Other current expenses 139,294 149,526 88,070 94,584 51,224 54,942 Net Current Earnings 206,317 205,850 137,562 136,211 68,755 69,639 Recoveries, Profits on Securities, etc.—Total 129,017 86,297 86,009 58,735 43,008 27,562 Recoveries on loans. .^ 24,985 26,837 18,314 18,983 6,671 7,854 Recoveries on securities 30,458 24,416 * 22,506 18,060 7,952 6,356 Profits on securities sold 62,182 24,354 38,623 16,268 23,559 8,086 Allother 11,392 10,690 6,566 5,424 4,826 52r Losses and Depreciation—Total 136,779 121,686 91.106 82,740 45,673 38,946 On loans 35,973 31,446 23,216 21,848 12,757 9,598 On securities 61,634 52,222 44,071 38,695 17,563 13,527 On banking house and equipment 19,666 18,549 14,502 13,166 5,164 5,383 All other 19,506 19,469 9,317 9,031 10,189 10,438 Net Profits 198,555 170,461 132,465 112,206 66,090 58,255 Cash Dividends Declared—Total 100,993 101,199 63,143 64,328 37,850 36,871 On preferred stock1 6,291 5,711 4,002 3,466 2,289 2,245 On common stock 94,702 95,488 59,141 60,862 35,561 34,626 I Loans2 15,976,000 17,594,000 10,435,000 11,384,000 5,541,000 6,211,000 Securities2 22,946,000 27,275,000 14,376,000 17,000,000 8,570,000 10,275,000 Real estate assets^. 1,245,000 1,179,000 758,000 719,000 487,000 460,000 Cash assets2 22,799,000 22,390,000 14,606,000 14,690,000 8,193,000 7,699,000 Total assets2 63,534,000 68,718,000 40,334,000 43,947,000 23,200,000 24,771,000 Time deposits2 12,415,000 12,270,000 8,465,000 8,271,000 3,950,000 3,999,000 Total deposits2 «•«•••• 5 5 7 , ,2 7 5 5 5 0 , , 0 0 0 0 0 0 6 5 2, , 2 9 5 3 4 5 , , 0 0 0 0 0 0 3 3 6 , , 5 4 6 2 1 6, , 0 0 0 0 0 0 39 3 , , 9 6 3 5 5 8 , , 0 0 0 0 0 0 2 2 0 , , 1 8 9 2 0 9 , , 0 0 0 0 0 0 2 2 2 , , 2 3 7 1 7 9 , , 0 0 0 0 0 0 Total capital accounts2- 6 Number of officers at end of period 36,085 36,909 26,494 26,757 9,591 10,152 Number of employees at end of period... 173,231 181,346 110,152 114,737 63,079 66,609 Number of banks at end of period 6,556 6,647 5,130 5,101 1,426 1,546 Ratios to Total Capital Accounts:4 Net current earnings 7.2 6.9 7.7 7.4 6.3 6.1 Net profits 6.9 5.7 7.4 6.1 6.0 5.1 Cash dividends declared 3.5 3.4 3.5 3.5 3.5 3.2 Ratios to Loans:4 Interest and discount on loans 3.7 4.2 3.9 3.6 3.4 Recoveries on loans .3 .4 .3 .2 .3 Losses on loans .4 .4 .4 .5 .3 Ratios to Securities:4 Interest and dividends on securities. 1.9 1.8 2.0 1.9 1.7 1.7 Recoveries on securities .3 .2 .3 .2 .2 .1 Profits on securities sold .5 .2 .5 .2 .5 .2 Losses on securities .5 .4 .6 .5 .4 .3 Other Ratios: . , . Interest on time deposits to time deposits* 1.1 1.1 1.2 1.1 1.0 1.0 Time deposits to total deposits 21.7 19.7 23.2 20.7 19.0 17.9 Total capital accounts to loans, securities, and real estate assets- 14.3 12.9 13.9 12.6 15.0 13.4 Loans to total assets 25.1 25.6 25.9 25.9 23.9 25.1 Securities to total assets 36.1 39.7 35.6 38.7 36.9 41.5 1 Includes interest on capital notes and debentures. 2 For the first half of 1941 these are averages of figures reported on Dec. 31, 1940, Apr. 4, 1941, and June 30, 1941; for the first half of 1942 they are averages of figures reported on Dec. 31, 1941, Apr. 4, 1942, and June 30, 1942. 3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 4 Annual basis. II5O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKSi-PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS {Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars! Loans and Investments Deposits, exclusive of Number of banks interbank deposits Federal Reserve Total Loans Investments District June Dec. June June Dec. June June Dec. June June Dec. June June Dec. June 30, 31, 30, 30, 31, 30, 30, 31, 30, 30, 31, 30, 30, 31, 30, 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 1941 All banks:1 Boston 6,564 6,206 5,970 2,804 2,885 2,825 3,760 3,322 3,145 6,919 6,743 6,611 863 863 864 New York 24,134 23,373 22,717 8,811 9,033 8,74 15,323 14,340 13,975 25,059 25,283 24,711 1,174 1,180 1,188 Philadelphia 3,922 3,850 3,637 1,379 1,459 1,446 2,544 2,391 2,190 4,488 4,486 4,251 900 905 907 Cleveland 4,600 4,270 4,016 1,672 1,760 1,746 2,928 2,509 2,270 5,455 5,208 4,934 1% 215 1,219 1,223 Richmond 2,633 2,496 2,209 1,105 1,185 1,131 1,528 1,311 1,078 3,328 3,190 2,895 1,052 1,055 1,056 Atlanta 1,937 1,837 1,657 875 1,008 926 1,062 828 732 2,490 2,365 2,131 1,053 1,055 1,051 Chicago 7,966 7,166 6,865 2,742 2,901 2,741 5,223 4,265 4,125 9,640 9,024 8,597 2,434 2,438 2,442 St. Louis 2,087 1,993 1,804 906 1,027 946 1,181 966 858 2,477 2,415 2,089 1,492 1,495 1,497 Minneapolis 1,349 1,354 1,203 609 737 626 739 617 577 1,609 1,580 1,453 1,278 1,282 1,281 Kansas City 1,759 1,736 1,552 838 1,013 845 921 724 707 2,248 2,113 1,917 1,808 1,825 1,830 Dallas 1,401 1,348 1,195 680 755 659 721 593 536 1,961 1,886 1,682 947 948 949 San Francisco 5,624 5,467 5,120 2,657 2,852 2,679 2,967 2,615 2,441 6,708 6,498 5,900 557 560 567 Total 63,976 61,098 57,945 25,078 26,616 25,312 38,897 34,483 32,633 72,382 70,792 67,172 14,773 14,825 14,855 Member banks: Boston 2,648 2,362 2,181 1,173 1,217 1,153 1,475 1,145 1,029 3,031 2,872 2,745 347 347 347 New York 217,179 15,911 15,246 25,240 5,315 4,971211,939 10,596 10,275^18,011 17,496 16,819 799 797 786 Philadelphia 2,781 2,718 2,536 1,055 1,118 1,111 1,726 1,600 1,425 3,232 3,222 3,024 656 659 656 Cleveland 3,792 3,470 3,230 1,332 1,393 1,364 2,460 2,078 1,866 4,509 4,257 4,040 677 673 667 Richmond 1,828 1,730 1,465 745 809 752 1,084 921 713 2,336 2,208 1,966 450 447 437 Atlanta 1,575 1,479 1,319 666 773 706 909 705 613 1,917 1,809 1,650 317 317 317 Chicago 6,824 6,047 5,787 2,138 2,243 2,087 4,686 3,804 3,700 8,065 7,458 7,139 913 899 883 St. Louis 1,580 1,499 1,336 638 741 661 943 758 675 1,735 1,685 1,477 441 437 426 Minneapolis 983 964 853 419 505 428 564 460 425 1,132 1,106 1,029 454 452 452 Kansas City 1,455 1,414 1,260 651 794 648 805 620 611 1,789 1,673 1,528 744 741 738 Dallas 1,248 1,196 1,052 591 663 569 656 532 483 1,728 1,655 1,479 572 573 570 San Francisco 4,906 4,732 4,394 2,281 2,451 2,279 2,625 2,280 2,115 5,947 5,751 5,179 277 277 277 Total 46,800 43,521 40,659 16,928 18,021 16,729 29,872 25,500 23,930 53,434 51,192 48,076 6,647 6,619 6,556 Nonmember banks: Boston 3,916 3,845 3,789 1,631 1,668 1,672 2,285 2,177 2,117 3,889 3,871 3,866 516 516 517 New York 26,955 7,462 7,471 23,571 3,718 3,771 23,383 3,744 3,701 27,049 7,788 7,892 375 383 402 Philadelphia 1,141 1,132 1,101 324 341 336 818 791 765 1,256 1,263 1,227 244 246 251 Cleveland 808 799 786 340 368 382 468 432 404 946 951 894 538 546 556 Richmond 805 766 744 360 376 379 444 390 365 992 982 929 602 608 619 Atlanta 361 358 338 209 235 219 152 123 119 573 556 481 736 738 734 Chicago 1,142 1,119 1,078 604 658 653 537 461 425 1,574 1,566 1,458 1,521 1,539 1,559 St. Louis.. 507 494 468 268 287 285 238 208 183 741 730 612 1,051 1,058 1,071 Minneapolis 366 390 350 190 233 198 175 157 152 477 473 424 824 830 829 Kansas City .304 323 293 187 219 197 117 104 96 459 440 •389 1,064 1,084 1,092 Dallas 153 153 143 88 92 90 65 61 53 232 231 203 375 375 379 San Francisco 718 735 725 377 401 400 342 335 325 760 748 721 280 283 290 Total 17,175 17,578 17,286 8,150 8,595 8,583 9,025 8,983 8,704 18,949 19,599 19,096 8,126 8,206 8,299 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on page 1154. 2 Decreases in figures for nonmember banks (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 1151 NOVEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS'—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments De in p t o e s r i b ts a , n k e xc d l e u p s o iv s e it s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 1941 New England: Maine 109,430 116,769 116,029 219,456 201,559 186,931 364,095 353,196 352,256 98 98 99 New Hampshire 112,605 115,378 115,723 176,201 164,076 159,898 301,708 297,963 291,340 107 107 , 107 Vermont 97,781 99,442 99,737 69,440 65,055 62,866 178,080 178,853 175,964 81 81 81 Massachusetts 1,872,623 1,909,375 1,853,030 2,308,303 2,023,305 1,939,619 4,290,828 4,165,814 4,119,727 387 387 387 Rhode Island 187,572 199,558 198,874 331,999 291,717 276,613 574,667 554,524 532,032 35 35 . 35 Connecticut 573,493 601,449 597,343 843,347 735,092 659,692 1,598,399 1,572,906 1,496,219 202 202 202 Middle Atlantic: New York 8,042,478 8,230,237 7,958,316 14,048,099 13;, 196,37132,949,01222,656,159 22,904,205 22,444,482 852 857 864 New Jersey 736,502 770,493 754,164 1,285,785 1,169,976 1,047,527 2,424,350 2,420,246 2,318,257 381 382 383 Pennsylvania 1,704,602 1,772,8.65 1,786,192 3,487,185 3,255,075 2,997,933 5,764,859 5,705,173 5,444,138 1,076 1,082 1,085 East North Central: Ohio 1,037,183 1,117,984 1,078,504 1,531,009 1,232,123 1,098,123 3,233,710 3,021,330 2,825,920 693 694 695 Indiana 342,918 375,017 368,041 540,215 447,815 407,262 1,182,209 1,105,769 1,011,674 503 504 506 Illinois 1,388,376 1,486,129 1,347,371 3,020,284 2,475,038 2,461,033 5,016,592 4,770,021 4,556,536 829 830 834 Michigan 542,548 565,929 563,278 1,140,754 900,964 851,203 2,192,346 1,975,639 1,935,256 438 440 442 Wisconsin 344,579 355,573 340,434 554,036 486,454 439,368 1,126,270 1,057,599 998,177 565 568 569 West North Central: Minnesota 420,879 480,399 424,546 511,022 426,023 397,243 1,033,856 996,562 946,421 677 677 677 Iowa... 351,515 376,357 366,510 279,247 213,669 198,295 811,873 767,173 701,618 648 647 644. Missouri 587,952 658,536 581,147 807,456 655,371 623,715 1,453,787 1,410,052 1,270,332 614 617 619 North Dakota 33,244 66,368 36,955 35,018 24,865 24,468 99,360 110,790 80,242 158 160 160 South Dakota 51,859 63,657 53,663 41,087 30,608 29,944 128,267 121,037 102,875 162 162 162 Nebraska 143,599 177,937 151,481 147,914 109,192 106,866 356,331 324,022 290,303 412 418 418 Kansas 178,022 233,488 180,623 186,702 141,625 129,551 515,723 485,568 417,130 651 656 660 South Atlantic: Delaware 83,450 87,868 84,334 160,719 151,301 129,852 276,494 285,429 270,725 44 44 45 Maryland 236,671 258,555 240,379 640,514 583,315 467,878 1,002,897 1,005,636 941,347 186 186 187 District of Columbia. 135,248 144,649 137,896 185,252 158,518 144,548 473,553 450,263 405,765 22 22 22 Virginia 339,659 356,867 351,304 288,941 229,25, 187,987 782,611 719,429 663,604 314 314 314 West Virginia 137,188 143,965 148,505 133,285 104,960 90,252 367,015 341,115 329,877 180 180 181 North Carolina 218,063 234,546 217,557 240,464 209,572 170,322 559,268 531,400 447,158 227 228 228 South Carolina 68,440 77,089 67,169 67,741 50,714 41,70: 215,278 209,955 178,55: 149 151 151 Georgia 268,538 307,680 285,978 189,971 148,567 132,698 570,427 542,258 484,121 290 290 286 Florida 128,698 155,772 134,063 241,158 195,084 189,279 499,011 474,026 452,997 172 173 173 East South Central: Kentucky 227,456 257,443 244,860 228,731 176,241 157,039 536,673 535,675 458,280 402 404 405 Tennessee 260,459 308,293 281,323 255,082 195,143 161,075 627,605 605,613 533,636 297 297 297 Alabama 146,417 158,924 146,940 184,900 134,949 108,785 456,155 420,203 351,642 217 218 217 Mississippi 73,013 84,430 75,297 94,473 81,887 74,828 252,009 251,354 210,377 206 206 207 West South Central: Arkansas 66,298 78,491 71,277 100,886 76,352 66,785 261,743 246,892 196,715 216 217 216 Louisiana 172,909 198,664 185,691 257,736 212,316 179,870 530,864 520,707 471,154 145 146 146 Oklahoma 177,403 194,850 177,391 177,860 159,281 149,823 489,259 455,214 427,434 389 3901 390 Texas 617,853 688,846 595,457 655,769 537,300 493,515 1,768,918 1,697,690 1,519,315 835 835 836 Mountain: Montana 41,919 61,249 44,955 68,495 61,574 56,193 157,176 169,591 145,913 111 112 111 Idaho 37,337 45,508 39,714 48,461 43,371 40,138 124,164 122,019 109,662 50 50 50 Wyoming 27,279 30,470 30,093 22,910 19,600 17,540 73,933 77,677 67,303 57 58 58 Colorado 101,475 126,612 106,088 137,411 105,901 97,980 366,946 354,090 316,201 143 144 144 New Mexico 25,168 27,817 27,458 25,244 21,892 19,720 78,421 76,873 66,350 41 42 41 Arizona 41,343 49,364 43,104 37,147 28,283 28,994 119,885 110,182 100,861 12 12 12 Utah 71,886 78,544 72,894 66,724 56,971 51,206 182,716 177,050 155,336 60 60 60 Nevada 17,958 18,062 17,052 24,217 19,044 18,140 61,871 51,167 45,460 12 12 11 Pacific: Washington 268,422 302,745 273,268 261,577 230,741 807,598 719,749 631,054 135 137 138 Oregon 117,188 136,614 124,321 182,498 162,334 449,616 415,082 367,802 73 73 73 California 2,110,985 2,229,163 2,115,707 2,031,161 1,916,678 4,986,609 4,926,845 4,512,362 219 220 227 TToottaall 25,078,483 26,616,020 25,312,036 38,897,194 34,482,600 32,633,069 72,382,184 70,791,626 67,171,902 14,773 14,325 14,855 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table oonn ppage 1154. 1152. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loan Investments De i p n o t s e i r t b s a , n e k x d c e l p us o i s v it e s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30,Dec, 31,June 30 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 1941 New England: Maine 36,453 42,053 41,247 68,945 61,273 58,537 126,947 119,639 123,022 35 35 36 New Hampshire 35,418 36,958 37,265 37,121 33,754 29,658 87,994 84,452 77,899 52 52 52 Vermont 30,756 31,819 32,114 23,460 21,588 19,399 02,692 62,165 59,276 40 40 40 Massachusetts 672,239 683,015 631,432 747,481 531,143 465,561 1508,083 1404,830 1,371,264 124 124 124 Rhode Island 52,871 59,185 55,524 68,010 43,427 37,756 146,919 135,250 122,612 12 12 12 Connecticut 103,939 110,566 111,688 212,502 180,385 154,146 414,546 408,743 364,510 52 52 52 Middle Atlantic: New York 1,911,713 1,902,809 1,847,371 4,684,176 4,368,458 4,393,751 6715,417 6,679,893 6,574,648 419 422 425 New Jersey 282,565 302,201 292,812 533,302 486,645 430,013 1022,872 1023,867 959,828 223 224 225 Pennsylvania 866,949 919,664 931,715 1,783,626 1,646,083 1,477,478 2930,700 2885,686 2,757,372 681 685 687 East North Central: Ohio. 418,661 453,532 429,874 637,607 503,708 459,379 1360,922 1260,819 1168,650 241 242 242 Indiana 150,914 168,601 165,198 322,178 262,378 240,731 617,653 565,903 515,450 124 124 124 Illinois 1,062,760 1,121,756 995,686 2275,833 1,832,403 1866,452 3677,278 3461,717 3307,071 339 338 339 Michigan 247,768 251,806 255,678 740,731 557,172 525,756 1,238,540 1065,497 1065,655 76 78 78 Wisconsin 135,413 140,522 133,388 335,687 299,529 274,683 584,173 547,708 529,946 98 98 99 West North Central- Minnesota, 280,893 330,369 280,210 378,765 306,453 281,071 701,869 676,498 642,344 186 186 186 Iowa 101,081 113,823 107,101 136,436 101,535 91,606 263,410 243,354 227,669 103 103 103 Missouri 240,510 276,558 232,953 351,989 279,064 257,327 591,574 575,699 529,003 84 84 84 North Dakota 20,165 33,028 22,208 24,357 17,172 17,265 57,655 62,608 50,048 44 45 45 South Dakota 28,411 34,603 30,459 27,268 19,187 18,454 72,758 68,243 59,133 37 37 38 Nebraska 102,449 130,493 109,064 126,948 90,961 89,411 262,611 238,608 214,354 133 133 133 Kansas 89,381 123,237 88,390 125,844 89,619 81,905 294,937 276,045 233,915 180 180 181 South Atlantic: Delaware 8,841 9,393 9,175 10,082 8,655 8,189 21,795 20,951 19,859 14 14 15 Maryland 75,312 85,233 76,350 252,909 245,575 163,004 368,175 376,718 342,513 63 63 63 District of Columbia 63,932 68,766 64,457 111,607 94,880 85,268 274,000 255,480 229,032 9 9 9 Virginia 176,979 187,072 183,574 192,479 150,477 117,668 464,849 420,336 391,540 130 130 130 West Virginia 68,230 72,652 75,215 75,211 60,782 53,270 200,324 188,627 177,077 77 77 77 North Carolina 52,285 57,344 55,355 46,957 37,372 28,412 153,592 147,782 122,400 44 44 44 South Carolina 46,724 54,643 45,790 47,028 31,462 23,229 144,259 137,973 115,873 22 22 22 Georgia 159,333 192,332 176,481 140,613 109,197 95,439 351,044 333,840 301,938 50 51 51 Florida 93,528 111,595 95,379 197,156 158,591 155,863 361,904 345,267 331,504 53 53 52 East South Central: Kentucky 112,022 129,849 117,565 137,220 107,701 97,242 265,689 272,700 226,209 94 95 95 Tennessee 180,524 221,556 197,720 198,369 153,365 126,930 417,014 402,046 373,402 70 70 71 Alabama 100,177 • 112,277 101,884 143,594 102,455 77,875 323,445 293,916 246,395 66 66 65 Mississippi 22,159 24,886 23,277 32,118 27,360 24,446 82,348 79,343 70,071 24 24 24 West South Central: Arkansas 35,611 41,988 37,834 66,801 48,238 40,422 142,384 133,392 108,410 50 50 50 Louisiana 115,789 138,195 124,371 176,960 149,713 129,169 344,246 329,638 303,360 29 29 29 Oklahoma 148,351 163,168 147,380 158,404 139,233 132,069 416,029 383,957 363,425 207 207 207 Texas 516,125 579,536 494,748 582,333 470,578 435,750 1,507,155 1438,157 1297,742 442 444 445 Mountain: Montana 19,002 28,057 20,678 40,697 35,802 32,888 85,128 91,585 81,064 41 41 42 Idaho 28,978 34,561 31,029 40,014 35,731 33,238 98,426 95,614 88,052 19 19 19 Wyoming 17,575 20,168 19,825 18,760 15,908 14,248 52,151 54,079 47,305 26 26 26 Colorado 79,309 100,213 81,165 118,937 90,099 82,287 296,836 285,439 254,305 78 78 78 New Mexico 18,963 21,636 20,916 20,927 18,489 16,470 60,058 58,759 51,583 22 22 22 Arizona 29,679 37,855 32,325 24,917 16,522 18,164 85,477• 77,081 70,094 5 5 5 Utah 28,555 31,567 29,018 34,243 28,326 23,936 82,861 77,155 68,340 13 13 13 Nevada 16,036 16,276 15,379 22,701 17,794 17,039 56,587 47,194 41,768 6 6 6 Pacific: Washington 204,740 235,030 208,932 302,464 194,068 165,531 646,351 562,808 484,183 43 43 43 Oregon 102,929 121,599 109,375 204,151 167,813 149,317 404,511 374,930 331,829 26 26 26 California 1,487,076 1,561,451 1,470,411 1,543,774 1397,235 1,303,801 3,590,207 3540,206 3,190,943 95 96 96 Total 10,880,07311,725,49610,896,98518583,69215845,35814921,50334,036,39532,672,19730,683,885 5,101 5,117 5,130 NOVEMBER 1941 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS^PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments D i e n p t o e s r i b t a s, n k ex c d l e u p s o iv s e it s of Number of banks State Ju 1 n 9 e 4 2 30, De 1 c 9 . 4 1 3 2 1, Jun 19 e 4 3 1 0, Ju 1 n 9 e 4 3 2 0, De 19 c. 4 1 3 2 1, Ju 1 n 9 e 4 3 1 0, Ju 1 n 9 e 4 3 2 0, De 19 c 4 . 1 3 2 1, Ju 1 n 9 e 4 3 1 0, Ju 1 n 9 e 4 2 30, De 1 c 94 . 1 3 2 1, Jun 1 e 9 4 3 1 0; New England: Maine 72,977 74,716 74,782 150,511 140,286 128,394 237,148 233,557 229,234 63 63 63 New Hampshire 77,187 78,420 78,458 139,080 130,322 130,240 213,714 213,511 213,441 55 55 55 Vermont 67,025 67,623 • 67,623 45,980 43,467 43,467 115,388 116,688 116,688 41 41 41 Massachusetts 1,200,384 1,226,360 1,221,598 1,560,822 1,492,162 1,474,058 2,782,745 2,760,984 2,748,463 263 263 263 Rhode Island 134,701 140,373 143,350 263,989 248,290 238,857 427,748 419,274 409,420 23 23 23 Connecticut 469,554 490,883 485,655 630,845 554,707 505,546 1,183,853 1,164,163 1,131,709 150 150 150 Middle Atlantic: New York 6,130,765 6,327,428 6,110,945 9,363,923 8,827,915 8,555,261 .5,940,742.6,224,31215,869,834 433 435 439 New Jersey. 453,937 468,292 461,352 752,483 683,331 617,514 1,401,478 1,396,379 1,358,429 158 158 158 Pennsylvania 837,653 853,201 854,477 1,703,559 1,608,992 1,520,455 2,834,159 2,819,487 2,686,766 395 397 398 East North Central: Ohio 618,522 664,452 648,630 893,402 728,415 638,744 1,872,788 1,760,511 1,657,270 452 452 453 Indiana 192,004 206,416 202,843 218,037 185,437 166,531 564,556 539,866 496,224 379 380 382 Illinois 325,616 364,373 351,685 744,451 642,635 594,581 1,339,314 1,308,304 1,249,465 490 492 495 Michigan 294,780 314,123 307,600 400,023 343,792 325,447 953,806 910,142 869,601 362 362 364 Wisconsin 209,166 215,051 207,046 218,349 186,925 164,685 542,097 509,891 468,231 467 470 470 West North Central: Minnesota 139,986 150,030 144,336 132,257 119,570 116,172 331,987 320,064 304,077 491 491 491 Iowa 250,434 262,534 259,409 142,811 112,134 106,689 548,463 523,819 473,949 545 544 541 Missouri 347,442 381,978 348,194 455,467 376,307 366,388 862,213 834,353 741,329 530 533 535 North Dakota 13,079 33,340 14,747 10,661 7,693 7,203 41,705 48,182 30,194 114 115 115 South Dakota 23,448 29,054 23,204 13,819 11,421 11,490 55,509 52,794 43,742 125 125 124 Nebraska 41,150 47,444 42,417 20,966 18,231 17,455 93,720 85,414 75,949 279 285 285 Kansas 88,641 110,251 92,233 60,858 52,006 47,646 220,786 209,523 183,215 471 476 479 South Atlantic: Delaware 74,609 78,475 75,159 150,637 142,646 121,663 254,699 264,478 250,866 30 30 30 Maryland 161,359 173,322 164,029 387,605 337,740 304,874 634,722 628,918 598,834 123 123 124 District of Columbia 71,316 75,883 73,439 73,645 63,638 59,280 199,553 194,783 176,733 13 13 13 Virginia..; 162,680 169,795 167,730 96,462 78,776 70,319 317,762 299,093 272,064 184 184 184 West Virginia 68,958 71,313 73,290 58,074 44,178 36,982 166,691 152,488 152,800 103 103 104 North Carolina 165,778 177,202 162,202 193,507 172,200 141,910 405,676 383,618 324,758 183 184 184 South Carolina 21,716 22,446 21,379 20,713 19,252 18,478 71,019 71,982 62,679 127 129 129 Georgia 109,205 115,348 109,497 49,358 39,370 37,259 219,383 208,418 182,183 240 239 235 Florida 35,170 44,177 38,684 44,002 36,493 33,416 137,107 128,759 121,493 119 120 121 East South Central: Kentucky 115,434 127,594 127,295 91,511 68,540 59,797 270,984 262,975 232,071 308 309 310 Tennessee 79,935 86,737 83,603 56,713 41,778 34,145 210,591 203,567 160,234 227 227 226 Alabama 346,240 46,647 45,056 341,306 32,494 30,910 3132,71O 126,287 105,247 151 152 152 Mississippi 50,854 59,544 52,020 62,355 54,527 50,382 169,661 172,011 140,306 182 182 183 West South Central: Arkansas 30,68' 36,503 33,443 34,085 28,114 26,363 119,359 113,500 88,305 166 167 166 Louisiana 57,120 60?469 61,320 80,776 62,603 50,701 186,618 191,069 167,794 116 117 117 Oklahoma 29,052 31,682 30,011 19,456 20,048 17,754 73,230 71,257 64,009 182 183 183 Texas 101,728 109,310 100,709 73,436 66,722 57,765 261,763 259,533 221,573 393 391 391 Mountain: Montana 22,91 33,192 24,27 27,798 25,772 23,305 72,048 78,006 64,849 69 Idaho 8,359 10,947 8,685 8,447 7,640 6,900 25,738 26,405 21,610 31 Wyoming 9,704 10,302 10,268 4,150 3,692 3,292 21,782 23,598 19,998 32 Colorado 22,166 26,399 24,923 18,474 15,802 15,693 70,110 68,651 61,896 66 New Mexico 6,205 6,181 6,542 4,317 3,403 3,250 18,363 18,114 14,767 19 Arizona 11,664 11,509 10,779 12,230 11,76 10,830 34,408 33,101 30,767 7 Utah 43,331 46,977 43,876 32,481 28,645 27,270 99,855 99,895 86,996 47 Nevada 1,922 • 1,786 1,673 1,516 1,250 1,101 5,28. 3,973 3,692 5 Pacific: Washington 63,682 67,715 64,336 72,955 67,509 65,210 161,247 156,941 146,87 92 94 95 Oregon 14,259 15,015 14,946 16,653 14,685 13,017 45,105 40,152 35,97, 47 47 47 California 623,909 667,712 645,296 658,547 633,926 612,877 1,396,402 1,386,639 1,321,41' 124 124 131 Total 14,198,41014,890,52414,415,05 20,313,50218,637,24217,711,56638,345,78' 38,119,42936,488,017 9,672 9,708 9,725 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and industrial banks as are included in abstracts issued by State banking departments. 2 The figures in the December 31, 1941 columns for Vermont are as of June 30, 1941; for New Hampshire they were derived by adding to the December 31 figures of State bank members of the Federal Reserve System the June 30, 1941 figures of nonmember banks in existence as such on both that date and December 31, 1941. 3 Includes figures of 6 nonmember banks as of Apr. 4, 1942. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS-PRINCIPAL ASSETS AND LIABILITIES. BY STATES [Figures in this table are also included in the table on page 1154 covering "State Banks." Amounts in thousands of dollars] Loans Investments De in p t o e s r i b t a s, n k e x d cl e u p s o iv si e t s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, 1942 1941 1941 1942 1941 1941 1942 1941 1941 1942 1941 1941 Connecticut: District No. 1 240 249 258 103 163 153 446 443 431 2 2 2 District No. 2.. . 106 119 104 62 72 72 463 470 391 1 1 1 Indiana: District No. 7 1,569 1,812 1,881 1,259 1,093 1,064 5,798. 5,301 4,675 13 14 14 District No. 8 81 93 102 103 54 54 285 291 243 1 1 1 Kansas 1 1 1 1 1 1 1 New York 37,157 40,642 42,578 73,319 64,967 58,961 97,586 88,044 86,179 5 5 6 Ohio 1,940 2,007 2,188 906 724 611 3,907 3,622 3,246 12 12 13 Pennsylvania: District No. 3 . 5,918 4,672 4,955 8,496 8,443 8,070 15,029 13,031 13,089 11 11 11 District No 4 1,266 1,292 1,402 1,565 1,476 1,226 3,818 3,697 3,214 4 4 4 South Carolina 842 938 864 108 94 88 1,075 888 744 1 1 1 Total 49,119 51,825 54,333 85,921 77,086 70,299 128,408 115,788 112,213 51 52 54 MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 1154 covering "State Banks." Amounts in thousands of dollars] Loans Investments D i e n p t o e s r i b t a s, n k e x d cl e u p s o iv si e t s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30,Dec. 31,June 30 1942 19411 1941 1942 - 19411 1941 1942 19411 1941 1942 19411 1941 Connecticut: District No. 1 251 915 255 586 255 067 337 606 319 463 298,667 592,468 589,108 583,837 58 58 58 District No.2 82,808 84,930 85,199 91,041 84,008 76,796 178,873 177,077 176,510 14 14 14 Delaware 13,244 13,472 13,077 38,101 37,066 35,161 45,902 45,983 44,775 2 2 2 Indiana: District No.7 5,493 5,851 5,873 5,562 4,893 4,673 12,563 11,951 11,932 3 3 3 District No.8 4 809 4 900 4,763 3,318 3,096 2,444 8,502 8,468 8,466 1 1 1 Maine 27,145 27,650 27,595 106,589 102,498 95,617 131,073 130,592 131,010 32 32 32 Maryland 35,852 36,916 36,211 183,550 173,370 170,634 225,644 227,675 229,037 11 11 12 Massachusetts 956,241 973,112 980,4361,238,369\ 203,7471 192,331 2,135,344 2,139,163 2,163,530 191 191 191 Minnesota 23,187 21,675 19,220 43,610 46,387 45,500 68,914 68,641 68,171 1 1 1 New Hampshire 68,356 68,974 68,974 130,353 122,585 122,585 195,388 195,800 195,800 43 43 43 New Jersey: District No.2 113,481 117,522 117,267 164,640 163,292 163,605 288,815 295,619 304,975 22 22 22 District No.3 ... 4,047 4,292 4,253 8,833 8,606 8,266 13,420 13,498 13,822 2 2 2 New York 2,967,5333,013,0793066,6602435,0877454,3112413,896 5,442,626 5,554,581 5,648,555 133 134 134 Ohio 51,701 55,298 58,102 65,203 64,947 61,924 124,045 125,861 125,745 3 3 3 Oregon 2,477 2,395 2,179 728 839 658 3,339 3,165 2,843 1 1 1 Pennsylvania: District No.3 81,132 81,789 78,549 446,548 450,029 442,763 554,454 569,043 562,887 6 6 6 District No.4 10,710 11,106 11,714 47,893 45,486 42,130 56,177 56,692 58,004 1 1 1 Rhode Island 59,098 61,327 59,165 118,567 119,018 115,934 177,819 179,995 180,415 9 9 9 Vermont 30,241 31,262 31,262 22,514 22,110 22,110 55.918 57,559 57,559 8 8 8 Washington 30,897 . 31,380 30,203 47,015 45,800 45,094 78,367 77,408 75,430 2 2 3 Wisconsin: District No 7 1,931 2,021 2,088 2,425 2,339 2,309 5,140 5,065 4,846 3 3 3 District No.9 121 122 108 66 64 48 184 173 145 1 1 1 Total... 4,822,4194,904,6594 957,9655,537,6185473,9545363,14510,394,97510,533,11710,648,294 547 548 550 * For New Hampshire all figures include 9 guaranty savings banks. The figures in the December columns for New Hampshire and Vermont are as of June 30, 1941. NOVEMBER 1941 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISIONS Adjusted for Seasonal Variation [Thousands of Persons] Year and month Total M t a u n r u in fa g c- Mining Co t n io st n r i uc- t T a u r p t t a i u i o n l b n i s t l p i i a e c o n s r d - Trade m se is F r c v i e n ic l a l e a n , n c a e e n o , d us lo s c F t a a e m l t d e g e e , o n r a v a t n l e , d rn- 1939 Average2 29,757 10,078 845 1,421 2,924 6,478 4,045 3.968 1940 Average2 30,992 10,780 916 1,507 3,030 6,591 4,095 4,072 1941 Average2 34,409 12,816 928 1,976 3,265 6,869 4,212 4,343 1939—January 29,130 9,720 878 1,405 2,860 6,322 4,005 3,940 February 29,180 9,725 875 1,411 2,860 6,334 4,007 3,968 March 29,216 9,762 871 1,387 2,875 6,353 4,013 3,955 April 28,973 9,764 596 1,407 2,875 6,377 4,010 3,944 May 29,180 9,760 706 1,426 2,883 6,437 4,021 3,947 June 29,524 9,846 852 1,431 2,915 6,475 4,044 3,961 July 29,702 9,959 848 1,454 2,921 6,499 4,048 3,973 August 29,819 10,080 852 1,415 2,930 6,523 4,052 3,967 September 30,114 10,263 880 1,424 2,959 6,551 4,063 3,974 October 30,551 10,579 910 1,420 2,995 6,595 4,073 3,979 November 30,738 10,705 925 1,418 3,008 6,608 4,084 3,990 December 30,799 10,725 917 1,412 2,998 6,636 4,098 4,013 1940—January 30,507 10,657 917 1,292 3,004 6,519 4,088 4,030 February 30,349 10,536 912 1,274 3,013 6,505 4,089 4,020 March 30,338 10,410 912 1,285 3,001 6,616 4,087 4,027 April 30,079 10,309 917 1,333 2,983 6,445 4,077 4,015 May 30,285 10,319 916 1,396 3,012 6,541 4,080 4,021 June 30,484 10,412 906 1,428 3,014 6,574 4,083 4,067 July 30,706 10,561 922 1,483 3,019 6,563 4,085 4,073 August 31,093 10,827 921 1,518 3,046 6,603 4,098 4,080 September 31,338 10,983 923 1,566 3,052 6,605 4,095 4,114 October 31,715 11,214 913 1,667 3,060 6,630 4,101 4,130 November 32,240 11,486 915 1,803 3,068 6,698 4,124 4,146 December 32,726 11,680 921 1,985 3,084 6,770 4,143 4,143 1941—January 32,888 11,806 924 .2,136 3,091 6,630 4,151 4,150 February 33,146 11,886 923 2,250 3,106 6,662 4,157 4,162 March 33,151 11,990 930 2,062 3,147 6,677 4,160 4,185 April 33,181 12,249 634 1,922 3,179 6,803 4,165 4,229 May 33,748 12,518 933 1,812 3,237 6,781 4,187 4,280 June 34,294 12,876 950 1,791 3,271 6,865 4,204 4,337 July 34,999 13,297 966 1,869 3,315 6,944 4,244 4,364 August 35,305. 13,359 , 980 1,923 3,356 7,027 4,248 4,412 September 35,358 13,342 976 1,963 3,360 6,968 4,242 4,507 October 35,440 13,390 971 2,041 3,356 6,989 4,251 4,442 November 35,739 13,535 969 2,054 3,369 7,043 4,266 4,503 December 35,868 13,621 973 2,067 3,377 7,017 4,273 4,540 1942—January 35,887 13,725 970 2,044 3,365 6,907 4,271 4,605 February 35,933 13,794 953 1,991 3,351 6,862 4,263 4,719 March 35,895 13,832 936 1,886 3,366 6,812 4,260 4,803 April 36,040 14,058 938 1,826 3,408 6,690 4,257 4,863 May 36,200 14,146 933 1,791 3,435 6,695 4,257 4,943 June 36,440 14,361 929 1,768 3,446 6,610 4,266 5,060 July 37,169 14,758 929 1,851 3,471 6,609 4,296 5,255 August 37,525 14,911 918 1,916 3,490 6,607 4,317 5,366 1 Estimates include employees engaged in contract construction and in Federal force-account construction. 2 Annual averages are computed from the monthly estimates unadjusted for seasonal variation. NOTE.—Revised seasonally adjusted estimates of employment in nonagricultural establishments are shown in the table above by months from January 1939 through August 1942. These estimates are based on the revised series released by the Bureau of Labor Statistics in August 1942, and supersede the estimates published in the Federal Reserve BULLETIN of June 1941 and maintained currently) in the Federal Reserve BULLETIN through August 1942. The new figures cover employees only and exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (W.P.A., N.Y.A., and C.C.C.), and personnel in the armed forces. The series of total nonagricultural employment has been discontinued by the Bureau of Labor Statistics. Each of the 38 separate employment series which constitute the Bureau's unadjusted total for employment in nonagricultural establishments was examined for seasonal variation, and all those found to have such variation were adjusted. New seasonal adjustments have been computed for the 19 series included in the four industry divisions—mining, construction, transportation and public utilities, and government. For two industry divisions—trade; and finance, service, and miscellaneous—no revisions were made by the Bureau of Labor Statistics or in the seasonal adjustments. The seasonal adjustment of employment in manufacturing establishments is derived from the Federal Reserve seasonally adjusted index of factory employment. II56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1158 Gold production 1159 Gold movements i:[59 Net capital movements to United States since January 2., 1935.. . 1160 Central banks 1161-1164 Money rates in foreign countries 1165 Commercial banks 1166 Foreign exchange rates 1167 Price movements: Wholesale prices 1168 Retail food prices and cost of living 1169 Security prices . 1169 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. NOVEMBER 1941 I][57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A e in n r a - - g B iu el m - Brazil B I r n i d ti i s a h Bul- anada Chile 1 o C m o b - ia C v s z a l e o k c - i h a o- D m e a n rk - Egypt France Ger- Greece 1936— Dec... 11,258 501 632 25 275 20 188 29 19 91 54 55 2.995 27 26 1937—Dec... 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec .. 14.512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec... 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec... 21,995 1353 2 734 51 274 24 87 30 17 58 52 52 2,000 29 28 1941—Oct .. 22,800 354 734 68 274 24 30 17 61 44 52 2,000 4 28 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 . 22,737 355 735 78 274 24 31 16 44 52 2,000 July . 22,744 354 79 274 31 18 52 2,000 Aug.. 22,756 81 274 31 19 2,000 Sept.. 22,754 21 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 a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic t a h Spain 1936—Dec. 25 25 208 463 60 46 491 23 20 75 68 114 203 5 718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Oct... 24 26 6164 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 Apr .. 24 26 31 537 23 21 59 203 429 May.. 24 30 533 23 21 59 205 447 June 24 32 528 23 21 59 210 468 July.. 33 526 23 21 59 215 502 Aug.. 34 24 59 527 Sept.. 34 24 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 i o n i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g v o ia - B.I.S. c O t o r t i u h e n e s - r ' End of month in U S t n p a i r t t e e e s d vio U u K d s n o i n i m t f g e i - d gur F e ra s nce2 g B iu e m l- 1936—Dec 240 657 26 2,584 77 59 48 11 183 1936—Dec 93 1937—Dec 244 650 29 2,689 74 52 51 5 185 1937—June ... 169 3 934 115 1938—Dec 321 701 29 2,690 69 52 57 14 142 Dec 4 1,395 81 1939—Dec 308 549 29 81 68 52 59 7 153 1938—Mar.... 1,489 1940—Dec 160 " 502 88 1 90 9 29 82 12 145 June.. . 44 62 Dec. ... 80 4 759 331 44 1941—Oct 192 560 91 102 41 483 10 138 1939—Mar. ... 154 1,732 559 Nov 196 602 92 101 41 10 139 May . 477 1942— D Ja e n c 2 2 2 2 3 5 6 7 6 0 5 2 9 8 2 9 1 9 0 7 0 4 4 1 9 1 1 2 2 1 1 4 4 2 2 S Ju ep n t e .. . . . . . 1 8 6 5 4 17 M Fe a b r 2 27 5 7 1 7 7 8 6 4 4 1 1 0 0 0 0 9 9 7 7 5 5 2 2 1 1 3 4 1 1 4 4 2 2 1940— D M e a c r. ... 1 1 5 4 6 5 17 A M p a r y 3 2 0 8 8 0 7 79 9 5 6 1 1 1 0 1 7 9 9 7 7 5 5 6 6 1 1 5 5 1 1 4 4 3 3 S Ju ep n t e .. . . .. 1 8 0 6 5 17 A J J S u u e u l n p g y e t 3 3 3 3 1 1 0 2 6 1 9 1 r8 8 7 0 0 9 0 1 5 110 97 5 5 6 5 6 6 0 6 2 1 1 9 1 1 1 1 4 4 4 4 3 4 4 4 1941— D J S M u e e c a n p . r . e t . . . . : . . . . . . . . 4 8 8 2 8 8 9 4 6 2 1 9 5 2 1 17 Dec 25 17 p Preliminary. rRevised. 1942— J M u a n r e... 1 8 2 * 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 6 3 F 1 i , g 1 u 9 r 4 e 1 s ; f N or o D rw ec a y— 193 M 6 a a r n . d 3 D 0 e , c 1 . 9 1 4 93 0 7 ; a P r o e l a t n ho d s — e J o u ff ly ic ia 3 l 1 ly ,1 9 re 3 p 9 o ; r Y te u d g o o s n la v A i u a— g. F 1 e , b 1 . 9 3 2 6 8 , , a 1 n 9 d 4 1 A . pr. ' 30, zation Account; France—Exchange Stabilization 1938, respectively Fund and Rentes Fund; Belgium—Treasury. 6 Figure for Feb 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 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. 1158 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 fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d * CanadaB exico Co b l i o a m- Chile N g ic u a a r 6 a- Au l s ia tra- B In ri d ti i s a h 7 $1 = 15t5i grains 0f gold ta fine; i.e.,an ounce of 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 0 o 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 1,288,945 *l,088,882 504,268 27,765 32,414 209,175 186,568 27,969 22,961 9,259 7,525 251,039 9,940 1941—Sept 109,935 C93,924 42,135 2,312 2,765 20,868 15,578 1,984 1,984 504 717 4 271 805 Oct 111,265 C94,951 43,061 2,319 2,590 18,842 16,141 2,300 2,098 703 699 5,357 840 Nov 107,940 91,657 41,807 2,240 2,590 19,801 15,499 1,688 1,726 701 718 4,047 840 Dec 105,035 42,436 2,302 2,590 16,761 14,746 1,832 1,749 622 770 24,200 875 1942-Jan r104,370 288,598 42,556 2,282 2,695 14,982 14,198 3,790 2,075 558 772 23,850 840 Feb r90,335 275,653 39,651 2,186 2,625 10,034 13,147 563 1,573 537 647 23,430 1,260 Mar. 2100.485 42,618 2,275 2,625 10,959 15,372 3,457 1,916 596 663 23 675 875 Apr. 298,140 282,543 41,491 2,320 2,555 11,058 14,728 22,617 1,865 540 644 p3,815 910 May 283,220 42,539 2,288 2,520 10,807 14,881 '22,617 1,719 570 694 840 June 42,005 2,450 10,147 r14,852 '22,617 1,579 -611 609 ^23,325 665 Tulv p84*, 774 42,784 *% 227 2,450 12,396 14,864 '22,617 2,006 827 665 Aug. 280,009 41,454 '22,227 '2,450 9,806 14,100 '2,006 '611 747 '23-325 '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 To n p e t o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h l i a i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 19341 ,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 ,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 5,498 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 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 !9,365 N D o ec v 5 5 2 0 , , 8 3 9 7 6 4 1 1 2 6 1 3 2 2 0 4 , , 3 9 7 1 7 7 6 1 , ,2 3 7 3 3 6 2 2 , , 1 2 1 3 0 8 5 1 , ,8 5 3 0 0 6 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 711 ft 6 1 9 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 Itaiy, $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. e 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. 1114, NOVEMBER 1941 1159 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 Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 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 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 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 1,852.8 839.8 843.2 629.0 104.6 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 June302 35,494.3 3'43,074.9 31,2H.7 41,863.2 842.3 4838.8 632.0 106.2 July 31 5,538.2 53,116.9 51,242.6 51,874.4 5854.9 829.3 633.3 5103.7 1 This category made up as follows: through September 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning September 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942 (see footnote 1\, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported by banks, bankers, brokers, and dealers in the United States through July 1, 1942, has been replaced by a monthly series commencing with the month of July 1942. Since the new series overlaps the old series by one day, the cumulative figures for the period ending July 1 have been adjusted to represent the movement through June 30 only. This adjustment is incomplete, however, taking into account only certain significant movements known to have occurred on July 1 (see footnotes 3 and 4). Other factors in the capital movement on that day are believed to have been small. Owing to a number of changes in reporting practice, the figures for the outstanding amounts of foreign banking funds in the United States and United States banking funds abroad as reported in the new series are not fully comparable with the series ending July 1, 1942. The amounts outstanding on June 30, as calculated by applying to the reported figures on July 1 the adjustments described in footnotes 3 and 4, were as follows, in millions of dollars: foreiggn bankingg fuunnddss iinn UUnnitteedd SSttaatteess,, 33,,774422..3322 iinncclluuddiinngg ooffffiicciiaall ffuunnddss,, 11..882266..22,, aanndd ootthheerr ffuunnddss,, 11,,991166..11;; aanndd UUnniitteedd SSttaatteess bbaannkkiinngg funds abroad,, 293.2. TThhee mmoosstt iimmppoorrttaanntt cchhaannggee iinn tthhee ffiigguurreess iiss tthhee sshhiifftt bbeettwweeeenn tthhee ttwwoo ccoonnssttiittuueenntt ppaarrttss oott ffoorreeiiggnn bbaannkkiinngg ffuunnddss iinn tthhee UUnniitteedd SSttaatteess , reeslutltiign g fforom the fact that the new category of "Official" funds is much more extensive than the former "'Central bank funds in New York" (see footnote 1). The figure tor total foreign banking funds in the United States has also changed somewhat, being 27.3 million dollars larger on the new basis. This change is due principally to the f olio wing changes in reporting practice, the statistics now include banking funds held by certain foreign governmental agencies established in the United States (including embassies and consulates) which were not previously considered to be "foreigners"; on the other hand, they now exclude Iunds due to individuals and institutions in the Canal Zone, which is no longer considered a foreign country for the purpose of the statistics; and they now omit funds due to "foreigners" by Japanese aa;nd Italian banks and agencies in New York City, the figures for which had been carried forwwaanrda iinn tmhet fluoirjmiiiecri ssecruietas furuoumi ADyetcvetmunb/etir J3,, i1y9t4i1, ,m i nm thee a babsesenice of current data. The figure for United States banking funds abr<oad is 23.6 million dollars ssmmaalllleerr oonn tthhee nneeww bbaassiiss,, oowwiinngg_ pprriinncciippaallllyy ttoo tthhee oommiissssiioonn cof claims on "foreigners" by these Japanese and Italian institutions,the amount of which had also been carried forward from December 3, 1941, in the former series. 3 Adjusted for net disbursements of 3 5 million dollars on July 1 to domestic accounts from an official foreign account at the Federal Reserve Bank of New York 4 Adjusted for two large transactions in foreign dollar bonds known to have occurred on July 1. involving the net purchase for domestic accounts of foreign securities valued at 12 2 million dollars and a corresponding net transfer of banking funds to foreign accounts. 5 Amounts outstanding on July 31. in millions ot dollars, total foreign banking funds in United States, 3,784.3. including official funds, 1,857.1, and other tunds, 1,927.2; United States banking iunds abroad. 280.5: and brokerage balances (net due "foreigners") 26.5. 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. n6o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O ia t b h i e l r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7• 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275 0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260 0 .5 47 1 7 6 98.2 405.2 89,1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220 0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—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 Sept 30 .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of m S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets circulation7 liabilities dollars S t h er o m rt G - Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—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 Sept. 30 628.7 284.7 22.1 625.4 246.0 18.5 24.7 21.6 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. NOVEMBER 1941 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Advances to Domestic bills Government 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 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 t r s 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 8 1940—Aug. 296 84,616 () 27,200 64,195 7 198,578 995 27,200 28,226 Sept. 266 84,616 ft 39,200 69,340 ( )205,439 990 34,930 25,700 Oct. 316 84,616 56,806 65,250 213,131 1,097 38,932 25,075 Nov. 286 84,616 () 64,397 61,200 214,176 748 39,107 24,941 () Dec. 266 84,616 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27.202 3,586 1941—July 31.. 84,598 40,776 6,419 117,715 69,500 22,605 242,000 ,318 60,612 33.978 3,741 Aug. 28.. 84,598 40,720 6,139 117,555 67,700 21,826 244,099 ,341 60,193 29,179 3,763 Sept. 25 . 84,598 41,014 6.896 123,578 64,700 20,846 248,993 ,279 59,715 27,208 4,402 Oct. 30 . 84,598 41,138 1 7,849 129.518 60,500 23,555 255,684 ,272 60,932 25,999 3,309 Nov. 27.. 84,598 41.654 5 5,348 129,568 68,900 21,016 260,772 ,371 61,073 24.431 3,479 Dec. 31.. 84,598 42,115 12 4,517 142,507 69,500 22,121 270,144 ,517 64,580 25,272 3,894 1942—Jan. 29.. 84,598 42,071 16 4,855 149,562 64,700 20,138 273,281 ,350 59,649 27.797 3,900 Feb. 26.. 84,598 42,043 18 5,588 149,754 67,400 20,086 278,392 ,173 59,203 27,287 3,469 Mar. 26.. 84,598 42,314 16 4,433 156,386 67,000 20,056 282,848 852 56,396 30,251 4,493 Apr. 30.. 84,598 42,651 13 4,581 162,898 68,300 21,365 291,654 775 59,668 28.955 3,391 May 28.. 84,598 42,804 11 4,176 168,930 66,250 19,953 296,903 755 54,410 30,653 4,040 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of T fo o r t e a i l gn exchange i T c n r h c e e l a u c s k d u s i r n ) y , g Se l c o u a r n i s ty E as l ig n i o b t l e e Other O as t s h e e t r s ci N r t c i o o u t n l e a- Deposits l O ia t t i b h e i e s l r ireserves Gold bills cover 1929—Dec. 31 2 687 2 283 2 848 251 92 656 5 044 755 736 1930—Dec. 31 . ... 2 685 2 216 2 572 256 102 638 4,778 652 822 1931—Dec. 31 1 156 984 4 242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 . 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3 226 183 259 322 735 3,"645 640 836 1934—Dec. 31 84 79 4 066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 * 853 4,285 1,032 923 1936—Dec. 31 72 66 5 510 74 221 303 765 4,980 1,012 953 1937—Dec. 3i 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 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—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 28 151 288 18,987 2,417 Feb. 28p 77 21,458 23 144 19,443 2,426 (7) Mar. 31 77 21,673 23 72 227 19,774 2,762 1 287 Apr. 30P 77 21,529 19 17 20,047 2,701 May 30 77 22,093 19 16 2,344 20,548 2,840 1,366 June 30p 77 22,848 21 18 2# (7) 20,954 2,990 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. 6 In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from'Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after June 15,1939 NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 1162. 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) Sept. Aug. July Sept date of month) Sept.. Aug. July Sept. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia—Con t. Gold reported separately .... 1.075 1,075 1,068 Deposits 69 435 66,064 64,465 53 547 Other gold and foreign exchange... 629 608 445 Other liabilities: " 42,824 42,551 42,393 46,597 N Re e d g i o s t c ia o b u l n e t e G d o p v a e p rn e m r ent bonds 364 362 362 1 N o a i t k io ro n n a e l r) B 1. ank of Denmark (millions (June)3 Other assets 220 269 195 Gold 98 98 Note circulation 1,492 1,489 1,251 Foreign exchange > 17 36 Deposits—Member bank 637 654 528 Clearing accounts (net) ... 988 704 Government 39 49 176 Loans ana discounts 58 53 Other 31 31 17 Securities 36 144 Foreign exchange sold forward 3 7 5 Government compensation ac- Other liabilities 85 84 94 coun t^ 125 Commonwealth Bank of Australia Other assets 822 (thousands of pounds): Note circulation 844 746 Issue department: Deposits 1,316 910 Gold and English sterling 29,110 27,860 26,610 18,955 Other liabilities 200 Securities .. . 91,642 90,404 87,417 55,604 Central Bank of Ecuador (thou- Banking department: sands of sucres): (June)2 Coin bullion, and cash .. 6 211 5,255 7,265 4,498 Gold 96 858 69,881 London balances 38,936 35.648 38,183 34,699 Foreign exchange (net) 48.348 23,836 Loans and discounts 22,110 23,782 27,673 20,132 Loans and discounts ..-.... . 82.733 82,353 Securities 136,167 126,772 104,465 66,067 Other assets • 41,384 26,593 Deposits . .. 149 212 141,693 129,429 115,865 Note circulation ,« . 134,166 110,822 Note circulation 111,606 109,106 104,856 72,114 Demand deposits « . 98,825 53,496 National Bank of Belgium and Other liabilities 36,331 38,344 Bank of Issue of Brussels (mil- National Bank of Egypt6 (thoulions of belga) -.i (June)2 sands of pounds): Gold 4,334 4,331 Gold 6,251 6,251 6,241 Foreign exchange 2,947 1,219 Foreign exchange 3,987 4 030 2,7.22 Credits to State and public bodies. 4,102 3,083 Loans and discounts. . 2,217 2.842 4,778 Credits to private economy 97 116 British, Egyptian, and other Gov- Reichskreditkasse 768 784 ernment securities 123,118 121,519 84,664 Other assets (3) (3) Other assets 6,229 5.192 7 660 Note circulation 11,161 8,797 Note circulation 68,953 71,308 45 945 Demand deposits 651 405 Deposits—Government 18,701 20,265 10,166 Postal Checking Office 781 709 Other 41,965 36,609 36,385 Other liabilities (3) Other liabilities 12,181 11 652 13,568 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of kofuny): (Mar.)2 dor (thousands of colones): Gold 1,514 1,512 Gold7 . .. 21,720 21.703 13 249 Foreign exchange 777 787 Foreign exchange 10,470 10,138 1,160 Discounts 840 840 Loans and discounts 906 652 1,072 Loans Government debt and securities.. 7,056 7,150 6,299 Other assets 13,231 11,017 Other assets 515 530 1,737 Note circulation 9,755 7,888 Note circulation 23,523 23,420 15,601 Demand deposits 2,943 2,869 Deposits 11,417 10,974 3.815 Other liabilities 3,664 3,399 Other liabilities 5,727 5,779 4,101 Central Bank of Bolivia (thousands Bank of Finland 4 of bolivianos): Bank of Greece4 Gold at home and abroad 389,214 388,282 217,168 National Bank of Hungary (millions Foreign exchange 323,185 306,905 426,368 of pengo): (June)2 Loans and discounts 303,788 299,406 213,282 Gold8 100 100 Securities—Government. 492,816 492,229 435,719 Foreign exchange reserve. . 13 16 Other 41,234 41,220 9,186 Discounts 1,205 1,017 Other assets 70,157 72,373 38,869 Loans—To Treasury 760 802 Note circulation 729,079 717,715 568,122 To foreign countries 404 108 Deposits 738,071 724,114 620,402 Other 35 35 Other liabilities 153,244 158,585 152,068 Other assets (8) 399 National Bank of Bulgaria4 Note circulation 2,176 1,909 Central Bank of Chile (millions of Demand deposits (J)400 337 pesos)* Consolidated foreign credits of 1931. 26 Gold 149 149 147 Other liabilities 205 Discounts for member banks 162 261 255 Reserve Bank of India (millions of Loans to Government 729 729 738 rupees): Other loans and discounts 918 907 529 Issue department: (June)2 Other assets 244 112 94 Gold at home and abroad 444 444 Note circulation 1,576 1,582 1,242 Sterling securities 2,619 1,366 Deposits—Bank 240 278 203 Indian Gov't. securities 1,223 765 Other 175 88 79 Rupee coin 276 392 Other liabilities 209 210 239 Note circulation 4,432 2,861 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department 129 106 Gold 36,692 33,690 30,676 29,713 Balances abroad 608 526 Foreign exchange 52,921 53,470 52,336 9,823 Treasury bills discounted 1 5 Loans and discounts 14,958 14,605 15,384 38,158 Loans to Government 50 55 Government loans and securities... 59,989 59,544 59,493 56,405 Other assets 184 102 Other assets 34,141 32,345 32,119 30,728 Deposits 772 678 Note circulation 86,442 85,040 83,150 64,682 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 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. 5 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. 6 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly. 7 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. 8 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. NOVEMBER 1942 1163 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Japani South African Reserve Bank—Cont. Bank of Java (millions of guilders): (Jan.)- Note circulation 35,253 35,657 25,837 Gold 407 37$ Deposits 87,458 82,601 71,075 Foreign bills 2' 21 Other liabilities 4,282 4,233 4,007 Loans and discounts 171 8 Bank of Sweden (millions of kronqr): Other assets 140 11 Gold 707 696 686 421 Note circulation 339 255 Foreign assets (net) 550 54' 546 867 Deposits 366 318 Domestic loans and investments.. 785 843 863 779 Other liabilities 37 36 Other assets 1,129 1,030 1,001 913 Bank of Mexico (thousands of pesos): Note circulation 1,832 1,755 1,702 1,553 Metallic reserve3 240,373 231,172 224,883 178,434 Demand deposits 934 966 996 691 "Authorized" holdings of securi- Other liabilities 405 395 397 737 ties, etc 683,859 650,896 620,196 528,664 Swiss National Bank (millions of Bills and discounts 109,898 102,159 107,402 33,119 francs): Other assets. 48,214 54,384 58,118 76,771 Gold. 3,466 3,464 3,464 2,350 Note circulation 648,358 632,509 612,920 475,537 Foreign exchange 105 103 r108 1,162 Demand liabilities.. 313,136 292,176 286,610 238,197 Loans and discounts 70 69 62 186 Other liabilities 120,851 113,92r 111,069 103,253 Other assets 274 229 Netherlands Bank (millions of guil- Note circulation 2,340 2,261 2,245 2,150 ders): Other sight liabilities 1,303 1,357 1,378 1,502 Gold 939 1,023 Other liabilities 285 275 Silver (including subsidiary coin).. 6 8 Central Bank of the Republic of Foreign bills 1,179 590 Turkey (thousands of pounds): (June)2 Discounts 151 68 Gold 137,114 114,675 Loans 176 Foreign clearing accounts.... 62,380 46,198 Other assets () 277 Loans and discounts 584,434 448,995 Note circulation 2,451 1,894 Securities 190,540 190,796 Deposits—Government Other assets 20,933 19,999 Other 148 191 Note circulation 599.958 498,066 Other liabilities 58 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other. 145,584 97,973 sands of pounds): Other liabilities 170,501 145,266 Gold 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 25,220 24,669 14,748 (thousands of pesos): Advances to State or State under- Issue department: (June)2 takings 29,492 32,300 19,039 Gold and silver 86,204 86,235 Investments 4,146 4,146 3,823 Note circulation 113,275 107,511 Other assets 1,772 1,229 1,636 Banking department: Note circulation 26,535 25,923 22,23' Gold 66,839 80,560 Demand deposits 34,027 36,499 17,312 Notes and coin 39,023 28,006 Other liabilities 2,870 2,724 2,504 Advances to State and to Bank of Norwayi government bodies...... 34,076 42,241 Central Reserve Bank of Peru (thou- o)ttiher loans and discounts. 104,891 89,138 sands of soles): Other assets. 117,021 109,132 Gold and foreign exchange 89,330 53,894 Deposits 136,696 125,140 Discounts 17,148 16,920 Other liabilities 225,154 223,937 Government loans 248,011 175,538 Central Bank of Venezuela (thou- Other assets 21,901 9,524 sands of bolivares): Note circulation 254,760 178,666 Gold, 183,704 171,377 171,377 124,304 Deposits 86,253 53,375 Foreign exchange (net) 25,071 38,540 30,148 31,163 Other liabilities 35,378 23,834 Credits to national banks. 35,230 35,230 35,230 38,997 Bank of Portugal (millions of Other assets 13,571 12,194 11,137 9,546 escudos): (Mar.)2 Note circulation- Golds 1,363 1,309 Central Bank 165,885 164,808 156,551 84,892 Other reserves (net) 1,682 1,332 National banks 41,649 43,101 45,205 77,107 Non -r eserve exchange 4,338 1,919 Deposits 43,834 43,300 39,781 33,194 Loans and discounts 302 351 Other liabilities 6,209 6,132 6,355 8,816 Gover nment debt 1,028 1,031 National Bank of the Kingdom of i Other assets 859 875 Yugoslavial Note circulation 4,388 3,501 Bank for International Settlements Other sight liabilities 4,459 2,617 (thousands of Swiss gold francs6): Other liabilities 725 Gold in bars 65,242 28,730 National Bank of Rumania (millions Cash on hand and on current acof lei): (Mar.)! count with banks 35,861 39,293 Gold 37,701 33,715 Sight funds at interest 15,804 15,507 Special exchange accounts 13,295 17,667 Rediscountable bills and accept- Loans and discounts 33,737 31,102 ances (at cost) 144,368 141,956 Special loans (in liquidation) 478 574 Time funds at interest 20,940 21,008 Government debt 9,421 9,628 Sundry bills and investments 199,722 221,911 Other assets 45,992 37,532 Other assets 41 49 Note circulation 95,978 89,691 Demand deposits (gold) 37,721 22,793 Demand deposits. 33,464 28,281 Short-term deposits (various cur- Other liabilities 11,183 12,246 rencies): ^outh African Reserve Bank (thou- Central banks for own account. r15,899 19,812 sands of pounds): Other 5,425 4,047 Gold 63,942 60,963 54,616 Long-term deposits: Special ac- Foreign bills 1,028 1,206 1,208 counts 229,001 229,001 Other bills and loans 381 377 3 Other liabilities 193,932 192,801 Other assets 61,642 59,946 45,093 r Revised. 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. 6 Valued at average cost beginning October 1941. J6 See BULLETIN for December 1936, p. 1025. H64 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 J Central bank of— Rate Rate Central Octo- Date Central Octo- Date Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - t d z- bank of— b 3 e 1 r effective bank of— b 3 e 1 r effective In effect Oct. 2, 1936 2 k 4 2 3 2Y2 2 Albania 5^ Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina 3H Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 N Oc o t v . 2 2 0 6 2H "iii" Bo M he o m ra ia v i a a n .. d .. Oct. 1, 1940 L M i e t x h i u c a o nia. .. 4 6 M J J u ul n y e 1 4 5 , , 1 1 9 9 3 4 9 2 Dec. 3 2 Jan. 28, 1937 4 June 15 6 J A S u e u l p g y t . . 7 4 3 4 3 5 ^ B B B r o u i l l t i g i v s a i h r a ia India.. 3 5 6 D N N e o o c v v . . . 2 8 8 1 , , , 1 1 1 9 9 9 4 3 4 0 5 0 N N e e l w a th n d e Z r e l a a nds i 2 H Y2 J J u u l n y e 2 2 7 6 , , 1 1 9 9 4 4 1 1 Nov. 13 3 Canada 2^ Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile 3-4^ Dec. 16, 1936 Peru Aug. 1, 1940 M M a a y y 3 1 0 3 2y2 3 Colombia 4 July 18, 1933 Portugal.... 5 Sept. 3, 1942 Sept. 28 3 Oct 27 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 4M Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 . . 2M Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug. 29 . . 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany..... Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 33^ Hungary 3 Oct. 22, 1940 U.S. S. R... 4 July 1, 1936 M Ma a y r. 1 1 7 7, 1941 in sy 2 Italy 4^ May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 May 29 3 June 27 2H 1 Not officially confirmed. In 31 e , ff 1 e 9 c 4 t 2 October 2 IK 3M 2 2M 3 \y % NOTE.—Changes since September 30: none. OPEN MARKET RATES [Per cent per annum} Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a e m n p o k ta n e n t r h c s' e s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a d o n e w k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P is r r c i a v o t a e u t n e t 1 M m f o o o n r e n y th m u L p o o n a t n t o h s s 3 d P is r r i c a v o t a e u t n e t 1929—Aug 5.47 5.48 4.35 7.18 7.42 5.06 4.68 3.33 1930—Aug 2.21 2.17 1.85 3.24 ^.73 1.83 1.63 1.75 1931—Aug 4.28 4.21 3.59 X8.92 1.30 1.22 1.98 1932—Aug .74 .60 .73 4.50 5.'82 .37 1.00 1.50 1933—Aug •... .41 .30 .62 C3.88 4.94 1.11 1.08 1.50 1934—Aug .79 .74 .81 3.75 4.72 .75 1.00 1.50 1935—Aug .60 .58 .75 3.00 3.06 4.78 4.72 2.47 1936—Aug .55 .53 .75 2.88 3.01 1.29 1.20 2.25 1937—Aug .55 .52 .75 2.88 2.85 .13 .53 1.00 1938—Aug .53 .51 .75 2.88 2.51 .13 .50 1.00 1939—Aug 1.58 1.92 1.35 2.75 2.50 1.53 1.00 1940—Aug 1.03 1.02 1.00 2.31 1.77 3.00 1.50 1941—Aug 1.03 1.00 1.00 2.13 1.73 1.88 2.25 1.25 1941—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 2.13 1.25 July 1.03 1.00 1.00 2.13 1.25 1.03 1.00 1.00 1.25 Aug ? Corrected. 1 Based on data for part of month only. 2 Figure not available. NOTE.—For figures for othercoun tries and references to explanation of tables see BULLETIN for September 1940, p. 1018. 1165 NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o u n r d e o s n in cl e m a i r l i l n io g n b s a o n f ks. Cash M c o al n l e y a a n t d Bills dis- Treasury Loans to Other Deposits Other pounds sterling) reserves n s o h t o i r c t e counted r d e e c p e o i s p i t t s2 Securities assets Total Demand3 Time3 liabilities 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—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 June 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 August 351 133 283 634 1,082 795 257 3,305 231 Assets Liabilities (10 m c o o h f n a t C h rt a e f n r ig e a d u d r i e b a s n a n i d n k o s m . l la il r E l s io ) n n d s of Cash Entire S ly ec i u n ri t C y anad O l a o t a h n e s r d S a a u e n l b e o c d r a u o f n n r r a i s o e d t m y t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e D x e c p lu o d s i i n ts g p in ay te a r b b l a e n i k n i d C e a p n o a s d it a s li O ab th il e it r i , es 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 ,583 8aO 1938—December. 263 65 940 166 ,463 535 88 2,500 840 ,660 8*3 1939—December. 292 53 1,088 132 ,646 612 85 2,774 ,033 ,741 963 1940—December. 323 40 1,108 159 L.531 570 80 2,805 1,163 1,641 846 1941—September 308 36 1,237 197 1,696 579 79 3,037 1,482 L,555 938 October... 325 37 1,233 199 ,643 594 80 3,012 L,420 1,592 939 November 342 36 1,218 182 1,690 593 76 3,041 ,402 ,639 944 December 356 32 1,169 168 ,759 653 71 3,105 ,436 ,669 962 1942—January. .. 296 31 1,128 158 ,916 585 71 3,096 ,376 L,72O 945 February. 324 30 1,135 164 ,960 595 72 3,181 :,517 ,664 955 March 348 34 1,300 166 ,881 624 71 3,305 ,755 L,55O 976 April 322 32 1,252 178 ,899 637 72 3,262 ,725 ,537 986 May 285 29 1,215 175 ,878 601 71 3,118 ,562 ,556 993 June 327 28 1,137 181 ,883 639 72 3,121 1,523 ,598 1,002 July 369 26 1,096 182 ,958 614 73 3,174 1,521 1,654 999 August.... 333 24 1,064 183 2,192 595 71 3,311 ,612 ,700 1,008 Assets Liabilities France (En m d i o ll f io m ns o n o t f h f f r i a g n u c re s) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 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 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 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, see BULLETIN for June 1941, p. 596; August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. n66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certihec[ noon buying ratesin NewYork for cable transfers. In cents per unit of foreign currency] Argentina Australia Year or month (peso) (pound) g B iu el m - Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export 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.OOOO' 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322.80' 305.16 H6.880 6.0562 5.0214 30.155 190.909 85.141 5.1668 4.0000 6.000 1941 29.773 123.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 15.1664 14.0000 15.313 1941—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 Aug 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.523 * Sept 29.773 23.704 322.80 321.50 6.0580 5.1423 30.122 90.909 87.820 Year or month C ( o p b l e i o s a m o) - s ( C l k o z o v e ru c a n h k a o ia ) - ( m D kr e a o n r n k - e) ( l F m a k i n a a n r ) d - k- P (f r r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i 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 2.2211 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 119.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941... 57.004 12.0101 139.968 124.592 119.770 15.0703 123.439 20.538 322.54 1941-^-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 Aug 57.186 20.568 322.78 Sept 57.064 20 573 322.78 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a ot n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le i m a u) a- ( A S p o o fr u u i n c t d h a ) ( S p p es a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s - s ) S ( w kr e o d n e a) n S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o l n le - ( d peso t ) r N 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 J18.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 136.789 2.2716 1940 122.709 3.7110- 1.6896 397.99 9.322 46.979 23.802 22.676 '1403!50' 383.00 65.830 37.601 2.2463 1941 14.0023 398.00 19.130 47.133 123.829 123.210 403.50 403.18 65.830 43.380 12.2397 1941—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 52.735 398.00 403.50 403.50 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 Aug. 398.00 403.50 403.50 65.830 52.744 Sept. 398.00 403.50 403.50 65,830 52.722 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. 1167 NOVEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 ; 100 100 1124 695 134 237 106 M26 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 83 137 110 116 311 3 88 146 143 1941 87 90 153 P112 132 329 • 172 184 1941—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 PI 14 *>351 181 202 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 nu 187 209 June 99 96 160 ^115 *>188 210 July 99 96 r161 *>193 212 August 99 96 160 P191 *211 September 100 160 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month 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 p g a c o a w a t o r n u t d a u l r y n e s - 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 l a s e y - n d d Foods p I r n o tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l l t - s a p t f n r r I i i n d o n a i d d l s s h u u e r e a c m s d w - ts i , - p tr I r i i n o s a d h d l e u u f d s i c n - t - s 1926 100 100 100 100 100 100 129 130 150 1939 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 19*33 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 • 90 102 92 119 1936 . . . 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 ' 102 112 105 96 125 1938 . . 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941.. 82 83 89 71 82 89 146 156 1941—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 92 161 161 August 106 101 96 81 90 92 158 161 September 108 102 96 157 161 r Revised. Sources — See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159. n68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 t n 1 3 a i 0 5 t t 0 - e e 3 ) d s 9 (1 = C 9 a 1 a 3 d 0 n 5 a 0 - - ) 39 U K = d ( n 1 1 J i o 9 0 u i n 1 m t 0 l 4 g e y ) d - ( = 1 m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r e S = r ( w 1 1 J l 9 a u 0 i 1 t n n 0 4 z e ) d - Year or month ( U S = 19 t 1 n a 3 0 i 5 t t 0 e - e ) 3 d s 9 ( = 1 C a 9 1 a 3 d 0 5 n 0 a - ) - 39 U K = d ( 1 n 1 J i o 9 u n i 0 1 t m l 0 g 4 e y ) d - ( m = 1 G 9 1 a 1 0 e 3 n r 0 - - y ) 14 N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - ) 1 s r 3 S e = ( r w 1 J 1 l 9 u a 0 i 1 n t n 0 4 z e ) d - 1932 87 86 126 116 119 125 1932 .... 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938... . 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2H0 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 m 1941—September. 111 123 166 128 181 1941-September... 108 115 199 133 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 123 126 159 199 June 116 117 199 193 Tulv 125 130 160 203 July 117 118 200 196 August 126 130 160 p202 August r118 118 201 ^195 September. 127 2>129 160 September... 118 Pi 17 200 p Preliminary. r Revised. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U St n a i t t e e s d K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c i e v ) e 1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) g 2 e lands 3 (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 .... 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 84.7 100.7 7 77.9 88.1 70.8 114.6 8 95.0 1941 117.8 123.8 80.0 72.5 1941—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 P3U 137.2 November 119.2 125.7 103.1 77.4 76.0 136.4 December 117.5 125.5 71.8 74.8 1942—January 117.5 126.8 i03.2 72.6 76.0 p3S1 139. i 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 H37 141.1 April 117.8 127 5 103.5 63.3 72.5 p453 142.5 May 117 7 126.8 63 2 73.0 June 118.0 126.7 66.1 73.7 pU2 July 118.9 127.7 68.2 73.8 August 118.7 127.5 68.3 74.4 September 119.0 69.4 P Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at A% 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. NOVEMBER 1941 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General ROBERT F. LEONARD, Director Attorney DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Direetor EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS FISCAL AGENT LEO H. PAULGER, Chief C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WTILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal 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 D ISTRICT 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 S. E. RAGLAND, ST. LOUIS DISTRICT LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary W. DALE CLARK, KANSAS CITY DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel NATHAN ADAMS, DALLAS DISTRICT E. A. GOLDENWEISER, Economist JdffN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary I 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston A. M. Creighton... Henry S. Dennison. . W. W. Paddock. William Willctt... K. K. Carrick E. G. Hult Carl B. Pitman1 New York... Beardsley Ruml.... Edmund E. Day Allan JSproul. L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia. Thomas B. McCabe. Warren F. Whittier.. Alfred H. Williams Frank J. Drinnen. . W.J.Davis E. C. Hill C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland . .. . Geo. C. Brainard... R. E. Klages. M. J. Fleming. F. J, Zurlindcn.... 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. Conniff L. M. Clark Chicago Simeon E. Leland. . W. W. Waymack.... C. S. Young H. P. Preston Allan M. Black1 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 Arthur R. Upgren 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: H. J. Chalfont San Francisco: Detroit Branch * St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw NOVEMBER 1942. 1171 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 i ===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES i ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM (§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JUNE I, 1942 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis