Federal Reserve Bulletin, 1942-12

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

^CONTENTS- PAGE Review of the Month—War Financing and Banking Developments 1173^1181 Announcement of Treasury Financing 1181-1183 Law Department: Consumer Credit: Suspension of License 1184-1185 Interpretations of Regulation W 1185-1186 Government Contracts 1186 Foreign Funds Control 1186-1189 Participation of Commercial Banks in the War Financing Program 1190-1191 Personal Income Taxes in the United States, Canada, and the United Kingdom 1191-1196 Current Events 1197-1198 National Summary of Business Conditions 1199-1x00 Financial, Industrial, Commercial Statistics, U. S. (See p. 12.01 for list of tables) . 1101-1149 International Financial Statistics (See p. 1151 for list of tables) 1151-1163 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1164 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 1165 Index to Volume 18 1167-1x90 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. Tt 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

ERAL RESERVE BULLETIN VOLUME 2.8 December 1g42 NUMBER 12. WAR FINANCING AND BANKING DEVELOPMENTS NEW WAR FINANCE PROGRAM savings bonds and most of the tax savings notes, will be sold to investors other than Secretary Morgenthau announced on Nocommercial banks. Such banks will not vember ^o that "in order to finance the war be permitted to acquire the x^ Per cent effort, which is now moving into full bonds until ten years after the date of stride, the United States Treasury will issue; they may receive interest only on tax borrow during December the unprecedented notes in amounts sufficient to cover their sum of approximately 9 billion dollars own taxes, and are not permitted to purfrom all sources." This sum supplemented chase savings bonds. The 2.3^ Per cent by proceeds of January sales of savings bonds will be issued in coupon or registered bonds, tax savings notes, and weekly issues form at the option of the buyers. The 1% of Treasury bills, is expected to cover the Treasury's requirements for new money per cent bonds and Y% of one per cent until February. The full text of the Secre- certificates will be available to commercial tary's announcement on the financing ap- banks as well as to other investors, but pears on pages 1182.-1183 of this BULLETIN. total allotments on commercial bank subscriptions will be limited to about 2. bil- New securities offered by the Treasury at lion dollars for each issue. Subscripthis time, together with the types of issues tions by commercial banks up to $100,000 that are continuously available, provide a will be allotted in full while the larger variety of issues that are designed to attract subscriptions will be allotted on a percentfunds from every class and type of investor. age basis. For others than commercial The program is aimed at enlisting the widest possible public participation; it en- banks all subscriptions will be allotted in deavors to attract current income and full. There is, therefore, no fixed limit on savings into the war effort, Commercial the total amount of such issues that may banks will also have to contribute to the be sold. financing but their participation is expected The subscription books for all three issues to be limited to approximately half of the will be opened to subscribers other than total. Three new Treasury issues are of- commercial banks on November 30 and fered—ij^ per cent bonds of 1963-68, 1% will remain open for several weeks in order per cent bonds due in June 1948, and Y% to provide all investors ample time to enter of one per cent certificates of indebtedness their subscriptions. For commercial banks, due in one year. however, the subscription books for the The i.}/2 per cent bonds, together with iM Per cent bonds will be open from 1173 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH November 30 to December z, inclusive, and the current offerings by the Treasury are in for the certificates of indebtedness the line with the policy of borrowing as large books will be open from December 16 to a part of the needed funds as is possible 18, inclusive. Each of the three issues from investors other than commercial banks. will be dated December 1 and will bear In view of the fact, however, that cominterest from that date. Accrued inter- mercial banks will nevertheless have to est will be charged on all subscriptions participate in large amounts in the financfor which payment is received later than ing of the war, a policy has been adopted December 1. Banks and trust companies of making all new issues that are available qualified to hold war loan deposits will for purchase by banks have maturities that be permitted to make payment by credit do not exceed ten years. to such accounts for securities subscribed STATEMENT BY BANK SUPERVISORY AGENCIES for their own accounts or for their customers. Payment by others will be made On November xx, 1941, the principal in cash or the equivalent. bank supervisory agencies agreed upon the Special drives are under way to promote following joint statement of examination the sales of these new securities as well as and supervisory policy with special refersales of savings bonds and tax savings ence to investments in and loans upon notes. The War Savings Staff with its United States Government securities: 300,000 volunteer workers has intensified "The Comptroller of the Currency, the its efforts to bring more income-earners Federal Deposit Insurance Corporation, under the payroll savings plan. The Vic- the Board of Governors of the Federal tory Fund Committees have expanded their Reserve System, and the Executive Comsales organization and are conducting an mittee of the National Association of intensive sales campaign to promote the Supervisors of State Banks make the folsales of the new securities and also the sales lowing statement of their examination of tax savings notes. These Committees and supervisory policy with special were first established in each Federal Re- reference to investments in and loans serve district last May. The President of upon Government securities. the local Federal Reserve Bank is chairman ' JL There will be no deterrents in of the district committee, which is com- examination or supervisory policy to inposed of commercial bankers, investment vestments by banks in Government sebankers, securities dealers and others. An curities of all types, except those securiexecutive committee and regional subcom- ties made specifically ineligible for bank mittees serve under the district committee. investment by the terms of their issue. The local committees have been consider- "z. In connection with Government ably expanded to handle this financing. financing, individual subscribers relying The Secretary of the Treasury acts as Chair- upon anticipated income may wish to man of a Committee of Reserve Bank Presi- augment their subscriptions by tempodents, and the Chairman of the Board of rary borrowings from banks. Such loans Governors of the Federal Reserve System will not be subject to criticism but serves as liaison officer between the Treas- should be on a short-term or amortizaury and the Reserve Banks. tion basis fully repayable within periods The types of securities and the terms of not exceeding six months. 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH "3. Banks will not be criticized for in all the various types of marketable direct utilizing their idle funds as far as pos- obligations; about 2. billion dollars of sible in making such investments and guaranteed securities were retired in this loans and availing themselves of the period. privilege of temporarily borrowing from or selling Treasury bills to the Federal UNITED STATES GOVERNMENT INTEREST-BEARING DIRECT AND GUARANTEED DEBT Reserve Banks when necessary to restore [In billions of dollars] their required reserve positions." Amount outstand- Change ing at end of — INCREASE IN PUBLIC DEBT June Debil T li h o e n D do ec ll e a m rs b i e s r th p e ro l g a r rg am es t f f o i r n a b n o c r in ro g w o i p n e g r a 9 - Type of issue v 1 N b e 9 e m o 4 r - 2 - J 1 u 9 n 4 e 2 c 1 b D e 9 e m e 4 r - 1 - ve N 3 m 3 to 0 o 0 b , - er N 3 c b 1 e e o , m r t v o 1 3 e b 9 m 0 e 4 r , 1 - 1942 1942 tion undertaken by the Treasury in any one month and will raise the total direct and Treasury bills 5.7 2.5 2.0 +3.2 +3.7 Certificates of indebtedness.... 6.7 3.1 +3.6 +6.7 guaranteed debt to almost no billion dol- Treasury notes 10.1 6.7 6.0 +3.4 +4.1 Treasury bonds 43.4 38.1 33.4 +5.3 +10.0 lars at the end of December. The largest Guaranteed issues 4.2 4.5 6.3 -.3 -2.1 Total marketable issues1 70.4 55.1 47.9 +15.3 +22.5 previous monthly increase in the total debt Savings bonds 14.1 10.2 6.1 +3.9 +8.0 was 6 billion dollars in October. Addi- Tax notes 5.7 3.0 2.5 +2.7 +3.2 Special issues 8.8 7.9 7.0 + .9 +1.8 tional offerings in November were limited Total direct and guaranteed in amount in view of the anticipated heavy debt2 99.7 76.5 63.8 +23.2 +35.9 financing to begin at the end of the month; 1 Including postal savings and pre-war bonds not shown separately. 2 Including adjusted service and depositary bonds not shown the total increase in the debt for that month separately and at the end of November 1942, 400 million dollars of special one-day certificates. was about 3 billion dollars. During the first eleven months of 19^ the total inter- TREASURY RECEIPTS AND EXPENDITURES est-bearing debt showed an increase of 36 Growth of the public debt is a reflection billion dollars, about half of which oc- of mounting war expenditures. Budget curred in the past four months. expenditures for war activities were 6.0 In this eleven-month period, as shown in billion dollars in November, but this the table, the public marketable debt in- amount included about 600 million dollars creased by ^3 billion dollars, savings bonds of interagency transfers involving no new by 8 billion, tax notes by 3 billion, and outlay of funds. In the first five months of special issues to trust accounts by 2. billion. the current fiscal year budget expenditures Sales of savings bonds have averaged about for war purposes aggregated x6 billion 800 million dollars a month since May. dollars, compared with 6.5 billion in the Since the change in the terms of tax notes in same period last year. Interest payments the early part of September, gross sales on the public debt increased slightly over of these securities have averaged about 900 last year, while other expenditures declined million dollars a month. Notwithstanding by about 2.00 million dollars in the same increased sales of nonmarketable issues, 66 period. Budget expenditures for war purper cent of the total increase in the debt poses are expected to average about 6.8 during the period July through November, billion dollars a month during the remainwas in open-market issues, as compared der of the current fiscal year and to reach a with 57 per cent in the preceding six total of 74 billion for the year, as shown in manths. There were substantial increases the chart on the next page. Because of DECEMBER 1942. 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the rapid increase in the public debt, GOVERNMENT SECURITY MARKET interest payments will increase sub- Prices of Government securities have stantially in coming months; other excontinued to be relatively steady. Followpenditures will continue to decline. ing the announcement by the Treasury on November zo of the December financing, BUDGET EXPENDITURES AND RECEIPTS there was some adjustment in prices of long- FISCAL YEAR TOTALS term Treasury bonds; the average yield on long-term taxable issues at the end of November was 2..36 per cent, compared with z.33 per cent at the end of October, and the yield on long-term partly taxexempt bonds was z.09 per cent compared with z.05 per cent earlier in the month. The average yield on 3- to 5-year taxable notes remained at 1.2.8 per cent for November, and the rate of discount on new issues of Treasury bills continued near % of one per cent, which is the rate at which Federal Reserve Banks will purchase any bills offered. 1940-41 BANK HOLDINGS OF GOVERNMENT Estimated figures for fiscal year 1942-43 are on basis of revised SECURITIES budget estimates announced by the Director of the Budget on October 7. Figures of receipts exclude social security employment taxes which Expansion in bank investments was someare appropriated directly to the Federal old-age and survivors insurance trust fund. what less in November than in other recent months. This coincides with the smaller Budget receipts in the first five months of the current fiscal year were 70 per cent volume of new issues of marketable Govlarger than in the same period last year. ernment securities. During the four weeks Practically all of the increase was due to ending November Z5 reporting member larger income tax collections, reflecting banks in New York City purchased subboth higher tax rates and larger corporate stantial amounts of the additional issues and individual incomes. As shown in the of Treasury bills and certificates of inchart, although receipts have increased debtedness, increasing their holdings of these greatly during recent periods, they have two types of securities by 600 million dollars. covered a decreasing proportion of expend- Holdings of other Government securities itures. In the fiscal year ended on June by New York banks declined by 180 million 30, 1941, about 60 per cent of budget exdollars in the period. In Chicago bank penditures were met by net budget receipts. holdings showed little change, while banks The following year this ratio dropped to in other leading cities purchased about Z3o 40 per cent and, according to the most million dollars of additional certificates recent budget estimates on the basis of and 160 million of Treasury bills. Total existing taxes, there will be a further decline to about z6 per cent for the current holdings for all reporting banks in 101 fiscal year ending next June. leading cities showed an increase of 800 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH million dollars in the period, compared and their holdings of marketable issues by with 1.7 billion in the preceding four about i.5 billion dollars. weeks. EXCESS RESERVES Reserve Bank holdings of marketable Excess reserves at all member banks re- Government securities increased by about mained between 2. and z.5 billion dollars 300 million dollars in November, following during most of November. Continued exsubstantial additions aggregating 1.1 bilpansion in currency in circulation, auglion dollars in October. Increases in both mented by customary seasonal demands, months were largely in bonds and notes caused a drain on bank reserves during the purchased in the open market; maturities month, and a further moderate rise in bank and resales of Treasury bills bought under deposits increased required reserves at the a repurchase option exceeded additional expense of excess reserves. The effect of purchases of bills. In addition to sub- these factors on excess reserves, however, stantial open-market purchases during the was offset by a decrease in Treasury delast few days of November, there was also posits at the Reserve Banks and purchases a temporary increase in special certificate of Government securities by the Reserve holdings, as the Treasury met its cash Banks. In the last few days of November needs, prior to new financing on November excess reserves increased sharply as the 30, by borrowing directly from the Re- result of temporary changes in Treasury serve Banks on special one-day certificates balances and borrowings at the Reserve rather than by calling on war loan deposit Banks in connection with financing accounts. These borrowings were paid operations. off early in December. Excess reserves at New York City banks Preliminary estimates indicate that in the were between 350 million dollars and 500 four-month period ending on October 31, million during most of November; during all commercial • banks increased their hold- October they had generally been in excess ings of Government securities by about 8.5 of 500 million dollars, after being at somebillion dollars, while holdings of the what lower levels during most of the third Federal Reserve Banks increased by 2. quarter of the year. Excess reserves at billion dollars. The banking system as a Chicago banks were very small during whole, therefore, absorbed a little more November as in other recent months. All than one-half of the total increase of 2.0 other member banks continued to hold an billion dollars in the interest-bearing direct average of nearly z billion dollars of excess and guaranteed debt as compared with reserves. about two-fifths in the preceding six-month INCREASE IN CURRENCY IN CIRCULATION period. Federal agencies and trust funds Outflow of currency into circulation increased their holdings by 900 million during recent months has been at the most dollars in the four months. This inrapid rate in the history of the Reserve crease was largely in special issues. In- System for any period of similar length. surance companies and savings banks to- Since August of this year, the monthly rate gether probably purchased about a billion of increase in circulation has been over dollars of additional Government securities. 500 million dollars, as compared with a Individuals, trust accounts, and corporamonthly rate of slightly over 2.00 million tions increased their holdings of savings during the corresponding period of 1941. bonds and tax notes by 5 billion dollars At the end of November money in circula- DECEMBER 1941 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tion totaled 14.8 billion dollars, as com- crease in currency than might be needed for pared with 10.6 billion a year earlier and these purposes, especially in recent months. 8.5 billion in November 1940. This is indicated by the greater rise in cur- No one factor is responsible for this rency than in wages and salaries, shown on rapid growth of currency in circulation. the chart, by differences in the denomina- A small part of the increase during recent tions of currency which are flowing out, months can be explained as a seasonal phe- and by special investigations made by some nomenon. Money in circulation typically of the Reserve Banks of the currency outflow shows a substantial increase beginning in in particular areas. early autumn and culminating in December, During the past year and a half there reflecting increased payrolls and consumer has been an accelerated growth in the deexpenditures. The normal seasonal inmand for $10, $xo, $50, and $100 bills, and crease on the basis of past years has been estimated at less than 400 million- dollars MONEY IN CIRCULATION AND SALARIES AND WAGES for the months of September through PER CENT MONTHLY INDEXES ADJUSTED FOR SEASONAL VARIATION, 1935-39*100 PER CENT December, with over half of this increase concentrated in December. Although a somewhat larger seasonal growth in dollar amounts may be expected with the greatly 200 increased national income, seasonal factors could account for only a small part of the MOI\EY IN > CIRCULATION, 2. billion dollar increase since July. *-- V The major factor accounting for the con- SALARIES ANDWAGES tinuing increase of circulating currency in recent years has apparently been the large expansion in wages and salaries and in consumer expenditures. The accompanying 1937 1938 1939 1940 1941 1942 Money in circulation, monthly average of daily figures; salaries and chart, which shows the relative movements wages, Department of Commerce estimates of monthly totals. Latest figures are for October 1942. of money in circulation and of wages and salaries, using 1935-1939 as a base, sup- a sharply diminished rate of growth in very ports this conclusion. In general, the cor- large bills. Coins and bills of $5 and under relation between these two series has been have continued to move closely with inclose. Since a large portion of wages are come payments. The exceptionally rapid paid in currency, rising wage bills require rate of increase in $10 to $100 bills has increases in currency to meet these payments. probably been due to the use of such cur- Advances in retail prices and in the volume rency both for increased wages and conof goods being sold to consumers have also sumer expenditures and as a temporary necessitated larger amounts of cash in tills store of value by people in the lower income and pockets. groups who find themselves with sharply While a large part of the rapid increase increased incomes and no banking connecin currency in the past three years can be tions. A large portion of the increased attributed to augmented needs for pocket wage payments has gone to persons who and till money with rising national income, make limited use of banking facilities. there appears to have been a greater in- 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH This may be due to previous lack of need the end of November, when they stood at for such facilities, to bank service charges, 30.x billion dollars. In addition, gross or to disruption of established banking and demand deposits at country banks, most of credit connections because of shifts in which are not included among weekly reresidence. Recent investigations show porting banks, increased by TL.J billion dolthat in newly established and rapidly ex- lars from the latter half of June to the first panding war production areas a substan- half of November. It may be estimated tially smaller volume of currency has flowed that total deposits of all commercial banks back into the banks than has been paid out in the country have increased by more than for payrolls. 7.5 billion dollars since the middle of The demand for currency both for active this year. use and for other purposes is being readily The growth of adjusted demand deposits met by the banking system. It would be in at weekly reporting banks in the various the public interest, however, and would Federal Reserve districts from June to facilitate war financing if people would in- November is shown in the accompanying vest surplus cash in war bonds rather than table. Demand deposits have grown most rapidly in districts west of the Mississippi hold it in currency. From the standpoint River, reflecting heavy Government exof security, cash invested in war bonds is penditures in these areas for war goods and identical with currency since both are obsupplies, as well as sharply increased inligations of the United States Government. comes for producers of basic foods and raw Savings bonds can also be converted into materials. In spite of large receipts for war cash if needed, after a short interval from goods produced, industrial areas in the East issue date. From the holder's point of have gained deposits considerably less view, savings bonds have important adrapidly, while the continued drain of funds vantages over cash: they earn interest and out of New York, through Treasury exin case of loss or theft they can be replaced. penditure elsewhere of funds obtained there, From the national point of view, the use of held down the percentage increase of dehoarded currency to purchase war bonds is posits in New York to a low figure. In an important contribution to the war effort. dollar terms, however, New York banks ac- It reduces the extent to which the Governcounted for about a quarter of the total ment has to sell securities to banks, thus increase. creating additional money in the form of deposits. Conversion of idle cash into war DEMAND DEPOSITS—ADJUSTED, AT WEEKLY REPORTING bonds, therefore, diminishes the danger of MEMBER BANKS inflation. [Monthly averages of weekly figures; amounts in millions of dollars] Per cent Reflec G ti R n O g W T th H e O i F n c B re A a N s K e i D n E PO G S o IT v S ernment District Nov 1 e 94 m 2 ber June 1942 N T c o Jc h u v n a e n e m g t b e o er security holdings of banks since July i, Boston 1,813 1,598 13.5 New York 12,560 11,592 8.4 partly offset by the heavy outflow of cur- Philadelphia... 1,468 1,375 6.8 Cleveland 2,362 2,085 13.3 Richmond 922 801 15.1 rency and by a small decline in loans, bank Atlanta 757 632 19.8 Chicago 4,438 3,825 16.0 deposits have expanded rapidly since the St. Louis.. 821 645 27.3 Minneapolis... 514 377 36.3 mid-year. Adjusted demand deposits at Kansas City... 900 701 28.4 Dallas 822 655 25.5 weekly reporting banks in 101 leading San Francisco. 1,984 1,595 24.4 cities rose by 4.7 billion from July 1 to Total 29,361 25,878 13.5 1179 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The growth of deposits at weekly report- than 5 per cent. The monthly rate of ing banks represents only a portion of the decline for instalment cash loans has been increase in money supply arising through about 4 per cent, but in October it increased slightly to about 5 per cent. deposit expansion. Figures of gross deposits reported semi-monthly by country Because of uneven rates of decline in its banks for reserve purposes generally show principal components, the composition of even larger percentage increases in recent current consumer indebtedness differs mamonths than those for banks in leading terially from a year ago. A comparison of cities. As in the case of city banks, the outstandings for the several parts in Seplargest increases occurred in the Western tember 1941 and 194:2. reveals a marked districts. The figures also show that change in their relative importance in the banks in small places have generally had total. somewhat greater increases in deposits As a result of the extremely rapid rate of than those in cities of medium size. reduction in the three principal segments, open-credit cash loans and service debt are DECLINE IN CONSUMER SHORT-TERM DEBT percentagewise more important than twelve months ago. Current data for these series Estimates of total consumer short-term are far less satisfactory than for other parts debt showed a decrease of 3. i billion dollars of the aggregate but available information during the twelve months subsequent to the indicates that service debt increased slightly effective date of Regulation W, bringing while open-credit cash loans declined less outstandings to about 6.6 billion at the end than 7 per cent during the past year. The of September 1942.. Two-thirds of the open-credit cash loans, consisting for the total reduction, or x.i billion, occurred in most part of so-called single-payment loans, debt arising from instalment sales. This include not only those under $1,500 which segment of the aggregate debt dropped 53 per cent from the year ago level, a sub- CONSUMER SHORT-TERM DEBT1 stantially higher rate of decline than occurred in other groups. The reduction in [ O in u t m st i a ll n io d n in s g o s f d P i e s r t c ri e b n u t t a i g o e n Hollars! Per- of outstandinstalment cash loans amounted to 590 Type centage ings change million dollars, a decline of 2.6 per cent from Sept. Sept. Sept. Sept. 30,1942 30,1941 30,1942 30,1941 the same month of last year, and charge ac- Instalment sale debt 1,874 .4,008 -53.2 28.5 41.3 counts were down 370 million or about UL Instalment cash loans 1,647 2,236 -26.3 25.1 23.0 Charge accounts 1,342 1,712 -21.6 20.4 17.6 per cent. Charge account debt, which has Open-credit cash loans2.. 1,089 1,168 -6.8 16.6 12.0 Service debt .^ 621 596 +4.2 9.4 6.1 declined considerably since May when Total 6,573 9,720 -32.4 100.0 100.0 it was brought under regulation, showed 1 National estimates of consumer debt for the period 1929 through slightly less than the usual seasonal rise August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and are published in the November issue of the Survey of Current Business with a dein September. scription of sources of data and methods of estimation. Effective as of September first, the collection of current statistics on which these During October the decline of instalment estimates are based was transferred to the Federal Reserve System. September estimates, which are preliminary and subject to revision, were prepared in the Division of Research and Statistics of the Board of sales debt continued at about the same Governors of the Federal Reserve System with the assistance of Duncan Holthausen. The figures now released by the Board are comparable rate as in prior months, that is, between with those formerly published by the Bureau of Foreign and Domestic Commerce. Future estimates will be carried currently in the Federal 9 and 10 per cent. Excluding automobile Reserve BULLETIN and the Survey of Current Business. 2 Open-credit cash loans represent an estimated total of non-instaldebt, the rate of decline has been more ment consumer loans, i.e., single payment loans of commercial banks and loans by pawnbrokers. 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH are subject to Regulation W but also dollar volume to commercial banks, delarger loans. creased 15 per cent from the year ago level. In September, consumer debt arising from instalment sales was reduced by somewhat GUARANTEED WAR LOANS less than the prevailing high rate in the During November 32.1 applications for preceding four months. In recent months guarantees of loans amounting to 155 the declines attributable to the effect of million dollars were authorized through Regulation W have been augmented by the Federal Reserve Banks acting under Regulation V of the Board of Governors as shortages of materials and limitation orfiscal agents for the War Department, Navy ders. Although automotive paper has Department, and Maritime Commission. shown the sharpest decrease over the year To October 31a total of 1,784 loans aggreending September 1942., it still accounts for gating 2., 193 million dollars had been more than 40 per cent of total consumer approved since March 2.6, 1942-, the date instalment sales debt. It was 55 per cent of of Executive Order No. 9111 empowering a substantially larger volume of such debt a these agencies to guarantee loans for war year earlier. Instalment accounts of reproduction purposes. The majority of tailers other than automobile dealers have guarantees authorized were on loans to declined 39 per cent during the past twelve relatively small businesses. Of the total months. number authorized, x8 per cent were for Unpaid balances of instalment loans made amounts up to $2.5,000 and 59 per cent for directly to consumers by the principal cash amounts up to $100,000. As of October lending institutions declined at a rate of 31 loans to borrowers outstanding under about 4 per cent each month during the past guarantees issued to financing institutions quarter. Such accounts at commercial amounted to 5x7 million dollars, and in banks have shown the most rapid reduc- addition 1,308 million was available to tion, declining 36 per cent from September borrowers under guarantees issued. 1941, in contrast to a 2.6 per cent decrease for Amounts repaid on loans and guarantees all cash lenders. Outstandings of personal approved but not completed totaled about finance companies, which are second in 350 million. 1181 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENT OF TREASURY FINANCING On November 20, 1942, Secretary Morgenthau The special offerings to be sold under made the following statement regarding the drive the direction of the Victory Fund Comto sell additional Government securities: mittees will consist of: In order to finance the war effort, which 1. Twenty-six year 1J/2 P^r cent bonds due now is moving into full stride, the United December 15, 1968, callable December States Treasury will borrow during De- 15, 1963, to be issued in coupon or cember the unprecedented sum of approx- registered form at the option of the imately $9,000,000,000 from all sources. buyers. Commercial banks, which This sum will be raised partly through the are defined for this purpose as banks continuing sale of Savings Bonds and Tax accepting demand deposits, will not Savings Notes, and partly through offer- be permitted to hold these bonds until ings of a number of new Treasury issues ten years after the date of issue. designed for every class and type of in- There will be no limit to the amount of vestor. Thus every American will have an this issue, and no restrictions upon opportunity to back the armed forces with issuance excepting the temporary exbonds. clusion of commercial banks from The Victory Fund Committees will ownership for their own account. launch an intensive sales campaign on Subscription books will be opened November 30 on three series of offerings of November 30, and will remain open new securities. These well organized and several weeks. The bonds will be expanding groups of 44,000 volunteer work- sold in denominations from $500 to ers, drawn largely from the securities and $100,000. banking fields, will solicit subscriptions 2.. Two series intended for banks as well from individual investors, corporations, as other investors: (a) 1% per cent savings and commercial banks, insurance bonds due June 15, 1948, and (b) companies, institutions, trusts and estates. Yz per cent certificates of indebtedness The President of the Federal Reserve Bank due one year after issuance. These in each of the twelve districts is chairman securities will be open for subscription of the Victory Fund Committee in his by banks, and also by all other classes district. of investors, whether private, cor- At the same time the War Savings Staff, porate or institutional. with its 300,000 volunteers. in every com- Sales to commercial banks will be munity, will intensify its drive to add at limited to $1,000,000,000 or thereleast 7,000,000 more income-earners to the abouts of each series. Applications ranks of those already investing regularly from commercial banks in amounts up in Series E War Savings Bonds through the to $100,000 will be allotted in full, payroll savings plan. and larger subscriptions on an equal Almost every citizen has funds in the percentage basis. All applications form of currency or bank deposits which can from others than commercial banks be enlisted in the war effort in one way or will be allotted in full. The total of another through the purchase of Govern- these securities to be issued thus will ment securities. be the $4,000,000,000 from commercial FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENT OF TREASURY FINANCING banks, plus the full amount subscribed Reserve Bank or at an authorized depositary by others. is received later than December 1. For all classes of subscribers other than Any bank or trust company qualified to commercial banks, subscription books will hold War Loan deposits will be permitted to be opened November 30 for both series, and make payment by credit for securities subwill remain open for several weeks. For scribed for its own account or that of its commercial banks subscription books will customers up to any amount for which it be opened November 30 on thei^ per cent shall be qualified in excess of existing debonds and will remain open until the close posits. of business December 2_, while books will be All elements of the banking and securiopened December 16 on the % per cent ties business will conduct a vigorous camcertificates and will remain open until the paign to assure the widest possible public close of business December 18. In the case purchases of all issues of these securities. of such bank subscriptions, payment for the In conjunction with weekly sales of disbonds must be made on December 11, and count bills, these arrangements will make for the certificates on December 2.8. approximately half the $9,000,000,000 of The 1% per cent bonds will be issued in Treasury borrowing in December available coupon or registered forms, at the option of from non-banking investors, while the the buyers. The % per cent certificates will other half will be made available by combe issued in coupon form only. The bonds mercial banks. The widest possible public will be sold in denominations from $500 to participation is essential in the interest of $100,006, and the certificates from $1,000 to sound financing out of current income and savings. $100,000. The 2>/i per cent bonds, 1% per cent After completion of this borrowing the bonds and V% per cent certificates of in-Treasury does not expect to do further major debtedness will be dated December 1, 1941 financing until February. For its new and will bear interest from that date. Ac- money needs in January the Treasury will crued interest will be charged on all sub- rely upon further sales of Tax Savings Notes, scriptions for which payment at a Federal Savings Bonds, and Treasury bills. 1183 DECEMBER 1941 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 Easy Furniture Co., 92.0 Rossville Avenue, Chattanooga, Tennessee Suspension of License Easy Furniture Co., 45 E. Main Street, Chat- Because of failure to comply with the pro- tanooga, Tennessee visions of Regulation W with respect to credit Ellis Furniture Co., 43 E. Main Street, Chatsales of furniture, the Board of Governors on tanooga, Tennessee November 9, 1942., acting under authority of Clark Brothers Furniture Co., Dalton, Georgia section 5(b) of the Act of October 6, 1917, and Clark Brothers Furniture Co., LaFayette, the President's Executive Order No. 8843, Georgia ordered suspended for one week the license of 2.. They duly filed the Registration Statecertain Registrants who operate furniture stores ment required by the Board's Regulation W in three Southern cities. All the terms of the and were at all times mentioned herein and Board's Order were agreed to by the Registrants now are subject to such Regulation. who gave their assurance that they will hereafter comply with all provisions of the Regula- 3. Before and after May 30, 1942., and contion. The text of the Order is as follows: tinuing through October zi, 1942., they pursued a course of dealing in contravention of ORDER SUSPENDING LICENSE Regulation W and willfully or negligently failed to comply with same. Such willful Otis Clark, Fred Clark and Mrs. Otis Clark, or negligent violations included (a) failure having appeared in connection with alleged to obtain down payments in amounts required violations of Regulation W of the Board of by the Regulation; (b) improper and inade- Governors of the Federal Reserve System (herequate preparation and delivery of Statements inafter called the "Board"), and having waived of Transaction by the omission from such notice and opportunity for hearing before the statements of the deferred balance, cash price, Board and consented to the issuance of this finance charge, and interest, if any, and the Order for the suspension of their license, and time balance; (c) failure to schedule periodic having agreed that: payments in the amounts required by the 1.. They were at all times mentioned herein Regulation; (d) agreeing with customer that and now are partners engaged in the business payment of open charge accounts might be of making instalment sales and charge sales deferred beyond the tenth day of the second of listed articles through furniture stores calendar month following the calendar month which they own and operate under the follow- during which the article was sold; and (e) ing trade names at the following places: using open charge accounts as a means of evasion in selling articles on an instalment Clark Brothers Store No. 1, 1467 Market plan; and Street, Chattanooga, Tennessee Clark Brothers Store No. 2., 613 Market The said Otis Clark, Fred Clark and Mrs. Street, Chattanooga, Tennessee Otis Clark having further agreed and rep- Clark Brothers Store No. 5, 242.1 Glass resented to the Board that, during the period of Street, Chattanooga, Tennessee suspension of their license under this Order, they 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT will close all of the aforesaid stores and discon- issued the following interpretations of Regulatinue all sales including those for cash; that, tion W: upon resumption of business following the termination of this suspension period, they will LOAN SECURED PARTLY BY CREDIT UNION SHARES conform their business to the requirements of The Board has been asked whether section the Regulation; and that they will not, in any 8(b) of Regulation W exempts a loan made by a manner, in their future solicitations or adver- credit union, secured by its shares, to enable the tisements for business indicate or imply that borrower to purchase such shares, if there is an they would grant terms which would be in understanding that the borrower will be percontravention of the Regulation. mitted to withdraw any portion of the share Accordingly, the Board having considered the account, without making an equivalent payconsent, representations, and agreements of the ment on the loan, if the credit union should feel parties named, and under authority of section that such action was warranted by the circum- 5(b) of the Act of October 6, 1917, as amended, stances, as, for example, where the loan was and the Executive Order of the President No. otherwise adequately secured. 8843, hereby orders: An arrangement of the type described would be a violation of the Regulation. In view of 1. That the license of the said Otis Clark, the dual purpose of the loan it could not properly Fred Clark and Mrs. Otis Clark issued purbe considered as a loan ' 'for the purpose of pursuant to the Board's Regulation W be and the chasing" the shares within the meaning of same is hereby suspended for the period comsection 8(b), and if it was originally made for mencing at IX'.OI a.m. November X:L, 1941, the purpose of purchasing such shares but with and ending at 12.:01 a.m. November zy, an understanding that it might later be used 1942., unless said period is sooner terminated for other purposes, the arrangement would by the Board: Provided, that this Order, violate section n(a). during the suspension period, shall not prohibit (a) the carrying on of regular office and EFFORTS TO COLLECT UNPAID OBLIGATIONS accounting work; (b) the receipt of any pay- The Board has received several inquiries rements through the mails or through the garding section io(a)(z) of Regulation W, renormal and usual collection facilities which lating to action taken by a Registrant for his have heretofore been maintained off the own protection with respect to an obligation premises of said stores; and (c) the making of which is in default, and these inquiries are dispayments on any obligations, including obcussed below. ligations to employees for salaries or wages. The first inquiry is whether a Registrant may z. Any terms used in this Order that are discount and receive payments upon an obligadefined in Regulation W shall have the tion which prior to discounting has been remeaning therein given them. newed or revised pursuant to the provisions of By order of the Board of Governors of the section io(a)(z) so as to have a maturity which Federal Reserve System this 9th day of Novem- would not have been permissible under the ber, 1941. Regulation in the first instance. The Board is of the opinion that section (SEAL) 3(a)(3) would not prevent such action by the (Signed) CHESTER MORRILL Registrant, since the renewal or revision is one Secretary. which is expressly authorized by the Regulation. The second inquiry relates to the terms on Interpretations of Regulation W which a Registrant may make a loan to a debtor Since the publication of the November Federal to retire his instalment indebtedness to another Reserve BULLETIN, the Board of Governors has creditor where the maturity of the indebtedness DECEMBER 1941 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT has already been extended by the other creditor authorize the Department of Commerce to perunder section io(a)(2-); form the functions and exercise the powers de- The Board is of the opinion that the Regis- scribed in Title II of the Act of December 18, trant may make such a loan on the same terms 1941, pertaining to Government contracts. as the obligation being retired. The obligation Executive Order No. 9001 is published at page being retired is in conformity with section 105 of the February 1942. Federal Reserve io(a)(V); and section io(c) permits a lender, in BULLETIN, and the Act of December 18, 1941, making a loan to retire a regulated instalment is published at page 12. of the January 1942 credit, to extend terms as liberal as the terms of Federal Reserve BULLETIN. the credit being retired if those terms are in conformity with the Regulation. EXECUTIVE ORDER 92.64 The third inquiry is whether a Registrant EXTENSION OF THE PROVISIONS OF EXECUTIVE who has purchased a delinquent instalment ORDER NO. 9001 OF DECEMBER 17, 1941, TO obligation and has exercised a bona fide col- CONTRACTS OF THE DEPARTMENT OF COMMERCE lection effort, may then revise the obligation under section io(a)(Y) on terms not initially By virtue of the authority vested in me by permissible. Title II of the First War Powers Act, 1941, approved December 18, 1941 (Public Law 354, The Board is of the opinion that this may 77th Congress), and as President of the United be done, but it should be emphasized that the States, and deeming that such action will change in ownership of the paper does not facilitate the prosecution of the war, I hereby change the responsibility of the holder to make extend the provisions of Executive Order No. every effort to collect it in accordance with its 9001 of December uy, 1941, to the Department terms. Furthermore, the revision must not be of Commerce with respect to all contracts made made on terms longer than are necessary in good or to be made by it relating to the prosecution faith for the Registrant's own protection. of the war; and subject to the limitations and The theory of section io(a)(Y) is that an regulations contained in such Executive Order, adjustment with the customer should not be I hereby authorize the Secretary of Commerce prevented if that is the only feasible way in and such other officers as he may designate, which the credit can be collected. Any such to perform and exercise, as to the Department of adjustment must be the last resort (except, of Commerce, all of the functions and powers vested course, litigation) and a measure to be taken in and granted to the Secretary of War, the Seconly after other, means of collection have been retary of the Navy, and the Chairman of the exhausted. United States Maritime Commission by such Each of the foregoing points with respect to Executive Order. section io(a)(i) is consistent with the principle of that section, namely, that it may be applied FRANKLIN D. ROOSEVELT only for the protection of the Registrant who THE WHITE HOUSE, November 5, 1942.. holds the obligation which is in default and who is making the adjustment. Foreign Funds Control Treasury Department Releases Government Contracts Since the publication of the November Executive Order Dealing with War Federal Reserve BULLETIN the following General Contracts Ruling, General Licenses, Public Circulars and There is set forth below the text of an Execu- Public Interpretation relating to transactions tive Order issued by the President on November in foreign exchange, etc., have been issued by 5, 1942., extending the provisions of Executive the Office of the Secretary of the Treasury under Order No. 9001 of December 2.7, 1941, so as to authority of the Executive Order of April 10, 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1940, as amended, and the Regulations issued Act, as Amended by the First War Powers Act, 1941, Relating pursuant thereto: to Foreign Funds Control* General License No. 72., as amended, is hereby amended Treasury Department, Office of the Secretary to read as follows: (1) A general license is hereby granted authorizing the November 8, 1942. following transactions, in which a blocked country or AMENDMENT TO GENERAL RULING No. 11 any.national thereof has, on or since the effective date Under Executive Order No. 8389, as Amended, Executive Order of the Order, had an interest: No. 9193, Sections 3(0) and sQf) of the Trading with the Enemy (a) The filing and prosecution in the United Act, as Amended by the First War Powers Act, 1941, delating States Patent Office of applications for letters patent to Foreign Funds Control. for inventions and designs and for the registration General Ruling No. 11 is hereby amended in the follow- of trademarks and the receipt of letters patent and ing respects: trademark registration certificates issued pursuant (1) The phrase "that portion of France within con- to any such application; tinental Europe" is substituted for the phrase "that (b) The securing and registration of United States portion of France within continental Europe occupied copyrights and the registration of claims to United by Germany or Italy" in paragraph (^XWGO thereof; States copyrights in prints and labels and the and receipt of copyright certificates therefor; (2.) A semicolon is substituted for the period at the (c) The payment from blocked accounts or otherend of paragraph (x)(d) and the following is added: wise, except from accounts in which an enemy na- "provided, however, that the date November 8, 1942. tional has an interest, of fees currently due to the shall be substituted for the date of March 18, 1942. United States Government in connection with any with respect to trade and communication with those transactions authorized herein; enemy nationals who became enemy nationals only (d) The payment from blocked accounts or otherby reason of the amendment of this General Ruling wise, except from accounts in which an enemy on November 8, 1942.." national has an interest, of the reasonable and RANDOLPH PAUL, customary fees and charges currently due to attor- Acting Secretary of the Treasury. neys or representatives within the United States in connection with the transactions referred to in Treasury Department, Office of the Secretary subdivisions (a), (b), and (0 of this paragraph, November 6, 1941 provided that such payment shall not exceed (i) $100 for the preparation, filing, and GENERAL LICENSE NO. X9, AS AMENDED prosecution of any application for letters Under Executive Order No. 8389, as Amended, Executive Order patent; or No. 9193, Sections 3(0) and jQi) of the Trading with the Enemy (ii) $50 for the preparation, filing, and pro- Act, as Amended by the First War Powers Act, 1941, Relating secution of any application for a trademark to Foreign Funds Control* registration; or General License No. 19 is hereby amended by adding the (iii) $2.5 for the securing and registration of following proviso at the end thereof: any copyright; or "povided, however, that this general license shall not (iv) $35 for the preparation and filing of any be deemed to authorize the removal of any coupons for amendment to a pending application for letters collection or otherwise from any General Ruling No. 6 patent or for a trademark registration; and account unless the bonds to which such coupons relate (e) The execution of, or the recording of, any are in such General Ruling No. 6 account." assignment, grant, encumbrance, license, or other RANDOLPH PAUL, agreement or arrangement of, under, or with respect Acting Secretary of the Treasury. to, any United States patent, trademark, or copy- Treasury Department, Office of the Secretary right, or application therefor. (i) Notwithstanding the provisions of General November 17, 1941 Ruling No. 11, the transactions specified in paragraph GENERAL LICENSE NO. 72., AS AMENDED (1) hereof may be effected even though they involve a communication from an enemy national after March 18, Under Executive Order No. 8389, as Amended, Executive Order 1942.. No other transaction which, directly or indirectly, No. 9193, Sections 3(^0) and j(JS) of the Trading with the Enemy * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 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, July 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, 26,1941, Ex. Order 8963, Dec. 9,1941, and Ex. Order 8998, Dec. 26,1941; 1941; Ex. Order 9193, July 6,1942; Regulations, April 10,1940, as amended Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. June 14,1941, and July 26, J941. DECEMBER 1941 II87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT involves any trade or communication with an enemy (3) With respect to each payment authorized by subnational is authorized by this general license. divisions (c) and (d) of paragraph (1) hereof, reports on (3) Attention is directed to Public Circular No. 5, Form TFR-132. shall be executed and filed in the manner and as amended November 17, 1942., issued by the Treasury form and under the conditions prescribed in General License Department, and to General Order No. 11 issued by the No. 31, as amended, except that Item No. 6 of such form shall Alien Property Custodian on November 17, 1941. be left blank, and the purpose for which the payment is RANDOLPH PAUL, made shall be indicated on the reverse side of such form. Acting Secretary of the Treasury. (4) As used herein the term "blocked foreign patent, trademark, or copyright" shall mean any patent, petty Treasury Department, Office of the Secretary patent, design patent, trademark or copyright issued by any foreign country, in which a blocked country or national November 17, 1942. thereof has an interest, including any patent, petty patent, design patent, trademark, or copyright issued by a blocked GENERAL LICENSE NO. 72.A country, provided that the term "blocked foreign patent, Under Executive Order No. 8389, as Amended, Executive Order trademark or copyright" shall not be deemed to include No. 9193, Sections 3(0) and sQ>) of the Trading with the Enemy any patent, petty patent, design patent, trademark, or Act, as Amended by the First War Powers Act, 1941, Relating copyright in which an enemy national has an interest. to Foreign Funds Control* RANDOLPH PAUL, (1) A general license is hereby granted authorizing the Acting Secretary of the Treasury. following transactions by any person who is not a national of any blocked country: Treasury Department, Office of the Secretary (a) The filing and prosecution of any application for November 6, 1942. a blocked foreign patent, trademark, or copyright; (b) The receipt of any blocked foreign patent, trade- PUBLIC CIRCULAR NO. 7A mark, or copyright; (c) The payment of fees currently due to the govern- Under Executive Order No. 8589, as Amended, Executive Order ment of any foreign country, either directly or No. 9193, Sections $(ji) and $(JJ) of the Trading with the Enemy through an attorney or representative in connection with Act, as Amended by the First War Powers Act, 1941, Relating any of the transactions authorized by subdivisions (a) to Foreign Funds Control. General Licenses Nos. yi. and 33 shall not be deemed to and (b) of this paragraph or for the maintenance of any authorize remittances to any individual in Macao. blocked foreign patent, trademark, or copyright; and No remittance shall be made under General License No. 70 (d) The payment of reasonable and customary fees to any person in Macao unless the domestic bank effecting currently due to attorneys or representatives in any such remittance is fully satisfied that the ultimate beneficiary foreign country incurred in connection with any of the is not a national of any blocked country other than Portugal. transactions authorized by subdivisions (a), (b), or (c) of this paragraph, provided that any payments to a RANDOLPH PAUL, Acting Secretary of the Treasury. national of any blocked country shall not exceed— (i) $75 for the preparation, filing, and prosecu- Treasury Department, Office of the Secretary tion of any application for a blocked foreign patent, trademark, or copyright; November 17, 1942. (ii) $2.5 for the preparation and filing of any PUBLIC CIRCULAR NO. 5, AS AMENDED amendment to a pending application for a blocked foreign patent, trademark, or copyright; or Under Executive Order No. 8389, as Amended, Executive Order (iii) $10 for services in connection with the No. 9193, Sections ^(V) and j(£) of the Trading with the Enemy payment of any government tax or annuity or Act, as Amended by the First War Powers Act, 1941, Relating effecting a constructive working of any blocked to Foreign Funds Control* foreign patent, trademark, or copyright. Public Circular No. 5 is hereby amended to read as follows: (2.) Payments effected pursuant to the terms of sub- (1) Reference is made to General Licenses Nos. 72. divisions (c) and (d) of paragraph (1) hereof may not b>e and 72.A issued by the Treasury Department, and to made from any blocked account. Such payments shall be General Orders Nos. 11, 12. and 13, and the regulations made in the manner and under the conditions specified issued thereunder, issued by the Alien Property Cusin paragraph (Y) of General License No. 33, as amended. todian. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 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, December 9, 1941, and Ex. Order 8998, July 26, 1941; Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10 1940, as amended June 14, 1941, and July 26, 1941. 1940, as amended June 14, 1941, and July 26, 1941. 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (i) Pursuant to section 2.(d) of Executive Order No. Department and dealings therein are subject to Executive 9095, as amended July 6, 1941, the Alien Property Cus- Order No. 8389, as amended. todian has assumed full power and authority over the (6) General License No. 72.A authorizes transactions filing and prosecution of applications for United States relating to the filing and prosecution of applications for patents, trademarks and copyrights, and transfers and patents, trademarks or copyrights in any foreign counother dealings with respect thereto, in which a blocked try, the receipt of documents issued in connection therecountry or national thereof has, on or since the effective with, the payment of fees currently due to the governdate of Executive Order No. 8389, as amended, had an ment of any foreign country not within enemy territory, interest. This action was taken through the issuance and, within limitations, the payment of reasonable and by the Alien Property Custodian of General Orders Nos. customary attorneys' fees, in which a blocked country 11, 12. and 13 and regulations thereunder. At the same or national, except an enemy national, has an interest. time, the Treasury Department amended General (7) General License No. 72A does not authorize any License No. 72. so that, to the extent that the Alien transaction involving trade or communication with an Property Custodian has assumed jurisdiction, the enemy national and the Treasury Department will con- Treasury Department relinquishes it under Executive tinue to observe its general policy of denying applications Order No. 8389, as amended. to effect such transactions. (3) In addition, General License No. 72. has been (8) Public Circular No. 5 A is hereby revoked. amended to authorize the payment of fees to the United RANDOLPH PAUL, States Government and, with limitations, the customary Acting Secretary of the Treasury. fees and charges of attorneys in the United States arising in connection with the filing and prosecution in the Treasury Department, Office of the Secretary United States of patent, trademark and copyright appli- Foreign Funds Control cations. Payment is not permitted from an account in which an enemy national has an interest. These pro- October 31, 1^2. visions will facilitate the administration of General Orders Nos. 11, 12. and 13 and regulations issued there- PUBLIC INTERPRETATION NO. 8 under by the Alien Property Custodian. Under Executive Order No. 838p, April 10, 1940, as Amended, and (4) It is to be noted, in connection with General Regulations Issued Pursuant Thereto, Relating to Foreign License No. 72., that transactions relating to United Funds Control. States patents, trademarks and copyrights, which in- Inquiry has been made as to whether remittances may be volve communication from an enemy national have been sent to German or Italian prisoners of war in Australia authorized notwithstanding General Ruling No. 11. pursuant to General License No. 3X. This action was taken by the Treasury Department at The Treasury Department has replied that General the request of the Alien Property Custodian. License No. 31 does not authorize remittances to enemy (5) Jurisdiction over patents, trademarks or copy- prisoners of war in any foreign country. rights in which a blocked interest exists and which are J. W. PEHLE, issued by any foreign country remains in the Treasury Assistant to the Secretary. 1189 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PARTICIPATION BY COMMERCIAL BANKS IN THE WAR FINANCING PROGRAM The following is a letter addressed by Allan Sproul, banks an opportunity to invest their available President of the Federal Reserve Bank of New York, funds more fully, and creates the responsibility to directors and executive officers of all member banks so to do. The policy of continuing to hold in the Second Federal Reserve District: substantial amounts of idle excess reserves is no, longer appropriate nor desirable when such The rapid growth of the armed forces of the huge amounts of funds are required to finance United States and the tremendous expansion of. this country's participation in the war. production of war materials are resulting in a The Federal Reserve System stated on Decemcorrespondingly rapid increase in Government ber 8, 1941, that it is prepared to use its powers expenditures. The rate of war expenditure has to assure that an ample supply of funds is availalready far exceeded the maximum rate during able at all times for financing the war effort. the first World War and is still increasing. Fed- The banks need have no fear that if they invest eral taxes are now producing more revenue than in Government securities, they will run the risk ever before. But the magnitude of the present of inability to meet demands on them for cash war effort is so great that it is requiring a huge and for the maintenance of their reserves at the and still increasing volume of security sales by required levels. Several measures have already the Treasury. been taken by the Federal Reserve System to Vigorous efforts are being made to sell Gov- maintain adequate reserves in the commercial ernment securities to the general public and to banks and to facilitate adjustments in the resavings institutions, and more vigorous efforts serve positions of individual banks. These will be made. Large sums will be obtained in measures include large purchases of Government this way, particularly if the banks increase their securities in the open market; the announcement own efforts to sell Government securities to of a fixed buying rate of % per cent for Treasury non-bank investors, which includes, of course, bills at all Federal Reserve Banks, with the optheir own customers and depositors. For the tion available to the sellers to repurchase, at rest, it will be necessary for the commercial any time before maturity, Treasury bills of a like banks of the country, giving vigorous and con- amount and maturity at the same rate of distinuing support to the war financing program, count; and the lowering of reserve requirements to purchase large amounts of Treasury securities. against demand deposits for central reserve city There can be no question of the willingness of banks, which have sustained a persistent loss of the banks to do their share in providing the reserves since the beginning of 1941. By these Treasury with funds, but it is important that all means, the Federal Reserve System has conbanks participate in this operation, in propor- tributed substantially to the maintenance of tion to their available resources. member bank reserves. A wide distribution of In recent years, banks in this country have the additional reserves which, in the first inbecome accustomed to carrying large amounts stance, have been released in substantial part in of idle funds in excess of their required reserves. the principal centers, has been effected through In the period when bank reserves were increas- Government borrowing in such centers and exing rapidly and when demands for bank credit penditure of the proceeds throughout the counwere limited, it was appropriate, in many cases, try. It has been the general experience of banks for the banks to hold idle excess reserves. But outside of the central reserve cities that, soon the greatly changed situation which has arisen after they have invested surplus funds in new since our entry into the war is now giving the issues of Government securities, their deposits 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS IN WAR FINANCING PROGRAM have increased and their reserves have been Such holdings of idle funds, under war condireplenished by Government expenditures in tions, also deprive the banks of needed earnings. their communities. Bank expenses and taxes inevitably rise in a war period such as this, and at the same time ESTABLISHMENT OF A DIFFERENTIAL deposit liabilities tend to increase much more DISCOUNT RATE rapidly than capital funds. The increased Recognizing that there undoubtedly will be earnings that may be obtained from fuller utiliindividual banks which will not share propor- zation of available resources thus are helpful to tionately or immediately in the increase in the banks, both in covering their expenses and deposits resulting from Government disburse- in providing net income which may be used to ments, or in the increase in reserve funds strengthen their capital positions. The varied resulting from Federal Reserve open market types and maturities of securities now being operations, and that such banks may be subject offered by the Treasury afford banks ample to losses of reserves through currency with- opportunity to employ their available funds drawals or other transactions, this bank has more fully, in the kinds of investments that are just established a discount rate of 3^ per cent suitable to their individual needs. for advances to member banks, secured by Gov- The present war financing situation suggests ernment securities maturing or callable within that banks should now abandon the practice one year or less. This rate supplements the i of holding large amounts of excess reserves, per cent rate for advances secured by longer with the knowledge that by investing their term Government obligations and for redis- funds more fully through purchases of Treasury counts of eligible paper, and is intended to securities, they will be assisting in the war encourage banks, as occasion requires, to obtain effort without sacrificing their ability to meet additional reserves against the pledge of some any demands for cash which may be made upon of their assets, thus avoiding the necessity of them. selling such assets to meet temporary situations. 1 hope that you will review the situation of These various measures constitute assurance your bank, in the light of the considerations that banks will be provided with reserves, by which I have set forth in this letter, and I feel one means or another, as additional reserves are sure that you will not fail to do your full share needed, and they should make unnecessary the in the Government's financing program. continued holding of idle reserves by individual ALLAN SPROUL, banks as a protection against eventualities. President. DECEMBER 1941 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL INCOME TAXES IN THE UNITED STATES, CANADA, AND THE UNITED KINGDOM by R. A. MUSGRAVE Division of Research and Statistics* British and Canadian personal income taxes three income taxes are partly refundable, refund are higher than personal income taxes in the provisions differ greatly in the three countries. United States at most income levels. They are In Canada, at some income levels an important much higher on incomes of about $3,000 to part of the tax is refundable. Refunds are less ^2.5,000. The differences in personal income important in the United States, and very limited taxes on these incomes are, for some taxpayers, in the United Kingdom. In the United States offset to a minor extent by differences in other a large part, and in Canada a somewhat smaller taxes. In the aggregate, taxes other than per- part, of the refunds will in effect be made in the sonal income taxes are slightly heavier in the year immediately following collection of the United Kingdom than in the United States. tax, since taxpayers are allowed credits for In Canada, they are much heavier. alternative types of savings against the refundable portion of their tax liability. In the COMPARISON OF INCOME TAX RATES United States, but not in Canada, voluntary Personal income tax liabilities can be best purchases of savings bonds are permitted as compared in terms of the effective rate, the current credits. In the United Kingdom, no percentage of tax to net income. Net income current credits against refunds are allowed. is the figure arrived at by subtracting from gross Among the lowest income groups income taxes income such deductions as interest payments, in the three countries depend greatly upon the charitable contributions, and other statutory size of the taxpayer's family. Personal exempdeductions, but not the personal exemption tions in the United Kingdom are $32.0 for single and the credit for dependents. The chart and $560 for married taxpayers. (All amounts shows effective rates in the three countries. are in United States dollars.) In Canada, single Amounts of tax payable at various income levels persons with incomes below $600 and married under prevailing revenue laws are shown in persons with incomes below $1,091 are not Table I.1 In the United Kingdom and now in taxed under the income tax. Persons with Canada, income taxes are imposed only by the higher incomes are taxed on their entire income, central government; in the United States, in- not merely, as in the United Kingdom and the come taxes are levied by some of the States, as United States, on income exceeding an excluded well as by the Federal Government. The chart amount. Personal exemptions in the United shows effective rates for the Federal income tax States under the income tax proper are $500 for alone and for the total of Federal and New single and $i,xoo for married taxpayers. Tax- York State income taxes. These rates include payers with dependents, also receive more favorthe 5 per cent Victory tax as well as the Federal able treatment in the United States. For the income tax proper. lowest income groups, these exemptions result Effective rates are shown for both total liabili- in lower liabilities under the income tax proper ties and liabilities net of refunds. While all than in the United Kingdom and Canada. But the addition of the Victory tax makes total liabilities in the United States approximate * Miss Alice Swindlehurst of the Division of Research and Statistics shared in the preparation of the statistical material. more closely the British and Canadian taxes. 1 The schedules are those of the Revenue Act of 1942 for the United States; the Income War Tax Act of 1942 for Canada; and the Revenue For married persons with dependents, taxes in Bill of 1942 for the United Kingdom. NOTE—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 1192. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL INCOME TAXES IN UNITED STATES, CANADA, AND UNITED KINGDOM EFFECTIVE INCOME TAX RATES IN THE UNITED STATES, UNITED KINGDOM, AND CANADA SINGLE. TAXPAYER MARRIED TAXPAYER - TWO DEPENDENTS TOTAL TAXES 90 90 uNITED KINSDOM . 80 y/ 80 / 70 70 60 60 £ 50 CANADA , / / JNITED STATES 50 40 // '/ 40 30 / 30 A/ UNITED STATES 20 / AND 20 J 10 10 / 0 T 0 TOTAL TAXES MINUS REFUNDS 100 ] 100 90 90 80 f 4 UNITED KINGDO / M 80 70 / / /// / f 70 CAJAD 60 / 60 CANAIDA ^UNITE3 STATES ft / 50 / 50 A rED STATES 40 f 40 // 30 A 30 20 A UNITED STATES 20 AND NEW YORK 10 NEW YORK 10 0 \ 0 INCOME. BEFORE EXEMPTIONS (iN U.S. OOLLARs) Effective rates show the percentage of income tax to net income. Net income is arrived at by subtracting from gross income various statutory deductions, but not personal exemptions. Rates for the United States include the Victory tax. Pound sterling and Canadian dollars are converted into United States dollars at $4.00 and $.91, respectively. Net incomes are shown on a ratio scale. the United States now exceed those in the other in Canada and the United Kingdom. For two countries. The higher level of taxes on married taxpayers with two dependents, taxes the incomes of relatively large families is at- net of refunds * in the three countries compare tributable to the fact that single taxpayers, in about the same way as total income taxes. under the Victory tax, receive the same $624 Beginning with incomes of about $1,000 for exemption as taxpayers with large families. single taxpayers and about $1,500 for married Because of these differences in amounts of taxpayers, both British and Canadian rates climb exemptions and their application, single tax- rapidly above those paid in the United States. payers with incomes of more than $600 pay If refunds are excluded, this spread begins to lower taxes here. For married taxpayers with open at a slightly higher income level. two dependents, total rates up to about $1,2.00 The spread between effective rates here and in are highest in the United States. If rates are Britain or Canada is widest over the middle considered net of refunds, single taxpayers with income range from about $3,000 to $15,000 but income under $1,000 pay about the same here as remains substantial to well above the $2.5,000 DECEMBER 1942. 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL INCOME TAXES IN UNITED STATES, CANADA, AND UNITED KINGDOM level. A single taxpayer with a net income of at an income of slightly above $500,000 and $5,000, for instance, has a total liability of remains at that level, while British and Canadian $1,167 in tne United States, compared to $1,975 rates go beyond it. The inclusion of New in the United Kingdom, and $2., 180 in Canada. York State income taxes adds relatively little At the $10,000 level, total liability in the United to total taxes on large incomes. Refunds are a States amounts to less than $3,000 compared negligible part of total liabilities at high into over $4,600 in the United Kingdom, and over come levels. $5,100 in Canada. Other examples may be In a comparison of income taxes, it is difficult taken from'Table I. Until recently, Canadian to make accurate allowance for differences in taxes were much lower than British taxes, the tax treatment of various kinds of income. especially for incomes up to $50,000. This These differences, which are particularly immargin has now been eliminated and some in- portant at high income levels, affect such items comes are taxed more heavily in Canada than as income from tax-exempt securities, capital in the United Kingdom. A comparison of the gains and losses, and the rental values of ownercharts showing total, with the charts showing occupied homes. Dividend income in most net, effective rates indicates that these additions cases is taxed more heavily here than in the to the Canadian tax structure have been made United Kingdom. largely refundable. In the United States, corporate net income is Over the higher income ranges, rates in the taxed under the corporate net income tax and, to United States approach, but never reach, those the extent that it is distributed as dividends, it in Canada and Great Britain. The Federal in- is taxed again under the personal net income come tax reaches an effective rate of 90 per cent tax. In the United Kingdom, the corporate net income tax is merely a device for collecting TABLE I personal income taxes on corporate net income INCOME TAX LIABILITY IN UNITED STATES, UNITED at the source. Corporate net income is taxed KINGDOM, AND CANADA at a rate equal to the standard rate of personal [In United States dollars]1 income tax, but the individual stockholder is # Net United States2 United Kingdom3 Canada4 not required to pay the standard rate again on income before ex- that part of his income represented by dividends emptions Total Refund Total Refund Total Refund and he receives a refund if the tax withheld Single, no dependents from his dividends exceeds his aggregate per- $1,000 $113 $6 $189 $48 $190 $80 sonal income tax liability. 2,000 353 20 624 106 628 160 5,000 1,167 62 1,975 205 2,180 400 10,000 2,914 131 4,620 240 5,229 727 20,000 7,896 270 11,340 240 12,069 727 50,000 28,558 500 36,550 240 36,318 727 CONVERSION OF TAX LIABILITIES INTO UNITED 100,000 70,165 500 84,200 240 82,531 727 STATES DOLLARS Married, two dependents The pound sterling and Canadian dollar have $1,000 $24 $11 2,000 93 35 $304 $114 $275 $138 been converted into United States dollars at the 5,000 839 109 1,655 225 1,747 600 10,000 2,438 231 4,300 260 4,698 1,091 official exchange rates of $4 per pound sterling 20,000 7,168 475 11,020 260 11,336 1,091 1 5 0 0 0 , , 0 00 0 0 0 6 2 9 7 ,t5 0 9 0 2 3 1 1 , , 2 2 0 0 0 0 3 8 6 3 , , 2 9 5 0 0 0 2 2 6 6 0 0 3 80 4 , , 1 9 9 8 8 5 1 1 , , 0 0 9 9 1 1 and 91 cents for Canadian dollars. It is difficult to find a wholly satisfactory basis for 1 Pounds sterling and Canadian dollars converted at $4.00 and $0.91 conversion. For the purpose of tax comparirespectively. 2 Includes income tax and Victory tax. Income tax liability is com- sons, foreign currencies should be converted puted on the basis of the Revenue Act of 1942 and maximum earned income credit is given. Victory tax liability is computed on the basis into United States dollars at rates reflecting of a gross income, assumed to be 110 per cent of the net income shown in the left column. the relation between the dollar's purchasing »Liabilities under prevailing rates effective for income earned during the fiscal year 1941-42. It is likely that rates on income earned power to the American taxpayer and the purduring the current year will be higher. Maximum earned income cred 4 i L t i i a s b g i i l v it e ie n s . are computed on the basis of the Income War Tax Act chasing power of the foreign monetary unit to of 1942. Income in excess of $33,000 is assumed to be investment the foreign taxpayer. The pound sterling may income. 11 4 9 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL INCOME TAXES IN UNITED STATES, CANADA, AND UNITED KINGDOM have greater purchasing power than its dollar TABLE II equivalent at the official exchange rate. If this ESTIMATED TAX RECEIPTS IN THE UNITED STATES, is the case, comparable tax rates in the United CANADA, AND THE UNITED KINGDOM, Kingdom would lie slightly to the right of those FISCAL YEAR 1942-1943 shown on the charts. U S n ta it t e e d s U K d n i o i n t m e g d - C ad an a - Millions of United States Dollars: DIFFERENCES IN THE AGGREGATES OF OTHER TAXES 1. National income $130,000 $28,000 $6,400 2. Central Government taxes 21,800 9,400 2,000 3. Other Government taxes 10,000 900 500 A comparison of income taxes may be mis- 4. Total taxes. 31,800 10,300 2,500 5. Personal income taxes 8,200 4,000 500 leading if no allowance is made for differences 6. Business income taxes 8,600 1,700 700 in other taxes. The total revenue structures 8 7 . . E Pr x o c p is e e r s t y a n ta d x e m s iscellaneous 4,700 900 200 taxes 10,300 3,700 1,100 of the three countries are shown in Table II. Per Cent of National Income: All figures refer to the fiscal year 1942.-43. 9. Total taxes 24.5 36.8 39.1 Total taxes and compulsory savings imposed 1 1 0 1 . . B Pe u r s s i o n n es a s l i i n n c c o o m m e e t t a a x x e e s s 6 6. . 6 3 1 6 4 . . 1 3 1 7 1 . . 8 0 by all governmental bodies as percentages of 1 1 2 3 . . E P x ro c p is e e r s t y a n t d ax m es iscellaneous 3.6 3.2 3.1 national income are estimated at 39 for Canada, taxes 8.0 13.2 17.2 Per Cent of Total Taxes: at 37 for the United Kingdom, and at 2.5 for 14. Personal income taxes 25.8 38.9 20.0 the United States.2 The share of personal in- 1 1 5 6 . . B Pr u o s p in e e r s ty s i t n a c x o e m s e taxes 2 1 7 4 . . 0 8 1 8 6 . . 7 5 2 8 8 . . 0 0 17. Excises and miscellaneous come taxes in the revenue total is greatest in taxes 32.4 35.9 44.0 the United Kingdom and smallest in Canada. Per Cent of (4) minus (5): 18. Business income taxes 36.5 .27.0 35.0 Personal income taxes (including refunds) as 19. Property taxes 19.9 14.3 10.0 percentages of total taxes are estimated at 39 20. Excises and miscellaneous taxes 43.6 58.7 55.0 for the United Kingdom, z6 for the United NOTES.— Item.l. Estimates for national income are at production cost. The States, and xo for Canada. The percentage estimate for the United States is based on the Department of Commerce definition of national income, which differs from the definition used of personal income taxes to national income is in the United Kingdom. On the basis of the British definition, national income in the United States is estimated at 142 billion dollars for the estimated at 14 for the United Kingdom and fiscal year 1942-43. The estimate for national income in the United Kingdom is derived from extrapolation of figures presented in the about 7 for the United States and Canada. Al- British White Paper on War Finance, 1942 (Cmd. 6347). The estimate for Canada is based on a figure of 5.9 billion United States dollars for though the Canadian income tax rates are the fiscal year 1942 (Plumptre, Mobilizing Canada's Resources for War, p. 288). much higher, they produce but little more Item 2. The figure for the United States includes 18 billion dollars under the Revenue Act of 1941 (based on estimate by the Division of revenue, relative to national income, than the Research and Statistics, United States Treasury, April 1942), plus 3.8 billion under the Revenue Act of 1942. Federal tax receipts during American tax. This is explained partly by the the current fiscal year do not yet reflect the full additional yield of the Revenue Act of 1942. If the full annual yield under the new bill is inclusion of some payroll taxes in the United included and a somewhat higher income level allowed for, Federal tax receipts are estimated at 27 billion. (Based on revenue estimates States figure under this heading and partly by by Division of Research and Statistics, United States Treasury, October 1942.) The figures for the United Kingdom and Canada are the differences in income distribution here and in official estimates given in the British and Canadian budget statements. Item 3. The figure for the United States includes an estimated 5 Canada. Taxes other than personal income billion dollars for State and 5 billion for local tax receipts. The figure for Canada is based on estimates by the Dominion Bureau of Statistics taxes, expressed as percentages of national in- and the Bank of Canada. The figure for the United Kingdom is based on the White Paper, Table IV. come, are estimated at 31 for Canada, i.], for Item 5. The figure for the United States includes 7.3 billion dollars from Federal income tax and Victory tax, 600 million from employees' the United Kingdom, and 18 for the United contributions under the Federal Insurance Contribution Act, and 300 million from State income taxes. States. Item 6. The figure for the United States includes 8.3 billion dollars from Federal corporate net income and excess profits taxes (including capital stock tax and excluding postwar credits under excess profits tax- taken currently) and 300 million from State taxes. The figure for the United Kingdom includes the National Defense Contribution and 2 All percentages are estimated on the basis of tax receipts for the excess profits tax. The figure for Canada includes the corporate infiscal year 1942-43. For the United States, receipts over this period come and excess profits tax. do not yet reflect the full increase in the annual yield of Federal taxes Item 7. The figure for the United States includes 4.4 billion dollars under the Revenue Act of 1942. If the full annual yield under this from local, and 300 million from State sources. Act is allowed for, total tax receipts as percentage of a national income Item 8. The figure for the United States includes 5.6 billion dollars of 130 billion dollars are estimated at 28.5. For the calendar year for Federal taxes, 4.1 billion from State taxes (including Unemploy- 1942, total tax receipts are estimated at 23.6 per cent of national income. ment Compensation taxes) and 600 million from local taxes. Federal The income estimates are based on the definition of national income taxes include payroll tax receipts not included with personal income used in the respective countries. National income computed on the taxes. basis of the British definition exceeds national income computed on Item 9. If full annual receipts under the Revenue Act of 1942 are inthe basis of the Department of Commerce definition commonly used cluded, total tax receipts in the United States are estimated at 28.5 in the United States. If the national income estimate for the United per cent of national income of 130 billion dollars. If United States States is adjusted to the British definition, tax receipts for the current income is estimated on the basis of the British definition, United States fiscal year are 22.4 per cent of national income, compared to 24.5 per tax receipts for the fiscal year 1943 are estimated at 22.4 per cent of the cent shown above. adjusted national income. DECEMBER 1941 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONAL INCOME TAXES IN UNITED STATES, CANADA, AND UNITED KINGDOM In the United Kingdom, personal income income in the United States compared to 13 in taxes are a larger share of national income than the United Kingdom and 17 in Canada. in the United States, while other taxes are Property taxes are a larger share of tax reabout the same, relative to national income. ceipts in the United States than in Canada or the In Canada, other taxes are a considerably larger United Kingdom. British property tax rates, share of national income than in the United in particular, are considerably lighter than States, while personal income taxes (notwith- property tax rates in the United States, even after standing much higher rates) make up about allowing for differences in valuation practices, the same share. but this differential in property taxes is. slight, compared to the existing differences in income DIFFERENCES IN THE DISTRIBUTION OF OTHER tax rates. On a property worth $10,000, for TAXES instance, typical property taxes in the United Kingdom may be estimated at $65, compared Differences in other taxes paid in the three with about $170 in the United States.3 The countries may offset the lower level of American property owner in the United States thus pays income taxes for some income groups and may an additional $2.05 in property taxes. Exincrease the tax difference for others. Excises pressed as a percentage of his income of, say, and property taxes are paid primarily by lower $5,000, this would amount to 4 per cent, or and middle income groups; taxes on business less than one quarter of the excess of British over net income are paid primarily by the middle American income tax rates on a $5,000 income. and higher income groups. Lower taxes on The British home owner loses part of what he business net income in the British tax structure saves in property taxes, because he is taxed on provide some offset to the spread between the rental value of his home under the personal United States and British income taxes in the income tax. upper income ranges. Over the lower ranges, other taxes probably increase, rather than diminish, the spread between United States income taxes and those of the other two countries. iviicnaei vaiey, regional uinerences in .Kates ana K.aieaDie vaiues m Sales and miscellaneous taxes, paid primarily by England and Wales, 1921-36", Quarterly Journal of Economics, p. 632.) and a median adjusted rate of 27 per mill for the United States. (Social lower income groups, are 8 per cent of national Security Board, The Fiscal Capacity of the States, Third Edition, Revised 1940, p. 406.) II96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of Federal Advisory Council Death of Branch Director The fourth meeting of the Federal Advisory George F. Rand, President of the Marine Council during the current year was held in Trust Company, Buffalo, New York, who had Washington on November 15-16. On November served as a director of the Buffalo Branch of the 16 the members of the Council met with the Federal Reserve Bank of New York since Board of Governors. January 1, 1940, died November 19, 1942.. Mr. Rand also served as a director of the Election of Class B Director Buffalo Branch from January 1, 1919 to De- The Federal Reserve Bank of Chicago on cember 31, 1936. November 17, 1942. announced the election of Mr. C. W. Avery, President and Chairman, Admissions of State Banks to Membership in the Federal Reserve System Murray Corporation of America, Detroit, Michigan, as a Class B director of the Bank to fill the The following State banks were admitted to unexpired portion of the term ending December membership in the Federal Reserve System dur- 31, 1943. Mr. Avery succeeds Mr. Charles B. ing the period October 16, 1942., to November Van Dusen, who resigned. 15, 1941, inclusive: Mr. Avery had served as a director of the Illinois Detroit Branch of the Federal Reserve Bank of Chicago since January 1, 1941, and resigned Buffalo—Farmers State Bank of Buffalo that position upon election as a Class B director. Indiana Appointment of Class C Director Ladoga—The Ladoga State Bank The Board of Governors of the Federal Re- Petersburg—The Citizens State Bank of Petersserve System pn November 17, 1942., announced burg the appointment of Mr, Paul G. Hoffman, President of the Studebaker Corporation, South Maryland Bend, Indiana, as Class C Director of the Fed- St. Michaels—St. Michaels Bank eral Reserve Bank of Chicago for the unexpired portion of the term ending December 31, 1943. Massachusetts Appointment of Branch Directors Quincy—Granite Trust Company The Board of Governors of the Federal Reserve System on November 6, 1941, announced Texas the appointment of Mr. Holman Cartwright, Rockwall—The First State Bank Twin Oaks Ranch, Dinero, Texas, as a director of the San Antonio Branch of the Federal Re- Virginia serve Bank of Dallas, for the unexpired portion Bowling Green—Union Bank and Trust Comof the term ending December 31, 1943. pany On November i.^, 1941, the Board announced the appointment of Mr. Y. Frank Freeman, West Virginia Vice President, Paramount Pictures, Inc., as a director of the Los Angeles Branch of the Bruceton Mills—Bruceton Bank Federal Reserve Bank of San Francisco for the Wyoming unexpired portion of the term ending December 31, 1943. Gillette—Stockmen's Bank DECEMBER 194Z 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Award of Minute Man Flag u i l for the purchase of War pay ro savngs pan On November 6, 1941, at a brief ceremony Savings Bonds. During the month of October, held in the Board Room of the Federal Reserve the Board's personnel, which has been par- Building, Washington, D. C, Rear Admiral ticipating 100 per cent in the pay roll savings Charles Conard, Chairman of the Interdepart- plan since last June, exceeded the 10 per cent mental War Savings Bond Committee, presented goal established by the Secretary of the Treasto Chairman Marriner S. Eccles, on behalf of ury. The ratio of deductions to gross salaries the Board's organization, an honor certificate in the Board's plan during the thirty days endand a Minute Man flag for achievement in the ing November 15, 1942. was 10.7 per cent. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY- OF BUSINESS CONDITIONS Compiled November ig and released for publication November 25. Figures shown on charts may differ from preliminary figures used in text. Industrial output expanded further in October foods, especially canning, was unusually large and the first half of November. Retail food for this time of year and output of textiles conprices continued to advance while prices of tinued at a high level. Mineral production, other commodities generally showed little which usually increases in October, declined change. Distribution of commodities to con- slightly this year owing chiefly to a decrease in sumers was maintained in large volume. coal production which had been maintained in large volume throughout the summer. PRODUCTION Value of construction contracts awarded in Industrial production continued to advance October increased somewhat over that of Sepin October and the Board's seasonally adjusted tember, according to reports of the F. W. Dodge index rose 3 points to 188 per cent of the 1935- Corporation. Publicly-financed projects con- 1939 average. Gains in armament production tinued to account for over 90 per cent of total accounted for most of the increase, and it is awards. estimated that currently well over 50 per cent The Department of Commerce estimates that, of total industrial output is for war purposes. in the third quarter of 1942., expenditures for In lines producing durable manufactures, apnew construction amounted to 4.Z billion dolproximately 80 per cent of output now consists lars, of which 3.5 billion came from public funds. of products essential to the war effort. For the first nine months of this year the corre- Steel output reached a new high level in Octosponding figures were 10.2. and 7.7 billion dolber as production expanded to 100 per cent of lars. Construction of military and naval facilirated capacity. In the first half of November ties and of industrial buildings accounted for output declined slightly to around 99 per cent, the bulk of the expenditures. reflecting some shutdowns for furnace repairs, according to trade reports. Activity in indus- DISTRIBUTION tries producing nondurable goods declined less Department store sales increased in October than seasonally in October. Production of and the Board's seasonally adjusted index rose DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION <i00 / 180 y 160 r / 140 120 y \ 1 y \ 100 J \ / v 80 80 1936 1937 1938 1939 1940 1941 1942 Federal Reserve monthly index of physical volume of production, Federal Reserve monthly indexes of value of sales and stocks, adadjusted for seasonal variation, 1935-39 average = 100. Latest figures justed for seasonal variation, 1923-25 average = 100. Latest figures shown are for October 1942. shown are for October 1942. DECEMBER 1941 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS to 1x9 per cent of the 19x3-19x5 average as Additions to member bank reserve balances compared with 1x3 in September and 130 in during the four weeks ending November 18 August. In the first half of November sales were the net result of an increase of 500 million increased further and were 17 per cent larger dollars in Reserve Bank holdings of Governthan in the corresponding period last year, ment obligations, which approximately covered reflecting in part price advances of about 10 the continued heavy currency drain, and a deper cent. crease of xoo million in Treasury balances at the Railroad shipments of freight were main- Reserve Banks. tained in large volume during October and de- Holdings of Government securities by reportclined seasonally in the first half of November. ing banks in 101 cities increased by 1.9 billion dollars to X4 billion during the four weeks end- COMMODITY PRICES ing November 11. Almost half of the increase Retail food prices continued to advance occurred at New York City banks. There were sharply from the middle of September to the substantial increases in holdings of Treasury middle of October and further increases are notes, bonds, and certificates, and a smaller indicated in November. Prices of most other increase in Treasury bills, while holdings of goods and services increased slightly in this guaranteed obligations declined. These changes period. In the early part of October maximum reflected new offerings and retirements by the price controls were established for a number of Treasury during the period. additional foods. Maximum price levels for Commercial and industrial loans at reporting many other food products have been raised, member banks in leading cities increased somehowever, and the Office of Price Administration what during the first two weeks of November. reports on the basis of a recent survey that in Brokers' loans in New York City increased numerous instances sellers are not complying around Government financing dates, but subsefully with the regulations now in effect. quently declined. BANK CREDIT UNITED STATES GOVERNMENT SECURITY PRICES Excess reserves of member banks were x.5 Prices of United States Government securities billion dollars in the middle of November, a were steady in the four weeks ending Novemsomewhat higher level than generally prevailed ber 18. Long-term taxable bonds yielded X.3X in the preceding four months. At New York per cent, and 3-month Treasury bills sold at a City banks excess reserves amounted to about yield of 0.37 per cent. 500 million dollars. COST OF LIVING EXCESS RESERVES OF MEMBER BANKS 1.50 130 B8ILLIONS OF DOLLARS 120 120 110 no ALL ITEMS 100 «S 100 90 90 130 \.r/-130 20 120 CLOTHING W 10 I r no RENT 00 x —•-. ^f 100 90 90 80 J 80 . 1936 1937 1938 1939 1940 1941 1942 Bureau of Labor Statistics' indexes, 1935-39 average = 100. Fif- 1936 1937 1938 1939 1940 1941 teenth of month figures. Last month in each calendar quarter through September 1940, monthly thereafter. Latest figures shown are for Wednesday figures, partly estimated. Latest figures shown are for October 1942. November 25, 1942. I2JOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items .... 1103 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1^04 Federal Reserve Bank statistics 1105-1x09 Reserve position of member banks; deposits in larger and smaller centers 1x10 Money in circulation IXII Gold stock and gold movements; bank suspensions; bank debits. . . IXIX All banks in the United States, number, deposits, loans and investments 1x13 Condition of all member banks 1x14-1115 Weekly reporting member banks 1x16-1119 Commercial paper, bankers* acceptances, and brokers' balances.... 1110 Money rates and bond yields..... 1111 Security markets ixxx Corporate profits 1XX3-1XX4 Treasury finance .. IXX5-1XX7 Governmental corporations and credit agencies; Postal Savings System 1XX8-1X30 Business indexes 1x31-1x41 Department store statistics 1X4X-1X43 Wholesale prices 1x44 Current statistics for Federal Reserve chart book .. 1x45-1x47 November crop report, by Federal Reserve districts 1x47 Changes in number of banks and branches in the United States. . 1x48 Condition of insured commercial banks in United States and possessions, June 30, 194X and December 31, 1941 1x49 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 01 the agencies concerned; data on money and security markets and commodity prices and other scries on business activity arc obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. DECEMBER 194X I2.OI 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 BALANGES TREASURY CASH AND DEPOSITS 1936 1937 1938 1939 1940 1941 1942 Latest figures for November 25. See page 1203. I2XX2L FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Treas- balances U. S. Government Treas- ury de- Other Date : B o d e u i i s l d n - ls t- Total se T cu r a b u e r n i r a i l d y t l s i s - es o A th l e l r ot A h l e l r* Total s G to o c ld k s r t i u c o e a n u n r u n g y c r t d - - y - M i c n t u i o c o l n a i n e r - - y T c h u r a o e r s l a y h d s - - F B p e s w o d a R e i s n r e e t i v - r h k t a e s s l b p m N e o r e o s m n i d t - e s - - c s F o e e R a e u r r c v e a d n - e - l - ts Total Excess2 certificates Monthly averages of daily figures: 1941—Aug 2,184 2,184 92 2,284 22,700 3,173 9,839 2,360 829 1,839 286 13,004 5,017 Sept 2,184 2,184 101 2,297 22,740 3,188 10,061 2,379 476 1,836 289 13,184 5,116 Oct 2,184 2,184 130 2,322 22,779 3,208 10,270 2,220 525 1,905 292 13,097 5,001 1942—Aug 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 3,488 1,100 2,388 224 3,722 22,750 3,346 13,441 2,208 254 1,321 294 12,299 2,300 Oct 4,013 1,130 2,883 268 4,290 22,752 3,361 13,951 2,233 349 1,345 290 12,234 2,328 End of month figures: 1941—Aug. 31 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.... 2,184 2,184 69 2,264 22,761 3,198 10,163 2,281 423 1,838 292 13,227 5,169 Oct. 31 2,184 2,184 119 2,309 22,800 3,219 10,364 2,207 987 1,899 290 12,580 4,557 1942—Aug. 31 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.... 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. 31 4,667 1,207 3,459 282 . 4,959 22,740 3,368 14,210 2,261 252 1,326 283 12,735 2,644 Wednesday figures: 1942—Jan. 7 2,254 2,244 128 2,386 22,742 3,248 11,109 2,220 663 1,376 29f 12,717 3,385 Jan. 14 2,254 2,244 133 2,390 22,740 3,252 11,062 2,224 419 1,395 291 12,992 3,561 Jan. 21 2,250 2,244 130 2,383 22,750 3,255 11,077 2,204 284 1,387 291 13,145 3,584 Jan. 28 2,243 2,243 92 2,339 22,744 3,256 11,097 2,196 302 1,379 290 13,075 3,479 Feb. 4 2,243 2,243 70 2,316 22,738 3,259 11,231 2,201 376 1,367 289 12,849 3,326 Feb. 11 2,243 2,243 86 2,331 22,741 3,263 11,319 2,194 319 1,310 288 12,905 3,357 Feb. 18 2,250 2,250 151 2,404 22,712 3,264 11,339 2,181 264 1,251 288 13,058 3,460 Feb. 25 2,262 2,262 125 2,392 22,715 3,266 11,422 2,189 798 1,154 288 12,521 2,878 Mar. 4 2,262 2,262 134 2,402 22,705 3,269 11,518 2,180 287 1,270 286 12,835 3,208 Mar. 11 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 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 2,244 2,244 76 2,326 22,684 3,274 11,462 2,175 472 1,352 296 12,527 2,847 Apr. 1 2,244 2,244 86 2,339 22,672 3,277 11,593 2,187 362 1,354 295 12,496 2,999 Apr. 8 2,243 2,243 134 2,384 22,675 3,279 11,610 2,177 190 1,350 295 12,715 3,169 Apr. 15 2,254 10 2,244 152 2,415 22,678 3,280 11,624 2,166 301 1,485 295 12,502 2,886 Apr. 22 2,296 48 2,247 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 Apr. 29 2,350 89 2,261 86 2,443 22,689 3,286 11,723 2,186 128 1,421 297 12,662 2,815 May 6 2,436 137 2,299 128 2,572 22,703 3,291 11,845 2,193 376 1,413 295 12,444 2,691 May 13 2,484 185 2,299 119 2,612 22,706 3,294 11,861 2,191 • 158 1,440 295 12,667 2,925 May 20 2,445 145 2,299 128 2,578 22,709 3,299 11,888 2,188 304 1,427 293 12,486 2,565 May 2T 2,489 183 2,306 2,584 22,712 3,302 11,971 2,197 239 1,430 293 12,467 2,535 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 1,358 293 12,653 2,783 2,568 252 2,316 135 2,708 22,717 3,310 12,176 2,213 92 1,333 293 12,629 2,782 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,189 160 1,277 304 12,706 2,791 2,583 254 2,329 110 2,698 22,735 3,313 12,231 2,191 139 1,358 303 12,523 2.648 July 1... 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 1,341 297 12,192 2,259 July 8... 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 1,353 297 12,246 2,322 July 15.. 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 1,302 295 12,042 2,065 July 22.. 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 1,347 295 12,551 2,296 July 29.. 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 1,411 296 12,545 2,196 Aog. 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 i,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... 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 4,494 22,745 3,363 13,995 2,238 521 1,254 290 12,304 2,352 Oct. 28.. 9 4,441 1,137 3,304 127 4,578 22,739 3,366 14,082 2,249 372 1,448 286 12,246 2,158 Nov. 4... 11 4,551 1,064 3,486 119 4,680 22,739 3,369 14,312 2,260 361 1,363 283 12,211 2,118 Nov. 11.. 10 4,658 1,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18. 8 4,695 1,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25.. 10 4,843 1,117 3,725 229 5,083 22,742 3,377 14,648 2,239 68 1,233 267 12,746 2,518 1 r I R n e c v lu is d e e d s . # industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves BULLETIN for August 1935, pp. 499-500. DECEMBER 1942. 12.03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect November 30, 1942. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured G A o d v v e a rn nc m e e s n s t e s c e u c re u d ri t b ie y s o r t i h A ti e d e r s v , G a n a o n c v e d e s r d n s i e m s c c e u o n r u e t n d t s s e b c y o u f -J Other securedfadvances by n d o i t r e e c x t c o ee b d li i g n a g t i 9 o 0 n d s a o y f s — the la U st . p S a . r. ( m Se a c t . u 1 r 3 it ) ies Federal Reserve Bank w m i a th tu in ri n o g n e o r y e c a a r l la (m bl a e - an l d ig i a b d l v e a p n a c p e e s r s e ( c m u a re tu d r b i- y [ in m g a t 4 u m rit o i s e . s — n S o e t c e . x 1 c 0 e ( e b d ) - ] tu 9 ri 0 t i d es a y n s o — t S e e x c c . e e 1 d 3 i ) ng da t y ie s s — n S o e t c e . x 1 c 3 e e a d n in d g 1 9 3 0 a)1 To nonmerrtber banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective B N P R A C M S K C D S h a t o i e h l t a a . i c e n l i w s i n n l l a h v c l L t a n s a o n a F m e a o d e Y s n g t l r s u a a e a o a o o p n l i n n s p C o d r d c h k l i i i t i s s . y a c .. o . O O O O O O O O O O O O c c c c c c c c c c c c t t t t t t t t t t t t . . . . . . . . . . . 2 2 2 2 1 2 1 1 2 1 3 3 8 7 7 7 7 7 7 7 5 0 8 0 , , , , , , , , , , , , M M M M M A A F M S A A e p e a u a a a a p p a p r b r g r r r r r r r t . . . . . . . . . . . . 2 2 2 2 2 2 1 1 1 1 8 1 1 4 8 5 1 4 4 1 1 1 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 3 4 4 4 4 4 4 4 4 3 2 2 9 2 2 2 2 2 2 2 2 9 O O O M O A O S O O O O e c c c u c c c c c c a p f t t t t t t g t t r . . . . . . . . . t . . . 3 2 3 2 2 1 2 2 1 1 1 1 0 7 8 0 8 7 2 7 4 9 5 7 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 M M A A M S S S S A S S e p a e e e u a e e a p p p p p p p r g r r r r t t t t t t . . . . . . . . . . . . 2 2 1 1 2 1 1 1 1 1 1 5 4 1 4 8 6 6 1 6 6 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 1 9 9 9 9 9 9 9 4 9 9 9 9 3 4 3 3 4 4 4 3 3 3 2 3 9 2 9 9 2 2 2 9 9 9 9 h 2 2 2 O O O O O O O O O O O O c c c c c c c c c c c c t t t t t t t t t t t t . . . . . . . . . . . . 3 2 2 3 2 1 2 2 1 1 2 1 0 8 7 7 7 0 7 5 7 8 7 7 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 1 Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively. Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL, RESERVE BANK .RATES ON JNDUSTRIAL AD- VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity N R o a v te . o 3 n 0 In g i e n f n fe in c g t — be- Pre ra v t i e ous [In effect November 30. Per cent per annum] Treasury billsl Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions Ba 1 n - k e 9 r 0 s ' d a a c y c s eptances :2 y* Oct. 20, 1933 1 businesses 91-120 days do 1 121-180 days do IX Discounts o Federal Reserve purchases 1 Established" rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. On On On com- 2 Minimum buying rates on prime bankers acceptances. advances1 portion On re- mitments for which maining institu- portion tion is MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent.of deposits] N Bo ew st o Y n ork ( 0 24 Net demand deposits1 Time Philadelphia.. deposits Cleveland C re e c s n i e t t r y r v 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 Ch i t c l i h c a a m n g t o o a n .. d . . . 8 8 banks St. Louis.. 2 June 21, 1917-Aug. 15, 1936 13 10 Minneapolis (2) 3 Aug. 16, 1936-Feb. 28, 1937 19^ 15 Kansas City Mar. 1 1937-Apr. 30, 1937 22% 17 12M Dallas M Ap a r y . I6 1 i 1 19 9 3 3 8 7 - - O A c p t r . . 3 1 1 5 , , 1 1 9 9 4 3 1 8 26 2 1 0 7 1 1 4 2 San Francisco 8 N S A E e f o u f p g v e t c . . . t 2 i 1 v 0 1 4 e , , , 11 1 1 O 9 9 9 9 c 4 4 4 2 t 2 1 2 . S - - - A S O 3, e u c „ p t 1 g . t 9 . . 4 1 1 1 2 3 9 2 3 , , , , 1 1 1 19 9 9 94 4 4 42 2 2 2 2 2 2 2 6 4 2 0 2 2 2 2 0 0 0 0 1 1 1 1 4 4 4 4 1 2 3 4 R M R In a a a c t t 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 w d w a e t e e e r i r n . a l e s p s a s c 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 e r r n w o t w i t r h e a r t f e i b n . y an c fi i n n a g n c in in s g ti t i u n t s io ti n tu s. tion, if lower. 1 See footnote to table on p. 1210 for explanation of method of computing 6 Financing institution is charged X 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 e n o 1 r w 9 s 3 it 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 9 p 3 er 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 F F o o l r r i s l s t o e h d a o n r s s t e b s c a y u l r e b i s t a i , e n u s k n , s d u o e n r n d e R s r t e o g R c u e k l g s a , u t i l u o a n n ti d o T e n r T Regulation U 3 55 4 4 5 0 0 0 O P S o a th v s e i t n a r l g d s s e a d p v e o i p n s o i g t s s s i t d p s e a p ya o b s l i e ts : ... 38 In 6 months or more lReg. T andU limit the amount of credit that may be extended on a In 90 days to 6 months security by prescribing a maximum loan value, which is a specified In less than 90 days 1 percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective February 1, 1936, are the 2 Requirement under Reg. T was the margin "customarily required" same as those in effect for member banks. Under Regulation Q the rate by the broker. 3 Reg. U became effective May 1, 1936. p ra a t y e a b p l a e y b ab y le a m by e m S b t e a r te ba b n a k n k m s a o y r n t o ru t s i t n c a o n m y p a e n v i e e n s t o e n x c li e k e e d d t e h p e o s m it a s xi u m nd um er 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 1942 1941 Nov. 25 Nov. 18 Noy. 11 Nov. 4 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Oct. Sept. Oct. Assets Gold certificates on hand and due from U. S. Treasury 20,554,61i 20,548,61^ 20,562,61520,554,12620,547,12920,557,12820,567,128 20,561,62 20,554,12:20,561,62820,557,031 Redemption fund—F. R. notes. 18,820 17,88( 14,003 15,081 16,412 15,662 17,466 11,578 15,101 14,332 14,555 Other cash... 235,894 242,06', 231,862 232,746 250,512 251,504 243,190 236,421 243,806 232,474 269,666 Total reserves 20,809,33C 20,808,56! 20,808,48C 20,801,95320,814,05320,824,204 20,827,784 20,809,62620,813,034 20,808,43420,841,252 Bills discounted: For member banks 5,215 2.96C 5,460 5,540 4,070 2,406 5,850 3,959 5,970 3,704 6,019 For nonmember banks, etc 5,000 5,00C 5,000 5,000 5,000 5,000 4,864 4,000 5,000 4,000 Total bills discounted... 10,215 7,96( 10,460 10,540 9,070 7,406 10,714 7,959 10,970 7,704 6,019 Industrial advances 15,212 15,551 15,396 14,994 .14,284 15,354 16,015 15,319 14,312 15,230 9,954 U.S". Government securitie Direct Bonds 2,367,665 2,264,830 2,210,919 2,160,512 2,110,18. 2,043,332 1,859,613 1,730,120 2,144,890 1,713,135 1,402,200 Notes 1,335,493 1,316,457 1,311,857 1,308,859 1,176,626 1,053,856 832,087 742,776 1,297,359 678,330 777,300 Certificates 735,900 715,400 672,466 634,448 680,926 625,387 601,676 572,026 726,201 503,845 Bills 381,572 376,005 440,571 429,911 456,451 485,215 499,801 531,865 480,930 656,796 Guaranteed 22,126 22,126 22,126 17,126 17,126 17,026 16,147 15,185 17,126 15,185 4,600 Total U.S. Goyernmen securities, direct and guaranteed 4,842,756 4,694,818 4,657,939 4,550,856 4,441,314 4,224,816 3,809,324 3,591,972 4,666,506 3,567,291 2,184,100 Other Reserve Bank credit out standing 214,405 326,709 240,720 103,681 113,420 246,003 206,104 168,703 267,449 183,896 108,853 Total Reserve Bank credit outstanding.. 5,045,038 4,924,515 4,680,071 4,578,088 4,493,579 4,042,157 3,783,953 4,959,237 3,774,121 2,308,926 Liabilities F.R. notes in actual circulation 11,447,36911,379,87611,302,299 11,079,50510,988,89210,909,60210,798,16811,220,31510,658,312 7,431,727 Deposits: Member bank —reserve account 2,745,566 2,621,976•12,492,74712,210,595 2,245,90212,304,40612,302,610 11,800,90412,735,00911,592,21712,579,942 U. S. Treasurer—general account 68,419 299,631 233,675 360,777 371,724 520,655 122,980 393,409 251,651 660,735 987,307 Foreign 907,123 913,006 914,157 894,211 952,558 932,318 946,951 927,940 948,544 946,734 1,177,458 Other deposits 325,486 338,861 476,901 468,981 495,445 321,915 335,861 413,897 377,724 460,455 721,321 Total deposits. 4,046,594 4,173,474 .4,117,480 3,934,56414,065,62914,079,29413,708,40213,536,15014,312,928 13,660,14115,466,028 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 81.1 81.2 81.6 82.4 82.8 83.1 84.6 85.5 81.5 85.6 91.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a 6 t y h s s 6 1 m t y o o e n a th r s 2 l y y t e e o a a r rs 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Oct 28 ................. , 9,070 4,158 1,367 2,500 1,045 Nov 4 10 540 5 470 1 499 2 501 1 070 Nov 11 .. «.«....«... . 10,460 5,390 1,731 2,314 1,025 Nov. 18 7,960 4,200 100 3,514 91 55 Nov 25 10,215 6,470 2,600 1,024 121 Industrial advances: Oct 28 ,,...,- 14 284 8 943 427 238 1,031 757 1,178 1,026 684 Nov 4 14 994 8,528 466 247 2,168 725 1,160 1,019 681 Nov 11 15,396 8,621 479 184 2,528 730 1,160 1,013 681 Nov 18 15 551 8 604 419 315 2,805 569 1,146 1,012 681 Nov 25 15,212 8,510 399 315 2,631 570 1,113 1,014 660 U. S. Government securities, direct and guaranteed: Oct 28 . 4,441,314 419,746 39,984 116,336 145,279 285,202 328,030 295,575 1,001,960 1,809,202 Nov 4 4,550,856 37,287 11,503 188,089 426,854 213,784 384,042 295,575 1,142,643 1,851,079 Nov. 11 4,657,939 52,467 18,752 188,244 494,410 157,991 403,373 295,575 1,156,796 1,890,331 Nov 18 4,694,818 16,745 36,749 149,250 497,938 161,875 431,048 295,575 1,179,958 1,925,680 Nov 25 4,842,756 3,135 81,131 174,185 468,065 162,108 431,048 295,575 1,216,649 2,010,860 DECEMBER 1941 1x05 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 s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Oct. 28 •0,547,129 181,472 ,000,462 ,173,976 772,055 974,495 696,671 ,571,521 706,317 427,304 •59,328 :80,953 ,902,575 Nov. 4 •0,554,126 195,593 ,899,412 ,169,797 750,781 962,664 744,373 ,560,523 708,948 457,667 »85,953 112,412 ,906,003 Nov. 11 •0,562,615 141,532 818,600 ,175,117 733,748 996,275 772,076 ,591,567 715,731 443,474381,502 .01,803 ,991,190 Nov. 18 •0,548,614 150,953 ,826,347 ,179,987 774,955 968,033 730,948 ,577,008 699,582 436,149581,211 106,847 ,016,594 Nov. 25 50,554,616 153,127 ,867,110 161,764 729,708 965,534 722,336 ,619,777 681,683 431,525386,163 [97,625 ,038,264 Redemption Fund—Federal Reserve notes: Oct. 28 16,412 1,739 1,739 675 812 1,830 458 675 384 290 515 498 6,797 Nov. 4 15,081 1,674 1,467 573 736 1,256 408 580 361 281 502 484 6,759 Nov. 11 14,003 1,592 1,211 1,450 658 1,664 355 2,022 337 270 479 474 3,491 Nov. 18 17,880 1,544 984 1,361 599 1,185 314 1,933 320 264 462 455 8,459 Nov. 25 18,820 1,488 1,710 1,277 545 1,769 281 1,876 303 258 449 445 8,419 Other cash: Oct. 28.... 250,51: 24,322 53,820 10,331 18,445 15,584 16,263 31,274 14,586 7,329 10,074 13,756 34,728 Nov. 4.... 232,746 22,148 51,716 8,631 19,753 14,134 13,272 27,623 14,644 7,359 8,396 12,459 32,611 Nov. 11... 231,862 20,682 54,273 9,665 18,266 15,753 13,210 25,647 15,203 7,382 7,836 13,498 30,447 Nov. 18... 242,06r 21,804 54,480 11,413 19,834 15,322 14,554 26,055 15,745 7,519 8,632 13,426 33,283 Nov. 25... 235,894 22,430 49,531 9,867 19,183 16,390 15,542 24,762 16,075 7,499 8,693 13,267 32,655 Total reserves: Oct. 28 10,814,053 207,533 ,056,021 ,184,982 ,791,312 991,909 713,392 ,603,470 721,287 434,923569,917 195,207 ,944,100 Nov. 4 20,801,953 ,219,415 ,952,595 ,179,001 ,771,270 978,054 758,053 ,588,726 723,953 465,307594,851 >25,355 ,945,373 Nov. 11 20,808,480 ,163,806 ,874,084 ,186,232 ,752,672 ,013,692 785,641 ,619,236 731,271 451,126689,817 115,775 ,025,128 Nov. 18 20,808,561 ,174,301 ,881,811 ,192,761 ,795,388 984,540 745,816 ,604,996 715,647 443,932690,305 120,728 ,058,336 Nov. 25 20,809,330 ,177,0456,918,351 ,172,908 ,749,436 983,693 738,159 ,646,415 698,061 439,2"8"2 695,305 111,337 ,079,338 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Oct. 28 4,070 3,140 450 50 360 Nov. 4 5,540 3,795 200 1,450 10 Nov. 11 5,460 3,715 250 1,400 10 Nov. 18 2,905 700 1,670 400 35 30 Nov. 25 5,215 700 3,710 645 35 Other bills discounted: Oct. 28. 5,000 2,125 480 460 220 17. 610 .50 110 14! 380 Nov. 4 5,000 2,125 480 460 220 175 610 _50 110 14: 380 Nov. 11 5,000 2,125 480 460 220 17, 610 150 110 145 145 380 Nov. 18 5,055 2,125 480 460 220 175 610 150 110 200 145 380 Nov. 25 5,000 2,125 480 460 220 17 610 150 110 145 145 380 Total bills discounted: Oct. 28 9,071 5,265 930 510 580 175 610 195 110 145 170 380 Nov. 4 10.54C 5,920 680 1,910 230 175 610 195 110 185 145 380 Nov. 11 10.46C 5,840 730 1,860 230 175 610 195 110 170 145 395 Nov. 18 7,96C 700 3,795 880 460 255 175 610 195 110 225 175 380 Nov. 25 10,215 700 5,835 1,125 500 255 610 195 110 185 145 380 Industrial advances: Oct. 28 14,284 449 621 5,258 849 773 834 175 372 719 134 4,038 Nov. 4 14,994 448 621 5,117 879 748 549 165 362 1,874 134 4,035 Nov. 11 15,396 483 621 5,153 870 747 546 141 376 2,229 133 4,035 Nov. 18 15,55 467 621 5,074 843 746 524 130 390 2,528 132 4,035 Nov. 25 15,212 464 621 4,996 781 746 535 111 376 2,354 132 4,035 U. S. Government securities, direct and guaranteed: • Bonds: Oct. 28 2,115,72* 156,712 566,689 162,980 191,272 137,159 96,612 260,169 99,615 56,515 98,060 84,10: 205,841 Nov. 4 2,166,05^ 172,077 565,236 166,632 198,506 141,300 98,294 263,509 105,028 58,622 98,934 84,51! 213,398 Nov. 11 2,216,46( 175,772 579,657 170,754 203,485 144,054 100,439 269,285 107,354 60,143101,343 86,46: 217,712 Nov. 18 2,270,37 179,71 595,130 175,171 208,82' 146,979 102,730 275,449 109,836 61,779103,924 88,53' 222,301 Nov. 25 2,373,20^ 187,415 623,878 183,448 218,793 152,882 107,18' 287,421 114,640 64,801108,780 92,51< 231,450 Notes: Oct. 28.... 1,188,21 88,009 318,25< 91,530 107,41' 77,03 54,260 146,113 55,945 31,73' 55,069 47,23: 115,604 Nov. 4 1,320,444 104,899 344,574 101,582 121,009 86,138 59,919 160,638 64,027 35,735 60,312 51,523 130,088 Nov. 11... 1,328,44 105,34( 347,422 102,341 121,96C 86,339 60,199 161,398 64,340 36,049 60,740 51,820 130,485 Nov. 18... 1,333,04 .105,51* 349,431 102,851 122,61 86,297 60,318 161,731 64,487 36,272 61,017 51,98i 130,523 Nov. 25... 1,352,07, 106,775 355,441 104,515 124,65C 87,09! 61,067 163,753 65,31 36,918 61,97i 52,705 131,863 Certificates:. Oct. 28... 680,92( 50,43i 182,38^ 52,454 61,559 44,14, 31,094 83,733 32,060 18,189 31,56C 27,06' 66,248 Nov. 4.... 634,44, 50,402 165,561 48,80' 58,143 41,38* 28,791 77,183 30,763 17,17 28,97* 24,756 62,505 Nov. 11... 672,46C 53,32' 175,866 51,806 61,736 43,706 30,473 81,700 32,571 18,24' 30,74' 26,23: 66,053 Nov. 18... 715,40C 56,62' 187,52' 55,197 65,80: 46,314 32,370 86,794 34,610 19,46' 32,74' 27,898 70,048 Nov. 25... 735,90C 58,11= 193,45( 56,885 67,845 47,40' 33,236 89,126 35,548 20,094 33,73: 28,688 71,769 Bills: Oct. 28.... 456,45: 28,88^ 118,96= 31,712 34,753 27,194 20,654 89,57 19,099 10,265 19,66! 15,281 40,400 Nov. 4 429,91 27,320 108,17< 25,414 31,37* 21,596 16,814 112,514 15,859 8,83= 17,11 12,73* 32,162 Nov. 11... 440,57: 26,404 120,82S 25,560 30,60 21,611 16,858 108,53. 19,089 8,89r 17,192 12,790 32,206 Nov. 18... 376,00! 26,918 101,44! 28,47( 30,78* 22,17i 16,14f 56,31 22,20f 9,10* 16,61 13,054 32,775 Nov. 25... 381,57: 26,50 93,991 30,82: 32,90* 21.58C 18,665 64,87 21,71' 9,147 15,63' 13,059 32,670 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K s a a n s - Dallas F S ra a n n - City cisco U. S. Government securities, direct and guaranteed: Total Oct. 28 4,441,314 324,043 186,296 338,676 395,003 285,527 202,620 579,586 206,719 116,710204,356173,685 428,093 Nov. 4 4,550,856 354/ ,183,541 342,435 409,036 290,422 203,818 613,844 215,677 120,363 205,335 73,5341 438,153 Nov. 11 4,657,939 360,854 ,223,774 350,461 417,782 295,709 207,969 620,918 223,354 123,336210,022 77,304 446,456 Nov. 18 4,694,818 368,775 ,233,532 361,695 428,024 301,760 211,564 580,285 231,135 126,626214,300 81,475 455,647 Nov. 25 4,842,756 378,806 ,266,765 375,670 444,196 308,966 220,156 605,171 237,220 130,960220,124 86,970 467,752 Total bills and securities: Oct. 28 4,464,668 324,492 ,192,182 344,864 396,362 286,880 203,629 580,371 206,976 117,192205,220173,989 432,511 Nov. 4 4,576,390 355,146 ,190,082 348,232 411,825 291,400 204,542 614,619 215,934 120,835207,394173,813 442,568 Nov. 11 4,683,795 361,337 ,230,235 356,344 420,512 296,686 208,690 621,669 223,611 123,822212,421177,582 450,886 Nov. 18 4,718,329 369,942 ,237,948 367,649 429,327 302,761 212,263 581,025 231,391 127,126217,053181,782 460,062 Nov. 25 4,868,183 379,970 ,273,221 381,791 445,477 309,967 220,866 605,892 237,476 131,446222,663 .87,247 472,167 Due from foreign banks: Oct. 28 118 Nov. 4 U8 Nov. 11 U8 Nov. 18 118 Nov. 25 U8 Federal Reserve notes of other banks: Oct. 28 38,912 920 3,471 1,546 2,422 8,654 4,614 4,273 2,866 1,390 3,554 1,048 4,154 Nov. 4 37,449 1,356 2,617 853 2,216 8,304 3,363 4,651 3,221 1,736 3,595 1,044 4,493 Nov. 11 42,743 1,294 6,821 1,209 1,951 9,337 4,203 3,929 2,839 1,270 3,816 1,454 4,620 Nov. 18 41,019 1,354 3,853 1,621 2,303 8,241 4,492 5,086 3,768 1,374 4,010 1,430 3,487 Nov. 25 38,63: 1,573 4,037 1,558 2,356 8,040 4,138 3,927 2,594 977 3,683 1,407 4,342 Uncollected items: Oct. 28 241,141 110,047 272,884 69,658 154,883 103,095 55,423 167,091 61,278 35,023 61,931 50,281 99,547 Nov. 4 150, 112,620 222,108 64,636 131,099 99,619 54,110 158,928 51,490 33,723 59,602 52,965 109,746 Nov. 11 279,737 102,684 243,134 76,259 126,442 127,221 75,049 173,535 66,596 36,778 71,479 61,705 118,855 Nov. 18 518,515 153,291 326,691 85,938 161,632 114,508 73,229 211,779 69,926 37,491 75,698 66,337 141,995 Nov. 25 288,885 104,905 267,783 75,453 160,841 107,088 54,938 163,151 55,050 34,353 57,710 57,484 150,129 Bank premises: Oct. 28 40,192 2,736 10,342 4,802 4,345 3,057 1,943 2,935 2,117 1,317 2,819 1,075 2,704 Nov. 4 40,147 2,731 10,324 4,802 4,345 3,057 1,943 2,928 2,117 1,314 2,814 1,068 2,704 Nov. 11 40,147 2,731 10,324 4,802 4,345 3,057 1,943 2,928 2,117 1,314 2,814 1,068 2,704 Nov. 18 40,147 2,731 10,324 4,802 4,345 3,057 1,943 2,928 2,117 1,314 2,814 1,068 2,704 Nov. 25..- 40,121 2,731 10,324 4,802 4,336 3,051 1,939 2,928 2,116 1,314 2,814 1,068 2,698 Other assets: Oct. 28 61,16: 4,148 15,798 4,726 6,158 4,056 2,683 7,339 2,749 1,773 2,916 2,441 6,380 Nov. 4 64,17< 4,651 16,136 4,803 6,547 4,344 2,786 7,684 3,017 1,845 3,085 2,550 6,728 Nov. 11 \\ 69,094 5,027 •17,580 5,147 7,017 4,585 3,000 8,32: 3,225 1,975 3,310 2,712 7,194 Nov. 18 74,42. 5,486 18,780 5,707 7,550 4,885 3,258 9,000 3,466 2,164 3,469 2,970 7,688 Nov. 25 '.'.'.'.'.. 81,524 5,970 20,84! 6,383 8,198 5,322 3,537 9,804 3,790 2,348 3,795 3,245 8,285 Total assets: Oct. 28 26,660,18C ,649,8798,550,7161,610,5832,355,4861,397,653 981,6864,365,485 997,274 591,618946,358724,0422,489,400 Nov. 4 26,670,801 ,695,9228,393,8801,602,3322,327,3061,384,7801,024,7994,377,54: 999,733 624.760971,342756,7962,511,616 Nov. 11 26,924,04, ,636,8828,382,1961,629,9982,312,9431,454,5801,078,5284,429,6251,029,660 616,285983,658760,2972,609,391 Nov. 18 27,201,04 ,707,1088,479,4251,658,4832,400,5491,417,9941,041,0034,414,8201,026,316 613,401993,350 774,,3162,674,276 Nov. 25 27,126,72: ,672,1978,494,5811,642,9002,370,6481,417,1631,023,579 4,,432,123 999,088 609,720985,971761,7892,716,963 Liabilities Federal Reserve notes in actual circulation:1 Oct. 28 11,079,50! 812,6362,587,963 777,2661,040,539 702,637 470,33' 2,213,380 466,03! 273,915382,551215,2021,137,047 Nov. 4 11,302,29S 822,1972,629,712 788,9021,049,279 721,485 494,6262,248,665 476,869 277, ,234228,3871,170,234 Nov. 11 11,379,87( 830,8732,634,989 795,6911,060,155 724,97 496,3382,267,983 479,683 279,882397,941228,4111,182,953 Nov. 18 11,447,36< 834,14' 2,648,960 802,11 1,065,271 729,916 497,7352,285,731 481,612 282,919 400,921228,9631,189,078 Nov. 25 850,1052,689,29" 818,8381,081,044 739,249 502,644 2,316,572 487,972 286,788 406,22. 230,7071,206,822 Deposits: Member bank—reserve account: Oct. 28 12,245,90: 663,88;4,670,565 624,744 990,214 492,695 395,2211,765,099 404,536 232,567459,334415,8191,131,225 Nov. 4 12,210,59= 698,12I 4,550,353 599,525 964,393 515,335 433,5351,775,829 411,164 250,514 468,972 428,9041,113,945 Nov. 11 12,492,74' 657,55 4,549,812 645,793 971,397 510.888 444,7001,868,770 438,383 261,062484,915439,8691,219,607 Nov. 18 12,621,97 687,9994,706,70 642,6131,021,202 510,619 432,2181,775,475 421,338 252,915479 100 446,1781,245,618 Nov. 25 12,745,56( 670,8754,751,707 643,7571,011,008 523,67" 433,4421,810,170 415,628 262,349 490,578 445,8691,286,506 U. S. Treasurer—general account: Oct. 28 371,72- 20,65 112,034 15,914 36,913 23,65 23,295 37,599 20,041 20,974 15,876 13,484 31,283 Nov. 4 360,77; 30,442 113,72 28,831 36,454 5,601 13,22 32,43 17,250 30, 7,017 10,806 34,105 Nov. 11 233,67. 6,853 92,757 8,372 21,223 29,935 22,454 670 8,041 12,519 6,711 6,620 17,520 Nov. 18 299,63 19,560 73,755 12,662 28,251 18,865 13,186 39,34' 16,822 15,649 14,388 15,662 31,484 Nov. 25 68,41! 547 54,121 213 57" 192 540 607 521 44' 3,594 5,943 1,122 Foreign: Oct. 28 952,55? 23,506 2500,259 71,518 68,538 32,779 26,074 90,887 22,34! 16,389 21,604 21,604 57,051 Nov. 4 894,21 23,511 2474,660 66,046 63,294 30,271 24,079 83,933 20,639 15,136 19,951 19,951 52,740 Nov. 11 914,157 23,654 2482,828 67,985 65,153 31,160 24,786 86,398 21,245 15,580 20,537 20,537 54,294 Nov. 18 913,006 23,140 2484,269 67,638 64,820 31,001 24,660 85,957 21,137 15,500 20,432 20,432 54,020 Nov. 25 907,123 23,554 1481,031 67,173 64,374 30,788 24,490 85,366 20,992 15,394 20,292 20,29: 53,377 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks . 2 After deducting $451,589,000 participations of other Federal Reserve Banks on Oct. 28; $418,352,000 on Nov. 4; $430,634,000 on Nov. 11; $428,139,000 on Nov. 18, and $425,756,000 on Nov. 25. DECEMBER 194Z 12.07 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Kan- San 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 L S o t u .# is M ap in o n li e s - C sa it s y Dallas F ci r s a c n o - Other deposits: Oct. 28 495,445 5,277 308,332 12,506 55,119 32,793 5,173 4,300 16,421 9,952 3,826 4,423 37,323 Nov. 4 468,981 5,299 302,993 15,467 55,156 11,698 2,689 6,587 11,093 10,088 7,282 5,110 35,519 Nov. 11 476,901 4,769 301,538 14,667 53,946 9,477 11,938 5,736 16,004 9,546 7,685 5,033 36,562 Nov. 18 338,861 4,807 173,959 21,386 . 51,135 10,142 2,628 4,002 10,945 9,533 8,106 3,262 38,956 Nov. 25 325,486 5,735 172,117 10,058 51,836 10,060 3,393 4,163 10,383 10,242 2,256 2,831 42,412 Total deposits: Oct. 28 14,065,629 713,3205,591,190 724,6821,150,784 581,924 449,7631,897,885 463,347 279,882500,640 455,330 1,256,882 Nov. 4 13,934,564 757,3785,441,730 709,8691,119,297 562,905 473,5301,898,786 460,146 306,621503,222464,7711,236,309 Nov. 11 14,117,480 692,8275,426,935 736,8171,111,719 581,460 503,8781,961,574 483,673 298,707519,848 472,0591,327,983 Nov. 18 14,173,474 735,5065,438,684 744,2991,165,408 570,627 472,6921,904,781 470,242 293,597522,026 485,5341,370,078 Nov. 25 14,046,594 700,7115,458,976 721,2011,127,790 564,717 461,8651,900,306 447,524 288,432 516,720 474,9351,383,417 Deferred availability items: Oct. 28 1,127,768 97,311 238,226 73,345 128,375 96,149 47,147 204,286 55,516 27,772 51,216 41,501 66,924 Nov. 4 1,047,012 89,650 189,075 68,475 122,966 83,498 42,246 180,194 50,342 30,388 61,986 51,674 76,518 Nov. 11.... 1,039,064 86,520 186,698 62,335 105,211 131,188 63,886 150,058 53,928 27,635 53,901 47,851 69,853 Nov. 18 1,191,853 110,735 258,078 76,726 133,979 100,466 56,132 174,303 62,069 26,823 58,346 47,677 86,519 Nov. 25 1,074,527 94,593 212,370 67,288 125,838 96,141 44,571 165,071 51,188 24,405 50,866 44,076 98,120 Other liabilities, including accrued dividends: Oct. 28 5,677 594 1,375 534 555 468 290 239 154 295 249 336 Nov. 4 5,248 668 1,367 313 511 408 265 589 202 136 228 220 341 Nov. 11 5,639 610 1,469 357 580 457 280 660 190 148 283 225 380 Nov. 18 5,769 628 1,455 362 573 436 274 582 199 138 373 377 372 Nov. 25 6,279 640 1,557 555 618 483 309 704 169 160 428 291 365 Total liabilities: Oct. 28 26,278,579 ,623,8618,418,7541,575,8272,320,2531,381,178 967,5374,316,139 985,134 581,723934,702712,282 ,461,189 Nov. 4 26,289,123 ,669,893 8,261,8841,567,5592,292,0531,368,296 1,010,667 ,328,234 987,559 614,854959,670 745,052 ,483,402 Nov. 11...... 26,542,059 ,610,830 8,250,091 ,595,2002,277,6651,438,0821,064,3824,380,2751,017,474 606,372971,973748,546 ,581,169 Nov. 18 26,818,4651,681,018 8,347,1771,623,5012,365,2311,401,4451,026,833 4,365,3971,014,122 603,477981,666 762,551 ,646,047 Nov. 25 26,743,6631,646,049 8,362,200 1,607,8822,335,2901,400,5901,009, ,382,653 986,853 599,785974,239750,0092,688,724 Capital accounts Capital paid in: Oct. 28 145,417 9,479 53,498 11,755 14,849 5,845 5,173 16,038 4,530 3,072 4,703 4,456 12,019 Nov.4 145,397 9,479 53,498 11,755 14,850 5,846 5,173 16,038 4,513 3,073 4,702 4,451 12,019 Nov. 11 145,402 9,481 53,497 11,754 14,850 5,846 5,173 16,038 4,516 3,073 4,703 4,451 12,020 Nov. 18 145,436 9,480 53,499 11,754 14,851 5,846 5,173 16,063 4,518 3,072 4,709 4,451 12,020 Nov. 25 145,444 9,480 53,496 11,751 14,852 5,846 5,174 16,065 4,525 3,072 4,712 4,451 12,020 Surplus (section 7) Oct. 28 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Nov. 4 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Nov. 11 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Nov. 18 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Nov. 25 157,502 10,949 56,651 15,172 14,346 5,236 5,724 22,925 4,966 3,152 3,613 3,976 10,792 Surplus (section 13b) Oct. 28 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Nov. 4 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Nov. 11 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Nov. 18 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Nov. 25 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: Oct. 28 51,901 2,716 14,743 3,437 5,031 2,150 2,538 8,954 2,114 2,671 2,203 2,065 3,279 Nov. 4 52,005 2,727 14,777 3,454 5,050 2,158 2,521 8,916 2,165 2,681 2,220 2,054 3,282 Nov. 11 52,299 2,748 14,887 3,480 5,075 2,172 2,535 8,958 2,174 2,688 2,232 2,061 3,289 Nov. 18 52,857 2,787 15,028 3,664 5,114 2,223 2,559 9,006 2,180 2,700 2,225 2,075 3,296 Nov. 25 53,332 2,845 15,164 3,702 5,153 2,247 2,579 9,051 2,214 2,711 2,270 2,090 3,306 Total liabilities and capital accounts: Oct. 28 26,660,1801,649,879 81,550,7161,610, ,355,486 1,397,653 981, :, 365,485997,274 591,618 946,358 724,042 2,489,400 Nov. 4 26,670,8081,695,922 81,393,8801,602,332 2,327,306 1,384,7801,024,799 4:,377,542 999,733 624,760 971,342 756,796 2,511,616 Nov. 11 26,924,0431,636,882 8!,, 382,1916,629,998 2,312,9431,454,580 1,078,528 4:, 429,6215,029,660 616,285 983,658 760,297 2",609,391 N N o o v v . . 2 1 5 8 2 2 7 7 , , 1 2 2 0 6 1 , , 7 0 2 4 2 1 1 1 , , 6 7 7 0 2 7 , , 1 1 9 0 7 8 8 8 1 , ., 4 4 7 9 9 4 , , 4 5 2 8 5 11 1 , , 6 6 4 5 2 8 , ,483 2 ! : , , 3 4 7 0 0 0 , , 6 5 4 4 1 1 8 9 , , 4 4 1 1 7 7 , , 1 9 6 9 3 4 1 1 , , 0 0 2 4 3 1 , ,0 5 0 7 3 9 4 4: : , , 4 4 1 3 4 2 , , 8 1 2 2 01 3 , 9 0 9 2 9 6 , , 0 3 8 1 8 6 6 6 0 1 9 3 , , 7 40 2 1 0 9 9 9 85 3 , , 9 3 7 5 1 0 7 7 6 7 1 4 , , 7 3 8 1 9 6 2 2 , , 7 6 1 7 6 4 , , 9 2 6 7 3 6 Commitments to make industrial advances: Oct. 28 11,572 112 347 1,355 547 1,182 135 123 1,049 2,441 4,281 Nov. 4 10,230 112 318 1,409 456 1,174 135 123 972 1,286 4,245 Nov. 11, 10,027 252 318 1,451 447 1,173 135 115 972 931 4,233 Nov. 18 9,601 233 318 1,519 398 1,172 135 108 997 551 4,170 Nov. 25 10,531 233 318 1,522 434 1,210 135 1,697 724 4,160 12.08 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE^BANKS [Amounts in thousands of dollars] Applications Applications under Applications Repaid, received consideration approved Advances Commit- Approved expired, Partici- Date (last Wednesday of out- ments out- but not or with- pations each month) standing standing completed2 drawn by out- Number Amount Number Amount Number Amount (amount) (amount) (amount) app e l t i c c . ant, ( s a t m an o d u in n g t) (amount) 1934—Dec. 26 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26 6,325 237,581 68 11,349 1,646 88,778 27;518 20,579 11,248 24,900 4,533 Dec. 313 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30. .. . 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111,193 7,825 June 29 8,976 369,853 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28 9,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28 9,188 387,49C 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Mar. 29 9,249 392,230 14 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 June 28 9,308 395,499 5 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 Sept. 27 9,366 402,305 2 370 2,752 185,234 14,454 10,517 1,938 146,156 12,169 Dec. 27 9,418 405,225 2 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1940—Mar. 27 9,476 410,192 7 199 2,814 192,665 12,723 8,224 2,471 158,110 11,137 June 26 9,512 413,646 2 33 2,838 195,739 10,988 8,762 2,195 162,612 11,182 Sept. 25 9,556 417,260 1 10 2,865 198,966 10,778 8,078 2,315 167,046 10,749 Dec. 313 9,609 431,236 2 222 2,908 212.510 9,152 5,226 13,954 177,792 6,386 1941—Mar. 26 9,682 448,506 3 823 2,959 228;732 9,526 7,315 19,986 180,989 10,916 June 25 9,817 458,092 2 35 3,067 238,505 10,549 13,072 8,090 192,783 14,011 Sept. 24 9,912 498,017 3 2,220 3,132 267,606 9,808 13,551 10,251 216,258 17.738 Dec. 31 10,007 510,443 4 150 3,202 279,860 10,337 14,597 8,294 227,032 19,600 1942—Jan. 28 10,035 512,449 4 135 3,224 281,617 9,752 14,272 7,612 230,593 19,388 Feb. 25 10,056 525,432 1 600 3,241 292,905 9,227 14,921 15,751 233,082 19,924 Mar. 25 10,081 530,556 1 300 3,261 297,945 9,312 14,364 17,698 237,485 19,086 Apr. 29 10,129 546,600 4 424 3,300 313,660 10,699 11,673 18,473 250,105 22,710 May 27 10,171 558,821 2 400 3,337 325,507 11,464 14,378 22,480 253,801 23,384 June 24 10,191 572,411 3 600 3,352 338,822 11,265 16,832 26,346 257,949 26,430 July 29 10,220 578,805 1 350 3,376 344,770 12,619 15,989 22,323 268,555 25,284 Aug. 26 10,236 587,448 2 356 3,388 352,675 14,833 16,720 12,024 283,803 25,295 Sept. 30 10,245 599,463 1 30 3,394 364,916 15,882 12,187 8,199 305,468 23,180 Oct. 28 10,250 611,871 3,399 377,306 14,934 11,572 7,536 322,281 20,983 Nov. 18 10,264 621,364 3,412 386,697 16,117 9,601 5,658 335,895 19,426 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Tuesday. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y 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: Oct. 28 11,576,912 867,9342,688,844 803,7231,073,725 733,315 514,640 ,262,253 494,222 280,493 396,108 239,849 1,221,806 Nov. 4 11,747,471 877,7912,722,802 811,530',082,540 749,664 525,391 ,296,269 500,903 283,139 407,169 246,869 1,243,404 Nov. 11 11,840,142 876,0642,739,293 825,200 1,094,000 753,209 530,503 1,^314,013 504,275 285,052 412,566 250,9171,255,050 Nov. 18 11,960,153 890,8612,753,646 829,3981,106,232 762,493 535,426 ,341,609 511,361 288,818 416,732 250,7081,272,869 Nov. 25. 12,103,037 890,7962,786,516 843,746 1,116,786 771,056 547,8492,362,777 522,935 291,719 422,186 262,0581,284,613 Held by Federal Reserve Banks: Oct. 28 497,407 55,298 100,881 26,457 33,186 30,678 44,303 48,873 28,190 6,578 13,557 24,647 84,759 Nov. 4 445,172 55,594 93,090 22,628 33,261 28,179 30,765 47,604 24,034 5,430 12,935 18,482 73,170 Nov. 11 460,266 45,191 104,304 29,509 33,845 28,232 34,165 46,030 24,592 5,170 14,625 22,506 72,097 Nov. 18 512,784 56,712 104,686 27,284 40,961 32,577 37,691 55,878 29,749 5,899 15,811 21,745 83,791 Nov. 25 486,774 40,691 97,219 24,908 35,742 31,807 45,205 46,205 34,963 4,931 15,961 31,351 77,791 In actual circulation:1 Oct. 28... 11,079,505 812,6362,587,963 777,2661,040,539 702,637 470,337 2,213,380 466,032 273,915 382,551 215,2021,137,047 Nov. 4 11,302,299 822,197 2,629,712 788,9021,049,279 721,485 494, ,248,665 476,869 277,709 394,234 228,3871,170,234 Nov. 11 11,379,876 830,8732,634,989 795,6911,060,155 724,977 496,3382,267,983 479,683 279,882 397,941 228,4111,182,953 Nov. 18 11,447,369 834,149 2,,648,960 802,1141,065,271 729,916 497, 73"5 2,285,731 481,612 282,919 400,921 228,9631,189,078 Nov. 25 11,616,263 850,105 2,689,297 818,8381,081,044 739,249 502, ,316,572 487,972 286,788 406,225 230,7071,206,822 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 28 11,720,000 877,000 2,715,000 825,0001,080,000 743,000 525,0002,290,000 500,000 285,000 400,000 246,000 1,234,000 Nov. 4 11,907,000 !,000 2 740,000 825,0001,090,000 758,000 550,0002,320,000 510,000 285,000 410,000 253,0001,274,000 Nov. 11 12,032,000 892,i000 2 765,000 850,0001,100,000 763,000 550,0002,350,000 520,000 290,000 420,000 258, ,274,000 Nov. 18 12,132,000 902,'000 2 790,000 850,000 1,110,000 768,000 550,0002,380,000 520,000 290,000 420,000 258,0001,294,000 Nov. 25 12,243,000 902,i 815,000 850,0001,120,000 779,000 560,0002,380,000 540,000 295,000 430,000 268, 000 1,304,000 Eligible paper: Oct. 28 3,995 3,140 450 360 45 Nov. 4 4,090 3,795 200 10 45 40 Nov. 11 4,045 3,715 250 10 45 25 Nov. 18 2,930 700 1,670 400 3. 45 80 Nov. 25 4,475 3,710 645 35 45 40 Total collateral: Oct. 28 11,723,995 877',,000 2 718,140 825,4501,080,000 743,360 525,0002,290,000 500,045 285,000 400,000 246, 000 1,234,000 Nov. 4 11,911,090 892, 743,795 825,: 1,090,000 758,010 550,0002,320,000 510,045 285,000 410,040 253,0001,274,000 Nov. 11 12,036,045 892!,,000 2 768,715 850,2501,100,000 763,010 550,0002,350,000 520,045 290,000 420,025 258, 0"00 1,274,000 Nov. 18 12,134,930 902!,,7OO2 791,670 850,4001,110,000 768,035 550,0002,380,000 520,045 290,000 420,080 258,000 1,294,000 Nov. 25 12,247,475 902,000 2,818,710 850,6451,120,000 779,0.55 560,0002,380,000 540,045 295,000 430,040 268,000 1,304,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. DECEMBER 1941 IZO9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, OCTOBER, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars) Cl a a n ss d e s d i o s f t r b ic a t n s ks p m G o d d r a e e s o n - - i s t d s s p m N o d d a e s e e . n i" - t t d sJi T p d o i e m s - i e ts qu R ir e F e - R e d d e e se r B a r H l v a e e n R s l k d e s w se i r th v E c e x e - ss b m a b e A n e l m k r - s l ' , C Y N e c o e n i r w t t k r y a l b a re n C c s k h a e s i g rv - o e b s c R a e i e n r t - v k y e s b C a o t n u r k n y s - 1 Total reserves held: All member banks 57,007 48,595 12,580 9,907 12,234 2,328 1941—October 097 5,314 1,243 4,391 2149 Central reserve city banks November 900 5,053 1,210 4,424 2213 New York 1«,139 17,354 731 3,536 4,093 557 December 812 5,142 1,143 4,317 2210 Chicago 4,220 3,871 462 807 834 27 1942— F J e a b n r u u a a ry ry 9 9 3 0 6 8 5 5 , , 2 2 4 6 8 6 1 1 , , 0 0 8 8 5 6 4 4 , , 3 3 6 5 5 6 2 2 ,2 1 3 9 8 9 Reserve city banks: March 827 5,188 1,157 4,279 2204 Boston district 1,634 1,474 83 300 373 April 649 5,028 1,140 4,293 2188 New York district 354 310 142 71 79 May 510 4,870 1,049 4,325 2265 Philadelphia district 1,793 1,610 128 330 390 60 June 624 4,859 979 4,448 2338 July. 409 4,609 1,000 4447 2353 Cleveland district 2,850 2,426 682 526 724 198 August 623 4,616 1,009 4574 2423 Richmond district 1,311 1,097 246 234 306 72 September 299 4,150 944 4676 2529 Atlanta district 1,268 993 175 209 249 40 October 234 4,093 834 4711 2597 Week ending (Friday): Chicago district 2,576 2,083 749 462 574 113 1942—Oct. 9 842 3,884 811 4596 2551 St. Louis district 1,403 1,179 17: 246 279 33 Oct. 16 293 4,056 812 4774 2,651 Minneapolis district 680 563 82 118 134 16 Oct. 23 477 4,262 846 4751 2618 Oct. 30 396 4,186 855 4766 2589 Kansas City district 1,697 1,272 157 264 333 69 Nov. 6 416 4,099 868 4793 2656 Dallas district..... 1,270 933 126 194 252 58 Nov. 13 474 3,982 869 4938 2,685 San Francisco district ... 4,126 3,534 2,175 837 1,018 180 Nov. 20 643 4,04-3 854 4987 2,758 Excess reserves: Total 20,961 17,475 4,915 3,790 4,711 921 1941—October 001 1,626 512 1,845 1,017 November 611 945 367 1,456 844 December 390 989 295 1,303 804 Country banks: 1942—January 446 1,083 225 1,330 809 Boston district 1,502 1,213 576 204 285 81 February 309 1,071 204 1279 755 New York district 2,240 1,831 1,544 349 508 159 March 147 962 255 1,190 740 Philadelphia district 1,047 816 855 165 234 68 April 951 795 262 1,175 718 May 667 546 178 1,171 772 R C i l c e h v m ela o n n d d d d i i s s t t r r i i c c t t ...... 1 1, , 1 1 8 7 1 8 8 7 5 8 4 8 4 7 1 6 3 3 1 1 3 6 5 5 2 1 6 8 1 8 9 5 6 3 J J u u n ly e .. 7 23 0 7 4 5 2 5 6 6 9 8 6 9 4 1 1 r , 2 1 3 0 2 5 8 7 2 9 7 9 Atlanta district 1,012 693 268 113 163 50 August 248 286 60 1,091 812 September 300 302 73 1,069 857 Chicago district 1,694 1,191 904 221 336 115 October 328 557 27 921 823 St. Louis district 758 513 261 87 123 36 Week ending (Friday): Minneapolis district 55 382 290 71 102 31 1942—Oct. 9 232 491 37 890 814 Oct. 16 574 622 28 1,020 904 Kansas City district 833 521 161 83 122 39 Oct. 23 361 644 19 889 809 Dallas district 974 624 100 93 144 51 Oct. 30 257 557 32 887 781 San Francisco district... 709 470 336 86 130 44 Nov. 6 226 463 49 900 814 Nov. 13 ,244 360 52 995 837 Total 13,687 9,895 6,472 1,774 2,597 823 Nov. 20 ,387 428 40 1,010 p910 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. 1204 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Boston 3,136 2,983 659 648 , 2,937 2,790 537 526 199 193 123 122 New York 20,733 19,842 2,417 2,400 12,126 12,014 11,151 11,140 468 451 535 530 Philadelphia... 2,840 2,769 982 979 2,426 2,377 529 530 415 391 453 450 Cleveland 4,027 3,915 1,445 1,433 3,581 3,489 1,084 1,075 446 426 361 358 Richmond 2,491 2,367 659 651 2,127 2,033 445 441 364 333 214 210 Atlanta 2,280 2,142 444 438 2,034 1,917 355 352 246 225 89 87 Chicago 8,491 8,164 2,115 2,088 13,630 13,511 11,287 H,267 641 608 366 361 St. Louis 2,161 2,022 433 428 1,711 1,604 309 306 450 419 124 123 Minneapolis... 1,237 1,155 373 368 960 903 200 195 277 253 173 173 Kansas City 2,530 2,403 318 315 1,963 1,875 208 205 567 528 110 110 Dallas 2,244 2,055 226 227 1,718 1,583 183 184 525 472 43 43 San Francisco.. 4,836 4,564 2,511 2,476 4,615 4,356 2,397 2,364 220 208 114 112 Total 57,007 54,381 12,580 12,452 129,829 128,452 18,683 18,584 4,819 4,508 2,704 2,677 i Excluding central reserve city banks, for which figures for latest month are shown in table above. IilO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i r - o T n f r u o e 1 r t y a 8 e 9 s s - 0 S s u i c a b l o v r s y i i e n d r i- M c i o n in or U S n n t o a i t t t e e e s d s R F n e e o d se t e e r r v s a e l F R n e B e d o a s e t e n e r r k s a v l e t n b i N o o a t n a n e - k a s l 1941—September 10,163 62 56 1,724 1 455 202 314 7,181 20 147 October ... 10,364 62 57 1,715 1 463 205 317 7,378 20 146 November 10 640 61 59 1 737 1 474 208 321 7,615 20 145 December 11,160 61 60 1.733 1 481 209 313 8,138 19 144 1942—January 11,175 61 61 1,657 1 471 206 302 8,253 19 143 February 11,485 61 61 1,695 1 475 206 309 8,514 19 143 March 11,566 60 62 1,697 1 482 208 307 8,587 19 142 April 11,767 60 64 1,707 1 488 209 309 8,769 19 141 May 12 074 60 65 1,745 1 496 211 316 9,022 19 140 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 October . .. . 14,210 59 73 ,704 1 551 225 326 11,118 18 136 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in cu 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—September.... 10,163 7,378 713 658 42 1,270 2,469 2,227 2,787 645 1,293 243 537 24 46 3 October 10,364 7,537 725 663 41 1,287 2,527 2,293 2,830 658 1,316 245 539 25 47 3 November .... 10,640 7,769 ' 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 December 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 • 1,433 261 556 24 46 4 1942—January 11,175 8,053 738 656 42 1,309 2,713 2,595 3,126 745 1,481 265 566 24 46 4 February 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 4 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 :1,528 268 561 9 29 5 April 11,767 8,560 757 680 43 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 L.566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 1,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1,517 3,379 3,310 3,409 868 1,663 266 575 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 October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 L,762 274 570 9 30 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER [Held by Treasury and Federal Reserve Banks and in circulation. In CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] End of month Total d S s o b i a i l l l u n v v l l a d e - e r r r s s S s a i i u l r d v b y 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 - k a s l Year or month m E e S u n h r t o i s p p - e to R E e f u 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—September. 3,198 2,006 469 207 347 20 149 1939 110.2 9.8 October.... 3,219 2,013 482 210 347 20 148 1940 : 17.7 .7 17*.O November 3,231 2,017 489 212 347 20 146 1941 .3 .5 .2 December .. 3,247 2,023 497 215 347 20 146 1941—November 1942—January 3,259 2,d29 501 218 347 20 144 December .2 2 February... 3,268 2,033 505 220 347 20 144 March 3,277 2,038 509 221 347 19 143 1942—January .2 .1 April 3,289 2,044 514 222 347 19 142 February May 3,305 2,050 524 224 347 19 141 March June 3,313 2,053 530 225 347 19 140 April .1 .1 July 3,326 2,057 539 225 347 19 139 May August 3,340 2,059 551 226 347 19 139 June September.. 3,353 2,061 562 226 347 19 138 July ...... .... October.... 3,368 2,062 575 228 347 18 137 August i1) September .... .1 October 1 Includes silver held against silver certificates amounting to $1,914- 000,000 on Oct. 31,1942 and $1,939,000,000 on Oct. 31, 1941. i Less than $'50,000. Back jigures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. DECEMBER 1941 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 STATES UNITED STATES (In thousands of dollars] [In millions of dollars] 1941 Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c to r g e c o a k l s d e N i e m t p g o o r l t d g m o c o l r r a d e r : i a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - From or to-— p Im or - ts Dec. p E or x t - s p I o m r N t - s ov. p E o x r - ts p J I o a m r n - t . s -De p c E o . x r - ts crease (—) 1 1 1 1 9 9 9 9 3 3 3 3 7 6 5 42 3 31 1 1 2 1 8 0 , , , 2 2 7 1 5 3 6 2 8 8 0 5 4 1 1 1 , , , , 2 8 1 5 0 8 3 0 2 7 2 2 . . . . 2 5 5 5 1 1 1 1 , , , , 1 7 1 5 3 3 1 8 3 9 6 5 . . . . 9 0 5 6 -2 -8 0 8 5 0 2 . . . 9 . 4 6 2 1 1 1 9 1 3 4 2 0 1 3 . . . . 9 7 6 9 F P S U S r w o w n a r e i i n t t t d u e c z e d g e e n r a l K l an in d gd . o .. m 1 2 6 4 3 1 2 2 4 1 3 1 , ,7 7 4 8 4 7 0 9 7 9 2 9 1 1938 . . . 14,512 1,751.5 1,973.6 -333.5 148.6 U. S. S. R 13,460 5,615 44,926 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—September... 22,761 41.5 65.7 -46.8 18.0 muda 53 77 1 867 3 October 22.800 38.8 40.4 -32.2 15.9 Argentina 6 18 184 November 22,785 — 14.4 50.4 -60.9 18.2 Bolivia 1 8 95 December.... 22,737 -48.8 452.9 -99.7 11.5 Brazil 2 5 1 25 io Chile 883 441 8,510 1942—January 22,747 10.6 -38.5 14.7 Colombia 2,238 2,110 24,448 February.... 22,705 -42.4 -109.3 10.0 Ecuador 234 218 3,057 March 22,687 ' -17.3 -65.5 11.0 Peru 678 436 9,119 April 22,691 3.3 -20.1 11.1 Venezuela 369 227 4,581 May 22,714 23.6 -38.2 10.8 British Guiana 53 91 1,039 June 22,737 22.3 — 14.8 10.1 Australia 3,713 5,980 67,492 July 22,744 7.6 -24.4 12.3 New Zealand.. 293 156 2,658 August 22,756 11.4 —21.8 9.8 British Oceania 311 314 3,894 September... 22,754 -1.3 -27.8 11.5 British India 711 9,665 October 22,740 -14.3 5-56.4 Netherlands Indies 855 China and Hong Kong.. 665 4,362 Jan.-Oct 22,740 3.5 5—416.7 Japan 9,444 Philippine Islands 5,506 1,832 1 42,684 6 p Preliminary. A So ll u t o h t h A er f ri c c o a untries 7 1 1 9 6 0 4 4 7 0 3 29 4 2 , , 9 8 7 9 2 3 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 1253, 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 1253. 5 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 2,632.1 million dollars on October 31,1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member Nonmember Total, banks banks BANK DEBITS all Debits to deposit accounts except interbank accounts banks ti N o a n - al State su I r n e - d 2 in N su o r t ed [In millions of dollars] Number of banks suspended: Total, 133 1934 1 48 all New 140 other 1935 4 8 Year and month report- York other reporting 1 1 9 93 3 7 6 4 1 2 3 6 ce i n ng ters City centers1 centers2 1938 1 1 6 1939 4 3 10 1929 982,531 603,089 331,938 47,504 1940 1 3 1936 461,889 208,936 219,670 33,283 1941 4 1 1937 469,463 197,836 235,206 36,421 1942—Jan.-Oct 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—October 50,869 19,148 27,329 4,392 1936 11,306 507 10,207 592 November 45,076 16,077 25,087 3,912 1937 19,723 7,379 1,708 10,156 480 December 56,582 20,598 31,133 4,850 1938 13,012 36 211 11,721 1,044 1942—January 48,605 17,247 27,028 4,330 1939 34,998 1,341 24,629 6,589 2,439 February 41,545 14,242 23,543 3,760 1940 5,943 256 5,341 346 March 49,161 17,056 27,764 4,341 1941 3,726 3,144 503 79 April 46,613 16,023 26,451 4,138 1942—Jan.-Oct 1,496 1,169 327 May 48,342 16,985 27,241 4,116 June 50,107 17,394 28,292 4,421 o w (i r n h 1 o p s s e R o e r e m m d p e e a r p e n i s o n e e s n s n i t t t a t l s y n l i c b a o e b a n s n i l w a k it c s i i c t e w h o s u h w t n i h c e t e h r e o , a f a i d d s u f s i r o n u i f a n m n g F e c e d i t a d h l b e e y r d p a i o l f e f t r D i h i c o e u e r d p l s t b o i e a s s s h n i ; t o k w d s I n o a n s e t , u s c t r h n l a o e n o s c t t e e i d i m n C c e te l o u o m r d f p p e c o o l r b o r a a a s t r i n i n i o k l g n y s ' A S O Ju e u c l p t g y o t u e b s m e t r ber r5 5 5 4 2 5 0 9 , , , , 0 7 0 1 5 8 6 1 1 7 9 2 1 1 1 1 8 7 8 7 , , , , 3 0 1 5 2 1 5 9 3 0 1 3 r2 3 2 2 9 1 7 8 , , , , 5 5 6 8 0 2 3 3 5 2 7 0 4 4 5 4 , , , , 5 1 2 4 0 8 8 7 5 9 2 2 loans). 2 Federal deposit insurance became operative January 1, 1934. r Revised. - 3 Deposits of member banks and insured nonmember banks suspended are 1 National series, for which bank debit figures are available beginning as of dates of suspension, and deposits of noninsured nonmember banks with 1919. are based on the latest data available at the time the suspensions were 2 Except that 1929 figure is for 128 centers only. reported. Back figures— Annual report for 1937, page 157. Annual totals, begin- Back figures.—See Annual Report for 1937 (table 76). ning with 1919, by Federal Reserve districts and for individual centers, are available for distribution and will be furnished upon request. I2.IX 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, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollarsl 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 e m n r e - - r banks banks 1929—June 29. 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30. 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4 14,871 6,528 5,138 1,390 550 7,793 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 June 30 14,855 6,556 5,130 1,426 547 7,752 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Sept. 24 14,852 6,596 5,125 L,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 L,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 L,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 47,3,81 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24,322 31,825 38,983 15,878 23,104 10,276 4,954 5,322 6,889 3,490 3,399 June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59,296 26,187 33,109 41,943 17,546 24,397 10,348 4,949 5,399 7,005 3,692 3,313 Dec. 31 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4.903 5,470 7,205 3,692 3,513 1942—June 30 5 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 ior 1937 (tables 48-49). DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars) Loans1 < Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- o s r e c c u a r r i r t y ie in s g Direct gat o i f ons Call date i m n a v e n e n d s t t s - Total1 i t n m r a c d i n i e a u a d r l l s - 2 - A t c a u g u l r r 2 l i - - - p O m a k p a p e e r t e n - r b d a e T r e n o r a o s d k l- - o e T t r h o s - 3 e l R s o t a e a n a te s l l O o t a h n e s r 4 Total Total Bills f C d i e c e e i o d n a b r f t - - t t e i - - s Notes Bonds G t a e u n e a - d r- S p s d s a o i t u c i o a n l v b a n i t d - i l t e s - i s - d r s i e t t h c ie u e s r ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5,386 730 455 790 700 2,957 2,944 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 3,273 21,805 15,823 652 2/594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,270 738 537 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Dec. 31..... 43,521 18,021 8,064 972 607 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Apr. 4 44,287 17 834 26,453 20,449 3,471 3,173 2,831 June 30 .... 46,800 16,928 7,888 726 495 554 562 3,501 3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685 2,934 2,840 New York CityS 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 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 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,405 3 97 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,716 8 91 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 4 13,123 4,173 8,950 7,381 1,515 773 796 June 30 14,019 4,066 2,775 9 66 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 City of Chicago^ 1929—Dec. 31 1,757 1,448 19 251 533 21 623 309 116 1 2 19 94 96 96 1933—June 30 1,287 677 69 61 251 30 267 610 384 149 57 82 97 "m 87 138 1939—Dec. 30 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 162 170 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 6 21 48 ,52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Apr. 4 2,806 923 1,883 1,490 108 207 187 June 30 3,116 906 697 3 15 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 % <m 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30 12,272 5,329 2,100 221 155 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,134 176 156 87 210 1,372 L.230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 263 153 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 2,879 175 202 100 198 1,477 L.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 8,188 579 674 981 5,149 806 925 858 Country Banks 1929—Dec. 31 13,375 8,936 201 291 2,231 1,462 4,750 4,439 1,267 37 59 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1 117 1.055 ? 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 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,187 546 174 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—June 30 11,446 5,607 1,377 555 216 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 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 5,502 171 355 657 3,696 624 1,222 1,013 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 6 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 12.14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Call date F B e w s R a e d 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 m a w a n d e n i c o s t k t e h - i s s c 1 j m p u a o s d a d t s e n e - i - d t d s 2 a v p n a i s p I t d d h r i o n o t u i r d n p n c a a i e s o s - l - , s r r - - p v s S o i u l a s t i b a i n t o t d i d e n c i s - a s c C c h f a e o e e i e f t n e f r c r c d i d t s . - k i ' - s m U G er e o . n n S v - t . - a p v n a s p i t I d d h i r o n o t u i r d n p n c a a i e o s s - l - , s r r - - v s S p i u i a s t o c a b i n o l a t d d i l e n t i - s s - p m U G o e a s in s a r n o e . n g t S v d n v a - s - . t - l m D a D n e- d o b 3 m an e k s s T ti i c me b 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 Total—A11 Member Banks 1929-Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30 12.959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 1942— D A e p c r . . 4 31 1 1 2 2 , , 3 7 9 2 6 5 1,0 8 8 8 7 4 e6 6 , , 2 2 7 4 6 6 3 34 3 , , 6 7 7 5 0 4 3 3 2 3 , , 6 0 0 6 2 1 3 3 , , 2 0 8 6 5 6 1,0 5 0 8 9 9 2 1 , ,7 1 0 6 9 4 1 11 1 , , 5 8 2 7 0 8 4 39 1 5 8 4 5 9 0 e9 9 , , 6 7 5 1 0 4 e133 «678 1 4 4 5 5 , , 9 8 3 8 0 6 June 30 12,295 1,022 5,770 36,966 35,646 3,230 711 1,724 11,673 400 49 9,110 109 752 6 5,991 New York City* 1929—Dec. 31 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1933—June 30 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1939—Dec. 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 1940—June 29 7,072 88 119 10,235 10,283 258 147 67- 732 29 3,840 650 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 e192 11,335 11,235 296 154 967 751 25 e3,383 e576 '"4" 1,655 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 1,698 City of Chicago4 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 el,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 1 1 9 93 3 9 3 — — D Ju e n c e . 3 3 0 0 3,1 7 1 0 8 5 3 1 4 2 8 2 2 1 , ,0 4 0 8 2 5 3 8, , 1 7 7 6 6 4 3 8r, 7 0 0 0 8 2 8 3 1 4 3 9 1 19 0 0 8 3 4 1 3 2 5 4 2 , , 3 9 6 4 2 1 2 24 0 0 8 38 1 8 4 3 1 , ,3 5 1 1 5 6 1 5 1 9 7 5 1 3 5 16 1 1, , 8 5 2 3 8 3 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 1942—Apr. 4 4,221 348 e2,705 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 e90 e54 "6 1,981 June 30 ' 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 Country Banks 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1939—Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 1942—Apr. 4 2,180 429 e3,093 9,726 8,376 1,473 202 269 5,948 145 30 *779 C28 e2 4 2,005 June 30 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 3 3 2,014 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balances with private bbaaun~k~s t„o„ t«h.„e„ e xt»e_n.t. _t hat they. ,w .e.r—e then re--p*o rted in— "O t-h —er assets." Since Oct. 25,1933, includes time balances wiwtlith domestic banks which on that date amountie —dJ txo^ $A6iT9A,0 A0A0A,0 A0A0A an_n*d^l w».'hUi<cnlh% p*-t*r>«i.«o"krw t 4o-s *t 4h-Uatn ^t i4m-?*-e** Aw nerraeV Ar ef pAor\/rMt>efd/i /1i n\v >" O** ft""h\*/eVr* £a%sf sQeCtCsf.l fc' *' 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Beginning June 30, 1942, excludes reciprocal bank balances. 4 Central reserve city banks. e Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities UdtW \JL iJ.1 Ull vJLJ. i m nv e e n s t t s - Total i t n a r d i n u a d s l, - p O m k a p e a p e t r e n - r b T ro o k- t.• R o s a e ta n a t l s e ba t n o ks O lo t a h n e s r Total Total Bills C f o d i f e e c a r b i t t n t i e - - Notes Bonds G a u n a - r- O r s i e t t h c ie e u s r agri- ers To ed. teed t c u u r l a - l d a e n a d l- others ness ers Total—101 Cities 1941—October 29,368 11,152 6,525 412 521 432 1,260 39 1,963 18,216 14,457 811 2,251 8,065 3,330 3,759 1942—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 October 36,787 10,300 6,337 269 484 370 1,217 29 1,594 26,487 23,011 2,674 3,026 3,836 11,470 2,005 3,476 1942—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 21,488 2,423 3,093 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 Oct. 28...... 37 549 10,320 6,316 265 529 369 L, 217 46 1,578 27,229 23,786 2,811 2,987 4,356 11,725 1,907 3,443 Nov. 4 37 924 10,445 6,314 260 664 370 1,213 44 1,580 27,479 24,120 2,911 3,400 4,230 11,668 1,911 3,359 Nov. 11 37 691 10,341 6,359 259 544 367 L,212 34 1,566 27,350 24,027 2,832 3,405 4,232 11,651 1,907 3,323 Nov. 18 37,905 10,172 6,289 258 479 364 1,209 25 1,548 27,733 24,423 3,218 3,409 4,220 11,664 1,912 3,310 Nov. 25 37 939 10,058 6,241 253 444 356 1,209 19 1,536 27,881 24,581 3,369 3,425 4,204 11,664 1,919 3,300 New York City 1941—October 12266 3,726 2,523 79 376 152 107 30 459 8,540 7,001 442 1,418 3,265 1,876 1,539 1942—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 L.094 L,253 August 13 438 3,770 2,589 56 427 150 104 33 411 9,668 8,390 723 671 ,563 4,344 1,089 L.278 September... 13588 3,649 2,551 51 373 140 104 32 398 9,939 8,616 735 962 ,518 4,282 1,119 1,323 October 14353 3,677 2,611 42 369 138 102 27 388 10,676 9,376 929 1,124 ,911 4,351 L,061 L,300 1942—Sept. 2 13 506 3,646 2\ 541 54 377 143 104 24 403 9,860 8,547 758 848 ,508 4,318 1,115 1,313 Sept. 9 13378 3,630 2,528 51 361 142 104 42 402 9,748 8,441 693 836 ,498 4,299 1,115 L,307 Sept. 16 13328 3,617 2,575 52 329 138 104 19 400 9,711 8,416 726 833 1,463 4,279 L, 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 13980 3,693 2,550 47 406 142 103 54 391 10,287 8,934 736 1,131 1,687 4,256 1,124 L,353 Oct. 7 13959 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 13936 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 14801 3,726 2,619 42 417 137 102 23 386 11,075 9,805 974 1,115 2,229 4,491 996 L,27O Oct. 28 14 716 3,732 2,612 41 413 137 102 43 384 10,984 9,711 1,051 1,101 2,101 4,462 996 L,273 Nov. 4 14990 3,862 2,606 40 548 140 102 41 385 11,128 9,936 1,187 1,294 2,018 4,440 997 L,192 Nov. 11 14 790 3,746 2,623 38 433 140 102 31 379 11,044 9,868 1,139 1,295 2,014 4,423 997 L. 176 Nov. 18 14 780 3,625 2,580 38 370 138 102 22 375 11,155 9,986 1,320 1,281 1,984 4,408 993 i,169 Nov. 25 14844 3,550 2,560 37 333 130 101 17 372 11,294 10,129 1,467 1,287 1,973 4,404 998 1,165 Outside New York City 1941—October 17102 7,426 4,002 333 145 280 1,153 9 1,504 9,676 7,456 369 833 4,800 1,454 2,220 1942—June 19045 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 19901 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 October 22 434 6,623 3,726 227 115 232 1,115 2 1,206 15,811 13,635 1,745 1,902 1,925 7,119 944 2,176 1942-Sept. 2 20,951 6,736 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 6,696 3,742 247 113 236 1,118 3 1,237 14,334 12,172 1,659 1,390 1,203 6,940 980 2,162 Sept. 23 21,603 6.669 3,719 245 119 236 1,119 2 1,229 14,934 12,748 1,662 1,931 1,193 6,981 981 2,186 Sept. 30 21,974 6,668 3,720 235 120 239 1,118 11 1,225 15,306 13,120 1,601 1,940 1,596 7,001 982 2,186 Oct. 7 22,016 6,647 3,730 231 116 235 1,114 2 1,219 15,369 13,189 1,733 1,907 1,585 6,989 ' 975 2,180 Oct. 14 21,972 6,640 3,740 227 113 230 1,114 2 1,214 15,332 13,149 1,738 1,906 1,597 6,933 975 2,183 Oct. 21 22,913 6,615 3,728 226 115 230 1,115 3 1,198 16,298 14,126 1,747 1,910 2,264 7,289 916 2,172 Oct. 28 22,833 6,588 3,704 224 116 232 1,115 3 1,194 16,245 14,075 1,760 1,886 2,255 7,263 911 2,170 - Nov. 4 22,934 6,583 3,708 220 116 230 1,111 3 1,195 16,351 14,184 1,724 2,106 2,212 7,228 914 2,167 Nov. 11 22,901 6,595 3,736 221 111 227 1,110 3 1,187 16,306 14,159 1,693 2,110 2,218 7,228 910 2,147 Nov. 18 23,125 6,547 3,709 220 109 226 1,107 3 1,173 16,578 14,437 1,898 2,128 2,236 7,256 919 2,141 Nov. 25 23,095 6,508 3,681 216 111 226 1,108 2 1,164 16,587 14,452 1,902 2,138 2,231 7,260 921 2,135 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. I2_l6 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 a R e r i r n e a t d v k h - l - e s v C a i a n u sh lt b m a a w n d e n i o c s k t t - e h i s s c 1 j p m u a o d s a d s t e n e - i - d t d s 2 s p u p n v c h a o a a o e i n i r d l r p r r d a s t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t d n i i e l t - - s - s c C c h o a e f e e e f i n t e f r r c c d i d s t . - k i ' s - m U G e e r o . n n S v - t . - s p p u v n c h a o a a o i e n i r d l r p r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v l a b t n d i i l e - t - s - s p m U G a s o i e n a n o r . e s v n g S d v t n - - a . s - t l m D a e n b - d a 1 nk T s ime b F e a i o n g r k n - s r in o g w s - co C i a u t a c a n p - l - ts B d i a e t n b s3 k tions tions Total 101 Cities 1941—October 10,597 555 3,543 24,391 24,021 1,863 563 510 5,280 156 21 9,485 112 635 1 3,895 9,754 1942—June 9,759 510 3,398 25,878 25,393 1,905 485 846 4,924 166 20 9,080 87 667 2 3,949 9,348 July 9,421 494 2,820 25,992 25,756 1,767 561 1,657 4,962 125 20 8,538 82 679 15 3,951 9,437 August 9,614 485 2,702 26,638 26,323 1,769 468 2,154 5,000 115 21 8,450 . 78 684 12 3,963 9,459 September.... 9,155 493 2,668 27,637 27,429 1,824 496 1,180 5,031 116 26 8,732' 76 679 16 3,971 10,007 October 9,031 517 2,614 28,268 28,154 1,874 517 2,084 5,074 109 26 8,878 72 683 8 3,983 10,032 1942—Sept. 2 9,379 473 2,635 27,217 26,818 1,806 467 1,511 5,019 115 24 8,604 77 679 2 3,975 9,829 Sept. 9 9,361 498 2,696 27,650 27,300 1,806 433 832 5,030 116 26 8,746 78 681 21 3,972 7,001 Sept. 16 9,571 496 2,870 28,085 28,180 1,752 520 417 5,027 113 26 9,136 75 680 2 3,967 10,628 Sept 23 8,846 503 2,617 27,807 27.504 1,847 504 1,124 5,040 114 26 8,721 74 683 3 3,968 10,912 Sept. 30 8,618 496 2,526 27,424 27,344 1,909 556 2,018 5,038 121 26 8,453 74 676 53 3,973 11,665 Oct. 7 8,700 506 2,535 27,819 27,387 1,862 512 1,434 5,056 116 26 8,745 71 684 7 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 72 679 3 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 71 681 . 7 3,984 11,363 Oct. 28 9,155 524 2,635 28,639 28,345 1,947 547 2,696 5,087 102 26 8,825 73 685 14 3,987 0,077 Nov. 4 9,053 523 2,639 28,593 28,555 1,969 608 2,821 5,100 103 26 8,944 70 699 17 3,999 0,538 Nov. 11 9,278 515 2,665 28,927 28,683 1,911 492 2,292 5,117 99 26 9,152 68 690 6 4,004 8,340 Nov. 18 9,376 516 2,800 29,698 29,615 1,866 544 1,700 5,128 105 26 9,394 68 692 1 4,007 11,817 Nov. 25 9,478 517 2,741 30,224 30,089 1,901 567 1,310 5,121 106 26 9,310 66 707 1 4,006 0,072 New York City 1941—October 5,039 82 90 10,600 10,782 306 314 197 739 25 3,878 574 1,521 4,139 1942—June 4,438 79 77 10,621 10,797 238 256 506 647 18 3,280 599 1,548 3,618 July 4,203 75 41 10,552 10,801 216 322 877 651 12 3,151 610 14 " 1,541 3,694 August 4,221 73 29 10,583 10,780 206 244 1,290 647 14 3,049 614 11 1,547 3,717 September.... 3,763 75 31 10,935 11,159 239 251 595 639 16 3,109 608 14 1,551 3,893 October 3,627 80 30 11,095 11,279 306 270 1,051 642 15 3,127 611 4 1,555 3,784 1942—Sept. 2. 3,969 72 29 10,819 10,976 216 234 878 642 16 3,067 607 1,553 3,881 Sept. 9 3,853 77 29 10,941 11,115 224 206 473 644 16 3,086 608 1,550 2,523 Sept. 16 3,944 74 35 11,079 11,426 187 249 192 636 16 3,289 608 1,549 3,977 Sept. 23 . 3,573 76 33 11,026 11,199 256 267 500 639 17 3,109 612 1,549 4,208 Sept. 30 3,478 76 30 10,810 11,078 312 299 930 634 15 2,997 605 52 " 1,554 4,875 Oct. 7.. 3,473 78 27 10,986 11,069 298 261 654 637 15 3,071 612 6 1,555 3,781 Oct. 14 3,554 85 31 11,048 11,394 299 256 501 643 15 3,238 609 1,555 3,377 Oct. 21 3,760 77 30 11,155 11,327 291 270 1,616 644 16 3,071 609 1,557 4,320 Oct. 28 3,720 81 30 11,190 11,325 336 294 1,432 642 16 3,126 612 ,10 1,555 3,659 Nov. 4 3,599 84 28 11,202 11,416 357 348 1,512 646 18 3,121 625 10 1,566 4,216 Nov. 11 3,624 81 25 11,275 11,427 305 248 1,229 655 18 3,164 616 5 . 1,568 3,170 Nov. 18 3,765 78 26 11,640 11,860 288 295 902 657 18 3,250 615 1,568 4,305 Nov. 25 3,803 84 29 11,985 12,229 286 315 676 650 18 3,227 631 1,567 3,769 Outside New York City 1941—October 5,558 473 3,453 13,791 13,239 1,557 249 313 4,541 131 21 5,607 112 61 1 2,374 5,615 1942—June 5,321 431 3,321 15,257 14,596 1,667 229 340 4,277 148 20 5,800 87 68 2 2,401 5,730 July 5,218 419 2,779 15,440 14,955 1,551 239 780 4,311 113 20 5,387 82 69 1 2,410 5,743 August 5,393 412 2,673 16,055 15,543 1,563 224 864 4,353 101 21 5,401 78 70 1 2,416 5,742 September... 5,392 418 2,637 16,702 16,270 1,585 245 585 4,392 100 26 5,623 76 71 2 2,420 6,114 October 5,404 437 2,584 17,173 16,875 1,568 247 1,033 4,432 94 26 5,751 72 72 4 2,428 6,248 1942—Sept. 2 5,410 401 2,606 16,398 15,842 1,590 233 633 4,377 99 24 5,537 77 72 2 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 78 73 1 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 75 72 2 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 74 71 3 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 74 71 1 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 71 72 1 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 72 70 3 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 71 72 7 2,427 7,043 Oct. 28 5,435 443 2,605 17,449 17,020 1,611 253 1,264 4,445 86 26 5,699 73 73 4 2,432 6,418 Nov. 4 5,454 439 2,611 17,391 17,139 1,612 260 1,309 4,454 85 26 5,823 70 74 7 2,433 6,322 Nov. 11 5,654 434 2,640 17,652 17,256 1,606 244 1,063 4,462 81 26 5,988 68 74 1 2,436 5,170 Nov. 18 , 5,611 438 2,774 18,058 17,755 1,578 249 798 4,471 87 26 6,144 68 77 1 2,439 7,512 Nov. 25 5,675 433 2,712 18,239 17,860 1,615 252 634 4,471 88 26 6,083 66 76 1 2,439 6,303 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. DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 2 e d ) s e d r a v t e e m T l v o a o e i e n a n n s t n d - a t t - s s l Total C m t d c a r i o i u n i n e a a m s d - r l - l - , , - p O m a k p p a e e r t e n - r b o p T r s r o u o e k r c c c - a u h r r a r i s y ti i i e n n s g g e l R s o e t a a a n t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills f C i i c e o n a r f - t te i- Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Oct. 28 1,930 702 397 75 13 13 74 129 1,228 1,097 158 162 151 573 53 131 Nov. 4 1,969 704 399 75 14 13 73 129 1,265 1,135 162 187 156 573 57 130 Nov. 11 1,980 705 398 75 14 13 73 131 1,275 1,153 166 187 170 573 57 122 Nov. 18 1,980 698 394 75 14 13 73 128 1,282 1,166 174 188 176 571 57 116 Nov. 25 1,976 690 390 73 13 13 73 128 1,286 1,174 179 188 176 573 58 112 New York (8 cities)* Oct. 28 15,934 4,098 2,756 43 417 173 190 43 476 11,836 10,439 1,104 1,150 2,252 4,888 1,045 1,397 Nov. 4 16,219 4,228 2,750 42 552 176 190 41 477 11,991 10,676 1,238 1,356 2,169 4,867 1,046 1,315 Nov. 11 16,029 4,121 2,777 40 436 176 190 31 471 11,908 10,609 1,186 1,361 2,165 4,851 1,046 1,299 Nov. 18 16,023 3,994 2,734 40 373 174 190 22 461 12,029 10,736 1,369 1,352 2,136 4,837 1,042 1,293 Nov. 25 16,089 3,912 2,707 39 336 166 189 17 458 12,177 10,887 1,520 1,361 2,126 4,834 1,046 1,290 Philadelphia (4 cities) Oct. 28 1,650 476 257 28 26 33 47 85 1,174 928 121 67 113 565 62 246 Nov. 4 1,677 472 255 28 28 31 47 83 1,205 958 128 91 112 565 62 247 Nov. 11 1,673 469 255 28 25 31 47 83 1,204 958 128 90 113 564 63 246 Nov. 18 1,672 462 251 26 25 30 47 83 1,210 965 129 95 113 565 63 245 Nov. 25 1,675 459 248 25 25 31 47 83 1,216 971 136 95 113 564 63 245 Cleveland (10 cities) Oct. 28 2,856 788 393 20 14 14 181 166 2,068 ,799 138 180 301 1,051 129 269 Nov. 4 2,878 781 388 20 14 14 180 165 2,097 ,827 123 222 300 1,053 129 270 Nov. 11 2,875 781 391 20 14 14 180 162 2,094 ,829 128 224 297 1,055 125 265 Nov. 18 2,891 781 393 20 13 14 180 161 2,110 ,845 136 219 297 1,063 130 265 Nov. 25 2,885 778 390 19 14 14 181 160 2,107 ,843 137 221 292 1,063 130 264 Richmond (12 cities) Oct. 28 1,168 291 144 10 4 11 51 71 877 808 85 78 126 458 61 69 Nov. 4 1,180 290 144 9 4 11 51 71 890 820 85 92 127 455 61 70 Nov. 11 1,181 289 143 9 4 11 51 71 892 823 89 90 126 457 61 69 Nov. 18 1,183 v 286 142 9 3 11 51 70 897 828 90 91 126 459 62 69 Nov. 25 1,182 284 139 9 4 11 51 70 898 829 90 91 126 460 62 69 Atlanta (8 cities) Oct. 28 1,052 345 203 6 4 7 96 707 596 76 89 132 253 46 111 Nov. 4 1,071 347 204 6 4 7 28 97 724 612 86 . 99 131 249 47 112 Nov. 11 1,074 350 208 6 4 7 28 96 724 612 85 98 132 251 46 112 Nov. 18 1,088 350 209 7 3 7 27 96 738 626 89 99 140 252 46 112 Nov. 25 1,083 350 209 7 4 7 27 • 94 733 621 96 139 251 47 112 Chicago (12 cities)* . Oct. 28 5,?17 1,274 871 32 31 52 146 142 4,543 3,978 607 741 571 1,820 239 565 Nov. 4 5,777 1,276 872 31 29 52 145 147 4,501 3,938 550 793 547 1,810 238 563 Nov. 11 5,748 1,279 880 32 29 49 145 144 4,469 3,907 522 792 546 1,8 239 562 Nov. 18 5,840 1,264 863 33 30 50 144 144 4,576 4,016 627 794 547- 1,809 239 560 Nov. 25 5,794 1,259 858 34 31 50 144 142 4,535 3,975 587 797 1,805 239 560 St. Louis (5 cities) Oct. 28 1,208 412 251 12 3 10 64 71 796 673 74 132 111 323 33 123 Nov. 4 1,212 415 255 11 3 10 65 70 797 674 84 134 104 319 33 123 Nov. 11 1,205 411 253 11 3 10 64 69 794 672 81 135 104 319 33 122 Nov. 18 1,227 406 250 10 3 9 64 69 821 699 102 135 104 324 34 122 Nov. 25 1,233 401 245 10 3 9 65 69 832 710 108 138 105 324 35 122 Minneapolis (8 cities) Oct. 28 672 212 113 2 1 5 15 76 460 420 75 66 62 199 18 40 Nov. 4 667 209 112 2 1 5 15 74 458 41 80 64 56 199 18 41 Nov. 11 671 211 113 2 1 5 15 75 460 420 80 65 56 201 18 40 Nov. 18 687 207 111 2 1 5 15 73 480 440 98 65 57 201 19 40 Nov. 25 703 211 115 2 1 5 15 73 492 452 107 64 58 205 18 40 Kansas City (12 cities) Oct. 28 1,166 380 235 24 3 9 34 75 786 661 122 82 161 236 60 125 Nov. 4 1,158 380 236 23 2 9 34 76 778 654 120 98 153 224 59 124 Nov. 11 1,153 381 239 22 2 9 34 75 772 647 117 97 150 224 59 125 Nov. 18 1,165 382 240 22 2 9 34 75 783 658 124 101 149 225 59 125 Nov. 25 1,170 381 240 22 2 9 34 74 789 665 129 104 148 224 60 124 Dallas (9 cities) Oct. 28 . 903 310 227 1 3 12 20 47 593 534 72 79 108 237 38 59 Nov. 4 908 312 227 1 4 12 20 48 596 536 71 82 108 237 38 60 Nov. 11 907 311 228 1 3 12 20 47 596 536 69 83 108 238 38 60 Nov. 18 911 310 227 1 3 12 20 47 601 542 72 83 110 238 39 59 Nov. 25 911 306 226 3 11 20 46 605 545 74 83 110 239 39 60 San Francisco (7 cities) Oct. 28 3,193 1,032 469 10 30 367 144 2,161 1,853 179 161 268 1,122 123 308 Nov. 4 3,208 1,031 472 9 30 365 143 2,177 1,873 184 182 267 1,117 123 304 Nov. 11 3,195 1,033 474 9 30 365 142 2,16r 1,861 181 183 265 1,110 122 301 Nov. 18 3,238 1,032 475 9 30 364 141 2,206 1,902 208 187 265 1,120 122 304 Nov. 25 3,238 1,027 474 8 30 363 139 2,211 1,909 214 187 264 1,122 122 302 City of Chicago* Oct. 28 3,856 856 667 27 46 24 3,000 2,642 429 549 390 1,189 358 Nov. 4 3,787 857 666 25 46 24 2,930 2,573 376 569 364 1,179 357 Nov. 11 3,754 859 672 25 43 24 2,895 2,537 342 569 364 1,177 35S Nov. 18 3,832 844 655 26 44 24 2,988 2,632 437 569 364 1,176 356 Nov. 25 3,795 837 647 27 45 24 2,958 2,602 408 570 364 1,174 356 v u SepfT^ figurJ? *°F ^ew 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. 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 Reerves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 2 e d ) s e d r a v t e e B s w F e R e a e r i r e n a t d v - h k l - e s v C a i a n u sh lt m b a w n a d e i o n c s t - e t k h i s s c j m p m u o d s a a e s t d n - e it - d d s 1 s p u p v h n c a o a a i i o e n d p r l r r r d s a - t - s - , - - , S p d s s a t i o i i u c a o n v l a b t n i d i e t l - - s - s c C c h o e a f e e e i t f n e c f r r c i d . d t s - k i ' - s m U G e e r . o n S n v - . t - s p u p v n h c a a a o i o e i n r l d p r r r d s t a - - s - - , - , S p d s s a t i i o i u a c o n v l b a t d n i i e - l t - s s - p m U G i a s o e n a n e o r . s g n S v n t 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 in o o g w r s - - c C o i a t u a c a p n - l - ts B d i a e ts n b 2 - k tions tions Boston (6 cities) Oct. 28 496 66 143 1,768 1,702 150 26 81 226 1 328 23 1 256 581 Nov. 4 513 65 141 1,789 1,716 163 25 82 227 1 358 23 1 255 629 Nov. 11 485 65 142 1,803 1,735 145 33 66 228 1 343 23 1 255 535 Nov. 18 508 65 147 1,831 1,790 131 30 50 228 1 359 24 1 256 713 Nov. 25 500 61 152 1,830 1,799 123 27 40 228 1 354 25 1 256 632 New York (8 cities)* Oct. 28 3,948 112 146 12,198 12,189 511 317 1,481 1,008 18 7 3,200 5 614 13 1,681 3,963 Nov. 4 3,820 116 149 12,215 12,307 526 368 1,560 1*013 20 7 3,197 5 627 16 1,693 4,532 Nov. 11 3,842 113 150 12,309 12,325 477 271 1,271 1,023 20 7 3,241 5 618 5 1,695 3,461 Nov. 18 3,988 109 151 12,686 12,764 469 319 933 1,026 25 7 3,328 5 617 1,695 4,710 Nov. 25 4,025 114 143 13,031 13,123 476 339 700 1,017 26 7 3,302 5 632 1,694 4,075 Philadelphia (4 cities) Oct. 28 ,412 28 115 1,447 1,419 110 14 61 158 2 363 2 6 219 431 Nov. 4 29 103 1,422 1,418 112 15 65 159 2 367 2 6 219 446 Nov. 11 27 100 1,472 1,434 128 11 52 158 2 374 1 6 220 362 Nov. 18 430 28 108 1,482 1,464 116 11 42 158 2 382 1 6 219 566 Nov. 25 429 27 111 1,495 1,476 115 11 34 156 2 383 1 6 219 450 Cleveland (10 cities) Oct. 28 755 67 304 2,336 2,354 129 33 75 686 20 500 22 2 404 723 Nov .4 734 66 295 2,318 2,313 128 32 79 687 20 506 20 2 404 764 Nov. 11 732 63 300 2,328 2,316 132 33 63 688 20 510 19 2 404 541 Nov. 18 781 64 315 2,403- 2,406 125 31 49 688 20 530 19 2 405 872 Nov. 25.. : 768 63 316 2,399 2,410 125 37 44 688 20 521 18 2 405 730 Richmond (12 cities) Oct. 28 296 35 195 891 874 90 16 51 207 2 5 416 6 1 105 342 Nov. 4 305 33 192 910 893 89 18 53 208 2 5 410 6 1 105 343 Nov. 11- 312 32 207 918 900 87 17 44 208 2 5 430 6 1 106 285 Nov. 18 301 34 212 918 906 88 16 34 208 2 5 442 6 1 106 377 Nov. 25 320 33 216 941 927 89 16 28 207 2 5 445 6 1 106 320 Atlanta (8 cities) Oct. 28 243 23 181 728 715 100 7 72 197 3 2 420 1 3 10 306 Nov. 4 259 21 178 740 721 101 8 74 197 2 2 437 1 3 102 302 Nov. 11 . 272 22 189 748 733 101 8 61 198 2 2 467 1 3 102 257 Nov. 18 257 22 187 762 759 101 10 45 199 2 2 465 1 3 102 354 Nov. 25..! 258 23 189 777 755 106 7 35 200 2 2 458 1 3 ro2 304 Chicago (12 cities)* Oct. 28 1,350 88 479 4,401 4,197 454 50 491 979 2 7 1,434 7 14 446 1,735 Nov. 4 1,358 94 467 4,312 4,211 430 52 513 982 2 7 1,460 7 14 448 1,710 Nov. 11 1,420 97 467 4,461 4,243 413 43 411 984 4 7 1,503 7 14 448 1,256 Nov. 18 1,325 94 494 4,487 4,337 402 44 301 987 4 7 1,543 7 14 449 1,959 Nov. 25 1,373 95 484 4,550 4,390 414 47 235 990 4 7 1,537 7 15 448 1,609 St. Louis (5 cities) Oct. 28 278 18 144 800 831 56 11 60 188 2 1 509 102 340 Nov. 4 285 18 153 812 850 57 11 61 189 2 1 515 102 333 Nov. 11 301 18 155 810 846 59 8 50 189 2 1 538 10v 288 Nov. 18 285 17 150 823 860 59 9 37 189 2 1 539 103 377 Nov. 25 283 17 149 840 864 62 9 29 190 2 1 533 103 310 Minneapolis (8 cities) Oct. 28 146 10 104 490 461 78 10 28 109 1 240 3 1 67 191 Nov. 4 161 9 111 497 468 85 8 29 110 1 248 3 1 67 186 Nov. 11 171 9 102 498 469 84 7 24 110 1 256 3 2 66 173 Nov. 18 164 9 105 517 479 84 6 17 110 1 256 3 2 66 230 Nov. 25 168 9 107 544 501 87 6 13 109 1 258 3 1 66 201 Kansas City (Hcities) Oct. 28 320 20 292 867 867 98 12 70 141 1 1 613 6 115 344 Nov. 4 331 19 309 872 886 99 12 70 142 1 1 626 5 115 337 Nov. 11 342 18 310 880 890 96 12 58 142 1 1 636 5 115 291 Nov. 18 345 18 346 919 930 99 12 44 142 1 1 662 5 116 429 Nov. 25 350 18 319 929 • 931 103 13 33 143 1 1 645 5 116 372 Dallas (9 cities) Oct. 28 268 20 270 803 788 65 17 72 122 7 1 387 1 95 332 Nov. 4 272 18 275 791 795 71 19 76 122 7 1 407 1 95 260 Nov. 11 279 18 286 808 797 76 14 61 122 6 1 -422 1 95 222 Nov. 18 286 19 307 842 839 75 17 47 122 7 1 434 2 95 341 Nov. 25 284 20 294 848 837 77 13 39 123 7 1 422 1 95 288 San Francisco (7 cities) Oct. 28.. 643 37 262 1,910 1,948 106 34 154 1,066 44 415 21 20 396 789 Nov. 4.. 63*5 35 266 1,915 1,977 108 40 159 1,064 44 413 21 21 394 699 Nov. 11. 690 33 257 1,952 1,995 113 35 131 1,067 39 432 21 20 395 666 Nov. 18. 706 37 278 2,028 2,081 117 39 101 1,071 39 454 21 21 395 889 Nov. 25. 720 37 261 2,040 2,076 124 42 80 1,070 39 452 20 21 396 781 City of Chicago* Oct..2:~8 848 36 193 2,706 2,635 227 26 426 466 2 1,050 12 291 1,062 Nov. 4 875 42 183 2,632 2,610 215 23 444 467 2 1,059 12 293 1,051 Nov. 11 899 44 189 2,675 2,630 204 22 354 468 2 1,103 12 293 743 Nov. 18 '821 43 200 2,752 2,712 198 21 256 469 2 1,131 13 293 1,158 Nov. 25 838 42 190 2,796 2,750 199 24 197 470 2 1,115 13 292 930 * See note on preceding page. 3 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. DECEMBER 1941 IZI9 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 Tnd of month paper Total Accepting banks Goods stc>red in or out- out- Imports Exports shipped standing standing Total O bi w lls n b B ou il g ls ht Others2 U S i n t n a i t t t o e e d s U S f n t r a o i t t m e ed s ex D c o h l a l n ar ge Unite p d oints F in oreign States countries 1941—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 J A u u l g v ust 3 2 0 9 5 7 1 1 5 3 6 9 1 1 1 0 9 8 7 7 7 1 4 3 2 7 3 3 8 1 9 7 2 8 8 8 8 (3) 4 4 5 1 1 1 1 1 September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 40 12 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances . End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I i n n n a v d c p e c a t s o r r t u a m t d n n e t i e s n n r g t s' a in n a d v I c n e c t f s o r i t u a r m m n d e t i s n n g t I a n c ( c c n o a e p u t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 193g_june 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 September 633 10 83 ' 196 396 260 78 16 g 219 October 628 9 102 186 414 255 74 16 7 217 November 625 9 100 195 409 264 72 15 8 217 December 600 8 86 211 368 289 63 17 5 213 1942—January 547 8 74 219 308 274 72 18 6 209 February 534 8 74 203 307 262 66 18 5 206 March 531 8 70 195 306 249 67 16 4 201 April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 «490 e300 e240 September e500 «310 «240 October e510 "310 e260 * 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). IX2O 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 t e h a e , k r , or m m 4 p P c - o a e r o n t p i r o m m c t e h i 6 r - e a , s - l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k a p ' s - e l t , - c S l h n c a o e t r a e o l a x e a n w l c - - n l g k - e m b G o i 3 o l n - l v s t 3 h ern d m 9 c m - e o c e e f b t r o a n o t t t n t i i e e f n 1 t d s i h s - 2 - - e - cu 3 t r a n - y i x o t t e o i a t a e e b r 5 s s l - e [Per c 1 e T 9 n t o c t p i a t e i l r e s annu Y N m C o e i ] t w r y k e E 7 N r c a n o i o s t r t i t a h e t e n h s e r - d n r 1 W e 1 r c e n S i s t o i t a e e u n s r t d n hness 1 1 9 9 3 3 4 5 a av v e e r r a a g g e e 1 | 3 2 . . 4 9 5 3 2 1 . . 4 7 5 6 3 3. . 3 7 9 1 4 3 . . 3 7 2 6 1936 average1 2.68 1.72 3.04 3.40 1 1 9 9 3 4 9 0 a a v v e e r r a a g g e e.... . . 5 5 9 6 . . 4 4 4 4 1 1. . 0 0 0 0 . . 0 0 2 1 3 4 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e 1 1 » 2 2 . . 5 5 9 3 1 1 . .6 7 9 3 2 2 . . 8 7 8 5 3 3 . . 2 2 5 6 1941 average .54 .44 1.00 .103 .76 1939 average 2.78 2.07 2.87 3.51 1941 - Oct .50 .44 1.00 .049 .72 1940 average 2.63 2.04 2.56 3.38 Nov .50 .44 1.00 .242 .90 1941 average 2.54 1.97 2.55 3.19 Dec........ . .56 .44 1.00 .298 1.02 Monthly figures1 1942— F Ja e n b . . 5 6 6 3 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 2 2 1 5 4 0 . . 9 9 6 3 1938— D N e o c v e e m m b b e e r r 2 2 . .4 6 9 0 1 1 . . 7 7 0 0 2 2 . .6 9 8 5 3 3. . 2 2 3 0 Mar .63 .44 1.00 .212 .93 1939—January 2.64 1.73 2.97 3.32 Apr .63 .44 1.00 .299 .98 February 2.52 1.70 2.69 3.26 May .63 .44 1.00 .364 1.03 Quarterly figures June .69 .44 1.00 .363 1.15 1939—March 2.95 2.13 3.05 3.77 July .69 .44 1.00 .368 1.20 June 2.91 2.15 3.05 3.62 Aug .69 .44 1.00 .370 "<80" 1.25 September 2.68 2.04 2.78 3.31 Sept .69 .44 1.00 .370 .76 1.27 December 2.59 1.96 2.59 3.32 Oct .69 .44 1.00 .372 .75 1.28 1940—March 2.65 2.03 2.67 3.35 Week ending: June 2.59 2.00 2.49 3.38 N O o ct v . . 3 7 1 %-% 7 % A 1 1 . . 0 0 0 0 . . 3 3 7 7 3 3 . .7 8 2 1 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 Nov. 14 5A-H 1.00 .371 .80 1.28 1941—March 2.58 2.06 2.53 3.25 Nov. 21 5A-H I 1.00 .370 .80 1.27 June 2.55 1.95 2.58 3.23 Nov. 28 5A-H 1.00 .368 .79 1.27 September 2.60 1.98 2.62 3.29 December 2.41 1.88 2.45 2.99 ce 2 1 n t T M d h o u e n r i t a n h v g l e y r t a h f g i e g e u e r r n e a s t t i e r a e r o e p n e a r v 9 i e 0 o r - d a d . g ay es s o t f o c w k e e e k x l c y h p an re g v e a i t l i i m ng e r l a o t a e n s s . was 1.25 per 1942— J S M u e n p a e r t c e h mber 2 2 2 . . . 6 7 4 2 0 8 2 2 1 . . . 0 2 8 7 8 5 2 2 2 . . . 6 4 5 6 8 6 3 3 3 . . . 3 2 2 4 5 0 3 Rate onnn<ew issues offered within period. Tax-exempt bills prior to Ma 4 r A ch v e 1 ra 9 g 4 e 1 ; f t o a r x A ab u l g e u b st i ll 1 s 5 t t h o e 3 re 1 a . fter. co i m P p r a i r o a r b t l o e M wi a t r h c h t h 1 e 9 3 c 9 u r f r ig e u n r t e s q u w a e r r t e e r r l e y p o se rt r e i d es m . onthly on a basis not strictly Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. B OND YIELDS J [Per cent per annum] Corporate (Moody's)5 U. S. Government2 High- Year, month, or week M i u p n aF ic- c g o r r a p d o e - By ratings By groups Partially rate4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1939 average 2.36 2.76 2.92 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1941—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 "l.'ll" 1.90 2.57 3.26 2.72 2.86 3.19 4.28 2.85 3.91 3.04 December 1.96 2.37 2.25 2.68 3.35 2.80 2.95 3.27 4.38 2.94 3.99 3.12 1942—Jan uary 2.01 2.37 2.33 2.76 3.35 2.83 2.96 3.30 4.29 2.97 3.93 3.13 February 2.09 2.39 2.55 2.80 3.35 2.85 2.98 3.29 4.29 2.98 3.94 3.15 March 2.00 2.35 2.58 2.80 * 3.37 2.86 3.00 3.32 4.30 3.00 3.94 3.17 April 1.98 2.34 2.44 2.77 3.34 2.83 2.98 3.30 4.26 2.96 3.95 3.13 May 1.97 2.35 2.45 2.76 3.36 2.85 3.00 3.31 4.27 2.97 3.97 3.13 June 1.97 2.33 2.38 2.75 3.37 2.85 3.01 3.31 4.33 2.97 4.03 3.12 July 2.00 2.34 2.32 2.74 3.35 2.83 2.99 3.28 4.30 2.94 4.02 3.09 August 2.02] 2.34 2.28 2.73 3.34 2.81 2.99 3.27 4.28 2.94 3.98 3.09 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 October 2.05 2.33 2.22 2.72 3.31 2.80 2.95 3.24 4.24 2.94 3.92 3.07 Week ending: Oct. 31 2.05 2.33 2.20 2.72 3.31 2.80 2.95 3.25 4.24 2.94 3.92 3.07 Nov. 7 2.05 2.33 2.20 2.71 3.30 2.80 2.94 3.24 4.23 2.94 3.92 3.06 Nov. 14 2.05 2.33 2.20 2.70 3.30 2.79 2.94 3.24 4.23 2.93 3.93 3.06 Nov. 21 2.05 2.33 2.20 2.70 3.31 2.80 2.94 3.24 4.24 2.92 3.94 3.06 Nov. 28 2.08 2.36 2.20 2.71 3.31 2.80 2.95 3.23 4.26 2.92 3.95 3.06 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years, 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 8 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups nave 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. DECEMBER 1941 IX2.I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices8 Corporate4 Common (index,1935-39= 100) of trad- Year, month, or week U.S. ing? Gov- Munic- Medium and lower-grade Pre- (in thoum e e rn n - t^ ipal3 g H r i a g d h e - Total In tr d i u a s l - R ro a a i d l- P ut u i b li l t i y c fa D ul e te - d ferred* Total 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 s s a h n a d r s e s o ) 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—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 Tune .. . 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 October 109.5 126.5 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 Week ending: Oct 31 ... . 109.5 126.9 119.5 102 6 112.0 88.6 107.2 29.7 165.1 74 76 73 64 570 Nov 7 109.5 126.9 119.7 103.3 112.8 89.2 108.0 30.5 164.3 75 77 75 66 804 Nov 14 109.5 126.9 119.7 103.3 113.7 88.0 108.3 29.5 165.1 76 78 74 67 821 Nov. 21 109.5 126.9 119.6 103.5 114.6 87.4 108.4 29.6 165.9 75 77 72 66 588 Nov 28 109.1 126.9 119.2 102.9 114.1 86.2 108.3 29.1 165.9 75 77 70 66 600 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. J Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e f a e i o n g s r d n - ti ) c Total S * n a m p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n n o t d e d r s a s te Stocks e F i o g r n - 2 m e a f e i o g n s r d n t - i ) c Total S n a m p t i n a c a u d i l t - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks e F ig o n r- 2 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3 242 3,216 365 987 1,864 1,782 " si ' 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 ' 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 . . 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,539 2,848 2,847 516 1,272 1,059 889 170 1 2,691 2,687 433 698 1,557 1,430 126 1941—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 M Ju a n y e 2 1 0 8 1 0 1 9 2 6 8 1 9 2 6 8 2 1 2 8 3 2 1 7 03 7 9 6 4 9 9 8 1 5 0 2 5 1 5 0 2 5 1 8 5 3 2 9 8 6 6 2 5 6 5 •••y 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 October 115 28 28 26 2 2 87 87 12 31 44 44 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). IZZZ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s ro t g i c r m o ee s a s d te s d 2 E p s r t o i n m c e e a t e t d e s d 3 Total N e P e q l w u a i n p m t m o a e n n n e d t y W c o a rk p i i n ta g l Tota R l etirem Bo e n n n o t d t s o e s f a n s d ecuri P ti r e s e s t f o e c r k red R o e th p e a r o y f d m e e b n t t pu O r t p h o e s r es 1934 530 515 57 32 26 362 362 84 11 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 7 1939 2,177 2,128 325 170 155 1,708 1,650 59 69 26 1940. 2,786 2,723 604 424 180 1,927 1,798 128 174 19 1941 2,705 2,661 868 661 207 1,620 1,520 100 144 28 1940—December 578 567 193 158 35 367 318 50 6 1 1941—January 269 264 48 44 4 208 183 26 6 ' 1 February 211 208 53 25 28 ' 137 134 2 17 1 March 262 258 68 56 12 172 163 9 14 3 April 184 182 42 26 17 132 111 21 2 5 May 269 262 67 54 13 189 188 1 6 June 250 246 87 75 12 142 131 10 16 1 July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 5 September 182 180 27 17 10 150 148 2 3 October 239 236 91 64 27 126 125 1 14 5 November 155 152 92 61 31 37 37 1 22 December 144 142 57 36 21 62 52 10 17 6 1942—January 164 161 71 38 33 80 80 9 February 78 76 40 34 5 23 12 11 2 ii March 102 100 39 35 4 46 41 15 M Ap a r y il 1 1 2 2 6 1 1 1 2 1 4 8 5 7 9 0 2 1 7 5 5 3 5 3 1 1 1 2 1 1 2 1 5 5 3 3 6 1 June 142 139 72 57 15 60 55 5 2 A Ju u l g y ust 8 5 9 3 8 5 8 2 3 1 9 4 3 1 3 1 6 3 3 2 4 9 3 2 4 9 5 3 8 12 September 62 60 23 I \ 15 28 26 1 8 October 18 17 2 1 15 15 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OFISSUERS- [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- AH net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses* ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 485 81 399 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 597 218 359 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 135 112 13 10 1938 54 24 30 1,208 180 943 86 831 469 226 136 185 106 56 24 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 263 78 81 104 1941 361 *253 108 1,340 317 993 30 828 244 463 121 132 55 56 21 1940—December 12 12 365 144 219 2 171 26 141 4 19 12 7 1941—January 32 27 5 110 15 93 2 120 6 109 5 2 1 1 February 71 21 50 58 2 55 1 43 7 27 10 35 23 4 7 March 8 3 5 177 47 129 1 72 17 39 17 1 1 April 2 2 82 18 64 1 88 16 66 7 9 8 1 May 45 45 141 6 134 1 76 16 54 6 Tune 58 51 7 113 12 97 4 75 24 38 13 July 23 23 39 13 26 48 9 29 10 10 6 1 2 August 24 24 307 138 169 76 22 40 14 6 1 5 September 42 7 35 114 6 106 2 23 13 9 1 1 1 October . . 25 21 4 79 11 63 5 75 49 13 14 57 10 47 November 1 1 59 46 11 1 85 41 24 21 6 4 2 December 28 28 62 3 46 12 46 25 15 6 6 5 1942—January 10 10 107 18 80 9 43 43 1 1 4 4 34 25 10 38 11 14 13 March 5 48 g 40 46 25 6 15 April 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 1 9 3 6 69 17 49 3 61 51 6 4 1 1 Tnlv 2 2 3 2 1 46 9 29 8 2 2 68 34 34 18 4 15 September 1 1 44 7 28 9 15 14 1 OrtnHpr 9 9 3 2 5 2 3 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. of data and back figures, see pp. 217-219 of the March 1942 Buutm. 1x13 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r q t o i a t u e o r 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 d go b u t o l h r e a d e - r s t F b o a a e o b g n v o a e d e d c s r c s , - , o p r a e i O r n f n o i i g d n d l - , c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s n c s M i e e e c l o r e i l v s u a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d iden C m d o o s m n - Number of companies 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 .30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 r423 52 38 46 r»55 36 19 32 35 39 39 32 204 21 134 2 r369 r52 35 r25 r«53 32 18 r32 r27 r35 r27 r34 r174 23 136 3 460 50 38 46 861 34 21 41 41 43 32 52 215 21 127 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 All r N o e a t d s inc I o n m r s o o e a l 1 d v s e 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 inc N o e m t e , 1 d D e i n v d i s - 5 r O e p v i e e n r n g a u t e - i . nc N o e m t e d D 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 898 -38 -43 8 21 175 46 39 19 259 44 42 2 906 -43 -47 23 166 37 32 19 267 49 42 3. 1,058 68 58 21 167 34 30 19 266 47 43 4 . . 1,133 139 126 (7) 61 184 43 36 22 274 51 48 -4 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 . .. 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 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 3 2 1 , , 0 7 4 9 7 7 3 5 8 5 9 6 " 1 2 9 8 9 3 3 6 7 0 3 3 4 5 2 20 0 2 8 5 5 3 4 2 2 5 8 1 1 9 9 3 3 3 4 6 4 n 94 48 6 4 3 2 9 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 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. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. 8 Partly estimated. 9 Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to 217 of the March 1942 BULLETIN. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e r e r t r e b i a e c n t l s t g t- Total2 Tre b a il s l u s ry in c C d a e n e te r e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Tota • l2 s b a U v o . i n n S 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 b in e N d t a e e o r b r i n e n t - s g t s g e t b e t c u e e e u a a r d r r r e i a i i s t n n n t i g e - - s 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 2,151 1,868 3,770.. 554 5,450 Dec 41,942 41,445 34,735 1,455 6,203 26,881 2,480 2,209 4,231 497 5,621 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 '4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 .5,698 30,215 4,555 4,314 6,120 574 6,360 1941—Oct 53,584 53,040 38,869 1,404 5,509 31,759 7,507 5,394 1,818 6,664 544 6,930 Nov 55,040 54,536 39,677 1,703 6,012 31,765 8,052 5,620 2,136 6,806 504 6,316 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—Jan 60,012 59,531 42,271 2,101 5,591 34,383 10,196 7,198 2,697 7,063 481 5,673 Feb 62,381 61,895 43,700 2,002 5,591 35,912 11,004 7,893 2,807 7,190 486 5,673 Mar. 62,419 61,940 43,329 1,652 5,571 35,910 11,278 8,436 2,536 7,333 480 5,666 Apr 64,961 64,496 45,137 1,953 i,'5O7*' 5,571 35,910 12,002 8,951 2,744 7,358 465 5,666 _ May 68,571 68,108 . 47,615 2,257 1,507 5,571 38,085 12,976 9,569 3,100 7,518 462 5,667 June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,549 July 77,136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 4,551 Aug 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 1 Including amounts held by Government agencies and trust funds, which aggregated $2,592,000,000 on September 30, and $2,593,000,000 (preliminary) on October, 31, 1942. 1 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. UNITED STATES GOVERNMENT MARKETABLE PUBLIC SALES OF UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, OCTOBER 31, 1942 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars! Amount Funds received from sales during Issue Amount Issue Amount out- month Month standing Tr J e u a n s e u r 1 y 5 , b 1 o 94 n 3 d -4 s 7 454 Tr S e e a p s t u . r 1 y 5 " , n 1 o 9 t 4 e 4 s—Continued 283 a m t 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 Oct. 15, 1943-45 1,401 Sept. 15, 1944 635 Apr. 15, 1944-46 1,519 Mar. 15, 1945 718 1941—May ,., 4,008 370 101 38 211 Dec. 15, 1944-54 1,037 Mar. 15, 1945 1,606 June ,..,..„ 4,314 315 103 29 183 Sept. 15, 1945-47 1,214 Dec. 15, 1945 531 July 4,649 342 145 27 170 Dec. 15, 1945 541 Mar. 15, 1946 503 Aug 4,908 266 118 20 128 Mar. 15, 1946-56 489 Dec. 15, 1946 3,261 Sept 5,132 232 105 18 109 June 15, 1946-48 1,036 Cert, of indebtedness... Oct 5,394 271 123 23 125 June 15, 1946-49 819 Nov. 1, 1942 1,507 Nov 5,620 234 110 19 105 Oct. 15, 1947-52 759 Feb. 1, 1943........ 1,588 Dec... 6,140 529 341 33 154 Dec. 15, 1947 701 May 1, 1943 -.. 1,506 Mar. 15, 1948-50 1,115 Aug. 1, 1943 1,609 1942—Jan 7,198 1,061 667 78 316 M M D D M D J D D D J S S S S u u e e e e e e e e e e a a a n n c c c c p c c p p p r r r . . . . . . e e t t t t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 . 5 5 4 4 4 4 5 5 5 4 4 4 5 4 5 1 1 9 9 9 9 2 1 0 8 8 1 0 9 8 - - - - - - - - - - - - - - 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 3 1 3 4 0 1 4 2 1 5 2 1 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 6 1 0 0 2 9 7 0 2 4 4 5 5 7 1 2 8 9 9 2 6 1 8 2 9 1 5 5 7 8 8 7 6 2 4 3 4 6 3 1 0 5 1 1 Tr N N D D D D J N D J J J N e a a a a e e e e e a o o o o n n n n c c c c c s v v v v . . . . . . . . . u . . . . 6 2 2 1 9 r 3 2 2 1 4 2 1 1 7 y 0 3 , 0 , 3 6 , 5 8 , 2 , , , , , 1 , 1 , , 1 , 1 b 1 1 1 9 1 9 9 1 1 9 1 1 1 9 9 i 9 4 4 4 9 9 9 4 9 9 9 l 4 4 4 3 4 4 2 4 2 l 4 4 4 2 3 3 s 3 2 2 2 2 2 2 . 4 4 4 4 4 3 3 3 3 3 3 5 5 0 0 0 5 5 5 0 0 5 5 5 0 0 2 2 1 1 1 3 0 0 2 1 3 5 5 D "A i 1 f m f A e o r t e u A M M O F J J A S n c u u n e e c p c u u a a n l t b p e t r g y s r r y e t r o e b u n e t t t s w r t e a e d n e e n d m in " p g F t " i u o r n n e d p v s r a e l r s u e e 1 1 1 1 1 e c n 8 8 9 1 3 2 7 0 1 s e t , , , , , , , , , s i e 9 4 7 3 5 4 8 1 0 v x t 5 5 8 3 7 9 6 8 7 e h c 1 1 1 9 6 3 8 9 8 d e e " p d t i a ff n S e d e r 6 9 5 9 7 7 5 6 6 r e 3 9 5 0 3 0 5 3 3 i n m e 5 7 5 1 1 3 8 4 4 c s o e G n b t , h e t w w 4 6 3 3 3 4 4 5 5 t 5 6 o 3 1 2 9 3 2 0 h e 4 5 3 0 7 8 8 2 8 i e c m n h o a i c n s c t h r s 4 4 4 4 6 5 5 6 7 u t 1 1 0 3 1 2 2 1 4 a e c d t h e d a i n n a g c t r e e 2 2 s 1 1 3 1 1 1 1 p a 5 1 7 6 1 8 7 6 9 a s 3 0 9 4 9 4 0 0 1 i e r n s . June 15, 1952-55 1,501 Total direct issues 65,008 in redemption values and redemptions of bonds during the month. June 15, 1953-55 725 2 Includes figures for series A-D not shown separately; these series have M Ju a n r e . 1 1 5 5 , , 1 1 9 9 5 5 4 5 - -6 56 0 . 2,6 6 1 8 1 1 Gu C a o r m an m t o e d ed it y s e C c r u ed ri i t t ie C s orp. not been issued since April 1941. Mar. 15, 1956-58 1,449 May 1, 1943 289 Sept. 15, 1956-59 982 Feb. 15, 1945 412 June 15, 1958-63 919 Fed. Farm Mortgage Corp. Dec. 15, 1960-65 1,485 Mar. 15, 1944-64 95 June 15, 1962-67 2,118 May 15, 1944-49 835 Sept. 15, 1967-72 2,716 Home Owners' Loan Corp. Postal Savings bonds... 117 May 1, 1944-52 779 Conversion bonds 29 June 1, 1945-47 755 Panama Canal loan 50 Reconstruction Fin. Corp. Treasury notes July 15, 1943 324 Dec. 15, 1942 232 Apr. 15, 1944 571 Mar. 15, 1943 66 Fed. Public Housing June 15, 1943 629 Authority Sept. 15, 1943 279 Feb. 1, 1944 114 M De a c r . . 1 1 5 5 , , 1 1 9 9 4 4 3 4 4 51 2 5 1 Fe V d a e r r i a o l u H s ousing Admin. 21 June 15, 1944 416 Total guaranteed issues 4,195 DECEMBER 194Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 End of month s i e b n c T e t u e a o r r r i e t i t a n s i l e g t- s S is p s e u t c r e i u s a s l t u t n P i d s u s s b u l e ic s F R B H e e a d s e n e e l k d r r v a s l e Total M b e a m nk b s er m b O c e a o t r n h c m k e ia - s r l M sa b v u a i n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i O a s a s b r t u k l h e e e e s t r - inv m e N s a a t r b o o k l n r e e s - tissues 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 2,726 2,645 63,261 24,098 2,290 3,890 8,800 11,100 13,100 July? 81,245 8,125 2,741 3,153 67,226 28, 500 4,000 8,900 11,500 14,300 August**.. . 85,811 8,262 2,884 3,426 71,239 30,200 4,100 9,500 12,000 15,400 September** 90,399 8,509 2,900 3,567 75,423 32,500 4,200 9,600 12,700 16,400 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. P Preliminary estimates. NOTE.— For end of June figures 1916-1937, see BULLETIN for July 1941, p. 664. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars] U.S. Govs T t o i a o n u n t g t a d - l - m a e a c g r i n e e e n d n n s - t - B s F e R a e e r r n e d a v - k - l e s m b C a e o r n m c k - i s a 1 l b M i t a n u n g a u k s l - s p I c a n a o n s n m c u i - e e r s - Other s T t o i a o n u n g t t - a d l - B s F e R e a e r r n e d a v - k - l e s b C m a c o n i e a m k r l - s - b M i s t a n u a n g v a u k s l - - s p I a c n a o n s n m c u i e - e r s - Other trust funds Totals Treasury bonds: 1941—June 44,072 2,360 2,184 19,014 3,342 6,841 10,322 Total: Dec 47,878 2,547 2,254 20,589 3,641 7,85810,990 1941—June 2,015 1,359 10,851 2,895 5,983 7,112 1942—Apr 50,803 2,636 2,357 22,482 3,667 8,190 11,471 Dec 2,182 1,46212,174 3,197 6,836 7,517 May 53,282 2,713 2,489 23,554 3,770 8,69512,060 1942—Apr 2,262 1,569 13,833 3,290 7,185 7,771 June 55,122 2,723 2,645 24,939 3,830 8,74812,237 May 2,325 1,606 14,725 3,413 7,815 8,200 July 58,340 2,737 3,153 26,848 3,933 8,80712,861 June 2,321 1,61714,828 3,442 7,766 8,110 Aug 61,691 2,881 3,426 28,548 4,057 9,419 13,360 July 2,331 1,643 16,135 3,569 7,862 8,642 Sept 64,916 2,877 3,567 30,707 4,114 9,513 14,138 Aug 2,456 1,660 16,376 3,682 8,520 8,725 Treasury bbiill.ls: Sept 2,456 1,71316,433 3,693 8,474 8,649 1941—June 1,603 1,112 23 10 459 Maturing within 5 years: Dec 2,002 10 1,037 34 210 710 1941—June 291 1,370 197 526 ,124 1942—Apr 1,953 91 1,191 18 72 580 Dec 289 1,398 191 531 ,053 May 2,557 156 1,350 19 54 678 1942—Apr 289 1,422 177 527 ,046 June 2,508 243 1,557 28 91 590 May* 289 1,437 170 526 ,037 July 3,663 566 2,263 28 88 718 June 336 1,599 224 581 ,173 Aug 4,168 696 2,648 25 78 721 July 336 1,617 220 570 ,173 Sept 4,619 657 2,884 17 123 937 Aug 330 1,627 217 566 ,174 Certificates: Sept 472 2,137 274 781 ,464 1942—Apr 1,507 817 39 224 427 Maturing in 5-10 years: May 1,507 27 869 38 129 436 1941—June 776 3,367 718 1,236 ,489 June 3,096 11 66 1,971 74 191 782 757 3,452 685 1,257 ,432 July 3,096 11 218 1,921 57 171 718 1942—Apr..........'.'.'.'. 838 4,171 714 1,363 ,513 Aug 4,705 20 341 3,008 78 184 1,074 May 871 5,060 795 1,433 ,735 Sept 6,211 19 504 3,978 92 271 1,346 June 846 4,959 750 1,347 ,536 Treasury notes: July 873 6,214 887 1,477 !,084 1941—June 5,699 45 820 2,931 191 259 1,452 Aug 883 6,344 886 1,468 ,954 Dec 5,997 53 777 3,246 166 265 1,490 Sept 916 6,446 932 1,458 ,756 1942—Apr 5,571 57 693 2,936 120 242 1,523 Maturing in 10-20 years: May 5,571 56 693 2,902 116 240 1,565 1941—June 2,091 5,549 1,856 3,191 4,036 June 6,689 76 714 3,725 138 266 1,770 Dec 2,116 6,044 1,856 3,309 3,924 July 6,689 76 722 3,682 139 266 1,803 1942—Apr 2,176 6,966 1,952 3,546 4,091 Aug 6,689 79 725 3,602 139 265 1,880 May 2,178 6,979 1,941 3,541 4,095 Sept 7,958 75 678 4,507 181 276 2,241 June 2,168 7,009 1,957 3,510 4,086 Guaranteed securities: July 2,180 7,043 1,949 3,488 4,069 1941—June 6,360 268 4,107 233 589 1,158 Aug 2,182 7,146 1,948 3,427 4,025 Dec 6,317 280 4,119 243 461 1,123 Sept 2,061 6,596 1,854 3,163 3,871 1942—Apr 5,666 284 3,694 200 466 1,019 Maturing after 20 years: May 5,667 291 3,698 183 457 1,031 1941—June 219 566 126 1,029 465 June 4,549 281 2,847 148 433 835 Dec 482 1,282 462 1,737 1,107 July 4,514 284 2,837 140 419 829 1942—Apr 532 1,273 446 1,748 1,123 Aug.... 4,515 292 2,902 134 371 810 May 597 1,250 509 2,317 1,331 Sept 4,515 293 2,893 132 369 814 June 593 1,258 512 2,326 1,315 July 587 1,259 513 2,328 1,315 Aug 721 1,260 630 3,058 1,570 Sept t 721 1,253 631 3,073 1,560 - * Figures include only holdings of institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings of non-reporting banks and insurance companies as well as of other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown in the table above. 1 On September 30,1942, commercial banks reporting to the Treasury held $8,232,000,000 of United States Government securities due or callable within 1 year out of a total of $13,542,000 outstanding. 2 Including $196,000,000 of postal savings and pre-war bonds not shown separately below. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period t c a I o x n m e - s e 1 i c n r n M n e e n e t l v u o i e a l s e e a u l r - 1 - - - s s S t e a i o c t x c y u e i r a s - l o A th l e l r c T e r o e ip t - a t l s c N e r i e e p - t ts2 I d n e e t s e b t r t - a W c t t i i e a v s r i- T c f t o e e r r a r a t u u c c s n n . - s s t t t o - s o A th l e l r g p T t e b e u o t u n r t d e a d e - s l x i- - Deficit* T co e r a u t u c c n - s . t t 3 s F G b e u a r e C n l a n d - h l - ange G d i r e n o b s t s ance Fiscal year ending: June 1941: 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 +742 +5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,598 -3,506 +358+23,461 1941— Oct... 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 +2,89'8 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 M Ap a r y . . . . . 3 2 3 1 5 6 3 2 0 7 5 0 2 4 2 3 2 4 5 9 6 7 7 3 6 2 4 5 6 6 9 3 5 7 1 7 9 3 3 , , 2 5 3 6 8 0 3 37 9 5 0 3 3 , , 7 9 5 5 3 3 - - 3 3 , , 0 3 5 9 8 1 - - 1 25 2 7 6 -6 - 4 3 2 9 + + 2 3 , , 5 6 4 0 2 9 2,086 298 42 67 2,494 2,492 390 3,829 1 310 4,530 -2,037 -1,635 +179 +3,852 273 416 53 52 794 747 35 4,495 249 381 5,160 -4,413 -4 +296 +4,714 A*—•u*g 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, 798 Oct. 206 350 48 45 648 607 70 5,481 56 330 5,937 -5,331 -496 +594 +6,420 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 pe N n e d t it e u x r - es All other Assets Ge B n a e l r a a n l ce F u in nd Period in checkc N e r i e e p - t ts Invest- p t e u E n r x e d - s i- c G a i o n g m o u g e v n n e a e t n c s c r i t n - e o - s f ce R i e p - ts I m nv e e n s t t s - p t E e u n x r - d e i s - Total R F p e e D o s d i s e e n e i - r t r v s a e l d s p p e D o p e i s e n c o - i i s t a s i l - a O s t s h e e t r s l T ia t o i b e t i a s l l i- Total W a b i n o a n l c r g - k e - Banks taries Fiscal year endin; June 1941... 1,958 1,200 741 218 138 490 2,812 1,024 661 ,127 179 2,633 1,885 June 1942 ... 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 ,162 452 2,991 2,229 1941—Oct 149 70 39 272 63 3 53 2,852 998 784 ,069 210 2,641 1,885 Nov 359 148 40 659 45 1 41 2,544 543 947 ,054 225 2,319 1,562 Dec 63 215 49 140 54 *5 47 3,816 966 1,756 ,094 256 3,560 2,802 1942—Jan 144 50 64 681 57 9 30 3,232 391 1,750 ,090 282 2,950 2,191 Feb 383 177 59 35 50 5 44 3,867 748 2,054 ,064 305 3,562 2,802 Mar 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 2,732 Apr 112 "15 59 189 73 9 39 3,216 522 1,579 1,115 365 2,851 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 1,162 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 2,525 Aug 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 2,392 Sept 30 214 45 25 83 37 37 4,688 1,021 2,411 1,256 386 4,302 3,540 Oct 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 * Excess of redemptions. 1 Details on collection basis given in table below. 2 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. 3 JExcess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total C in u d d r u r i a v e l i n - t C c r u a o r t r r i p o e o n n - t B ta a x c e k s E p x t r a c o x e fi e s t s s s - p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a x t i n a f e d t t s e b A e l t v c a o e x r h e a o s g li e c b t a a T c x o c e - o s S ta ta x m es p re t e t u a a x r n i c e l d i e r s s e r ' s' M la ta n is x e c e o e s u l- s taxes Fiscal year ending: June 1941 3,471 1,314 1,649 306 164 37 2,955 167 407 820 698 39 617 207 June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 1941—Oct 73 6 42 17 7 1 409 130 33 92 71 4 60 20 Nov 66 10 33 16 7 1 361 76 31 90 62 3 72 26 Dec 769 241 426 26 69 6 352 50 24 93 58 4 93 30 1942—Jan 143 38 23 61 18 3 370 3 37 101 70 5 103 52 Feb 337 210 48 51 25 2 324 1 36 78 60 3 81 66 Mar 3,0*3 1,457 832 56 717 11 355 105 85 62 3 64 36 Apr 295 132 44 73 44 3 294 43 81 63 3 70 33 May 205 12 84 33 68 7 277 25 84 66 3 63 35 June 2,131 715 766 55 584 11 284 25 86 71 3 56 42 July 222 53 83 29 53 2 459 46 114 74 3 62 160 Aug 164 32 53 26 49 3 340 30 123 74 3 60 51 Sept 2,123 662 781 23 641 17 315 i" 28 111 77 3 56 39 Oct 220 19 109 27 58 7 348 35 119 83 3 66 42 DECEMBER 1941 12.17 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) Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Assets Loans and preferred stock: Loans to financial institutions ..,.,,..... 409 409 434 404 396 388 380 371 382 361 348 341 Preferred stock, etc 666 665 664 680 675 663 658 650 649 648 642 626 623 Loans to railroads 497 484 483 498 497 498 500 502 498 498 497 497 498 Home and housing mortgage loans 2,427 2,413 2,401 2,424 2,430 2,380 2,392 2,372 2,352 2,357 2,344 2,297 2.286 Farm mortgage loans 2,411 2,396 2,380 2,361 2,343 2,332 2,311 2,296 2,282 2,268 2,245 2,226 2.201 Other agricultural loans 717 709 732 773 780 785 789 976 811 808 792 768 747 All other loans 1,738 1,957 1,933 1,996 1,934 2,004 2,026 2,041 2,042 2,067 2,067 2,096 2,117 * Total loans and preferred stock 8,864 9,033 9,001 9,167 9,063 9,059 9,065 9,218 9,005 9,026 8,948 8,859 8,813 Cash -. 523 489 502 496 560 582 621 645 732 403 407 609 625 U. S. Govt. direct securities 846 895 906 884 915 947 950 966 981 990 1,008 1,039 1,019 Securities of Government corporations and credit agencies: Fully guaranteed by U. S 122 120 115 115 112 112 110 110 107 106 105 105 177 Other1 17 20 26 461 52 53 54 54 55 57 58 57 56 Accounts and other receivables 672 725 641 574 604 600 632 621 733 774 773 853 1,065 B usiness property 671 689 698 714 751 782 792 815 833 859 879 924 952 Property held for sale 1,710 1,805 1,879 1,891 1,964 2,017 2,262 2,717 3,067 3,512 3,808 4,177 4,287 Other assets 563 592 701 773 1,073 1,265 1,510 1,829 2,235 2,498 2,778 2,979 Total assets other than interagency2 13,989 14,368 14,470 14,660 14,90815,224 15,750 16,656 17,34317,962 18,482 19,401 T97974 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S 6,937 6,938 6,324 6,324 5,705 5,697 5,690 5,688 5,687 4,568 4,581 4,592 4,574 Other1 1,434 1,416 1,393 1,392 1,402 1,396 1,433 1,431 1,440 1,442 1,443 1,445 1,434 Other liabilities : 1,859 1,952 1,974 2,049 2,111 2,325 2,497 2,656 2,950 3.265 3,457 3,691 4,154 Total liabilities other than interagency2 10,231 10,306 9,690 9,765 9,219 97418" 9,620 9,776 10,078 9,275 9,482 9,728 10,161 Excess of assets over liabilities, excluding interagency transactions 3,758 4,062 4,779 4,895 5,689 5,806 6,130 6,880 7,265 8,687 9,000 9,673 9,812 U. S. Govt. interests 3,331 3,633 4,349 4,464 5,256 5,372 5,694 6,444 6,828 8,249 8,562 9,234 9,373 Privately owned interests 427 428 4301 4311 432 434 435 436 437 438 438 439 439 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Including, however, investments in securities of agenciesj(other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Liabilities Bonds, notes, and pr T l s e o a t f o a o n e t n c d r a r k s l ed Cash d s G U e i i t r c o . i e S u e v c . r s t t - . G s i u e t t e a c ie e r u a s d r n - - A r c o e a c a c t b h o n e l e d u e iv r s n - ts B pr u o s p in e e rt s y s P h r e o l s d p a e le f r o t r y an U G te n u e i a d d t r e e - d b by entur O es ther States Reconstruction Finance Corporation 1,896 9 59 32 49 1,216 National defense corporations 96 166 452 2,619 Home mortgage and housing agencies: Home Owners' Loan Corporation 1,774 73 5 3 244 1,548 145 68 86 3 1 88 RFC Mortgage Company 88 2 7 2 Federal National Mortgage Association 215 1 5 1 85 Federal Public Housing Authority 360 44 7 6 127 114 Farm credit agencies: Federal Farm Mortgage Corporation 539 13 57 11 937 Federal land banks 1,663 43 172 73 169 6 39 ""mi" Federal intermediate credit banks 270 48 44 2 Banks for cooperatives 112 30 34 2 298 Production credit corporations 82 1 13 Regional agricultural credit corporations 5 17 Commodity Credit Corporation 173 3 61 9 1,286 738 Farm Credit Administration . . 250 16 Farm Security Administration 456 33 1 1 Insurance agencies: Federal Crop Insurance Corporation 10 17 Federal Deposit Insurance Corporation 43 18 525 33 26 Federal Savings and Loan Insurance Corporation 2 27 "ioo" 7 Federal Housing Administration 17 47 39 1 6 21 1 Export-Import Bank of Washington 117 1 76 Tennessee Valley Authority 25 7 562 8 U. S. Maritime Commission 24 22 40 War Shipping Administration ... 3 124 Rural Electrification Administration 344 8 Public Works Administration 90 Other ... 70 19 6 24 71 2 6 Total 8,813 625 1,019 177 1,065 952 4,287 4,574 1,434 1 Excludes Federal land bank bonds in the amount of $662,000,000 held by Federal Farm Mortgage Corporation. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding at end of month. In millions of dollars] 1941 1942 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Loans to financial institutions 127 124 118 107 105 102 100 99 100 97 97 Loans on preferred stock of banks and insurance companies 48 48 44 44 44 44 44 44 44 44 56 56. Preferred stock, capital notes, and debentures.... 405 404 401 398 393 388 381 379 378 377 372 369 368 Loans to railroads (including receivers) 448 448 462 462 462 465 466 462 462 462 462 462 462 Loans for self-liquidating projects 81 51 51 53 54 55 56 56 58 58 58 59 60 Loans to industrial and commercial businesses: For national defense 93 101 106 111 119 127 134 146 158 170 185 208 227 Other 100 103 110 106 104 102 98 97 92 90 89 88 87 Loan to Great Britain 299 299 345 345 385 385 381 378 376 375 375 375 366 Loans to drainage, levee, and irrigation districts.. 74 74 73 72 72 72 71 70 70 69 69 69 67 Other loans 5 5 5 5 5 5 5 5 5 5 6 6 6 Securities purchased from Public Works Administration 117 116 114 114 111 110 109 109 107 106 105 Total loans and investments, other than interagency 1,798 1,772 1,833 1,815 1,857 1,859 1,850 1,847 1,852 1,856 1,896 1,902 Preferred stock of, and loans to Export-Import Bank 174 174 174 174 174 174 174 174 174 174 174 174 174 Loans to Rural Electrification Administration 211 214 211 215 218 221 225 228 227 228 229 231 Capital stock of, and loans to RFC Mortgage 207 Company 79 79 81 82 82 85 87 89 90 93 96 99 Capital stock of, and loans to Federal National 80 Mortgage Association 111 112 114 115 119 120 120 119 118 117 116 115 Loans to Tennessee Valley Authority 109 8 Capital stock of, and loans to national defense companies1 643 727 721 785 916 1,105 1,303 1,567 1,827 2,009 2,268 2,319 2,532 Loans to Farm Security Administration 110 117 133 114 145 179 199 205 213 169 175 180 187 Capital stock of Federal Home Loan Banks 125 125 125 125 125 125 125 125 125 125 125 125 125 Total loans and investments 3,254 3,325 3,400 3,428 3,638 3,869 4,085 4,358 4,635 4,776 5,055 5,143 5,372 v Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, U.S. Commercial Company, and War Damage Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans Short-term credit Loans> to cooperatives End of year or month Total Total F b e l a a d n n e k d r s al s B L C m io a a o i n n n m s e d k - - r Total1 m F b c i e e a n r d d n e te e i d k a r r i s - t t a 2 e l P a c s r t s r t o i i o e o d o d c n u n i i s a t c - - c d r E r g r l o o o e e m p l a u n i e n e g c a r f s y h n - t d Total3 c B a o t f a o i o v n p r e k e s s r- i A M i r n n e g g t g a v u r r o i r f A k c a l u e v u l c n t - l t d - - 1934 ... . 2,964 2,533 1,916 617 315 56 61 111 117 28 55 1935 3,321 2,867 2,072 795 358 47 94 173 97 50 44 1936 . 3,363 2,901 2,064 837 337 41 105 165 125 70 54 1937 3,335 2,848 2,035 813 367 40 138 173 120 •'88 31 1938 3,211 2,735 1,982 753 364 34 148 171 112 87 24 1939 3,058 2,596 1,905 691 364 33 154 168 99 76 21 1940 2,973 2,500 1,851 648 381 34 172 168 93 75 16 1941—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 1,764 597 397 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 July 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 Oct. 2,733 2,179 1,645 534 409 39 202 163 145 130 13 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $4,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for other Farm Credit Administration agencies amounting to a total of $246,000,000 in October 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. I1Z9 DECEMBER 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 End of month O C r H L w a o o t o r n i m a p o e n o n e r - s' B H L F a e o o e n r m a d a k n l - e s1 s a a a s F t a e v s o i e n r o o i a d a d n c n n l - g i s - s 2 M C g p R a a o o F g n m r C e y t - - A M t a g F i N s e t o a o s e i r a n o g o a d r - n e l a t c - - l i- F t P H h e u A i d o o n b e r u u g l i r - s i t a c y - l End of month D i b e to a p l r o - s s- Total i b p C n t a o o a n d s r s y k i e h - s - T U ot . a S l s . e G cu o r D e r v i i c e - t t i r e n s m G e t a e n u n e t a - d r- 1933—June 47 1934—June 1,198 1,225 695 453 418 35 Dec 132 85 ,207 1,237 540 597 467 130 1934—June 1,217 85 1935—June. .'.'!! ,205 1,236 385 777 630 147 Dec 2,379 87 81 Dec ,201 1,237 287 853 706 147 1935—June 2,658 79 186 1936—June ,232 1,265 203 967 800 167 Dec 2,897 103 348 6 ,260 1,296 145 1,058 891 167 1936—June 2,945 119 475 18 1937—June.'.'.'."'. ,268 1,307 136 1,100 933 167 Dec 2,765 145 587 36 Dec ,270 1,308 130 1,097 930 167 1937—June 2,556 167 742 49 1938—June ,252 1,290 115 1,103 936 167 Dec 2,398 200 854 68 10 Dec ,252 1,291 86 1,132 965 167 1938—June 2,265 196 948 41 ""'38" 13 1939—June ,262 1,304 68 1,157 1,011 146 Dec 2,169 199 1,034 54 80 32 Dec ,279 1,319 53 1,192 1,046 146 1939—June 2,081 169 1,136 57 125 68 1940—June ,293 1,337 43 1,224 1,078 146 Dec 2,038 181 1,271 57 147 123 Dec ,304 1,348 36 1,224 1,078 146 1940—June 2,013 157 ,405 60 163 87 1941—June ,304 1,356 30 1,251 1,104 146 Dec :.. 1,956 201 1,546 67 181 186 1941—June 1,870 170 1,687 65 194 316 1941—Sept ,311 1,366 28 1,250 1,104 146 Oct ,317 1,377 27 1,250 1,104 146 1941—Oct 1,809 184 1,801 73 203 328 Nov ,323 1,388 27 1,250 1,104 146 Nov 1,794 187 ,816 72 205 329 Dec ,314 1,396 26 1,274 1,128 146 Dec 1,777 219 ,825 72 207 367 1942—Jan ,310 1,421 25 1,274 1,128 146 1942—Jan 1,758 206 1,824 74 210 388 eb ,307 1,444 25 1,274 1,128 146 Feb 1,742 197 L.829 75 211 352 Mar ,305 1,463 25 1,272 1,126 146 Mar 1,724 192 ,832 75 214 379 Apr ,306 1,483 25 1,272 1,126 146 Apr 1,709 185 ,842 77 215 371 May ,307 1,504 24 1,272 1,126 146 May 1,692 181 ,847 79 216 365 June ,316 1,525 24 1,272 1,146 126 June 1,676 193 ,849 82 216 384 July ,329 1,554 21 1,271 1,146 126 July 1,657 174 ,853 83 215 388 Aug ,344 1,575 20 1,271 1,146 126 Aug 1,640 160 ,856 85 215 357 Sept ,359 Sept 1,622 145 ,861 88 215 360 Oct 378 Oct.. 1,603 131 ,863 91 214 377 J* Preliminary. 1 Loans and discounts to member institutions of the Federal Home Loan 1 Outstanding principal, represented by certificates of deposit. Does not Bank System. include accrued interest nor outstanding savings stamps. 2 Federal Home Loan Bank Board estimates for all Federal savings and 2 Includes working cash with postmasters, 5-per cent reserve fund and loan associations which are private institutions chartered and supervised miscellaneous working funds with the Treasurer of the United States, by the Federal Home Loan Bank Board. accrued interest on bond investments, and accounts due from late postmasters. Back figures.—Sec BuiXETiN'for August 1935, pp. 501-502. &OANS INSURED BY FEDERAL HOUSING ADMINISTRATION1 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] New Mort- Year or month Total p ( P m T e r i r o I r m e i o ) t v t n y p - l e t e - - s ( s h c t T t m o i I o r o i ) m u n a t n l c - l e e l - m ( H g T a I o o i D g m r t e l t e s - e g h a o r g ( e g u T a r I n e o s n I i s ) i t t d u n a l p o e l g n h ( f D V e t i o n i n u e I t g s ) l - s e e - End of month Total b C m c a o i n e a m k r l - s - b M s i t a n u a n g u v 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 i e e r - s - a c F e g i e r e e a d n s l - 2 - Other3 1936—Dec 365 228 8 56 41 5 27 1934 „ ,. 30 30 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Mar 856 472 26 119 146 42 51 1936 557 246 309 2 June.. .. 933 509 28 127 165 44 60 1937 495 60 424 11 Sept 1,049 565 32 137 187 56 72 1938 694 160 13 473 48 Dec 1,199 634 38 149 212 77 90 1939 954 208 25 669 51 1939—Mar L.349 699 44 159 241 114 92 1940 1,026 251 26 736 13 June.. .. 1,478 759 50 167 271 137 94 1941 1,186 262 21 877 13 13 Sept 1,622 824 57 178 302 148 113 1941—Aug 91 18 1 70 * 1 1940— D M e a c r 1 L , 9 79 4 3 9 9 90 7 2 1 • 9 7 0 1 » 2 1 0 92 1 3 3 4 9 2 2 1 1 5 71 3 1 1 3 2 3 4 Sept 107 31 2 73 * 1 June. . .. 2,075 1,026 100 208 432 182 127 Oct. 125 34 2 85 2 2 Sept 2,232 1,093 111 216 480 190 141 Nov 107 24 1 77 2 4 Dec 2,409 1,162 130 224 542 201 150 Dec. 112 18 2 88 5 1941—Mar 2,598 1,246 146 230 606 210 160 1942— F Ja e n b .;.... 1 9 1 3 1 ' 1 yi 6 2 1 8 7 7 1 * 8 7 J D S u e e p n c t e.... 3 2 2 , , , 1 7 9 0 4 5 7 2 5 1 1 1 , , , 4 3 4 0 1 6 0 8 5 1 1 1 5 8 7 7 6 1 2 2 2 3 5 4 4 6 7 6 7 7 8 6 2 9 8 2 2 2 2 3 2 2 4 5 0 1 1 1 7 5 7 9 4 8 Mar. 93 10 2 68 1 12 1942—Mar 3.307 1,549 201 264 856 237 200 Apr 83 13 2 55 1 11 June 5,491 1,623 219 272 940 243 195 May 92 15 2 60 1 14 J J u u n ly e 9 97 6 1 11 3 2 1 6 63 6 2 * 1 21 6 1 Gross amount of mortgages held, excluding terminated mortgages and Axis 89 10 1 52 * 25 cases in transit to or being audited at the Federal Housing Administration. Sept 95 10 * 48 37 2 The RFC Mortgage Company, the Federal National Mortgage Associa- Oct 99 11 1 44 * 42 tion, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. 3 Including mortgage companies, finance companies, industrial banks, i Figures represent gross insurance written during the period and do not endowed institutions, private and State benefit funds, etc. take account of principal repayments on previously insured loans. H.3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r nt a h nd I ( m 1 n v p = 9 c a e a 3 o l n y 5 1 u m 0 - - t e 3 s 0 e ) 9 1 Tota In l (p d h u y 1 s 9 s tr 3 i i c 5 a a - l l 3 9 v p f r o a M = o l c u d a t 1 m u u n 0 c r u N e 0 e t - ) i s o o 2* n n - M er i a n l - s To a t w a 1 a l 9 r 2 c d 3 o - e R n d 2 d t t e e i 5 r a n s ( a i l = - v c - a t 1 l s u 0 o e 0 A t ) h 3 l e l r E 19 m 2 F 3 p - a l 2 o c 5 y to m = ry e 1 n 0 t4 0 1 = r 9 p F t o 2 o a a 1 l 3 r c l y 0 y s - - - 0 2 4 5 F 1 = l r i 9 o n e c 3 i a g a 1 5 g r d s 0 - h * 3 - 0 t 9 - D 19 m u = s e s ( 2 a v t p e e o 3 l a ) a 1 e n - r * l 0 r 2 s e t - 6 t 0 5 - W m p c = r 1 s o o i h 9 a c d m o 2 1 l e e i l 0 6 t - s e y 0 4 - 1 C l 9 i o v 3 • s i 5 n t 1 - 3 g 0 o 0 9 f M4 Dur- durable able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.0 75.6 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.7 81.2 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.8 102.9 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.8 101.1 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.7 104.2 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.5 102.4 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 106.0 110.4 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 92.4 89.4 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 78.1 67.8 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 66.3 46.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 73.4 50.1 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 85.7 64.5 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 91.3 74.1 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 99.0 85.8 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 108.6 102.5 111 92 86.3 102.7 1938 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 August 106.1 106 106 108 108 92 73 67 78 99.0 99.5 91.2 101 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 77.5 100.5 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 123.4 141 136 171 123 119 103 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 127.2 147 145 180 128 126 94 74 109 119.4 119.9 131.2 126 103 81.5 101.2 April 129.4 144 144 180 131 96 103 121 122.0 122.6 134.7 112 104 83.2 102.2 May 133.6 155 155 190 135 126 101 111 124.9 124.9 144.1 135 105 84.9 102.9 June 137.0 160 160 195 139 133 117 101 129 128.7 127.9 152.2 139 104 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 141.1 161 163 200 139 133 152 112 184 133.3 133.1 158.1 139 134 90.3 106.2 September 143.1 161 167 202 137 131 161 105 206 132.3 135.2 162.6 130 116 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 154.7 168 164 214 141 132 123 69 167 134.9 134.2 169.9 137 111 93.6 110.5 1942 January 156.1 172 ,166 224 143 131 118 82 147 135.7 132.5 173.5 140 138 96.0 112.0 February... 157.4 172 167 227 142 129 128 100 151 135.1 133.8 178.3 139 126 96.7 112.9 March 157.8 172 168 231 139 127 125 95 149 134.7 135.1 182.9 136 124 97.6 114.3 April 160.9 174 172 234 139 130 128 82 165 136.0 136.6 188.0 143 117 98.7 115.1 May 161.9 175 175 239 138 129 158 76 226 1137.7 137.8 193.5 143 108 98.8 116.0 June 165.8 176 177 244 136 133 193 76 288 140.1 139.4 198.2 141 104 98.6 116.4 July 168.7 179 180 249 138 132 206 74 313 143.9 142.4 204.6 142 121 98.7 117.0 August 171.6 183 187 257 140 133 182 65 278 145.0 145.9 214.7 143 130 99.2 117.5 September.. P185 ?141 131 179 70 268 P145.0 ^148.2 ^220.5 136 123 •P99.6 117.8 N O o ct v o e b m er ber... n e1 s 9 s 1 e192 «273 * e > 1 1 4 4 5 3 * e > 1 1 2 2 9 7 133 e1 1 3 2 3 8 ^ e1 1 0 0 0 0 . . 3 0 119.0 p Preliminary. * Average per working day. r Revised. e Estimated, * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1232-1235, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1240. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. The Bureau has comprehensively revised its series on employment and payrolls. October figures on the old basis are not available. Revised figures will be published in the BULLETIN at a later date. 5 For sales comparisons by cities and by departments see pp. 1242-43 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, DECEMBER 1941 1x31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total 161 164 167 168 172 172 172 174 175 176 119 183 P185 P188 Manufactures—Total 166 no 173 174 179 180 180 181 183 184 188 192 P195 P199 Durable 202 208 209 214 224 227 231 234 239 244 249 257 ^60 ^268 137 139 144 141 143 142 139 139 138 136 138 140 pUl PU$ Nondurable1 187 192 192 191 192 194 207 Iron and Steel 185 184 184 190 189 189 199 Pig iron 200 207 207 205 209 211 218 219 219 216 216 218 219 229 Steel 3 1 8 7 8 4 4 1 0 7 9 9 4 1 2 7 0 7 4 1 1 7 1 6 4 1 4 7 9 6 4 1 4 7 8 8 4 1 7 8 7 2 4 1 8 8 7 1 4 1 8 8 8 2 4 1 8 7 9 8 5 1 0 7 6 5 5 1 0 7 7 7 5 1 0 7 3 9 5 1 3 8 6 6 Open hearth and Bessemer Electric 228 232 230 243 250 259 268 273 279 287 289 299 p300 p306 Machinery 245 269 276 278 305 314 330 350 372 396 425 460 P475 p493 Government Arsenals and Quartermaster Depots 1,204 1,290 1,340 Transportation Equipment 134 146 142 120 105 104 107 p132 Aircraft.: 24 7 9 4 2 1 7 1 8 0 2 1 6 2 4 3 2 2 (2) Automobile bodies, parts, and assembly... 319 335 338 Automobile factory sales Railroad cars 560 634 645 Locomotives Shipbuilding Private yards 192 185 190 193 191 187 180 177 182 188 188 189 189 P191 Government yards Nonferrous Metals and Products 145 147 150 151 153 157 157 161 163 Nonferrous metal smelting 135 137 139 141 140 141 147 155 161 Copper smelting 175 177 179 182 184 189 184 185 184 Zinc smelting. 120 119 127 122 131 140 134 132 Lead production 233 217 226 230 235 224 208 195 205 Copper deliveries 209 Lead shipments 145 143 147 145 152 151 148 145 146 Zinc shipments 166 153 155 171 Tin consumption Lumber and Products 136 135 135 138 143 144 134 133 134 133 136 127 123 P125 Lumber 129 129 128 132 138 143 128 127 124 127 130 125 119 149 146 148 149 153 147 145 146 152 143 148 132 Furniture p130 157 158 162 167 199 189 169 152 144 137 134 139 Stone, Clay, and Glass Products... 145 154 159 164 191 249 236 188 161 146 145 150 160 174 Cement 144 145 153 152 160 152 133 119 104 92 90 87 167 Unglazed brick 165 167 169 165 184 178 187 176 178 163 145 153 163 Glass containers 120 102 105 67 65 49 41 43 35 37 49 36 38 '"32" Polished plate glass Textiles and Products 151 150 156 154 158 156 153 157 156 152 r154 156 P156 Text C il o e tt f o a n b ri c c o s n sumpt;ion 1 1 4 5 5 7 1 16 4 1 3 1 16 4 7 8 1 15 4 5 6 1 16 4 9 8 1 1 4 7 7 4 1 16 4 9 3 1 17 4 7 8 1 1 4 7 6 5 1 1 6 4 9 3 1 1 4 6 5 6 1 16 4 9 4 1 1 7 4 2 6 172 Rayon deliveries 168 172 179 179 180 174 175 170 169 169 168 r169 r170 173 Silk deliveries 34 10 15 Wool textiles 169 164 166 178 161 153 148 153 150 151 160 r154 155 Carpet wool consumption 142 133 133 164 78 79 70 34 5 46 43 27 34 Apparel wool consumption 205 199 200 209 202 191 196 203 201 194 208 r206 198 Woolen yarn 163 157 156 159 163 165 161 173 172 165 175 r173 176 Worsted yarn 185 185 184 195 173 148 143 164 168 166 176 173 168 Woolen and worsted cloth 169 164 170 182 183 172 167 177 179 172 184 r177 179 Leather and Products 120 125 134 128 127 121 121 127 126 126 108 105 P112 Leather tanning 125 129 134 123 130 127 127 130 128 122 117 115 114 Cattle hide leathers....- 136 138 145 135 148 139 139 147 147 142 143 139 135 Calf and kip leathers 101 107 108 89 86 93 96 91 95 88 95 95 Goat and kid leathers 115 121 123 117 119 120 120 115 104 94 79 r70 76 Shoes 118 123 134 131 125 117 116 124 125 129 118 103 99 pl 10 Manufactured Food Products 130 134 141 137 140 140 136 136 134 138 143 143 p148 P151 Wheat flour 99 101 103 109 108 110 101 98 105 102 106 105 101 108 Cane sugar.meltings 111 112 139 Manufactured dairy products 139 148 147 155 154 150 146 151 143 137 142 143 Ice cream 143 158 146 154 155 150 147 160 145 145 155 153 B C u he tt e e s r e 1 1 0 5 7 4 r r 1 1 5 0 8 6 1 16 0 3 5 1 1 0 7 4 6 1 1 0 7 6 2 1 1 0 8 7 2 1 1 0 9 8 2 1 1 1 9 0 5 1 1 1 8 1 3 1 1 0 5 5 7 1 1 5 0 9 8 1 1 0 6 8 3 1 1 0 5 2 3 1 14 0 2 0 Canned and dried milk 183 197 224 240 234 220 198 187 178 168 164 172 167 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. J Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. L Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies parts, and assembly series, which is more representative of production by the automobile industry. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 126 133 135 142 148 141 144 142 140 153 146 153 159 145 Pork and lard . . 139 148 148 161 165 151 161 156 163 177 168 174 187 157 Beef 118 123 124 127 138 139 132 . 134 121 137 130 136 129 133 Veal 101 108 114 98 96 96 98 96 94 103 103 113 127 129 Lamb and mutton 99 103 111 117 113 113 128 119 105 104 116 127 137 141 Other manufactured foods 132 135 144 137 140 142 138 137 136 140 147 146 P154 ^160 A Icoholic Beverages 132 129 109 116 139 133 116 109 HI 104 127 142 138 Malt liquor . . - ... 120 r129 110 123 120 128 117 114 115 104 119 130 147 147 Whiskey 95 107 81 91 77 74 62 63 55 63 96 82 49 Other distilled spirits 262 178 139 121 250 75 44 53 80 61 83 99 45 Rectified spirits r176 138 120 102 243 241 201 153 158 163 218 285 223 Tobacco Products 121 128 132 129 132 130 125 127 122 122 121 130 133 145 Cigars 104 112 115 139 129 126 121 120 108 112 109 112 107 116 Cigarettes 137 144 149 136 144 144 137 140 140 136 136 152 159 172 Manufactured tobacco and snuff 99 104 106 95 99 93 94 97 89 94 89 88 91 102 Paper and Paper Products^ r145 146 153 155 154 149 150 148 145 134 127 131 130 Paper and pulp 149 150 160 162 161 155 156 153 149 136 127 r132 131 Pulp . r171 172 185 179 181 180 189 183 184 177 164 169 162 Groundwood pulp 129 130 141 129 135 131 138 129 120 116 113 117 112 Soda pulp 140 145 167 153 153 154 155 148 147 129 127 125 126 Sulphate pulp r215 210 225 225 221 224 239 236 245 228 r211 221 211 Sulphite pulp r164 166 178 171 177 173 181 174 173 173 r157 161 154 Paper rl46 147 156 160 158 151 151 148 143 129 122 126 126 Paperboard 158 158 167 186 175 163 162 154 144 120 115 121 123 128 Fine paper. 152 147 160 157 151 144 150 146 147 138 132 125 125 Newsprint production 107 110 110 106 107 110 106 109 104 103 103 108 106 107 T P i ri s n s t u i e n a g n p d a p a e b r sorbent paper r1 1 4 3 8 0 1 1 4 4 9 0 1 1 6 5 1 3 1 1 4 5 5 2 1 1 5 6 1 6 1 1 4 6 6 8 1 1 4 6 0 4 1 1 3 6 5 9 1 1 2 7 4 5 1 1 1 7 0 8 1 1 0 4 9 8 r r 1 1 6 1 1 3 1 1 1 6 7 6 Wrapping paper 136 138 140 147 147 142 148 151 153 142 132 134 125 Printing and Publishing* r126 127 136 130 128 125 121 117 112 104 106 109 P109 Newsprint consumption 105 105 111 115 104 103 103 98 100 97 103 108 101 102 Petroleum and Coal Products 132 133 135 139 135 131 126 119 117 114 117 120 120 Petroleum refining 128 129 133 135 131 126 120 112 109 107 109 113 113 Gasoline 130 131 134 139 134 125 117 106 103 99 102 106 106 ^108 Fuel oil 124 129 129 130 123 128 124 126 122 125 129 133 136 Lubricating oil 130 129 137 132 133 131 131 126 IS 123 117 117 112 Kerosene . . . . 119 121 123 126 120 128 113 106 99 103 106 109 Coke 153 r154 153 160 161 161 160 162 164 164 163 165 166 Byproduct coke 145 145 145 151 152 152 151 152 154 154 153 155 155 P155 Beehive coke 449 r462 410 474 472 493 476 494 511 509 502 505 r523 ^524 Chemicals 146 148 149 152 156 161 161 165 167 172 174 173 P176 P176 Rubber Products 131 134 R Ti u r b e b s e r a n c d o n t s ub u e m s ption 1 10 3 8 4 1 10 3 3 7 103 67 33 28 26 .. 25 * * * • * * P In n n e e u r m a t t u i b c e s tires 1 10 0 3 8 1 9 0 4 4 1 1 0 0 2 4 6 6 7 4 3 3 2 3 2 2 7 8 2 2 6 7 2 2 5 7 * * * • * # Minerals—Total 131 131 131 132 131 129 127 130 129 133 132 133 131 P127 Fuels 129 128 129 129 128 125 122 126 125 128 128 129 128 p124 Bituminous coal 141 131 127 130 129 120 146 178 173 168 160 152 144 p130 Anthracite 132 120 101 92 89. 110 113 114 105 127 156 160 134 PI 10 Crude petroleum 124 128 132 132 132 128 114 107 108 113 112 118 120 2>123 Metals 145 146 147 153 151 152 151 151 154 158 154 r152 150 *>150 Iron ore shipments 192 182 204 209 211 212 215 217 225 235 240 240 240 240 Copper 154 151 152 157 161 158 162 164 174 * * * * * L Z G i e o n a l c d d 1 1 1 1 1 3 1 2 6 5 4 0 1 1 1 1 1 0 3 3 9 8 4 0 1 1 1 1 3 2 1 0 1 7 6 6 1 1 1 1 2 0 2 3 5 5 2 8 1 11 1 3 13 0 1 38 5 1 1 1 1 4 0 1 4 6 1 8 0 1 1 3 * 0 4 6 1 1 3 0 2 9 1 * 06 1 * 04 * 98 9 • 9 * r Revised p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. DECEMBER 1941 1x33 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 = 100J 1941 1942 Industry Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 167 168 167 164 166 167 168 172 175 177 180 187 P191 P192 Manufactures—Total..'. 172 173 173 171 173 175 177 181 183 185 189 196 *>201 p202 Durable 205 210 209 211 216 221 228 234 240 246 251 260 P27Q 145 143 144 138 137 138 137 138 137 136 139 144 ^148 Nondurable! 187 192 192 192 194 207 Iron and Steel 185 184 184 190 189 189 199 Pig iron 200 207 207 205 209 211 218 219 219 216 216 218 219 229 Steel • 174 179 177 176 176 178 182 181 182 178 175 177 179 186 388 409 420 '411 449 448 477 487 489 506 507 503 536 Open hearth and Bessemer Electric 228 232 230 243 250 259 268 273 279 287 289 299 p300 p306 Machinery Government Arsenals and Quartermaster Depots 245 269 276 278 305 314 330 350 372 396 425 460 p475 P493 Transportation Equipment 1,2 1 0 3 4 4 1,2 1 9 46 0 1,3 1 4 4 0 2 120 118 105 105 104 107 112 116 124 P127 P132 Aircraft 24 7 9 4 2 1 7 1 8 0 2 1 6 2 4 3 (2) ( (2) (2) (2) (2) 2 (2) 2 2 Automobile bodies, parts, and assembly 319 335 338 Automobile factory sales Railroad cars 560 634 645 Locomotives Shipbuilding Private yards 191 185 190 192 191 187 180 177 182 187 188 189 189 Government yards Nonferrous Metals and Products 145 147 151 152 153 157 156 162 164 Nonferrous metal smelting 135 137 139 141 140 141 147 155 161 Copper smelting 175 177 179 182 184 189 184 185 184 Zinc smelting 120 119 128 124 131 140 131 135 Lead production 233 217 226 230 235 224 208 195 205 Copper deliveries. 209 Lead shipments 145 143 147 145 152 151 148 145 146 Zinc shipments 159 151 155 165 Tin consumption Lumber and Products 148 145 134 128 122 128 129 132 135 138 140 138 135 *>135 Lumber 144 138 124 113 112 118 120 127 131 138 141 139 134 p132 156 159 154 155 142 147 147 142 143 139 137 136 ^136 Furniture 175 175 169 147 138 132 140 151 163 158 151 160 163 Stone, Clay, and Glass Products 184 185 171 153 137 132 141 161 .178 183 186 195 200 202 Cement 177 170 166 137 97 83 90 116 118 115 111 104 Unglazed brick 168 172 170, 153 165 164 176 176 .190 171 151 167 166 Glass containers 120 117 120 80 68 47 43 43 35 37 32 30 38 ""37" Polished plate glass Textiles and Products 151 150 156 154 158 156 153 157 156 152 154 r154 156 p156 Textile fabrics. 145 143 148 146 148 147 143 148 146 143 145 144 146 Cotton consumption 157 161 167 155 169 174 169 177 175 169 166 rl69 172 172 Rayon deliveries 168 172 179 179 180 174 175 170 169 169 168 r169 r170 173 Silk deliveries 32 10 15 Wool textiles 169 164 166 178 161 153 148 153 150 151 160 r154 155 Carpet wool consumption 142 133 133 164 78 79 70 34 5 46 43 27 34 Apparel wool consumption 205 199 200 209 202 191 196 203 201 194 208 r206 198 Woolen yarn 163 157 156 159 163 165 161 173 172 165 175 r173 176 Worsted yarn 185 185 184 195 173 148 143 164 168 166 176 173 168 Woolen and worsted cloth 169 164 170 182 183 172 167 177 179 172 184 r177 179 Leather and Products 129 127 123 116 124 131 128 131 124 115 114 115 112 p113 Leather tanning 124 129 135 125 131 138 • 127 130 125 118 112 112 114 Cattle hide leathers 135 140 151 137 149 155 140 147 144 135 133 132 134 Calf and kip leathers 99 103 102 91 84 98 91 90 90 90 88 r100 93 Goat and kid leathers 116 120 119 119 119 125 119 119 102 94 78 r68 77 Shoes 132 125 116 110 120 126 129 131 122 114 114 117 111 Manufactured Food Products 159 143 139 130 124 121 121 123 131 139 156 165 P181 p163 Wheat flour. . . . .^ " 114 110 107 104 109 109 92 96 95 105 106 116 118 Cane sugar meltings 132 109 114 Manufactured dairy products 142 117 100 99 109 124 152 193 210 207 193 P144 Ice cream 155 114 88 80 78 88 113 154 197 232 260 249 B C u he tt e e s r e 1 1 5 0 9 5 r1 r9 4 3 8 1 8 2 3 4 1 8 2 2 3 1 8 2 5 4 1 9 4 2 2 1 9 5 6 7 1 1 8 0 9 9 1 2 4 4 3 2 2 1 4 4 1 7 2 1 0 3 5 2 1 18 1 5 9 1 15 0 8 1 134 Canned and dried milk 168 158 156 166 178 187 194 211 257 249 200 177 154 r Revised. p Preliminary. ^ures not available for publication separately, ight transferred to the automobile bodies, parts, and assembly series, which is more representative of production by the automobile industry. 1x34 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 Boaxd of Governors. 1935-39 average =» 100] 1941 1942 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 119 134 152 165 173 135 131 134 140 149 138 132 147 146 Pork and lard 111 139 178 208 214 151 145 148 163 172 151 131 150 147 Beef 132 134 130 127 138 125 120 125 121 134 131 137 144 144 Veal 111 119 116 93 93 84 93 95 98 104 102 114 140 142 Lamb and mutton 111 109 108 111 118 113 124 115 108 99 110 125 153 150 Other manufactured foods 170 151 146 131 123 124 121 121 123 133 157 173 PI 79 A Icoholic Beverages 137 137 118 106 112 117 113 113 120 116 133 140 140 Malt liquor 121 106 90 96 96 109 112 124 136 134 148 152 149 121 Whiskey 76 102 101 104 102 96 77 69 54 50 53 45 39 Other distilled spirits 359 472 292 150 163 45 29 32 48 36 39 47 62 Rectified spirits 187 180 190 135 177 207 191 136 139 130 183 223 236 Tobacco Products 132 133 134 110 126 121 117 119 123 132 131 135 144 149 Cigars 120 135 137 107 104 109 111 114 107 120 113 115 123 140 Cigarettes. 146 141 143 121 146 136 127 130 142 150 153 160 170 169 Manufactured tobacco and snuff 107 106 105 83 96 92 96 96 89 96 91 89 98 104 Paper and Paper Products1. 149 151 152 146 151 153 155 151 144 133 122 130 134 Paper and pulp 151 155 159 154 159 160 161 157 149 134 121 130 132 Pulp 169 173 186 174 183 186 194 187 186 174 156 166 159 Groundwood pulp.. 112 121 144 134 140 137 148 144 133 118 100 100 98 Soda pulp 142 145 167 148 153 158 160 152 147 127 119 125 127 Sulphate pulp r215 214 225 214 223 230 243 236 245 226 221 211 Sulphite pulp.. 164 169 179 166 177 179 185 178 173 169 150 161 154 Paper 148 152 155 151 155 156 156 152 143 128 116 125 128 Paperboard. 167 167 167 166 168 167 168 157 141 120 109 123 131 136 Fine paper 144 147 155 154 152 155 160 159 151 135 120 118 119 Newsprint production... 107 110 113 107 107 108 106 109 105 104 101 105 106 107 Printing paper . 146 151 160 144 151 151 145 140 127 108 102 110 116 Tissue and absorbent paper 136 145 151 146 161 175 166 172 173 177 140 161 172 Wrapping Daper 138 143 140 -143 147 147 151 152 150 139 128 133 126 Printing and Publishing* r126 131 138 131 125 126 126- 123 115 103 96 102 109 P116 Newsprint consumption 106 112 117 117 99 102 107 105 104 98 90 95 102 109 Petroleum and Coal Products 134 135 136 138 132 129 122 118 117 115 117 121 122 Petroleum refining 131 132 134 134 128 124 116 111 110 108 110 114 116 Gasoline. 134 134 135 136 129 121 112 104 103 101 105 109 109 Fuel oil 125 130 130 132 127 129 122 123 122 123 127 130 137 ..*!!!. Lubricating oil 130 129 137 131 129 129 130 131 127 123 115 116 112 Kerosene 117 121 126 127 126 129 115 108 101 97 97 101 106 Coke 153 154 153 160 161 161 160 162 164 164 163 165 166 2*166 Byproduct coke. . 145 145 145 151 152 152 151 152 154 154 153 155 155 2*155 Beehive coke 449 r462 410 474 472 493 476 494 511 509 502 505 r523 2*524 Chemicals... 148 153 151 153 155 161 166 168 166 166 167 170 *178 P181 Rubber Products 131 134 Rubber consumption 134 137 Tires and tubes 108 103 103 67 33 28 26 25 Pneumatic, tires 108 104 104 67 32 28 26 25 Inner tubes 103 94 102 64 33 27 27 27 Minerals—Total 138 139 135 126 125 125 118 125 130 132 131 136 137 Fuels ,. . 130 ' 132 131 131 131 130 122 121 121 121 121 126 129 P127 Bituminous coal 146 146 145 144 144 141 140 150 147 144 141 140 150 2*145 Anthracite 127 127 103 98 104 121 116 122 115 117 122 118 129 2*117 Crude petroleum .... 124 127 128 129 129 127 115 109 111 113 112 121 120 2*121 Metals * 182 181 161 98 91 92 96 153 189 194 194 r193 186 vm £ I ^ r : o : n : o : r : e : : s : h : i : p : me : n : t : s :::::::::::::::::::::::::: 3 1 1 5 1 2 2 1 8 5 1 6 2 1 3 5 1 7 "159 '158' i60' 1 2 6 3 5 2 1 3 6 6 9 3 1 7 7 1 4 38 * 1 4 * 04 38 * 7 35 * 7 334 120 119 128 124 131 140 131 135 Zinc 135 134 131 138 138 146 G Si o l l v d er 1 13 1 1 7 1 1 0 5 7 2 1 10 3 6 2 1 10 3 5 0 1 1 0 0 7 6 1 10 0 3 6 110 110 105 100 97 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 U-For des&pttf 1941, pages 878-881 and 933-937, and August 1940. pages 753-771 and 825-882. 12-35 DECEMBER 194Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) (Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1941 Industry and group Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept Total* 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 65 63 62 Stamped and enameled ware 231 231 225 225 220 216 208 207 200 200 203 205 209 206 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 178.1 178.4 180.2 182.3 185.2 189.4 193.1 197.0 200.4 202.7 206.9 212.3 218.6 219.7 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. 146 147 148 149 150 153 160 161 165 168 172 171 T T M R e y a a x p d c t e i h i o w l i s e n r e a i m t n e t a d o r c s o h p l i h s n o e n r o y graphs 1 1 1 8 5 0 * 7 7 8 1 1 1 8 * 1 5 3 0 8 1 1 1 7 1 * 6 9 0 0 1 1 1 0 5 9 9 9 4 2 1 1 0 0 5 6 9 9 2 1 1 2 * 5 0 0 7 9 2 1 1 3 1 5 5 0 2 2 1 1 5 0 4 0 9 7 2 1 1 4 2 1 * 9 6 0 2 1 1 2 1 0 3 5 9 * 1 1 1 9 0 0 5 8 * 4 1 1 1 9 0 0 9 7 0 1 1 9 9 0 4 6 * 4 1 1 9 0 9 0 * 4 3 Transportation Equipment 193.1 195.4 204.7 209.6 205.8 211.0 216.2 220.7 230.9 246.2 268.4 295.2 314.4 329.1 A A Ca u i r r t s c o , r m e a o l f e b t c . i . t l . r e . i s c .. 2 - and steam-railroad.. 139 12 * 8 12 • 9 12 * 7 11 * 1 9 * 6 8 * 4 81 * 79 83 * 89 * 96 • 99 * 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 Aluminuml 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 78.4 77.3 76.4 76.9 78.1 79.2 77.9 75.4 73.8 73.2 72.4 72.7 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 70 72 72 72 Lumber, sawmills 68 68 67 67 68 70 68 66 64 64 63 64 63 61 Stone, Clay, and Glass Products 98.4 98.7 98.9 100.9 101.6 105.0 100.1 96.9 94.7 90.9 90.8 91.0 89.9 89.5 M P B G C o r e l a i a t m r c 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 , t e a r n ra d s c l o a t t t e a 1 1 7 7 4 3 2 4 8 2 0 3 1 1 4 2 7 7 3 3 2 4 9 0 1 1 4 2 n 7 3 5 1 9 1 1 1 4 7 8 2 3 5 6 2 1 3 1 1 4 8 2 7 3 5 5 1 7 2 1 1 8 8 4 2 3 1 8 8 5 5 1 1 8 4 7 2 2 7 3 8 6 1 1 1 8 4 7 1 2 3 1 5 6 4 1 1 7 8 3 1 2 1 0 9 5 4 1 1 6 3 7 1 2 7 2 7 5 2 1 1 6 3 7 1 1 5 7 8 9 9 1 1 6 3 2 1 7 5 6 5 8 9 1 1 3 6 1 7 1 6 3 9 9 8 1 1 3 6 8 1 1 6 2 0 8 9 Textiles and Products 117.1 114.7 112.9 113.3 113.2 112.0 110.0 109.4 110.9 112.3 112.2 114.6 111.4 108.2 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 80 80 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 128.8 126.6 124.7 126.9 128.2 125.1 122.8 120.0 119.7 122.7 118.5 124.0 118.2 114.1 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 96.3 97.4 98.1 100.0 100.1 95.3 91.2 90.5 Boots and shoes 94 94 96 101 100 95 92 93 95 97 98 92 88 87 Leather 96 98 97 98 97 96 95 96 95 94 94 92 90 90 * Included in total and group indexes but not available for publication separately. l Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. 1 Seasonal adjustment factors for all months changed to a constant of 100 beginning with July 1942. NOTE.—Basic data from which these indexes are constructed have been comprehensively revised by the Bureau of Labor Statistics October indexes are not available and September 1942 indexes are preliminary. Seasonally adjusted figures based on the Bureau's revised series will be published in the BULLETIN as soon as the seasonal adjustments are completed. 1X36 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 ... 140.9 138.8 140.7 147.0 147.5 148.4 147.6 144.4 142.3 143.7 143.8 149.2 150.4 152.2 Baking 152 151 152 152 152 153 152 •152 151 151 153 159 162 163 Beverages. 298 295 303 311 316 310 310 304 304 310 288 293 308 313 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 80 Ice cream 79 78 83 83 83 82 82 81 82 79 79 78 78 80 Slaughtering and meat packing 124 125 126 127 133 139 138 137 138 141 146 151 152 151 Sugar, beet 76 98 91 98 141 168 115 107 102 104 100 106 97 121 Sugar refining, cane 93 103 103 98 101 97 90 93 94 93 85 83 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 125.1 124.4 124.9 124.8 125.9 125.2 123.4 122.0 121.3 119.5 118.5 117.3 116.1 114.4 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. 146.3 145.7 147.1 148.2 149.2 151.8 154.7 155.9 157.4 159.1 161.7 162.4 163.0 161.2 Petroleum refining 127 127 129 128 129 130 131 132 132 133 133 133 134 132 Other than petroleum refining 150.9 150.3 151.7 152.9 154.1 157.1 160.5 161.7 163.5 165.5 168.7 169.5 170.1 168.1 Chemicals.... 179 180 181 184 187 190 192 195 194 195 197 193 193 190 Cottonseed oil, cake, and meal 101 88 95 93 93 93 94 90 97 99 92 105 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 83 83 83 Rubber Products 113.3 111.6 110.1 110.1 109.4 99.6 ''98.3 97.5 93.7 94.5 98.1 103.4 106.4 107.4 Rubber boots and shoes 79 75 78 80 78 73 76 75 75 76 74 79 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 * 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 li a c nd Trade a s n e d rv m ice is , - lo S c t a a l te g , o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1941—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 J une 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 37,618 14,979 900 1,959 3,482 6,523 4,313 5,462 October 37,960 15,067 889 1,958 3,467 6,603 4,322 5,654 UNADJUSTED 1941—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 38,348 15,233 910 2,185 3,542 6,561 4,397 5,520 October 38,555 15,297 901 2,089 3,539 6,679 4,325 5,725 * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for October 1942 are preliminary. Seasonally adjusted estimates for back months are shown on page 1156 of the November 1942 BULLETIN. DECEMBER 194Z 12.37 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Total* 133.1 135.2 137.8 139.4 142.4 145.9 148.2 155.1 162.6 193.5 198.2 204.6 214.7 220.5 Durable goods1 138.7 142.1 154.0 157.5 161.2 165.4 168.2 177.6 183.3 235.6 244.2 252.7 266.7 274.9 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 and Steel and Products 139.9 140.5135.0 135.5 135.0 134.8 134.4 172.0 170.6183.9 186.1 188.2 192.1 194.3 Blast furnaces, steel works, etc 149 149 152 152 152 151 149 183 178 197 198 202 203 207 Bolts, nuts, washers, and rivets 171 171 174 176 175 176 180 257 246 292 291 291 317 317 Cast-iron pipe 96 98 98 96 94 94 92 112 116 133 136 132 135 127 Cutlery and edge tools 127 128 128 128 126 125 123 148 150 175 174 170 178 176 Forgings 111 113 130 132 134 135 138 170 176 237 242 241 248 249 Hardware 113 116 91 93 95 97 97 146 149 139 145 151 159 155 Plumbers' supplies 103 99 78 74 65 63 62 107 106 91 91 79 82 80 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 177.0 179.3204.4 207.9 211.8 217.1 220.8 244.5 249.6335.5 346.0 351.1 367.1 375.1 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 Foundry and machine-shop products. 146 147 163 165 167 171 171 186 188 243 250 250 261 260 M T R T 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 d o r c s o h p ls i h n o e n r o y graphs 2 1 1 0 5 0 2 6 8 2 1 1 1 0 * 5 3 9 8 1 1 1 1 9 0 6 6 9 1 1 1 9 0 0 1 3 8 1 1 9 9 0 9 7 7 2 1 9 1 0 * 3 1 4 2 1 9 2 0 0 3 3 2 2 1 2 3 3 * 2 4 6 2 2 1 3 4 5 * 3 1 4 2 1 1 8 6 5 « 3 3 9 2 1 1 5 6 8 9 1 4 2 1 1 9 5 4 * 3 8 9 3 1 1 1 5 4 * 3 7 7 3 1 1 4 3 6 0 8 0 Transportation Equipment 172.0 191.1255.3 271.7 292.2 311.2 326.4 224.4 252.9408.6 435.1 475.3 519.1 555.3 A A Ca i 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-railroad 111 124 8 • 8 91 * 96 99 * 10 • 3 13 * 9 15 * 9 13 • 6 14 * 2 14 * 8 15 * 8 16 * 2 Locomotives Shipbuilding Nonferrous Metals and Products 145.5 146.4145.9 146.1 146.6 149.0 150.0 182.6 185.6213.6 218.3 223.1 232.0 236.3 Aluminum1 355 Brass, bronze, and copper 271 Clocks and watches 118 111 114 112 109 106 106 156 149 176 178 180 171 173 Jewelry 118 120 96 91 90 89 87 113 121 108 103 99 103 105 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 73.4 73.4 73.6 72.1 92.3 90.8 93.6 92.7 97.0 93.7 Furniture 108 108 96 95 93 92 92 116 118 115 112 110 113 111 Lumber, millwork 78 76 70 71 73 74 74 75 73 71 75 77 83 80 Lumber, sawmills 71 70 65 65 66 66 64 78 79 85 83 87 83 Stone, Clay, and Glass Products 101.3 101.8 94.3 94.1 92.1 92.5 92.3 104.2 105.4105.6 104.7 101.0 105.5 103.6 B M P G C o r e l a i a t m c r t s b e k s e l , r n e y t t , il g e r , a a n n it d e , t e a r n r d a s c l o a t t t e a 1 1 4 8 7 1 3 5 4 9 9 0 1 1 4 8 2 7 3 6 4 1 9 0 1 1 8 3 2 7 1 2 4 4 1 9 1 1 8 3 1 2 7 4 9 7 1 0 1 1 6 8 3 1 1 9 5 8 6 6 1 1 6 8 3 1 1 8 5 8 5 8 1 1 8 6 3 1 1 5 6 8 9 7 1 1 9 3 7 5 2 4 6 7 5 4 1 1 9 3 7 2 6 4 7 6 5 1 1 1 9 2 3 6 7 5 8 5 7 2 1 1 1 3 3 0 5 7 3 3 1 6 3 1 1 1 3 4 2 7 0 3 6 7 2 1 1 1 1 0 3 1 5 3 5 3 3 7 4 1 1 1 3 3 7 0 5 3 3 1 5 2 Textiles and Products 115.4 115.5111.8 108.8 108.2 109.6 108.8 119.3 123.4128.3 123.1 124.3 131.1 128.9 Fabrics 106.9 106.3 104.7 104.4 104.1 103.4 102.5 114.4 118.0 128.7 129.0 129.9 133.4 132.1 Carpets and rugs 91 91 67 70 70 69 70 93 97 76 80 81 82 85 Cotton goods 110 ' 110 114 115 115 114 114 126 130 153 153 151 158 161 Cotton small wares 106 108 110 112 113 113 112 123 128 158 163 167 170 170 Dyeing and finishing textiles 136 136 133 128 128 127 129 133 136 148 143 145 148 151 Hats, fur-felt 82 79 58 65 63 56 49 91 80 59 67 63 60 48 Hosiery 142 136 122 120 118 119 117 154 151 149 148 146 157 147 Knitted outerwear 81 83 81 78 77 76 75 77 81 86 82 81 81 79 Knitted underwear 86 88 89 89 88 87 86 91 96 110 111 110 111 105 Knitted cloth 161 161 155 152 151 146 147 157 157 171 166 166 165 164 Silk and rayon goods 68 63 64 64 63 62 59 64 62 71 71 70 70 69 Woolen and worsted goods 109 111 106 106 106 105 104 119 129 132 134 144 142 136 Wearing apparel 129.6 131.3 122.8 113.8 112.6 118.9 118.2 121.7 126.3 119.6 104.1 105.7 118.7 114.7 Clothing, men's 123 124 122 118 115 118 117 114 114 122 112 108 114 111 Clothing, women's 176 178 161 140 141 155 154 154 162 141 110 120 143 137 Corsets and allied garments......... 119 123 113 109 97 105 103 139 151 151 143 124 135 138 Men's furnishings 128 131 112 111 111 112 110 144 156 140 140 139 144 135 Millinery 80 85 66 51 53 70 73 75 84 45 37 41 73 76 Shirts and collars 134 136 131 128 128 128 125 141 147 158 152 151 154 146 * Included in total and group indexes but not available for publication separately. 1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. NOTE.—The basic series of the Bureau of Labor Statistics have been comprehensively revised. October figures on the old basis are not available, and September 1942 figures are preliminary. Revised figures on the new basis may be obtained from the Bureau of Labor Statistics and will be published in this BULLETIN at a later date. 1X38 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. Leather and Manufactures 101.1 98.9 98.7 97 A 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 159.3 163.2 135.7 141.9 156.7 167.4 179.3 165.5 170.5 160.3 170.1 186.5 196.7 209.3 Baking 153 154 151 154 160 163 165 155 157 166 175 182 187 190 Beverages 328 315 317 313 328 339 335 430 402 445 424 468 489 471 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 96 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 86 81 77 100 103 90 89 88 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 78.3 84.1 83.7 Tobacco and snuff 52 54 51 51 52 52 54 68 69 71 76 75 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. 115.0 114.7 130.9 133.3 131.9 130.5 128.3 129.9 130.3 Boxes, paper 142 145 127 123 119 118 119 182 188 169 164 159 163 165 Paper and pulp 128 128 12$ 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, 143.1 147.6 157.8 157.6 158.4 159.9 163.4 181.5 188.5 226.8 228.8 233.4 237.4 246.0 Petroleum refining 128 129 132 134 134 135 134 159 166 179 182 187 190 199 Other than petroleum refining 146.7 152.3 164.0 163.4 164.4 166.0 170.6 188.4 195.4 241.4 243.3 247.8 252.2 260.6 Chemicals 180 182 194 197 196 194 193 247 251 303 308 314 309 307 Cottonseed oil, cake, and meal 71 114 68 57 61 64 118 65 114 70 62 68 72 147 Druggists' preparations 136 143 157 158 161 163 167 165 176 206 203 206 212 224 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 82 82 85 135 140 130 129 122 126 134 Rubber Products 111.8 111.5 94.6 97.1 101.9 105.1 107.4 138.8 134.8 132.4 137.6 147.0 154.0 157.6 Rubber boots and sho'es 79 77 73 71 76 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 193 193 156 161 164 170 171 228 232 211 219 223 237 232 * Included in total and group indexes but not available separately. 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 1941 1942 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Total 41.0 40.9 42.6 42.6 42.4 42.8 42.4 74.5 75.8 83.1 84.0 85.0 86.4 88.S Durable goods 42.6 42.3 45.0 45.1 44.7 45.2 44.6 83.0 84.3 92.3 93.3 94.6 96.6 99.4 Iron and Steel and Products 41.4 40.7 42.6 42.6 42.0 42.8 42.2 87.1 87.8 93.3 93.7 94.3 96.7 99.7 Machinery 45.1 45.4 47.8 48.1 47.5 47.8 84.4 85.0 94.2 95.5 96.1 97.6 N Tr o a n n f s e p rr o o r u ta s ti M on e ta E l q s u a i n p d m P en ro t ducts 4 4 1 3 . . 8 0 4 4 1 3 . . 8 1 4 4 6 4. . 2 9 4 4 6 4 . . 7 6 4 4 4 6 . . 5 4 4 4 6 5 . . 5 0 ii.d 9 8 8 0 . . 8 8 1 8 0 2 0 . . 1 8 1 9 0 0 6 . . 8 9 1 9 0 2 7 . . 0 1 1 9 0 3 9 . . 5 1 1 9 1 5 1 . . 4 4 96^6' Lumber and Products 41.8 41.1 41.2 41.4 41.2 41.6 58.8 59.0 64.4 65.9 66.0 67.7 Stone, Clay, and Glass Products 38.5 38.2 39.0 38.6 37.7 38.7 "31.9 72.1 73,6 77.1 78.0 78.7 79.8 si'.o Nondurable goods • 39.4 39.5 39.7 39.6 39.6 39.9 39.6 65.8 66.8 72.2 72.7 73.2 73.8 75.0 Textiles and Products 38.1 38.3 39.0 38.6 38.2 38.8 38.2 55.4 56.9 60.4 60.3 61.1 62.7 63.7 Fabrics 38.9 39.1 40.3 40.2 39.8 40.3 40.2 53.3 55.1 59.2 59.5 60.4 61.9 62.9 Wearing apparel 36.4 36.7 36.4 35.1 34.7 35.9 34.6 59.6 60.2 62.7 61.6 62.8 64.2 65.3 Leather and Manufactures 39.2 38.0 38.6 38.1 38.1 38.2 36.6 61.5 63.0 68.2 68.5 68.7 68.7 70.5 Food and Kindred Products 41.0 41.6 40.9 41.5 41.9 41.5 41.9 65.8 65.7 74.1 74.3 73.5 73.2 74.2 Tobacco Manufactures 37.2 38.3 37.7 38.5 38.5 39.4 38.6 52.0 52.5 56.5 57.5 57.5 58.7 59.0 Paper and Printing 40.1 40.1 39.5 39.0 38.8 39.4 82.4 83.0 87.6 88.6 89.3 89.6 Chemicals, Petroleum, and Coal Products 40.0 39.9 41.0 41.0 41.0 41.2 83.7 84.5 91.7 93.0 94.1 94.4 O Pe th tr e o r l e t u h m an r p ef e i t n r i o n l g e um refin ; ing... 4 3 0 8 . . 6 0 4 3 0 7 . . 7 2 4 3 1 8 . . 8 5 4 3 1 8. . 4 7 3 41 9 . . 6 0 3 4 8 1 . . 7 9 41.7 1 7 0 8 2 . . 0 5, 1 7 0 7 8 . . 6 3 1 8 0 6 9 . . 7 8 1 8 1 8 0 . . 1 2 1 8 1 9 0 . . 4 9 1 8 1 9 2 . . 3 4 89.5 Rubber Products 39.4 38.5 41.4 41.5 41.4 42.2 41.5 86.1 85.9 91.6 92.6 93.3 93.6 94.9 NOTE.—These data are being comprehensively revised by the Bureau of Labor Statistics, September 1942 figures are preliminary. The revised data will'be published in the BULLETIN at an early date. DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational! Otherl an u d ti l p it u ie b s li ! c 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 January 305.2 316.8 111.3 102.8 55.9 75.4 26.9 17.7 11.6 9.1 24.2 21.0 75.1 90.9 February 270.4 433.6 116.5 168.0 37.8 84.5 20.9 21.8 7.9 9.2 23.5 54.2 63.9 95.9 March 479.9 610.8 147.9 219.3 121.8 112.7 33.1 36.8. 10.4 10.7 36.1 71.6 130.6 159.7 April . . .. 406.7 498.7 166.5 162.1 66.2 145.1 36.2 30.9 11.2 12.4 29.7 46.5 96.9 101.7 May 548.7 673.5 201.3 148.0 81.1 178.0 50.8 23.8 17.1 10.1 53.5 86.0 144.9 227.7 June 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 26.6 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 623.3 723.2 175.7 126.7 113.5 377.8 51.9 6.1 8.2 6.2 44.7 76.8 229.3 129.6 October 606.3 780.4 171.8 161.2 118.6 240.3 48.6 18.9 13.9 10.6 88.5 103.3 165.0 246.2 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 January 243 192 252 196 305 317 112 118 148 93 124 198 130 75 104 104 181 119 February 188 119 220 201 270 434 69 51 111 82 105 310 119 68 109 119 166 123 March 231 227 301 272 480 611 66 95 128 95 269 473 165 132 173 177 211 138 April 270 222 330 301 407 499 74 99 160 103 184 355 195 123 170 197 223 144 May 244 283 308 329 549 674 93 144 135 112 267 569 151 139 174 217 281 105 June 318 251 288 325 539 1,190 137 108 128 147 314 1,105 180 143 161 177 225 85 July 322 240 300 399 577 944 131 98 137 205 348 876 191 142 163 194 229 68 August .. ..... . . 281 313 312 415 760 721 104 171 158 195 520 633 178 142 154 220 240 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 1 Back figures.—See BULLETIN for February 1938, p. 159. Data for "years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities Federal Reserve 1942 1941 district 1942 1941 1942 1941 Federal Reserve district Oct. Sept. Oct. Oct. Sept. Oct. October September October Boston , 13,859 39,332 26,191 Boston 67 53 54 855 273 497 New York 33,521 85,463 83,118 New York 264 214 288 2,524 1,938 2,379 Philadelphia.... , 30,600 44,379 19,011 Philadelphia 34 32 55 263 347 483 Cleveland. 36 34 50 285 377 579 Cleveland 62,574 49,703 45,776 Richmond 22 17 28 515 315 180 Richmond , ,., 81,713 78,946 83,065 Atlanta 22 19 36 618 103 456 Atlanta .......,...,., 147,344 75,045 145,707 Chicago 115 83 114 833 665 1,177 St. Louis 13 15 29 86 153 252 Chicago 104,875 165,921 78,661 Minneapolis 13 4 17 92 13 124 St. Louis 43,130 49,787 24,640 Kansas City 15 25 40 174 247 319 Minneapolis — 11,700 10,155 8,668 Dallas 9 " 9 12 84 462 72 San Francisco 63 51 86 852 580 815 Kansas City , 122,179 22,931 21,411 Dallas.. 128,901 101,554 * 70,101 Total 673 556 809 7,181 5,473 7,333 Total (11 districts) 780,396 723,216 606,349 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. 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 January... 289 213 370 325 479 171 178 242 229 254 118 35 128 96 226 February.. 262 219 347 303 478 163 158 200 234 254 99 61 147 69 225 March 275 268 351 357 611 173 190 217 268 272 102 77 134 89 339 April 274 231 323 387 695 160 186 212 287 234 115 45 111 100 461 May 257 249 324 385 P525 148 202 211 297 109 47 112 88 ^335 June 233 236 350 330 146 179 211 280 87 57 138 50 P399 July 230 317 365 ^629 141 169 232 278 87 61 87 P414 August 231 250 351 460 166 176 221 282 65 74 130 178 *>518 September 246 289 295 425 168 182 195 262 79 107 101 162 2*529 October... 278 332 344 3666 2*776 178 215 207 304 Pl99 100 117 137 3362 *>57 7 November. 252 292 328 492 176 235 224 281 76 57 104 211 December. 269 368 322 r653 171 247 253 344 121 69 r309 Jan-Oct... 2,573 2,517 5,371 4,003 ^6,233 1,613 1,836 2,149 2,721 2*2,212 960 681 1,223 1,282 *>4,022 * 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 s L t i o v c e k - p u r e c o s t d t s - Ore l c o a e n u l e - s - c l d . h i c a s .l n e - . 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 T a p o i e t l n w a s a l e y s op i r e a n N r i c a e l o t w t m i a e n y g in N c e o t me SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941—September..... 130 133 176 111 84 140 149 135 97 1941— S A e u p g t u em st ber 4 4 8 6 5 4 3 3 7 7 7 9 1 8 0 5 9 6 4 5 2 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 85 September.... 136 135 188 126 102 154 174 146 55 September 663 535 128 82 October 133 121 180 130 110 149 223 144 56 UNADJUSTED UNADJUSTED 1941—August 494 382 111 66 1941—September 145 140 172 122 111 151 261 150 102 September 489 385 104 r60 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 480 399 81 55 1942—January 129 136 184 125 95 140 46 134 93 1942— F J e a b n r u u a a ry ry 4 4 8 6 1 2 4 3 1 9 2 6 6 6 9 6 2 2 6 4 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 89 August 144 136 175 129 100 173 308 152 57 September 698 543 155 105 September.... 152 142 184 139 135 167 304 162 57 October 150 138 180 139 169 158 260 163 58 'Revised. 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. DECEMBER 1941 1x41 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 May 6. ... . .104 May 4 108 May 3 124 May 2 134 13 106 11 114 10 .. . 128 9.... . 136 J J M M J A F A S u a u e e u p a n a l n p b y g r y r u t r e i c u e u a l . h . m s . r a t y S r b y A e L r ES 9 8 8 8 8 8 8 8 8 0 7 8 8 8 7 6 8 8 9 9 9 8 9 9 8 8 9 7 2 0 9 2 8 9 9 1 1 1 1 1 1 1 1 1 1 1 1 3 0 0 0 0 0 0 5 6 4 5 4 3 3 1 4 1 1 1 1 1 1 1 1 1 3 3 2 1 2 0 0 2 2 0 8 3 7 4 8 4 6 1 6 6 8 9 8 8 S 6 6 9 9 2 7 8 7 3 0 9 1 8 8 8 6 7 8 0 7 7 6 6 9 4 1 7 5 1 7 1 1 1 1 1 8 9 7 2 0 0 0 7 0 2 3 9 5 5 6 6 9 0 1 1 1 1 1 1 1 9 8 0 0 1 1 0 3 0 9 3 8 3 5 8 8 3 0 J J u u n ly e 2 2 1 2 1 1 8 7 1 0 5 3 0 4 7 . . . . . . . . . . . . . . . .. . . . . . . . . 1 9 9 8 7 9 9 8 6 0 4 8 4 3 7 9 5 2 5 J J u u n ly e 1 2 1 2 2 1 6 5 3 8 8 1 5 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 1 9 9 7 0 2 9 9 8 9 6 2 8 7 0 7 0 9 7 J J u u n ly e 3 2 1 1 2 1 2 5 4 7 1 7 2 8 4 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 2 0 0 2 8 9 1 1 0 7 7 9 0 6 3 7 0 9 J Ju u l n y e 3 2 1 1 2 2 1 4 0 6 3 7 1 3 6 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 0 1 1 1 8 9 3 0 7 2 5 4 6 4 5 5 0 N O o ct v o e b m er ber 9 9 3 2 1 9 0 4 0 1 1 0 1 5 6 128 1 9 0 9 6 1 11 0 4 1 1 1 1 3 2 3 137 2 2 2 9 .. 6 6 6 7 2 2 0 7... . . . . . .7 6 2 9 2 1 6 9 . . . . . . . . .. . 8 8 7 9 2 18 5 . .... .. 9 9 2 3 December 95 101 111 168 179 197 Aug. 5.... .. 77 Aug. 3... ...81 Aug. 2.... ..102 Aug. 1.... .. 96 12 73" 10... 79 9 116 8 . .110 Year 90 94 110 2 1 6 9 8 7 2 6 2 1 4 7 . . . . ....8 9 1 2 2 1 3 6.... ..1 1 1 1 3 9 1 22 5.... 1 11 1 6 3 Sept. 2.... .!lO8 31... ...118 30.... ..152 29.... ..132 J J S O N D M A F M A J u u a e e o c e u p a l a n n p b t c y v g r y r o e u t r e i c e u e l b u a m h m m s e a r t S b y r r b b T y e O e e r C r r KS . 6 6 6 6 7 6 6 6 6 6 6 6 8 9 8 7 1 8 8 7 7 7 7 6 6 7 7 6 6 6 6 6 7 7 7 7 9 2 1 8 8 7 8 9 0 1 1 0 9 9 8 9 8 9 7 7 7 7 7 7 7 5 7 2 2 2 1 3 4 4 4 7 P 1 1 1 1 1 1 I 1 1 9 3 2 1 4 0 3 2 0 1 3 4 6 7 0 2 5 3 8 5 6 6 6 6 6 6 6 6 8 1 6 7 8 4 0 5 0 5 9 9 2 7 4 1 , 6 6 6 6 6 7 8 7 7 7 6 7 1 4 6 1 8 0 3 1 1 3 6 9 1 1 8 6 8 7 7 7 7 9 7 7 0 1 6 4 4 6 6 3 3 5 0 5 8 0 P1 1 1 1 1 1 1 1 2 9 8 2 2 2 3 2 2 1 8 7 3 2 6 9 0 8 8 1 O N De o c c t v . . . 3 2 2 2 2 1 1 1 1 9 4 0 7 2 1 3 8 5 4 6 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 3 1 0 1 2 1 2 9 2 2 2 7 6 9 5 7 6 3 4 3 8 0 O N Se c o p t v . t . 2 2 2 2 3 1 1 1 1 5 8 2 9 7 3 6 1 6 0 2 4 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 2 1 2 2 2 3 1 0 4 2 5 7 5 3 7 3 1 2 0 6 9 7 0 O N Se c o p t v . t . . 2 2 2 1 1 1 2 2 1 4 6 8 0 1 5 7 3 1 8 5 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C . . . . . . . 1 . . 1 . 1 1 1 1 1 . 1 1 1 1 1 1 2 6 3 3 3 3 3 3 3 4 4 6 2 2 9 0 0 1 1 3 9 8 8 8 9 8 O N Se c o p t v . t . 2 3 2 1 1 1 1 2 1 2 5 3 7 6 4 1 0 7 2 9 1 4 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 . 1 1 1 1 1 1 1 1 1 1 5 6 7 2 5 5 5 6 5 6 6 3 5 3 6 3 9 3 2 8 6 9 6 5 7 5 Year 68 69 83 1 9 6 . . . . . . . . . . 1 2 8 3 8 5 Dec. 1 7 4 . . . . . . . . . . 2 1 3 9 2 7 Dec. 1 6 3 . .. .. . . . . 2 2 1 3 5 6 Dec. 1 5 2 . . . . . . p Preliminary. 3 2 0 3 . . .. .. . . . 2 7 4 9 2 2 2 8 1. . . . . . . . . . 2 1 5 2 8 4 2 2 0 7 . . . . . . . . 2 1 7 7 7 4 2 1 6 9 . . . . . . 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. c Correction. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] O 19 c 4 t 2 . S 1 e 9 p 42 t. m T 19 e o 4 n s 2 . O 19 c 4 t 2 . S 1 e 9 p 42 t. T 19 e 4 n 2 O 19 c 4 t 2 . S 1 e 9 p 42 t. m T 19 e o 4 n s 2 . O 19 c 4 t 2 . S 1 e 9 p 42 t. Ten United States... +24 +6 +12 Boston +20 +5 +11 Cleveland (cont'd) Chicago (cont'd) Dallas +31 +14 +/ New Haven +19 +2 +11 Youngstown +20 0 +3 Fort Wayne +31 +26 +23 Shreveport +16 +19 +13 Portland +36 +22 +23 Erie +34 +16 +20 Indianapolis +27 +12 +16 Dallas +29 +1 +4 Boston +20 0 +10 Pittsburgh +17 -2 +8 Des Momes +23 +10 +7 Fort Worth +28 +19 + 12 Springfield +34 +21 +20 Wheeling... +4 -11 +1 Sioux City +31 -7 +5 Houston +28 +21 +11 Providence +15 +12 +13 Detroit +41 +6 +17 San Antonio +43 +25 +20 NevTYork +16 -5 +7 Ric W hm as o h n i d ngton + +2 2 5 5 + + 1 9 3 + +2 1 1 8 F G l r i a n n t d Rapids... + + 2 2 5 0 S + — 4 4 San Francisco +36 r+19 +19 Bridgeport +21 +13 +14 Baltimore +21 +15 +19 Lansing +31 +7 Phoenix * +35 , Newark +9 r-5 +6 Winston-Salem... +24 -7 +2 Milwaukee +23 +10 +15 Tucson +42 +25 +23 Ph N N P R S A B B E il o y u l o e i i l a m n b a u r f w c d a f g g a g h a i e c n a h r h l e Y u l a o r y a k p s a s m o t e h e e r e i F t r k a p o a s n C l i l e s it . y .. . . . + + + + + + + + - - 1 1 4 1 2 1 1 1 1 1 5 3 1 7 1 7 8 8 0 + - + + + - + + + + 1 3 8 6 3 4 8 8 7 4 5 1 + + + + + + + + - 1 1 3 1 8 6 9 8 2 3 5 2 1 Atl H N M R C B J L C a a y n h i i o u h o c r c t n a r a n k m a n h f r c r t s t o m l l i i h g o e e l n n k b o o s n s g g t u m n t v o h t o d r i o n a e g l n n m l . r , e W y S . . V C a + + + + + + + + + - 3 3 5 4 2 1 3 2 2 1 9 4 6 6 8 7 0 3 7 + + + + + + + + + - 1 4 3 2 1 1 6 4 5 7 2 6 8 2 3 9 + + + + + + + + + - 1 1 3 1 3 2 1 5 9 9 7 8 9 3 1 0 1 St. M F Q L E L S S p o L o t v i u e . t r r u a o i t m i t n L l n n i u e s c p g s S i o v y s v h f R m i u i i l i e l l o s i i l l e s t c d e h . k ....... + + + + + + + + + 2 4 1 5 1 2 1 4 1 5 1 2 6 8 8 5 9 9 + + + + + + + + - - 2 2 3 1 4 6 4 4 8 2 0 1 3 0 1 + + + + + + + + 2 3 1 1 1 7 2 5 8 8 0 9 B F L O L S S S S S a a a r o a a o a a B e n n n c n n k s k s r e t e g l n A a a D J F a r r o m o k s n B r n i f R e s a e d i g e e e l e g n o e e n a l a o c s l c y d t e n a o i h s s d co.... + + + + + + + + + + 1 4 1 3 2 5 4 2 4 8 7 2 8 9 8 6 3 9 3 + + + + + + + + + - 1 3 3 3 1 2 1 2 1 6 6 8 0 6 5 8 9 5 + + + + + + + + + + 2 1 1 3 1 2 3 5 2 7 9 9 6 2 5 1 3 Trenton -19 +2 +9 Miami +16 -5 -4 Minneapolis +14 +5 +7 Stockton +45 +39 +34 Lancaster -23 +14 +18 Tampa +45 +22 +16 Vallejo and Napa +66 +71 +53 Philadelphia r20 +6 + 15 Atlanta +22 +5 +5 Kansas City +37 +17 +14 Boise and Reading. -21 +15 +15 Macon +43 +27 +26 Denver +35 +16 Nampa +54 +27 +27 W Yo i r lk k es-Barre - - 1 3 2 0 + + 1 6 4 + + 1 1 0 9 B N a ew to n O R rl o ea u n g s e + + 3 3 4 7 + + 1 9 0 + + 1 9 7 H To u p tc e h k i a nson +53 + + 1 4 5 + P Sa o l r t t la L n a d ke City.. + + 4 5 6 0 + +3 2 0 6 + +3 2 0 9 Jackson +25 +11 +12 Wichita +50 +30 +31 Bellingham +30 +8 + 16 Cleveland +23 +3 +11 Chattanooga +24 +17 +17 Joplin +9 Everett +36 +7 +10 Akron +51 +21 +22 Knoxville +13 +4 +11 Kansas City.... +37 +19 +16 Seattle. +50 +21 +32 Cincinnati +21 +1 +10 Nashville +24 +16 +10 St. Joseph +27 +9 +4 Spokane +33 +28 +16 Cleveland +25 +1 +12 Omaha +21 +13 +13 Tacoma +41 +21 +21 Columbus +29 +10 +14 Chicago +24 +3 +10 Oklahoma City. +47 +16 +12 Walla Walla +59 +19 +22 Toledo +27 +12 +14 Chicago +16 -5 +5 Tulsa +33 +16 +22 Yakima +6 Peoiia +20 -5 +3 r Revised. * Not available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Ratio of stocks to Department r o N e f p u o s m t r o t b i r e n e r g s P c e h S r 1 a a c e 9 g n e p 4 e g n 2 t. e t- Pe A rc u e g n . t a t g o e S c e h p a t. nge P S c e e h a r p a c g t n . e e g 3 n e 0 t- , A Pe u r g c . e 3 n 1 ta t g o e S c e h p a t. n g 3 e 0 Sep s t a e l m es ber from 1942 from S 1 e 9 p 4 t 1 . 1942 1941 Se 1 p 9 t 4 . 1 30, 1942 1941 1942 GRAND TOTAL—entire store.. 357 +5 +23 +16 +32 -1 +13 3.7 2.9 MAIN STORE-total 357 +4 +23 +15 +33 -1 +13 3.8 3.0 Women's apparel and accessories 353 +11 +29 +14 +21 -2 +18 2.5 2.3 W W o o m m e e n n ' ' s s a a n n d d m m i i s s s s e e s s ' ' d c r o e a s t s s e s and suits 3 33 3 5 0 -3 + + 2 4 6 6 + + 1 5 7 8 +30 + - 1 7 6 + + 2 2 3 1 2 1 . . 0 2 1 1. . 2 5 Blouses, skirts, sportswear, sweaters, knit -4 apparel 314 +24 +31 +20 +30 -10 +11 1.8 1.7 Juniors' and girls' wear 289 +23 +25 +14 +17 -3 +20 1.7 1.8 Infants' wear 306 +49 +45 +34 +24 -5 +16 2.4 3.0 Aprons, housedresses, uniforms 281 +11 -1 0 +12 +4 +18 2.3 2.2 Women's underwear, slips, negligees 315 +31 +15 -14 +25 +1 +32 4.2 4.4 Corsets, brassieres 332 +4 +23 +26 +42 -3 +13 4.2 3.1 Hosiery (women's and children's) 337 +17 -49 +33 -7 +63 2.9 3.4 Gloves (women's and children's) 311 +148 +133 +20 +5 +16 6.4 5.4 Shoes (women's and children's) 243 +18 +46 +46 +14 —4 +3 3.5 3.7 Furs 268 -42 -29 -19 +6 0 3.5 1.9 Men's and boys' wear 320 +5 +43 +35 +34 +3 +15 6.0 4.7 M M e e n n ' ' s s c fu lo rn th is in h g ings, hats, caps 3 2 0 2 2 6 + -1 1 5 0 + + 2 3 8 8 + + 1 4 7 2 + + 4 2 4 9 it + + 1 1 4 9 6 7 . . 7 1 5 4 . . 1 7 M Bo e y n s 's ' c a l n ot d h b in o g y s a ' n s d ho f e u s r n a i n sh d i n s g li s ppers 2 1 7 6 3 1 IS + +4 8 1 3 + + 6 4 2 1 + + 2 2 1 8 -3 + + 1 8 3 3 6 . . 7 3 3 5. . 4 7 -1 Home furnishings 321 -10 +9 +2 +41 +9 5.2 3.4 D Fu o r m n e it s u ti r c e , fl b o e o d r s, c o m v a e t r t i r n e g s s ses, springs 2 2 6 0 3 3 -1 -7 3 + -1 1 3 7 + -2 1 5 3 + + 5 4 5 2 - - 4 5 Vr 4 6 . . 2 6 3 2 . . 7 7 Draperies, curtains, upholstery 295 -1 +34 +43 +28 0 5.2 4.1 Major appliances (refrigerators, washers, stoves, +10 etc.) 200 -50 +11 -20 -12 4.0 1.9 Domestics, blankets, linens, etc 284 —1 +2 -3 -3 5.0 3.5 China and glassware 212 -15 +16 +30 ++19 -2 7.9 5.6 Housewares 224 +1 +25 +35 +52 -5 4.8 3.2 Piece goods (dress and coat yard goods, all materials) 293 +15 +25 +25 +22 -2 +8 4.0 3.7 Small wares 333 -2 +26 +43 +41 ±1 +10 4.5 3.1 N To o i t l i e o t n s articles, drug sundries, prescriptions 3 2 1 2 9 3 + -1 1 6 7 + +2 3 0 1 + +4 3 2 3 + + 4 5 4 6 +2 it 4 3 . . 4 8 3 2 . . 1 4 Jewelry and silverware 287 -6 +27 +62 +37 +4 4.9 3.4 Miscellaneous r »... ...... 298 +7 +28 +39 +45 +5 +12 5.0 3.7 BASEMENT STORE—total ,. 226 +14 +27 +20 +33 -2 +23 3.0 2.5 Women's apparel and accessories 198 +19 +23 +11 +24 -1 +17 2.1 2.0 Men's and boys' clothing and furnishings.. 164 +16 +48 +38 +41 -2 +22 4.5 3.7 Home furnishings 134 +2 +20 +24 +51 -3 +17 4.1 2.7 Piece goods 65 +10 +17 +26 +21 -7 +14 3.5 3.2 Shoes 128 +12 +38 +39 +18 -3 +11 3.3 3.1 +11 by dividing s in terms of sales for that month. DECEMBER 1942. 1x43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c A t o o i m e l d l s i - - F p u a r c o r t m d s - F 4 oods Total H p l i r e d 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 d ro e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u e m d n c i t d - s i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 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—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 15.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 16.7 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 18.8 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 79.0 103.8 110.3 96.2 102.7 88.9 September ^99.6 107.8 102.4 ^95.5 118.1 97 1 79.0 P103.8 110.4 96.2 102.5 88.8 October 2*100.0 109.0 103.4 P95.5 17.8 97.1 79.0 *>103.9 110.4 96.2 102.5 88.6 Week ending 1942—July 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 .... 98.6 105.6 100.1 95.8 118.8 96.5 79.6 103.9 110.0 96.4 104.4 89.1 August 8 98.6 105.4 99.7 95.7 118.8 96.5 79.6 103.9 110.2 96.3 104.4 88.9 August 15 98.9 106.0 100.5 95.8 118.8 96.5 79.7 103.9 110.2 96.3 104. 89.0 August 22 98.9 106.4 100.8 95.7 118.9 96.5 79.6 103.9 110.3 96.2 104. 88.6 August 29 98.9 106.0 100.7 95.7 118.9 96.6 79.6 103.9 110.3 96.2 104. 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. 88.6 September 12 P99.2 107.2 101.6 p95.7 119.0 96.7 79.6 P103.9 110.3 96.2 104. 88.6 September 19 ^99.3 107.1 102.0 p95.7 118.6 96.6 79.6 P103.9 110.4 96.2 104. 88.6 September 26. ... P99.4 107.3 102.0 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 p95.7 118.4 96.6 79.7 P103.9 110.5 96.2 104. 88.4 October 10 p99.8 108.9 103.3 P95.7 118.4 96.5 79.7 P103.9 110.5 96.2 104. 88.4 October 17 *>99.6 107.9 103.1 P95.6 118.4 96.5 79.7 P103.9 110.2 96.1 104. 88.4 October 24 P99.7 108.7 103.1 ^95.6 118.4 96.5 79.6 *>103.9 110.2 96.1 104. 88.3 October 31 p99.7 109.1 103.0 p95.7 118.4 96.6 79.6 p103.9 110.2 96.1 104. 88.5 November 7... P99.7 109.8 102.9 p95.7 118.4 96.6 79.6 P103.9 110.2 96.2 104. 88.7 November 14 P100.1 110.7 103.0 P96.1 118.4 96.6 79.7 P103.9 - 110.2 99.5 104. 90.0 November 21 .. pl00.1 110.9 103.3 p96.1 118.4 96.6 79.7 ^103.9 110.2 99.5 104. 89.9 November 28 P100.1 110.8 103.6 ^96.1 118.4 96.6 79.7 P103.9 110.2 99.5 104.1 89.9 1941 1942 1941 1942 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 81 4 89 1 8 93 6 91 5 Agricultural implements 93.8 96.9 96.9 96 9 96.9 Livestock and poultry... 94.5 117.8 122.6 122.1 123.4 Farm machinery 94.8 98.0 98.0 980 98.0 Other farm products 88.9 101 5 9<;9 102.? 104.4 Iron and steel 97.0 97.2 97.2 97 ? 97.3 Foods: Motor vehicles . 112.3 112.8 112.8 pm 8 ^112.8 Dairy products 95.2 96 0 100.2 105.5 109.2 Nonferrous metals 84.6 85.6 85.6 86 0 86.0 Cereal products 86.4 87.2 87.8 891 89.3 Plumbing and heating 87.8 94.1 94.1 94 1 94.1 Fruits and vegetables. 75.8 98.5 98.0 97s 98.2 Building Materials: Meats . . 93.6 113 4 115.2 116 0 115.5 Brick and tile 96.6 98.0 98.7 98 7 98.7 Other foods 85.8 91.9 93-1 94 0 95.4 Cement 92.7 94.2 94.2 94 7 94.2 Hides and Leather Products: Lumber 129.5 132.9 133.0 133 ? 133.3 Shoes 118.8 126.4 126.4 1264 126.4 Paint and paint materials.. 96.0 100.7 100.1 100 4 101.0 Hides and skins 113.1 118.5 118.8 1180 116.0 Plumbing and heating 87.8 94.1 94.1 94 1 94.1 Leather 100.9 101.3 101.3 1013 101.3 Structural steel 107.3 107.3 107.3 1073 107.3 Other leather products.. 106.8 115.2 115.2 us ? 115.2 Other building materials .. 101.5 103.8 103.8 103 8 103.3 Textile Products: Chemicals and AlliedProducts: Clothing 97.8 107.2 107.2 107 0 107.0 Chemicals 88.4 96.5 96.3 96 3 96.2 Cotton goods 105.2 112.7 112.9 1127 112.4 Drugs and pharnlaceuticals 124.1 129.1 129.0 1289 128.8 Hosiery and underwear.. 66.6 69.7 69.7 697 70.5 Fertilizer materials 77.3 78.5 78.3 782 78.3 Silk Mixed fertilizers 77.5 82 8 82 8 82 8 Rayon 30.3 30.3 30.3 30,3 30.3 Oils and fats 93.4 104.2 101.6 101 101.5 Woolen and worsted goods 102.3 111.0 111.7 1117 111.7 Housefuntishing Goois: Other textile products 95.6 98.2 97.9 978 97.4 Furnishings..... 104.4 108.0 107.9 1074 107.3 Fuel and Lighting Materials: Furniture 94.4 97.5 97.4 97.4 97.4 Anthracite 85.3 85.7 85.7 857 85.7 Miscellaneous: Bituminous coal 108.1 109.8 110.0 1104 111.0 Auto tires and tubes 65.5 73.0 73.0 73.0 73.0 Coke 122.2 122.1 122.1 122 1 122.1 Cattle feed 112.9 136.3 125.4 124 123.8 Electricity 66.2 62.2 Paper and pulp. 101.9 100.5 98.9 98.8 98.8 Gas 78.9 81A 80.4 si 1 ' Rubber, crude 46.6 46.3 A« .3 46-3 46 3 Petroleum products.... 61.7 60.6 60.7 60.6 60.6 Other miscellaneous 92.1 93.3 93.0 9?.7 92.4 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). p Preliminary. 12.44 FEDERAL RESERVE SULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1942 Chart 1942 book book page Oct. Nov. Nov. Nov. Nov. page Aug. Sept. Oct. 28 4 11 18 25 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2,7 3.56 3.72 4.29 Reserve Bank credit, total 3 4.58 4.68 4.93 5.05 5.08 U. S. Gov't. securities 7 3.37 3.49 4.01 U. S. Gov't. securities, by maturi- Bills discounted 7 .01 c.01 .01 ties, total 5 4.44 4.55 4.66 4.69 4.84 Gold stock. 2 22.74 22.75 22.75 Within 1 yr 5. 1.33 1.26 1.32 1.29 1.32 Money in circulation 2 12.94 13.44 13.95 Within 5 yrs 5 2.63 2.70 2.77 2.77 2.83 Treasury cash 2 2.21 2.21 2.23 After 5 yrs 5 1.81 1.85 1.89 1.93 2.01 Treasury deposits 2 .24 .25 .35 Gold stock 3 22.74 22.74 22.74 22.74 22.74 Reserve balances 2, 8 12.62 12.30 12.23 Treasury currency 3 3.37 3.37 3.37 3.38 3.38 Required reserves 8 10.37 10.00 9.91 Money in circulation 3, 11 14.08 14.31 14.41 14.47 14.65 Excess reserves 8 2.25 2.30 2.33 Treasury cash holdings 3 2.25 2.26 2.23 2.25 2.24 Money in circulation, total 10 13.20 13.70 14.21 Treasury deposits 3 .37 .36 .23 .30 .68 • Coins and bills under $50 10 9.80 10.21 10.63 Nonmember deposits 3 1.45 1.36 1.39 1.25 1.23 Bills of $50 and over 10 3.41 3.50 3.58 Member bank reserves 3 12.25 12.21 12.49 12.62 12.75 Excess reserves—totale 9 2.26 2.23 2.24 ^2.39 TREASURY FINANCE New York City 9 .56 .46 .36 .43 U. S. Government debt: Chicago 9 .03 .05 .05 .04 Direct obligations, total . 19 81.24 85.85 92.27 Reserve city banks 9 .89 .90 .99 1.01 Bonds 19 53.68 54.41 57.28 Country banks*. 9 .78 .81 .84 N Bi o ll t s e s 1 1 9 9 1 5 0 8 . . 4 8 3 7 51 1 0 2 . . 8 1 3 0 51 1 1 5 . . 3 06 4 MEMBER BANKS Special issues 19 8.26 8.51 8.58 Total, 401 cities: Guaranteed obligations 19 4.57 4.55 4.24 Loans and investments 16 37.55 37.92 37.69 37.91 37.94 Balances due to domestic banks.... 16 8.90 9.01 9.22 9.46 9.38 Per cent per annum Demand deposits adjusted 16 28.64 28.59 28.93 29.70 30.22 MONEY RATES, ETC. Time deposits 16 5.19 5.21 5.22 5.24 5.23 F. R. Bank discount New York City: rate, N. Y 23 1.00 1.00 6.50 Commercial loans 17 2.61 2.61 2.62 2.58 2.56 Treasury bills (new issues) 23 .370 370 .372 Brokers' loans 17 .41 .55 .43 .37 .33 Treasury notes (taxable) 23 1.25 1.27 1.28 U. S. Gov't. obligations ...: 17 9.71 9.94 9.87 9.99 10.13 U. S. Gov/t. bonds2 29 2.02 2.03 2.05 100 cities outside New York: Commercial paper 25 .69 .69 .69 Commercial loans 17 3.70 3.71 3.74 3.71 3.68 Corporate Aaa bonds 25, 29 2.81 2.80 2.80 U. S. Gov't. obligations 17 14.08 14.18 14.16 14.44 14.45 Corporate Baa bonds 29 4.28 4.26 4.24 In unit indicated Per cent per annum MONEY RATES, ETC. Stock prices I (1935-39=100): Treasury bills (new issues) ...,..,.„„...,. „. 21 .373 .373 .371 .370 .368 Total „ 31 68.3 69 4 74.2 Treasury notes (taxable) 21 1.28 1.28 1.28 1.27 1.27 Industrial ' 31 70.5 716 76.5 U. S. Gov't. bonds2 21, 29 2.05 2.05 2.05 2.05 2.08 Railroad 31 65.4 66.7 72.7 Corporate Aaa bonds. 29 2.80 2.80 2.79 2.80 2.80 Public utility 31 58.8 59 5 63.7 Corporate Baa bonds....... ^..,..««.....,. 29 4.24 4.23 4.23 4.24 4.26 Volume of trading (mill, shares)... 31 .32 42 .69 Brokers' balances (mill, dollars): Credit extended customers.... 33 !490 e500 e510 In unit indicated Money borrowed 33 *300 e310 ?310 Customers' free credit balances 33 e240 e240 Stock prices . (1935-39 = 100): BUSINESS CONDITIONS Total •»-.««.*.• „...«. 31 74.3 75.3 76.4 74.8 74.5 Wholesale prices: Industrial 31 76.4 77.2 78.4 76.7 76.6 All commodities (1926 = 100): Railroad , 31 73.4 75.4 73.6 72.4 70.1 Total7 35, 65 99.2 *>996 '100.0 Public utility ;. 31 64.2 65.5 67.3 66.2 65.8 Farm products 35 106.1 107!8 109.0 Volume of trading (mill, shares) 31 .57 .80 .82 .59 .60 Others 35 95.6 P95. 5 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 121.4 £121.4 ^121.6 All c T o o m ta m l odities (1926=100): 35 P99.7 P99.1 2*100.1p100.1 R Fi a n w is h a e n d d semifinished 3 3 7 7 1 1 1 3 6 0 . . 9 3 130.' 0 9 1 1 3 1 1 6. . 7 4 Farm products 35 109.1 109.8 110.7 110.9 110.8 Cost of living (1935-39 = 100): Others....... 35 .7 *>95.7 P96.1 P96.1 All items 39 117.5 117.8 119.0 Basic commodities Rent " 39 108.0 108.0 108.0 (Aug. 1939 = 100), total 36 169.4 170.4 170.3 170.2 170.1 Clothing 39 125.2 125.8 125.9 12 foodstuffs 36 190.1 191.8 192.0 192.1 192.5 Food 39 126.1 126.6 129.6 16 industrial materials 36 155.2 155.8 155.4 155.3 154.9 A St u e ( t p e 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 4 101.1 99.6 99.6 98.7 ne 1 e s d F E a i y s g t u i i m n re c a s l t u e f d o d e r . d o v i t n h P e t r r h e e t l h i w m an e i e n W k a l r y e y d . p n e e c r s i d o C a d o y . r r d e a c t t e e s d . are shown under the Wed- Freig T M 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 43 9 1 0 . . 2 5 8 3 2 8 9 8 . . 5 1 8 39 2 1 6 . . 8 6 8 3 3 9 6 7 . . 4 0 7 3 4 5 3 7 . . 5 3 2 3 4 P O D a t a h r t t a e i r a n ll t o y h a lo n ta n x g f - a e e r r m x p e m u p b p r l o t i s d h i u s e c s d u ts . e s a n o d n ly fo . ods. E D l e h e p r c s a t . r r ) i t c m e p n o t w s e t r o r p e r o sa d l u e c s ti ( o 1 n 9 35 ( - m 39 il l = . k 1 w 0 . 0) 4 4 6 6 3,7 1 7 5 5 8 3,7 1 6 6 2 6 3,7 1 7 6 6 6 3,7 1 9 6 5 6 3,7 1 6 6 6 5 by 5 6 G I C n o h c v a l e u n r d g n i e m n g f e r o n c m t e r s t e 1 if c . i 0 u c 0 a r i t t t e i o s e s . o 5 m f 0 a i e n t f u d fe r e c i b n ti t g v e e d o n r O e c s c a s t . o ll b a e b r l e 3 w 0 i o th n i n a d o v n a e n y c e es a r. secured F.H (t . h A o . u s h .) o me mortgages, new constr. 47 2.86 2.26 1.92 2.24 1.42 7 Estimate for November is shown on page 1244. 1x45 DECEMBER 1941 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 Aug. Sept. Oct. page Aug. 1 Sept. | Oct. MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production :i 2 3 Wholesale prices: Total (1935-39 = 100) 41, 42 183 P1S5 P188 Canada 65 95.6 96.0 96.8 Durable manufactures 41 98 Pgg pl02 Germany? 65 Iron and steel 42 22 22 23 Japan8 65 6 Machinery, etc 42 61 *>62 *>64 Sweden 65 p151.7 Other durable 42 15 15 P15 Switzerland 65 *>146.8 Nondurable manufactures 41 r66 P66 p67 United Kingdom9 65 '128.3 r128.4 P129.1 Textiles and leather 42 20 20 P20 Paper and printing 42 11 11 PU In cents per unit of Foods, liquors, and tobacco ... 42 20 *20 P21 foreign currency Other nondurable 42 15 ^15 PIS Minerals 41, 42 20 20 P19 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 89.52 87.82 87.63 New orders, total (Jan. 1939 =100). 43 233 P277 United Kingdom (pound) 67 403.50 403.50 403.50 Durable 43 334 J>424 Nondurable 43 167 *>184 Shipments, total (1939 = 100) 43 212 P224 1942 Durable 43 270 P2S6 Inve N nt o o n r d ie u s r , a b to le ta l (1939 = 100) .... 4 4 3 3 1 17 6 5 7 P P 1 1 7 7 6 5 June July Aug. Durable 43 198 P200 Nondurable 43 155 p153 In billions of dollars Freight-car loadings :1 2 Total (1935-39 - 100)3 57- 143 136 133 Increase in U. S. gold stock:10 Coal 57 32.8 28.7 25.7 Total 63 15.71 15.72 15.73 Miscellaneous 57 83.1 80.1 78.7 Net capital inflow: n All other .............. .= 57 27.3 27.5 28.7 Total 62, 63 5.91 5.95 6.01 Inflow of foreign capital 62 3.77 3.82 3.89 Return of domestic capital 62 2.03 2.03 2.01 1923-25 = 100 O M t e h r e c r h a fa n c d t i o s r e s 1 e 2 x port surplus12 6 6 3 3 p P \ S. . 1 6 5 6 ^ p1 8 . . 2 5 0 7 ^ p 9. . 0 6 8 4 Factory employment4 51, 53 1459 *>148.2 Short-term foreign liabilities and Factory payrolls4. 51, 53 2147 P220.5 assets of banks :ii Average hourly earnings Due to foreigners 64 3.74 r3.79 3.85 (cents per hour)4 51 86.4 88.5 Due from foreigners 64 .29 .28 .30 Average hours worked Net due to foreigners 64 3.45 r3.51 3.56 (hours per week)4. 51 428 , 42.4 D D e e p p a a r r t t m m e e n n t t s st t o o r r e e s s t a o l c e k s1 s i 5 5 9 9 1 13 3 5 0 1 1 2 2 3 3 128 1942 In millions of dollars Jan.- Apr.- July- Mar. June Sept. Residential contracts awarded:1 T Pu o b ta l l i c 4 4 7 7 1 5 0 3 1 1 8 2 8 8 1 11 5 1 8 QUARTERLY FIGURES In billions of dollars Private, total 47 48 40 47 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 39 37 3S Cash income 18 5.55 4.42 4.59 Other 47 9 3 9 Cash outgo 18 9.04 13.18 16.60 Construction contracts awarded. Excess of cash outgo 18 3.49 8.76 12.02 Total 49 747 735 p757 Domestic corporation security issues: Residential 49 119 129 P149 Total 32 .36 .36 .18 Other 49 628 606 P60S New 32 .22 .28 .11 Nonagricultural employment1* Refunding 32 .14 .09 .07 (mill, persons): All establishments 50 375 37.6 p38.0 Manufacturing and mining 50 158 15.9 P16.0 Per cent per annum Trade 50 66 6.5 p6.6 T G r o a v n e s r p n o m rt e a n t t i on and utiliti ; es 5 5 0 0 5 3 4 5 3 5. . 5 5 P P 5 3 . . 7 S Bank T o r t a a te l, s 1 o 9 n c c it u i s e t s o mers' loans: 25 2.48 2.62 2.70 Construction 50 19 2.0 P2.0 New York City 27 1.85 2.07 2.28 Income payments 'A 7 other Northern and Eastern Total 54 9,606 P9,685 cities 27 2.48 2.56 2.66 Salaries and wages 54 6,716 p6,805 11 Southern and Western cities 27 3.20 3.34 3.25 Other., 54 2,890 p2,880 Cash T f o a t r a m l income: 55 ,435 1,753 p2,029 p 1 P A r d e j l u im ste in d a r f y o . r r s e R a e so v n is a e l d . variation. Crops 55 675 947 PI,071 2 In points in total index. Livestock and products 55 737 779 P905 3 Estimate for November.is shown on page 1231. Gov't. payments 55 23 27 P53 4 Series revised by Bureau of Labor Statistics; October figures on old Exports and imports: basis not available. Exports6 61 *>7O23 P7\S.2 P776.0 6 Three-month moving average, adjusted for seasonal variation. Imports 61 pm 4 P1S9.6 P199.4 6 Correction: July, P628.6. Excess of exports 61 P517.9 P52S.5 ^576.6 7 Back figures: June, 85.0; July, 85.3. 8 Back figures: June, 149.9; July, 149.3. 9 Revised figure for July, 129.3. 10 Cumulated from Jan. 31, 1934. 11 For explanation of revised basis for international capital movement statistics, see footnote 2 on page 1160 of the BULLETIN for November 1942. 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. 12 Revised figures: Merchandise export surplus: February, 6.62; March, 6.96; April, 7.42. Other factors: February, 3.58; March, 3.21; May, 2.11. 1146 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 81.93 Demand deposits adjusted 29.09 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 e40.00 41.84 Time deposits 26.81 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2O 27.31 Currency outside banks 6.19 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 e10.40 10.94 Loans and investments, total 49.95 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 662.00 63.98 Loans 21.63 22.1 22.19 22.34 23.74 24.32 25.31 26.19 26.62 «26.30 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 ,.., i1) 19.61 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 26.45 29.87 U. S. Government obligations: Direct 14 10.89 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 21.41 Guaranteed 14 2.92 3.14 3.11 3.12 3.49 3.49 3.84 4.24 3.83 3.47 2.69 State and local government obligations 14 2.76 2.69 2.90 2.89 3.01 3.21 2.98 3.16 3.09 3.17 2.93 Loan O F S C s o t o t , r h r m e e t e e o i r m t g t a n e d l l o r o c s a m i e n a c e s l u st l r ( i o i b c t a r i n o e s s s k e c e ( u r i s n r ' i c t l l i o . e s a o n p s e ) n-market paper) C 1 1 1 1 1) 5 5 4 4 o (2) 1 6 2 3 . . . . . 5 7 6 9 1 7 7 1 6 9 1 6 2 3 . . . . . 7 7 9 3 1 2 0 7 2 7 1 2 7 5 . . . . . 5 8 3 4 1 2 0 2 7 7 15. ( 8 ) ! 8 1 8 2 6 . . . . . 5 7 1 4 7 5 2 5 2 3 17. 8 55 1 9 2 8 . . . . . 6 7 0 1 4 4 3 2 4 1 17. ( 8 ) 3 1 2 9 6 . . . . . 6 1 1 9 4 9 1 5 3 3 A O Re l t l h a e l o r t e h s s e t e r a c t u l e o r a i l t o n y a s . n l s oans3 C 1 11) 5 5 13. § ( 4 2 7 ) 2 2 . . . 9 9 8 4 6 8 3 3 . . . 0 0 8 7 6 0 3 3. . . 2 2 8 7 3 3 3 3 . . . 3 6 7 7 1 9 ( S 2 ) 3 3 . , . 4 6 7 9 9 8 8 (2) 3 3 . . . 5 2 6 0 0 9 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding... C1) 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 r2.73 Special issues 20 4.23 4.77 5.37 6.12 6.98 7.89 Federal Reserve Banks 20 2.48 2.47 2.18 2.18 2.25 2.65 Commercial banks 20 16.30 16.55 17.76 20.10 21.79 "26.39 Mutual savings banks 20 3.10 3.11 3.22| 3.43 3.70 r3.89 Insurance companies 20 6.30 6.50 6:80 6.90 7.90 r8.80 Other investors 20 12.40 12.20 12.80 13.70 18.60 r24.20 t » Preliminary. r Revised. e Estimated. x 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. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Deparrttmmeennt t ooff AAggrriiccuullttuure, by States, as of November 1, 1942] ["I n t•h*o usands' off iunits] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1941 Nov. 1, 1942 1941 Nov. 1, 1942 1941 Nov. 1, 1942 1941 Nov. 1, 1942 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,659 7,868 36 40 New York 31,008 32,607 7,381 8,279 72 80 Philadelphia 47,602 51,150 15,268 14,187 150 146 Cleveland 201,445 229,069 54,212 41,088 63 57 Richmond 986 1,473 133,964 137,244 26,631 26,054 Atlanta 1,947 2,559 182,345 180,160 7,106 7,267 Chicago 1,045,410 1,266,746 58,373 36,837 1,465 1,508 St Louis. .* 13,509 24,041 348,402 395,613 51,228 25,396 22 20 M inneapolis 289,981 362,533 32,433 41,418 238,357 258,306 Kansas City 596 618 287,441 416,504 285,960 356,241 7,093 5,686 Dallas 3,139 3,982 87,759 96,202 28,066 48,576 108 117 San Francisco , . .... 567 656 9,525 9,445 104,635 92,365 27,278 20,378 Total 10,744 13,329 2,672,541 3,185,141 671,293 697,708 274,644 286,338 Oats Tame hay Tobacco White potatoes Federal Reserve district Production ' Estimate Production Estimate Production Estimate Production Estimate 1941 Nov. 1,1942 1941 Nov. 1, 1942 1941 Nov. 1, 1942 1941 Nov.l, 1942 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,106 6,412 2,782 3,406 33,273 31,146 53,238 54,495 New York 26,949 35,038 4,465 6,433 1,944 1,716 32,986 32,645 Philadelphia 18,974 16,568 2,096 2,483 52,518 48,716 21,710 19,569 Cleveland 63,867 61,850 4,994 5,674 107,933 105,488 17,418 16,906 Richmond 23,470 25,180 4,008 4,670 650,557 825,345 21,435 25,732 Atlanta 21,866 22,870 4,056 4,055 136,328 148,174 15,547 16,291 Chicago • • 471,752 535,712 18,116 20,521 32,051 31,593 40,711 37,513 St. Louis 71,149 80,321 8,232 9,091 240,239 237,107 11,838 13,502 Minneapolis 264,344 386,822 11,388 11,977 2,603 2,572 40,006 46,716 Kansas Citv 136,518 146,127 7,894 8,646 3,918 4,249 29,697 37,498 Dallas 41,748 15,705 1,907 2,114 6,760 6,335 29,364 36,935 12,420 12,513 66,437 72,422 Total 1,176,107 1,369,540 82,358 91,583 1,261,364 1,436,106 357,783 379,624 1 Includes 25,000 bales grown in miscellaneous territory. N 2 O In T c E lu .— des F i 2 g 3 u , r 0 e 0 s 0 fo b r a le sp s r g in ro g w w n h i e n a t m , i o s a ce ts l la a n n e d o u ta s m t e e r h ri a t y o r f y r . o m estimates for Oct. 1, for wminter wheat for Aug. 1. No estimates made for Nov. 1. DECEMBER 1941 IM7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1942 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks S M av u i t n u g a s l Private1 Not Insured insured NUMBER OF BANKS (HEAD OFFICES) December 31, 1933 15,029 5,154 28,341 579 98 December 31, 1934 16,063 5,462 7,693 1,108 579 241 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 14,825 5,117 3l,502 6,809 800 545 52 September 30, 1942 14,738 5,089 31,576 6,714 765 4543 551 NUMBER OF BRANCHES December 31, 1933 2,911 1,121 960 2700 125 5 D D e e c c e e m m b b e e r r 3 3 1 1 , , 1 1 9 9 3 4 4 0 3 3 , , 6 1 6 3 6 3 1 1 , , 5 24 3 3 9 1,0 9 0 8 2 1 940 6778 44 1 1 3 2 5 6 • 65 December 31, 1941 3,699 1,565 1,015 932 46 135 6 September 30, 1942, total 3,717 1,577 1,016 935 46 4137 5 In head-office cities. 1,723 686 779 131 11 115 Outside head-office cities 1,994 891 237 804 35 22 ANALYSIS OF BANK CHANGES, JAN. 1-SEPT. 30, 1942 Increases in number of banks: Primary organizations (new banks)7 +20 +2 +11 +7 Reopenings of suspended banks +1 +1 Unclassified +2 •"+2" Decreases in number of banks: Suspensions # -7 -4 -3 Consolidations and absorptions.. -60 -22 -3 -28 -5 -2 Voluntary liquidations8 -42 -5 -19 -18 Unclassified i -1 Inter-class bank changes: Conversions— National into State ....„»...,.-. -4 +4 State into National +3 -2 Fe P d r e i r v a a l te R e in se to rv e S t m at e e mbership—9 +1 -1 Admissions of State banks +78 -73 -5 Withdrawals of State banks +1 Federal deposit insurance—10 Admissions of State banks +11 -11 Withdrawals of State banks Net increase or decrease in number of banks -87 -28 +74 -95 -35 -2 -1 ANALYSIS OF BRANCH CHANGES, JAN. 1-SEPT. 30, 1942 Increases in number of branches: De novo branches +28 +13 +1 +13 +1 Banks converted into branches +24 +12 +2 +8 +2 Decreases in number of branches: Branches discontinued -12 -1 Inter-class branch changes: From nonmember to State member... +10 -10 Net increase or decrease in number of branches. +18 +12 +1 +3 +2 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section (21a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes three mutual savings banks. 4 Number of banks comprises 52 insured and 491 uninsured; number of branches comprises 34 insured and 103 uninsured The figures beginning with 0 exclude one bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks o 17 t W hl eer tr A ttL hhl a UannU t mmV/l uulV tt^ uu L aaJ llC V s lslA aa. vvV iin Vn gg11 ss,4 , 1 a aT nnt ddU L p pC r Lri i1 vv11 a .a1. tt1 ee.^ 0 bbW aa n lnl k lk^ s Us. .'3"£J1 5 Number of banks comprises 1 insured and 50 uninsured; all branches were uninsured. Separate figures not available for branches of insured and not insured banks. 7 Er?x cli usi; ve o^rf ^n ew ib anik ^s organ•i ze _ d JA t o s-u c_c _e e_ d J o_p _e rat J i * n g bi ankis o r^,.,-l , , ~I_.. — «£lI«....,.J,— i.*___ ^ _! J^^i A. _ i.1 • _ • v/xis do not affect Federal Reserve membership. ;rsions do not affect Federal Deposit, Insurance Corporation membership. " figures.—See Annual Report for 1941 (tables 16 and 17). 1x48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, JUNE 30,1942 AND DEC. 31, 1941 [Amounts in thousands of dollars] June 30, 1942 Dec. 31, 1941 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m Fe e d m e b r e a r l s m F e e m de b r e a r l s All banks m Fe em de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System1 System System System1 System Assets Loans, discounts, and overdrafts (including rediscounts). 19,922,078 10,880,073 6,045,009 2,996,996 21,261,521 11,725,496 6,292,052 3,243,973 United States Government obligations, direct and fully guaranteed 25,935,297 14,877,737 9,218,383 1,839,177 21,047,112 12,038,981 7,498,100 1,510,031 Other bonds, stocks and securities 6,790,095 3,705,955 2,066,234 1,017,906 6,984,917 3,806,377 2,152,760 1,025,780 Total loans and securities 52,647,470 29,463,76; 17,329,626 5,854,079 49,293,550 27,570,854 15,942,912 5,779,784 Customers' liability on account of acceptances 59,333 32,306 26,524 503 73,089 40,112 32,315 662 Total bank premises, furniture and fixtures, and other real estate 1,398,345 711,950 455,642 230,753 1,430,559 724,603 463,981 241,975 Reserve with Federal Reserve Banks 12,294,505 7,464,826 4,829,679 12,395,664 7,399,238 4,996,426 Coin and currency 1,290,741 715,044 306,587 269,110 1,358,735 779,420 307,218 272,097 Balances with other banks2 8,118,838 4,422,732 1,358,650 2,337,456 8,585,107 4,738,67. 1,517,211 2,329,221 Cash items in process of collection 2,677,505 1,671,543 949,971 55,991 3,453,163 2,060,017 1,322,547 70,599 Income accrued but not yet collected .115,819 63,349 45,999 6,471 117,200 64,145 46,441 6,614 Prepaid expenses 12,495 5,576 5,067 1,852 11,469 5,174 4,895 1,400 Other assets 90,394 33,244 44,771 12,379 108,218 50,789 44,936 12,493 Total assets 78,705,445 44,584,335 25,352,516 8,768,594 76,826,754 43,433,027 24,678,882 8,714,845 Liabilities Demand deposits of individuals, partnerships, and corporations 39,266,281 21,899,019 13,747,282 3,619,980 36,547,288 20,445,710 12,615,554 3,486,024 Time deposits of individuals, partnerships, and corporations 14,889,560 7,806,098 3,858,971 3,224,491 15,151,204 7,934,750 3,935,295 3,281,159 Public funds of states and political subdivisions. . '. 4,336,902 2,731,251 898,989 706,662 4,169,641 2,583,135 900,645 685,861 U. S. Govt. and postal savings deposits 1,827,528 1,159,389 613,982 54,157 1,821,250 1,124,790 635,012 61,448 Deposits of other banks; cash letters of credit; certified officers, and travelers' checks outstanding, etc.2 10,842,046 6,937,910 3,743,533 160,603 11,731,190 7,370,011 4,164,478 196,701 Bills payable, rediscounts, and other liabilities for borrowing money 11,444 2,014 3,993 5,437 10,107 3,778 534 5,795 Acceptances executed by or for account of reporting banks and outstanding 68,844 37,222 31,101 521 87,021 47,531 38,827 663 • Dividends declared but not yet payable 41,840 25,865 14,392 1,583 40,567 23,459 14,443 2,665 Income collected but not yet earned 77,844 42,035 20,290 15,519 94,062 52,594 23,779 17,689 Expenses accrued and unpaid 132, 797 73,375 48,453 10,969 108,835 62,497 36,310 10,028 Other liabilities 260,381 199,552 52,517 8,312 223,192 144,293 69,025 9,874 Total liabilities, excluding capital accounts 71,755,467 40,913,730 23,033,503 7,808,234 69,984,357 39,792,548 22,433,902 7,757,907 Capital stock, notes, and debentures 2,857,424 1,503,870 875,251 478,303 2,848,686 1,511,994 850,091 486,601 Surplus 2,740,11, 1,408,751 1,036,661 294,703 2,686,250 1,386,051 1,007,545 292,654 Undivided profits 935,470 515,619 289,935 129,916 895,882 498,624 276,466 120,792 Reserves for contingencies 355,868 210,703 107,481 37,684 350,162 210,177 102,280 37,705 All other capital accounts 61,101 31,662 9,685 19,754 61,417 33,633 8,598 19,186 Total liabilities, including capital accounts 78,705,445 44,584,335 25,352,516 8,768,594 76,826,754 43,433,027 24,678,882 8,714,845 Number of banks 13,399 5,101 1,543 6,755 13,427 5,117 1,499 6,811 1 Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call Report. 2 Beginning June 30, 1942, excludes reciprocal interbank demand deposits with banks in the United States, except private banks and American branches of foreign banks. On that date, reciprocal balances were as follows: all insured commercial banks, $643,118,000; national banks members of the Federal Reserve System $438,685,000; State banks members of the Federal Reserve System $190,175,000; banks not members of the Federal Reserve System $14,258,000. DECEMBER 1941 1x49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 12-5Z Gold production 1153 Gold movements 1153 Net capital movements to United States since January 2., 1935... 1x54 Central banks 1255-1x58 Money rates in foreign countries 1x59 Commercial banks 12.60 Foreign exchange rates IZ6I_ Price movements: Wholesale prices 12.62. Retail food prices and cost of living 12.63 Security prices ., 1x63 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 11,1934. 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. DECEMBER 1942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B i e u l m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lo C m o b - ia C v s z a l e k o c i h - a o- D m e a n r - k Egypt France 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 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 1353 2 734 51 274 24 30 17 58 52 52 2,000 29 1941—Nov. 22,785 354 734 69 274 24 30 17 61 44 52 2,000 428 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. 22,744 354 735 79 274 31 18 52 2,000 Aug. 22,756 354 81 274 31 19 52 2,000 Sept. 22,754 354 82 36 21 2,000 Oct.. 22,740 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—Nov. . 24 26 6164 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.. 24 33 526 23 21 59 215 502 Aug.. 34 23 24 59 527 Sept.. 34 23 24 551 Oct... 36 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o in i m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O tr o i t u e h n s e * - r End of month in U S t n p a i r t t e e e s d viou U K d s n i o n i m t f g e ig - d ure F s rance2 g B iu e m l- 1936—Dec 240 657 26 2,584 77 59 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 8 1 68 52 59 7 153 1938—Mar.... 1,489 1940—Dec 160 502 1 90 9 29 82 12 145 June.. . 44 62 1941—Nov 196 602 92 101 41 483 10 139 1939— D M e a c r . . . . . . . . 1 8 5 0 4 1 "4 ,7 7 3 5 2 9 3 55 3 9 i 44 P942— D F J e a e b n c 2 2 2 2 2 5 5 3 1 6 7 7 6 6 0 5 4 2 1 9 8 0 2 9 0 1 9 9 0 7 7 0 4 4 5 1 9 2 1 1 1 3 2 2 1 1 1 4 4 4 2 2 2 M S Ju e a p n y t e . . . . . . . . . . . 1 8 6 5 4 477 17 M M A J J A O S u u e p u c a a n l p t r g y y r e t 3 3 3 3 3 2 2 3 2 0 7 0 8 1 1 2 6 9 7 8 0 6 1 1 P P 8 8 8 8 7 7 7 7 0 0 0 9 9 8 0 9 0 1 5 5 4 6 5 1 1 1 1 1 1 1 0 0 1 1 1 7 0 1 0 P P 9 9 9 9 9 9 9 7 7 7 7 7 7 5 5 5 5 5 5 5 6 6 2 6 6 6 6 6 0 4 1 1 1 2 1 4 5 5 1 9 r r r r l l l l 1 1 1 1 4 4 4 4 4 4 4 4 5 6 6 6 2 3 3 6 1 1 9 9 4 4 0 1 — — D D J S J S M M u u e e e e a a c c n n p p r r . t e e t . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 4 8 4 5 8 0 2 6 8 9 5 6 8 5 4 61 29 5 2 1 1 1 1 7 7 7 Dec 25 17 p 1 P B re e l g i i m nn in in a g ry A . pr r . R 1 e 9 v 40 is , e r d e . ports on certain Argentine gold reserves no longer available. 1942— J M u a n r e... 1 8 2 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. 5 3 F 1 i , g 1 u 9 r 4 e 1 s ; f o N r o D rw e a c y — 193 M 6 a a r n . d 3 D 0 e , c 1 . 9 1 4 9 0 3 ; 7 P ar o e l a t n h d o — se J o u f l f y ic i 3 al 1 ly , 1 r 9 e 3 p 9 o ; r Y te u d g o o s n la v A ia u — g. F 1 e , b 1 . 9 2 3 8 6 , , 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. Exch 8 a G ng o e ld E h q o u l a d li in za g t s i o o n f B A a c n c k o u o n f t d E u n r g in la g n d 1 9 r 3 e 9 d . uced to nominal amount by gold transfers to British 5 Figure for September 1. 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. 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 outside Total South Rho- West Belgian United I Golom-1 INicara- Austra-1 British U.S.S.R.1 Africa desia Africa2 Congpa 1 States* Canada 5 Mexico| bia I Chile I gua6 lia I India7 $1 = 15 t grains of gold 3 9 0 fine; i.e., an ounce of fine gold = $35 1934 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 1935 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9251 868 31,240 1936 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9018 807 40,118 1937 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9544 848 46,982 1938 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10290 1,557 54,264 1939 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11376 3,506 56,182 1940 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11999 5,429 55,878 1941 l,088,882 504,268 27,765 32,414 209,175 186,568 22,961 9259 7,525 P51,039 1941—Oct 94,951 43,061 2,319 2,590 18,842 16,141 2,300 2,098 703 699 5,357 Nov....... 91,657 41,807 2,240 2,590 19,801 15,499 1,688 1,726 701 718 4,047 Dec ^88,884 42,436 2,302 2,590 16,761 14,746 1,832 1,749 622 770 H, 200 1942—Jan p88,598 42,556 2,282 2,695 14,982 14,198 3,790 2,075 558 772 ^3,850 Feb *>75,653 39,651 2,186 2,625 10,034 13,147 563 1,573 537 647 ^3,430 # M Ap a r r P * 8 > 2 85 ,5 ,0 4 3 3 1 4 4 1 2 , , 4 6 9 1 1 8 2 2, , 3 2 2 7 0 5 2 2 , , 5 6 5 2 5 5 1 1 0 1, , 0 9 5 5 8 9 1 1 4 5 . . 7 3 2 7 8 2 *> 3 2 ,4 ,6 5 1 7 7 1 1. , 8 9 6 1 5 6 5 54 9 0 6 6 64 6 4 3 2 *> * 3 3 , ,8 6 1 75 5 May p83,220 42,539 2,288 2,520 10,807 14,881 'P2,617 1,719 570 694 ^3,745 June »81,071 42,005 P2.211 2,450 10,147 14.852 '*>2,617 1,579 611 609 P3,325 July 2*84,807 42,784 P2,227 2,450 12,396 14,864 '*>2,617 2,006 645 827 'p3,325 * Aug *79,592 41,454 '*>2,227 2,345 9,806 14,100 'P2,617 1,730 '645 747 'P3,325 #Sept 2*80,066 40,559 '*>2,227 2,310 11,479 '14,100 'P2,617 '1,730 '645 442 '^3,325 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. 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. ^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 fot 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 France Bel- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 19341.... 499,870 94,348 86,829 30,270 16,944 1,029 12 76,820 32,304 1935 315,727 227,185 95,171 13,667 10,899 3,498 65 75,268 46,989 1936 174,093 71,006 2 72,648 39,966 11,911 23,280 8 77,892 39,735 ~ 1937 891,531 6,461 6 111,480 38,482 18,397 34,713 18124646450, 762 29,998 1938 ,208,728 163,049 60,146 76,315 36,472 10,557 39,162 401168,74016159 267, 975 1 1 1 9 9 9 3 4 4 9 0 1.... 1,8 6 2 3 3 6 3 , , , 7 4 0 7 8 0 9 3 3 3 6 4 3 1, , 6 2 1 6 8 0 1 2 6 8 1 1 , , , 7 7 4 1 8 4 5 9 7 1,320 2!, 6 4 1 1 6 2 2 2 , , 2 9 0 , 4 5 3 9 6 30 3 2 1 3 9 6 , , , 6 8 79 1 8 1 0 0 2 2 2 3 3 4 , , , 2 9 4 3 9 4 9 9 8 1 6 7 0 7 4 3 , , , 4 7 2 9 7 5 2 7 0 2 1 9 2 8 2 2 4 8 8 7 9 5 6 3 6 2 1 1 1 6 9 1 5 , , 4 6 73 0 4 9 5 4 4 5 9 9 0 9 9 6 8 6 5 9 5 6 5 4 3 1 3 1 0 8 0 0 8 2 , , , 4 4 4 8 6 0 5 8 4 262,718 545 3,283 14,441 6,240 12,186 2170 27,580 80,389 347 2,814 3,268 14,994 1,751 13,262 7446 12,805 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4501 6,062 337 81,529 814 11 2,772 6,738 96 615,093 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 1 1 7 6 , ,3 5 0 1 6 4 9 8 6 0 9 0 2,794 7 3 2 , , 3 1 8 1 4 4 4 4 , , 5 1 9 9 3 4 3f5 6 9 9 4 131 5 3 , , 0 58 0 9 9 19,224 1,080 2,128 4,970 5,199 88 3.811 10,842 843 2,230 5,098 6,742 137 1,995 69,008 42,562 495 2,488 3,107 2,064 3,694 611,041 16,072 1,020 2,107 3,141 6,151 200 2,327 ?9,365 24,917 6,336 2,110 1,830 5,980 40 ,69,039 20,377 1,273 2,238 5,506 3,713 190 711 18,726 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 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: Feb.-$11,236,000, Aug.-$3,407,000, Sept.-$5,652,000, Oct.-$5,550,000, Nov.-$5,615,000, Dec. ° 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. 1212. DECEMBER 1941 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 ,125.4 64.1 Dec. (Jan. 4, 1939).... 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940)... 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 ,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 ,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 5,3174 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 JuneSO2 r5,495.3 r3,075.9 1,211.7 rl, 864.2 842.3 838.8 632.0 106.2 July 31 r5,542.7 r3,121.5 rl,242.7 rl,878.8 854.9 829.3 633.3 103.7 Aug. 31 5,600.1 33,184.9 31,293.1 31,891.8 3840.0 828.6 642.7 3103.9 r Revised on basis of amended reports received from a reporting bank. 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, 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 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. (For further explanation, see tl funds, 1,907.6, and 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 1939 C284^296riandOMeigni93'' aS reported by banks and brokers- For description of the statistics, see BULLETIN for November 1942, p. 1160, April FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d n u i s c n a e t d s s - Se t c ie u s rition3 Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e l r i- 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 6 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—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 6 780.0 .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 6 830 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 J J u u n ly e 2 2 4 9 . . 2 2 58 8 8 3 0 0 . . 0 0 1 1 . . 3 2 3 5 4 6 . . 2 1 5 7 . . 5 1 1 1 6 4 5 6 . . 8 9 7 8 9 2 6 4 . . 0 1 1 1 3 3 3 6. . 9 6 8 8 . . 0 7 4 4 7 7 . . 3 8 1 1 7 7 . . 8 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 Oct 28 .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion? li O ab th il e it r ies dollars S t h er o m rt . - 6 Other Ch b a a r n te k r s ed D g o m o m v e 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—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 .8 628.7 284.7 22.1 625.4 246.0 18.5 24.7 21.6 Oct. 31 .5 797.5 199.3 21.7 657.6 304.6 19.3 12.2 25.3 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-tertn 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. DECEMBER 1941 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills G A o d v va e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a x e n - i g g e n For oc- a O s t s h e e ts r ci N r ti c o o u t n e la- l O ia t t i b h e i e s l r im O a p r e k n et2 Special2 Other cu c p o a s t t i s o 3 n Other2 G m ov e e n r t n- C.A.R.4 Other 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5 304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 ... 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 5 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Sept. 266 84,616 8 O 39,200 69,340 205,439 990 34,930 25,700 (7> Oct. 316 84,616 (7) 56,806 65,250 213,131 1,097 38,932 25,075 (') Nov. 286 84,616 (7) (7) 64,397 61,200 (7) 214,176 748 39,107 24,941 (7) Dec. 266 84,616 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 42 1941—July 31 84,598 37 40,776 6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 84,598 37 40,720 6,139 117,555 67,700 21,826 244,099 1,341 60,193 29,179 3,763 Sept. 25 84,598 37 41,014 6,896 123,578 64,700 20,846 248,993 1,279 59,715 27,208 4,402 Oct. 30 84,598 37 41,138 1 7,849 129,518 60,500 23,555 255,684 1,272 60,932 25,999 3.309 Nov. 27 84,598 38 41,654 5 5,348 129,568 68,900 21,016 260,772 1,371 61,073 24,431 3,479 Dec 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Jan. 29 84,598 38 42,071 16 4,855 149,562 64,700 20,138 273,281 1,350 59,649 27,797 3,900 Feb. 26 84,598 38 42,043 18 5,588 149,754 67,400 20,086 278,392 1,173 59,203 27,287 3,469 Mar. 26 84,598 38 42,314 16 4,433 156,386 67,000 20,056 282,848 852 56,396 30,251 4,493 Apr. 30 84,598 38 42,651 13 4,581 162,898 68,300 21,365 291,654 775 59,668 28,955 3,391 May 28 84,598 38 42,804 11 4,176 168,930 66,250 19,953 296,903 755 54,410 30,653 4,040 June 25 84,598 38 42,699 9 4,000 174,938 62,950 19,486 304,379 768 48,093 30,724 4,753 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other jeichsmarks) Total i T n r c e l a u s d u i r n y g Se l c o u a r n i s ty E as li g n i o b t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s lireserves Gold bills cover 1929—Dec 31 . . .. 2 687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 . ... 1 156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1 19 9 4 3 0 9 — — D j) e ec c . 3 3 0 1 7 7 8 8 (8) 1 1 1 5 , , 3 4 9 1 2 9 3 3 8 0 80 3 4 2 3 35 9 7 3 2 2 , , 4 0 9 6 8 6 1 1 4 1 , , 0 7 3 9 3 8 2 2 , , 0 5 1 6 8 1 1 1 , , 3 3 7 9 8 6 1941—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 rl,493 1942—Jan. 31 . , 77 20,884 28 151 288 1,406 18,987 2,417 1,431 Feb. 28 77 21,458 23 144 288 1,343 19,443 2,426 1,464 Mar 31 . . .. 77 21,673 23 72 227 1,751 19,774 2,762 1,287 Apr 30 77 21,529 19 17 202 2,212 20,047 2,701 1,308 May 30 77 22,093 19 16 204 2,344 20,548 2,840 1,366 June 30 ... 77 22,848 21 18 202 2,180 20,954 2,990 1,402 July 31 77 23,114 17 21 205 2,162 21,344 2,804 1,448 r Revised. 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 June 11, 1942, advances of 181,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 1156 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia—Cont. Gold reported separately 1,075 1,075 1,075 Deposits 69,435 66,064 54,810 Other gold and foreign exchange... 694 629 440 Other liabilities 42,824 42,551 47,552 Negotiable Government bonds.. ., 366 ' 364 }364 National Bank of Denmark (millions Rediscounted paper of kroner): Other assets 217 220 194 Gold 98 98 Note circulation 1,503 1,492 1,260 Foreign exchange 16 32 Deposits—Member bank .. . . 694 637 545 Clearing accounts (net) 1,011 758 Government 39 39 137 Loans and discounts 55 51 Other 20 31 18 Securities 32 180 Foreign exchange sold forward 3 3 Gov't. compensation account6...... 125 Other liabilities 96 85 109 Other assets 1,124 857 Commonwealth Bank of Australia Note circulation 839 792 (thousands of pounds): Deposits—Government 332 240 Issue department: Other . . .. 1,049 738 Gold and English sterling. . 29,110 27,860 18,955 Other liabilities 240 204 Bank S i e n c g u r d it e ie p s artment: 91,642 90,404 57,245 Ce s n an tr d a s l of B a su n c k r es o ) f : Ecuador (thou- (June)3 Coin bullion and cash 6,211 5,255 4 033 Gold 96,858 70,562 London balances 38,936 35,648 31,975 Foreign exchange (net) 48,348 20,306 Loans and discounts 22 110 23,782 20 202 Loans and discounts 82,733 87,719 Securities 136,167 126,772 67,790 Other assets 41,384 25,189 Deoosits 149,212 141,693 114,402 Note circulation .. 134,166 108,472 Note circulation 111,606 109,106 73,614 Demand deposits 98,825 55,736 National Bank of Belgium and Other liabilities 36,331 39,568 Bank of Issue of Brussels (mil- National Bank of Egypt7 (thoulions of belga) :2 (July)3 sands of pounds): • Gold 4,335 4,331 Gold 6,251 Foreign exchange 3,580 1,389 Foreign exchange 3,987 Credits to State and public bodies 4 280 3 379 Loans and discounts 2,217 Credits to private economy 67 126 British, Egyptian, and other Gov- Reichskreditkasse 727 728 ernment securities 123,118 Other assets (4) Other assets 6,229 Note circulation 11,844 9,196 Note circulation 68,953 Demand deposits 705 449 Deposits—Government 18,701 Postal Checking Office 778 735 Other 41,965 Other liabilities Other liabilities. 12,181 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (June)3 dor (thousands of colones): Gold 1,514 1,513 Gold8 21,720 13,236 Foreign exchange 776 789 Foreign exchange . 10,470 1,215 Discounts 917 840 Loans and discounts 906 1,025 Loans Government debt and securities.. 7,056 6,362 Other assets 14,603 11,272 Other assets 515 1,711 Note circulation 10,409 8,094 Note circulation 23,523 16,089 Demand deposits 3,679 2,610 Deposits 11,417 3,821 Other liabilities 3,722 3,710 Other liabilities 5,727 3,638 Central Bank of Bolivia (thousands Bank of Finland6 of bolivianos): Bank of Greece5 Gold at home and abroad 389,214 218,018 National Bank of Hungary (millions Foreign exchange 323,185 389,867 of pengo): (July)3 Loans and discounts 303,788 219,565 Gold9 100 100 Securities— O G t o h v e e r rnment. 4 4 9 1 2 , , 2 8 3 1 4 6 44 9 4 , , 1 7 9 5 6 5 F D o is re c i o g u n n t e s xchange reserve • ••I i2827 1,02 1 9 8 Other assets 70,157 40,343 Loans—To Treasury 760 801 Note circulation 729,079 586,238 To foreign countries 430 140 Deposits 738,071'590,045 Other 34 35 Other liabilities 153,244 145 460 Other assets 398 National Bank of Bulgaria8 Note circulation 2,254 1,941 Central Bank of Chile (millions of Demand deposits 377 337 pesos): Consolidated foreign credits of 1931. 26 Gold 174 149 147 Other liabilities (4) 217 Discounts for member banks. .. 145 162 235 Reserve Bank of India (millions of Loans to Government 729 729 738 rupees): Other loans and discounts 935 918 537 Issue department: (June)3 Other assets 287 244 90 Gold at home and abroad 444 444 Note circulation 1,666 1,576 1,242 Sterling securities 2,619 1,557 Deposits—Bank 252 240 167 Indian Gov't securities 1,223 685 Other 116 175 95 Rupee coin 276 388 Other liabilities 235 209 243 Note circulation 4,432 2,935 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department 129 139 Gold 36,692 33,690 29,757 Balances abroad 608 754 Foreign exchange 52,921 53,470 8,098 Treasury bills discounted 1 2 Loans and discounts 14,958 14,605 41,705 Loans to Government 50 Government loans and securities . 59,989 59,544 56,203 Other assets 184 98 Other assets 34 141 32 345 33 101 Deposits 772 868 Note circulation 86,442 85,040 66,503 Other liabilities 201 125 1 Less than 500,000 pesos. 2 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. 3 Latest month for which report is available for this institution. 4 Figure not available. 5 For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942, pp. 280-281. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly. 8 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon. 9 Gold revalued in week ending Sept. 30,1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent. DECEMBER 1942 1157 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) Oct. Sept. Aug Oct. date of month) Oct. Sept. Aug Oct. Bank of JapaiH South African Reserve Bank—Cont. Bank of Java (millions of guilders): (Jan.)2 Note circulation 34,057 35,253 28,151 L F G o o o r a l e d n i s g n a n b d il l d s iscounts 40 2 : 4 Ban O k D t e o h p f e o S r s w i l t i s a e b d i e l n it ie (m s illions of kronor): 9 4 1 , , 1 5 7 5 5 4 8 4 7 , , 2 4 8 5 2 8 7 4 1 , , 7 8 1 4 4 6 Ban N D O O k o t e t o h h p t f e e e o r r M s c i l a t i e i s r s a x c s b u i e c i t l l o s a it t i i ( e o t s n h ousands of r pesos): 3 3 1 1 3 6 3 7 4 7 6 9 1 0 N O D F G o o t o o h r m t l e e e d i r e . g c s n a i t r i s c c a s u e s l t s l o s a e a t t i n s o s n ( a n n e d t) investments.. 1 1 , , 8 1 5 6 7 6 4 6 5 1 3 6 7 9 9 1 1 , , 8 1 5 7 7 3 2 8 5 0 2 9 5 0 7 1 1 , , 7 0 8 5 6 5 3 4 4 9 5 0 3 7 6 1,5 8 8 4 7 6 7 7 7 2 8 7 3 4 4 Metallic reserve3 247,045 240,373 231,172 178,475 Demand deposits 819 934 966 716 "Authorized" holdings of securi- Other liabilities 409 405 395 664 ties, etc 708,305 683,859 650,896 518,666 Swiss National Bank (millions of Bills and discounts 112,530 109,898 102,159 39,575 francs): Other assets 44,819 48,214 54,384 80,984 Gold 3,484 3,466 3,464 2,423 Note circulation 664,666 648,358 632,509 487,553 Foreign exchange 87 105 103 1,094 Demand liabilities 323,516 313,136 292,176 226,332 Loans and discounts 71 69 218 Ne d t e h O G S r e s i o t l ) r h v l : l d e e a r r n l ( d i i a n s b c i B l l u i a d ti n i e n k s g ( s m ub il s l i i d o i n a s r y o f c o g i u n i ) l- .. 124,517 120,851 J 1 u 1 l 3 y , 9 ) 9 2 3 2 6 9 7 10 1 3 , , 0 8 2 1 8 4 6 Cen O t N O O r t t o t a h h h t l e e e e r r r B c l a s i a i r i s a n g c s b u h k e i t l t l s a i l o t t i i i f a e o b s n t i h lit e i e R s epublic of ( 2 1 4 4 , , ) 2 4 2 2 5 9 2 1, , 3 3 0 4 3 0 ( 2 ( 1 4 4 , , ) 3 2 5 6 7 1 2 1 , , 1 2 5 2 7 0 2 8 5 3 6 3 Foreign bills 1,179 671 Turkey (thousands of pounds): (June)2 Discounts 151 54 Gold 137,114 113,859 Loans r162 175 Foreign clearing accounts 62,380 47,708 Other assets 4 289 Loans and discounts 584,434 456,086 Note circulation 2,451 1,947 Securities 190,540 190,558 Deposits—Government Other assets 20,933 29,349 Other..." "148 214 Note circulation 599,958 509,484 Other liabilities 60 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other 145,584 101,437 sands of pounds): Other liabilities 170,501 151,781 Gold. 2,802 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 25,827 26,610 25,220 11,528 (thousands of pesos): Advances to State or State under- Issue department: (June)2 takings 26,967 25,811 29,492 22,733 Gold and silver 86,204 86,235 Investments 4,455 4,146 4,146 3,842 Note circulation 113,275 107,621 Other assets 2,472 1,959 1,772 1,690 Banking department: Note circulation 27,590 26,807 26,535 22,133 Gold 66,839 74,449 Demand deposits 31,791 31,712 34,027 17,874 Notes and coin 39,023 30,136 Other liabilities 3,143 2,810 2,870 2,588 Advances to State and to Bank of Norway* ggovernment bodies 34,076 24,178 Central Reserve Bank of Peru (thou- Ottheerr looaannss and discounts.. 104,891 91,601 sands of soles): Othher assets 117,021 130,627 Gold and foreign exchange 96,501 55,142 Deposits 136,696 119,626 Discounts 10,327 15,822 Other liabilities 225,154 231,365 Government loans 257,122 183,222 Central .Bank of Venezuela (thou- Other assets 20,702 8,135 sands of bolivares): Note circulation 258,480 181,191 Gold 196,064 183,704 171,377 124,304 Deposits 90,447 58,282 Foreign exchange (net) 12,866 25,071 38,540 31,706 Other liabilities 36,026 22,848 Credits to national banks 35,230 35,230 35,230 38,997 Bank of Portugal (millions of Other assets 11,153 13,571 12,194 14,676 escudos): (July)2 Note circulation— Golds. 1,374 1,329 Central Bank 166,935 165,885 164,808 89,235 Other reserves (net) 2,352 1,382 National banks 40,978 41,649 43,101 70,089 Non-reserve exchange 4,846 2,322 Deposits 41,080 43,834 43,300 40,855 Loans and discounts 283 350 Other liabilities 6,319 6,209 6,132 9,504 Government debt 1,028 1,031 National Bank of the Kingdom of Other assets. 1,285 831 Yugoslavia! Note circulation 4,585 3,792 Bank for International Settlements Other sight liabilities 5,448 2,772 (thousands of Swiss gold francs6): July)2 Other liabilities 1,136 682 Gold in bars 65,242 31,550 National Bank of Rumania (millions Cash on hand and on current acof lei): (June)2 count with banks 35,861 38,005 Gold 39,660 33,881 Sight funds at interest 15,804 15,795 Special exchange accounts 18,430 18,133 Rediscountable bills and accept- Loans and discounts 33,299 32,183 ances (at cost) 144,368 142,473 Special loans (in liquidation) 434 565 Time funds at interest 20,940 21,002 Government debt 9,234 9,629 Sundry bills and investments 199,722 222,538 Other assets 47,409 38,684 Other assets 41 84 Note circulation 97,622 92,244 Demand deposits (gold) 37,721 24,204 Demand deposits 38,577 28,215 Short-term deposits (various cur- Other liabilities 12,268 12,617 rencies) : South African Reserve Bank (thou- Central banks for own account. 15,899 20,716 sands of pounds): Other 5,425 4,106 Gold 66,931 63,942 51,260 Long-term deposits: Special ac- Foreign bills 1,012 1,028 11,686 counts 229,001 229,001 Other bills and loans 334 381 2 Other liabilities 193,932 193,420 Other assets 61,508 61,642 41,762 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. 5 Valued at average cost beginning October 1941. 6 See BULLETIN for December 1936, p. 1025. 1x58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS {Per cent per annum] Central bank of— Rate Rate Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n t r d h - s - S de w n e- S l w a e n r i - t d z- ba C n e k n t o r f a — l v N b e 3 m e o 0 r - - eff D ec a t t i e ve ba C n e k n tr of a — l v N b e 3 e o m 0 r - - ef D fe a ct t i e ve In effect Oct. 2, 1936 2 h 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 Bohemia and Lithuania. .. 6 July 15, 1939 N De o c v . . 3 26 2 iy2 Moravia.... Oct. 1, 1940 Mexico June 4, 1942 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile nee. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2H Colombia 4 JTily 18, 1933 Portugal.... Sept. 3, 1942 May 30 3 Sept. 28 3 Oct. 27 2H Nov. 25 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 J A u u l g y . 6 24 4 2y2 Finland 4 2 Dec. 3, 1934 Switzerland. Nov. 26,1936 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 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 3V Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar 17 1941 1% • A/Tnv 90 3 June 27 1 Not officially confirmed. In effect November NOTE.—Changes since October 31: none. 30, 1942 2 IK 2 * 3 OPEN MARKET RATES {Per cent per annum ] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a e m p n o t k a n e n t r c h s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P i r s r i c a v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o t a e u t n e t 1929—Sept 5.59 5.63 4.39 7.18 7.86 5.36 5.32 3.38 1930—Sept 2.07 2.05 1.68 1 3.30 3.78 1.96 1.84 1.50 1931—Sept 4.74 4.57 4.04 2^-4 7.99 9.15 1.30 1.21 1.80 1932—Sept .67 .55 .67 4.25 5.55 .37 1.00 1.50 1933—Sept .44 .31 .63 C3.88 5.00 .77 1.00 1.50 1934—Sept .73 .61 .78 3.81 4.71 .61 1.00 1.50 1 1 9 9 3 3 6 5 — — S S e e p p t t . .5 5 5 8 . . 5 5 5 3 . . 7 7 5 5 3 3 . . 0 0 2 0 3 3 . . 2 0 1 1 5 1 . .2 4 3 8 5 1 . .2 6 9 5 2 y 3 2 4-5 2 1. . 9 4 8 0 1937—Sept .55 .50 .75 2.88 3.07 .14 .50 2^-5 1.00 1938—Sept .91 .86 .75 2.88 2.59 .32 .70 2^-5 1.00 1 1 9 9 4 3 0 9 — — S S e e p p t t 3 1 . .0 5 3 1 3. . 2 0 3 3 2. . 7 0 2 0 2 2 . . 7 2 5 5 2 2 . . 5 0 1 3 2 2 . . 9 2 4 5 3 2 . . 6 6 6 8 2H-5 1. . 2 5 5 0 1941—Sept 1.03 .01 .00 2.13 1.94 1.88 2.25 .25 1941—Oct 1.03 .00 .00 2.13 1.76 1.88 2.25 .25 Nov 1.03 .00 .00 2.13 1.75 .25 Dec 1.03 .01 .03 2.13 1.98 .25 1942—Jan 1.03 .01 .04 2.13 1.92 1.25 Feb 1.03 .00 .04 2.13 1.75 1.25 Mar 1.03 .00 .03 2.13 1.95 1.25 Apr 1.03 .01 .00 2.13 1.96 1.25 May 1.03 .00 .03 2.13 1.25 June 1.03 .00 .00 2.13 1.25 July 1.03 .00 .00 2.13 1.25 Aug 1.03 1.00 .00 1.25 Sept 1.03 1.00 .05 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. 1x59 DECEMBER 1942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o h n l t o e a i y r c n t e d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 ,043 256 1940—December. 324 159 265 314 771 924 293. 2,800 1,770 ,030 250 1941—October... 328 132 270 596 986 837 273 3,176 2,023 ,153 246 November. 332 127 246 651 999 825 280 3,208 2,054 ,154 250 December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—January... 330 118 157 739 1,008 832 288 3,222 2,088 ,134 249 February. 318 122 112 646 L.017 840 275 3,085 2,003 ,082 243 March 347 137 163 476 1,050 853 291 3,072 2,012 ,060 244 April 319 136 258 450 ,048 832 278 3,082 2,001 ,081 240 May 326 133 291 471 ,049 822 277 3,131 2,036 ,095 238 June 355 147 292 543 ,058 814 289 3,263 2,141 ,122 234 July 342 13% 273 607 ,075 807 261 3,264 2,138 ,126 232 August 351 133 283 634 ,082 795 257 3,305 2,161 ,143 231 September 349 127 277 693 ,097 785 263 3,358 2,218 ,140 233 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada {10 m c o o h f n a t C h rt a e f n r ig e a d u d r i e b a s n a n in d k o s m l . la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N t r i c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 ,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 ,583 850 1938—December. 263 65 940 166 ,463 535 88 2,500 840 ,660 843 1939—December. 292 53 1,088 132 .646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 1,108 159 ,531 570 80 2,805 1,163 L.641 846 1941—October... 325 37 1,233 199 ,643 594 80 3,012 1,420 L,592 939 November. 342 36 1,218 182 ,690 593 76 3,041 1,402 ,639 944 December. 356 32 1,169 168 ,759 653 71 3,105 1,436 1,669 962 1942—January. .. 296 31 1,128 158 ,916 585 71 3,096 1,376 ,720 945 -February.. 324 30 1,135 164 ,960 595 72 3,181 1,517 1,664 955 March..... 348 34 1,300 166 ,881 624 71 3,305 1,755 L,55O 976 April 322 32 1,252 178 ,899 637 72 3,262 1,725 ,537 986 May 285 29 1,215 175 ,878 601 71 3,118 1,562 1,556 993 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 L,654 999 August 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k r s om B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time A a c O n c w c e e p n s t- lia O b t i h li e t r ies 4 large banks 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December4 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 3 large banks 1939—December., 4,499 3,520 27,512 7,155 2,170 39,647 39,271 375 786 4,423 1940—December. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—January..., 5,704 3,297 46,294 8,064 1,396 60,323 59,820 503 586 3,846 February . 5,628 3,197 48,596 8,155 1,357 62,528 62,003 525 599 3,805 March 5,661 3,191 50,401 7,784 1,403 63,998 63,465 533 534 3,909 April 5,407 3,190 ' 51,158 7,768 1,429 64,441 63,910 531 467 4,044 May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 508 460 4,456 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 506 418 4,568 September. 5,790 3,241 56,788 7,640 1,464 69,763 69,269 495 388 4,772 October... 6,034 3,270 55,716 8,807 1,571 70,229 69,754 475 398 4,771 November. 5,840 3,287 56,837 7,719 1,693 70,070 69,619 451 432 4,873 December. 6,424 3,281 57,727 7,852 1,051 71,833 71,400 433 393 4,108 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 li 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. n6o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia (peso) (pound) Bel- Brazil 'milreis) British Bui. Canada (dollar) Chile (peso) China Year or month gium India garia (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a an i) g- 1934 33.579 400.95 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 8.5681 15.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 8.6437 6.1983 37.326 1.2846 100.004 5.1697 14.0000 29.606 1938 32.597 389.55 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939..... 30.850 353.38 6.0027 5.1248 33.279 11.2111 96.018 5.1727 4.0000 11.879 1940 29.773 1322.80 305.16 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 H.OOOO 15.313 1941—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 Oct 29.773 23.704 322.80 321.50 6.0592 5.1480 30.122 90.909 87.631 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c u a h n k o a i ) a - ( m D kr a e o n r n k e - ) ( l F m a k i n a a n r ) d - k- F ( r fr a a n nc c ) e ( m m G re a a i e r c n r k h - ) y s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (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 n i ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938... 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 13.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 119.308 1.8710 12.0827 40.021 1.6715 22.958 18.475 5.0407 23.436 18.546 153.128 306.38 1941 57.004 12.0101 139.968 124.592 U9.770 15.0703 123.439 20.538 322.54 1941—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 Oct 57.023 20.573 322.78 United Kingdom Uruguay Year or month N ( o k r ro w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a )( S p p es a e i t n a) S S m (d e t 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 o und F ) ree tr C o o ll n e - ( d peso tr ) 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 23.226 118.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 136.789 2.2716 1940 122.709 3.7110 1.6896 397.99 9.322 46.979 23.802 22.676 H03.50 383.00 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 !2.2397 1941—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 ,00 47.007 403.50 403.50 65.830 52.571 Feb 398.00 46.710 403.50 403.50 65.830 52.785 Mar 398.00 403.50 403.48 65.830 52.717 Apr 398.00 403.50 403.50 65.830 52.735 May 398.00 403.50 403.50 65.830 52.740 June 398.00 403.50 403.50 65.830 52.744 July 398.00 403.50 403.50 65.830 52.740 Aug 398.00 403.50 403.50 65.830 52.744 Sept 398.00 403.50 403.50 65.830 52.722 Oct 398.00 403.50 403.50 65.830 52.720 i Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1942: NNoo rraatteess cceerrttiiffiieedd:: SSttrraaiittss SSeettttlleemmeennttss——ssiinnccee FFeebbrruuaarryy 1144.. CChhaannggeess iinn nnoommiinnaall ssttaattuuss ((nnootteedd oonnllyy iiff aaffffeeccttiinngg qquuoottaattiioonnss 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. I2_6l DECEMBER 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 1 124 695 134 237 106 1 126 144 1930.. 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 1 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 P112 132 329 172 184 1941—October 92 94 155 112 . 337 176 193 November 93 94 155 112 340 178 198 December 94 94 156 347 179 199 1942—Tan uarv 96 94 156 P351 181 202 February 97 95 159 113 P352 183 205 March 98 95 159 114 184 207 April 99 95 160 114 186 208 May 99 95 161 114 187 209 June 99 96 160 114 ^355 210 July 99 96 r160 115 ^193 212 August 99 96 r159 P357 P191 September 100 96 r159 P212 October P100 97 ^160 pPreliminary. 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 g p a c w o a a t o r n u t d a u r l s y n e - d d F f u m c a g l h c o l a i y t o e n u f d u r a l s e y - n d d Foods p I ro n 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 t l s - a p t f n r I r i i n d n o a i d d l s s u u e h ra m c s e w - t d s i- p tr I r i i n o s a h d d l e u u f d s c i - n ts - 1926 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 « 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 . 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 1941—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 92 163 159 115 102 133 June 104 99 96 82 91 92 160 159 115 102 134 JUly 105 99 96 81 90 92 161 161 116 102 134 August 106 101 96 81 90 92 158 161 September 108 102 *>96 84 91 92 157 161 October 109 103 ^96 86 93 92 Sources— See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159. 12.62. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d s ) 9 (1 C = 9 a 1 a 3 d 0 n 5 a 0 - - 3 ) 9 U K = d ( n 1 1 J i o 9 i u n 0 m 1 t 0 l g 4 e y ) - d (1 = m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 l = e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r- 3 S e = r ( w 1 J l 1 9 a u i 0 1 n t n 0 z 4 d e ) - Year or month U ( S = 19 n t 1 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 a 0 - - ) 39 U K = d ( n 1 J 1 i o 9 u i n 0 1 m t l 0 g e 4 y ) d - (1 m = G 9 1 1 a e 0 3 n r 0 - y - 1 ) 4 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r 3 , S e = ( w r 1 1 J l i 9 0 u a t 1 n 0 n z 4 ) e d - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933.. 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 132 130 1937. 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 .126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 . 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1941—October ... 112 123 165 126 185 1941-October.... 109 116 199 132 182 November. 113 125 165 126 188 November . 110 116 200 133 184 Dec ember . 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 123 126 159 136 199 June 116 117 199 139 193 J A u u ly gust 1 1 2 2 6 5 1 1 3 3 0 0 1 1 6 6 0 0 139 p2 2 0 0 2 3 A Ju u l g y u . s . t 1 1 1 1 8 7 1 1 1 1 8 8 2 2 0 0 1 0 140 196 September. 127 129 160 September. 118 117 200 October 130 130 162 October ... 119 118 200 v Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d t r e n i a r c i i t t v e e e ) e s d 1 d ( K 1 D U 9 i e 2 n n c 1 g e i = d t m 1 e o 0 b d m 0 e ) r (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic ra a e g ) n 2 e y N la e n th d e s r 3 - U ( S 1 = 9 n t 1 3 a i 0 5 t t 0 e - e 3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100 0 100 0 1932 84.4 113.2 88.6 8 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 1110.2 124.6 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—October 118.8 125.5 103.1 80.4 74.8 p31i 137.2 November 119.2 125.7 103.1 77.4 76.0 P329 136.4 December 117.5 125.5 71.8 74 8 P348 1942—January 117.5 126.8 103.2 72.6 76.0 ^387 139.1 February 117.1 126.5 103.3 69.9 73.0 p409 141.6 March 116.7 127.1 103.3 66.0 72 6 HS7 141.1 April . . 117.8 127.5 103.5 63.3 72.5 H53 142.5 May 117.7 126.8 103.5 63.2 73.0 H66 142.7 June 118.0 126.7 66.1 73.7 P442 143.2 July 118.9 127.7 68.2 73.8 H55 142.2 August 118.7 127.5 68.3 74.4 142.4 September 119.0 69.4 October 119.3 74.2 • p Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source: Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4H 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, g. 121. 12.63 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF OF THE FEDERAL 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 Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director 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 WILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT ERNEST G. DRAPER Vice President R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT 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 JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1x64 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. . . Bcardsley Ruml.. Edmund E. Day Allan Sproul. L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. 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 K. H. MacKenzie W. F. Taylor2 Richmond Robt. Lassiter. W. G. Wysor. Hugh Leach. J. S. Walden, Jr. . . J. G. Fry Geo. H. Keesec1 R. W. Mercer Atlanta Frank H. Neely... J. F. Porter.. W. S. McLarin, Jr. Malcolm H. Bryan L. M. Clark H. F. Conniff 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. Attebcry 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. Lecdy.. 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 Holdcn. Wm. A. Day.. Ira Clerk. C. E. Earhart1 W. M. Hale R. B. West 1 Cashier. 2 Also Cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: • Minneapolis: Buffalo Branch R. B. Wiltse Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch •. E. B. Austin New Orleans Branch E. P. Paris Chicago: Detroit Branch H. J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw DECEMBER 1941 12.65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES sssssm BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 3 jyL 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 SfSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 28 Pages Acceptances, bankers: Assets and liabilities—Continued. Buying rates 28, 130, 228, 334, 460, Federal Reserve Banks—Continued. 558, 668, 808, 918, 1004,1106, 1204 Each Bank 30, 132, 230, 336, 462, Member bank holdings 378 560, 670, 810, 920, 1006, 1108, 1206 Open market rates on 45, 147, 245, 351, 477, Foreign central banks S3, 183, 279, 387, 513, 575, 685, 825, 935, 1021, 1123, 1221 613, 727, 856, 969, 1053, 1161, 1255 Outstanding .44, 146, 244, 350, 476, Government corporations and credit agencies 319 574, 684, 824, 934, 1020, 1122, 1220 Insured commercial banks in United States and Addresses: possessions 602, 1249 Eccles, Marriner S. on "How Shall We Pay For Mutual savings banks, by States 73, 508, 1155 The War" 211 National banks " 71, 506, 1153 Admissions of State banks to membership in the Federal Private banks, by States 73, 508, 1155 Reserve System. .-.*. 21, 114, 222, 327, 452, State banks, by States 72, 507, 1154 550, 662, 802, 911, 997, 1099, 1197 Australia: Agricultural loans: Commonwealth Bank of: Member banks, call dates 38, 140, 238, 344, 470, Condition 84, 184, 280, 389, 515, 568, 678, 818, 928, 1014, 1116, 1214 615, 729, 858, 971, 1055, 1163,1257 Agriculture: Foreign exchange rates ,89, 189, 285, 393, 519, Crop reports, by Federal Reserve districts 619, 733, 862, 975, 1059, 1167, 1261 68, 961, 1047, 1149, 1247 Gold movements 77, 177, 273, 381, 511, Farm production, prices, and income 984 611, 725, 854, 967, 1051, 1159, 1253 National summary 999, 1101 Gold production 77, 177, 273, 381, 511, ' Rise in prices of farm products 199 611, 725, 854, 967, 1051, 1159, 1253 Alien Property Custodian: Avery, C. W., election as Class B director at Chicago 1197 Executive order establishing 306 Awatd of minute man flag to Board 1198 Executive order allocating powers between, and Baker, A. Z., appointed Class C director at Cleveland Secretary of the Treasury 759 for unexpired term 911 Markham, James E., appointment as Deputy Alien Bank credit: Property Custodian 430 Current statistics for Federal Reserve Chart Book Powers and authority delegated to Secretary of 66, 168, 268, 374, 500, Treasury pending organization of office 307 598, 708, 848, 959, 1045, 1147, 1245 Property vested in, regulations relating to 431 National summary of business conditions. .22, 125, 223 American Technical Mission to Cuba, report to Cuban 328, 455, 552, 663, 803, 912, 998, 1100,1199 Government 774 Review of the Month for September 869 Amortization of debt for nonproductive purposes . 537 Bank credit and war finance 525 Announcement of Treasury financing 1182 Bank debits: Annual reports: Changes in publication of statistics on .450 Bank of Canada : 220 Deposit accounts 36, 138, 236, 342,468, Board of Governors, presented to Congress 550 566, 676, 816, 926, 1012, 1114, 1212 Central Bank of the Argentine Republic 892 Weekly figures 503 Swiss National Bank 649 Bank for International Settlements: Argentina: Condition 86, 186, 282, 390, 516, Annual report of the Central Bank of 892 616, 730, 856, 972, 1056, 1164, 1258 Central Bank of: Gold reserves 76, 176, 272, 380, 510 Condition 84, 184, 280, 389, 515, 610, 724, 853, 966, 1050, 1158, 1252 615, 729, 858, 971, 1055, 1163, 1257 Bank loans: Discount rate 87, 187, 283, 391, 517, All banks, call dates 38, 140, 238, 344, 470, 617, 731, 860, 973, 1057, 1165, 1259 568, 678, 818, 928, 1014, 1116, 1214 Gold reserves 76, 176, 272, 380, 510, Member banks, weekly reporting, New York City 610, 724, 853, 966, 1050, 1158, 1252 and outside 40, 142, 240, 346, 472, Foreign exchange rates 89, 189, 285, 393, 519, 570, 680, 820, 930, 1016,1118,1216 619, 733, 862, 975, 1059, 1167, 1261 Rise in 3 Gold movements to and from United States.. 36,138,236, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 Bank of Canada: (See Canada) Asia: Bank premises: Capital movement to United States.... 78,178, 274, 382, All member banks, December 31, 1941 .378 512, 612, 726, 855, 968,1052, 1160,1254 Federal Reserve Banks 30, 132, 230, 336, 462 ; Assets and liabilities: 560, 670, 810, 920, 1006, 1108, 1206 All banks in the United States 69, 504, 1151 Bank supervisory agencies, joint statements: All member banks: Amortization of debt for nonproductive purposes 537 Classes of banks, April 4,1942 607 Examination and supervisory policy with respect to December 31, 1941 377 investments in loans upon Government securities. .1174 Selected call dates 606 Bank suspensions 36, 138, 236, 342, 468, Commercial banks in United Kingdom, Canada, 566, 676, 816, 926, 1012, 1114, 1212 and France 88, 188, 284, 392, 518, Bankers' acceptances: (See Acceptances, bankers') 618, 732, 861, 974, 1058, 1166, 1260 Federal Reserve Banks: Bankers' balances: Member banks on call dates 39, 141, 239, 345, 471, All Banks 29, 131, 229, 335, 461, 569, 679, 819, 929, 1015, 1117,1215 559, 669, 809, 919, 1005, 1107, 1205 1x67 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Bankers' balances—Continued. , Board of Governors of the Federal Reserve System—Con- Weekly reporting member banks: tinued. By Federal Reserve districts.. 43, 145, 243, 349, 475, Members—Continued. 573, 683, 823, 933, 1019, 1121, 1219 Eccles, Marriner S.—Continued. New York City and outside.. .41, 143, 241, 347, 473, Use of credit for accumulation of inven- 571, 681, 821, 931, 1017, 1119, 1217 tories, letter to banks and other financing Banking funds: institutions 645 Evans, R. M., appointment of 326 Foreign, increase in United States..78, 178, 274, 382, 512, McKee, John K., appointed on War Loans 612, 726, 855, 968, 1052, 1160, 1254 Committee 452 Banks: Ransom, Ronald, reappointment of 114 Branches: (See Branch banks) Members and officers 92, 192, 288, 396, 522, Consolidations ,....: 171, 601, 962, 1248 622, 736, 865, 978, 1062, 1170, 1264 Government securities held by. .. .48, 150, 250, 356, 482, Press statements: (See Press statements) 580, 690, 830, 940, 1026, 1128, 1226 Staff: Number of: Boothe, Gardner L., II, designated Assistant By districts 69, 504, 1151 Administrator for War Loans Committee 662 By States 604 Dirks, Frederick C, article on durable goods Call dates 37, 139, 237, 343, 469, expenditures in 1941 317 567, 677, 817, 927, 1013, 1115, 1213 Dreibelbis, J. P., designated General Attorney.. .911 Changes in . .171, 601, 962, 1248 Gardner W. R., report to Cuban Government of Participating in sale of defense savings bonds 323 American Technical Mission to Cuba 774 Suspensions 36, 138, 236, 342, 468, Leonard, Robert F. appointed director of Di- 566, 676, 816, 1012, 1114, 1212 vision of Personne ; l Administration 662 Banks for cooperatives: Musgrave, R. A., article on Personal Income Assets and liabilities 50, 152, 252, 358, 484, Taxes in the United States, Canada, and the 582, 692, 832, 942, 1028, 1130, 1228 United Kingdom 1192 Loans outstanding 51, 153, 253, 359, 485, Pollard, William B., appointed Assistant Chief 583, 693, 833, 943, 1029, 1131, 1229 of Division of Examinations 662 Belgian Congo: Stark, Walter R.: Appointed Assistant Director of Division of Gold production 77, 177, 273, 381, 511, Research and Statistics 114 611, 725, 854, 967, 1051, 1159, 1253 Assigned to Office of Economic Stabilization. 1099 Belgium: Vest, George B.: Foreign exchange rates 89, 189, 285, 393, 519, Designated Assistant General Attorney 911 619, 733, 862, 975, 1059, 1167, 1261 Report to Cuban Government of American Gold movements..'. 77, 177, 273, 381, 511, Technical Mission to Cuba 774 611, 725, 854, 967, 1051, 1159, 1253 Wingfield, B. Magruder, designated Assistant National Bank of: (Bank of Issue of Brussels) General Attorney 911 Condition 84, 184, 280, War Loans Committee: 858,971, 1055, 1163,1257 Cravens, Kenton R., appointed Administrator. . .452 Discount rates of central bank... .87, 187, 283, 391, Messrs. Eccles, Draper, and McKee appointed 517, 617, 731, 860, 973, 1057, 1165, 1259 members of 452 Gold reserves 76, 176, 272, 380, 510, Bohemia and Moravia: 610, 724, 853, 966, 1050, 1158, 1252 National Bank of: Bills discounted, Federal Reserve Banks: Condition 84, 184, 280, 389, 515, All banks combined 27, 129, 227, 333, 459, 615, 729, 858, 971, 1055, 1163, 1257 557, 667, 807, 917, 1003, 1105, 1203 Discount rate 87, 187, 283, 391, 517, Each bank 30, 132, 230, 336, 462, 617, 731, 860, 973, 1057, 1165, 1259 560, 670, 810, 920, 1006, 1108, 1206 Bolivia: Maturity distribution. 29, 131, 229, 335, 461, Central Bank of: 559, 669, 809, 919, 1005, 1107, 1205 Condition 84, 184, 280, 389, 515, Member and nomember banks 29, 131, 229, 335, 461, 615, 729, 858, 971, 1055, 1163, 1257 559, 669, 809, 919, 1005, 1107, 1205 Discount rate 87, 187, 283, 391, 517, Board of Governors of the Federal Reserve System: 617, 731, 860, 973, 1057, 1165, 1259 Amortization of debt for nonproductive purposes, Gold movements to and from United States. . 36,138, 236, joint statement on 537 342, 468, 566, 676, 816 : 926, 1012, 1114, 1212 Annual report presented to Congress 550 Bond yields: Award of minute man flag for purchase of war savings Government, municipal, and corporate 45, 147, 245, bonds 1198 351, 477, 575, 685, 825 935, 1021, 1123, 1221 : Division of Personnel Administration, creation of... .662 Bonds: Examination and supervisory policy with respect to Capital issues 46, 148, 246, 352, 478, investments in loans upon Government securities, 576, 686, 826, 936, 1022, 1124, 1222 joint statement on 1174 Prices in principal countries 91, 191, 287, 395, 521, Members: 621, 735, 864, 977, 1061, 1169, 1263 Draper, Ernest G., appointed on War Loans Prices in United States 46, 148, 246, 352, 478, Committee 452 576, 686, 826, 936, 1022, 1124, 1222 Eccles, Marriner S.: United States sayings, sales of 579, 689, 829, Address on "How Shall We Pay for The 939, 1025, 1127, 1225 War" 211 (See also Government securities) Appointed on War Loans Committee 452 ix68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME z8 Pages Pages Boo the, Gardner L., II, designated Assistant Adminis- Canada—Continued. trator for War Loans Committee 662 Bank of—Continued. Borrowings: Discount rate 87, 187, 283, 391, 517, Member banks on call dates 39, 141, 239, 345, 471, 617, 731, 860, 973, 1057, 1165, 1259 569, 679, 819, 929, 1015, 1117, 1215 Gold reserves 76, 176, 272, 380, 510, Weekly reporting member banks: 610, 724, 853, 966, 1050, 1158, 1252 By Federal Reserve districts. .43, 145, 243, 349, 475, Capital movement to United States. . .78, 178, 274, 382, 573, 683, 823, 933, 1019, 1121, 1219 512, 612, 726, 855, 968, 1052, 1160, 1254 New York City and outside.. .41, 143, 241, 347, 473, Commercial banks, assets and liabilities 88, 188, 284, 571, 681, 821, 931, 1017, 1119, 1217 392, 518, 618, 732, 861, 974, 1058, 1166, 1260 Branch banks: Foreign exchange rates 89, 189, 285, 393, 519, Federal Reserve System: 619, 733, 862, 975, 1059, 1167, 1261 Managing directors of 93, 193, 289, 397, 523, Gold movements 77, 177, 273, 381, 511, 623, 737, 866, 979, 1063, 1171, 1263 611, 725, 854, 967, 1051, 1159, 1253 Group banks 603 Gold production 77, 177, 273, 381, 511, Member and nonmember banks, changes in. 171, 601, 611, 725, 854, 967, 1051, 1159, 1253 962, 1248 Personal income taxes in 1192 Number of banks maintaining branches 604 Publication of additional statistical series 451 Brazil: Wholesale prices in " 90, 190, 286, 394, 520, Foreign exchange rates 89, 189, 285, 393, 519, 620, 734, 863, 976, 1060, 1168, 1262 619, 733, 862, 975, 1059, 1167, 1261 Capital accounts: Gold movements to and from United States. . 36,138, 236, Federal Reserve Banks 30, 132, 230, 336, 462, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 560, 670, 810, 920, 1006, 1108, 1206 Gold reserves 76, 176, 272, 380, 510, Member banks: 610, 724, 853, 966, 1050, 1158, 1252 Call dates 39, 141, 239, 345, 471, British India: {See India, British) 569, 679, 819, 929, 1015. 1117, 1215 British White Paper on War Finance. 539 December 31, 1941 377 Brokers and dealers in securities: Selected call dates , 606 Loans to, by member banks on call dates. . .38, 140, 238, Weekly reporting member banks: 344, 470, 568, 678, 818, 928, 1014, 1116, 1214 By Federal Reserve districts. .43, 145, 243, 349, 475, Loans to, by weekly reporting member banks: 573, 683, 823, 933, 1019, 1121, 1219 By Federal Reserve districts. .42, 144, 242, 348, 474, New York City and outside.. .41, 143, 241, 347, 473, 572, 682, 822, 932, 1018, 1120, 1218 571, 681, 821, 931, 1017, 1119, 1217 New York City and outside.. .40, 142, 240, 346, 472, Capital issues 46, 148, 246, 352, 478, 570, 680, 820, 930, 1016, 1118, 1216 576, 686, 826, 936, 1022, 1124, 1222 Brokers' balances: Capital movement to United States.. . .78, 178, 274, 382, 512, Movement to United States from abroad. . .78, 178, 274, 612, 726, 855, 968, 1052, 1160, 1254 382, 512, 612, 726, 855, 968, 1052, 1160, 1254 Cartwright, Holman, appointed director at San Antonio Brown, .Edward E., reelected President of Federal Ad- Branch 1197 visory Council 222 Cash in vault: Budget expenditures and receipts 96 Weekly reporting member banks Chart on 1176 By Federal Reserve districts. .43, 145, 243, 349, 475, Bulgaria: 573, 683, 823, 933, 1019, 1121, 1219 Declaration of war on, joint resolution 634 New York City and outside.. .41, 143, 241, 347, 473, Foreign exchange rates : 89, 189, 285, 393, 519, 571, 681, 821, 931, 1017, 1119, 1217 619, 733, 862, 975, 1059, 1167, 1261 Censorship: National Bank of: Communications ruling issued by director of cen- Condition t 84, 184, 280 sorship 304 Executive order establishing office of 103 Discount rate 87, 187, 283, 391, 517, Office of, designated authority by Secretary of 617, 731, 860, 973, 1057, 1165, 1259 Treasury to issue licenses and exemptions......... 104 Gold reserves 76, 176, 272, 380, 510, Central banks: 610, 724, 853, 966, 1050, 1158, 1252 Assets and liabilities of 83, 183, 279, 387, 513, Business activity, impact of war on 1 613, 727, 856, 969, 1053, 1161, 1255 Business conditions: Discount rate 87, 187, 283, 391, 517, Current statistics for Federal Reserve Chart 617, 731, 860, 973, 1057, 1165, 1259 Book 66, 168, 268, 374, 500, Gold reserves 76, 176, 272, 380, 510, 598 708, 848, 959, 1045, 1147, 1245 610, 724, 853, 966, 1050, 1158, 1252 ; National summary of 22, 125, 223, 328, 455, Central reserve city banks: 552, 663, 803, 912, 998, 1100, 1199 Condition, call dates 38, 140, 238. 344, 470, Business failures: {See Commercial failures) 568,-678, 818, 928, 1014, ill6, 1214 Business indexes: Condition on December 31, 1941 377 Monthly and yearly figures, 1919-1941 53, 155, 255, Deposits .34, 136, 234, 340, 466, 361, 487, 585, 695, 835, 945, 1031, 1133, 1231 564, 674, 814, 924, 1010, 1112, 1210 Canada: Reserves 34, 136, 234, 340, 466, Bank of: 564, 674, 814, 924, 1010, 1112, 1210 Annual report 220 Chairmen of Federal Reserve Banks: Condition 84, 184, 280, 387, 513, Leland, Simeon E., appointed at Federal Reserve 613, 727, 856, 969, 1053, 1161, 1255 Bank of Chicago 1099 H69 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Chairmen of Federal Reserve Banks—Continued. Charts—Continued. Lewis, Frank J., resignation at Federal Reserve War, n on-war, and mixed-purpose loans and renewals Bank of Chicago 662 at member banks 883 List of... .93,193, 289, 397, 523, 623, 737, 866, 979, Wholesale price index—Switzerland 651 1063, 1171, 1265 Wholesale prices 329 Meeting on January 26 114 Wholesale prices of basic commodities 22, 125 Meeting on October 5 1099 Wholesale prices of 900 commodities 198 Chart book statistics: Yields on Government securities 100, 528 Current figures on bank credit, money rates, and Chile: business 66, 168, 268, 374, 500, Central Bank of: 598, 708, 848, 959, 1045, 1147, 1245 Condition 85, 185, 281, 389, 515, Charts: 615, 729, 858, 971, 1055, 1163, 1257 Adjusted demand deposits 874 Discount rate 87, 187, 283, 391, 517, Bank deposits and currency 874 617, 731, 860, 973, 1057, 1165, 1259 Budget expenditures and receipts 1176 Gold reserves 76, 176, 272, 380, 510, Commodity prices 196 610, 724, 853, 966, 1050; 1158, 1252 Consumer instalment debt 404 Foreign exchange rates 89, 189, 285, 393, 519, Cost of living 200, 224, 403, 803, 985,1100, 1200 619, 733, 862, 975, 1059, 1167, 1261 Currency in circulation 312 Gold movements to and from United States. . 36,138, 236, Demand for currency 313 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 Department store sales and stocks 19, 223, 324, Gold production 77, 177, 273, 381, 511, 455, 663, 912, 998, 1199 611, 725, 854, 967, 1051, 1159, 1253 Distribution of commercial loans at member banks China: by asset size of borrower 885 Foreign exchange rates 89, 189, 285, 393, 519, Distribution of Treasury bills 745 619, 733, 862, 975, 1059, 1167, 1261 Distribution of Treasury bills and certificates of Gold movements to and from United States. . 36,138, 236, indebtedness 1074 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 Effective income tax rates in the United States, Clark Brothers Store, order suspending license for vio- United Kingdom, and Canada 1193 lation of Regulation W 1184 Excess reserves of member banks 531, 804, Coins, circulation of 35, 137, 235, 341, 467, 870, 999, 1075, 1200 565, 675, 815, 925, 1011, 1113, 1211 Factors of gains and losses of reserve funds by New Colombia: York City banks 5, 742 Bank of the Republic of: Freight car loadings 126 Condition. 85, 185, 281, 389, 515, Government securities, holdings of banks in leading 615, 729, 858, 971, 1055, 1163, 1257 cities 3 Discount rate 87, 187, 283, 391, 517, Income payments 402 617, 731, 860, 973. 1057, 1165, 1259 Increase in department store inventories 648 Gold reserves 76, 176, 272, 380, 510, Industrial production 22, 125, 223, 328, 455, 610, 724, 853, 966, 1050, 1158, 1252 552, 628, 643, 663, 803, 912, 998, 1100, 1199 Foreign exchange rates 89, 189, 285, 393, 519, Live stock and meats 986 619, 733, 862, 975, 1059, 1167, 1261 Member bank commercial loans at different interest Gold movements 77, 177, 273, 381, 511, rates 1091 611, 725, 854, 967, 1051, 1159, 1253 Member bank reserves. 456, 913, 1101 Gold production 77, 177, 273, 381, 511, Member bank reserves and related items, 1936- 611, 725, 854, 967, 1051, 1159, 1253 1942 26, 128, 226, 332, 458, Commercial, industrial, and agricultural loans: 556, 666, 806, 916, 1002, 1104, 1202 Weekly reporting member banks: Member bank reserves and related items, 1940- By Federal Reserve districts. .42, 144, 242, 348, 474, 1942 23, 329, 553,871,999 572, 682, 822, 932, 1018, 1120, 1218 Member banks in 101 leading cities 224, 456, 529, 804 New York City and outside.. .40, 142, 240, 346, 472, Money in circulation and salaries and wages 1178 570, 680, 820, 930, 1016, 1118, 1216 Money rates in New York City 23, 126, 553 Commercial and industrial loans: National defense expenditures 97 Member banks, call dates 38, 140, 238, 344, 470, Net income of public utility corporations 296 568, 678, 818, 928, 1014, 1116, 1214 Net profits of large manufacturing corporations 293 Commercial banks: Net profits of manufacturing and mining cor- Assets and liabilities in United Kingdom, Canada, porations. 292 and France 88, 188, 284. 392, 518, Payrolls, average weekly and hourly earnings and 618, 732, 861, 974, 1058, 1166, 1260 wage rates in manufacturing 983 Branches: (See Branch banks) Per cent of funds borrowed at different rates 1090 Condition of insured in United States and pos- Price trends in Switzerland 652 sessions 602, 1249 Profits and income taxes, large industrial cor- Insured home mortgages held 52, 154, 254, 360, 486, porations 295 584, 694, 834, 944, 1030, 1132, 1230 Reporting member banks in Chicago 744 Participation in war financing program, letter of Reporting member banks in New York City... 743, 1076 Mr. Sproul 1190 Reporting member banks outside New York City... 1076 Commercial failures, by districts 62, 164, 264, 370, 496, Reporting member banks in 99 other cities 743 594, 704, 844, 954, 1040, 1142, 1240 Retail sales 406 Commercial paper: Swiss National Bank, selected assets and liabilities.. .658 Member bank holdings, December 31, 1941. 378 I17O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Commerical paper—Continued. Condition statements—Continued. Open market rates on 45, 147, 245, 351, 477, Member banks, reserves and liabilities... .39, 141, 239, 575, 685, 825, 935. 1021, 1123, 1221 345, 471, 569, 679, 819, 929, 1015, 1117, 1215 Outstanding 44, 146, 244, 350, 476, Weekly reporting member banks: 574, 684, 824, 934, 1020, 1122, 1220 By Federal Reserve districts. .42, 144, 242, 348, 474, Commissioner of Internal Revenue: 572, 682, 822, 932, 1018, 1120, 1218 Taxation of dividends on Federal Reserve Bank New York City and outside.. .40, 142, 240, 346, 472, stock .753, 1085 570, 680, 820, 930, 1016, 1118, 1216 Committees: Conferences: (See Meetings) Federal Open Market: (See Federal Open Market Com- Consolidations of banks 171, 601, 962, 1248 mittee) Construction contracts awarded: Victory Fund: By districts 62, 164, 264, 370, 496, Announcement by Treasury of sales cam- 594, 704, 844, 954, 1040, 1142, 1240 paign by 1182 By public and private ownership. .62, 164, 264, 370, 496, Bulletin sent by Mr. Alfred H. Williams on 594, 704, 844, 954, 1040, 1142, 1240 nature and size of war financing program 765 By types of construction 62, 164, 264, 370, 496. Establishment of 525 594, 704, 844, 954, 1040, 1142, 1240 War Loans: Index of value of 53, 155, 255, 361, 487. Appointment of Messrs. Eccles, Draper, and 585, 695, 835, 945, 1031, 1133, 1231 McKee to serve as members of 452 Consumer credit: Staff: Amendments to Regulation W: (See Regulations, W) Boothe, Gardner L., II, designated As- Automobile radios, down-payment on, interpretation sistant Administrator 662 No. 116ot Regulation W. 9 Cravens, Kenton R., appointed Adminis- Barns, silos, etc., classification of materials used in trator 452 construction of, interpretation No. 117 of Regula- Commodity Credit Corporation: tion W 10 Amendment to Regulation W on extension of Batteries for trucks and busses, interpretation of credit by .878 Regulation W .757 Assets and liabilities 50, 152, 252, 358, 484, Cameras, equipment used for photoengraving or 582, 692, 832, 942, 1028, 1130, 1228 lithographing not included in classification 424 Obligations guaranteed by Government: Carrying of securities, meaning of term as used in Amount outstanding 47, 149, 249, 355, 481, Regulation W 757 579, 689, 829, 939, 1025, 1127, 1225 Charge account: Maturities 48, 150, 250, 356, 482, Defective articles, interpretation of Regulation 580, 690, 830, 940, 1026, 1128, 1225 W 1078 Commodity prices: Maturity of loan to retire 757 National summary of business conditions... .22,125,223, Services are not articles 633 328,455, 552, 663, 803, 912, 998, 1100, 1199 Coal, purchase from retail coal dealer, interpretation Commodity supplies and prices 195 of Regulation W 756 Communications: Consolidation of obligations under option 1 of section Ruling issued by Director of Censorship 304 8(b), interpretation No. 115 of Regulation W 9 Comptroller of the Currency: Credit union shares, loans secured partly by 1185 Amortization of debt for nonproductive purposes, Cycle billing, amendment No. 5 to Regulation W 755 joint statement on 537 Date of sale of water, gas, or electricity 633 Limitations on national bank loans secured or Decline in, discussed in Review of the Month. .747,1180 covered by Governmental guaranties, state- Demonstrator loaned to prospective purchaser, ment on 640 interpretation No. 112 of Regulation W 8 Statement of examination and supervisory policy 1174 Disaster credits, amendment No. 7 to Regulation W. . 756 Condition statements: Down-payment less than two dollars, interpretation All member banks, December 31, 1941, by classes No. 113 of Regulation W 8 of banks 377 Down-payment, loan to make, prohibited, interpre- All member banks on selected call dates 606 tation No. 12s oi Regulation W 103 Assets and liabilities of all banks in the United Draperies and slip covers are included 633 States 69, 504, 1151 Exchanging unsatisfactory article 879 Commercial banks in United Kingdom, Canada, Farmer, loan made before Dec. 1,1941, interpretation and France 88, 188, 284, 392, 518, No. 114 of Regulation W 9 618, 732, 861 974, 1058, 1166, 1260 Fences, materials used in erecting or replacing, inter- 5 Federal Reserve Banks: pretation No. 122 of Regulation W 102 All banks combined 29, 131, 229, 335, 461, First lien on real estate, interpretation No. 127 of 559, 669, 809, 919, 1005, 1107, 1205 Regulation W 207 Each bank 30, 132, 230, 336, 462, First lien, second mortgage held by same mortgagee, 560, 670, 810, 920, 1006, 1108, 1206 interpretation No. 128 of Regulation W 303 » Foreign central banks S3, 183, 279, 387, 513, Floor coverings, certain types of tile not included in 613, 727, 856, 969, 1053, 1161, 1255 classification 424 Governmental corporations and credit agencies. .50, 152, Forms of statement of borrower and statement of 252, 358, 484, 582, 692, 832, 942, 1028, 1130, 1228 necessity 7 Insured commercial banks in United States and Fuel conservation credits, amendment No. 6 to Regupossessions 602, 1249 lation W 756 Member banks, call dates 38, 140, 238,-344, 470, Household furnaces, classification of, interpretation 568, 678, 818, 928, 1014, 1116, 1214 No. 130 of Regulation W 423 DECEMBER 1942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Consumer credit—Continued. Cost of living: Insurance premiums, notes payable to insurance Chart 200, 224, 403, 803, 985, 1100, 1200 agents not subject to Regulation W, interpreta- Discussion in Review of the Month 200, 985 tion No. 119 11 Index for principal countries 91, 191, 287, 395, 521, Instalment sale and loan, differences between, inter- 621, 735, 864, 977, 1061, 1169, 1263 pretation of Regulation W 758 Index, United States, 1919-1942. .53, 155, 255, 361, 487, Loan to retire credit granted by seller of unlisted 585, 695, 835, 945, 1031, 1133,,1231 articles, interpretation No. 118 of Regulation W. ... 10 Country member banks: Modernization loans, meaning of phrase "materials Condition, call dates 38, 140, 238, 344, 470, and services" 633 568, 678, 818, 928, 1014, 1116, 1214 Obligations in default, efforts to collect 1185 Deposits 34, 136, 234, 340, 466, Pawn transaction as loan 633 564, 674, 814, 924, 1010, 1112, 1210 Personal loans and retail instalment paper of insured Reserves 34, 136, 234, 340, 466, banks 995 564, 674, 814, 924,1010, 1112, 1210 Plumbing and sanitary fixtures designed for house- Cravens, Ken ton R., appointed Administrator for War hold use, interpretation No. 120 of Regulation W.. 102 Loans Committee 452 Railroad watches, amendment No. 8 to Regulation Credit: Won 878 Agencies of United States Government, activities Registration statement, loans exempt from, inter- in 1941 319 pretation No. 126 of Regulation W 206 Consumer: (See Consumer credit) Regulation of, Review of the Month for May 399 Federal Reserve: Regulation W: (See Regulations, W) Chart 26, 128, 226, 332, 458, Reupholstering of furniture involves sale of listed 556, 666, 806, 916, 1002, 1104, 1202 article 633 End of month and Wednesday figures. . . 27,129, 227, Sales for future delivery, interpretation of Regula- 333,459,557, 667,807,917,1003,1105,1203 tion W 757 National summary 22, 125, 223, 328, 455, Savings pass books not investment securities, inter- 552, 663, 803, 912, 998, 1100, 1199 pretation of Regulation W 757 Use for accumulation of inventories, letter to financing Single-payment loans, renewal or revision of, inter- institutions 645 -pretation WR 1 of Regulation W 532 Crop reports, by Federal Reserve districts 68, 961, Statement of transaction given only to party re- 1047, 1149, 1247 ceiving proceeds of loan, interpretation No. 125 Cuba: of Regulation W 206 Report of American Technical Commission to 774 Statistics of consumer loans at commercial banks, Cunningham, Alex, resignation as director of Helena special article on. 992 Branch 1099 Stoker, installation of, interpretation of Regulation W. 990 Currency: Suspension of license, order issued 1184 Changes in demand for 312 Transaction can not be both sale credit and loan Federal Reserve notes: (See Federal Reserve notes) credit, interpretation No. 124 of Regulation W. .. . 103 Hawaii, withdrawal of currency now in circulation Volume as reported by registrants 434 and replacement by series specifically prepared. .. .762 Water pumps designed for household use include Hoarding, discussion of 313, 453 windmills, interpretation No. 121 of Regulation W. . 102 Increase in circulation discussed 1177 Conway, Carle C, elected Class B director at Federal Kinds of money in circulation. . . .35, 137, 235, 341, 467, Reserve Bank of New York 327 565, 675, 815, 925, 1011, 1113, 1211 Corporate bonds: Paper: Yield on 45, 147, 245, 351, 477, Circulation 35, 137, 235, 341, 467, 575, 685, 825, 935, 1021, 1123, 1221 565, 675, 815, 925, 1011, 1113, 1211 Corporate earnings and dividends: Shipments and receipts 35, 137, 235, 341, 467, Review of the Month for April 291 565, 675, 815, 925, 1011, 1113, 1211 Corporate security issues: Treasury, outstanding 35, 137, 235, 341, 467, New statistics on .... 217 % 565, 675, 815, 925, 1011, 1113, 1211 Proposed use of proceeds: Customers' debit balances 44, 146, 244, 350, 476, All issuers 247, 353, 479, 577, 687, 827,937,1023,1125,1223 574, 684, 824, 934, 1020, 1122, 1220 Major groups of issuers 247, 353, 479, 577, 687, Czechoslovakia: 827,937,1023,1125,1223 Foreign exchange rates 89, 189, 285, 393, 519, Corporate security markets, trend of prices 5 619, 733, 862, 975, 1059, 1167, 1261 Corporate stocks: Gold reserves 76, 176, 272, 380, 510, Holdings of all member banks, December 31,1941.... 378 610, 724, 853, 966, 1050, 1158, 1252 Corporate stocks and bonds: Debits to individual accounts: Capital issues 46, 148, 246, 352, 478, Changes in publication of statistics on 450 576, 686, 826, 936, 1022, 1124, 1222 Monthly table .36, 138, 236, 342, 468, Prices in United States 46, 148, 246, 352, 478, 566, 676, 816, 926, 1012, 1114, 1212 576, 686, 826, 936, 1022, 1124, 1222 Weekly figures for 1941 and part of 1942 503 Corporations: Statistics on quarterly earnings and dividends 214 Debt: Correspondence of Board of Governors: Amortization of, joint announcement of Federal bank Further comment on currency hoarding 453 supervisory agencies 537 Industrial production index under war conditons... .642 Government: (See Government debt) Why repayment of debts is anti-inflationary 538 Repayment of, why considered anti-inflationary 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Declaration of War: Deposits—Continued. United States and Bulgaria, joint resolution 634 Member banks—Continued. United States and Germany, joint resolution 11 Larger and smaller centers. . .34, 136, 234, 340, 466, United States and Hungary, joint resolution 634 564, 674, 814, 924, 1010, 1112, 1210 United States and Italy, joint resolution 11 Mutual savings banks, by States 73, 508, 1155 United States and Japan, joint resolution 11 National banks 71, 506, 1153 United States and Rumania, joint resolution 634 Nonmember banks: Defense savings bonds: Chart 26, 128, 226, 332, 458, Award of minute man flag to Board for purchase of. . 1198 556, 666, 806, 916, 1002, 1104, 1202 Banks participating in sale of 323 In Federal Reserve Banks. . .27, 129, 227, 333, 459, Sales of 579, 689, 829, 557, 667, 807, 917, 1003, 1105, 1203 939,1025,1127,1225 Postal savings: Denmark: Call dates 39, 141, 239, 345, 471, Foreign exchange rates 89, 189, 285, 393, 519, 569, 679, 819, 929, 1015, 1117, 1215 619, 733, 862 975, 1059, 1167, 1261 Depositors' balances .52,154, 254, 360, 486, ; National Bank of: 584, 694, 834, 944, 1030, 1132, 1230 Condition 85, 185, 281, 389, 515, Private banks, by States , 73, 508, 1155 615, 729, 858, 971, 1055, 1163, 1257 Social security taxes, deductions by member banks Discount rate 87, 187, 283, 391, 517, from employees' salaries as 532 617. 731, 860, 973, 1057, 1165, 1259 State banks, by States 72, 507, 1154 Gold reserves '. -76, 176, 272, 380, 510, States and political subdivisions with member banks, 610, 724, 853, 966, 1050, 1158, 1252 on call dates 39, 141, 239, 345, 471, Department of Commerce, extension of provisions of 569, 679, 819, 929, 1015, 1117, 1215 executive order to 1186 Suspended banks 36, 138, 236, 342, 468, Department store inventories 19, 324, 647 566, 676, 816, 926, 1012, 1114, 1212 Department stores: Treasury: Sales: Chart .26, 128, 226, 332, 458, By departments 64, 166, 266, 372, 498, 556, 666, 806, 916, 1002, 1104, 1202 596, 706, 846, 956, 1042, 1144, 1243 With Federal Reserve Banks. . 27,129, 227, 333,459, By Federal Reserve districts and by cities. . . 64, 166, 557, 667, 807, 917, 1003, 1105, 1203 266, 372, 498, 596, 706, 846, 956, 1042, 1144, 1242 Weekly reporting member banks: Index of value of 53, 155, 255, 361, 487, By Federal Reserve districts. .43, 145, 243, 349, 475, 585, 695, 835/945, 1031, 1133, 1231 573, 683, 823, 933, 1019, 1121, 1219 Weekly index of 64, 166, 266. 372, 498, New York City and outside. .41, 143, 241, 347, 473, 596, 706, 846, 956, 1042, il44, 1242 571, 681, 821, 931, 1017, 1119, 1217 Sales and stocks: Directors, Federal Reserve Banks: By major departments 957, 1043, 1145, 1243 Avery, C. W., elected Class B at Chicago 1197 Charts 19, 223, 324, Baker, A. Z., appointed Class C at Cleveland for un- 455, 663, 912, 998 expired term 911 Monthly indexes of 64, 166, 266, 372, 498, Conway, Carle C, elected Class B at New York 327 596, 706, 846, 956, 1042, 1144, 1242 Hoffman, Paul G., appointed Class C at Chicago. .. .1197 Deposits: Holmes, Allen W., elected Class A at Boston 1099 All banks in the United States: Leland, Simeon E., appointed Chairman at Chicago. 1099 By Federal Reserve districts 69, 504, 1151 Lewis, Frank J., resignation as Class C at Chicago.... 662 On call dates 37, 139, 237, 343, 469, List of 115-123 567, 677, 817, 927, 1013, 1115, 1213 Lloyd, Walter H., Jr., resignation as Class C at Federal Reserve Banks: Cleveland 911 All banks combined 29, 131. 229, 335, 461, Paul, Randolph, resignation as Class C at New York. . 911 559, 669, 809, 919, 1005, 1107, 1205 Riefler, Winneld W., resignation as Class C at Phila- Each bank 30, 132, 230, 336, 462, delphia 997 560, 670, 810, 920, 1006, 1108, 1206 Terms of, change in policy on length of service 881 Foreign banks, held by member banks on call dates Thorpe, C., resignation as Class C at San Francisco. . . .21 Van Dusen, Charles B., resignation as Class B at 39, 141, 239, 345, 471, Chicago 911 569, 679, 819, 929, 1015, 1117, 1215 Waymack, W. W., appointed Deputy Chairman at Government: Chicago , . 1099 Federal Reserve Banks, each bank 30, 132, 230, Wellman, H. R., appointed Class C at San Francisco 336, 462, 560, 670, 810, 920, 1006, 1108, 1206 for unexpired term 1099 Member banks, on call dates. .39; 141, 239, 345, 471, Directors, Federal Reserve Branch Banks: 569, 679, 819, 929, 1015, 1117, 1215 Avery, C. W., resignation at Detroit on election as Weekly reporting member banks: Class B at Chicago 1197 By Federal Reserve districts. .43, 145, 243, 349, Cartwright, Holman, appointed at San Antonio. .. .1197 475,573, 683,823,933,1019,1121,1219 Cunningham, Alex, resignation at Helena 1099 New York City and outside. .41, 143, 241, 347, Engbretson, A. E., Portland, death of 997 473,571,681,821,931,1017,1119,1217 Freeman, Y. Frank, appointed at Los Angeles 1197 Growth in, discussed in Review of the Month List of 116-124 530, 874, 1076, 1179 Newman, Carl V., Los Angeles, death of 327 Member banks: Phillips, Howard, Jacksonville, resignation to enter Call dates 39, 141, 239, 345, 471, United States Army .452 569, 679, 819, 929, 1015, 1117, 1215 Rand, George F., Buffalo, death of 1197 DECEMBER 1942. I2-73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Directors, Federal Reserve Branch Banks—Continued. Earnings and expenses: Richardson, R. B., appointed at Helena 1099 Federal Reserve Banks: Steen, William H., appointed at Portland 1099 1941 ..172 Terms of, policy to be continued 881 Six months' period ending June 30, 1942 851 Directory: Member banks for 1941 711 National banks for 1941 716 Board of Governors of the Federal Reserve System State member banks for 1941 717 92, 192, 288,-396, 522, Eccles, Marriner S.: 022, 736, 865, 978, 1062, 1170, 1264 Address on "How Shall We Pay For The War" 211 Federal Advisory Council 92, 192, 288, 396, 522, Appointed on War Loans Committee 452 622, 736, 865, 978, 1062, 1170, 1264 Use of credit for accumulation of inventories, letter Federal Open Market Committee. .92, 192, 288, 396, 522, to banks and other financing institutions 645 622, 736, 865, 978, 1062, 1170, 1264 Economic activity, further expansion and conversion, Federal Reserve Banks and branches. .93, 193, 289, 397, Review of the Month 625 523, 623, 737, 866, 979, 1063, 1171, 1265 Economic Stabilization Board, Act establishing 1080 Dirks, Frederick C, article on durable goods expenditures Economy, impact of war on 1 in 1941 317 Ecuador: Discount rates: Central Bank of: Federal Reserve Banks 28, 130, 228, 334, 460, Condition 85, 185, 281, 389, 515, 558, 668, 808, 918, 1004, 1106, 1204 615, 729, 858, 971, 1055, 1163,1257 Foreign central banks 87, 187, 283, 391, 517, Discount rate 87, 187, 283, 391, 517, 617, 731, 860, 973, 1057, 1165, 1259 617, 731, 860, 973, 1057, 1165,1259 Reduction in, discussed in Review of the Month 1075 Gold movements to and from United States Discounts by Federal Reserye Banks: 36, 138, 236, 342, 468, Amendment to Regulation A adopted 302, 989 566, 676, 816, 926, 1012, 1114, 1212 Egypt: Dividends: , National Bank of: Federal Reserve Bank stock, taxes on, ruling of Condition 85, 185, 281, 389, 515, Bureau of Internal Revenue 753 615, 729, 858, 971, 1055, 1163, 1257 Letter of Commissioner of Internal Revenue on.. 1085 Gold reserves 76, 176, 272, 380, 510, Federal Reserve Banks for 1941 172 610, 724, 853, 966, 1050, 1158, 1252 Industrial companies 294 El Salvador: Industrial corporations 248, 354, 480, 578, Central Reserve Bank of: 688, 828, 938, 1024, 1126, 1224 Condition 85, 185, 281, 389, 515, Member banks for 1941 711 615, 729, 858, 971, 1055, 1163, 1257 Public utility corporations 248, 354, 480, 578, Discount rate 87, 187, 283, 391, 517, 617, 731, 860, 973,1057, 1165, 1259 688,828,938,1024,1126,1224 Employment: Division of Personnel Administration of Board of Gover- Factory, business index 53, 155, 255, 361^487, nors, creation of 662 585, 695, 835, 945, 1031, 1133, 1231 Dodge Corporation, F. W., figures on construction con- Factory employment, by industries. .58, 160, 260, 366, tracts awarded, reported by 62, 164, 264, 370, 496, 492, 590, 700, 840, 950, 1036, 1138, 1236 594, 704, 844, 954, 1040, 1142, 1240 Factory employment and payrolls, by industries Draper, Ernest G., appointed on War Loans Committee. .452 60, 162, 262, 368, 494, Dreibelbis, J. P., designated General Attorney by Board 592, 702, 842, 952, 1038, 1140, 1238 of Governors 911 Nonagricultural: Dun & Bradstreet, figures on commercial failures re- Adjusted 53, 155, 255, 361, 487, ported by 62, 164, 264, 370, 496, 585, 695, 835, 945, 1031, 1133, 1231 Total in each classification... .59, 161, 261, 367, 493, 594, 704, 844, 954, 1040, 1142, 1240 591, 701, 841, 951, 1037, 1139, 1237 Durable goods expenditures in 1941, article by Frederick Engbretson, A. E., Director of Portland Branch, death C. Dirks 317 of 997 Earnings: England: (See United Kingdom) Industrial corporations 248, 354, 480, 578, Evacuees, protection of interests by Federal Reserve Bank 688, 828, 938, 1024, 1126, 1224 of San Francisco 321 Member banks: Evans, R. M., appointment as member of Board of Gover- 1941 551 nors of Federal Reserve System 326 First half of 1942 1098 Executive officers, report of loan from another bank which Public utility corporations 248, 354, 480, 578, existed at time of admission to Federal Reserve System.. 102 688, 828, 938, 1024, 1126, 1224 Executive orders: 8963, amendment to Order 8389 on transfer of prop- Wage earners in manufacturing industries. .61, 163, 263, erty of foreign countries and their nationals 15 369, 495, 593, 703, 843, 953, 1039, 1141, 1239 8985, establishing Office of Censorship 103 Earnings and dividends: 8998, amending Executive Order 8389 on transfers of Corporations: property of foreign countries and their nationals.. 109 Discussion of new series of quarterly tables 214 9001, authorizing War and Navy Departments and Review of the Month 291 Maritime Commission to perform functions in con- Industrial corporations, quarterly, 1939-41.. 248,354,480, nection with war contracts. 105 578,688,828,938,1024,1126,1224 9023, authorizing other departments and agencies to Public utility corporations, quarterly, 1939-41 perform functions in connection with war contracts. 107 248, 354, 480, 578, 688, 828, 938, 1024, 1126, 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Executive orders—Continued. Federal Deposit Insurance Corporation—Continued. 9024, establishing War Production Board 108 Assets and liabilities 50, 152, 252, 358 484, } 9055, war contracts, extension to contracts of Interior 582, 692, 832, 942, 1028, 1130, 1228 Department 304 Statement on examination and supervisory policy.. .1174 9095, Alien Property Custodian established by 306 Federal Farm Mortgage Corporation: 9102, War Relocation Authority established by 305 Assets and liabilities 50, 152, 252, 358, 484, 9112, financing of contracts for war production 299 582, 692, 832, 942^ 102$ 1130, 1228 9116, extending provisions of previous executive order Obligations guaranteed by Government: . • dealing with war contracts 432 • Maturities , .48.. 150, 250, 356, 482, 9193, allocating powers and functions between Alien 580, 690; 830, 940, 1026, 1128, 1225 Property Custodian and Secretary of the Treasury. . 759 Outstanding V, .. .47, 149,249,355, 481, 9233, extending provisions of No. 9001 to authorize 579, 689, 829, 939, 1025, 1127, 1225 Board of Economic Warfare to perform functions Federal home loan banks: pertaining to Government contracts. . . 990 Assets and liabilities .50, 152, 252, 358, 484, 9250, providing for the stabilizing of the national 582, 692, 832, 942, 1028, 1130, 1228 economy 1082 Loans and discounts outstanding. .52, 154, 254, 360, 486, 9264, extending provisions of No. 9001 to contracts 584, 694, 834, 944, 1030, 1132, 1230 of Department of Commerce 1186 Federal Housing Administration: Expenditures: Assets and liabilities 50, 152, 252, 358, 484, Durable goods in 1941 317 582, 692, 832, 942, 1028, 1130, 1228 Summary of Treasury operations. .49, 151, 251, 357, 483, Guaranteed obligations outstanding 47, 149 581, 691, 831, 941, 1027, 1129, 1227 249, 355, 481 Expenses: Loans insured by 52, 154, 254, 360, 486, Federal Reserve Banks: 584, 694, 834, 944, 1030, 1132, 1230 1941 172 Federal intermediate credit banks: Six months' period ending June 30, 1942 851 Assets and liabilities 50, 152, 252, 358, 484, Member banks for 1941 711 582, 692, 832, 942 1028, 1130, 1228 National banks for 1941 716 Loans and discounts outstanding. .51, 153, 253, 359, 485, State member banks for 1941 717 583, 693, 833, 943, 1029, 1131, 1229 Export-Import Bank of Washington: Federal land banks: Assets and liabilities 50, 152, 252, 358, 484, Assets and liabilities 50, 152, 252, 358, 484, 582, 692, 832, 942, 1028, 1130, 1228 582, 692, 832, 942, 1028. 1130, 1228 Exports and imports: Loans and discounts outstanding. .51, 153, 253, 359, 485, Merchandise 63, 165, 265, 371, 497, 583, 693, 833, 943, 1029, 1131, 1229 595, 705, 845, 955, 1041, 1143, 1241 Federal National Mortgage Association: Factory employment: (See Employment) Assets and liabilities 50, 152, 252, 358, 484, Failures, bank: (See Suspensions of banks) 582, 692, 832, 942, 1028, 1130-, 1228 Failures, commercial: (See Commercial failures) Loans and discounts outstanding. .52, 154, 254, 360, 486, Farm Credit Administration: 584, 694, 834, 944, 1030, 1132, 1230 Assets and liabilities 50, 152, 252, 358 484, Federal Open Market Committee: * 582, 692, 832, 942, 1028, 1130, 1228 Executive committee, members of 327 Loans and discounts outstanding. .51, 153, 253, 359, 485, Meetings held on: 583, 693, 833, 943, 1029, 1131, 1229 December 12, 1941 21 Farm production, discussion in Review of the Month.... 984 February 28 and March 2 326 Farm products: May 8 550 Rise in prices of 199 June 22 662 Wholesale price indexes: August 3 911 Principal countries 90, 190, 286, 394, 520, September 27-28 997 620, 734, 863, 976, 1060, 1168, 1262 Members: United States 65, 167, 267, 373, 499, Eccles, Marriner S., reelected Chairman 326 597, 707, 847, 958, 1044, 1146, 1244 Gilbert, R. R., election of 326 Farm Security Administration: Leedy, H. G., election of 326 Assets and liabilities 50, 152, 252, 358, 484, Sproul, Allan, election of 326 582, 692, 832, 942, 1028, 1130, 1228 Reelected Vice Chairman 326 Federal Advisory Council: Williams, Alfred H., election of 326 Meetings: Young, C. S., election of 326 February 15-16 222 Members and officers, list 92, 192, 288, 396, 522, May 17-18 550 622, 736, 865, 978, 1062, 1170, 1264 September 14-15 997 Membership of, amendment to section 12a of November 15-16 1197 Federal Reserve Act 748 Members 92, 192, 288, 396, 522, Regrouping of Federal Reserve Banks for election 622, 736, 865, 978, 1062, 1170, 1264 of, discussed 740 Officers elected , 222 Federal Reserve Act: Federal Crop Insurance Corporation: Amendment to sections 12a and 19, text 748 Assets and liabilities. 50, 152, 252, 358, 484, Amendment to section 14(b) on purchase of Govern- * 582, 692, 832, 942, 1028, 1130, 1228 ment obligations 301 Federal Deposit Insurance Corporation: Federal Reserve Bank notes: Amortization of debt for nonproductive purposes, Circulation 35, 137, 235, 341, 467, joint statement on 537 565, 675, 815, 925, 1011, 1113, 1211 DECEMBER 1941 12-75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Federal Reserve Bank of Boston: Federal Reserve System—Continued. Staff: Membership, admissions to 21, 114, 222, 327, 452, Paddock, W. W., appointment as President 326 550, 662, 802, 911, 997, 1099, 1197 Willett, William, appointment as First Vice Federal savings and loan associations: President .....326 Loans and discounts outstanding. .52, 154, 254, 360, 486, Young, R. A., resignation as President 326 584, 694, 834, 944, 1030, 1132, 1230 Federal Reserve Bank of New York: Federal Savings anol Loan Insurance Corporation: Staff: Assets and liabilities 50, 152, 252, 358, 484, Sproul, Allan, letter on participation of member banks 582, 692, 832, 942, 1028, 1130, 1228 in war financing program. 1190 Financing of contracts for war production 298 Federal Reserve Bank of San Francisco: Financing of war: (See War financing) Protection of evacuees' interests by 321 Finland: Regulation issued as fiscal agent of United States on Bank of: property of persons evacuated 308 Condition 85, 185, 281, 389, 515, 615, 729 Federal Reserve Bank stock: Discount-rate 87, 187, 283, 391, 517, Tax on dividends, ruling of Bureau of Internal 617, 731, 860, 973, 1057, 1165, 1259 Revenue. 753, 1085 Foreign exchange rates 89, 189, 285, 393, 519, Federal Reserve Banks: 619, 733, 862, 975, 1059, 1167, 1261 Assets and liabilities of 29, 131, 229, 335, 461, Food products: 559, 669, 809, 919, 1005, 1107, 1205 Factory employment index: (See Employment) Branches: Retail prices, index 91, 191, 287, 395, 521, Directors: (See Directors, Federal Reserve Branch 621, 735, 864, 977, 1061, 1169, 1263 Banks) Wholesale price indexes: Managing directors of 93, 193, 289, 397, 523, Principal countries 90, 190, 286, 394, 520, 623, 737, 866, 979, 1063, 1171, 1265 620, 734, 863, 976, 1060, 1168, 1262 Capital and surplus of each bank.. 30, 132, 230, 336, 462, United States 65, 167, 267, 373, 499, 560, 670, 810, 920, 1006, 1108, 1206 597, 707, 847, 958, 1044, 1146, 1244 Chairmen: Foreign banks: List of / 93, 193, 289, 397, 523, Assets and liabilities of central banks. .83, 183, 279, 387, 623, 737, 866, 979, 1063, 1171, 1265 513, 613, 727, 856, 969, 1053, 1161, 1255 Meetings 114, 1099 Commercial banks 88, 188, 284, 392, 518, Directors: (See Directors, Federal Reserve Banks) 618, 732, 861, 974, 1058, 1166, 1260 Earnings and expenses: Deposits held by member banks on call dates 1941. 172 39,141,239,345,471, Six-month period ending June 30, 1942 851 569, 679, 819, 929, 1015, 1117, 1215 Government securities held by 48, 150, 250, 356, 482, Deposits of weekly reporting member banks: 580, 690, 830, 940, 1026, 1128, 1226 By Federal Reserve districts. .43, 145, 243, 349, 475, Officers 93, 193, 289, 397, 523, 573, 683, 823, 933, 1019, 1121, 1219 623, 737, 866, 979, 1063, 1171, 1265 New York City and outside. .41, 143, 241, 347, 473, Federal Reserve Chart Book: 571, 681, 821, 931, 1017, 1119, 1217 Current statistics on bank credit, money rates, and Discount rates of * . .87, 187, 283, 391, 517, business 66, 168, 268, 374, 500, 617, 731, 860, 973, 1057, 1165, 1259 598, 708, 848, 959, 1045, 1147, 1245 Gold reserves of 76, 176, 272, 380, 510, Federal Reserve districts, map of 94, 194, 290, 398, 524, 610, 724, 853, 966, 1050, 1158, 1252 624, 738, 867, 980, 1064, 1172, 1266 Foreign deposits held by Federal Reserve Banks: Federal Reserve notes: All banks combined .29, 131, 229, 335, 461, Circulation: 559, 669, 809, 919, 1005, 1107, 1205 All banks combined 29, 131, 229, 335, 461, Each bank .30, 132, 230, 336, 462, 559, 669, 809, 919, 1005, 1107, 12Q5 560, 670, 810, 920, 1006, 1108, 1206 Each bank, condition statement. .30, 132, 230, 336, Foreign exchange: (See Foreign funds control) 462, 560, 670, 810, 920, 1006, 1108, 1206 Foreign exchange rates 89, 189, 285, 393, 519, Each bank, Federal Reserve Agents' accounts 619, 733, 862, 975, 1059, 1167, 1261 33, 135, 233, 339, 465, Foreign funds control: 563, 673, 813, 923, 1009, 1111, 1209 Circular issued by Treasury Department on 433 Outside Treasury and Federal Reserve Banks Documents pertaining to foreign funds control, 35, 137, 235, 341, 467, pamphlet issued by Treasury Department 432 565, 675, 815, 925, 1011, 1113, 1211 Executive order on transfers of property of foreign Percentage increase 875 countries and their nationals 15 Collateral security for 33, 135, 233, 339, 465, Amendment to 109 563, 673, 813, 923, 1009, 1111, 1209 Licenses, public circulars, and rulings issued by Federal Reserve Agents' accounts.33, 135, 233, 339, 465, Secretary of Treasury 16, 110, 209, 563, 673, 813, 923, 1009, 1111, 1209 308, 534, 879, 990, 1086, 1186 Redemption fund: Regulation issued by Federal Reserve Bank of San All banks combined 29, 131, 229, 335, 461, 559, 669, 809, 919, 1005, 1107, 1205 Francisco as fiscal agent of United States 308 Each bank 30, 132, 230, 336, 462, Forms: 560; 670, 810, 920, 1006, 1108, 1206 Statement of borrower for use by registrant under Federal Reserve System: Regulation W 7 Map 94, 194, 290, 398, 524, Statement of necessity for use after January 15, 1942, 624, 738, 867, 980, 1064, 1172, 1266 by registrant under Regulation W 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME z8 Pages Pages France: Gold—Continued. Bank of: Reserves of central banks and Governments.. 76, 176, Condition 83, 183, 279, 388, 514, 272, 380, 510, 610, 724, 853, 966, 1050, 1158, 1252 614, 728, 857, 970, 1054, 1162, 1256 Stock: Discount rate 87, 187, 283, 391, 517, Chart 26, 128, 226, 332, 458, 617, 731, 860, 973, 1057, 1165, 1259 556, 666, 806, 916, 1002, 1104, 1202 Gold reserves. 76, 176, 272, 380, 510, End of month and Wednesday figures. .27, 129, 227, 610, 724, 853, 966, 1050, 1158, 1252 333, 459, 557, 667, 807, 917, 1003, 1105, 1203 Capital movement to United States. 78, 178, 274, 382, United States, analysis of changes. .36, 138, 236, 342, 512, 612, 726, 855, 968, 1052, 1160, 1254 468, 566, 676, 816, 926, 1012, 1114, 1212 Commercial banks, assets and liabilities. .88, 188, 284, Gold certificates: 392, 518, 618, 732, 861, 974, 1058, 1166, 1260 Circulation 35, 137, 235, 341, 467, Cost of living, index numbers 91, 191, 287, 395, 521, 565, 675, 815, 925, 1011, 1113, 1211 621, 735, 864, 977, 1061, 1169, 1263 Federal Reserve Bank holdings: Foreign exchange rates 89, 189, 285, 393, 519, All banks combined 29, 131, 229, 335, 461, 619, 733, 862, 975, 1059, 1167, 1261 559, 669, 809, 919, 1005, 1107, 1205 Gold movements 77, 177, 273, 381, 511, Each bank 30, 132, 230, 336, 462, 611, 725, 854, 967, 1051, 1159, 1253 560, 670, 810, 920, 1006, 1108, 1206 Retail food prices 91, 191, 287, 395, 521, Government bonds: (See Government securities) 621, 735, 864, 977, 1061, 1169, 1263 Government contracts: Security prices, index of 91, 191, 287, 395, 521, Board of Economic Warfare authorized to perform 621, 735, 864, 977, 1061, 1169, 1263 functions pertaining to, by Executive Order 9233. . 990 Wholesale prices in 90, 190, 286, 394, 520, Executive order authorizing War and Navy Depart- 620, 734, 863, 976, 1060, 1168, 1262 ments and Maritime Commission to perform t Freeman, Y. Frank, appointed director at Los Angeles functions in connection with war contracts— Branch 1197 No. 9001 ,. .105 Freight car loadings: • Executive Order No. 9055 extending provisions of Chart 126 No. 9001 304 Classes 63, 165, 265, 371, 497, Executive Order No. 9116 extending provisions of . 595, 705, 845, 955, 1041, 1143, 1241 No. 9001 432 Index of 53, 155, 255, 361, 487, Executive Order No. 9264 extending provisions of 585, 695, 835, 945, 1031, 1133, 1231 No. 9001 1186 Fuel: Government corporations and credit agencies: Wholesale price index 65, 167, 267, 373, 499, Activities in 1941 319 597, 707, 847, 958, 1044, 1146, 1244 Assets and liabilities 50, 152, 252, 358, 484, Germany: 582, 692, 832, 942, 1028, 1130, 1228 Capital movement from United States. . 78, 178, 274, 382, Government debt: 512, 612, 726, 855, 968, 1052, 1160, 1254 Changes in 98 Cost of living, index numbers. .... .91,191, 287, 395, 521, Direct and fully guaranteed 873 621, 735, 864, 977, 1061, 1169, 1263 Distribution of 99 Foreign exchange rates 89, 189, 285, 393, 519, Increase in, discussed in Review of the Month. . 1068,1175 619, 733, 862, 975, 1059, 1167, 1261 Maturities of Government securities. . . .48, 150, 250, 356, Open market rates 87, 187, 283, 391, 517, 482, 580, 690, 830, 940, 1026, 1128, 1225 617, 731, 860, 973, 1057, 1165, 1259 Volume and kind of securities 47, 149, 249, 355, 481, Reichsbank: 579, 689, 829, 939, 1025, 1127, 1225 Condition 84, 184, 280, 388, 514, Government employees, number of persons included as 614, 728, 857, 970, 1054, 1162, 1256 59, 161, 261, 367, 493, ^Discount rate 87, 187, 283, 391, 517, 591, 701, 841, 951, 1037, 1139, 1237 617, 731, 860, 973, 1057, 1165, 1259 Government securities: Gold reserves 76, 176, 272, 380, 510, Advances on, amendment to Regulation A 302 610, 724, 853, 966, 1050, 1158, 1252 Advances to member and nonmember banks on pro- Retail food prices , 91, 191, 287, 395, 521, missory notes secured by 207 621, 735, 864, 977, 1061, 1169, 1263 Bank holdings of 3, 1176 Security prices, index of 91, 191, 287, 395, 521, Bond prices 46, 148, 246, 352, 478, 621, 735, 864, 977, 1061, 1169, 1263 576, 686, 826, 936, 1022, 1124, 1222 Wholesale prices in 90, 190, 286, 394, 520, Direct obligations, volume and kind. .47, 149, 249, 355, 620, 734, 863, 976, 1060, 1168, 1262 481, 579, 689, 829, 939, 1025, 1127,1225 Gold: Distribution of, discussed in Review of the Month Earmarked 36, 138, 236, 342, 468, 528,744 566, 676, 816, 926, 1012, 1114, 1212 Federal Reserve Bank holdings: Imports and exports to and from United States. .36, 138, Each bank 30, 132, 230, 336, 462, 560, 670, 810, 920, 1006, 1108, 1206 236, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 End of month and Wednesday figures. .27, 129, 227, Movements, United States 77, 177, 273, 381, 511, 333, 459, 667, 807, 917, 1003, 1105, 1203 611, 725, 854, 967, 1051, 1159, 1253 Maturity distribution 29, 131, 229, 335, 461, Production : 559, 669, 809, 919, 1005, 1107, 1205 United States 36, 138, 236, 342, 468, Holdings of all member banks, December 31, 1941.. .378 566, 676, 816, 926, 1012, 1114, 1212 Investments by weekly reporting member banks: World 77, 177, 273, 381, 511, By Federal Reserve districts. .42, 144, 242, 348, 474, 611, 725, 854, 967, 1051, 1159, 1253 572, 682, 822, 9321018, 1120, 1218 r DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Government securities—Continued. Hoffman, Paul G., appointed Class C director at Chicago.. 1197 Investments by weekly reporting members banks— Holding company affiliates: Continued. Relationship based on number of shares voted at New York City and outside. .40, 142, 240, 346, 472, preceding election of directors of banks 207 570, 680, 820, 930, 1016, 1118, 1216 Holmes, Allen W., elected Class A director at Federal Investments in and loans upon, joint statement of Reserve Bank of Boston 1099 examination and supervisory policy 1174 Home Owners Loan Corporation: Market for, discussed in Review of the Month. . 100, 528, Assets and liabilities •.. .50, 152, 252, 358, 484, 1074, 1176 582, 692, 832, 942, 1028, 1130, 1228 Marketable securities outstanding 1225 Loans and discounts outstanding. .52, 154, 254, 360, 486, Maturities of 48, 150, 250, 356, 482, 584, 694, 834, 944, 1030, 1132, 1230 580, 690, 830, 940, 1026, 1128, 1225 Obligations guaranteed by Government: Member bank holdings, call dates. .38, 140, 238, 344, 470, Maturities 48, 150, 250, 356, 482, 568, 678, 818, 928, 1014, 1116, 1214 580, 690, 830, 940, 1026, 1128, 1225 National summary of business conditions . .22, 125, 223, Outstanding 47, 149, 249, 355, 481, 328, 455, 552, 663, 803, 912, 998, 1100, 1199 579, 689, 829, 939, 1025, 1127, 1225 New issues, announcement of 1182 Hong Kong: Obligations of Federal agencies guaranteed by Foreign exchange rates 89, 189, 285, 393, 519, Government 47, 149, 249, 355, 481, 619, 733, 862, 975, 1059, 1167, 1261 579, 689, 829, 939, 1025, 1127, 1225 Hours and earnings of wage earners in manufacturing Obligations of Government, direct and guaranteed: industries..- 61, 163, 263, 369, 495, Maturities 48, 150, 250, 356, 482, 593, 703, 843, 953, 1039, 1141, 1239 580, 690, 830, 940, 1026, 1128, 1225 Hungary: Ownership of 48, 150, 250, 356, 482, Declaration of war on, joint resolution 634 580, 690, 830, 940, 1026, 1128, 1226 Foreign exchange rates 89, 189, 285, 393, 519, Open market purchases of 2 619, 733, 862, 975, 1059, 1167, 1261 Ownership of 48, 150, 250, 356, 482, National Bank of: 580, 690, 830, 940, 1026, 1128, 1226 Condition 85, 185, 281, 389, 515, Purchase of, amendment to section 14(b) of Federal 615, 729, 858, 971, 1055, 1163, 1257 Reserve Act 301 Discount rate 87, 187, 283, 391, 517, Savings bonds: 617, 731, 860, 973, 1057, 1165, 1259 Award of minute man flag to Board for pur- Gold reserves 76, 176, 272, 380, 510, chase of 1198 610, 724, 853, 966, 1050, 1158, 1252 Banks participating in sale of 323 Imports and exports: Sales of 579, 689, 829, Gold movements to and from United States. .36, 77, 138, 939, 1025, 1127, 1225 177, 236, 273, 342, 381, 468, 511, 566, 611, 676, 725, Treasury bills: 816, 854, 926, 967, 1012, 1051, 1114, 1159, 1212, 1253 Average rate on . .45, 147, 245, 3*51, 477, Merchandise .63, 165, 265, 371, 497, 575, 685, 825, 935, 1021, 1123, 1221 595, 705, 845, 955, 1041, 1143, 1241 Maturities 48, 150, 250, 356, 482, Income: 580, 690, 830, 940, 1026, 1128, 1225 Payments: Treasury bills and certificates as outlets for additional Chart 402 funds 631 Index of value of 53, 155, 255, 361, 487, Treasury notes, average yield on. .45, 147, 245, 351, 477, 585, 695, 835, 945, 1031, 1133, 1231 575, 685, 825, 935, 1021, 1123, 1221 Railroads 63, 165, 265, 371, 497, Yield on 45, 147, 245, 351, 477, 595, 705, 845, 955, 1041, 1143, 1241 575, 685, 825, 935, 1021, 1123, 1221 Taxes: Great Britain: (See United Kingdom) Individual and corporate, discussion in Review Greece: of the Month 1068 Bank of: Internal revenue collections 1227 Condition 85, 185, 281 Large companies for 1941 294 Discount rate 87, 187, 283, 391, 517, Personal, in United States, Canada, and United 617, 731, 860, 973, 1057, 1165, 1259 Kingdom 1192 Gold reserves 76, 176, 272, 380, 510, Index numbers: 610, 724, 853, 966, 1050, 1158, 1252 Bond prices 46, 148, 246, 352, 478, Foreign exchange rates 89, 189, 285, 393, 519, 576, 686, 826, 936, 1022, 1124, 1222 619, 733, 862, 975, 1059, 1167, 1261 Business indexes 53, 155, 255, 361, 487, Group banks: 585, 695, 835, 945, 1031, 1133, 1231 Branches of 603 Construction contracts awarded.. .53, 155, 255, 361, 487, Number and deposits of 603 585, 695, 835, 945, 1031, 1133, 1231 Guaranteed obligations: (See Government securities) Cost of living: Harrison, George L., elected Vice President of Federal Principal countries 91, 191, 287, 395, 521, Advisory Council 222 621, 735, 864, 977, 1061, 1169, 1263 United States 53, 155, 255, 361, 487, Hawaii: 585, 695, 835, 945, 1031, 1133, 1231 Currency, withdrawal of that now in circulation and Department stores: replacement by special series 762 Sales, adjusted 53, 155, 255, 361, 487, Hoarding of currency: 585, 695, 835, 945, 1031, 1133, 1231 Discussion of extent of 313 Sales, weekly 64, 166, 266, 372, 498, Further comment on article in April BULLETIN 453 596, 706, 846, 956, 1042, 1144, 1242 1X78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Index numbers—Continued. Industrial advances by Federal Reserve Banks—Continued. Department stores—Continued. Rates 28, 130, 228, 334, 460, Sales and stocks, monthly 64, 166, 266, 372, 498, 558, 668, 808, 918, 1004, 1106, 1204 596, 706, 846, 956, 1042, 1144, 1242 Regulation S, revision of 427 Factory employment 53, 155, 255, 361, 487, Industrial corporations: 585, 695, 835, 945, 1031, 1133, 1231 Earnings and dividends of 248, 354, 480, 578, 688, Factory employment, by industries: 828, 938, 1024, 1126, 1224 Adjusted for seasonal variations. .58, 160, 260,.366, Earnings discussed in Review of the Month 292 492, 590, 700, 840, 950, 1036, 1138, 1236 Statistics on quarterly earnings and dividends 214 Factory employment and payrolls, by industries: Industrial loans: (See Industrial advances) Without seasonal adjustment. 60, 162, 262, 368, 494, Industrial production: 592, 702, 842, 952, 1038, 1140, 1238 Business index 53, 155, 255, 361, 487, Freight car loadings: 585, 695, 835, 945, 1031, 1133, 1231 Adjusted 53, 155, 255, 361, 487, By industries: 585, 695, 835, 945, 1031, 1133, 1231 Adjusted for seasonal variations.. .54, 156, 256, 362, Classes .63, 165, 265, 371, 497, 488, 586, 696, 836, 946, 1032, 1134, 1232 595, 705, 845, 955, 1041, 1143, 1241 Without seasonal adjustments. . . .56, 158, 258, 364, Income payments 53, 155, 255, 361, 487, 490, 588, 698, 838, 948, 1034, 1136, 1234 585, 695, 835, 945, 1031, 1133, 1231 Charts . .22, 125, 223, 328, 455, Industrial production: 552, 628, 643, 663, 803, 912, 998, 1100, 1199 Adjusted for seasonal variations. .54, 156, 256, 362, Extension of, discussed in Review of the Month 628 488, 586, 696, 836, 946, 1032, 1134, 1232 Impact of war on 1 Chart 22, 125, 223, 328, 455, Index, influence of war conditions on 642 552, 628, 643, 663, 803, 912, 998, 1100, 1199 National summary of business conditions. .22, 125, 223, Influence of war conditions on 642 328, 455, 552, 663, 803, 912, 998, 1100, 1199 Physical volume 53, 155, 255, 361, 487, industrial products: 585, 695, 835, 945, 1031, 1133, 1231 Wholesale price indexes 90, 190, 286, 394, 520, Without seasonal adjustments ,56, 158, 258, 364, 490, 620, 734, 863, 976, 1060, 1168, 1262 588, 698, 838, 948, 1034, 1136, 1234 Inflation, considerations involved in issuance' of general Nonagricultural employment 53, 155, 255, 361, 487, maximum price regulation 441 585, 695, 835, 945, 1031, 1133, 1231 Instalment credit: (See Consumer credit) Retail food prices 91, 191, 287, 395, 521, Instalment loans of insured banks, December 31, 1941. .. .438 621, 735, 864, 977, 1061, 1169, 1263 Insurance agencies of Government: Security prices in principal countries. .91, 191, 287, 395, Assets and liabilities 50, 152, 252, 358, 484, 521, 621, 735, 864, 977, 1061, 1169, 1263 582, 692, 832, 942, 1028, 1130, 1228 Statistical series in Canada, publication of additional. . 451 Insurance companies: Wholesale prices: Government securities held by 48, 150, 250, 356, 482, Commodities. 53, 155, 255, 361, 487, 580, 690, 830, 940, 1026, 1128, 1226 585, 695, 835, 945, 1031, 1133, 1231 Insured home mortgages held 52, 154, 254, 360, 486, Groups of commodities 65, 167, 267, 373, 499, 584, 694, 834, 944, 1030, 1132, 1230 597, 707, 847, 958, 1044, 1146, 1244 Insured banks: (See also Banks) Principal countries 90, 190, 286, 394, 520, Instalment loans of, as of December 31, 1941 438 620, 734, 863, 976, 1060, 1168, 1262 Interest rates: India, British: Commercial loan rates in principal cities. .45, 147, 245, Foreign exchange rates 89, 189, 285, 393, 519, 351, 477, 575, 685, 825, 935, 1021, 1123, 1221 619, 733, 862, 975, 1059, 1167, 1261 Member banks 1089 Gold movements 77, 177, 273, 381, 511, Open market, in New York City. .45, 147, 245, 351, 477, 611, 725, 854, 967, 1051, 1159, 1253 575, 685, 825, 935, 1021, 1123, 1221 Gold production 77, 177, 273, 381, 511, Time deposits, maximum rate on. .28, 130, 228, 334, 460, 611, 725, 854, 967, 1051, 1159, 1253 558, 668, 808, 918, 1004, 1106, 1204 Reserve Bank of: Internal revenue collections . 1227 Condition. 85, 185, 281, 389, 515, International capital transactions of the United States 615, 729, 858, 971, 1055, 1163, 1257 78, 178, 274, 382, 512, Discount rate 87, 187, 283, 391, 517, 612, 726, 855, 968, 1052, 1160, 1254 617, 731, 860, 973, 1057, 1165, 1259 Inventories: Gold reserves 76, 176, 272, 380, 510, Accumulation of, letter to financing institutions on 610, 724, 853, 966, 1050, 1158, 1252 use of credit for 645 Industrial advances by Federal Reserve Banks: Department stores 19, 324, 647 All banks combined: Investments: End of month and Wednesday figures. .29, 131, 229, All banks in the United States: By districts 69, 504, 1151 335,461, 559,669, 809,919,1005,1107,1205 Call dates 37, 139, 237, 343, 469, Commitments 30, 132, 230, 336, 462, 567, 677, 817, 927, 1013, 1115, 1213 560, 670, 810, 920, 1006, 1108, 1206 Member banks, call dates 38, 140, 238, 344, 470, Each bank 30, 132, 230, 336, 462, 568, 678, 818, 928, 1014, 1116, 1214 560, 670, 810, 920, 1006, 1108, 1206 Weekly reporting member banks: Maturity distribution 29, 131, 229, 335, 461, By Federal Reserve districts. .42, 144, 242, 348, 474, 559, 669, 809, 919, 1005, 1107, 1205 572, 682, 822, 932, 1018, 1120, 1218 Number and amount 33, 135, 233, 339, 465. New York City and outside. .40, 142, 240, 346, 472, 563, 673, 813, 923, 1009, 1111, 1209 570, 680, 820, 930, 1016, 1118, 1216 DECEMBER 1942. 1x79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Iran: Legislation—Continued. Gold reserves 76, 176, 272, 380, 510, Second War Powers Act, 1942, including amendment 610, 724, 853, 966, 1050, 1158, 1252 to section 14(b) of Federal Reserve Act 301 Italy: Small business, act to mobilize productive facilities of. 635 Capital movement from United States. . 78, 178, 274, 382, Leland, Simeon E., appointed Chairman at Federal 512, 612, 726, 855, 968, 1052, 1160, 1254 Reserve Bank of Chicago 1099 Discount rate 87, 187, 283, 391, 517, Leonard, Robert F., appointed director of Division of 617, 731, 860, 973, 1057, 1165, 1259 Personnel Administration 662 Foreign exchange rates 89, 189, 285, 393, 519, Lewis, Frank J., resignation as Class C director and Chair- 619, 733, 862, 975, 1059, 1167, 1261 man and Federal Reserve Agent at Chicago 662 Gold reserves 76, 176, 272, 380, 510, Licenses: 610, 724, 853, 966, 1050, 1158, 1252 Issued by President under Trading with the Enemy Wholesale prices in 90, 190, 286, 394, 520, Act 15 620, 734, 863, 976, 1060, 1168, 1262 Issued by Secretary of the Treasury relating to trans- Japan: actions in foreign exchange. . 16, 110, 209, 308, 1087, Bank of: 1186 Condition 85, 185, 281 Issued by Treasury Department, designation of Office Discount rate 87, 187, 283, 391, 517, of Censorship to act as agency for. 104 617, 731, 860, 973, 1057, 1165, 1259 Lichtenstein, Walter, reappointed secretary of Federal Gold reserves 76, 176, 272, 380, 510, Advisory Council 222 610, 724, 853, 966, 1050, 1158, 1252 Lloyd, Walter H., Jr., resignation as Class C director at Foreign exchange rates 89, 189, 285, 393, 519, Cleveland 911 619, 733, 862, 975, 1059, 1167, 1261 Loans: Gold movements 77, 177, 273, 381, 511, Agricultural 38, 140, 238, 344, 470, 611, 725, 854, 967, 1051, 1159, 1253 568, 678, 818, 928, 1014, 1116, 1214 Wholesale prices in 90, 190, 286, 394, 520, Bank, rise in 3 620, 734, 863, 976, 1060, 1168, 1262 Brokers and dealers in securities by weekly reporting Java: member banks 40, 142, 240, 346, 472, Bank of: 570, 680, 820, 930, 1016, 1118, 1216 Condition 85, 185, 281, 390, 516, Commercial at member banks, survey of 768 616, 730, 859, 972, 1056, 1164, 1258 Commercial, industrial, and agricultural by weekly Discount rate 87, 187, 283, 391, 517, reporting member banks: 617, 731, 860, 973, 1057, 1165, 1259 By Federal Reserve districts. .42, 144, 242, 348, 474, Gold reserves 76, 176, 272, 380, 510, 572, 682, 822, 932, 1018, 1120, 1218 610, 724, 853, 966, 1050, 1158, 1252 New York City and outside. .40, 142, 240, 346, 472, Joint statements of bank supervisory agencies: 570, 680, 820, 930, 1016, 1118, 1216 Amortization of debt for nonproductive purposes.. . . 537 Commercial, regional distribution of 882 Examination and supervisory policy with respect to Consumer, at commercial banks, statistics on 992 investments in loans upon Government securities. . 1174 (See also Consumer credit) Labor supply and wages, discussion in Review of the Executive officers, report of loan from another bank Month 983 which existed at time of admission to Federal Latin America: Reserve System 102 Capital movement to United States. .78, 178, 274, 382, Federal Housing Administration, insured by..52, 154, 512, 612, 726, 855, 968, 1052, 1160, 1254 . 254, 360, 486, 584, 694, 834, 944, 1030, 1132, 1230 Latvia, Bank of: Industrial: (See Industrial advances) Discount rate 87, 187, 283, 391, 517, National banks: 617, 731, 860, 973, 1057, 1165, 1259 Limitations as applied to guaranteed war loans.. 534 Legislation: Secured or covered by Governmental guaranties, Amendment to sections 12a and 19 of Federal limitations on 640 Reserve Act: Real estate, by weekly reporting member banks. .40, 142, Discussion of » 739 240, 346, 472, 570, 680, 820, 930, 1016, 1118, 1216 Text 748 Small business concerns, act to mobilize productive Appropriation's for War and Navy Departments facilities of 635 Loans and discounts: and Maritime Commission for war financing 533 Farm Credit Administration 51, 153, 253, 359, 485, Declaration of war between United States and 583, 693, 833, 943, 1029, 1131, 1229 Bulgaria 634 Federal home mortgage and housing agencies. .52, 154, Declaration of war between United States and 254, 360, 486, 584, 694, 834, 944, 1030, 1132, 1230 Germany 11 Loans and investments: Declaration of war between United States and All banks in the United States: Hungary 634 By Federal Reserve districts 69, 504, 1151 Declaration of war between United States and Italy. . 11 On call dates 37, 139, 237, 343, 469, Declaration of war between United States and Japan 11 567, 677, 817, 927, 1013, 1115, 1213 Declaration of war between United States and All member banks, December 31, 1941 378 Rumania 634 Member banks, call dates 38, 140, 238, 344, 470, Emergency Price Control, Act of 1942 200 568, 678, 818, 928, 1014, 1116, 1214 Amendment to 1080 Mutual savings banks, by States 73, 508, 1155 First War Powers Act, 1941 12 National banks, by States 71, 506, 1153 Neutrality Act, joint resolution amending section 7. . 208 Private banks, by States 73, 508, 1155 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Loans and investments—Continued. Membership in Federal Reserve System: Reconstruction Finance Corporation. .51, 153, 253, 359, State banks admitted, list of 21, 114, 222, 327, 452, 485, 583, 693, 833, 943, 1029, 1131, 1229 550, 662, 802, 911, 997, 1099, 1197 State banks, by States 72, 507, 1154 Merchandise exports and imports 63, 165, 265, 371, 497, Weekly reporting member banks: 595, 705, 845, 955, 1041, 1143, 1241 By Federal Reserve districts. .42, 144, 242, 348, 474, Mexico: 572, 682, 822, 932, 1018, 1120, 1218 Bank of: New York City and outside. .40, 142, 240, 346, 472, Condition of : .390, 516, 616, 730, 859, 570, 680, 820, 930, 1016, 1118, 1216 972, 1056, 1164, 1258 Manufacturers: Discount rate 87, 187, 283, 391, 517, Industrial production index of 53, 155, 255, 361,487, 617, 731, 860, 973, 1057, 1165, 1259 585, 695, 835, 945, 1031, 1133, 1231 Gold reserves 76, 176, 272, 380, 510, Manufacturing industries: 610, 724, 853, 966, 1050, 1158, 1252 Hours and earnings of wage earners. .61, 163, 263, 369, Foreign exchange rates 89, 189, 285, 393, 519, 495, 593, 703, 843, 953, 1039, 1141, 1239 619, 733, 862, 975, 1059, 1167, 1261 Margin accounts: Gold movements 77, 177, 273, 381, 511, Statistics of stock exchange firms. .44, 146, 244, 350, 476, 611, 725, 854, 967, 1051, 1159, 1253 574, 684, 824, 934, 1020, 1122, 1220 Gold production 77, 177, 273, 381, 511, Margin requirements: 611, 725, 854, 967, 1051, 1159, 1253 Under Regulations T and U 28, 130, 228, 334, 460, Military and naval forces, number of persons included in 558, 668, 808, 918, 1004, 1106, 1204 59, 161, 261, 367, 493, 591, 701, 841, 951 Maritime Commission: Minerals: Appropriation for war financing 533 Industrial production, index of... .53, 155, 255, 361, 487," Appropriations in connection with guarantee of war 585, 695, 835, 945, 1031, 1133, 1231 loans 640 Minute man flag, award to Board for purchase of war Assets and liabilities 50, 152, 252, 358, 484, savings bonds 1198 582, 692, 832, 942, 1028, 1130, 1228 Money in circulation 27, 129, 227, 333, 459, Executive order authorizing to perform functions in 557, 667, 807, 917, 1003, 1105, 1203 connection with war contracts 105 Chart 26, 128, 226, 332, 458, 556, Markham, James E., appointment as Deputy Alien 666, 806, 916,1002,1104,1178,1202 Property Custodian .. .' 430 Kinds of 35, 137, 235, 341, 467, Maturity distribution of bills and United States Govern- 565, 675, 815, 925, 1011, 1113, 1211 ment securities held by Federal Reserve Banks. .29, 131, Total .27, 129, 227, 333, 459, 229, 335, 461, 559, 669, 809, 919, 1005, 1107, 1205 557, 667, 807, 917, 1003, 1105, 1203 McKee, John K., appointed on War Loans Committee. . .452 Money rates: Meetings: Changes in 5 Chairmen of Federal Reserve Banks: Commercial loan rates 45, 147, 245, 351, 477, January 26 114 575, 685, 935, 1021, 1123, 1221 October 5 1099 Current statistics for Federal Reserve Chart Book Federal Advisory Council: 66, 168, 268, 374, 500, February 15-16 222 598, 708, 848, 959, 1045, 1147, 1245 May 17-18 550 Foreign countries 87, 187, 283, 391, 517, September 14-15 997 617, 731, 860, 973, 1057, 1165, 1259 November 15-16 1197 New York City, chart 23, 126, 553 Federal Open Market Committee: Open market, New York City 45, 147, 245, 351, 477, December 12, 1941 21 575, 685, 825, 935, 1021, 1123, 1221 February 28 and March 2 326 Mortgages: May 8 550 Insured Federal Housing Administration mortgages June 22 662 held 52, 154, 254, 360, 486, August 3 911 584, 694, 834, 944, 1030, 1132, 1230 September 27-28 997 Musgrave, R. A., article on Personal Income Taxes in Presidents' Conference- the United States, Canada, and the United Kingdom. .1192 February 2-3 222 Mutual savings banks: February 28-March 2 327 Assets and liabilities, by States 73, 508, 1155 May 8 ..550 Changes in number of banks and branches. 171, 601, June 22-23 662 962, 1248 September 25-27 997 Deposits 37, 139, 237, 343, 469, Member banks: 567, 677, 817, 927, 1013, 1115, 1213 Charts: (See Charts) Government securities held by 48, 150, 250, 356, 482, Condition on selected call dates 606 580, 690, 830, 940, 1026, 1128, 1226 Earnings, first half of 1942 1098 Insured home mortgages held 52, 154, 254, 360, 486, Earnings and expenses in. 1941 551, 711 584, 694, 834, 944, 1030, 1132, 1230 Loans and investments, on call dates. .37, 139, 237, 343, Loans and investments, on call dates. .37, 139, 237, 343, 469, 567, 677, 817, 927, 1013, 1115, 1213 469, 567, 677, 817, 927, 1013, 1115, 1213 Number of, on call dates 37, 139, 237, 343, 469, Number of: 567, 677, 817, 927, 1013, 1115, 1213 By States 604 101 leading cities 664 Reserves and related items 664 Call dates 37, 139, 237, 343, 469, Reserves, reserve bank credit, and related items. .27,129, 567, 677, 817, 927, 1013, 1115, 1213 227, 333, 459, 557, 667, 807, 917, 1003, 1105, 1203 Maintaining branches 604 12.81 DECEMBER 1942. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages National bank notes: New Zealand—Continued. Circulation 35, 137, 235, 341, 467, Reserve Bank of: 565, 675, 815, 925, 1011, 1113, 1211 Condition 86, 186, 282, 390, 516, National banks: 616, 730, 859, 972, 1056, 1164, 1258 Assets and liabilities, by States 71, 506, 1153 Discount rate 87, 187, 283, 391, 517, Changes in number of banks and branches. 171, 601, 617 731, 860, 973, 1057, 1165, 1259 962, 1248 Gold reserves '. 76, 176, 272, 380, 510, Condition on December 31, 1941 ; .377 610, 724, 853, 966, 1050, 1158, 1252 Deposits. . 37, 139, 237, 343, 469, Newman, Carl V., director at Los Angeles Branch, death 567, 677, 817, 927, 1013, 1115, 1213 of 327 Earnings and expenses for 1941 716 Nonmember banks: Loans, limitations as affecting guaranteed war loans.. 534 Assets and liabilities, by districts 69, 504, 1151 Loans secured or covered by Governmental guar- Changes in number of banks and branches. .171, 601, anties, limitations on 640 962, 1248 Number of: Deposits: By States 604 Call dates 37, 139, 237, 343, 469, Call dates 37, 139, 237, 343, 469, 567, 677, 817, 927, 1013, 1115, 1213 567, 677, 817, 927, 1013, 1115, 1213 Held by Federal Reserve Banks 27 129, 227, 333, ? Changes in 71, 506, 1153 459, 557, 667, 807, 917, 1003, 1105, 1203 Maintaining branches 604 Loans and investments', on call dates... .37, 139, 237, Suspensions 36, 138, 236, 342, 468, 343, 469, 567, 677, 817, 927, 1013, 1115, 1213 566, 676, 816, 926, 1012, 1114, 1212 Number of: National Defense Corporation: By States 604 Assets and liabilities 50, 152, 252, 358, 484, Call dates 37, 139, 237, 343, 469, 582, 692, 832, 942, 1028, 1130, 1228 567, 677, 817, 927, 1013, 1115, 1213 National summary of business conditions. .22, 125, 223, 328, Maintaining branches 604 . 455, 552, 663, 803, 912, 998, 1100, 1199 Suspensions 36, 138, 236, 342, 468, Nature and size of the war financing program 765 566, 676, 816, 926, 1012, 1114, 1212 Naval forces, number of persons included in. .59, 161, 261, Norway: 367, 493, 591, 701, 841, 951 Bank of: Navy Department: Condition 86, 186, 282 Appropriation for war financing 533 Discount rate 87, 187, 283, 391, 517, Executive order authorizing to perform functions in 617, 731, 860, 973, 1057, 1165, 1259 connection with war contracts 105 Gold reserves 76, 176, 272, 380, 510, Netherlands: 610, 724, 853, 966, 1050, 1158, 1252 Bank: * Foreign exchange rates 89, 189, 285, 393, 519, Condition 85, 185, 281, 390, 516, 619, 733, 862, 975, 1059, 1167,1261 616, 730, 859, 972, 1056, 1164, 1258 Office of Economic Stabilization: Discount rate 87, 187, 283, 391, 517, Stark, Walter R., assigned to 1099 617, 731, 860, 973, 1057, 1165, 1259 Office of Price Administration: Gold reserves 76, 176, 272, 380, 510, Statement of costs involved in issuance of general 610, 724, 853, 966, 1050, 1158, 1252 maximum price regulation 441 Capital movement to United States. .78, 178, 274, 382, Open market operations: 512, 612, 726, 855, 968, 1052, 1160, 1254 Discussion in Review of the Month 528, 872, 1074 Cost of living, index numbers..... .91, 191, 287, 395, 521, Open market paper: 621, 735, 864, 977, 1061, 1169, 1263 Member bank holdings, call dates. .38,140, 238,344, 470, Foreign exchange rates 89, 189, 285, 393, 519, 568, 678, 818, 928, 1014, 1116, 1214 619, 733, 862, 975, 1059, 1167, 1261 Weekly reporting member banks: Gold movements 77, 177, 273, 381, 511, By Federal Reserve districts. .42, 144, 242, 348, 474, 611, 725, 854, 967, 1051, 1159, 1253 572, 682, 822, 932, 1018, 1120, 1218 Open market rates 87, 187, 283, 391, 517, New York City and outside.. .40, 142, 240, 346, 472, 617. 731, 860, 973, 1057,1165, 1259 570, 680, 820, 930, 1016, 1118, 1216 Retail food prices '. 91, 191, 287, 395, 521, Open market rates: 621, 735, 864, 977, 1061, 1169, 1263 Foreign countries 87, 187, 283, 391, 517, Security prices, index of 91, 191, 287, 395, 521, 617, 731, 860, 973, 1057, 1165, 1259 621, 735, 864, 977, 1061, 1169, 1263 New York City 45, 147, 245, 351, 477, Wholesale prices in 90, 190, 286, 394, 520, 575, 685, 825, 935, 1021, 1123, 1221 620, 734, 863, 976, 1060, 1168, 1262 Paddock, W. W., appointment as President of Federal Neutrality Act: Reserve Bank of Boston for unexpired term 326 Joint resolution amending section 7 208 Participation by commercial banks in the war financing New York Stock Exchange: program. 1190 Volume of trading on 46, 148, 246, 352, 478, Paul, Randolph, resignation as Class C director at 576, 686, 826, 936, 1022, 1124, 1222 New York 911 New Zealand: Payroll deduction plan for purchase of war savings bonds, Foreign exchange rates 89, 189, 285, 393, 519, award of minute man flag to Board for 1198 619, 733, 862, 975, 1059, 1167, 1261 Payrolls, factory: Gold movements to and from United States. .36,138, 236, Business index of 53, 155, 255, 361, 487, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 585, 695, 835, 945, 1031, 1133, 1231 Il82_ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Payrolls, factory—Continued. Price changes, discussion of 196 By industries, without seasonal adjustment. .. .60, 162, Price control: 262, 368, 494, 592, 702, 842, 952, 1038, 1140, 1238 Act of Congress on emergency price control signed Chart 983 by President 1080 Personal income taxes in the United States, Canada, Price regulation: and the United Kingdom 1192 Statement of costs involved in issuance of general Personal loans and retail instalment paper of insured maximum '. 411 banks, June 30, 1942 995 Prices: Peru: Farm products 199, 984 Central Reserve Bank of: Pressure on, discussed in Review of the Month 627 Condition 86, 186, 282, 390, 516, Retail food 91, 191, 287, 395, 521, 616, 730, 859, 972, 1056,1164, 1258 621, 735, 864, 977, 1061, 1169, 1263 Discount rate 87, 187, 283, 391, 517, Securities in principal countries... .91, 191, 287, 395, 521, 617, 731, 860, 973, 1057, 1165, 1259 621, 735, 864, 977, 1061, 1169, 1263 Gold reserves., 76, 176, 272, 380, 510, Wholesale commodity 53, 155, 255, 361, 487, 610, 724, 853, 966, 1050, 1158, 1252 585, 695, 835, 945, 1031, 1133,1231 Gold movements to and from United States.. 36,138,236, Wholesale in principal countries, indexes of 90, 190, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 286, 394, 520, 620, 734, 863, 976, 1060, 1168,1262 Philippine Islands: Private banks: Gold movements 77, 177, 273, 381, 511, Assets and liabilities, by States 73, 508, 1155 611, 725, 854, 967, 1051, 1159, 1253 Changes in 171, 601, 962,1248 Phillips, Howard, resignation as director of Jacksonville Number of...' 604 Branch 452 Number maintaining branches 604 Poland: Production, industrial: (See Industrial production) Foreign exchange rates. 89, 189, 285, 393, 519, Production credit associations: . 619, 733, 862, 975, 1059, 1167, 1261 Loans and discounts outstanding. .51, 153, 253, 359, 485, Gold reserves 76, 176, 272, 380, 510, 583, 693, 833, 943, 1029, 1131, 1229 610, 724, 853, 966, 1050, 1158, 1252 Production credit corporations: Pollard, William B., appointed Assistant Chief of Division Assets and liabilities 50, 152, 252, 358, 484, of Examinations 662 582, 692, 832, 942, 1028, 1130, 1228 Portugal: Profit and loss: Bank of: Federal Reserve Banks during 1941 172 Condition 86, 186, 282, 390, 516, Profits: 616, 730, 859, 972, 1056, 1164, 1258 Chart. , 295 Discount rate 87, 187, 283, 391, 517, Corporations, quarterly changes in 293 617, 731, 860, 973, 1057, 1165, 1259 Member banks, 1941 711 Gold reserves 76, 176, 272, 380, 510, National banks, 1941 '. 716 610, 724, 853, 966, 1050, 1158, 1252 State member banks, 1941 717 Foreign exchange rates 89, 189, 285, 393, 519, Protection of evacuees' interests by Federal Reserve Bank 619, 733, 862, 975, 1059, 1167, 1261 of San Francisco 321 Gold movements to and from United States.. 36,138,236, Public debt: 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 Changes in 98 Postal Savings deposits: Direct and fully guaranteed 873 Depositors1 balances and assets... .52, 154, 254, 360, 486, Distribution of 99 584, 694, 834, 944, 1030, 1132, 1230 Increase, discussed in Review of the Month 1068,1175 Interest rate on 28, 130, 228, 334, 460, Maturities of Government securities, direct and 558, 668, 808, 918, 1004, 1106, 1204 guaranteed 48, 150, 250, 356, 482, Member banks on call dates 39, 141, 239, 345, 471, 580, 690, 830, 940, 1026, 1128, 1225 569, 679, 819, 929, 1015, 1117, 1215 Volume and kind of securities 47, 149, 249, 355, 481, Weekly reporting member banks: 579, 689, 829, 939, 1025, 1127, 1225 By Federal Reserve districts. .43, 145, 243, 349, 475, Public utility corporations: 573, 683, 823, 933, 1019, 1121, 1219 Earnings and dividends of: New York City and outside.. .41, 143, 241. 347, 473, Discussion in Review of the Month 297 571, 681, 821, 931, 1017, ill9,1217 Quarterly 248,354, 480,578, 688, Presidents' Conferences: 828, 938, 1024, 1126, 1224 February 2-3 222 Statistics on quarterly earnings and dividends 214 February 28-March 2 327 Public Works Administration: May 8 A 550 Assets and liabilities 50, 152, 252, 358, 484, June 22-23 662 582, 692, 832, 942, 1028, 1130, 1228 September 25-27 997 Publications: Press statements: Documents pertaining to foreign funds control, pam- Amortization of debt for nonproductive purposes, phlet issued by Treasury Department 433 joint announcement of Federal bank supervisory Railroads: agencies 537 Earnings of 296 Bank debits, changes in publication of statistics .450 Revenues, expenses, and income of class I... .63, 165, Financial and banking mechanism of country, adequacy to meet war needs 2 265, 371, 497, 595, 705, 845, 955, 1051,1143,1241 Financing contracts for war production issued by Rand, George F., director at Buffalo Branch, death of 1197 White House. 299 Ransom, Ronald: Regulation V, war financing 424 Reappointed member of Board of Governors. 114 1^83 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Rates: Regional distribution of commercial loans 882 Acceptances, bankers, buying 28, 130, 228, 334, 460, Regulations: 558, 668, 808, 918, 1004, 1106, 1204 Alien Property Custodian, relating to property Bills, buying 1204 ' vested in 431 Commercial loan rates in principal cities. . . .45, 147, 245, Board of Governors: 351, 477, 575, 685, 825, 935, 1021, 1123, 1221 A, amendments to 302, 989 Differential rate, letter of Mr. Sproul on establish- D: ment of 1191 Amendment to, provide that deficiencies Discount: in reserves be computed on weekly basis. . 202 Central banks 87, 187, 283, 391, 517, Text as amended 749 617, 731, 860, 973, 1057, 1165, 1259 Amendment to Supplement reducing re- Federal Reserve Banks 28, 130, 228, 334, 460, serves of member banks in central reserve 558, 668, 808, 918, 1004, 1106, 1204 cities 878 Discussion in Review of the Month 1075 Amendments to Supplement reducing re- Reduction in 550 serves required by member banks in Foreign exchange 89, 189, 285, 393, 519, central reserve cities 989 619, 733, 862, 975, 1059, 1167, 1261 F: Industrial advances at Federal Reserve Banks. ... 28,130, Investment of common trust funds in United 228, 334, 460, 558, 668, 808, 918, 1004, 1106, 1204 States Savings Bonds 7 Interest at member banks 1089 Valuation of United States Savings Bonds Money: in common trust funds 7 Changes in 5 S: Current statistics for Federal Reserve Chart Revision of text 427 Book 66, 168, 268, 374, 500, V: 598, 708, 848, 959, 1045, 1147, 1245 War financing, text of 424 Open market in certain foreign countries. .87, 187, W: 283, 391, 517, 617, 731, 860, 973, 1057, 1165, 1259 Amendment No. 3, changing maturities, Open market in New York City... .45, 147, 245, 351, 477, amount of down-payment and adding 575, 685, 825, 935, 1021, 1123, 1221 certain articles to list 203 Postal savings deposits, interest on. . . .28, 130, 228, 334, Amendment No. 4, discussed in Review of 460, 558, 668, 808, 918, 1004, 1106, 1204 the Month. 399 Savings deposits, maximum interest on.... 28, 130, 228, Amendment No. 5, on cycle billing 755 334, 460, 558, 668, 808, 918, 1004, 1106, 1204 Amendment No. 6, on fuel conservation Time deposits, maximum interest on.... 28, 130, 228, 334, credits 756 460, 558, 668, 808, 918, 1004, 1106, 1204 Amendment No. 7, on disaster credits 756 ^Ratios, member bank earnings, 1941 718 Amendment No. 8, on railroad watches and Heal estate: extension of credit by Commodity Credit All member banks, December 31, 1941 378 Corporation 878 Loans on: Amendment No. 9, adopted 1078 Member banks, call dates 3S, 140, 238, 344, 470, Batteries for trucks and busses included in 568, 678, 818, 928, 1014, 1116, 1214 listed articles 757 Weekly reporting member banks: Carrying of securities, interpretation of By Federal Reserve districts 42, 144, 242, term ... 757 348, 474, 572, 682, 822, 932, 1018, 1120, 1218 Charge account: New York City and outside 40,142, 240,346, Defective articles, interpretation of.... 1078 472, 570, 680, 820, 930, 1016, 1118, 1216 Maturity of loans to retire 757 Receipts of Treasury: Services are not articles 633. Summary of operations 49, 151, 251, 357, 483, Coal, purchase from retail coal dealers, 581, 691, 831, 941, 1027, 1129, 1227 interpretation on 756 Reconstruction Finance Corporation: Credit union shares, loans secured partly Assets and liabilities 50, 152, 252, 358, 484, by 1185 582, 692, 832, 942, 1028, 1130, 1228 Date of sale of water, gas, or electricity.... 633 Loans and investments 51, 153, 253, 359, 485, Draperies and slip covers are included 633 583, 693, 833, 943, 1029, 1131, 1229 Installation of stoker, interpretation on.... 990 Obligations guaranteed by Government: Instalment sale and loans, differences Maturities 48, 150, 250, 356, 482, between 758 580, 690, 830, 940, 1026, 1128, 1225 Interpretation on exchanging unsatisfactory Outstanding 47, 149, 249, 355, 481, article 879 579, 689, 829, 939, 1025, 1127, 1225 Interpretations: RFC Mortgage Company: No. 112, demonstrator loaned to pros- Assets and liabilities 50, 152, 252, 358, 484, pective purchaser 8 582, 692, 832, 942, 1028, 1130, 1228 No. 113, down-payment less than Loans and discounts outstanding. .52, 154, 254, 360, 486, two dollars 8 584, 694, 834, 944, 1030, 1132, 1230 No. 114, loan made to farmer before Rediscounts: December 1, 1941 9 Eligibility of notes evidencing guaranteed loans 1079 No. 115, consolidation of obligations Regional agricultural credit corporations: under option 1 of section 8(b) 9 Assets and liabilities 50, 152, 252, 358, 484, No. 116, down-payment on automobile 582, 692, 832, 942, 1028, 1130, 1228 radio 9 1X84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Regulations—Continued. Reserve position of member banks: Board of Governors—Continued. By Federal Reserve districts 34, 136, 234, 340,466, W—Continued. 564, 674, 814, 924, 1010, 1112, 1210 Interpretations—Continued. Discussion in Review of the Month 4 No. 117, classification of materials used Reserve requirements: in construction of barns, silos, etc 10 Discussion in Review of the Month 1074 No. 118, loan to retire credit granted by Member banks 28, 130, 228, 334, 460, seller of unlisted articles 10 558, 668, 808, 918, 1004, 1106, 1204 No. 119, notes payable to insurance Reduction in. 869 agents for premiums not subject to Reserves: Regulation 11 Amendments to Regulation D. 202, 878, 989 No. 120, classification of plumbing and Commercial banks, discussed in Review of the sanitary fixtures designed for house- Month. 981 hold use. 102 Deductions for social security taxes as deposits. 532 No. 121, water pumps designed far Effect of amendment to section 19 of Federal Reserve household use include windmills 102 Act discussed 739 No. 122, fences, materials used in erect- Federal Reserve Banks: ing or replacing 102 All banks combined 29, 131, 229, 335, 461, No. 123, loan to make down-payment 559, 669, 809, 919, 1005, 1107, 1205 prohibited.. .• 103 Each bank 30, 132, 230, 336, 462, No. 124, same transaction can not be 560, 670, 810, 920, 1006, 1108, 1206 both sale credit and loan credit 103 Gold, of central banks and Governments 76, 176, 272, No. 125, statement of transaction given 380, 510, 610, 724, 853, 966, 1050, 1158, 1252 only to party receiving proceeds of Member banks: loan 206 Account with Federal Reserve Banks. . .30, 132, 230, No. 126, loans exempt from registration 336, 462, 560, 670, 810, 920, 1006, 1108, 1206 statement 206 Amendment to section 19 of Federal Re- No. 127, first lien on real estate 207 serve Act 748 No. 128, first lien, second mortgage Amendments to supplement to Regulation D held by same mortgagee 303 reducing required reserves of member banks No. 129, effect of amendment No. 3 on in central reserve cities 878, 989 existing interpretation 304 Balance in differential account set up upon No. 130, household furnaces—stokers. .423 purchase of instalment paper 302 No. 131, cameras, photoengraving and Chart 26, 128, 226, 332, 458, lithographing equipment not in- 556, 666, 806, 916, 1002, 1104, 1202 cluded in classification 424 Excess: No. 132, floor coverings, certain types Chart 531,804,870,999,1075,1200 of floor tile not included in classifi- Classes of banks 34, 136, 234, 340, 466, cation : 424 564, 674, 814, 924, 1010, 1112, 1210 WR 1, single-payment [loans, renewal Discussion in Review of the Month 1177 or revision of 532 End of month and Wednesday figures. . . 27,129, Modernization loans, meaning of phrase 227,333,459,557,667,807,917,1003,1105,1203 ''materials and services" 633 Federal Reserve Banks on call dates 39, 141, 239, Obligations in default, efforts to collect.... 1185 345, 471, 569, 679, 819, 929, 1015, 1117, 1215 Pawn transaction as loan 633 Position discussed in Review of the Month 530 Reupholstering of furniture involves sale of Total held: listed article 633 All banks, end of month and Wednesday Revision of, including amendment No. 4.... 410 figures 27, 129, 227, 333, 459, Sales for future delivery 757 557, 667, 807, 917,1003, 1105,1203 Savings pass books not investment se- Classes of banks 34, 136, 234, 340, 466, curities 757 564, 674, 814, 924, 1010, 1112, 1210 Text.. 410 Reduction for member banks in central reserve Violation of, order suspending license 1184 cities, amendment to supplement to Regula- Office of Price Administration: tion D 878,989 General Maximum Price Regulation, considera- Regulation D, text as amended 749 tions involved in issuance of 441 Weekly reporting member banks: Secretary of the Treasury: By Federal Reserve districts. .43, 145, 243, 349, 475, Vested Property Claims Committee established. .208 573, 683, 823, 933, 1019, 1121, 1219 Reports: New York City and outside.. .41, 143, 241, 347, 473, American Technical Mission to Cuba 774 571, 681, 821, 931, 1017, 1119, 1217 Reserve city member banks: Resolutions: Condition: Amendment to Section 7 of Neutrality Act 208 Call dates 38, 140, 238, 344, 470, Declaration of war between United States and 568, 678, 818, 928, 1014, 1116, 1214 Bulgaria 634 December 31, 1941 377 Declaration of war between United States and June 30 963 Germany 11 Deposits 34, 136, 234, 340, 466, Declaration of war between United States and 564, 674, 814, 924, 1010, 1112, 1210 Hungary 634 Reserves 34, 136, 234, 340, 466, Declaration of war between United States and 564, 674, 814, 924, 1010, 1112, 1210 Italy 11 1x85 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.8 Pages Pages Resolutions—Continued. Secretary of the Treasury: Declaration of war between United States and General licenses, public circulars, and interpreta- Japan 11 tions issued by 16, 110, 209, 308, 990, 1086, 1186 Declaration of war between United States and Powers and authority of Alien Property Custodian Rumania 634 delegated to, pending organization of office 307 Retail food prices 91, 191, 287, 395, 521, Rulings, circulars, and interpretations on foreign 621, 735, 864, 977, 1061, 1169, 1263 funds control ."433, 534, 879 Review of the Month: Trading with the Enemy Act, authority delegated Bank credit, war finance, and savings-. 869 under 208 Bank credit and war finance 525 Securities: (See also Government securities) Commodity supplies and prices 195 Domestic, inflow of foreign funds.. 78, 178, 274, 382, 512, Corporate earnings and dividends 291 612, 726, 855, 968, 1052, 1160, 1254 Economic activity—further expansion and con- Foreign, return of United States funds 78, 178, 274, version 625 382, 512, 612, 726, 855, 968, 1052, 1160, 1254 Economic stabilization controls and war finance.... 1065 Guaranteed by United States Government: First impact of war on the economy 1 Maturities 48, 150, 250, 356, 482, New Federal Reserve legislation and current credit 580, 690, 830, 940, 1026, 1128, 1225 situation 739 Outstanding 47, 149, 249, 355, 481, Regulation of consumer credit 399 579, 689, 829, 939, 1025, 1127, 1225 Treasury finance and the new budget 95 Holdings of member banks 38, 140, 238, 344,470, War financing and banking developments 1173 568, 678, 818, 928, 1014, 1116, 1214 War program and living standards 981 Loans for purchasing or carrying by member banks Rhodesia: 38, 140, 238, 344, 470, Gold production 77, 177, 273, 381, 511, 568, 678, 818, 928, 1014, 1116, 1214 611, 725, 854, 967, 1051, 1159, 1253 Loans on, by weekly reporting member banks Richardson, R. B., appointed director at Helena Branch.. 1099 40, 142, 240, 346, 472, Riefler, Winfield W., resignation as Class C director at 570, 680, 820, 930, 1016, 1118, 1216 Federal Reserve Bank of Philadelphia 977 New issues, discussion of 6 Rulings: Prices, trend after entry into war 6 Advances on Government obligations, advances to Security issues: member and nonmember banks on promissory Corporate, proposed use of proceeds. .247, 353, 479, 577, notes secured by Government obligations. 207 687, 827, 937, 1023, 1125, 1223 Deductions for social security taxes as deposits 532 Security Markets: Holding company affiliates, relationship based on Bond and stock prices 46, 148, 246, 352, 478, number of shares voted at preceding election of 576, 686, 826, 936, 1022,1124, 1222 directors of banks 207 Security prices 91, 191, 287, 395, 521, Rumania: 621, 735, 864, 977,1061, 1169, 1263 Declaration of war on, joint resolution 634 Ship construction, discussion in Review of the Month... .626 Foreign exchange rates 89, 189, 285, 393, 519, Shipments and receipts of United States paper currency 619, 733, 862, 975,1059, 1167, 1261 35, 137, 235, 341, 467, National Bank of: 565, 675, 815, 925, 1011, 1113, 1211 Condition 86, 186, 282, 390, 516, Silver certificates: 616, 730, 859, 972, 1056, 1164,1258 Circulation 35, 137, 235, 341, 467, Discount rate 87, 187, 283, 391, 517, 565, 675, 815, 925, 1011, 1113, 1211 617, 731, 860, 973, 1057, 1165, 1259 Silver dollars and subsidiary silver coins: Gold reserves 76, 176, 272, 380, 510, Circulation 35, 137, 235, 341, 467, 610, 724, 853, 966, 1050, 1158, 1252 565, 675, 815, 925, 1011, 1113, 1211 Rural Electrification Administration: Smaller War Plants Corporation: Assets and liabilities 50, 152, 252, 358, 484, Created by Act of Congress 635 582, 692, 832, 942, 1028, 1130, 1228 South Africa: Salaries: Foreign exchange rates 89, 189, 285, 393, 519, Federal Reserve Banks: 619, 733, 862, 975, 1059, 1167, 1261 1941 172 Gold movements 77, 177, 273, 381, 511, June 30, 1942 851 611, 725, 854, 967, 1051, 1159, 1253 Member banks, 1941 711-717 Gold production 77, 177, 273, 381, 511, Salaries and wages, regulation of, discussion in Review 611, 725, 854, 967, 1051, 1159,1253 of the Month 1068 Reserve Bank: Savings: Condition 86, 186, 282, 390, 516, Growth in, discussed in Review of the Month 876 616, 730, 859, 972, 1056, 1164, 1258 Savings and loan associations: Discount rate 87, 187, 283, 391, 517, Insured home mortgages held 52,154, 254, 360, 486, 617, 731, 860, 973, 1057, 1165, 1259 584, 694, 834, 944,1030, 1132, 1230 Gold reserves 76, 176, 272, 380, 510, Savings bonds: 610, 724, 853, 966, 1050, 1158, 1252 Investment of common trust funds in. 7 Spain: Sales of 579, 689, 829, 939, Discount rate of central bank 87, 187, 283, 391, 517, 1025, 1127, 1225 617, 731, 860, 973, 1057, 1165, 1259 Valuation as part of assets in common trust funds 7 Foreign exchange rates 89, 189, 285, 393, 519, Savings deposits: 619, 733, 862, 975,1059, 1167, 1261 Interest rates on 28, 130, 228, 334, 460, Gold reserves 76, 176, 272, 380, 510, 558, 668, 808, 918, 1004,1106, 1204 610, 724, 853, 966, 1050, 1158, 1252 1X86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME z8 Pages Pages Special articles: States member banks—Continued. Announcement of Treasury Financing 1182 Deposits. 37, 139, 237, 343, 469, Annual Report of Bank of Canada 221 567, 677, 817, 927,1013, 1115,1213 Annual Report of the Central Bank of the Argentina Earnings and expenses for 1941 717 Republic . 892 Number of: Annual Report of Swiss National Bank .' 649 By States 604 Banks Participating in Sale of Defense Savings Bonds . 323 Call dates 37, 139, 237, 343, 469. British White Paper on War Finance 539 567, 677, 817, 927,1013, 1115,1213 Canada, Publication of Additional Statistical Series. .451 Changes in. 171, 601, 962, 1248 Correspondence 453, 538, 642 Maintaining branches 604 Department Store Inventories. . . 19, 324, 647 Suspensions 36, 138, 236, 342, 468, Directors of Federal Reserve Banks and Branches.... 115 566, 676, 816, 926,1012,1114, 1212 Durable Goods Expenditures in 1941 317 States and political subdivisions: How Shall We Pay for the War, address by Mr. Deposits: Eccles 211 Member banks, on call dates..39, 141, 239, 345, 471, Instalment Loans of Insured Banks, December 31, 569, 679, 819, 929, 1015,1117,1215 1941 438 Weekly reporting member banks: Interest Rates at Member Banks 1089 By Federal Reserve districts. .43, 145, 243, 349, Joint Announcement of the Federal Bank Supervisory 475, 573, 683, 823, 933, 1019, 1121, 1219 Agencies Regarding Amortization of Debt for Non- New York City and outside 41, 143, 241, productive Purposes 537 347, 473, 571, 681, 821, 931, 1017, 1119, 1217 Member Bank Earnings in 1941 551 Investments of member banks in obligations of Member Bank Earnings, First Half of 1942 1098 38, 140, 238, 344, 470, Nature and Size of the War Financing Program 765 568, 678, 818, 928,1014, 1116, 1214 New Statistics on Corporate Security Issues 217 Obligations held by member banks 377 New Statistics on Quarterly Earnings and Dividends Statistics: by Large Corporations 214 Consumer loans at commercial banks 992 Participation by Commercial Banks in the War Corporate security issues, new 217 Financing Program 1190 Earnings and dividends of large corporations, new Personal Income Taxes in the United States, Canada, quarterly 214 and the United Kingdom 1192 Steen, William H., appointed director at Portland Personal Loans and Retail Instalment Paper of In- Branch 1099 sured Banks, June 30, 1942 995 Stock exchange: Protection of Evacuees' Interests by the Federal Re- Call loan renewals, open market rates in New York serve Bank of San Francisco 321 City 45, 147, 245, 351, 477, Recent Changes in the Demand for Currency 312 575, 685, 825, 935, 1021, 1123, 1221 Regional Distribution of Commercial Loans 882 Customers' debit balances, money borrowed and Report to the Cuban Government of the American principal related items of firms carrying margin Technical Mission to Cuba 774 accounts 44, 146, 244, 350, 476, Statement of Considerations Involved in Issuance of 574, 684, 824, 934, 1020, 1122, 1220 the General Maximum Price Regulation 441 Volume of trading on New York market. .46, 148, 246, Statistics of Consumer Loans at Commercial Banks.. 992 352, 478, 576, 686, 826, 936, 1022, 1124, 1222 Survey of Commercial Loans at Member Banks 768 Stocks: Terms of Directors of Federal Reserve Banks and Capital issues 46, 148, 246, 352, 478, Branches 881 576, 686, 826, 936, 1022, 1124, 1222 Treasury Bills and Certificates as Outlets for Idle Prices in principal countries 91, 191, 287, 395, 521, Funds .631 621, 735, 864, 977,1061, 1169, 1263 United States Government Corporations and Credit Prices in United States 46, 148, 246, 352, 478, Agencies. 319 576, 686, 826, 936, 1022, 1124, 1222 Use of Credit for Accumulation of Inventories 645 Straits Settlements: Volume of Consumer Instalment Credit as Reported Foreign exchange rates 89, 189, 285, 393, 519, by Regulation W Registrants .434 619, 733, 862, 975, 1059, 1167, 1261 Sproul, Allan, letter to member banks in district on par- Surplus: ticipation in war financing program 1190 Federal Reserve Banks 30, 132, 230, 336, 462, Stabilization controls, discussion in Review of the 560, 670, 810, 920, 1006, 1108, 1206 Month 1065 Member banks 377 Staff of Board of Governors: (See Board of Governors) Surveys: Standards of living, discussion in Review of the Month.... 987 Commercial loans at member banks 768 Stark, Walter R.: Suspension of banks: Appointed Assistant Director of Division of Research Analysis of changes 171, 601, 962 1248 and Statistics of Board ;;•••" 114 Number and cjeposits of 36, 138, 236, 342, 468, Assigned to Office of Economic Stabilization 1099 566, 676, 816, 926, 1012, 1114, 1212 State banks: Sweden: Admissions to membership in Federal Reserve System Bank of: 21, 114, 222, 327, 452, Condition 86, 186, 282, 390, 516, 550, 662, 802, 911, 997, 1099, 1197 616, 730, 859, 972, 1056, 1164, 1258 Assets and liabilities by States 72, 507, 1154 Discount rates of central bank.. 87,187,283,391,517 State member banks: 617, 731, 860, 973, 1057,1165,1259 Branches of, changes 171, 601, 962, 1248 Gold reserves 76, 176, 272, 3*80, 510, Condition on December 31, 1941 377 610, 724, 853, 966,1050, 1158,1252 1x87 DECEMBER 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Sweden—Continued. Treasury currency outstanding: Foreign exchange rates 89, 189, 285, 393, 519, End of month figures 35, 137, 235, 341, 467, 619, 733, 862, 975, 1059, 1167, 1261 565, 675, 815, 925, 1011, 1113, 1211 Gold movements 77, 177, 273, 381, 511, End of month and Wednesday figures. .27, 129, 227, 333 f 611, 725, 854, 967, 1051, 1159, 1253 459, 667, 807, 917, 1003, 1105, 1203 Open market rates 87, 187, 283, 391, 517, Treasury finance and the new budget 95 617, 731, 860, 973, 1057, 1165, 1259 Treasury financing: Wholesale prices in 90, 190, 286, 394, 520, Announcement on new issues 1182 620, 734, 863, 976, 1060, 1168, 1262 Discussion in Review of the Month 525, 1175 Swiss National Bank: {See Switzerland) Receipts and expenditures 49, 151, 251, 357, 483, Switzerland: 581, 691, 831, 941, 1027, 1129, 1227 Capital movement to United States. .78, 178, 274, 382, Results of declaration of war on .2 512,612,726,855,968,1052,1160,1254 Treasury notes: (See Treasury bills) Cost of living, index numbers 91, 191, 287, 395, 521, Treasury notes of 1890: 621, 735, 864, 977, 1061, 1169, 1263 Circulation 35, 137, 235, 341, 467, Foreign exchange rates 89, 189, 285, 393, 519, 565, 675, 815, 925, 1011, 1113, 1211 619, 733, 862, 975, 1059, 1167, 1261 Trust funds, common: Gold movements 77, 177, 273, 381, 511, Investment in United States Savings Bonds 7 611, 725, 854, 967, 1051, 1159, 1253 Valuation of United States Savings Bonds in 7 Open market rates 87, 187, 283, 391, 517, Turkey: 617, 731, 860, 973, 1057, 1165, 1259 Central Bank of the Republic of: Retail food prices 91, 191, 287, 395, 521, Condition 86, 186, 282, 390, 516, 621, 735, 864, 977, 1061, 1169, 1263 616, 730, 859, 972, 1056, 1164, 1258 Swiss National Bank: Discount rate 87, 187, 283, 391, 517, Annual report of 649 617, 731, 860, 973, 1057, 1165, 1259 Condition 86, 186, 282, 390, 516, Gold reserves 76, 176, 272, 380, 510, 616, 730, 859, 972, 1056, 1164, 1258 610, 724, 853, 966, 1050, 1158, 1252 Discount rate 87, 187, 283, 391, 517, Union of Soviet Socialist Republics: 617, 731, 860, 973, 1057, 1165, 1259 Discount rate 87, 187, 283, 391, 517, Gold reserves 76, 176, 272, 380, 510, 617, 731, 860, 973, 1057, 1165, 1259 610, 724, 853, 966, 1050, 1158, 1252 Gold movements to and from United States Wholesale prices in 90, 190, 286, 394, 520, 36, 138, 236, 342, 468, 620, 734, 863, 976, 1060, 1168, 1262 566, 676, 816, 926, 1012, 1114, 1212 Taxes: United Kingdom: Dividends on Federal Reserve Bank stock, ruling of Bank of: Bureau of Internal Revenue 753, 1085 Condition 83, 183, 279, 387, 513, Internal revenue collections 1227 613, 727, 856, 969, 1053, 1161, 1255 Social security, deductions by member banks from Discount rate 87, 187, 283, 391, 517, 617, 731, 860, 973, 1057, 1165, 1259 employees' salaries as deposits 532 Gold reserves 76, 176, 272, 380, 510, Tennessee Valley Authority: 610, 724, 853, 966, 1050, 1158, 1252 Assets and liabilities .50, 152, 252, 358, 484, Capital movement to United States. .78, 178, 274, 382, 582, 692, 832, 942, 1028, 1130, 1228 512, 612, 726, 855,968,1052,1160,1254 Terms of directors of Federal Reserve Banks and branches. 881 Commercial banks, assets and liabilities. .88, 188, 284, Thorpe, C, resignation as Class C director of Federal 392, 518, 618, 732, 861, 974, 1058, 1166, 1260 Reserve Bank of San Francisco 21 Cost of living, index numbers 91, 191, 287, 395, 521, Trading with the Enemy Act: 621, 735, 864, 977, 1061, 1169, 1263 Delegation of authority to Secretary of the Treasury. . 208 Foreign exchange rates 89, 189, 285, 393, 519, General licenses issued by the President 15 619, 733, 862, 975, 1059, 1167, 1261 Treasury bills: Gold movements 77, 177, 273, 381, 511, Average rate on 45, 147, 245, 351, 477, 611, 725, 854, 967, 1051, 1159, 1253 575, 685, 825, 935, 1021, 1123, 1221 Open market rates 87, 187, 283, 391, 517, Buying rate on 1204 617, 731, 860, 973, 1057, 1165, 1259 Distribution of, discussed in Review of the Month Personal income taxes in 1192 for August 745 Retail food prices ». .91, 191, 287, 395, 521, Investments in, by weekly reporting member banks 621, 735, 864, 977, 1061, 1169, 1263 40,142,240,346,472, Security prices, index of 91, 191, 287, 395, 521, 570, 680, 820, 930, 1016, 1118, 1216 621, 735, 864, 977, 1061, 1169, 1263 Maturities of 48, 150, 250, 356, 482, Wholesale prices in 90, 190, 286, 394, 520, 580, 690, 830, 940, 1026, 1128, 1225 620, 734, 863, 976, 1060, 1168, 1262 Member bank holdings 38, 140, 238, 344, 470, United States: • 568, 678, 818, 928, 1014, 1116, 1214 Cost of living, index numbers 91, 191, 287, 395, 521, Weekly reporting member banks: 621, 735, 864, 977, 1061, 1169, 1263 By Federal Reserve districts. .42, 144, 242, 348, 474, Gold movements 77, 177, 273, 381, 511, 572, 682, 822, 932, 1018, 1120, 1218 611, 725, 854, 967, 1051, 1159, 1253 New York City and outside. .40, 142, 240, 346, 472, Gold production *. .77, 177, 273, 381, 511, 570, 680, 820, 930, 1016, 1118, 1216 611, 725, 854, 967, 1051, 1159, 1253 Treasury bills and certificates as outlets for additional Gold reserves 76, 176, 272, 380, 510, funds 631 610, 724, 853, 966, 1050, 1158,1252 12.88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages United States—Continued. War contracts—Continued. Retail food prices 91, 191, 287, 395, 521, Executive order authorizing other departments and 621, 735, 864, 977, 1061, 1169, 1263 agencies to perform functions in connection with Securities prices, index of 91, 191, 287, 395, 521, execution of 107 621, 735, 864, 977, 1061, 1169, 1263 Executive order extending provisions of previous Wholesale prices in 90, 190, 286, 394, 520, executive order dealing with . .432 620, 734, 863, 976, 1060, 1168, 1262 Financing of ' . 298 War Department: United States Government Corporations and Credit Appropriation for war financing 533 Agencies.. 319 Executive order authorizing to perform functions in IJnited States Government securities: (See Government connection with war contracts 105 securities) War finance: United States Housing Authority: British white paper on. -. 539 Discussion in Review of the Month 525, 869 Assets and liabilities . . 50, 152, 252, 358, 484, War finance and economic stabilization controls, dis- 582, 692, 832, 942, 1028, 1130, 1228 cussion in Review of the Month 1065 Loans and discounts outstanding 52, 154, 254, War financing: 360, 486, 584, 694, 834 United States Maritime Commission: (See Maritime Act to mobilize productive facilities of small Commission) business 635 Appropriations for War and Navy Departments and United States notes: Maritime Commission. 533 Circulation 35, 137, 235, 341, 467, Maritime Commission appropriations 640 565, 675, 815, 925, 1011, 1113, 1211 Nature and size of program 765 Uruguay: Participation by commercial banks in program, Bank of the Republic of: letter of Mr. Sproul 1190 Condition. 86, 186, 282, 390, 516, Program announced by Treasury 1173 616, 730, 859, 972, 1056, 1164, 1258 Regulation V, text of 425 Foreign exchange rates 89, 189, 285, 393, 519, War loans: 619, 733, 862, 975, 1059, 1167, 1261 Discussion in Review of the Month 1077, 1181 Gold reserves 76, 176, 272, 380, 510, Eligibility of notes evidencing guaranteed loans for 610, 724, 853, 966, 1050, 1158, 1252 rediscount 1079 Use of credit for accumulation of inventories 645 Limitations on national banks as to guaranteed Van Dusen, Charles B., resignation as Class B director loans 534 at Chicago 911 War loans committee: Boothe, Gardner L., II, designated Assistant Ad- Venezuela: ministrator 662 Central Bank of: Cravens, Ken ton R., appointment as Administrator. .452 Condition 86, 186, 282, 390, 516, Messrs. Eccles, Draper, and McKee to serve as 616, 730, 859, 972, 1056, 1164, 1258 members 452 Gold reserves 76, 176, 272, 380, 510, War Powers Act 1941, First: 610, 724, 853, 966, 1050, 1158, 1252 Text of.. 12 Gold movements to and from United States.... 36, 138, Vested Property Claims Committee established by 236, 342, 468, 566, 676, 816, 926, 1012, 1114, 1212 regulation of Secretary of Treasury 208 Vest, George B: War Powers Act, 1942, Second: Designated Assistant General Attorney 911 Including amendment to section 14(b) of Federal Report to Cuban Government of American Tech- Reserve Act • .301 nical Mission to Cuba 774 War production, increase discussed in Review of the Vested Property Claims Committee: Month . .628 Regulations of Secretary of Treasury establishing.... 208 War Production Board, executive order establishing 107 Victory Fund Committees: War program and living standards, discussed in Review Announcement by Treasury of sales campaign by. . .1182 of the Month for October 981 Bulletin sent by Mr. Alfred H. Williams on nature War relocation authority, executive order establishing. . . .305 and size of war financing program 765 Waymack, W. W., appointed Deputy Chairman at Federal Establishment of 525 Reserve Bank of Chicago 1099 Volume of consumer instalment credit as reported by Wellman, H. R., appointed Class C director at Federal Regulation W registrants 434 Reserve Bank of San Francisco 1099 Wage earners in [manufacturing industries, hours and West Africa: earnings of 61, 136, 263, 369, 495, Gold production 77, 177, 273, 381, 511, 593, 703, 843, 953, 1039, 1141, 1239 611, 725, 854, 967, 1051, 1159, 1253 Wages, discussion in Review of the Month 983 Willett, William: Wages and salaries, regulation of, discussion in Review of Appointment as First Vice President of Federal the Month 1068 Reserve Bank of Boston 326 War: Williams, Alfred H.: Address by Marriner S. Eccles on "How Shall We Pay Bulletin sent to Victory Fund Committee of Third For The War" 211 Federal Reserve District on nature and size of Impact on economy 1 war financing program 765 War contracts: (See also Government contracts) Wingfield, B. Magruder, designated Assistant General Executive order authorizing War and Navy Depart- Attorney 911 ments and Maritime Commission to perform func- Wholesale prices: tions in connection with 105 Basic commodities, discussion of 197 DECEMBER 1941 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Z& Pages . Pages Wholesale prices—Continued. Yugoslavia: Groups of commodities 65,167, 267, 373, 499, Foreign exchange rates 89, 189, 285, 393, 519, 597, 707, 847, 958,1044, 1146,1244 619, 733, 862, 975,1059,1167,1261 Principal countries 90,190, 286, 394, 520, National Bank of the Kingdom of: Q 690 734. RM Q7^ irwi 11^8 19rt9 Condition 86, 186, 282 °20' 7J4' 863' 976> 1060' 1168>1262 Discount rate 87, 187, 283, 391, 517, Ynlin<y p A xoung,K. A.: ^ .,, ., , 617,731,860,973,1017,1165,1259 e Resignation as President of Federal Reserve Bank Gold reserves .76,176, 272, 380, 510, of Boston 326 610, 724, 853, 966, 1050, 1158, 1252 12.90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis