Full text of Federal Reserve Bulletin : April 1942
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FEDERAL RESERVE BULLETIN APRIL 1942 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ^CONTENTSPAGE Review of the Month—Corporate Earnings and Dividends X9i-i98 Financing of Contracts for War Production 2.98 From a Legal Standpoint: War Financing Contracts i99~3ox Purchase of Government Obligations—Amendment to Section i4(b) Advances on Government Obligations—Amendment to Regulation A 301 3Oi~3O3 Reserves 302. Consumer Credit—Interpretations of Regulation W 3°3~3°4 Censorship 304 Government Contracts 304-305 War Relocation Authority 305-306 Alien Property Custodian 306-307 Foreign Funds Control 308-311 Recent Changes in the Demand for Currency 3ix~3i6 Durable Goods Expenditures in 1941 by Frederick Dirks 317-318 United States Government Corporations and Credit Agencies in 1941 319-3x0 Protection of Evacuee's Interests by the Federal Reserve Bank of San Francisco.... ^-LI-^TL Banks Participating in Sale of Defense Savings Bonds 3x3 Department Store Inventories 3x4-3x5 Current Events •. National Summary of Business Conditions 3x6-3x7 3x8-3x9 Financial, Industrial, Commercial Statistics, U. S. (See p. 331 for list of t a b l e s ) . . . . 331-378 International Financial Statistics (See p. 379 for list of tables) 379-395 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 396 Senior Officers of Federal Reserve Banks; Managing Directors of Branches Federal Reserve Publications (jee 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 397 FEDERAL RESERVE BULLETIN VOLUME April 1942 NUMBER 4 CORPORATE EARNINGS AND DIVIDENDS Expanding activity in civilian and war industries in 1941 was reflected in a substantial growth in income of all economic groups. Volume of business transacted by corporations was larger than in any previous year and, according to data recently compiled by the Board, corporate net income after all costs, charges, and taxes showed a further increase. Costs of materials and wage rates were higher in 1941 than in 1940, but prices of many finished products were also higher. As is usual when volume of output expands, the growth in depreciation charges and other expenses of an overhead character did not keep pace with the increase in gross income. Some companies made deductions for accelerated amortization of plant and equipment installed for war production and also for large special reserves for contingencies. Earnings after all costs and charges and before income taxes increased sharply over 1940, but a substantial part of the increase was absorbed by higher Federal income and excess profits taxes. Summaries of published earnings reports of large corporations tabulated by the Board indicate that manufacturing and mining profits in 1941, after all costs, charges, and taxes, were about one-fifth above 1940. Net income of railroads, which in 1940 was relatively low, increased one and one-half times in 1941. In fact, railroad income in 1941 of 500 million APRIL 1941 dollars was considerably higher than for any year in the past decade. Among public utility companies, such as electric power, telephone, and transit, net income after taxes in 1941 showed small declines. Manufacturing corporations and railroads retained substantial parts of their expanded income, as dividend payments increased less than net income. For all corporations in the United States retained net income has been estimated by the Department of Commerce at 2..6 billion dollars in 1941, which is about double the 1940 amount. The moderate size of dividend increases was generally attributed to the need for larger working capital. In addition to retained net income, corporations have other undistributed income available for such purposes as expenditures for plant, equipment, and expansion of inventories. In fact, for all corporations as a group, the part of gross income that is set aside for depreciation generally exceeds retained net income. In 1941 this was true especially of manufacturing and public utility corporations, which made deductions for depreciation, and in some instances also set aside reserves for special contingencies, that amounted in the aggregate to several times their retained net income. For railroads, on the other hand, charges for depreciation were exceeded in 1941 by their retained net income. Manufacturing corporations expanded their REVIEW OF THE MONTH short-term notes and accounts payable in 1941, but railroads, with net income much better than in other recent years, retired outstanding short-term debt. The larger volume of business borrowing during the year was reflected in an increase of about 2. billion dollars in commercial and industrial loans of banks. Capital needs of corporations in 1941 were financed in varying degree through the new securities market. Telephone companies obtained from this source more than onehalf of their gross needs for fixed capital investment, railroads over one-third, and electric power companies about one-fifth. Although individual manufacturing companies obtained additional capital through new security offerings, the aggregate amount was small and total new issues of all industrial companies during the year did not exceed retirements of long-term debt. The relatively small amount of new securityfinancingby industrial corporations is partly explained by the fact that the Federal Government is financing a major part of the new construction and equipment needed for the defense program. for all manufacturing and mining corporations taken as a whole, and the 1938 decline and the 1939 recovery were also slightly less pronounced. Increases in profits from 1940 to 1941 were general in all major industrial groups and ranged from 6 per cent for producers of industrial chemicals to 60 per cent for companies in the oil group. Quarterly earnings figures by industrial groups are shown on the chart and in the regular BULLETIN table EARNINGS OF INDUSTRIAL CORPORATIONS Indexes for all manufacturing and mining corporations are based on "compiled net profit" less total income and excess profits taxes, as shown in Statistics of Income, published by U. S. Treasury Department; for 432 large companies, on net profits shown on page 214 of the March BULLETIN. Latest figures for all companies are for 1939; for large companies 1940 and 1941 indexes are based on figures for 555 companies shown on page 354 of this BULLETIN. For large manufacturing and mining corporations net profits in 1941 were about xo per cent above the level of 1940, following an increase of about X5 per cent from 1939 to 1940. The accompanying chart shows that during the period 192.9-193 9 the annual profits of large manufacturing and mining corporations which publish earnings quarterly have generally moved in the same direction but have fluctuated less widely than the profits of all manufacturing and mining corporations as reported on income tax returns. The decline for large corporations from 192-9 to 1932. and the subsequent recovery were less sharp than z9z NET PROFITS OF MANUFACTURING AND MINING CORPORATIONS 1935-39* 100 I CENT 300 \ [\ \ ^t 432 LARGE CORPORATIONS \v •- r -y / \\ \\ \ V V. V V k / I r A L L CORF ORAT ONS on page 354. Those durable groups—such as iron and steel, aircraft and railway equipment—whose profits had increased most sharply from 1939 to 1940 showed much smaller increases from 1940 to 1941. In most nondurable goods groups changes in earnings during the past two years have not been large. Operations in most industries were at a much higher level during 1941 than during 1940, but earnings increases were dampened by Federal taxes and in some cases, especially in the fourth FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH quarter, by accelerated depreciation on defense plants and by reserves for war contingencies. Profits of the major iron and steel companies were 19 per cent larger in 1941 than in 1940, compared with an increase of 90 per cent from 1939 to 1940. In this industry, output rose sharply in 1939 and 1940 as operations expanded from about 55 NET PROFITS OF LARGE MANUFACTURING CORPORATIONS 1939 1940 1941 Figures and sources are shown on page 354 of this BULLETIN per cent of capacity in early 1939 to virtual capacity by the end of 1940. In 1941 output showed smaller increases reflecting mainly further additions to capacity. In addition, most of these companies paid no excess profits taxes in 1940, whereas, in 1941, under the new method of applying excess profits rates to income before normal tax, they were subject to fairly heavy excess profits taxes. APRIL 1942. In the machinery group as a whole, aggregate earnings rose nearly 2.5 per cent from 1940 to 1941; in one important subgroup, electrical industrial machinery, earnings increased only slightly. Profits of the major automobile manufacturers have shown only small year-to-year increases since 1939. The small independent producers, whose production for war purposes far exceeded their normal peacetime output, reported much larger increases. In each of the other transportation equipment subgroups—automobile accessories, railway equipment, and aircraft—increases of about 2.5 per cent were reported. Many companies in these groups actively entered armament production during 1941. In nondurable goods industries, 1940-to1941 changes were mixed. Aggregate earnings of companies in the oil producing and refining group were very much larger than in 1940, and smaller increases occurred in the drugs group and in the paper, printing, and publishing group. In other groups, earnings of which are generally fairly stable, changes were small. Profits of the foods, beverages, and tobacco group as a whole were 11 per cent larger than in 1940, but in certain subgroups, such as baking and packaging of foods, earnings decreased slightly. In the industrial chemicals group, profits increased only slightly. QUARTERLY CHANGES IN PROFITS Aggregate profits of large manufacturing corporations for the year were considerably affected by unusual changes in the fourth quarter earnings in the steel and automobile industries. In other recent years profits in these industries have risen sharply from the third to the fourth quarter, but in 1941, as shown by the chart, earnings in these 2-93 REVIEW OF THE MONTH two groups declined somewhat from the third to the fourth quarter. Quarterly changes in profits reported by corporations reflect not only changes in actual operating income and costs but also various special accounting adjustments, which may relate to income of several quarters but be charged off against income of a single quarter. Such special adjustments occur most frequently in the fourth quarter of the calendar year because this is the last quarter of the accounting year for most corporations and includes all yearend adjustments made in preparing the annual report. The third-to-fourth quarter decline in earnings of iron and steel companies reflected large year-end appropriations to reserves for post-war adjustments and for added depreciation on plants and equipment being used for war production and subject to unusual obsolesence. In the automobile group, fourth quarter earnings reflected the declining production of passenger automobiles and the conversion of plants to war production. DIVIDENDS AND RETAINED EARNINGS While retained net income for the i^z large industrial companies shown in the table was nearly 30 per cent larger in 1941 than in the preceding year, dividend payments increased by less than 6 per cent. Requirements for funds to carry additional inventories and to provide other working capital have been much greater than in earlier years, especially for corporations with large war orders. In such industries as iron and steel, petroleum, and transportation equipment other than autos, the proportion of net income retained in 1941 was much greater than in such industries as foods, beverages and tobacco, industrial chemicals, nonferrous metals, and automobiles. In the iron 2-94 and steel industry 48 per cent of earnings was retained, compared with zj per cent in the machinery and other durable goods group, and 2.5 per cent in industries producing nondurable goods. DIVIDENDS AND RETAINED NET INCOME 152 LARGE INDUSTRIAL COMPANIES [In millions of dollars] Iron and steel Dividends Retained net income Transportation equipment Dividends Retained net income Machinery and other durable goods Dividends Retained net income Nondurable goods Dividends Retained net income Miscellaneous services Dividends Retained net income Total, 152 companies Dividends Retained net income 1939 1940 1941 49 46 92 107 116 109 199 49 228 52 235 73 118 27 261 62 141 34 135 51 271 64 286 93 * 26 9 28 11 29 22 654 193 Industrial groups 759 269 801 347 PROFITS AND INCOME TAXES In 1941 a substantial proportion of income after manufacturing costs and charges was set aside for the Federal Government as income and excess profits taxes. Nevertheless, the balance after taxes was substantially higher for many large companies than in 1939, the last predefense year. Profits and Federal tax reserves are shown on the chart for 245 industrial companies for which annual data on tax reserves are available for the three years 1939 to 1941 and whose 1941 incomes were subject to the tax provisions of the Revenue Act of 1941, that is, whose accounting years did not end before December 31. For these companies, reserves for Federal taxes, which amounted to 17 per cent of income before taxes in 1939 and 33 per cent in 1940, increased to 56 per cent in 1941. The two 1940 revenue acts increased the normal tax rate on corporate incomes, in general, from 18 to X4 per cent and imposed an excess FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH profits tax. In 1941 a 7 per cent surtax was imposed, and excess profits tax rates were raised and were applied to income before rather than after deduction of the normal tax. Net income of the 2.45 companies after all charges and before Federal taxes showed an increase of 160 per cent from 1939 to 1941, as compared with an increase in profits after Federal taxes of about 40 per cent. The increase in net profits after taxes from 1939 to 1941 is somewhat smaller for this group than for the entire quarterly reporting group which includes some companies whose 1941 tax reserves were based on the 1940 rates. PROFITS AND INCOME TAXES 245 LARGE INDUSTRIAL CORPORATIONS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3 and steel and machinery, the high level of 1941 profits as compared with 1939 reflects greatly increased production to meet defense requirements and also the fact that the rise in 1939 started from a fairly low level. Changes in net profits from the 1939 level varied considerably among companies in different industries and of different sizes, as shown in the table. It should be noted, however, that these companies are predominantly large in size. Those in the top group are very large, and even the lowest size class shown—with assets under 10 million dollars—represents companies that may be called moderately large; it includes no small companies and relatively few medium-size companies. 3 CHANGES IN PROFITS • AFTER TAXES, 1939 TO 1941, BY INDUSTRY AND BY SIZE OI' COMPANY — RESERVES FOR FEDERAL INCOME AND EXCESS PROFITS TAXES Number of companies Industry and size'of company (total assets in millions of dollars) All companies 1939 1940 1941 Figures from published income reports; for individual companies these may differ from taxable net income and income tax liability reported in tax returns. This group excludes companies whose accounting year ends before December 31 and whose 1941 profits were consequently not subject to the higher taxes imposed by the 1941 Revenue Act. In general, companies whose income before taxes increased the most from the 1939 level also showed the largest increases in profits after taxes. In the iron and steel group income before taxes increased 315 per cent and income after taxes, izo per cent, as compared with increases of 2.2.0 per cent and 60 per cent in the machinery and other durable goods group and of 75 per cent and 10 per cent respectively in the nondurable 'goods group. In some industries, especially iron APRIL 1942. Iron and steel Under 10 10-50 50 and over Transportation equipment Under 10 10-50 50 and over Machinery and other durable Under 10 10-50 50 and over Nondurable goods Under 10 10-50 50 and over Miscellaneous services . . Show- Showing increase in ing earnings of deTotal crease in 0- 50- 100- 200% earn- 50% 100% 200% & 1 over ings 245 49 73 41 33 49 3 1 3 3 4 1 9 9 10 3 1 1 3 2 7 4 5 12 10 4 1 2 2 4 1 1 1 47 25 11 9 4 2 13 7 3 3 2 2 7 4 2 15 8 7 34' 32 16 26 9 12 15 8 4 9 3 1 2 1 3 7 5 7 8 6 1 6 6 1 Includes companies which reported deficits in 1939 and profits in 1941. For many companies in the durable goods groups where most of the armament production has occurred, net profits in 1941 were at least double those of 1939; these sharp increases occurred most frequently in the smallest size group shown, that is, among moderately large companies. Among the 295 REVIEW OF THE MONTH nondurable goods industries the level of earnings in 1941 for a large proportion of the companies was either not much above or actually below that of 1939. In the transportation equipment group very large gains were most frequent among the moderately large companies; these are producers of auto accessories, railway equipment, and aircraft whose business has been greatly increased by the defense program. The very large companies in this group include major auto producers, whose output has not yet increased relatively as much as that of other equipment producers. In the machinery industry the very large companies are for the most part producers of electrical equipment, while the moderately large companies are primarily producers of general industrial machinery and machine tools and similar equipment, whose volume of work on defense orders far exceeds their normal peacetime production. Commerce Commission figures, the 1941 net income of Class I roads was equivalent to a return of 6.1 per cent on the total common and preferred stock outstanding, compared with a return of 2.-3 per cent for 1940. The gain in net operating income was nearly three times as large in percentage terms for roads in receivership or trusteeship as for other roads. The larger Class I roads had percentage increases about double those of the smaller Class I roads. NET INCOME OF PUBLIC UTILITY CORPORATIONS MILLIONS OF DOLLARS JONS OF DOLLARS 100 EARNINGS OF RAILROADS Railroad earnings increased sharply last year with the larger volume of traffic. Carloadings were about 16 per cent larger than in 1940, and this, combined with heavier loadings per car, longer hauls, and higher average classification of freight, raised operating revenues by 2.4 per cent to more than 5 billion dollars. Increases in taxes, as well as in wage rates and fuel costs, were more than offset by the spreading out of overhead costs over the larger volume of business, with the result that net operating income increased about 45 per cent. Most of the dollar increase was carried through to net income for stockholders since nonoperating charges showed no appreciable rise. This meant that net income increased about one and one-half times and approached the 1930 level. According to Interstate Z96 1939 1940 1941 Figures and sources are shown on page 354 of this BULLETIN. Railroads in the New England, Southern, and Southwestern regions showed the largest increases in net operating income over 1940, averaging 80 per cent, in comparison with a 38 per cent increase for the rest of the country. Dividend payments of railroads in 1941 were only 17 per cent larger than in 1940, with the result that the bulk of the larger net income was retained for reinvestment and appropriations for special purposes. In conjunction with revenues set aside for depreciation, these funds were used to finance about two-thirds of the 800 million FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH dollars used for road and equipment expenditures and expansion of inventory and receivables. New security offerings, mainly in the form of equipment trust issues, were another important source of funds. There was some liquidation of investments. Funds from various sources were used to retire loans from the Reconstruction Finance Corporation and from banks. Substantial increases in cash balances by the end of the year were partly offset by increases in accrued tax liability. OTHER PUBLIC UTILITIES Revenues of other public utilities generally showed smaller gains last year than those of manufacturing and railroad companies; net income declined slightly. As shown in the table, operating revenue of electric power, telephone, and transit companies in 1941 averaged from 8 to 10 per cent above 1940. The gains over 1940 were limited partly by the fact that the rates for services are regulated and also by the fact that sales did not rise so rapidly as industrial activity. Operating expenses were also generally higher than in 1940. In the case of electric power and telephone companies, economies from utilizing capacity more fully appear to have offset increases in some operating costs with the result that income before taxes was about 15 per cent above the prior year. In the case of transit companies, however, expenses increased so that operating income before taxes was slightly lower than in 1940. After Federal income and excess profits taxes, which averaged for these industries about 70 per cent heavier than in the prior year, net income available for dividends was generally a little below the 1940 figures. In comparison with average results for these utility industries, increases in revenue APRIL 1942. E A R N I N G S AND D I V I D E N D S OF P U B L I C U T I L I T Y C O M P A N I E S 1 [In millions of dollars] 1939 Railroads (Class I) Operating revenue Income before Federal income taxes . Net income Dividends Retained net income Electric power companies (28 cos.) Operating revenue Income before Federal income taxes Net income Dividends Retained net income Telephone companies (33 cos.) Operating revenue Net income Dividends Retained net income Transit companies Operating revenue Net revenue3 before taxes.... Net revenue after taxes 1940 1941 3,995 126 93 126 -33 4,297 249 189 159 32 5,347 672 502 186 316 692 160 138 116 22 735 177 143 118 25 799 203 134 2120 14 1,179 198 178 20 1,250 202 167 35 1,382 196 172 24 763 169 92 785 180 94 853 179 81 J Figures for railroad, electric power, and telephone companies are as shown in the regular BULLETIN table on page 354. Data on transit companies represent entire industry, including municipal systems, as published in Transit Journal. 2 Partly estimated. 3 After operating expenses, and before interest charges. were larger for companies in which sales were chiefly to manufacturing industries or which otherwise reflected the rapidly growing war effort. Thus, revenue from sale of electricity to large industrial users increased zo per cent, in contrast to a 5 per cent increase in small commercial and residential sales. Telephone toll service showed larger gains over 1940 than did domestic service, and transit revenues increased more rapidly in the smaller communities where plants for defense production are located. Available information on dividend payments indicates that public utility companies in general maintained dividends at about the 1940 level. Since net income was less than in 1940, the amount retained for reinvestment was also somewhat less than in the prior year. To meet increased expenditures for plant and equipment, as well as for slightly increased inventories and receivables, the electric power and private transit industries relied principally on revenue set aside for depreciation. This source was relatively less important for 2-97 REVIEW OF THE MONTH substantial part of the national income and of Federal revenues. Last year's records indicate that corporate earnings before taxes were larger in the aggregate than in 1940 by an amount more than sufficient to absorb the considerable increase in income and excess profits taxes. In fact, the Earnings records of corporations reflect amount of net income available for disa variety of forces at work in the economy, tribution or use by the corporations was and for this reason have an important substantially larger than in the year before. significance in the formulation of economic The course of profits, as determined by policy. The figures in this review cover prices, wage rates, the volume and efficiency only the published reports of relatively of operation, and taxes, will continue to large companies. These companies, how- have an important bearing on fiscal and ever, constitute an important segment of other economic problems of the war and American business and are the source of a post-war period. telephone companies, which financed over half their capital needs of the year through the security markets. Electric power and transit companies did little public borrowing. FINANCING OF CONTRACTS FOR WAR PRODUCTION For the purpose of expediting war production, the President on March x6, i94x, issued an Executive Order authorizing the War Department, the Navy Department, and the United States Maritime Commission to guarantee loans, discounts, advances, or commitments made by the Federal Reserve Banks, the Reconstruction Finance Corporation, or other financing institutions for the purpose of financing contractors, subcontractors, or others "engaged in any business or operation which is deemed by the War Department, Navy Department, or Maritime Commission to be necessary, appropriate, or convenient for the prosecution of the war." The Executive Order also gave authority to the War Department, Navy Department and Maritime Commission to make, or to participate with the Federal Reserve Banks, the Reconstruction Finance Corporation, or other financing institutions in making loans, discounts, advances or commitments for such purpose. The press statement released by The White House in connection with the Executive Order indicated that the guaranties and loans to be made by the War Department, Navy De198 partment, and Maritime Commission would not be subject to peacetime credit rules but would be "made by production men, wherever additional financing is essential for additional production. Peacetime restrictions on credits cannot hold up production of war supplies needed by the armed forces." The Federal Reserve Banks are authorized to act as agents of the War Department, Navy Department, or Maritime Commission in carrying out the provisions of the Executive Order. It will be the purpose of the Federal Reserve System to cooperate in every way possible in connection with the administration of the Executive Order and in the accomplishment of its objectives. With this end in view, representatives of the Federal Reserve Banks met at the offices of the Board of Governors in Washington on April 1, 1941, for a discussion of the procedure necessary to give effect to the program with the least possible delay. The texts of the Executive Order and of the press statement issued by The White House are set forth at page 1.^ of this issue of the Federal Reserve BULLETIN. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. War Financing Contracts The President of the United States on March 2.6, 1942., issued an Executive Order authorizing the War and Navy Departments and the Maritime Commission to enter into financing contracts to facilitate the prosecution of the war. There is published below the text of this Order together with a statement by the White House. The White House, Washington, D. C. March 2.6, 1941 The Executive Order authorizing the financing of contracts to facilitate the prosecution of the war is aimed at curing a situation which has interfered with the all-out participation of many small business enterprises in war production. Senators Murray, Mead and Capper have been particularly anxious to bring about this participation. Full production of the nation's smaller businesses is essential to victory. The Order was prepared by the War Production Board, the War and Navy Departments and the Maritime Commission. It is the opinion of Messrs. Nelson, Patterson, Forrestal and. Admiral Land that this order will greatly speed the war production of small business and subcontractors generally. The basic purpose of the Order is to put working capital financing on a war basis. Up to now peacetime restrictions on banks and credit agencies have made it difficult for them to finance war production although the banks have been anxious to use their resources for prosecution of the war. Under the Order, the War Department, the Navy Department, and the Maritime Commission may guarantee or make loans when they are needed for war production. These guarantees will support the operations of the banks, the Federal Reserve System, the Reconstruction Finance Corporation, and other credit agencies. They will not be made under peacetime credit rules. They will be made by production men, wherever additional financing is essential for additional production. Peacetime restrictions on credits cannot hold up production of war supplies needed by the armed forces. The text of the order follows: APRIL 1941 EXECUTIVE ORDER N O . 9112. Authorizing Financing Contracts to Facilitate the Prosecution of the War WHEREAS in order that contracts of the War Department, the Navy Department, and the United States Maritime Commission (hereinafter referred to as Maritime Commission) which are now outstanding or may hereafter be entered into for war production, including the obtaining or conversion of facilities, may be promptly and effectively performed, it is essential that additional facilities be provided through governmental agencies to supply necessary funds to contractors, subcontractors and others engaged in such war production pursuant to such contracts; WHEREAS the War Department, the Navy Department, and the Maritime Commission have available to them amounts appropriated by Congress which may be used for the purpose of making or guaranteeing loans, discounts or advances or commitments in connection therewith for the purpose of financing contractors, subcontractors and others engaged in such production or otherwise to expedite war production; WHEREAS the guaranteeing or making of such loans, discounts, advances and commitments by the War Department, Navy Department and Maritime Commission will be expedited and facilitated by utilizing in this connection the Federal Reserve Banks and the Board of Governors of the Federal Reserve System, which are agencies of the Government exercising functions in connection with the prosecution of the war effort and which have offices and other facilities, including experienced personnel, located conveniently throughout the country and are in 2-99 FROM A LEGAL STANDPOINT close and frequent contact with banking and other financing institutions; and WHEREAS the guaranteeing or making of such loans, discounts, advances and commitments will greatly facilitate the participation of small business enterprises in war production; Now, THEREFORE, by virtue of the authority vested in me by the various provisions of the First War Powers Act, 1941, approved December 18, 1941, by all other Acts of Congress and by the Constitution of the United States, and as President of the United States and Commanderin-Chief of the Army and Navy of the United States, and deeming that such action will facilitate the prosecution of the war, I do hereby order as follows: (1) The War Department, Navy Department and the Maritime Commission are hereby respectively authorized, without regard to the provisions of law relating to the making, performance, amendment or modification of contracts, (a) to enter into contracts with any Federal Reserve Bank, the Reconstruction Finance Corporation, or with any otherfinancinginstitution guaranteeing such Reserve Bank, Reconstruction Finance Corporation, or other financing institution against loss of principal or interest on loans, discounts or advances, or on commitments in connection therewith, which may be made by such Reserve Bank, Reconstruction Finance Corporation, or other financing institution for the purpose of financing any contractor, subcontractor or others engaged in any business or operation which is deemed by the War Department, Navy Department or Maritime Commission to be necessary, appropriate or convenient for the prosecution of the war, and to pay out funds in accordance with the terms of any such contract so entered into; and (b) to enter into contracts to make, or to participate with any Federal Reserve Bank, the Reconstruction Finance Corporation, or otherfinancinginstitution in making loans, discounts or advances, or commitments in connection therewith, for the purpose of financing any contractor, subcontractor or others engaged in any business or operation which is deemed by the War Depart300 ment, Navy Department or Maritime Commission to be necessary, appropriate or convenient for the prosecution of the war, and to pay out funds in accordance with the terms of any such contract so entered into. (X) The authority above conferred may be exercised by the Secretary of War, the Secretary of the Navy or the Maritime Commission respectively or may also be exercised, in their discretion and by their direction respectively, through any other officer or officers or civilian officials of the War or Navy Departments or the Maritime Commission. The Secretary of War, the Secretary of the Navy, and the Maritime Commission may confer upon any officer or officers in their respective departments or civilian officials thereof the power to make further delegations of such powers within the War and Navy Departments and the Maritime Commission. (3) Any Federal Reserve Bank or any officer thereof may be utilized, and is hereby authorized to act, as agent of the War Department, the Navy Department, or the Maritime Commission, respectively, in carrying out any of the provisions of this executive order, and the Secretary of the Treasury is hereby directed to designate each Federal Reserve Bank to act as fiscal agent of the United States pursuant to the provisions of section 15 of the Federal Reserve Act in carrying out any authority granted to it by or pursuant to this executive order. In any case in which any Federal Reserve Bank shall make or participate in making any loan, discount or advance or commitment as agent of the War Department, Navy Department or Maritime Commission under authority of this order, all such funds as may be necessary therefor shall be supplied and disbursed by or under authority from the War Department, Navy Department or Maritime Commission in accordance with such procedure as they may respectively require. Any amounts now or hereafter available under any appropriation act to the War Department, the Navy Department, or the Maritime Commission for the purpose of procuring materials, equipment or supplies, or of expediting production thereof, may be expended through the FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT agency of the respective Federal Reserve Banks in accordance with the provisions of this executive order. In taking any action under any designation or authority given by or pursuant to this paragraph no Federal Reserve Bank shall have any responsibility or accountability except as agent of the War Department, Navy Department, or Maritime Commission, as the case may be. (4) All actions and operations of any Federal Reserve Bank under authority of or pursuant to the terms of this executive order shall be subject to the supervision of the Board of Governors of the Federal Reserve System and to such directions and conditions as the Board of Governors of the Federal Reserve System may prescribe, by regulation or otherwise, after consultation with the Secretary of War, the Secretary of the Navy, or the Maritime Commission, or their authorized representatives. (5) The War Department, the Navy Department and the Maritime Commission shall make reports of all contracts entered into by them respectively pursuant to the terms of this executive order, in accordance with the provisions of paragraph 1 of the regulations prescribed in Title II of Executive Order No. 9001 dated December 2.7, 1941. (6) Interest, fees and other charges derived by the War Department, Navy Department and Maritime Commission, respectively, from operations pursuant to the terms of this executive order may be held by the Federal Reserve Banks and shall first be used for the purpose of meeting expenses and losses (including but not limited to attorneys' fees and expenses of litigation) incurred by the Federal Reserve Banks in acting as agents under or pursuant to the provisions of this executive order; and to the extent that the amount of such interest, fees or other charges is insufficient for this purpose the Federal Reserve Banks shall be reimbursed for such expenses and losses by the War Department, the Navy Department or the Maritime Commission, as the case may be. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, March z6, 1942.. APRIL 1941 Purchase of Government Obligations Amendment to Section I4(b), Federal Reserve Act The President of the United States on March 2.7, 1941, approved an Act of Congress known as the "Second War Powers Act, 1942.," Title IV of which amended subsection (b) of section 14 of the Federal Reserve Act so as to authorize the purchase or sale by the Federal Reserve Banks either in the open market or directly from or to the United States, in accordance with the provisions of section i2_A of the Federal Reserve Act, of bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest, but limiting the aggregate amount acquired directly from the United States held at any one time by the twelve Federal Reserve Banks at not exceeding $5,000,000,000. A time limit is placed upon this amendment to the Federal Reserve Act by another provision of the Second War Powers Act which provides that certain provisions of the latter Act shall remain in force only until December 31, 1944, or until such earlier time as Congress by concurrent resolution, or the President, may designate, and thereafter any provision of law amended thereby shall be in full force and effect as though this Act had not been enacted. Subsection (b) of section 14, as thus amended, reads as follows: (b) To buy and sell, at home or abroad, bonds and notes of the United States, bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months, bonds issued under the provisions of subsection (c) of section 4 of the Home Owners' Loan Act of 1933, as amended, and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclama301 FROM A LEGAL STANDPOINT tion districts, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System: Provided, That any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities either in the open market or directly from or to the United States; but all such purchases and sales shall be made in accordance with the provisions of section 12.A of this Act and the aggregate amount of such obligations acquired directly from the United States which is held at any one time by the twelve Federal Reserve banks shall not exceed the advance, or (2.) by the deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act and guaranteed both as to principal and interest by the United States, or (3) by the deposit or pledge of Home Owners' Loan Corporation bonds issued under the provisions of subsection (c) of section 4 of the Home Owners' Loan Act of 1933, as amended, and guaranteed both as to principal and interest by the United States. 6 The eighth paragraph of section 13 of the Federal Reserve Act authorizes advances to member banks for periods not exceeding fifteen days secured by bonds, notes, certificates of indebtedness, or Treasury bills of the United States. However, the last paragraph of section 13 authorizes any Federal Reserve Bank to make advances for periods not exceeding ninety days "to any individual, partnership or corporation" on the promissory notes of such individual, partnership or corporation secured by "direct obligations of the United States"; and the term "corporation" includes an incorporated bank. $5,000,000,000; Advances on Government Obligations Amendment to Regulation A Reserves Balance in "Differential Account" Set Up Upon Purchase of Instalment Paper The Board of Governors, effective March xo, The Board's opinion has been requested as to 1941, amended subsection (b) of section 2. of whether the balance in a "differential account" Regulation A entitled Discounts for and Ad- set up in connection with certain proposed convances to Member Banks by Federal Reserve tracts for the purchase of instalment paper by a Banks. This amendment makes no change of member bank gives rise to a deposit liability substance in the regulation, its sole purpose against which reserves must be carried with the being to rephrase one paragraph of the regula- Federal Reserve Bank. tion in order to make it clear that under the It appears that under these contracts the bank law the Federal Reserve Banks are authorized would purchase instalment paper at a price less to make advances to their member banks for than the face amount of the paper and that at periods not exceeding 90 days on the promissory the time of the purchase the dealer would be notes of such member banks secured by direct credited with the amount of the purchase price obligations of the United States. The section and full title to the paper would pass to the as amended reads as follows: bank. Under the agreement, no further ( b ) Advances on Government obligations.—Any amounts would be credited to the dealer until Federal Reserve Bank may make advances, "an amount in excess of the purchase price, under authority of section 13 of the Federal plus . . . % per annum computed monthly of the Reserve Act, to any of its member banks for unpaid balance of the amount paid by the bank periods not exceeding ninety days6 on the for such paper, is realized by the bank"; and promissory note of such member bank secured any excess so realized would be applied first to by direct obligations of the United States, satisfy any past due indebtedness of the dealer and for periods not exceeding fifteen days on to the bank arising under the contract or otherthe promissory note of such member bank wise, and any balance then remaining would be secured (1) by the deposit or pledge of deben- paid or credited to the dealer. tures or other such obligations of Federal In practice, it is understood that the transacIntermediate Credit banks having maturities tion is handled in the following manner. At of not exceeding six months from the date of the time of the purchase, in order to maintain FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT a record of payments, the bank sets up what is termed a "differential account" representing the difference between the face amount of the paper and the purchase price. As monthly collections are made on the face amount of the paper, any amount realized in excess of the proportionate monthly part of the purchase price (plus the agreed interest or discount) is paid over to the dealer; and at the same time the differential account is reduced by the amount of such additional payment. As a result, the differential account at all times represents a certain percentage of the unpaid balance. The Board had under consideration in 1938 a case involving somewhat similar facts. In that case it appeared that a national bank, in connection with its purchase of instalment paper from dealers, required each dealer to set aside out of the proceeds of the paper and carry with the bank in a "special reserve account" a certain percentage of the face amount of the paper or of the unpaid balance thereon. The bank was authorized to charge this account with any losses sustained in the collection of the paper discounted for the dealer or as the result of any other indebtedness incurred by the dealer. The Board ruled that the amounts held in such a special reserve account, not being segregated from the other assets of the bank, should be regarded as deposits against which reserves must be carried with the Federal Reserve Bank. In the case now under consideration it appears that the so-called differential account constitutes merely a current record of the excess of the unpaid balance of the face amount of the paper over the unpaid balance of the agreed purchase price. Under the terms of the contract, the bank is under no liability to the dealer for the amounts credited to the differential account until actually collected. In the case considered by the Board in 1938, it was understood that the bank at the time it acquired the notes gave the dealer credit for the full face amount thereof but set aside an agreed percentage of this amount as a special reserve fund which was not available to the dealer until after full payment of the paper. In this respect, therefore, it is believed that the APRIL present case may be distinguished from the case above mentioned. On the basis of the facts as outlined above, and without undertaking to approve specific forms of contracts, the Board has reached the following conclusions: 1. If the purchase price of the paper is credited to the dealer's account, the resulting credit obviously is a deposit against which reserves must be maintained. 2.. The uncollected difference between the purchase price and the face amount of the paper is in practical effect a potential margin of security and does not constitute a deposit against which reserves must be maintained. 3. Where, however, an instalment payment has been received and a portion of such payment (say 90 per cent) has been credited against the purchase price and the remainder (say 10 per cent) has not been credited against the purchase price, the 90 per cent of the payment which has been applied against the purchase price does not constitute a deposit balance, but the remaining 10 per cent of the payment does constitute a deposit unless and until it is paid over to the dealer or applied against his indebtedness. 4. Whenever the payments received on any paper purchased aggregate an amount in excess of the purchase price plus interest or discount, any such excess which is not paid over to the dealer or credited against his indebtedness likewise constitutes a deposit against which reserves must be maintained. Consumer Credit Interpretations of Regulation W Since the publication of the March 194.x Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued the following interpretations of Regulation W relating to consumer credit: "FIRST LIEN"—SECOND MORTGAGE HELD BY SAME MORTGAGEE Interpretation No. 128 of Regulation W If a lender who has made a loan secured by a first mortgage makes another loan to the same borrower secured by another mortgage on the 303 FROM A LEGAL STANDPOINT same property, and if there are no intervening liens, the second mortgage is a "first lien" within the meaning of section 6(a), as long as both notes are held by the same lender. This supersedes Interpretation W-30. EFFECT OF AMENDMENT N O . 3 UPON EXISTING INTERPRETATIONS Interpretation No. 12g of Regulation W authority of the Executive Order of December 19, 1941, and Treasury decision of December X4, 1941, published at page 103 of the February 1942. Federal Reserve BULLETIN: March 18, 1941 Communications Ruling No. i Issued under the Authority Vested in the Office of Censorship Pursuant to the Trading with the Enemy Act, as Amended, and the First War Powers Act, 1941* (1) By virtue of the authority vested in me by Executive Amendment No. 3 to Regulation W will affect Order No. 8985 (Fed. Reg. Doc. 41-9600) and T.D. 50536 certain interpretations previously issued by the (Fed. Reg. Doc. 41-9799), the sending or transmitting out Board, and the following comments will be per- of the United States in the ordinary course of the mail of tinent to the interpretations indicated, begin- any letter or other writing, book, or other paper, or through any public telegraph or cable service of any telegram, cablening March X3, 1942.: gram or wireless message of any communication is permitted, W-4, W-73, W-76 and W-88 will be obsolete. provided that both of the following conditions are satisfied: W-55 will be obsolete only to the extent that (a) Such communication complies with all regulations it refers to ' 'Items 1 through 4 of Part 3(a) of the issued by the Office of Censorship; and (b) Such communication is not addressed to or inSupplement." tended for, or to be delivered, directly or indirectly, to W-69. This interpretation relates to the proan enemy national. visions contained in section 6(j) before amend(2.) Nothing contained in this Ruling shall be deemed to ment. limit the authority of the Office of Censorship to cause to be W-84. Paragraph numbered 4 will be obso- censored in its absolute discretion, communication by mail, cable, radio or other means of transmission passing between lete. W-90 will be obsolete only to the extent that the United States and any foreign country. All communicait refers to the old provision "seven heating sur- tions permitted by this Ruling shall be subject to censorship v as fully as if this Ruling had not been issued. faces" instead of the new provision "designed (3) As used in this Ruling the term "United States" and for household use." the term "person" shall have the meaning prescribed in W-115. Superseded by amendment in Option Executive Order No. 8389, as amended, and the term "enemy national" shall have the meaning prescribed in General 1 of section 8(b). W-10. Note new provisions in Supplement Ruling No. 11, issued by the Secretary of the Treasury thereunder. regarding suction cleaners. (4) This Ruling may be amended or modified at any time; W-14. Note that clocks are now listed in and the right is reserved to exclude from the operation hereof, or from the privileges hereby conferred, and to restrict the Group C in the Supplement. W-17. Note that silverware is now listed in applicability hereof with respect to, particular persons or communications or classes thereof. Group C in the Supplement. BYRON PRICE, W-38, W-43, W-49, W- 5 i , W- 5 6, W-63, W- 7 o, Director of Censorship. W-95, W-102.. Note changes in maximum ma* Sec. 3, 40 Stat. 412, as amended, and Sec. 303, Title III of the Act of December 18, 1941, Public Law 354, 77th Congress, 1st Session, 55 turities in Supplement. Stat. 838; Ex. Order No. 8985, December 19, 1941; Treasury Decision and w W-63 "77- Note Part 3O) of Supple- 50536, December 24, 1941. ment, as amended. Government Contracts W-71 and W-116. Note new provisions in Executive Order Dealing with War Contracts Supplement regarding radios. There is set forth below the text of an ExecuCensorship tive Order issued by the President on February Communications Ruling Issued by Director 10, 1942-, extending the provisions of the Order of Censorship of December z.j, 1941, so as to authorize the The following Communications Ruling has Interior Department to perform the functinos been issued by the Director of Censorship under and exercise the powers described in Title II of 304 FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT as President of the United States and Commander in Chief of the Army and Navy, and in order to provide for the removal from designated areas of persons whose removal is necessary in the interests of national security, it is ordered as EXECUTIVE ORDER NO. 9055 follows: 1. There is established in the Office for EmerExtension of the Provisions of Executive Order No. pooi of December 27, 1941, to Contracts of the gency Management of the Executive Office of the President the War Relocation Authority, at Interior Department the head of which shall be a Director appointed By virtue of the authority vested in me by the by and responsible to the President. act of Congress entitled "An Act to expedite the -L. The Director of the War Relocation Auprosecution of the war effort'' approved Decemthority is authorized and directed to formulate ber 18, 1941, and as President of the United and effectuate a program for the removal, from States, and deeming that such action will facilithe areas designated from time to time by the tate the prosecution of the war, I hereby extend Secretary of War or appropriate military comthe provisions of Executive Order No. 9001 of mander under the authority of Executive Order December 2.7, 1941 to the Department of the No. 9066 of February 19, 1942., of the persons or Interior, with respect to all contracts made or classes of persons designated under such Executo be made by that Department; and subject to tive Order, and for their relocation, maintethe limitations and regulations contained in such nance, and supervision. Executive Order, I hereby authorize the Secre3. In effectuating such program the Director tary of the Interior, and such officers, employees, shall have authority to— and agencies as he may designate, to perform (a) Accomplish all necessary evacuation not and exercise, as to their respective agencies, all undertaken by the Secretary of War or approof the functions and powers vested in and priate military commander, provide for the granted to the Secretary of War, the Secretary relocation of such persons in appropriate places, of the Navy, and the Chairman of the United provide for their needs in such manner as may States Maritime Commission by such Executive be appropriate, and supervise their activities. (b) Provide, insofar as feasible and desirable, Order. for the employment of such persons at useful FRANKLIN D. ROOSEVELT work in industry, commerce, agriculture, or THE WHITE HOUSE, public projects, prescribe the terms and conFebruary 10, 1942.. ditions of such public employment, and safeWar Relocation Authority guard the public interest in the private employment of such persons. Executive Order Establishing Office (c) Secure the cooperation, assistance, or servThere is set forth below the text of an Execuices of any governmental agency. tive Order issued by the President on March 18, (d) Prescribe regulations necessary or de1942., establishing the War Relocation Authority sirable to promote effective execution of such and defining its functions and duties. program, and, as a means of coordinating evacuation and relocation activities, consult with the EXECUTIVE ORDER NO. 9102. Secretary of War with respect to regulations Establishing the War Relocation Authority in the issued and measures taken by him. Executive Office of the President and Defining Its (e) Make such delegations of authority as he Functions and Duties may deem necessary. By virtue of the authority vested in me by the (f) Employ necessary personnel, and make Constitution and statutes of the United States, such expenditures, including the making of the Act of December 18, 1941, pertaining to Government contracts. The Order of December 2.7, 1941, is published at page 105 of the February 1942. Federal Reserve BULLETIN. APRIL 1942. 3°5 FROM A LEGAL STANDPOINT loans and grants and the purchase of real property, as may be necessary, within the limits of such funds as may be made available to the Authority. 4. The Director shall consult with the United States Employment Service and other agencies on employment and other problems incident to activities under this order. 5. The Director shall cooperate with the Alien Property Custodian appointed pursuant to Executive Order No. 9095 of March 11, 1942., in formulating policies to govern the custody, management, and disposal by the Alien Property Custodian of property belonging to foreign nationals removed under this order or under Executive Order No. 9066 of February 19, 1942.; and may assist all other persons removed under either of such Executive Orders in the management and disposal of their property. 6. Departments and agencies of the United States are directed to cooperate with and assist the Director in his activities hereunder. The Departments of War and Justice, under the direction of the Secretary of War and the Attorney General, respectively, shall insofar as consistent with the national interest provide such protective, police and investigational services as the Director shall find necessary in connection with activities under this order. 7. There is established within the War Relocation Authority the War Relocation Work Corps. The Director shall provide, by general regulations, for the enlistment in such Corps, for the duration of the present war, of persons removed under this order or under Executive Order No. 9066 of February 19, 1942., and shall prescribe the terms and conditions of the work to be performed by such Corps, and the compensation to be paid. 8. There is established within the War Relocation Authority a Liaison Committee on War Relocation, which shall consist of the Secretary of War, the Secretary of the Treasury, the Attorney General, the Secretary of Agriculture, the Secretary of Labor, the Federal Security Administrator, the Director of Civilian Defense, and the Alien Property Custodian, or their deputies, and such other persons or agencies as 306 the Director may designate. The Liaison Committee shall meet at the call of the Director and shall assist him in his duties. 9. The Director shall keep the President informed with regard to the progress made in carrying out this order, and perform such related duties as the President may from time to time assign to him. 10. In order to avoid duplication of evacuation activities under this order and Executive Order No. 9066 of February 19, 1942., the Director shall not undertake any evacuation activities within military areas designated under said Executive Order No. 9066, without the prior approval of the Secretary of War or the appropriate military commander. 11. This order does not limit the authority granted in Executive Order No. ^72. of December ix, 1941; Executive Order No. 9066 of February 19, 1942.; Executive Order No. 9095 of March 11, 1942.; Executive Proclamation No. 2.52.5 of December 7, 1941; Executive Proclamation No. 2.52.6 of December 8, 1941; Executive Proclamation No. 2.52.J of December 8, 1941; Executive Proclamation No. 1533 of December X9, 1941; or Executive Proclamation No. 2.537 of January 14, 1942.; nor does it limit the functions of the Federal Bureau of Investigation. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, March 18, 1942.. Alien Property Custodian Executive Order Establishing Office There is set forth belpw the text of an Executive Order issued by the President on March 11, 194X5 establishing the Office of Alien Property Custodian and defining its functions. EXECUTIVE ORDER NO. 9095 Establishing the Office of Alien Property Custodian and Defining Its Functions and Duties By virtue of the authority vested in me by the Constitution, by the Trading with the Enemy Act of October 6, 1917, as amended, by the First War Powers Act, 1941, and as President of the United States, it is hereby ordered as follows: FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT i. There is hereby established in the Office for Emergency Management of the Executive Office of the President the Office of Alien Property Custodian, at the head of which shall be an Alien Property Custodian appointed by the President. The Alien Property Custodian shall receive compensation at such rate as the President shall approve and in addition shall be entitled to actual and necessary transportation, subsistence, and other expenses incidental to the performance of his duties. Within the limitation of such funds as may be made available for that purpose, the Alien Property Custodian may appoint assistants and other personnel and delegate to them such functions as he may deem necessary to carry out the provisions of this Order. z. All power and authority conferred on the President by Sections 3 (a) and 5(b) of the Trading with the Enemy Act of October 6, 1917, as amended, and by Sections 301 and 30Z of Title III of the First War Powers Act, 1941, approved December 18, 1941, except such powers and authority as were delegated to the Secretary of the Treasury by Executive Orders issued prior to February iz, 194Z, and to the Board of Governors of the Federal Reserve System by Executive Order No. 8843 of August 9, 1941 (which powers and authority shall continue to be vested in and exercised by the Secretary of the Treasury and the Board of Governors respectively), are hereby delegated to and vested in the Alien Property Custodian. The memorandum of February iz, 194Z, delegating to the Secretary of the Treasury certain powers and authority under said sections, is hereby revoked and canceled. Any and all action heretofore taken by the Board of Governors of the Federal Reserve System after February 11, 194Z, in pursuance of Executive Order No. 8843 of August 9, 1941, is hereby confirmed and ratified. In the exercise of the authority herein delegated, the Alien Property Custodian shall be subject to the provisions of Executive Order No. 8839 of July 30, 1941, and shall designate a representative to the Board of Economic Warfare in accordance with section 6 thereof. 3. Any property, or interest therein, of any foreign country or a national thereof shall vest APRIL 194Z in the Alien Property Custodian whenever the Alien Property Custodian shall so direct; and, in the case of any property, or interest therein, subject to the control of the Secretary of the Treasury, when the Alien Property Custodian shall notify the Secretary of the Treasury in writing that he has so directed, the Secretary of the Treasury shall release all control of any such property, or interest therein, to the Alien Property Custodian. 4. Any outstanding order, proclamation, regulation, ruling, license, or instruction issued pursuant to, or relating to the administration of, any power or authority vested in the Alien Property Custodian by this Order shall remain in effect unless and until amended or revoked by the Alien Property Custodian. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, March 11, 194Z. Temporary Delegation of Powers to the Secretary of the Treasury There is set forth below the text of a memorandum issued by the Alien Property Custodian under date of March 11, 194Z, delegating all of his powers and authority to the Secretary of the Treasury pending the staffing and organization of the Office of Alien Property Custodian. Washington, D. C. March 11, 194Z Memorandum for the Secretary of the Treasury: There is hereby delegated to the Secretary of the Treasury all power and authority under Sections 3(a) and 5(b) of the Trading with the enemy Act, as amended, conferred upon me by the President by Executive Order dated March 11, 194Z. This delegation is temporary, pending the staffing and organization of the Office of the Alien Property Custodian, and shall continue until revoked in writing in whole or in part at any time by me. This delegation shall not be construed as a limitation upon my authority to exercise such power and authority at any time. LEO T. CROWLEY Alien Property Custodian 307 FROM A LEGAL STANDPOINT Foreign Funds Control Special Regulation Issued by the Federal Reserve Bank of San Francisco as Fiscal Agent of the United States There is set forth below Special Regulation No. i issued on March 18, 1942., by the Federal Reserve Bank of San Francisco as Fiscal Agent of the United States and confirmed by the Secretary of the Treasury, which provides for the blocking of transactions in property of persons evacuated from the military areas on the Pacific Coast. San Francisco, California March 18, 1941. Special Regulation No. 1 Under Executive Order No. 8589, April 10, 1940, as Amended, and Section $(ti) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Transactions in Special Blocked Property* By virtue of the authority vested in the Federal Reserve Bank of San Francisco, Fiscal Agent of the United States, pursuant to section 5(b) of the Trading with the enemy Act as amended by the First War Powers Act, by virtue of the authority vested in such bank by the Commanding General of the Western Defense Command and Fourth Army, and by virtue of all other authority vested in such bank, the following special regulations are hereby prescribed: (1) The acquisition, disposition or transfer of, or other dealing in, or exercising any right, power, or privilege with respect to, any property hereafter designated as special blocked property is prohibited except as authorized by license expressly referring to this regulation. QL) Applications for any such license may be filed on Form TFE-i by any person with the nearest office of the Federal Reserve Bank of San Francisco- Such applications should set forth (a) the interest, if any, of the applicant in the property; (b) the details of the transaction for which a license is requested including the terms of any proposed settlement; (c) the manner in which the interest of the evacuee national in the property is being protected; and (d) whether or not the evacuee national is in agreement with the proposed settlement. (3) As used in this Special Regulation and in any ruling, license, instruction, etc.: (a) the term "evacuee national" shall mean any Japanese, German or Italian alien, or any person of Japanese ancestry, resident on or since December 7, 1941 in Military Area No. 1 or in * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order No. 8389, April 10, 1940, as amended by Ex. Order No. 8785, June 14, 1941, Ex. Order No. 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, Ex. Order 8998, Dec. 26, 1941, Ex. Order No. 9066, Feb. 19, 1942, Ex. Order No. 9095, Mar. 11, 1942. 3O8 specified zones in other military areas prescribed in or pursuant to public proclamations issued by Lieutenant General J. L. DeWitt, Commanding General of the Western Defense Command and Fourth Army. For the purpose of this regulation all evacuee nationals are nationals of a foreign country. (b) the term "Special Blocked Property" shall mean property in which an evacuee national has an interest and which has been designated as special blocked property by the Federal Reserve Bank of San Francisco in one or more of the following ways: (i) there is posted on or reasonably near such property an official Federal Reserve Bank of San Francisco notice that such property is special blocked property. (ii) the person holding such property or having possession or custody thereof has been notified by the Federal Reserve Bank of San Francisco that such property is special blocked property. (iii) one or more persons having an interest in such property have been notified by the Federal Reserve Bank of San Francisco that such property is special blocked property. FEDERAL RESERVE BANK OF SAN FRANCISCO (Fiscal Agent of the United States) By (sgd) WILLIAM A. DAY, President. CONFIRMED : Secretary of the Treasury General Rulings, General Licenses, Public Circulars and Public Interpretations Issued by the Secretary of the Treasury There are published below the following additional General Rulings, General Licenses, Public Circular and Public Interpretations issued by the Office of the Secretary of the Treasury under the authority of the Executive Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto relating to transactions in foreign exchange, etc.: Treasury Department, Office of the Secretary, March 13, 1942 GENERAL RULING N O . 6A Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT in Foreign Exchange, Etc., and Section / ( £ ) of the Trading With the Enemy Act, as Amended, by the First War Powers Act* United States and foreign currency sent, mailed, imported or otherwise brought into the United States from any blocked country not within the generally licensed trade area, or from, by, or on behalf of any person whose name appears on "The Proclaimed List of Certain Blocked Nationals," and the receiving or holding in the United States of such currency so brought into the United States shall be subject to the provisions of General Rulings Nos. 5 and 6 in the same manner as if such currency were securities. E. H. FOLEY, J R . , Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, March 18, 1942. GENERAL RULING N O . I I Under Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control (1) No license or other authorization now outstanding or hereafter issued, unless expressly referring to this general ruling, shall be deemed to authorize any transaction which, directly or indirectly, involves any trade or communication with an enemy national. (Y) As used in this general ruling and in any other rulings, licenses, instructions, etc.: (a) The term "enemy national" shall mean the following: (i) The Government of any country against which the United States has declared war (Germany, Italy and Japan) and the Governments of Bulgaria, Hungary and Rumania and any agent, instrumentality or representative of the foregoing Governments, or other person acting therefor, wherever situated (including the accredited representatives of other Governments to the extent, and only to the extent, that they are actually representing the interests of the Governments of Germany, Italy and Japan and Bulgaria, Hungary and Rumania); and (ii) The government of any other blocked country having its seat within enemy territory, and any agent, instrumentality, or representative thereof, or other person acting therefor, actually situated within enemy territory; and (iii) Any individual within enemy territory and any partnership, association, corporation or other organization to the extent that it is actually situated within enemy territory; and (iv) Any person whose name appears on The Proclaimed List of Certain Blocked Nationals and any other person acting therefor. * 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, 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, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. APRIL 1941 (b) The term "enemy territory" shall mean the following: (i) The territory of Germany, Italy and Japan; and (ii) The territory controlled or occupied by the military, naval or police forces or other authority of Germany, Italy or Japan. The territory so controlled or occupied shall be deemed to be the territory of Albania; Austria; that portion of Belgium within continental Europe; Bulgaria; that portion of Burma occupied by Japan; that portion of China occupied by Japan; Czechoslovakia; Danzig; that portion of Denmark within continental Europe; Estonia; that portion of France within continental Europe occupied by Germany or Italy; French Indo-China; Greece; Hong Kong; Hungary; Latvia; Lithuania; Luxembourg; British Malaya; that portion of the Netherlands within continental Europe; that portion of the Netherlands East Indies occupied by Japan; Norway; that portion of the Philippine Islands occupied by Japan; Poland; Rumania; San Marino; Thailand; that portion of the Union of Soviet Socialist Republics occupied by Germany; Yugoslavia; and any other territory controlled or occupied by Germany, Italy or Japan. (c) The term "The Proclaimed List of Certain Blocked Nationals" shall mean "The Proclaimed List of Certain Blocked Nationals" as amended and supplemented, promulgated pursuant to the President's Proclamation of July 17, 1941. (d) The term "trade or communication with an enemy national" shall mean the sending, taking, bringing, transportation, importation, exportation, or transmission of, or the attempt to send, take, bring, transport, import, export or transmit (i) any letter, writing, paper, telegram, cablegram, wireless message, telephone message or other communication of any nature whatsoever, or (ii) any property of any nature whatsoever, including any goods, wares, merchandise, securities, currency, stamps, coin, bullion, money, checks, drafts, proxies, powers of attorney, evidences of ownership, evidences of indebtedness, evidences of property, or contracts directly or indirectly to or from an enemy national after March 18, 1942.. (3) This general ruling shall not be deemed to affect any outstanding specific license in so far as such license expressly authorizes any transaction which involves trade or communication with any person whose name appears on The Proclaimed List of Certain Blocked Nationals. (4) Any transaction prohibited by section 3(a) of the Trading with the enemy Act, as amended, is licensed thereunder unless such transaction is prohibited pursuant to section 5(b) of that Act and not licensed by the Secretary of the Treasury. In this connection, attention is directed to the 309 FROM A LEGAL General License under section 3(a) of the Trading with the enemy Act, issued by the President on December 13, 1941. E. H. FOLEY,JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary, February Z3, 1941 AMENDMENT OF GENERAL LICENSE NO. 42. Under Executive Order No. 8389, April iot 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* STANDPOINT (3) This general license shall not be deemed to license as a generally licensed national: (a) Any individual who on or since the effective date of the Order has acted or purported to act directly or indirectly for the benefit or on behalf of any blocked country, including the government thereof; (b) Any individual who is a national of a blocked country by reason of any fact other than that such individual has been domiciled in, or a subject, citizen, or resident of a blocked country at any time on or since the effective date of the Order; (c) Any individual who enters a blocked country after February Z3, 1941; or (d) Any national of Japan. Nationals of Japan shall continue to be governed by the provisions of General License No. 68A in so far as General License No. 68A may be applicable. General License No. 41 is amended to read as follows: (1) A general license is hereby granted: (a) Licensing as a generally licensed national any individual residing in the United States on February 13, 1942., and E. H. FOLEY, JR. (b) Licensing as a generally licensed national any Acting Secretary of the Treasury. partnership, association, corporation or other organization which is a national of a foreign country designated Treasury Department, Office of the Secretary, in the Order solely by reason of the interest therein of a February 2.3, 1942. person or persons licensed as generally licensed nationals REVOCATION OF GENERAL LICENSES NOS. 41A AND 68 pursuant to this general license. (2) The following provisions shall govern the riling of Under Executive Order No. 8389, April 10, 1940, as Amended, and reports under this general license: Regulations Issued Pursuant Thereto, Relating to (a) Before effecting any transaction pursuant to this Transactions in Foreign Exchange, Etc.* general license, the following persons licensed herein as generally licensed nationals shall file a report in triplicate General Licenses Nos. 41A and 68 are hereby revoked. on Form TFR-4i with the appropriate Federal Reserve E. H. FOLEY, JR. Bank: Acting Secretary of the Treasury. (i) Every individual who was not residing in the United States on June 17, 1940; and Treasury Department, Office of the Secretary, (ii) Every partnership, association, corporation March 10, 1941 or other organization which prior to February Z3, 1941, was not a generally licensed national solely by AMENDMENT OF GENERAL LICENSE NO. 68A reason of the interest of an individual or individAs Amended, Under Executive Order No. 8389, April 10, 1940, as uals referred to in (i) above. Amended, and Regulations Issued Pursuant Thereto, ReAny person failing to comply with this reporting relating to Transactions in Foreign Exchange, Etc.* quirement is not authorized to engage in any transaction pursuant to this general license. General License No. 68A is hereby amended by deleting (b) Individuals and other persons licensed herein as paragraph (6) and renumbering paragraph (7) as paragenerally licensed nationals and not falling within classes graph (6). referred to in i(a) need not file reports on Form TFR-41. E. H. FOLEY, JR., (c) This general license shall not be deemed to suspend, Acting Secretary of the Treasury. cancel, or otherwise modify in any way the requirements of the Order and regulations relating to reports on Form Treasury Department, Office of the Secretary, TFR-300 with respect to the property interests of certain March 13, 1942. persons licensed herein as generally licensed nationals; PUBLIC CIRCULAR NO. 17 •provided, however, that if reports on TFR-300 were not, prior to February 23, 1941, required to be filed in any Under Executive Order No. 8389, April 10, 1940, as Amended, and case or class of cases, such reports are not required to be Regulations Issued Pursuant Thereto, Relating to filed pursuant to this general license. Transactions in Foreign Exchange, Etc.* * 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, 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, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 310 * 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, 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, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT ( i ) General License No. 13 is hereby amended as follows: (a) By deleting the work "Java" from subdivisions (a) and (b) of paragraph (1) thereof; and (b) By deleting subdivisions (c) and (d) from paragraph (1) thereof. (z) General License No. 15 is hereby amended as follows: (a) By deleting the words "between the United States and the Netherlands East Indies and" from paragraph (1) thereof; and (b) By deleting the words "such areas" from subdivisions (a) and (b) of paragraph ( i ) thereof and substituting therefor the words "the Netherlands West Indies". (3) General License No. 2.0 is hereby amended by deleting the words "the Netherlands East Indies or" from the first paragraph thereof. (4) General License No. 2.1 is hereby amended by deleting the words "the Netherlands East Indies or" from paragraph (1) thereof. (5) For the purpose of administering the Order and complying with the provisions thereof, the Netherlands East Indies shall continue to be regarded as a part of the Netherlands and not as a part of the territory of any other blocked country. (6) Attention is directed to the fact that, by reason of temporary control and occupation by the military, naval, and police forces and other authority of Japan, the Netherlands East Indies is no longer included within the generally licensed trade area as defined in General License No. 53. General License No. 53 is hereby amended by deleting the words "the Netherlands East Indies" from subdivision (a) of paragraph (3) thereof. E. H. FOLEY, JR. Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, Foreign Funds Control, January 13, 1942. PUBLIC INTERPRETATION N O . I Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control Subject: General License No. 2.7 Inquiry has been made as to whether, under General License No. 2.7, a blocked account in the name of A may be credited with dividends on stock held in such blocked account, such stock being owned of record by B who is also a blocked national. APRIL 1942. General License No. 17 authorizes the crediting of A's blocked account under the above circumstances. J. W. PEHLE, Assistant to the Secretary Treasury Department, Office of the Secretary, Foreign Funds Control, January 13, 1942. PUBLIC INTERPRETATION NO. 2. Under Executive Order No. 8389, April 10, 1940, as Amended and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control Subject: General License No. 53 Inquiry has been made as to whether a trade transaction with a concern in the generally licensed trade area is excluded from General License No. 53 solely because such concern is a branch or subsidiary of a concern organized under the laws of a country not within the generally licensed trade area or because a substantial portion of the stock is held by a person domiciled or resident outside of the generally licensed trade area. A trade transaction with a concern doing business within the generally licensed trade area is not excluded from General License No. 53 for these reasons. J. W. PEHLE, Assistant to the Secretary Treasury Department, Office of the Secretary, Foreign Funds Control, February 2.7, 1941 PUBLIC INTERPRETATION NO. 3 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control Subject: General Licenses Nos. 49, 50, 52., and 70, and Public Circular No. 15. Inquiry has been made as to whether banking institutions within the United States are authorized under General Licenses Nos. 49, 50, 52., and 70, as amended by Public Circular No. 15, to effect transactions concerning which reports on Form TFR-149 must be filed before they have obtained the information required by Form TFR-149. Banking institutions are not authorized to effect such transactions unless they are in possession of the information required by Form TFR-149. J. W. PEHLE, Assistant to the Secretary REGENT CHANGES IN DEMAND FOR CURRENCY Since a year ago currency outstanding has increased by 2.-7 billion dollars to a total of 11.5 billion dollars, which is double the volume of the 192.0's. This rapid growth in the public's demand for currency raises a number of important questions as to its causes, character, and possible significance in relation to the position of the banks and to monetary policy. Some discussion of these matters is presented in this article. Though complete or conclusive reports are not available on what the public does with its currency, there is some evidence on which to base rough estimates. On the basis of available information it appears that the bulk of the growth in currency has been due to an expansion of payrolls, retail trade, and services that are habitually settled in cash, that a part of it has been due to increases in service charges by banks and other developments that have encouraged the use of cash in place of checks, and that the growth of cash held in hoards has accounted for a part but not a major part of the total. It is a well established and familiar fact that the amount of currency that flows in and out of the banks is governed entirely by the public's requirements. Anyone who possesses a deposit in a bank or is able to get one by borrowing or otherwise may obtain currency, and anyone with currency may deposit it in a bank. The amount of currency, therefore, fluctuates with changes in the people's needs and preferences. The chart shows changes in currency in circulation since 1914.1 BUSINESS NEEDS Nearly three-quarters of the 7-billion-dollar increase in currency circulation since the 192.0's 1 "Currency in circulation" is the name given to all currency outside the Federal Reserve Banks.and Treasury, whether it is held inactive or is actually "circulating". The figure, therefore, includes vault cash of commercial and savings banks, which comprises about 14 per cent of the total. For a more complete discussion of why the public alone determines the amount of currency in circulation see Money System of United States, by Woodlief Thomas, in Banking Studies, Board of Governors of the Federal Reserve System, 1941, pp. 308-312. NOTE: The material in this article was prepared in the Division of Research and Statistics. The views expressed in it are not necessarily those of the Board of Governors. CURRENCY IN CIRCULATION BILL ONS CF DOLLARS BILLK)NS END OF h ONTh FIG JRES 0 -DOLL 12 I 10 10 8 6 y TOTAL / * K /y **> t J f J * ^ w M— [1 y y / A/ COlf\ AND BILL S UNCE R % 50 2 / ^ • . — —«— in 3ILLS $ 5 0 AN0( )VER 0 1914 1916 1918 211. 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 FEDERAL RESERVE BULLETIN RECENT CHANGES IN THE DEMAND FOR CURRENCY appears to have been due to increased business needs, principally to meet wage payments and consumers' expenditures. Such needs have resulted in a rapid rise in the circulation of coin and bills in denominations of $xo and under. Probably no great amount of the rise in coin and small bills represents hoarding because large bills are much more convenient for hoarding. The following chart indicates that business needs for currency have been increasing rapidly. This chart compares changes in circulation of currency over the past decade with an index of the most important uses of currency, including payment of wages and salaries and retail purchases.2 Since 1934 currency in circulation and the index measuring the uses of currency have generally moved together, and both have doubled since the low point of 1933. In 1931 and 1932L, when large-scale hoarding prevailed, and in 1933 and 1934, when a return flow from DEMAND FOR CURRENCY MONTHLY FIGURES CURB PER CEN T i l 9 3 5 39>lO( 200 150 INDEX 3F CUR RE.NCY PAYMENTS 100 y A 80 Wi %•— — —< 60 ^ C U R R E N C Y IN CIRCULATION 40 20 hoards appears to have assumed substantial proportions, the two curves generally moved in opposite directions. 2 The composition of this index, which has been developed by Louise Sissman, formerly with the Division of Research and Statistics, and the relative magnitude of each component for the year 1941 are shown in the following table. All items except totals of salaries, wages, and relief and Social Security payments have been adjusted to represent estimated amounts paid in currency. (In millions of dollars; some of the figures are preliminary.) Store sales 11,536 Grocery chain stores 7,602 Department stores 2,919 Variety chain stores 1,015 Transportation 6,468 Retail gasoline sales 5,154 Street car and bus fares 737 Railroad and Pullman fares 577 3,538 Liquor sales 4,973 Rent payments 3,722 Hotel and restaurant receipts 1,539 Cigarette sales 722 Industrial insurance collections Postage stamp sales 566 Amusement receipts subject to tax * 265 Public telephone revenues 51 Salary and wage payments 59,919 Social security payments 1,813 Relief payments 1,113 96,225 APRIL 1941 Growth of currency since the 192.0's (outside of hoards), however, has been larger than can be accounted for entirely by increased volume of business that used to be settled in cash. There have been, in addition, certain developments that have encouraged the use of cash in place of checks. Some of these developments may be briefly mentioned. (1) Banks now impose service charges on checking accounts and no longer pay interest on them. Business firms have thus been encouraged to pay more wages and salaries in currency and consumers have also tended to buy more and settle more of their bills in currency, (x) A larger proportion of the national income now than in the Twenties is paid to the low-income groups which make more of their payments by currency rather than by check. (3) The country has been passing through a period of considerable shifting in the population from one part of the country to another. The process began in the depression and has been furthered by recovery from the depression, by the establishment of war industries, and by the mobilization of military forces. A shifting population requires more currency because people take time to establish banking connections in new neighborhoods. (4) There may be some increase in the use of cash for the purpose of concealing illegal transactions.3 MAGNITUDE OF HOARDS In addition to various kinds of business uses, however, currency is also used for hoarding. Active currency may be defined as cash that is either in actual use or is about to be used in settling transactions of a kind that can be handled more conveniently and cheaply by currency rather than by check. When currency is held indefinitely or for purposes that can be more conveniently or cheaply handled by check it may be called hoarded currency. Holders of currency in these circumstances are influenced by considerations other than economy or convenience. They may wish to hold their property or transact their business in a manner that leaves no record in a bank, they may be 3 Increased demands for currency have had some effect on the nature of our monetary system and the volume of the banking business. Currency hoards or payments are a substitute for the deposit services of banks. The tendency for the public to rely on currency in place of bank deposits may be considered something of a backward step in our development, which from the middle of the Nineteenth Century until the early 1930's had been in the direction of settling an increasingly larger proportion of the country's business through checks drawn on bank deposits. RECENT CHANQES IN THE DEMAND FOR CURRENCY thinking of the soundness of banks, or they may, because of their general fears and uncertainty, want to have more cash on hand.4 In estimating the volume of currency held in hoards, it has been assumed that such currency consists of large denomination bills of $50 and over, which are most convenient for hoarding. It is assumed that bills of smaller denominations, that is $2.0 and under, are not now hoarded in sufficient volume to affect the analysis of the situation. Reported circulation of large denomination bills of $50 and over is shown in the chart on the first page. Aside from illegal or other concealed transactions, there is only limited use for them as means of payment, because checks are safer and more convenient, and when used such bills are not likely to remain long in circulation. Nevertheless about 3,100 million dollars of such bills are now in circulation as compared with about 700 million dollars before the hoarding movement began at the end of 1930. It is probable that the demand for large bills for purposes other than hoarding is greater now than in the Twenties but probably does not exceed a billion dollars. The remainder of the large denomination bills, roughly 2. billion dollars, may be taken as a fair measure of the amount of hoards. DOMESTIC HOARDING Who is hoarding this estimated 2. billion dollars of large denomination currency? Onequarter to one-half of it appears to be in the possession of Americans. Practically all hoarding prior to 1936 can be considered as domestic hoarding and there has been some further domestic hoarding in the past year or so. Most of the domestic hoards were built up prior to the banking holiday of March 1933. Hoards at that time probably included small as well as large denomination bills, but the small bills hoarded must have declined sharply in the two and a half years after the reopening of the banks while large bills continued to remain in hoards. 4 For those who are interested in definitions, it might be pointed out that the one used here includes under hoards funds held in the form of currency for working purposes whenever bank deposits would be more convenient or cheaper to use than the currency. Under this definition a small amount of currency was probably hoarded in the 1920's. It would be more accurate, therefore, to say that the figure of 2 billion dollars subsequently given as a rough indication of hoards represents, rather the increase in hoards since the 1920's than the present volume of hoards. Dishoarding of small bills following the reopening of banks is evidenced by the fact that the amount of the smaller denominations outstanding failed to increase at a time when a recovery of general business activity from the low point of the depression was necessitating larger amounts of these bills for wage payments and retail buying. This additional need for small denomination currency during the early period of business recovery is indicated by the preceding chart. Business needs for currency, as shown by the index of currency payments, declined sharply from 1931 through early in 1933. This decline was offset to some extent by greater need of currency for regular business in communities deprived of adequate checking facilities because of bank failures. In the latter half of 1933 and in 1934, though business needs rose sharply, circulation of small bills showed but a slight increase. Failure of the supply of small bills to expand in line with these additional demands probably indicates that a substantial amount of the small bills that previously went into hoards was being restored to active use. The large denomination currency that went into hoards prior to the banking holiday, however, did not come back. At the end of 1935, nearly three years after the banking holiday, large denomination currency of $50 and over amounted to about 500 million dollars more than prior to the hoarding movement. This figure can be taken as a rough measure of the net addition to hoards held by our own citizens at that time. It is not unlikely that these hoards are still held. Whether there was net hoarding or dishoarding by Americans in the years 1936 through the early part of 1940 is unknown, but it is not probable that such a movement could have been on £ large scale. There was no apparent reason for Americans to increase their hoards substantially in this period because banks were being strengthened and the fear of "general uncertainty" in connection with the war did not arise until later. It is probable, however, that many depositors who had hoarded currency at the time of the banking holiday in order to avoid losses through bank failures continued to retain most of these hoards, because there was no strong incentive for them to redeposit the currency in banks. No interest was paid on deFEDERAL RESERVE BULLETIN RECENT CHANGES I N THE DEMAND FOR CURRENCY mand deposits and very low rates on time deposits. Also there was a growing reluctance on the part of banks to accept large time deposits. Since the latter part of 1940 it appears that domestic hoards have increased. This is indicated by replies from a number of member banks to a recent inquiry conducted by the Federal Reserve Banks.5 Many commercial banks report that some of their depositors have been hoarding currency because of "general uncertainty" in connection with the war. There are some reports of persons holding money in currency rather than on deposit because they have heard somewhere that deposits will be investigated and their holders required to subscribe to Government bonds. That this is false has recently been stated officially by the Secretary of the Treasury.6 It reflects, moreover, a curious misunderstanding. People do not seem to realize that currency and Government bonds are both based on the credit of the Government, that Defense bonds are convertible into cash without market risk; and that the main difference is that bonds earn interest for the holder, while currency does not. It is possible that increased domestic hoarding of currency in the past year has been in the neighborhood of several hundred million dollars, in addition to the domestic hoards previously outstanding. From the end of June 1941 through February 1942 the circulation of large denomination bills increased by about 400 million dollars. To the extent that some hoarding is reflected in this figure, it is likely that it has been on the part of Americans. The tightening of the Treasury's "freezing" regulations in the first half of 1941 severely restricted the withdrawals of funds held in the United States by citizens of enemy countries and those occupied by the enemy, so that it has become increasingly difficult since then for citizens of foreign countries to increase their hoards of American currency. Domestic hoarding over the past year or so has probably been at a smaller rate than the recent increase of 50 million dollars a month in large denomination bills. This is a rough estimate, as are all figures on hoard6 Another survey by the Board of Governors indicates that State and6 local Governments are not holding unusual amounts of currency Secretary Morgenthau said on January 12: "The Federal Government does not have under consideration any proposal involving the vings confiscation of savii deposits of this country for any purpose." APRIL 1941 ing, because there is no way of measuring the amounts. The unusually rapid rise in incomes and business activity probably accounts for a part of the increased demand for large denominations since June. HOARDING BY NATIONALS OF FOREIGN COUNTRIES Most of the hoarding of United States currency in recent years appears to have been by nationals of foreign countries, either for retention in the United States or for transfer abroad, Foreign hoarding has probably amounted to between i billion and 1.5 billion dollars. An indication of the general magnitude of foreign hoarding is given by the increase in demand for large-denomination currency since 1935, when the foreign political situation first began to look uncertain and capital started flowing into this country from abroad. From the end of 1935 until the end of June 1941, the circulation of large denomination bills increased by about 1.4 billion dollars. Some of these large bills were probably required by the public because of the expansion of business needs. There are good reasons for believing, however, that foreign hoarding was substantial in this period. With the growing political tension in Europe there was a large flow of foreign funds into the United States. Some of these funds were used to purchase American securities, some were placed on deposit in banks, and some were converted into currency. In some cases, currency was preferred to bank deposits because it could be held with less risk of detection by the United States Government or by foreign governments. In the spring of 1940 the Government began to "freeze** or restrict the use of funds held by citizens of countries controlled by the enemy. SIGNIFICANCE OF THE DEMAND FOR CURRENCY The extraordinary increase of currency in circulation has caused no difficulty. Commercial banks have been in a position to meet the withdrawal of funds readily out of excess reserves and the Federal Reserve Banks have easily supplied all of the currency the banks demanded. The chief significance of an increase in the volume of currency is that it lowers the amount of bank reserves. This in turn may reduce the 3*5 RECENT CHANGES I N THE DEMAND FOR CURRENCY power of banks to lend and invest. To meet currency demands of their customers and those of correspondent banks who maintain balances with them, member banks must draw upon their balances with the Federal Reserve Banks; consequently an increase in currency circulation reduces reserves of member banks by an equal amount. This in turn reduces their capacity to extend credit without resorting to the Federal Reserve Banks. On the other hand, when bank customers redeposit currency, the banks are able to add these funds to their reserve balances at the Reserve banks and thus increase their lending capacity. Withdrawal of currency has been the principal cause of the decline in member bank reserve balances during the past year. It has contributed to bringing the reserve position of banks more nearly within the range of the controls of Federal Reserve authorities. In theory currency withdrawals could be carried to the point where the reduction in excess reserves would tend to prevent banks from extending adequate credits to war producers and from buying Government securities in amounts sufficient for financing the war effort. But as a practical matter Federal Reserve authorities are in a position effectively to prevent this by the use of their powers to provide the banking system with such reserve funds as may be needed. There is no reason to expect withdrawals of currency so to reduce excess reserves as to depress security markets and complicate the Government's financing of the war. The Federal Reserve authorities have all the power needed to prevent that. Just as the authorities can provide the necessary amount of bank reserves, the Federal Reserve Banks can supply whatever volume of currency may be demanded, since they are in a position to issue currency on the basis of virtually all the assets they may acquire. This elasticity of the currency supply under the mechanism provided by the Federal Reserve System prevents an absolute shortage of currency from developing. Some people think that the increased demand for currency is inflationary. But it has an effect that is the exact opposite of inflationary. It absorbs bank reserves. While an increase in the currency demand for spending could at times be an indication of an inflationary development, it would be a symptom and not a cause. During most of the Twenties the public's demand for currency had little more than a temporary seasonal influence on the banking situation. Year after year the amount of currency in circulation on the average showed little change. About as much money flowed back into the banks as flowed out, with no net effect on their reserves. Currency was used almost entirely for making cash purchases, for payments of wages, and for pocket and till cash. Changes in the public demand for currency under these conditions were fairly predictable. Policies of the banking and monetary authorities, which must be formulated in anticipation of events, could be determined with some degree of assurance as to what currency demand was likely to be. Substantial and sudden changes in currency practices of the people such as we have witnessed in recent years and which may undergo further significant changes as the war proceeds, have added another factor of uncertainty to the formulation of long-range monetary policies. To summarize, currency should be viewed as one of two principal types of money—cash and bank deposits. The flow of currency into and out of circulation is in response to the choice of individuals as to the form in which they wish to hold or spend their money. The principal monetary significance and consequence of changes in the volume of currency in circulation is in their effects on bank reserves. These effects can be largely offset by appropriate monetary policies, provided the authorities have adequate powers. While present powers to prevent contraction of bank reserves are adequate, powers to prevent overexpansion are limited. Consequently, currency withdrawals do not represent a danger to the economy but they may lay the foundation for a dangerous situation in the future. This would arise if redundant currency began to flow back and to expand bank reserves beyond the powers of the Federal Reserve System to absorb them at a time when a policy of credit restraint was in the public interest. FEDERAL RESERVE BULLETIN GOODS EXPENDITURES IN 1941 by FREDERICK C. DIRKS Division of Research and Total expenditures on durable goods in the United States during 1941 amounted to about 1.9 billion dollars, an increase of about 6.5 billion or 30 per cent over 1940. About half of the increase represented expansion on Government account of strategic industries and of military and naval posts. The remainder represented largely private expenditures by consumers for household goods and passenger automobiles. Preliminary estimates for 1941, together with comparable figures for earlier years, are presented in the accompanying table, which continues the series published in the Bulletin for September 1939 and February 1941.1 Revisions have been made in many of the component series on the basis of preliminary material from the 1939 Census of Manufactures and of research by various Government departments. As in prior estimates, the figures represent gross expenditures for capital account, that is, for goods on which depreciation is usually accrued or which have an expected life of at least' three years. Accordingly, expenditures for military and naval equipment generally are not included, nor are expenditures for repairs and maintenance. A breakdown of public expenditures is presented for the first time this year. Public 1 The definitions and sources of the several series are mainly as described in the September 1939 Bulletin, pages 731-36, with the exception of (1) residential housing, which is a new series estimated by the Bureau of Labor Statistics, and (2) Government expenditures for industrial facilities which are explained in footnotes to the present table. As before, estimates cover only expenditures for domestic use. Not included in the figures are about 1.4 billion dollars of exported industrial, commercial, and agricultural equipment, part of which was financed by British funds and by the Federal Government under the Lend-Lease Program. Although merchant ships constructed for official British account have been excluded, no deduction has been made for ships transferred to private owners under foreign registry, since it is assumed that most of such ships have continued to serve American shippers and trade. In comparison with preliminary data from the 1939 Census of Manufactures, the present estimates for plant construction by manufacturing companies appear to be somewhat low. The difference, which amounted to about 160 million dollars in 1939, is explained by the fact that the series for manufacturing plant consists of factory construction as estimated by the Department of Commerce, whereas manufacturers' reports to the Census on plant construction include also fixed installations of equipment. Our figures for value of manufacturing equipment are considerably higher than the Census reports for this industry, partly because they include fixed installations of equipment, and partly because they include considerable public expenditures for equipment which cannot be segregated from private purchases in all years. Statistics expenditures for equipment are not complete, however, since it has not been possible to separate Government expenditures for ordinary commercial equipment, such as office equipment and motor trucks, from private expenditures for such equipment except in the case of industrial facilities for the war program in 1940 and 1941. After showing little change from 1939 to 1940, Government expenditures for durable goods increased by about 3.5 billion dollars in 1941. More than half of this increase went into expansion of industrial plants for producing war materials and into Government-owned equipment for such plants. Most of the remaining increase went into construction on military and naval posts. These amounts do not include Federal Government commitments outstanding at the end of 1941 for more than 3 billion of industrial plant and equipment. Nearly all of the facilities completed and proposed under Government ownership were for manufacturing industries. Expenditures for publicly owned utility plants totalled slightly less than in the last pre-war year, 1939, and continued small relative to the total public expenditures for durable goods. Other public construction expenditures, including defense and other public housing projects, were somewhat larger in 1941 than in 1940. Private expenditures for plant, that is, producers' expenditures under private ownership including amounts financed by Federal Government loans, showed about the same increase in 1941 over 1940 as that year did over 1939. Total equipment expenditures of producers, however, increased little in 1941 over 1940; a substantial expansion in most non-manufacturing industries was offset by contraction in private expenditures of manufacturing and mining companies as they relied increasingly on Federal funds to provide specialized equipment. Thus, 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. APRIL 1942. DURABLE GOODS EXPENDITURES IN I 9 4 I estimated additions of privately owned equipment in the latter industries were about 500 million smaller than in 1940, while Governmentowned manufacturing equipment was about 850 million larger. The relatively small increase in the combined total of private and Government expenditures for manufacturing equipment reflects the limited capacity of equipment manufacturers, much of whose facilities were converted to producing military equipment. Industries other than manufacturing and mining spent about 750 million more for equipment last year than in 1940, with virtually no assistance from Government funds. In several fields, larger programs which had been budgeted at the beginning of the year could not be carried out because of difficulties in securing materials and equipment. Similar difficulties were also experienced in some lines of consumer durables, particularly housing. ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS 1935-1941* [In millions of dollars] Plant 2 Plant and Equipment 1935-39 average Public and private* Public*—total . . Military and naval^ Factory and commercials Public utilities? Other8 • Private—total Producers'—total . .. . . Railroad Electric power Telephone Transit Other utilities Manufacturing and mining Agriculture Commercial and miscellaneous.. Consumers'—total Housings) Non-profit institutions Passenger automobiles 1939 1940 1941 1935-39 average 17,340 19,070 22,300 28,840 6,670 2,960 3,530 3,630 7,180 2,960 60 30 360 2,510 14,380 15,540 18,670 21,660 3,710 . . . . 5,840 6,100 7,710 8,470 1,810 300 440 280 560 130 330 400 540 130 590 290 330 400 80 560 100 110 110 40 110 130 120 130 90 190 2, .s40 2,310 3,140 2,890 830 760 970 1,150 200 770 1,580 300 770 1,980 2,420 ... 8,550 >,450 10,960 13,190 1,900 1,730 170 Equipments 1939 1940 7,890 3,530 120 40 420 2,960 4,360 1,890 140 160 90 50 80 820 230 320 2,470 2,240 220 8,600 3,480 470 150 330 2,530 5,110 2,390 160 230 120 50 90 1,120 260 380 2,720 2,530 190 1941 1935-39 average 1939 1940 1941 12,170 10,680 11,180 13,710 16,670 6,190 1 770 6 6 1,310 6 150 6 1,000 390 2,720 5,980 10,680 11,180 13,560 15,680 2,850 4,030 4,200 5,320 5,620 180 170 140 290 390 260 190 240 320 330 180 220 380 240 290 30 60 50 60 80 140 40 40 40 60 1,350 1,510 1,490 2,020 1,550 300 560 540 710 850 420 1,280 1,460 1,600 2,000 3,130 6,640 6,980 8,250 10,060 2,920 210 2,240 2,230 2,950 3,490 4,400 4,750 5,300 6,570 1 All figures subject to revision. Several series have been revised since publication in BULLETIN for February 1941. * In addition to buildings and some fixed installations, "plant" includes oil well drilling and construction activities such as building roads and air bases 3 Figures exclude equipment to be used in direct war operations, but include equipment for producing war goods, as well as other non-war equipment and consumer goods. * Division between public and private is on basis of ownership of goods, not source of funds for financing. Public represents Federal, State, and local governments. Public expenditures for equipment of the ordinary commercial type (except for industrial equipment referred to in note 6) have not been segregated from private expenditures for such equipment. 6 Figures represent construction in cantonments and navy yards; they exclude expendiiures for military and navai equipment, and also for merchant ships for army or navy use. 6 Includes mainly expenditures for industrial facilities to produce war goods; also army and navy warehouses not part of the cantonment program. Prior to 1940 public expenditures for industrial equipment are all included with private, mainly under Manufacturing and mining and Commercial and miscellaneous. Equipment figures shown foi 1940 and 1941 represent facilities provided in connection with war program, including merchant shipbuilding by Maritime Commission net of sales. Other public expenditures for equipment of the ordinary commercial type, such as motor trucks and office equipment, continue to be represented under private equipment. 7 Represents only fixed plant construction. 8 Includes such items as highways, housing, educational and other public buildings, etc., and WPA construction. » Includes farm dwellings but not public housing activities. 318 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1941 Activities of Government corporations veloping the resources and stabilizing the and credit agencies in 1941 were influenced economies of countries of the Western principally by the rapid development of the Hemisphere. Other increases included national defense program. An even sharper loans by the Rural Electrification Adexpansion in their activities in the future is ministration to facilitate the use of elecindicated by the President's recent Budget tricity in rural areas and by the Farm Message. As is shown by the following Security Administration to farm tenants and table, assets of Government corporations U N I T E D STATES GOVERNMENT CORPORATIONS AND and credit agencies, other than interagency CREDIT AGENCIES items, increased by 2.,i6o million dollars [Based on compilation by U. S. Treasury Departmentoffrom reports received from organizations concerned. In millions dollars.] in 1941 to a total of 14,660 million dollars. Dec. 31, Dec. 31, Change 1941 1940 Liabilities expanded by 1,240 million dollars and net assets by 9x0 million dollars. ASSETS Government interests increased by 905 Loans and preferred stock: • 434 -51 485 Loans to financial institutions 680 -56 736 Preferred stock, etc million dollars. 498 -18 516 Loans to railroads Home and housing mortgage loans: The largest increase in assets during the 1,777 1,956 Home Owners' Loan Corporation -179 367 186 +181 U. S. Housing Authority year was in property held by the national 279 248 Other +31 2,361 2,500 Farm -139 defense corporations. These include the Other mortgage loans agricultural loans 773 757 +16 Loans to Great Britain by ReconstrucMetals Reserve Company, the Rubber 345 tion Finance Corporation +345 1,651 All other loans +353 1,298 Reserve Company, the Defense Supplies 8,682 +485 Total loans and preferred stock.., 9,167 496 533 Cash -37 Corporation, the Defense Homes Corpora- U. S. Government direct securities 884 701 +183 tions, and the Defense Plant Corporation. Securities of Government corporations and credit agencies: 115 128 -13 Fully guaranteed by U. S These corporations, as their names imply, 46 22 +24 Otheri , 574 +83 491 Accounts and other receivables are engaged in obtaining strategic and Business property 714 +121 593 , for sale: critical materials needed in the war, in Property held Credit Corporation 749 570 Commodity +179 703 42 +661 National defense corporations 439 529 —90 Other constructing homes in congested defense Other assets: 672 155 +517 U. S. Maritime Commission areas, and in building plants necessary to 102 +47 Other , 55 the war. The increase in their property Total assets other than interagency2 +2,160 12,500 14,660 holdings amounted to 660 million dollars LIABILITIES to a total of 705 million dollars, and there Bonds, notes, and debentures: 2,416 -199 2,615 Home Owners' Loan Corporation was some increase in their loans. They +705 1,097 Reconstruction Finance Corporation... 1,802 114 -112 226 U. S. Housing Authority Other fully guaranteed by United are financed through the Reconstruction 1,979 1,992 States +13 1,392 1,395 -3 Other!..... Finance Corporation. Other liabilities: 129 308 +179 Commodity Credit Corporation The Reconstruction Finance Corporation 489 +407 82 U . S . Maritime Commission 1,251 1,003 +248 Other also advanced 345 million dollars on a loan Total liabilities other than interto Great Britain. Increases in other loans +1,239 9,765 8,526 agency2 .•••.••..• liabilities, include those made by the Reconstruction Excess of assets overtransactions exclud- 4,895 3,974 +921 ing interagency 3,559 4,464 U. S. Government interests.. +905 Finance Corporation to industrial and Privately owned interests. .. 431 +16 415 commercial businesses for national defense. 1 The Export-Import Bank made loans to gage Excluding Federal land bank bonds held by Federal Farm MortCorporation. 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconaid in financing foreign trade and in de- struction Finance Corporation. APRIL 1942. 3*9 UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1 9 4 1 for rural rehabilitation. These agencies are financed through the Reconstruction Finance Corporation. There was also a large increase in assets of the U. S. Maritime Commission, and a similar increase in liabilities. The principal activities of the Commission consist of the construction and repair of merchant vessels under both a long-range and an emergency program. Loans by the U. S. Housing Authority increased by 180 million dollars. The Housing Authority is engaged not only in financing the eradication of slums but also in defense housing activities. The Home Owners' Loan Corporation showed declines of 180 millions in loans and of 70 millions in property held for sale. • Farm mortgage loans under the Farm Credit Administration declined by 140 million dollars. Other agricultural loans showed a seasonal increase in the spring and a decline in the fall with little net change for the year as a whole. Commodities owned by the Commodity Credit Corporation, reported as property held for sale, increased by 180 million dollars. Commodity loans held by the Corporation showed no important change for the year. Loans on cotton made by commercial banks under Commodity Credit Corporation contracts declined by 155 million dollars, while those on wheat increased by 130 million dollars, during 1941. Lia- bilities of the Commodity Credit Corporation increased by 180 million dollars, reflecting forward commitments for the Surplus Marketing Administration and certificates issued in connection with the 1941 cotton loans. Holdings of business property by Government corporations increased by 12.0 million dollars with the principal expansion by the Tennessee Valley Authority. Holdings of direct Government securities increased by 185 million dollars. The largest increases were by the Federal land banks and the Federal Deposit Insurance Corporation. The guaranteed debt increased by 405 million dollars. Outstanding obligations of the Reconstruction Finance Corporation increased, while those of the housing agencies declined. There was a rapid increase in the total guaranteed debt in the first part of the year to a peak of 6,940 million dollars outstanding in July. The outstanding debt declined in November, as maturing issues were redeemed or were refunded into direct securities. This is the result of a new policy inaugurated by the Treasury of replacing guaranteed by direct securities and of raising funds required by Government corporations and credit agencies through the sale of direct securities. This change is reflected in' the increase shown in the amount of United States Government interest in these corporations and agencies. FEDERAL RESERVE BULLETIN PROTECTION OF EVACUEES9 INTERESTS BY THE FEDERAL RESERVE BANK OF SAN FRANCISCO Under instructions from the Secretary of the Treasury and the Headquarters of the Western Defense Command and Fourth Army, the Federal Reserve Bank of San Francisco has undertaken to assist Japanese, German, and Italian aliens and persons of Japanese ancestry who are evacuated from military areas on the Pacific Coast by arranging for the protection and equitable disposition of their property holdings. The Reserve Bank has set up an Evacuee Property Department, with offices in San Francisco, Seattle, Portland, and Los Angeles, as well as some fifty sub-offices in local communities from which evacuees will be moved. On March n , 1941, the Evacuee Property Department issued a memorandum explaining its functions, the text of which is given below. Paragraph 13 of this memorandum, which envisaged measures to forestall action by unscrupulous creditors, was implemented on March 18 by the issuance of Special Regulation No. 1*, which provides a; procedure whereby the Reserve Bank may prohibit dealing in property of an evacuee which it designates as "Special Blocked Property." Public Proclamation No. i*, issued under date of March z, i94i, in arranging for the protection, preservation and equitable disposition of the property holdings of such evacuees. In this operation, the Federal Reserve Bank of San Francisco is subject to the general direction of the military authorities. The following general outline of procedure has been established for the administration of this program: 1. The Federal Reserve Bank of San Francisco will not take possession of property of an evacuee as an alien property custodian, but will serve largely as an advisor to the evacuee in the matter of disposition of his property. x. All dealings with the evacuee will be on a purely voluntary basis, and he will have complete freedom in disposing of his property. 3. The evacuee will be encouraged in his own interest to make private arrangements for the disposition of his property by sale, lease, or other appropriate means by either: (a) Independent action of the evacuee FEDERAL RESERVE BANK OF SAN FRANCISCO— on his own account, or FISCAL AGENT OF THE UNITED STATES (b) Through an agent of the evacuee's Evacuee Property Department own selection. March 11, 1941 4. In the selection of an agent the Federal Memorandum of Functions and Operations of the Reserve Bank of San Francisco will recomEvacuee Property Department of the Federal Remend the appointment by the evacuee of serve Bank of San Francisco as Fiscal Agent of the some person or institution in which the United States, and Suggested Procedure for Cooperaevacuee reposes confidence to represent his tion of Other Banks in Administration of Evacuainterests such as his bank, his attorney, or tion Program his real estate agent. In its operations as Fiscal Agent of the United 5. If an evacuee is unable to otherwise arStates the Federal Reserve Bank of San Franciso range for the equitable disposal of his prophas been delegated the duty of assisting Japaerty or for an agent acceptable to the evacnese, German and Italian aliens and persons of uee to represent him, the Federal Reserve Japanese ancestry evacuating from the Military Bank of San Francisco will give consideraAreas which have been designated by Headtion to accepting his power of attorney. quarters Western Defense Command and Fourth 6. Each case will be considered on its indiArmy, Presidio of San Francisco, California, in vidual merits and disposed of on that basis. * For the text of this special regulation, see p. 308. APRIL 1941 PROTECTION OF EVACUEES INTERESTS 7. All advice and assistance possible will be nia; as well as such other offices as may provided the evacuee by the Federal Rebe established in the Areas for the efficient serve Bank of San Francisco, and it is exfurtherance of its aims. The Federal pected that the banks and others within Reserve Bank of San Francisco has estabthe Areas involved who are approached lished its Evacuee Property Department by evacuees for assistance will likewise in San Francisco, California, at 500 Caliextend their full assistance and cooperafornia Street in that city. tion to the end that the purpose of the 13.lt is intended to undertake to forestall program will be completely served. It is action by unscrupulous creditors which recognized that the assistance of the banks would be detrimental to the interest of in the field will make for greater speed in the evacuee and in all respects to minithe execution of the program. mize his losses to the greatest possible 8. The Federal Reserve Bank of San Francisco extent in connection with the disposition will endeavor to advise and assist banks of his property. It is anticipated that and others whom the evacuees select as this will be accomplished to a large their agents in the performance of their extent through appeal to the creditor's agencies. Obviously, if the banks and sense of fair play and the obvious necessity others within the Military Areas who are of complete cooperation in the adminisapproached by evacuees to act as agents tration of the evacuation program. Any will accept such agencies, the entire cases in which an equitable settlement is program will benefit. not agreed upon should be promptly brought to the attention of the Federal 9. From time to time the Federal Reserve -Reserve Bank of San Francisco. Bank of San Francisco will disseminate 14. No compulsion will be placed upon evacusuch information and instructions as will ees to utilize the facilities provided by the assist in the administration of the plan. Federal Reserve Bank of San Francisco, 10. Assistance will be provided by governbut they are invited to make use of them. mental agencies, both Federal and state, The foregoing are intended to set forth cerin the administration of the evacuation plan, including those agencies handling tain basic principles which the Federal Reserve other aspects of the evacuee problem. Bank, acting in its capacity as Fiscal Agent of The evacuees and their representatives the United States, feels to be important in the including their agents should seek the efficient, speedy and proper execution of its help of such agencies for specific matters duties. In the conduct of the evacuation plan within their fields such as those arising it is particularly desired that the banks throughout of the treatment of growing crops and out the Areas will extend their full cooperation in the knowledge that by widespread assistance other specialized problems. 11. While emphasis is placed on the liquida- to the evacuees the problems incident to their tion of the property holdings of the removal from the Areas can be most readily and evacuee, he will be informed by the Fed- expeditiously solved. In their fulfillment of eral Reserve Bank of San Francisco that their places in this program, banks are requested he may retain ownership of property l#ft to give consideration to the procedure and prinbehind if appropriate arrangements can ciples enumerated above. As the program goes be made for its protection and preserva- forward the Federal Reserve Bank of San Francisco proposes to communicate to the banks tion. ii. The program will be administered by the additional suggestions and outlines of proceFederal Reserve Bank of San Francisco dure or changes in procedure calculated to imthrough its head office and through its prove its administration of the program and to branches in Seattle, Washington; Port- provide public circulation of data directed land, Oregon; and Los Angeles, Califor- toward its speedy accomplishment. FEDERAL RESERVE BULLETIN BANKS PARTICIPATING IN SALE OF DEFENSE SAVINGS BONDS Latest reports received by the United States Treasury Department show that of 14,708 eligible banks, I4,xx8 have qualified 'as issuing agents for the sale and issue to the public of United States Defense Savings Bonds of Series E. The number of banks so qualified is shown by States in the accompanying tabulation. On February x8, 1942., as shown by the table, 96.7 per cent of the banks of the country had qualified. This compares with only 65.3 per cent on July 18, 1941 when these data were first published. A breakdown by States as of July 18, 1941 will be found on page 732. of the August 1941 Federal Reserve BULLETIN. As the table shows, on February x8, 1942., all banks in ix States (including the District of Columbia) had qualified to sell these bonds, whereas on July 18, 1941 not a single State had 100 per cent of its banks qualified. Since practically all eligible banks in the country have now become qualified as issuing agents for Defense Bonds, it is understood that the February x8, 1942. statement will be the last compiled by the Treasury showing the number of banks that have qualified. In addition to cooperating with the State organizations of the Treasury's Defense Savings Staff and with national and State banking authorities and others, in obtaining the qualification of banks as issuing agents, the Federal Reserve Banks have cooperated in obtaining the qualification of corporations, credit unions, building and loan, and savings and loan associations, etc., as issuing agents for Defense Bonds. NUMBER OF BANKS ELIGIBLE* AND NUMBER QUALIFIED TO ACT AS ISSUING AGENTS FOR DEFENSE SAVING BONDS, SERIES E, AS OF FEBRUARY 28, 1942 [Source: U. S. Treasury Department] Number of eligible banks Number of qualified banks Percentage qualified 217 12 213 200 142- 215 11 213 200 142 99.1 91.7 100.0 100.0 100.0 Georgia 195 46 22 167 286 189 46 22 167 285 Idaho Illinois Indiana Iowa*, Kansas . . . . SO ai? 506 647 653 Kentucky . Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana State Alabama Arizona Arkansas. California Colorado .. Connecticut Delaware District of Columbia Number of eligible banks Number of qualified banks Percentage qualified Nebraska Nevada New Hampshire New Jersey New Mexico 416 11 106 381 42 408 11 106 381 40 98.1 100.0 100.0 100.0 95.2 96.9 100.0 100.0 100.0 99.7 New York North Carolina North Dakota Ohio Oklahoma 853 228 159 697 390 853 225 159 675 390 100.0 98.7 100.0 96.8 100.0 50 783 445 645 623 100.0 95.8 87.9 99.7 95.4 Oregon Pennsylvania Rhode Island South Dakota 72 1068 28 130 162 72 1017 28 126 162 100.0 95.2 100.0 96.9 100.0 399 146 98 185 384 366 139 97 183 • 383 91.7 95.2 99.0 98.9 99.7 Tennessee Texas Utah Vermont Virginia 296 -835 60 78 314 278 749 60 78 314 93.9 89.7 100.0 100.0 100.0 451 674 206 611 111 447 673 201 560 111 99.1 99.9 97.6 91.7 100.0 Washington West Virginia Wisconsin Wyoming.. 139 180 567 58 136 180 526 58 97.8 100.0 92.8 100.0 14,708 14,228 96.7 State Total • Eligible to meet requirements of Treasury Circular No. 657, as amended; data furnished by State banking associations or authorities. APRIL 1941 32-3 DEPARTMENT STORE INVENTORIES TOCKS of goods at department stores increased sharply in February, following some decline in the previous three months. During that period sales had been large, reflecting an unusually active Christmas season and, in January, a considerable amount of anticipatory buying. The Board's seasonally adjusted index of stocks, based on value figures, rose to 103 per cent of the i^z.^-^ average—a level 41 per cent higher than a year ago. Outstanding orders also increased considerably in February and at the end of the month were more than twice as large as a year earlier. Increases in stocks, outstanding orders, and sales over the past year reflect to a considerable extent price advances amounting on the average to about zo per cent. S DEPARTMENT STORE SALES AND STOCKS 1936 1938 1942 Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1923-25 average = 100. Latest figures shown are for February 1942. Large increases in sales and stocks occurred throughout the country, as is indicated in the following table. In the comparisons shown, sales in the first two months of the year have been used as more representative than those for February alone, owing to the sharp fluctuations that occurred between January and February this year. 3M DEPARTMENT STORE STOCKS AND SALES IN [Percentage increase from a year ago] 1942 Stocks February 28 Sales—first 2 months Boston New York Philadelphia.... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City.... Dallas.... San Francisco... 39 48 38 48 40 34 35 42 24 29 37 32 30 28 37 35 40 20 30 31 26 26 19 30 United States. 41 30 Federal Reserve District STOCKS BY DEPARTMENTS Data on changes in stocks by departments, now collected at three-month intervals by the Federal Reserve System, are shown for January 31, 1942. in the table below. Corresponding data for October 31, 1941 were published in the Federal Reserve BULLETIN for January 1941. The figures for January 31 indicate that over the past year the largest increases in value of stocks occurred in house furnishings—for the most part durable goods—in hosiery, in sporting equipment, and in basement store departments generally. The rise in the latter instance reflects chiefly sharp price advances. In most of these lines the increases in stocks reflect, in addition to price advances, extensive stocking by merchants of such products as sporting goods, bedding equipment, carpets, refrigerators, radios and other household appliances for which Federal production curtailment orders have been or are likely to be issued. Smaller increases in stocks were shown for men's and women's coats and suits, piece goods, and domestics, blankets, and the like, reflecting in part reductions in January, when there was considerable anticipatory buying of these items by consumers owing to fears of shortages, style changes, and further price increases later on. In many cases, particularly cotton textiles, FEDERAL RESERVE BULLETIN DEPARTMENT STORE INVENTORIES inventory increases over the past year reflect mainly higher prices; cotton piece goods prices, for example, were about one-third higher in January than a year previous. At the end of January stocks amounted to about 2.% months' supply at the prevailing rate of sales as compared with about a 3 ^ months' supply last October. By the end of February the ratio had again risen to approxi- mately the October level. These ratios are influenced by the amount of sales, which showed marked variations in the two periods for which inventory data by departments are available— sales in October 1941 being relatively small and those in January 19^ being unusually large; consequently, changes in the ratios between these periods overstate to some extent changes in the amount of stocks. DEPARTMENT STORE STOCKS AND SALES, BY MAJOR DEPARTMENTS January Number of stores Percentage increase in value 1941-1942 Ratio of stocks to sales (months supply) Stocks Sales 1941 1942 275 32 37 2.8 2.7 Main Store—total 275 31 36 3.0 2.8 Women's apparel and accessories. 267 24 37 2.4 2.1 260 256 247 229 232 224 249 246 255 239 186 203 15 6 24 21 37 13 16 11 55 14 32 40 39 17 42 111 45 18 47 17 14 . 16 . 2.1 2.3 3.0 15 . 3.0 2.5 2.5 5.0 5.3 18 . 10 . 15 . 2.0 2.0 3.0 16 . 2.6 14 . 3.2 4.8 4.2 17 . 241 23 53 4.2 3.3 175 231 213 135 19 27 28 14 75 33 46 54 3.6 4.2 5.2 60 . 2.4 4.0 4.5 4.5. 234 42 36 3.3 3.4 185 202 224 154 222 47 33 29 127 24 21 32 28 53 49 3.8 4.4 4.8 2.2 19 . 4.6 4.4 4.9 3.3 16 . 218 29 43 3.5 3.2 103 39 47 3.8 3.6 Small wares 224 26 29 3.4 3.3 Miscellaneous 200 35 20 3.6 4.1 Basement Store—total. 167 38 40 2.2 2.2 160 135 111 49 106 38 40 47 33 23 39 48 45 64 40 15 . 3.2 2.6 15 . 3.0 2.6 2.1 3.2 Grand Total—entire store , Coats and suits Dresses Blouses, skirts, sportswear, etc Juniors' and girls' wear Infants' wear Aprons, housedresses, uniforms Underwear, slips, negligees Corsets, brassieres Hosiery (women's and children's) Gloves (women's and children's) Shoes (women's and children's) Furs Men's and boys' wear Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings Men's and boys' shoes and slippers Housefurnishings Furniture, beds, mattresses, springs Domestic floor coverings Draperies, curtains, upholstery Major household appliances Domestics, blankets, linens, etc Piece goods Cotton wash goods Women's apparel and accessories...... Men's and boys' clothing and furnishings Housefurnishings. Piece goods Shoes 27 23 17 87 27 . 3.6 NOTE:—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. Figures for stocks _. r . >r main store . . w are as of end of month; those for sales are totals for entire month. APRIL 1942. 32-5 CURRENT EVENTS Appointment of Mr. Evans to the Board of Governors On February 17, 1942., the President nominated R. M. Evans as a member of the Board of Governors for the unexpired portion of the term of fourteen years from February 1, 1940, which was made vacant by the resignation of Mr. Davis on April 15, 1941. Mr. Evans* appointment was approved by the Senate on March 9, and he assumed his duties as a member of the Board on March 14, 1942.. Mr. Evans was born in Cedar Rapids, Iowa, November 4, 1890. He studied Civil Engineering at Iowa State College, graduating in 1913. After working with a New York construction company for a short time, he became associated with the Allied Machinery Company of America in the export business. In 1918 he enlisted in the Army and served 10 months in the A.E.F. After leaving the Army he went to Australasia in the interest of the Allied Machinery Company. He remained there a little over one year and then returned to Laurens, Iowa, where he engaged in the fanning and livestock business. From 1933 until 1936 he was actively connected with the State and regional administration of the Corn-Hog Program, for some time being State Chairman of Iowa. Late in 1936 Secretary of Agriculture Wallace selected him as Special Assistant. He was appointed Administrator of the Agricultural Adjustment Administration in October 1938 and since December 1941 he has served as Administrator of the Agricult ral Conservation and Adjustment Administration. Change in Executive Officers at Federal Reserve Bank of Boston Effective as of March 31, 1941, R. A. Young resigned as President of the Federal Reserve Bank of Boston and was succeeded on April 1, 1941, by W. W. Paddock. Mr. Paddock was succeeded as First Vice President of the Bank by William Willett, formerly Cashier of the Bank. The appointments of Messrs. Paddock and Willett were for the unexpired portions of the five year terms ending February 2.8, 1946. Mr. Young began his services with the Federal Reserve System in 1917 when he became assistant to the Governor of the Federal Reserve Bank of Minneapolis. He became Deputy Governor of that Bank on January 1, 1919, and was appointed Governor on October 1 of the same year. On October 4, 192.7, he became a member and Governor of the Federal Reserve Board in which position he served until September 1, 1930, when he became Governor of the Federal Reserve Bank of Boston. On March 1, 1936, he was made President of the Bank. After a brief period of service in 1918 as Chief of the Division of Examination of the Federal Reserve Bank of Philadelphia, Mr. Paddock became a Federal Reserve examiner for the Federal Reserve Board on August 16, 1918, and on September 1, 1919, was appointed Chief of the Division of Operations and Examination of the Federal Reserve Board. On October 1, 192.0, he was appointed Deputy Governor of the Federal Reserve Bank of Boston, serving in that capacity until March 1, 1936, when he was made First Vice President of the Bank. Mr. Willett has been with the Federal Reserve Bank of Boston since November 1, 1914, having served in various capacities in the Bank prior to his appointment as Cashier as of July 1, 1919. Meeting of the Federal Open Market Committee The Federal Open Market Committee met in Washington on February z8 and March z. At the session on March 2. Marriner S. Eccles was reelected as Chairman of the Committee and Allan Sproul as Vice Chairman. The representative members of the Committee elected by the Federal Reserve Banks for the FEDERAL RESERVE BULLETIN CURRENT EVENTS period of one year beginning March i, 1942., are Allan Sproul, Alfred H. Williams, C. S. Young, H. G. Leedy, and R. R. Gilbert, Presidents of the Federal Reserve Banks of New York, Philadelphia, Chicago, Kansas City, and Dallas, respectively. The members of the executive committee are Marriner S. Eccles, Chairman; Allan Sproul, Vice Chairman; M. S. Szymczak, Ernest G. Draper, and Alfred H. Williams. Meeting of the Presidents' Conference A conference of the Presidents of the Federal Reserve Banks was held in Washington on February x8-March z, 1942.. Election of Class B Director Carle C. Conway, Chairman of the Board, Continental Can Company, New York, New York, was elected a Class B director of the Federal Reserve* Bank of New York on March 6,1942., to fill the unexpired portion of the term ending December 31, 1941.. Mr. Conway succeeds Robert T. Stevens in this directorship, Mr. Stevens having resigned on January 8, 1942., to enter upon active service with the United States Army. Death of Branch Director Carl V. Newman, President, Calavo Growers of California, Los Angeles, California, who had APRIL 194Z served as a director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco since his appointment by the Board on July 2.6, 1937, died on March 19, 1942.. Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period February 16, 1942., to March 15, 1941, inclusive. Illinois Rock Island—Rock Island Bank and Trust Company Iowa Laurel—Peoples Savings Bank Maryland Westminster—The Westminster Savings Bank Missouri Buffalo—O'Bannon Banking Company Wisconsin Menomonie -Bank of Menomonie NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled March 20 and released for -publication March 23. Figures shown on charts may differ from preliminary figures used in text. Industrial activity increased further in February and thefirsthalf of March. Retail trade was sustained at high levels and commodity prices continued to advance. record levels in December and January, declined somewhat in the latter part of February and in the first half of March, reflecting transportation difficulties. INDUSTRIAL PRODUCTION In February the Board's seasonally adjusted index of industrial production rose from 171 to 173 per cent of the 1935-39 average. As in other recent months, activity in the durable goods manufacturing industries, where the majority of military products are made, continued to advance, while in industries making nondurable goods and at mines activity was maintained at about the levels reached last autumn. Steel production rose to 96 per cent of capacity in February and increased further to 98 per cent in the third week of March—which corresponded to an annual rate of nearly 87 million net tons. Lumber production also increased, following less than the usual seasonal decline during the previous two months. In the machinery and transportation equipment industries, now engaged mainly in armament production, activity continued to advance rapidly as plant utilization increased and capacity expanded. Conversion to armament production in the automobile industry, where output of civilian products was discontinued in early February, is apparently being effected much more rapidly than had been anticipated earlier. There were further increases in output at cotton textile mills and at chemical factories, reflecting an increasing amount of work on military orders. At meatpacking establishments activity was maintained near the high rate reached in January. Shoe production increased by less than the usual seasonal amount. Anthracite production rose sharply in February and bituminous coal production was maintained near the high rate of other recent months. Output of crude petroleum, which had been at 32.8 POINTS N 200 TOTAL PRODUCTION POINT 5 INDEX TOTAL INDUSTRIAL IN TOTAL NDEX MANUFACTURES PRODUCTION 40 180 MACH NERY / AND / 160 20 / 140 —f 120 100 80 20 I / jl 0 OTHER J 1 V- / 1 FXTILFS y r DURABLE 1 MINERALS 1 FOOD. LIQUOR, ZZZ\ o 194? 1 0 p 20 —1-^«^> AND PRNTING 1 AND TOBACCO 0 1 | 20 ^ ^ TII"^" • i -<*~ J I94C 1 1 AND LEATHER PAPER 1 20 m • * 1936 | OTHER 1938 0 NONDURABLE 1940 1942 Federal Reserve monthly index of physical volume of production, adjusted for seasonal variation, 1935-39 average = 100. Subgroups shown are expressed in terms of points in the total index. Latest figures shown are for February 1942. CONSTRUCTION Value of construction contract awards increased considerably in February, according to figures of the F. W. Dodge Corporation, owing mainly to a sharp rise in awards for public projects. Total awards in February were half again as large as last year, and public awards were about three times as large. In nonresidential building, awards for public projects increased materially, while those for private projects continued to decline. There was a slight rise in awards for public utility construction. In residential building, contracts for private work changed little from January, while those for publicly-financed projects increased sharply and amounted to about half of the total for the first time on record. For the past six months there has been a noticeable shift in privatelyfinanced housing activity from building for owner-occupancy to building for sale or rent; FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS in February, awards for the former constituted only about one-fifth of the small-homes total. This shift is attributable mainly to the activity in defense areas and to legislation enacted last spring making possible the insurance of mortgages taken out by builders. DISTRIBUTION Value of retail trade continued large in February. Sales at general merchandise stores and variety stores increased more than seasonally, while sales at department stores declined. In the first half of March department store sales increased by about the usual seasonal amount. Freight-car loadings, which in January had been unusually large for this time of year, declined somewhat in February owing to smaller shipments of coal, grain, and miscellaneous freight. They are effective for only 60 days and may be replaced by regular schedules. TREASURY FINANCING AND BANK CREDIT In March income tax receipts by the Treasury for the first time reflected the higher schedule of rates. The effect of these receipts on the money market was largely offset by redemption of Treasury bills previously issued to mature during the tax collection period, by tax-anticipation notes turned in on payment of taxes, and by continued heavy Treasury expenditures. As a consequence a record volume of Treasury operations was effected with little influence on conditions in the market. Excess reserves of member banks showed no large change and on March 18 amounted to about $3.1 billion. MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS FACTORS SUPPLYING R E S E R V E WHOLESALE FUNDS PRICES GOLD 20 IZO no 110 20 100 100 18 ST OCK^-*"- 1 " 22 | A At A 90 vy 70 I A A OTHER* / ALL COMMODITIES ^yA. J/ 90 J_ / - 16 - 14 80 70 FARM PRODUCTS 60 4 2 TREASURY CURRENCY "RESERV E BANK CREDI 0 1940 50 1941 1942 1940 1941 1942 W e d n e s d a y figures. L a t e s t figures shown are for March 25, 1942. Bureau of Labor Statistics' weekly indexes, 1926 average = 100* Latest figures shown are for week ending March 21, 1942. COMMODITY PRICES Wholesale prices continued to advance from the middle of February to the middle of March, particularly those for finished consumer goods such as meats, fruits and vegetables, shoes, clothing, and household items. Temporary maximum price orders were issued covering wholesale prices of some of these products, including pork, canned fruits and vegetables, finished cotton and rayon fabrics, cotton rugs, and bedding equipment. These orders, according to statute, used as maximums the prices prevailing within five days prior to issuance. APRIL United States Government obligations held by member banks in leading cities showed little change during the first three weeks of March following a sharp rise in February. Commercial loans increased further. UNITED STATES GOVERNMENT SECURITY PRICES Prices of United States Government bonds advanced steadily from the middle of February to the middle of March. Long-term taxable bonds yielded £.35 per cent compared with an average of 1.39 per cent in February. Prices of short-term securities have held steady since the first of the year, with Treasury bills selling at around .2.0 per cent. 3x9 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 333 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 334 Federal Reserve Bank statistics 335—339 Reserve position of member banks; deposits in larger and smaller centers 340 Money in circulation 341 Gold stock and gold movements; bank suspensions; bank debits All banks in the United States, number, deposits, loans and investments 341 Condition of all member banks 343 344-345 Weekly reporting member banks ' 346-349 Commercial paper, bankers' acceptances, and brokers' balances. .• 350 Money rates and bond yields 351 Security markets 352.-353 Corporate profits Treasury Governmental 354 finance corporations 355—357 and credit agencies; Postal Savings System 358-360 Business indexes 361-371 Department store statistics 372. Wholesale prices 373 Current statistics for Federal Reserve chart book 374~37^ All member banks—Condition on Dec. 31, 1941, by Classes of banks. . 377-378 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 series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. APRIL 1942. 331 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 TREASURY CASH AND DEPOSITS 10 1936 1937 1938 1939 1940 1941 1942 Latestfiguresfor March 25. See page 333. 33^- FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollarsj Reserve Bank credit outstanding U. S. Government securities Bills discounted Date Total All 1 MaMaturing turing other with- after in 5 5 years years Total Gold stock Treasury currency outstanding Treasury deTreas- posits NonMoney ury with memin cir- cash ber Fedcula- holddeeral tion ings Reposits serve Banks Other Federal Member bank reserve balances Re- serve ac- counts Total Ex- Monthly averages of daily figures: 1940—Dec 1941—Jan Feb 1941—Dec 1942—Jan Feb 2,188 2,184 2,184 2,219 2,251 2,249 1,038 1,048 1,048 915 867 821 1,149 1,136 1,136 1,304 1,384 1,428 113 85 67 180 148 136 2,305 2,272 2,254 2,404 2,402 2,389 21,890 22,063 22,143 22,759 22,741 22,729 3,079 3,092 3,100 3,239 3,252 3,263 8,688 8,591 8,679 10,985 11,105 11,328 2,201 2,193 2,205 2,189 2,209 2,189 338 265 548 592 467 377 1,715 1,755 1,787 1,531 1,389 1,292 283 283 282 292 291 288 14,049 14,339 13,996 12,812 12,936 12,908 6,646 6,832 6,422 3,390 3,446 3,309 End of month figures: 1940—Dec. 31 1941—Jan. 31 Feb. 28 1941—Dec. 31 1942—Jan. 31 Feb. 28 2,184 2,184 2,184 2,254 2,243 2,262 1,048 1,048 1,048 917 821 821 1,136 1,136 1,136 1,337 1,421 1,441 87 64 78 104 123 144 2,274 2,250 2,265 2,361 2,369 2,412 21,995 22,116 22,232 22,737 22,747 22,705 3,087 3,097 3,102 3,247 3,259 3,268 8,732 8,593 8,781 11,160 11,175 11,485 2,213 2,193 2,187 2,215 2,196 2,172 368 688 343 867 361 567 1,732 1,805 1,360 1,428 1,255 284 282 281 291 289 287 14,026 13,930 14,203 12,450 12,927 12,619 6,615 6,380 6,534 3,085 3,347 2,969 1 2 2 4 2,184 2,184 2,184 2,184 1,008 1,008 1,008 1,008 1,177 1,177 1,177 1,177 43 53 50 43 2,229 2,239 2,237 2,231 22,525 22,538 22,565 22,573 3,125 3,129 3,131 3,133 9,151 9,155 9,186 9,294 2,292 2,283 2,280 2,221 804 762 477 462 1,905 1,961 1,972 1,926 288 287 286 286 13,440 13,458 13,732 13,749 5,711 5,689 5,855 5,824 2 2 2 2 2,184 2,184 2,184 2,184 951 951 951 951 1,234 1,234 1,234 1,234 54 63 55 63 2,240 2,249 2,241 2,249 22,579 22,593 22,612 22,620 3,136 3,138 3,142 3,148 9,394 9,393 9,433 9,490 2,229 2,240 2,258 2,275 993 941 1,024 1,081 1,852 1,809 1,855 1,891 285 285 295 295 13,201 13,312 13,131 12,985 5,407 5,488 5,314 5,145 July 2... July 9... July 16.. July 23.. July 30.. 3 3 2 3 5 2,184 2,184 2,184 2,184 2,184 951 951 951 951 951 1,234 1,234 1,234 1,234 1,234 86 61 108 61 56 2,273 2,249 2,294 2,248 2,245 22,627 22,640 22,655 22,664 22,673 3,150 3,152 3,157 '3,161 3,163 9,704 9,695 9,645 9,634 9,697 2,276 2,291 2,309 2,320 2,330 1,820 1,756 1,792 1,759 1,748 289 289 288 288 288 13,125 12,971 13,223 13,117 13,097 5,265 5,124 5,336 5,181 5,155 Aug. 6... Aug. 13.. Aug. 20.. Aug. 27.. 5 10 8 10 2,184 2,184 2,184 2.184 951 951 951 951 1,234 1,234 1,234 1,234 41 53 80 87 2,231 2,247 2,272 2,281 22,682 22,703 22,710 22,716 3,169 3,172 3,178 3,178 9,795 9,792 9,840 9,899 2,345 2,361 2,377 2,378 839 919 in 1,865 1,816 1,835 1,843 287 287 285 285 12,951 12,948 13,037 12,998 5,018 5,027 5,058 4,994 Sept. Sept. Sept. Sept. 12 14 11 12 2,184 2,184 2,184 2,184 951 951 951 951 1,234 1,234 1,234 1,234 45 58 121 83 2,241 2,255 2,316 2,279 22,722 22,733 22,Hi 22,749 3,180 3,185 3,188 3,194 10,034 10,036 10,046 10,070 2,400 2,397 2,408 2,350 708 456 334 379 1,834 1,843 1,836 1,856 284 283 293 293 12,884 13,158 13,328 13,273 4,857 5,111 5,249 5,202 Oct. 1... Oct. 8... Oct. 15.. Oct. 22.. Oct. 29.. 11 11 8 4 5 2,184 2,184 2,184 2,184 2,184 951 951 951 908 908 1,234 1,234 1,234 1,277 1,277 49 70 121 103 61 2,244 2,265 2,313 2,291 2,250 22,761 22,772 22,778 22,786 22,796 3,196 3,203 3,207 3,214 3,219 10,183 10,237 10,283 10,278 10,307 2,259 2,241 2,222 2,195 2,209 309 304 259 977 915 1,918 1,877 1,920 1,800 1,910 292 291 292 292 292 13,240 13,290 13,321 12,749 12,632 5,193 5,209 5,234 4,655 4,602 Nov. 5... Nov. 12.. Nov. 19.. Nov. 26.. 6 6 5 6 2,184 2,184 2,184 2,184 908 908 908 908 1,277 1,277 1,277 1,277 57 72 118 94 2,247 2,263 2,307 2,284 22,788 22,793 22,778 22,781 3,221 3,222 3,228 3,230 10,421 10,472 10,535 10,567 2,195 2,213 2,184 2,195 933 807 598 440 291 290 290 288 12,594 12,707 12,942 13,126 3,409 3,540 3,692 3,799 Dec. 3... Dec. 10.. Dec. 17.. Dec. 24.. Dec. 31.. 6 4 5 7 3 2,184 2,196 2,240 2,243 2.254 908 918 917 917 917 1,277 1,278 1,322 1,326 1,337 100 85 188 249 104 2,289 2,286 2,433 2,499 2,361 22,770 22,774 22.747 22,750 22,737 3,233 3,236 3,238 3,244 3,247 10,717 10,834 11,023 11,224 11,160 2,180 2,185 2,193 2,195 2,215 321 157 925 908 867 1,821 1,790 1,764 1,678 1,609 1,614 1,483 1,422 1,360 288 287 297 297 291 13,178 13,219 12,497 12,447 12,450 3,860 3,842 3,085 3,056 3,085 1942—Jan. 7... Jan. 14 . Jan.21 . Jan. 28.. 4 4 3 4 2,254 2,254 2,250 2,243 917 917 827 821 1,337 1,337 1,423 1,421 128 133 130 92 2,386 2,390 2,383 2,339 22,742 22,740 22,750 22,744 3,248 3,252 3,255 3,256 11,109 11,062 11,077 11,097 2,220 2,224 2,204 2,196 663 419 284 302 1,376 1,395 1,387 1,379 291 291 291 290 12,717 12,992 13,145 13,075 3,385 3,561 3,584 3,479 Feb. Feb. Feb. Feb. 4... 11.. 18.. 25.. 4 3 3 4 2,243 2,243 2,250 2,262 821 821 821 821 1,421 1,421 1,429 1,441 70 86 151 125 2,316 2,331 2,404 2,392 22,738 22,741 22,712 22,715 3.259 3,263 3,264 3,266 11,231 11,319 11,339 11,422 2,201 2,194 2,181 2,189 376 319 264 798 1,367 1,310 1,251 1,154 289 288 288 288 12,849 12,905 13,058 12,521 3,326 3,357 3,460 2,878 Mar. 4. . Mar. 11. Mar. 18. Mar. 25. 6 6 6 6 2,262 2,253 2,249 2,244 821 821 821 821 1,441 1,432 1,428 1,423 134 88 96 76 2,402 2,347 2,351 2,326 22,705 22,709 22,686 22.684 3,269 3,271 3,273 3,274 11,518 11,520 11,474 11,462 2,180 i 2,176 2,168 2,175 287 60 59 472 1,270 1,317 1,373 1,352 286 286 297 296 12,835 12,968 12,939 12,527 3,208 3,266 3,161 2,847 Wednesday figures: 1941—May 7 May 14 May 21 May 28 3... 10.. 17. 24.. 837 1,039 849 954 921 785 1,777 1 2 Includes industrial advances shown separately in subsequent tables. End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. APRIL 1942. 333 FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 1, 1942. Per cent per annum.) Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (maturities up to 90 days—last par. Sec. 13) Rediscounts for and advances to member banks Advances secured by direct obligations of the U. S. (maturities up to 90 days—last par. Sec. 13 )x Federal Reserve Bank Rate Boston ........ New York.... Philadelphia ...„.„.... Cleveland „.......«„... Richmond Atlanta „.. Chicago »......«..-.. St. Louis. Minneapolis Kansas City Dallas..... San Francisco 1 1 IX 1 1 1 1 1 1 Discounts of and advances secured by Other secured advances eligible paper (matur[maturities up to 4 ities up to 90 d a y2s mos.—Sec. 10(b)] To nonmember banks Sec. 13 and 13a) In effect beginning— Sept. 1, Aug. 25, Mar. 21, Sept. 1, Mar. 14, Sept. 16, Sept. 1, Sept. 16, Mar. 28, Sept. 16, Sept. 16, Sept. 1, In effect beginning— Rate Sept. 1, Aug. 27, Mar. 21, M a y 11, Mar. 14, Mar. 21, Feb. 28, Mar. 14, Mar. 28, Sept. 3, Mar. 21, Sept. 3, 1939 1939 1942 1939 1942 1939 1939 1 1939 1 1942 1 1939 •IX 1939 1939 1939 1937 1942 1935 1942 1942 1942 1942 1942 1937 1942 1937 Rate 2 2 2 2 2 2 2 IX In effect beginning— Sept. 2, Oct. 10, Sept. 4, Oct. 19, Sept. 10, Aug. 21, Aug. 21, Mar. 14, Aug. 24, Sept. 3, Aug. 31, Sept. 17, In effect beginning— Rate 1937 1935 1937 1935 1937 1937 1937 1942 1937 1937 1937 1937 To others Rate In effect beginning— Apr. Feb. Sept. May Feb. Apr. Oct. Mar. Oct. Apr. Apr. Oct. Sept. 1, 1939 Aug. 25, 1939 Mar. 21, 1942 Sept. 1, 1939 Mar. 14, 1942 Sept. 16, 1939 Sept. 1, 1939 Sept. 16, 1939 Mar. 28, 1942 Sept. 16, 1939 Sept. 16, 1939 Sept. 1, 1939 29, 1938 8, 1934 1,1939 11, 1935 19, 1934 23, 1938 16, 1933 14, 1942 8, 1938 16, 1938 16, 1938 19, 1933 2 2 2 IX 2 1 Rates shown also apply to 15-day advances secured by obligations of the F.F.M.C. or the H.O.L.C. guaranteed as to principal and interest by the U. S. 2 Discounts of certain bankers' acceptances and of agricultural paper may have maturities up to six months and nine months, respectively. Rates shown also apply to 15-day advances secured by obligations of Federal Intermediate Credit Banks maturing within six months. 3 Two and one-half per cent to lenders other than banks. FEDERAL RESERVE BANK MINIMUM BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL BANKERS' ACCEPTANCES ADVANCES AND COMMITMENTS [Per cent per annum] Maturities up to five years—Sec. 13b [In effect April 1. Per cent per annum except as indicated by footnote]6 Previous Rate on In effect beMaturity April 1 rate ginning— Advances to or in par1 ticipation with financAdvances 1-15 days .... Oct. 20, 1933 ing institutions Commitdirect to 16-30 days.... do Federal Reserve ments industrial 31-45 days.... do to make or comBank 46-60 days.... .do. On portion advances mercial or- for which in- On re61-90 days.... do ganizations stitution is maining1 91-120 days... do portion 121-180 days. do obligated1 lx 1 This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Classes of deposits and banks Mayl, 1937Apr. 15, 19382 Apr. 16, 1938Oct. 31, 1941 Effective Nov. 21, 1941 17X 12% 26 20 14 22H 17X 26 20 14 SH 6 5 Aug. 16, Mar. 1, 19361937Feb. 28, Apr. 30, 1937 1937 On net demand deposits:1 Central reserve city... Reserve city Country On time deposits: All member banks 15 IOM 4H 12 1 See footnote to table on p. 340 for explanation of method of computing net demand deposits. 2 Percentages in this column are double the basic statutory requirements, which were in effect June 21, 1917-Aug. 15, 1936. MARGIN REQUIREMENTS* [Per cent of market value] Prescribed by Board of Governors of the Federal Reserve System in accordance with Securities Exchange Act of 1934 For extensions of credit by brokers and dealers on listed securities, under Regulation T For short sales, under Regulation T For loans by banks on stocks, under Regulation U.... 1 Apr. 1, Nov. 1, 19361937 and Oct. 31, after 1937 5 5 » 41 40 50 40 Reg. T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 2 Requirement under Reg. T was the margin "customarily required" by the broker. 3 Reg. U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 334 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco SX-6 4-6 3X-6 SX-5 4-6 X-6 3-6 3XSX 3-6 4-6 4-6 4-6 3 2-3 3X 2-5 1 (4)3 4 3-6 lfcr-2 3-6 4 4 3-4 H-i 1-2 X-2 H-i 1-2 4-6 (2) 3-6 (6)1 4 1-2 4-6 ( 6 )1 . 4-5 X-2 1 The Fed. Res. Banks of New York, Philadelphia, Cleveland, Richmond , Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may charge same rate 2as charged borrower by financing institution, if lower than rate shown. Same as rate charged borrower by financing institution. J One per cent less than rate charged borrower by financing institution. 4 One per cent less than rate charged borrower by financing institution with minimum of three per cent (see note 1 ). 6 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note 1). 6 Minimum charge one-fourth of one per cent. £S MAXIMUM RATES O N TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Per cent per annum] Nov. 1,1933Jan.31,1935 Savings deposits Postal savings deposits... Other deposits payable: In 6 months or more"... In 90 days to 6 months. In less than 90 days Feb. 1, 1935Dec. 31,1935 Effective Jan.1,1936 2X NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C , effective February 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] End of month Wednesday figures Mar. 18 Mar.11 Mar. 4 1941 1942 1942 Mar. 25 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Feb. Jan. Feb. Assets Gold certificates on hand and 3,521, 20,482, 91120,493,913 20, 513,911 20, 501,912 20, 502,517 20,503,515 20,529,518 20,521,517 20, 502,518 20, 522,014 20,020,282 due from U. S. Treasury 10,244 11,660 12,737 13,004 13,139 13,019 12,399 11,162 14,004 13,023 13,429 Redemption fund—F. R. notes.. 350,186 342,320 327,920 320,918 333,291 331,502 369,320 335,765 352,419 343,708 338,557 Other cash 20,839,642 20,845,899 20,855,835 20,835,834 20,848,947 20,868,953 20,884,575 20,883,363 20,846,419 20,902,496 20,366,291 Total reserves Bills discounted: For member banks For nonmember banks, etc.. 6,308 1 Total bills discounted .... 6,339 5,763 3,881 3,144 6,309 6,440 6,339 5,763 3,881 8,607 Industrial advances U. S. Government securities: Direct Bonds Notes Guaranteed 6,439 8,554 8,686 8,634 8,499 3,092 3,738 4,974 3,646 2,762 3,144 3,092 3,738 8,553 8,877 9,001 4,974 3,646 2,762 8,538 8,968 7,828 1,548,136 1,552,886 1,557,136 1,566,386 1,566,386 1,553,960 1,546,555 1,546,555 1,566,386 1,546,555 1,280,000 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 899,500 3,600 3,600 3,600 3,600 3,600 4,600 3,600 3,600 3,600 3,600 3,600 Total U. S. Government securities, direct and guaranteed Other Reserve Bank credit outstanding 2,244,236 2,248,986 2,253,236 2,262,486 2,262,486 2,250,060 2,242,655 2,242,655 2,262,486 2,242,655 2,184,100 Total Reserve Bank credit outstanding 2,326,423 2,351,348 2,347,388 2,401,663 2,391,796 2,403,845 2,331,490 2,316,466 2,411,937 2,369,051 2,264,864 67,271 87,368 79,127 124,780 116,930 142,088 76,866 61,072 135,939 113,782 70,174 Liabilities F. R. notes in actual circulation . 8,545,263 8,556,873 8,597,386 8,584,676 8,505,938 8,438,100 8,422,164 8,351,642 8,558,920 8,302,935 6,022,032 Deposits: . Member bank — reserve account 12,526,755 12,939,328 12,968,350 12,834,758 12,521,173 13,057,722 12,905,279 12,848,808 12,618,700 12,926,838 14,203,074 U. S. Treasurer—general 798,429 263,522 58,859 286,848 account 472,497 376,245 318,516 60,267 567,416 360,595 343,383 649,887 626,097 726,755 Foreign 741,539 715,809 682,406 743,729 680,744 697,822 710,465 1,164,353 625,040 Other deposits 573,026 631,647 554,517 504,342 625,385 684,551 628,823 557,303 717,078 640,172 Total deposits 14,351,047 14,371,373 14,345,372 14,391,932 14,473,831 14,572,726 14,533,362 14,592,010 14,441,241 14,714,976 16,350,982 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91,0 90.7 90.9 90.9 90.7 90.7 91.0 91.0 90.6 90.8 91.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Bills Discounted: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 '*. Industrial Advances: Feb. 25 Mar. 4 Mar 11 Mar. 18 Mar. 25 U. S. Government Securities, direct and guaranteed: Feb. 25 Mar. 4 Mar 11 Mar. 18 Mar. 25 APRIL 1942. 61 to 90 days 91 days to 6 months 211 196 100 15 18 84 74 56 103 60 112 128 129 120 126 38 18 12 12 4 318 373 372 367 361 387 483 314 256 953 967 1,015 582 296 888 1,431 1,029 1,041 1,077 1,067 66,200 66,200 Within 15 days 16 to 30 days 31 to 60 days 3,881 5,763 6,339 6,440 6 309 3,406 5,337 6,014 6,157 6,090 30 10 28 33 11 8,499 8,634 8,686 8,554 8,607 2,225 2,199 2,140 2,143 2,171 Total 2,262,486 2,262,486 2,253,236 2,248,986 2,224,236 6 months to lyear lyear to 2 years 2 years to 5 years 979 946 938 950 918 1,595 1,569 1,569 1,493 1,526 1,334 1,178 1,176 1 195 1,159 97,000 97,000 97,000 70,100 70,100 247,200 247,200 247,200 317,800 317,800 477,000 477,000 477,000 367,100 367,100 Over 5 years 1,441,286 1,441,286 1,432,036 1,427,786 1,423,036 335 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS (In Thousands of Dollars) Total Assets Gold certificates on hand and due from U. S. Treasury: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 New York Philadelphia Cleveland ,040,046 1,155, 789 1,653.828 20,502, :,517 1,190, 539 8, 20,501,912 1 ,180,240 8,020,228 1,164,391 1,646,795 20,513,911 1,162,743 8,136,' ,149,667 1,627,450 20,493,913 1,171,284 8,227,252 1,134,231 1,590,122 "• 20,482,911 1,183,411 8,110, 323 1,138,407 1,585,698 Redemption Fund—Federal Reserve notes: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 13,139 13,004 14,004 13,429 13,023 3,742 3,706 3,706 3,633 3,528 1,487 1,342 1,342 1,028 1,770 336 282 1,282 1,173 1,088 28,184 28,102 28,641 30,340 30,523 65,145 64,103 68,539 69,148 73,396 27,847 26,142 24,930 24,618 25,124 28.784 25,820 26,591 25,625 26,968 ,106,678 1,183,972 20,848,957 1,222,465 8, ,085,673 1,190,815 20,835,834 1,212,048 8, 1 1,195, ,206,817 1,175,879 i,090 8, 20,855,835 ,297, — 20,845,899 1,205, •,257 8, 428 1,160,022 20,839,642 1,217, \462 8 ,185,489 1,164,619 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Other bills discounted: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total bills discounted: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Industrial advances: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 U. S. Government securities, direct and guaranteed: Bonds: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Notes: Feb. 25 Mar/ 4 Mar. 11 Mar. 18 Mar. 25 Total U. S. Government securities, direct and guaranteed: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 336 Richmond 809,023 806,207 807,644 775.339 797,577 440 1,000 1,000 910 815 333,301 320,918 327,920 338,557 343,708 Other cash: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total reserves: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Boston 3,311 5,165 5,420 6,114 5,368 337 395 270 227 457 1,508 3,767 4,270 4,830 3,875 827 737 689 590 750 25 100 600 100 750 570 598 919 326 941 18,281 19,617 17.096 20,317 18,321 200 St. Minnea- Kansas Dallas polis City Louis San Francisco 399,771 1,624,324 401, 324 1,614,561 1 382,057 1,652,508 1 378, 852 ',678,254 384, 255 1,619,565 634,822 646,443 627,498 599,288 590,092 368,996 370,398 359,907 352,939 368,296 544,678 550,190 544,114 532,114 540,050 508 497 497 471 427 331 326 326 313 287 637 627 627 616 579 485 479 479 461 443 1,107 1,092 1,092 1,049 976 58,814 57,230 58,824 59,789 60,540 20,008 20,081 19,152 20,442 19,611 6,412 5,896 5,999 6,213 6,091 15,381 13,415 13,615 13,464 14,925 11,856 10,399 12,513 12,590 13,850 31,723 30,433 31,930 33,826 34,010 601,839 3,560,726 609,774 3,570,384 609,7613; ,534,653 586,265 3,551,901 587,745 3,660,124 655,338 667,021 647,147 620,201 610,130 375,739 376,620 366,232 359,465 374,674 560,696 564,232 558,356 546,194 555,554 580,336 3 1,500,365 589,478 3,511,657 589,055 3,474,332 563,510 3,490,728 566,885 3,598,352 637 616 616 570 511 1,683.052 829.186 1 1,673,615 827.364 1.655,041 826,280 1,616,657 797.477 1.613,481 817,265 119 106 11 311 100 Atlanta Chicago 20,866 19,680 20,090 22,185 20,349 75 75 125 125 125 412,112 1,657,154 412, 202 1,646,086 395,049 1,685,530 391,903 1,713,129 398,548 1,654,551 80 25 45 15 -35 50 245 187 71 36 31 111 110 103 73 102 112 80 25 45 15 35 239 238 238 238 235 120 120 120 119 119 71,809 71,809 71,369 71,167 70,940 61,171 61,171 60,814 60,650 60,467 135,609 135,609 134,825 134,466 134,064 20,912 20,912 20,911 20,909 20,909 31,675 31,675 31,666 31,662 31,659 59,816 26,981 26,981 - 59,816 59,823 26,983 59,825 26,984 26,984 59,828 68,321 68,321 68,038 67,907 67,761 103,484 103,484 103,035 102,829 102,599 3,881 5,763 6,339 6,440 6,309 337 395 270 227 457 1,533 3,867 4,870 4,930 4,625 924 815 739 590 750 199 217 121 414 173 200 ,499 1,634 1,686 1,554 1,607 1,097 767 637 664 662 1,097 1,097 1,097 1,107 1,104 3,491 4,012 4,167 4,037 4,019 215 215 215 215 215 757 753 752 740 728 510 481 484 461 449 366 363 378 392 380 1,569,986 1,569,986 1,560,736 1,556,486 1,551,736 115,515 115,515 114,838 114,527 114,180 433,522 433,522 430,879 429,665 428,309 124,012 124,012 123,256 122,908 122,520 155,286 155,286 154,366 153,945 153,471 93,795 93,795 93,287 93,053 92,792 66,778 66,778 66,387 66,207 66,006 190,934 190,934 189,868 189,377 188,831 74,146 74,146 73,720 73,523 73,304 47,409 47,409 47,127 46,998 46,852 692,500 692,500 692,500 692,500 692,500 50,951 50,951 50,954 50,955 50,955 191,220 191,220 191,181 191,163 191,143 54,700 54,700 54.689 54,684 54,678 68,495 68,495 68,492 68,490 68,490 41,372 41,372 41,391 41,401 41,411 29,455 29,455 29,456 29,457 29,457 84,218 84,218 84,245 84,258 84,271 32,705 32,705 32,709 32,712 32,715 2,262,486 2,262,486 2,253,236 2,248,986 2,244,236 166,466 166,466 165,792 165,482 165,135 624,742 624,742 622,060 620,828 619,452 178,712 178,712 177,945 177.592 177,198 223,781 223,781 222.858 222,435 221,961 135,167 135,167 134,678 134,454 134,203 96,233 96,233 95,843 95,664 95,463 275,152 275,152 274,113 273,635 273,102 106,851 106,851 106,429 106,235 106,019 290 207 81 36 31 75 75 125 125 125 157 127 518 506 515 499 613 88,152 88,152 87,797 87,634 87,451 FEDERAL RESERVE 195,425 195,425 194,648 194,291 193,892 BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Assets—Continued Total bills and securities: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco 2,274,866 2,276,883 2,268,261 2,263,980 2,259,152 167,900 167,628 166,699 166,373 166,254 627,372 629,706 628,027 626,865 625,181 183,127 183,539 182,851 182,219 181,967 224,195 224,213 223,194 223,064 222,349 136,124 135,920 135,430 135,194 134,931 96,818 96,789 96,452 96,250 96,037 275,518 275,515 274,491 274,027 273,482 106,856 106,856 106,435 106,240 106,025 68,925 68,862 68,553 68,407 68,375 103,858 103,768 103,193 102,942 102, 707 88,548 88,517 88,123 87,974 87,798 195,625 195,570 194,813 194,425 194,046 26,886 25,062 25,614 27,737 26,579 601 736 724 856 756 4,234 2,429 3,167 2,412 1,717 1.579 2,239 1,891 2,831 2,388 2,605 3,035 3,487 3,602 2,'406 916 1,450 1,555 1,7U 1,648 3,448 4,451 4,548 4,274 2,949 3,443 2,512 2,702 2,406 2,521 2,093 2,215 3,049 2,558 654 607 673 353 535 1,460 2,095 1,962 1,557 2,127 901 934 623 614 534 3,805 3,722 3,548 3,990 3,957 1,171,571 1,052,446 1,017,994 1,500,833 1,052,232 111,819 93,052 86,861 143,524 96,647 277,776 223,487 230,393 400,303 232,684 71,589 68,848 70,455 87,053 69,207 149,922 132,027 122,812 203,698 131,195 92,220 80,178 86,928 119,030 101,424 47,449 43,317 41,576 61,869 50,537 178,945 178,317 161,776 195,734 155,377 48,106 49,573 46,383 58,243 45,948 26,491 24,805 24,013 29,024 22,694 51,538 42,216 42,263 58,276 36,159 43,455 49,988 36,679 43,950 40,316 72,261 66,638 67,855 100,129 70,044 Bank premises: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 40,734 40,669 40,699 40,706 40,686 2,773 2,768 2,768 2,768 2,768 10,489 10,470 10,470 10,470 10,470 4,856 4,845 4,845 4,845 4,845 4,420 4,420 4,420 4,420 4,411 3,044 3,044 3,044 3,047 3,047 1,941 1,941 1,971 1,971 1,968 2,965 2,960 2,960 2,962 2,962 2,150 2,146 2,146 2,146 2,146 1,336 1,333 1,333 1,333 1,333 2,867 2,861 2,861 2,861 2,861 1,133 1,126 1,126 1,128 1,128 2,760 2,755 2,755 2,755 2,747 Other assets: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar-25 49,598 51,114 55,744 42,058 42,790 3,439 3,550 3,609 2,863 2,945 13,726 13,988 14,417 11,497 11,922 3,872 4,073 7,761 3,306 3,385 5,326 5,497 5,566 4,607 4,671 3,157 3,210 3,333 2,756 2,821 2,043 2,075 2,101 1,687 1,715 5,679 5,847 5,906 4,729 4,739 2,175 2,264 2,305 1,897 1,846 1,502 1,571 1,623 1,275 1,298 2,156 2,244 2,272 1,810 1,832 1,912 1,957 1,946 1,618 1,624 4,611 4,838 4,905 4,013 3,992 753,694 4:, 026,788 817,147 757,346 4: 036,472 829,954 , 756,314 3 1,982,304 806,632 752, 592 4,032,061 791,777 1,099,096 768,654 742, 278 4, 474,647 473,798 462,427 459,857 468,909 722,576 717,417* 710,908 713,641 701,241 548,062 1,936,220 554,725 1,919.613 523,547 1,959,410 527,188 2 ,018,445 529,949 1 ,929,341 Due from foreign banks: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Federal Reserve notes of other banks: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Uncollected items: Feb 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total assets: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Liabilities Federal Reserve notes in actual circulation: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Deposits: Member bank—reserve account: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 24,412,659 1,509,000 9,040, 293 1,448,337 2,069,331 1,066,564 24,282,055 1,479,785 8,965,771 1,453,575 2 ,041,493 1,052,106 575 24,264,194 1,455,754 9,093,"" 1,443,351 2,012, ,057,622 309 1 24,721,260 1,521,644 9,349,661 1,439,164 2,054,689 1 ,060,541 -~' ,068, 170 ',425, 676 1,978, 002 1,062,977 24,261,128 1,486,835 9, , 1 8,505,938 8,584,676 8,597,386 8,556,873 8,545,263 25 4 11 18 25 602,014 605,167 606,396 605,623 604,296 812,252 816,533 819,955 816,525 816,359 440,044 444,249 447,954 445,409 443,547 •289,144 1,789,754 299,"" 1,796,862 250 301, 099 1,796,062 300, 166 1,791,403 302, 569 1,781,739 332,597 337,887 337,629 337,381 336,637 215,964 218,626 218,868 218,981 218,688 273,959 278,768 278,531 278,964 278,190 139,084 142,471 141,494 140,059 140,171 339, 154 1,880,901 360,187 1,912,768 369,836 1,904,307 343, 629 1,914,747 325, 905 1,926,034 365,551 386,058 377,883 350,725 331,536 171,172 181,808 187,943 178,219 180,837 337,942 344*, 661 356,759 343,311 335,637 295,601 977,970 311,569 982,323 ,031,590 311,: 310,249 1,053,666 300,403 987,951 744,604 757,021 758,376 754,582 753,735 12,521,173 12,834,758 12,968,350 12,939,328 12,526,755 577, 064 602, 017 604, 640, 788 603, 755 5,611,850 i, 5: 703,317 i, 763,006 1,814,882 5, 1,617,824 5; 587,537 631,497 641,990 622,469 618,406 934,000 959,939 947,190 916,837 863,494 442,431 458,614 472,384 449,806 434,973 798,429 286,848 60,267 58,859 472,497 72,789 25,335 1,223 584 47,806 251,305 36,010 47,849 42,910 138,088 81,597 30,865 535 150 16,101 59,744 23,290 552 440 36,907 47,685 23,162 553 513 28,070 41,801 17,265 568 518 25,020 55,782 41,771 589 177 96,080 30,893 15,752 3,339 523 13,295 30,624 15,324 545 535 16,260 32,832 20,328 616 543 16,815 39,484 19,198 585 129 16,670 53,893 18,548 3,313 11,837 21,385 649,887 715,809 743,729 741,539 726,755 25,913 25,779 28,334 29,562 25,846 258,713 285,156 293,210 291,023 287,860 60,972 67,594 70,482 70,276 68,948 58,432 64,778 67,545 67,348 66,076 27,945 30,981 32,304 32,210 31,601 22,229 24,644 25,696 25,622 25,137 77,485 85,901 89,570 89,309 87,622 19,054 21,123 22,026 21,961 21,546 13,973 15,490 16,152 16,105 15,801 18,419 20,419 21,291 21,229 20,828 18,419 20,419 21,291 21,229 20,828 48,333 53,525 55,828 55,665 54,662 U. S. Treasurergeneral account: ' Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Foreign: Feb. Mar. Mar. Mar. Mar. 696,309 21,170,213 696, 237 21,191,605 697, 159 2! 193,863 : , 678,261 2,189,519 679, 328 2, — i,190,004 .'. •Less than $500. APRIL 1942. 337 Federal Reserve Banks—Continued [In thousands of dollars] Total Liabilities—Continued Deposits1—Continued: Other deposits: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total deposits: -Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Deferred Feb. Mar. Mar. Mar. Mar. 504,342 554,51 573,026 631,647 625,040 14,473,831 4,391,932 14,345,372 14,371,373 14,351,047 availability items: 1,054,688 25 927,713 4 938,914 11 1,413,512 18 985,008 25 Other liabilities, including accrued dividends: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total liabilities: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 3,739 3,340 7,592 4,326 4,197 24,038,196 23,907,661 23,889,264 24,346,084 23*885,515 Boston New York Philadelphia Cleveland Richmond 388,167 433,410 462,232 517,840 504,356 15,895 15,399 15,039 13,061 12,826 26,158 25,242 25,527 33,306 35,249 2,815 4,254 3,133 2,810 7,119 693,007 i,510,035 671,568 s457,893 650,372 i,566,297 684,026 .,666,655 688,033 6,548,128 746,001 745,355 728,046 705,956 716,281 ,078,334 ,073,249 ,040,814 ,017,931 ,001,726 520,876 517,011 508,374 485,339 501,763 17,241 18,437 16,622 13,092 10,626 Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco 2,647 2,812 2,379 3,016 2,867 9,435 11,817 8,512 9,676 11,983 10,029 9,814 8,915 8,846 8,755 1,460 1,592 1,296 950 1,289 1,821 3,437 2,470 2,521 1,926 24,411 25,031 23,772 23,555 24,052 407,447 2,016,815 405,368 2,043,252 399,229 1,996,845 372,743 2,007,249 380,054 2,112,603 424,933 434,750 411,760 382,885 378,360 225,798 222,436 213,555 203,705 221,653 390,653 387,000 379,962 366,033 374,569 355,325 354,623 335,615 334,128 339,827 ,104,607 ,079,427 ,114,503 ,144,723 ,088,050 4,263 3,272 3,129 2,974 3,992 93,435 85,915 82,023 132,544 93,252 230,280 186,627 203,220 363,490 199,747 65,624 68,382 70,519 92,847 70,267 143,701 116,674 116,693 185,056 124,694 89,110 74,350 84,746 113,237 101,060 43,156 38,796 42,021 65,715 45,655 171,258 147,464 140,352 184,365 155,538 47,644 45,360 45,237 59,523 41,632 23,034 22,884 20,124 27,304 18,671 46,421 40,106 40,825 57,081 36,874 41,938 45,948 34,695 41,237 38,151 59,087 55,207 58,459 91,113 59,467 571 409 496 1,093 458 810 751 905 883 1,078 290 246 3,925 248 315 354 349 420 417 438 345 331 348 336 361 216 198 204 196 207 471 400 480 434 526 112 97 124 106 119 131 129 141 126 143 120 105 12' 11 124 175 144 163 175 199 144 181 259 195 229 ,483,322 8 ,911,338 1,413,929 2,034,641 ,454, 129 8; 836,876 1,419,150 2,006,805 , ,430,050 8,964,285 1,408,886 1,977,882 ,495,924 9,220,547 1,404,'~' 2, 674 ,019,929 9 ,461,071 8,938,957 1,391,159 1,943,217 ,050,375 ,035,941 ,041,422 ,044,321 ,046,731 739,963 3, ,978,298 743,612 3,987,978 742,553 3,933,739 7 3 8 820 3! , — ,983,451 728,485 4, ,050,406 805,286 818,094 794,750 779,895 756,748 464,927 464,075 452,688 450.116 459;155 711,153 705,979 699,445 702,195 689,757 536,522 1,908,442 543,186 1,891,836 511,967 1,931,597 515,599 1,990,613 518,348 1,901,481 Capital accounts Capital paid in: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 143,085 143,115 143,193 143,223 143,283 9,401 9,401 9,405 9,406 9,406 52,229 52,230 52,208 52,208 52,210 11,837 11,844 11,841 11,839 11,839 14,762 14,765 14,767 14,769 14,764 5,746 5,746 5,753 5,753 5,753 4,930 4,931 4,938 4,945 4,949 15,754 15,767 15,793 15,803 15,862 4,453 4,455 4,458 4,465 4,466 3,039 3,039 3,043 3,045 3,043 4,644 4,64" 4,647 4,648 4,648 4,402 4,40: 4,426 4,425 4,426 11,888 11,888 11,914 11,917 11,917 Surplus (section 7): Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 157,502 157,502 157,502 157,502 157,502 10,949 10,949 10,949 10,949 10,949 56,651 56,651 56,651 56,651 56,651 15,171 15,171 15,171 15,171 15,171 14,346 14,346 14,346 14,346 14,346 5,236 5,236 5,236 5,236 5,236 5,725 5,725 5,725 5,725 5,725 22,925 22,925 22,925 22,925 22,925 4,966 4,966 4,966 4,966 4,966 3,15: 3,15: 3,15: 3,152 3,15: 3,613 3,613 3,613 3,613 3,613 3,976 3,976 3,976 3,976 3,976 10,792 10,792 10,792 10,792 10,792 Surplus (section 13b): Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 26,78: 26,78: 26,78: 26,78: 26,78: 2,874 2,874 2,874 2,874 2,874 7,070 7,070 7,070 7,070 7,070 4,39; 4,393 4,393 4,393 4,393 1,007 1,007 1,007 1,007 1,007 3,244 3,244 3,244 3,244 3,244 713 713 713 713 713 1,429 1,429 1,429 1,429 1,429 530 530 530 530 530 1,000 1,000 1,000 1,000 1,000 1,137 1,137 1,137 1,137 1,137 1,263 1,263 1,263 1,263 1,263 2,121 2,121 2,121 2,121 2,121 Other capital accounts: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 47,09. 46,99( 47,454 47,671 48,04' 2,454 .2,432 2,476 2,491 2,535 13,005 12,944 13,095 13,18f 13,282 3,007 3,01 3,060 3,087 3,114 4,575 4,570 4,614 4,638 4,668 1,963 1,939 1,967 l,98f 2,013 2,363 2,365 2,385 2,389 2,406 8,382 8,373 8,418 8,453 8,474 1,912 1,909 1,928 1,921 1,944 2,529 2,532 2,544 2,544 2,559 2,029 2,041 2,066 2,048 2,086 1,899 1,898 1,915 1,925 1,936 2,977 2,976 2,986 3,002 3,030 753,694 4,026,788 757,346 4, ,036,472 756,314 3,982,304 752,592 4,032,061 742,278 4, ^ ,099,096 817,14! 829,954 806,632 791,777 •768,654 474,647 473,798 462,427 459,857 468,909 722,576 717,417 710,908 713,64 701,24: 548,062 1,936,220 554,725 1,919,613 523,547 1,959,410 527,188 2,018,445 529,949 1,929,341 1,500 1,500 1.50C 1,500 1,500 2,787 2,134 2,119 2,065 2,049 Total liabilities and capital accounts: 24,412,65< 1,509,000 9,040,293 Feb. 25 24,282,05 1,479,785 8,965,771 Mar. 4 24,264,19^ 1,455," 9,093,309 Mar. 11 754 9, 24,721,26( 1,521,64 9,349,661 Mar. 18 24,261,12? 1,486,835 9 ",068,170 Mar. 25 Commitments to make industrial advances: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 338 14,921 13,54( 13,37 14,2& 14,36? 130 130 128 627 627 435 43 43 429 429 448,337 2,069,331 1,066,564 453,575 2,041,493 1,052,106 443,351 2,012,616 1,057,622 !,054,68< 1,060,541 439, 164 2 425,676 1,978,002 1,062,97" 2,854 2,18f 2,109 2,198 2,267 1,039 1,03: 1,028 1,024 1,024 1,455 1,440 1,932 1,427 1,407 1,644 1,614 1,61 1,594 1,580 1,934 1,934 1,934 1,934 2,05 1,120 1,120 1,056 1,456 1,423 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications approved Applications under consideration Applications received Date (last Wednesday of each month) Number 1934—Dec. 26 1935—June 26 Dec. 314 1936—June 24 Dec. 30 1937—Mar. 31 June 30 Sept. 29 Dec. 29 1938—Mar. 30 June 29 Sept. 28 Dec. 28 1939—Mar. 29 June 28 Sept. 27 Dec. 27 1940—Mar. 27 June 26 Sept. 25 Dec. 314 1941—Jan. 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 25 July 3G Aug. 27 Sept. 24 Oct. 29. Nov. 26 Dec. 31 1942—Jan. 28 Feb. 25 Mar. 25 . . Amount 4,386 6,325 7,437 8,006 8,247 8,344 8,430 8,474 8,534 8,708 8,976 ?, 102 9,188 9,249 9,308 9,366 9,418 9,476 9,512 9,556 9,609 9,633 9,659 9,682 9,719 9,793 9,817 9,855 9,891 9,912 9,950 9,974 10,007 10,035 10,056 10,081 Number 146,972 237,581 293,084 314,471 328,998 333,300 339,509 341,842 350,551 358,936 369,853 378,974 387,490 392,230 395,499 402,305 405, 225 410,192 413,646 417,260 431,236 435,474 442,712 448, 506 444,985 455,868 458, 092 471, 035 481,255 498, 017 504,144 506,320 510,443 512,449 525,432 530,556 Amount Number 2,955 11,349 2,823 1,880 1,245 1,322 1,263 71 68 28 12 5 9 10 1 800 550 7 1,299 19 8 8 5 14 5 2 2 476 146 247 344 255 370 41 199 33 10 222 7 2 1 2 4 1,929 600 823 35 1,725 35 145 1 3 2 5 2 3 70 2 3 1 3 4 2,220 5 375 150 4 1 135 600 1 300 984 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,464 2,566 2,617 2,653 2,683 2,721 2,752 2,781 2,814 2,838 2,865 2,908 2,923 2,945 2,959 2,987 3,046 3,067 3,096 3,120 3,132 3,161 3,179 3,202 3,224 3,241 3,261 Approved Advances Commitments outbut not outstanding 1 standing completed (amount) (amount) (amount) Amount 49,634 88,778 124,493 133,343 139,829 141,545 145,758 146,724 150,987 154,918 161,158 168,380 175,013 177,895 179,778 185,234 188,222 192,665 195,739 198,966 212,510 214,800 223,226 228,732 225,849 234,714 238,505 248,867 258,154 267,606 274,739 276,499 279,860 281,617 292,905 297,945 13,589 27,518 32,493 30,484 25,526 23,059 23,019 21,415 20,216 19,371 18,444 17,567 17,345 15,798 15,255 14,454 13,683 12,723 10,988 10,778 9,152 9,483 9,451 9,526 9,157 9,639 10,549 10,761 10,359 9,808 10,612 10,836 10,337 9,752 9,227 9,312 8,225 20,579 27,649 24,454 20,959 18,611 16,331 14,880 12,780 13,110 13,649 13,597 14,161 12,647 11,175 10,517 9,220 8,224 8,762 8,078 5,226 5,207 . 5,066 7,315 8,464 12,342 13,072 11,697 12,928 13,551 13,238 14,735 14,597 14,272 14,921 14,364 20,966 11,248 11,548 9,381 8,226 7,898 1,470 537 3,369 3,419 3,084 5,737 1,946 1,975 2,067 1,938 2,659 2,471 2,195 2,315 13,954 12,325 20,424 19,986 13,035 14,134 8,090 11,626 11,520 10,251 12,317 9,774 8,294 7,612 15,751 17,698 Repaid, expired, or withdrawn by applicant etc. (amount) Participations outstanding? (amount) 5,558 24,900 44,025 61,425 77,910 85,210 97,663 102,588 107,384 111,193 117,555 122,447 128,839 135,004 139,281 146,156 151,679 158,110 162,612 167,046 177,792 179,021 179,569 180,989 183,646 186,062 192,783 202,287 208,279 216,258 219,598 221,421 227,032 230,593 233,082 237,485 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,825 8,426 9,032 12,722 12,471 12,000 12,169 10,981 11,137 11,182 10,749 6,386 8,764 8,716 10,916 11,547 12,537 14,011 12,496 15,068 17,738 18,974 19,733 19,600 19,388 19,924 19,086 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $744,000, Mar. 25, 1942. 4 Tuesday. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Held by Federal Reserve J. Bank: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 In actual circulation:1 Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Collateral held by agdnt as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Eligible paper: Boston New York 716, 364 2,266,338 718, 144 2 ,284,303 716, 652 2!,295,212 698, 187 2,311,982 704, 494 2 ,306,016 Phila- Clevedelphia land Richmond Atlanta Chicago San Francisco St. Louis Minne- Kansas Dallas apolis City 348,483 355,897 354,949 355,256 354,879 221,227 223,856 224,084 225,421 224,810 282,962 288,426 289.774 289,257 290,410 154,318 155,991 157,323 156,918 156,948 812,299 829,251 834,834 836,808 837,489 32,559 43,154 44,075 57,734 68,058 15,886 18,010 17,320 17,875 18,242 5,263 5,230 5,216 6,440 6,122 9,003 9,658 11,243 10,293 12,220 15,234 13,520 15,829 16,859 16,777 67,695 72,230 76,458 82,226 83,754 316,000 1,822,313 318,564 1,840,016 322,747 1,840,137 323, 457 1,849,137 •" 328,952 1,849,797 626,960 627,531 629,166 628,493 626,442 844,376 849,277 852,524 855,215 859,171 474,849 478,853 483,288 484,314 483,935 96,125 92,698 101,349 122,463 116,012 24,946 22,364 22,770 22,870 22,146 32,124 32,744 32,569 38,690 42,812 34,805 34,604 35,334 38,905 40,388 8,505,938 8,584,676 8,597,386 8,556,873 8,545,263 696,309 2,170,213 696,237 2,191,605 697, 159 2,193,863 " 678,261 2,189,519 679,328 ,190,004 602,014 605,167 606,396 605,623 604,296 812,252 816,533 819,955 816,525 816,359 440,044 444,249 447,954 445,409 443,547 289,144 1,789,754 299,250 1,796,862 301,099 1,796,062 300, 166 1,791,403 302,569 1,781,739 332,597 337,887 337,629 337,381 336,637 215,964 218,626 218,868 218,981 218,688 273,959 278,768 278,531 278,964 278,190 139,084 142,471 141,494 140,059 140,171 744,604 757,021 758,376 754,582 753,735 9,044,000 9,107,000 9,124,500 9,179,500 9,194,500 740,000 740,000 740,000 740,000 740,000 2,280,000 2,300,000 2,300,000 2: ,320,000 2,320,000 640,000 640,000 640,000 640,000 640,000 845,000 850,000 855,000 860,000 865,000 500,000 500,000 500,000 500,000 500,000 325,000 1,860,000 325,000 1,860,000 330,000 1,860,000 330,000 1,880,000 340,000 1,880,000 360,000 370,000 370,000 370,000 370,000 222,000 227,000 227,000 227,000 227,000 285,000 290,000 295,000 295,000 295,000 158,000 161,000 163,500 163,500 163,500 829,000 844,000 844,000 854,000 854,000 3,309 Mar. 4.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'., 5,264 Mar. 11 , 5,905 5,777 Mar. 18. 5,859 Mar. 25 Total collateral: Feb. 25 9,047,309 Mar. 4 9,112,264 M a r . 11 9,130,405 M a r . 18 9,185,277 9,200,359 M a r . 25 337 395 270 227 457 1,534 3,867 4,870 4,930 4,625 874 765 690 590 750 86 36 278 201 75 30 27 740,337 740,395 740,270 740, 227 740,457 2, ,281,534 2,303,867 2,304,870 2,324,930 2, ,324,625 640,874 640,765 640,690 640,590 640,750 222,086 227,036 227,000 227,000 227,000 285,278 290,201 295,075 295,030 295,027 158,000 161,000 163,500 163,500 163,500 829,000 844,000 844,000 854,000 854,000 1 8,886,489 8,970,109 9,000,690 9,014,445 9,023,343 380,551 385,433 403,304 457,572 478,080 20,055 21,907 19,493 19,926 25,166 26,856 19,314 21,648 23,291 26,383 200 845,000 850,000 855,000 860,000 865,000 500,200 500,000 500,000 500,000 500,000 325,000 1,860,000 325,000 1,860,000 330,000 1,860,000 330,000 1,880,000 340,000 1,880,000 360,000 370,000 370,000 370,000 370,000 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. APRIL 1941 339 RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1942 M E M B E R B A N K RESERVE BALANCES B Y CLASSES O F B A N K S [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Classes of banks and districts Gross demand deposits Net demand de ." 1 posits i Time deposits All member banks 49,159 40,870 12,179 Central reserve city banks: New York 808 16,699 15,948 Chicago 461 3,695 3,286 Reserves with Federal Reserve Banks Required All member banks 1 9,599 12,908 4,195 882 5,266 1,086 1,071 204 Reserve city banks: Boston district New York district Philadelphia district 1,437 306 1,689 1,293 252 1,435 78 144 160 263 59 297 386 68 431 123 9 135 Cleveland district Richmond district Atlanta district 2,460 1,150 1,104 2,021 907 786 696 233 172 446 195 167 741 308 207 295 112 40 Chicago district St. Louis district Minneapolis district 2,072 1,246 516 1,534 959 419 682 168 80 348 202 89 509 271 98 161 69 9 Kansas City district 1,350 Dallas district 1,034 San Francisco district . . . 3,304 934 684 2,744 149 126 2,051 196 144 672 260 190 888 65 46 216 17,668 13,967 4,740 3,078 4,356 1,279 1,237 2,002 893 947 1,582 658 546 1,463 848 165 309 143 250 467 212 933 902 850 640 563 521 728 393 253 133 102 88 227 153 132 94 50 44 1,353 595 441 888 375 295 843 256 278 175 68 58 280 100 83 105 33 25 612 771 508 386 486 328 156 101 305 63 74 64 91 116 88 28 42 23 11,096 7,668 6,171 1,444 2,199 755 Total Country banks: Boston district New York district Philadelphia district Cleveland district Richmond district Atlanta district Chicago district St. Louis district Minneapolis district Kansas City district Dallas district San Francisco district... Total 1 85 158 69 1 Country banks 1 New York Chicago 6,807 6,924 6,518 6,243 5,958 5,875 5,600 5,554 5,314 5,053 5,142 5,248 5,266 1,033 931 966 1,144 1,144 L,120 1,140 1,218 1,243 1,210 L,143 1,085 L,086 4,258 4,197 4,204 4,298 4,184 4,198 4,287 4,335 4,391 4,424 4,317 4,365 4,356 1,898 1,928 1,912 1,965 1,914 1,927 1,978 2,076 2,149 2,213 2,210 2,238 2,199 12,897 12,916 13,022 12,840 12,737 12,997 13,067 5,291 5,309 5,283 5,210 5,117 5,224 5,294 1,044 L.034 1,101 1,148 1,162 L.140 1,138 4,366 4,378 4,408 4,300 4,265 4.408 4,389 2,196 2,195 2,230 2,182 2,194 2,225 2,246 6,422 6,304 5,883 5,831 5,351 5,193 5,017 5,116 5,001 3,611 3,390 3,446 3,309 3,166 3,203 2,812 2,514 2,238 2,150 1,898 1,834 1,626 945 989 1,083 1,071 347 252 295 434 424 388 403 478 512 367 295 225 204 2,004 ,923 ,885 ,949 ,820 ,789 1,824 1,836 L,845 L,456 ,303 ,330 1,279 906 927 891 933 870 866 892 968 1,017 844 804 809 755 3,343 3,337 3,409 3,202 ?3,093 P3,283 P3.311 Total reserves held: 1941—February March April May June July August September October November December 1942—January February Week ending (Friday): 1942—Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Excess reserves: 1941—February March April May June July August September October November December 1942—January February Week ending (Friday): 1942—Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 3,309 ]Eteserve city banks 13,996 13,979 13,600 13,650 13,201 13,120 13,004 13,184 13,097 12,900 12,812 12,936 12,908 Excess Held Central reserve city banks 1,111 1,118 1,090 998 901 984 1,026 169 162 218 254 262 233 223 ,303 ,300 L.317 L,219 1,187 L.292 L.266 759 757 783 731 P743 P774 P796 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Gross demand deposits minus demand. balances with domestic banks (except private banks and American branches of foreign banks) and cash items in process of collection. NOTE.—See table on p . 334 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS [Averages of daily figures. All member banks Federal Reserve district Gross demand In millions of dollars] Gross demand Time Time Feb. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Jan. Feb. Jan. 2,663 18,911 2,583 3,337 2,055 1,921 6,959 1,841 956 1,943 1,801 3,798 624 2,415 1,008 1,424 626 426 1,986 424 358 304 228 2,356 629 2,442 1,032 1,445 629 430 2,008 429 361 307 232 2,385 2,516 1 l,907 2,245 3,034 1,780 1,752 X 2,914 1,484 744 1,541 1,386 3,651 2,504 1 1,852 2,249 2,981 1,782 1,723 1 2,827 1,480 743 1,523 1,379 3,636 506 ^,094 558 1,080 422 341 49,159 48,769 12,179 12,330 ^4,954 24,679 18,311 Jan. X h.ise 299 192 197 184 2,252 Time Gross demand Feb. 2,674 19,007 2,581 3,393 2,052 1,953 7,121 1,841 957 1,962 1,806 3,811 Feb. Member banks in smaller centers (places under 15,000) Member banks in larger centers (places over 15,000) Jan. 511 1 l,106 576 1,098 424 346 1 l,202 302 195 199 186 2,281 X 8,424 Feb. Jan. Feb. Jan. 157 401 337 359 272 202 511 357 213 421 420 160 159 393 335 356 272 198 500 361 213 420 422 163 118 514 450 345 204 84 339 125 166 107 44 105 118 517 455 347 205 84 339 126 167 108 46 105 3,810 3,791 2,600 2,618 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 340 FEDERAL RESERVE BULLETIN KINDS OF MONEY I N CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars) End of month Gold certificates Total 1941—January... February.. March April May June July August.... September October... November. December. 8,593 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 64 64 64 63 63 63 63 62 62 62 61 1942—January... February.. 11,175 11,485 Silver certificates Silver dollars Treasury notes of 1890 Subsidiary silver coin 1 1 1 1 61 1,733 1 1 1 1 1 1 1 1 61 61 61 61 1,657 1,695 1 1 Federal Reserve Bank notes National bank notes 278 278 277 274 286 300 307 313 314 317 321 313 5,842 5,985 6,106 6,247 6,468 6,684 6,813 7,027 7,181 7,378 7,615 8,138 21 21 21 21 20 20 20 20 20 20 20 19 156 155 154 153 152 150 149 148 147 146 145 144 206 206 471 1,595 1,635 1,651 1,654 1,697 1,714 1,691 1,723 1,724 1,715 1,737 Federal Reserve notes 183 184 186 189 191 194 196 199 202 205 208 209 403 406 413 418 426 434 438 445 455 463 474 481 50 50 51 51 52 53 54 55 56 57 59 60 United States notes 302 309 8,253 8,514 19 19 143 143 Minor "oin 475 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 in circulation 1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 1941—January... February . March April May June July August September October... November December. 8,593 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 6,094 6,243 6,342 6,430 6,683 6,890 6,992 7,237 7,378 7,537 7,769 8,120 635 641 650 658 669 681 688 700 713 725 738 751 577 582 590 595 615 625 626 641 658 663 675 695 37 38 38 39 40 41 40 42 42 41 43 44 1,091 1,116 1,132 1,135 1,176 1,207 1,215 1,257 1,270 1,287 1,318 1,355 1,973 2,041 2,074 2,112 2,211 2,289 2,334 2,430 2,469 2,527 2,610 2,731 1,781 1,826 1,858 1,892 1,972 2,047 2,090 2,169 2,227 2,293 2,383 2,545 2,502 2,541 2,583 2,642 2,675 2.725 2,742 2,760 2,787 2,830 2.874 3,044 540 551 560 573 587 607 615 630 645 658 674 724 1,126 1,144 1,163 1,197 1,218 1,244 1.257 1,274 1,293 1,316 1,343 1,433 230 232 238 241 242 244 244 244 243 245 248 261 530 535 543 550 546 548 544 543 537 539 538 556 24 24 24 25 24 24 24 24 24 25 24 24 52 55 56 56 57 57 58 46 46 47 47 46 1942- —January ! February.. 11,175 11,485 8,053 8,326 738 743 656 668 42 42 1,309 1,344 2,713 2,825 2,595 2,704 3,126 3,163 745 767 1,481 1,511 265 266 566 565 24 21 46 33 End of month Coin and small denomination currency 2 Large denomination currency 2 Unassorted 2 $1,000 $5,000 $10,000 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Inclu Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. royed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY TREASURY CURRENCY OUTSTANDING (Held by Treasury and Federal Reserve Banks and in circulation, millions of dollars] End of month Silver dollars and Total silver bullion1 1941—January February... March April FedSuberal sidiMinor United Reary coin States serve silver notes Bank coin notes [By selected banks and financial institutions in New York City. In millions of dollars] National bank notes 3,097 3,102 3,109 3,122 3,134 May 3,149 June July 3,166 August 3,181 September. 3,198 October 3,219 November 3,231 December .. 3,247 1,953 1,959 1,965 1,971 1,977 1,983 1,991 1,998 2,006 2,013 2,017 2,023 427 428 429 434 440 447 455 462 469 482 489 497 191 192 193 194 196 199 202 204 207 210 212 215 347 347 347 347 347 347 347 347 347 347 347 347 22 21 21 21 21 21 20 20 20 20 20 20 158 156 155 154 153 152 151 150 149 148 146 146 3,259 1942—January February... 3,268 2,029 2,033 501 505 218 220 347 347 20 20 144 144 1 Includes silver held against silver certificates amounting to $1,962,000,000 on-jFeb. 28, 1942 and $1,882,000,000 on Feb. 28,1941. APRIL ShipReceipts from ments to Europe Europe Year or month 1937 1938 1939 1940 1941 21.5 33.1 110.2 17.7 .3 . „ .„. 1941 March April May July August September October November (1 1 ........ Net shipments 47.6 34.4 9.8 .7 .5 100.3 17.0 1 .1 .,. .2 .1 26.1 1.3 .2 C1) /i\ C1) f1) 0") 2 .2 1942—January February Net receipts .1 (*) 1 Less than $50,000. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 341 MOVEMENT OF GOLD TO AND FROM UNITED STATES 1 [In thousands of dollars] ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Period 19342 1935 1936 1937 1938 1939. 1940 1941. 1940—September... October.. November December Earmarked DomesNet gold gold: de- tic gold import crease producor intion 1 crease (—) Gold stock at end of period Increase in gold stock 8,238 10,125 12,760 14,512 17,644 21,995 22,737 4,202.5 1,887.2 1,132.5 1,502.5 1,751.5 3,132.0 4,351.2 741.8 1, 133.9 1, 739.0 1, 116.6 1, 585.5 1, 973.6 3, 574.2 4, 744.5 21,244 21,506 21,801 21,995 331.« 261.1 295.2 194.0 334.1 326.0 330.1 137.2 3 11,258 3 1941- -January February March April May June July August September... October November / December.... 22,116 22,232 22,367 22,506 22,575 22,624 22,675 22,719 22,761 22,800 22,785 22,737 121.7 115.4 135.4 138.5 69.1 49.2 50.5 44.7 41.5 38.8 -14.4 —48.8 1942- -January February 22,747 22,705 .2 -85.9 —200.4 -333.5 -534.4 -644.7 —407.7 (4) 10.6 -42.4 36.6 -117.9 -39.5 234.2 108.6 118.6 172.0 34.8 30.7 37.0 37.0 65.7 40.4 50.4 .2 -10.5 -3.8 4.0 -27.7 -31.2 -46.8 -32.2 -60.9 -99.7 (4) Canada Mexico Central America West Indies and Bermuda Argentina Bolivia Brazil Chile Colombia Ecuador Peru Venezuela British Guiana Australia New Zealand British Oceania British India Netherlands Indies China and Hong Kong.. Japan Philippine Islands South Africa All other countries 13.6 12.7 12.1 12.9 12 7 14.5 13.7 12.5 17.9 15.8 18.1 11.4 -52.8 -46.2 -38.5 6-109.3 Imports U. S. S. R 13.5 19.2 16.6 16.3 7.4 From or to— France .. Portugal Sweden Switzerland United Kingdom 92.9 110.7 131.6 143.9 148.6 161.7 170.2 167.8 82.6 1941 14.7 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 381; adjusted to exclude Philippine 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. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31 j 1936, and 1,228 million on Dec. 31, 1937. 4 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. ,. 6 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 2,363.1 million dollars on February 28, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). Nov.2 Total Jan.-Nov. Oct. Exports 3 Imports Exports 3 Imports Ex-, ports 3 1 378 24 34 121 5,615 24,921 6,336 939 55 5,550 16,074 1,020 960 3,616 31,459 391,714 15,526 9,987 77 66 10 10 814 323 7,627 22,211 2,822 8,441 4,212 1,747 899 18 8 5 441 2,110 218 436 177 94 22 2,107 253 583 227 91 608 75 6,151 77 652 2,327 5,980 156 314 986 63,779 2,364 3,583 8,954 855 25 1,832 40 3,143 200 473 50,382 3,697 9,444 37,178 292,703 4,255 140 8 40,444 3 929,545 63 1 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 2 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. * Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. NOTE.—For back figures for selected countries beginning in 1934, see table on p. 381. BANK > SUSPENSIONS 1 Total, Member banks B A N K DEBITS Debits to deposit accounts except interbank accounts [In millions of dollars] Nonmember bank* all banks Number of banks suspended: 1934 1935 1936 1937 1938 1939 1940 1941 1942—Jan.-Feb Deposits of suspended banks (in thousands of dollars): 3 1934 1935 1936 1937 1938 . . 1939 1940 1941 1942—Jan.-Feb 57 34 44 59 55 42 22 8 National State 1 4 1 4 1 4 1 4 2 1 3 176 40 7,379 36 1,341 256 3,144 40 47 47 25 18 3 3 6 6 10 3 1 1,912 3,763 10,207 10,156 11,721 6,589 5,341 34,985 1,708 211 24,629 503 176 939 592 480 1,044 2,439 346 79 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time ot closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Federal deposit insurance became operative January 1, 1934. 3 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmembet banks are based on the latest data available at the time the suspensions weic reported. Back figures.—See Annual Report for 1937 (table 76). 342- Year and month 48 8 2 5,313 507 Noi insuied 8 22 2 36,937 10,015 11,306 19,723 13,012 34,998 5,943 3,726 Insured 2 1929.. 1936.. 1937. 1938. 1939. 1940. 1941. 1941—January February March April May June July August September... October November... December 1942—January February Total, all reporting centers New York City 982,531 461,889 469,463 405,929 423,932 445,863 537,398 603,089 208,936 197,836 168,778 171,382 171,582 197,724 331,938 219,670 235,206 204,745 218, 298 236,952 293,775 47,504 33,283 36,421 32,406 34,252 37,329 45,899 41,133 35,783 44,558 42,237 43,665 45,942 44,808 42,856 43,870 50,875 45,081 56,589 48,610 41,550 15.147 13,268 17,402 15,657 16,124 17,282 16,288 15,079 15,654 19.148 16,077 20,598 17,247 14,242 22,498 19,457 23,586 23,074 23,795 24,853 24,660 24,033 24,310 27,315 25,075 31,118 27,014 23,531 3,488 3,057 3,570 3,505 3,746 3,807 3,861 3,745 3,907 4,411 3,930 4,873 4,349 3,777 140 other centers 133 other reporting centers2 1 National series, for which bank debit figures are available beginning with 1919. 2 Except that 1929 figure is for 128 centers only. Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are available for distribution and will be furnished upon request. FEDERAL RESERVE BULLETIN 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. Unde'r 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 thefiguresfrom June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Nonmember banks Member banks2 Total Call date National State Mutual savings banks Member banks2 Total Other nonmember banks Total 1929—June 29 Dec. 31 25,110 24,630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 15,792 15,499 1933—June 3 0 . . . . . . . Dec. 30 14,519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 8,337 8,421 1936—June 30 Dec. 31 15,752 15,628 6,400 6,376 5,368 5,325 1,032 1,051 566 565 8,786 8,687 1937—June~30 Dec. 31 15,527 15,393 6,357 6,341 5,293 5,260 1,064 1,081 564 563 8,606 8,489 1938—June 30 Dec. 31 15,287 15,206 6,338 6,338 5,242 5,224 1,096 1,114 563 556 8,386 8,312 1939—June 30 Dec. 30 15,082 15,037 6,330 6,362 5,203 5,187 1,127 1,175 553 552 8,199 8,123 1940—June 29 Dec. 31 14,953 14,895 6,398 6,486 5,164 5,144 1,234 1,342 551 551 8,004 7,858 1941—Apr. 4 June 30 Sept. 24. Dec. 31P 14,871 14,855 14,852 14,825 6,528 6,556 6,596 6,619 5,138 5,130 5,125 5,117 1,390 1,426 1,471 1,502 550 547 546 545 7,,793 7,752 7,710 7,661 Nonmember banks National State Other Mutual nonsavings membanks ber banks All banks Call date 1929—June 29 Dec. 31 53,852 55,289 32,284 33,865 19,411 20,290 12,873 13,575 8,983 8,916 12,584 12,508 1933—June 30 Dec. 30 37,998 38,505 23,338 23,771 14,772 15,386 8,566 8,385 9,713 9,708 4,946 5,026 1936—June 30 Dec. 31 51,335 53,701 34,098 35,893 21,986 23,107 12,112 12,786 10,060 10,143 7,178 7,666 1937—June 30 Dec. 31 53,287 52,440 35,440 34,810 22,926 22,655 12,514 12,155 10,213 10,257 7,635 7,373 52,195 54,054 34,745 36,211 22,553 23,497 12,193 12,714 10,296 10,365 7,153 7,478 1939—June 30 Dec. 30 55,992 58,344 38,027 39,930 24,534 25,661 13,493 14,269 10,521 10,613 7,444 7,801 1940—June 29 Dec. 31 60,582 65,021 42,039 46,007 26,931 29,214 15,108 310,631 16,793 10,658 37,912 8,356 1941—Apr. 4 June 30 Sept. 24 Dec. 3 1 * . . . . 65,211 67,172 68,449 70,792 46,179 48,076 49,160 51,192 29,467 30,684 31,500 32,672 16,712 17,392 17,660 18,520 8,347 8,456 8,646 9,075 1938—June 30 Dec. 31 For footnotes see table below. : 10,684 10,641 10,643 10,525 For footnotes see table beta(V. LOANS AND INVESTMENTS [In millions of dollars] All banks Nonmember banks Mutual savings banks Call date 1929—June 29 Dec. 31 1933—June 30 Dec. 30 1936—June 30 Dec. 31 1937—June 30 Dec. 31 1938—June 30 Dec. 314 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31*.... Member banks2 Total Loans Investments Total Loans Investments Total Other nonmember banks Loans Investments Total Loans Investments 58,474 58,417 41,531 41,918 16,943 16,499 35,711 35,934 25,658 26,150 10,052 9,784 9,556 9,463 5,892 5,945 3,664 3,518 13,207 13,020 9,98f 9,823 3,227 3,197 40,076 40,319 22,203 21,977 17,872 18,342 24,786 25,220 12,858 12,833 11,928 12,386 10,044 9,985 5,941 5,906 4,103 4,079 5,246 5,115 3,404 3,238 1,841 1,877 48,458 49,524 20,679 21,449 27,778 28,075 32,259 33,000 12,542 13,360 19,717 19,640 9,961 10,060 5,105 5,027 4,856 5,034 6,238 6,464 3,032 3,062 3,206 3,402 49,696 48,566 22,514 22,198 27,182 26,368 32,739 31,752 14,285 13,958 18,454 17,794 10,180 10,187 5,002 4,996 5,178 5,191 6,778 6,627 3,227 3,244 3,550 3,383 47,381 48,929 21,130 21,354 26,252 27,575 30,721 32,070 12,938 13,208 17,783 18,863 10,196 10,255 4,961 4,930 5,235 5,325 6,465 6,604 3,231 3,217 3,234 3,387 49,616 50,885 21,318 22,169 28,299 28,716 32,603 33,941 13,141 13,962 19,462 19,979 10,342 10,314 4,931 4,961 5,411 5,353 6,671 6,630 3,245 3,246 3,425 3,384 51,335 54,188 22,341 23,741 28,995 30,448 34,451 37,126 13,969 15,321 20,482 21,805 310,188 10,248 4,926 4,959 5,262 5,289 36,696 6,815 3,445 3,461 3,251 3,353 24,322 25,312 26,187 26,616 31,825 32,633 33,109 34,480 38,983 40,659 41,943 43,521 15,878 16,729 17,546 18,021 23,104 23,930 24,397 25,500 r 4,954 4,955 4,949 4,902 5,322 5,360 5,399 5,470 6,889 6,972 7,005 7,203 3,490 3,628 3,692 3,693 3,399 3,344 3,313 3,510 56,147 57,945 59,296 61,096 r r 10,276 10,314 10,348 10,372 r * Preliminary figures. r Revised figures. i 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. ; in Indiana. d investments of $96,000,000 on Dec. 30, 1939) which, prior to ivicnuu i»tu, was v.iiis5iucu cts O. mutual savings uau*., is nuw mtiuucu in ±igui.cs m LUC V_/LHCI 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 $50,000,000I and $100,000,000, respecBackfigures.—SeeAnnual Report for 1937 (tables 48-49). APRIL 1942 343 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Total loans and invest- Total 1 ments Call date 1 Investments* Loans for purchasing or carrying Commer- Agri- Open secur luics Real Loans Other cial cul- marestate to To loans4 Total and tur- ket indus- al 2 paper brok- To loans banks 2 ers trial and othdeal- ers ers U. S . Government obligations Obligations of States Other and Guar- politi- securities Total ancal 5 Bills Notes Bonds teed subdivisions Direct Total—All Member Banks IOOQ—Dec 31 L7i<7 -1—r\***» tsx< • • • • [933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246 Dec. 31..!''I New York City'1 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246 Dec. 31 City of 1 Chicago 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—june 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246... Dec. 31 Reserve City Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246... Dec. 31 Country Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246.... Dec. 31 35,934 24,786 30,721 32,070 32,603 33,941 34,451 37,126 40,659 41,943 43,521 26,150 12', 858 12,938 13,208 'i\ 737' 13,141 4,783 13,962 5,386 13,969 5,538 15,321 6,204 16,729 7,270 17,546 18^021 8,064 8,774 7,133 8,013 8,335 8,688 9,339 9,829 10,910 12,493 12,930 12,896 6,683 3,424 3,172 3,262 2,988 3,296 3,014 3,384 3,778 3,939 4,072 1,757 1,287 1,806 1,969 2,052 2,105 2,205 2,377 2,707 2,573 2,760 9,084 4,482 4,853 4,963 5,004 5,329 5,365 5,931 6,498 6,861 7,105 13,375 7,873 9,752 10,113 10,109 10,224 10,257 10,826 11,446 11,852 12,518 8,936 4,275 4,388 4,444 4,605 4,768 4,987 5,309 5,607 5,828 5,890 677 525 539 544 569 603 696 846 918 954 M56 1,474 1,768 1,801 2,025 2,405 2,716* "319' 329 365 417 476 609 711 9,784 11,928 17,783 18,863 19,462 19,979 20,482 21,805 23,930 24,397 3,653 25,500 714 11,515 4,857 330 6,397 120 125 2,728 58 2,796 56 2,888 42 3,020 43 3,230 44 3,565 594 598 3,494 39 195 1,257 364 759 141 556 138 787 128 555 120 611 103 320 100 465 97 422 2,145 1,044 169 132 121 130 133 137 130 129 322 162 85 99 41 44 32 25 33 2,595 717 220 215 188 188 190 186 91 412 169 123 32 522 251 61 29 43 39 41 23 42 36 533 251 109 70 71 66 61 54 55 21 30 10 12 12 13 16 19 20 88 30 s 5 19 69 15 16 15 17 16 17 21 535 237 361 62 59 60 62 84 101 6 21 48 52 22 1 95 664 108 95 119 115 119 87 115 100 2,775 1,538 1,340 1,131 998 1,201 242 1,230 221 1,284 222 1,335 210 1,372 207 1,436 198 1,477 258 99 26 20 12 9 6 15 9 3,679 1,678 2,369 ,081 ,116 ,168 ,224 ,307 ,457 972 1,448 12,029 8,492 11,150 11,654 11,756 12,272 12,160 13,013 14,013 14,588 15,347 712 788 730 736 865 738 2,463 7,685 3,191 953 3,752 2,372 701 2,614 2,613 775 2,716 973 736 2,828 731 700 2,957 790 668 3,069 447 652 3,228 642 635 3,365 537 575 583 595 492 442 420 455 450 456 ""s 5 7 6 6 3 8 "17" 19 6 8 607 157 937 1,541 436 440 425 426 443 503 " "" i l,9U 1,884 2,100 2,134 2,436 2,879 207 234 221 176 263 175 168 126 163 149 138 155 156 153 202 3,206 300 250 114 1,527 4 1,508 1,267 1,377 483 531 495 546 590 555 201 35 173 138 140 163 174 187 216 291 2,231 1,462 25 1,117 1,055 21 790 1,269 25 243 1,353 229 1,402 22 224 1,477 20 208 1,544 17 201 1,644 21 195 1,739 17 45 38 9 5 5 4 3 3 3 4,705 2,005 2.126 1,149 1,180 L.234 1,308 L.397 1^04 1,431 659 245 1,048 1,095 1,151 1,187 20 194 183 1,823 2 1,528 249 520 3,094 1,393 3,863 1,744 6,887 1,113 2,049 3,725 316 3,653 6,246 2,128 '2,143 12,343 286 3,389 7,208 2,340 2,448 13,222 441 2,720 7,786 2,831 2,554 13,777 563 2,223 8,398 3,144 2,692 14,328 797 2,543 8,261 3,121 2,888 14,722 652 2,594 9,091 3,486 3,013 15,823 18,078 1,127 2,631 10,481 3,839 2,984 18,338 4,243 3,161 19,539 971 3,007 11,729 3,832 3,090 2,091 3,709 4,840 5,072 5,700 6,043 6,815 7,527 8,715 8,991 8,823 1,112 2,551 3,740 3,857 4,483 4,772 5,486 6,044 7,268 7,331 7,265 309 610 116 384 981 58 638 222 158 168 315 421 207 166 987 1,358 1,142 908 797 1,092 1,245 577 1,526 *3il' 1,623 889 926 1,451 1,663 2,284 2,385 2,650 2,977 3,415 709 894 1,123 1,275 1,324 1,615 1,751 1,920 3J652 1,679 222 478 394 517 480 579 634 695 651 819 729 4,528 3,297 3,296 3,192 3,131 2,959 2,873 2,970 2,867 2,899 2,871 758 680 707 698 736 693 695 788 796 841 830 96 87 ""122" 109 135 172 134 112 138 159 119 140 141 154 162 177 188 190 175 182 96 138 159 176 179 170 167 186 188 176 193 448 598 732 808 895 890 981 984 979 975 956 1,128 751 1,112 1,597 2,603 *7i8* 740 2,997 889 3,010 972 3,339 969 3,052 3,281 1,049 3,858 1,162 1,246 4,248 1,173 171 299 715 732 563 431 451 433 374 1,106 1,657 1,893 1,870 1,972 1,849 2,081 2,404 627 581 878 982 lib' "481' 2,926 2,546 1,549 1,522 1,453 1,351 1,236 1,144 1,102 1,047 1,044 1,028 3 206 12 59 185 153 254 297 417 19 82 313 291 234 176 161 145 125 94 97 535 655 621 701 710 752 803 256 153 903 1,281 1,430 1,507 1,536 1,602 1,681 1,861 1,655 1,806 1,114 1,175 1,203 1,258 1,307 1,483 1,304 1,430 2,944 4,011 6,298 6,691 6,751 6,943 6,795 7,081 7,515 7,727 8,243 1,368 2,483 4,658 5,018 4,991 5,194 4,947 5,204 5,700 5,914 6,467 91 205 69 57 78 63 87 103 73 295 4,439 3,598 5,364 5,669 5,504 5,456 5,270 5,517 5,839 6,024 6,628 1,267 1,469 2,964 3,233 3,127 3,159 3,030 3,269 3,627 3,789 4,377 97 64 13 11 11 31 36 45 60 165 681 1,268 1,224 1,014 819 839 771 606 999 579 597 683 725 695 710 788 919 861 1,025 1,061 1,097 1,146 1,165 1,191 1,222 930 908 866 866 860 868 893 836 838 820 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. 1 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. Not shown in call reports prior to December, 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 6 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 'Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 344 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks 1 Demand deposits, Time deposits, except interbank except interbank Demand IndiCertiIndiStates deviduals, States fied posits partnerU.S. viduals, and and and partneradGov- ships, polit- Postal ships, political offisavern- and cor- ical justed 2 and cor- subdi4 cers' 4 subdi- ings visions checks ment porapora- visions 3 tions etc. tions Interbank deposits Domestic banks Demand Time Foreign banks Borrowings Capital accounts Call date Total—All Member Banks 2,374 2,235 8,004 8.694 10,011 11,604 13,751 13.992 12,959 13.246 12,396 558 405 712 746 712 841 789 991 999 1,061 1,087 2,168 2,008 4,084 4,240 4,674 5,506 5,751 6,185 6,293 6 6,562 6,246 16,647 12,089 20,893 22,293 23,587 25,681 27,877 30,429 32,678 33,822 33,754 17,526 11,830 19,816 21,119 22,448 24,604 26,397 29,576 31,429 32,149 33,061 1,335 1,087 2,314 2,386 2,532 2,321 2,529 2,724 2,940 3,090 3,066 827 846 3,517 4,104 4,975 5,915 7,072 7,057 5,857 5,534 5,105 68 46 65 68 61 89 88 102 136 96 93 179 101 119 109 112 125 119 122 131 6 114 141 4,750 4,358 6,698 7,168 8,012 8,899 10,235 11,062 11,619 11,506 10,761 5,847 4,676 6,900 7,273 8,281 9,030 10,283 11,357 11,895 11,595 11,282 128 96 273 280 288 251 258 370 319 300 319 169 232 936 884 897 993 1,187 1,051 1,062 1,278 1,021 13 34 31 35 26 42 39 42 41 39 43 133 203 208 235 235 283 242 319 262 6 271 298 957 912 1,523 1,688 1,666 1,739 1,898 1,941 2,205 2,228 2,215 1,041 870 1,386 1,597 1,565 1,676 1,782 1,905 2,109 2,112 2,152 751 705 2,289 2,354 2,735 3,118 3,759 4,027 4,125 4,359 4,060 156 122 300 321 318 348 334 396 385 425 425 947 1,002 1,951 1,940 2,210 2,485 2,679 2,741 2,793 6 2,885 2,590 5,229 3,764 6,934 7,214 7,654 8,176 8,774 9,581 10,480 11,060 11,117 627 452 1,263 1,353 1,403 L,578 1,733 L,857 1,914 2,075 2,210 321 203 316 322 307 363 328 452 437 501 526 908 702 1,806 1,956 2,117 2,614 2,711 3,002 3,106 6 3.293 3,216 5,711 3,054 5,738 6,224 6,255 6,866 6,969 7,845 8,374 9.028 9,661 143 1,681 657 806 662 543 547 790 790 694 563 743 475 711 913 616 738 619 730 781 1,009 1,709 12,267 7,803 10,874 10,846 11,063 11,215 11,459 11,687 11,898 11,980 11,878 595 300 454 462 441 432 410 435 397 382 418 122 788 83 61 59 51 59 56 55 50 50 3,517 3,057 6,096 6,510 7,097 8,507 8,852 9,581 9,610 6 10,176 9,714 95 89 135 132 142 144 134 135 138 6 140 133 698 146 331 511 607 759 703 706 688 6 628 678 879 191 11 6 5 3 3 3 3 13 4 6,709 4,837 5,368 5,424 5,496 5,522 5,608 5,698 5,800 5,852 5,886 1,180 461 367 195 472 178 147 471 306 342 450 20 332 123 139 84 74 67 48 32 135 866 1,112 671 694 652 653 693 732 768 778 810 778 33 4 32 36 46 43 29 51 27 29 29 18 110 1,198 1,255 2,514 2,687 2,992 3,542 3,840 4,032 3,948 6 4,040 3,595 40 22 597 128 291 442 524 695 650 646 623 6 563 612 179 8 2,105 1,582 1,587 ,593 ,586 ,592 ,599 ,615 ,625 . fttf 1^648 42 87 221 181 197 167 199 174 213 228 233 32 16 23 29 22 24 17 27 33 29 34 8 46 86 83 60 80 79 90 95 95 127 332 358 443 452 471 483 489 496 480 469 476 58 1 16 9 17 10 15 8 17 22 2 6 5,547 3,708 6,668 7,034 7,331 8,002 8,372 9,468 10,142 10,637 11,127 423 349 812 796 917 813 956 995 1,139 1,221 1,144 300 108 146 170 160 190 147 228 209 190 286 76 312 266 424 415 435 422 327 341 383 491 4,433 2,941 4,238 4,233 4,320 4,362 4,422 4,506 4,590 4,591 4,542 371 208 262 269 233 240 219 226 211 186 243 5,091 2,576 4,863 5,215 5,272 5,896 5,960 6,846 7,282 7,805 8,500 742 555 1,008 1,128 1,130 1,090 1,115 1,184 1,269 1,341 1,370 169 72 126 154 135 172 164 187 '190 169 239 39 116 68 143 136 154 143 151 151 168 225 6,390 3,833 5,499 5,509 5,619 5,677 5,816 5,917 6,049 6,110 6,082 133 86 144 147 145 140 147 150 143 145 146 ""'i io 310 259 688 658 746 879 949 997 1,010 6 l,081 1,027 19 33 2 6 9 12 9 7 8 8 6 8 8 41 316 204 249 257 270 250 260 270 279 279 288 41 388 31 17 19 14 18 19 19 19 20 1,604 1,315 2,514 2,719 2,920 3,516 3,526 3,919 4,000 6 4,324 4,302 30 59 113 108 115 117 105 106 108 6 108 103 64 15 32 57 69 53 44 51 55 6 55 55 292 16 2,029 1,533 1,753 1,777 1,812 1,828 1,873 1,904 1.940 1J948 1,967 61 285 52 44 40 35 37 33 31 30 31 405 228 380 446 439 571 538 633 652 6 732 790 6 7 22 23 26 26 29 29 30 6 32 30 3 1 2 2 2 2 2 2 2 6 2 2 367 167 11 6 5 3 3 3 3 3 4 2,258 1,517 1,778 1,798 1,828 1,851 1,876 L,909 1,956 1,990 1,982 5 5 5 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Dec. 31 New York City5 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 I939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Dec. 31 City of t Chicago* 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Dec. 31 Reserve City Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Dec. 31 Country Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Dec. 31 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, in eludes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). APRIL 1941 345 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS A N D INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Investments Loans Total loans and investments Date or month Total Commercial, industrial, and agricultural Open market paper Loans for purchasing or carrying securities U. S, Government obligations Real Loans Other estate to loans banks loans To brok ers and deal ers Total To others Total Bills GuarNotes Bonds anteed Other securities Total—101 Cities 1941—February October November December 26,316 29,368 29,621 30,053 9,408 11,152 11,277 11,371 5,186 6,525 6,610 6,709 317 412 425 429 440 521 542 542 458 432 431 425 1,231 1,260 1,259 1,259 35 39 39 41 1,741 1,963 1,971 1,966 16,908 18,216 18,344 18,682 13,138 14,457 14,667 15,021 729 811 874 956 2,565 2,251 2,552 2,540 7,085 8,065 8,316 8,575 2,759 3,330 2,925 2,950 3,770 3,759 3,677 3,661 1942—January February 1941- Dec. 31 30,229 30,570 30,085 11,271 11,331 6,737 6,860 425 423 483 451 408 1,251 1,250 43 35 1,924 1,904 18,958 19,239 1,098 1,247 2,456 2,335 8,891 9,243 2,840 2,717 3,673 3,697 11,370 6,722 423 535 422 1,259 35 1,974 18,715 15,285 15,542 15,049 883 2,535 8,667 2,964 3,666 1942—Jan. 7 J a n . 14 Jan.21 Jan. 28 30,132 30,233 30,211 30,342 11,322 11,308 11,199 11,255 6,722 6,728 6,721 6,778 422 426 427 424 521 518 444 448 412 407 406 409 1,255 1,252 1,248 1,248 50 48 36 37 1,940 1,929 1,917 1,911 18,810 18,925 19,012 19,087 15,145 15,259 15,339 15,398 957 1,047 1,147 1,240 2,535 2,530 2,396 2,362 8,687 8,704 9,087 9,087 2,966 2,978 2,709 2,709 3,665 3,666 3,673 3,689 Feb. Feb. Feb. Feb. 4 11 18 25 30,354 30,452 30,532 30,943 11,242 11,322 11,369 11,392 6,787 6,862 6,889 6,902 424 421 425 422 425 450 460 471 410 404 408 410 1,248 1,250 1,251 1,250 35 32 35 37 1,913 1,903 1,901 1,900 19,112 19,130 19,163 19,551 15,430 15,433 15,449 15,855 1,266 1,274 1,240 1.2Q6 2,345 2,333 2,327 2,337 9,109 9,110 9,163 9,589 2,710 2,716 2,719 2,723 3,682 3,697 3,714 3,696 Mar. Mar. Mar. Mar. 4 11 18 25 30,918 31,034 31,031 30,781 11,374 11,411 11,446 11,402 6,902 6,959 7,035 7,008 429 424 424 426 460 455 417 408 410 410 408 407 1,248 1,246 1,246 1,245 32 29 27 27 1,893 1,888 1,889 1,881 19,544 19,623 19,585 19,379 15,874 15,935 15,759 15,644 1,199 1,238 1,067 923 2,337 2,346 2,352 2,357 9,615 9,631 9,639 9,662 2,723 2,720 2,701 2,702 3,670 3,688 3,826 3,735 New York City 1941—February... October November.. December... 10,712 12,266 12,189 12,220 3,063 3,726 3,780 3,796 1,983 2,523 2,552 2,577 90 79 84 87 300 376 392 379 166 152 153 151 112 107 106 104 23 30 32 36 389 459 461 462 7,649 8,540 8,409 8,424 6,183 7,001 6,955 6,976 149 442 414 365 1,498 1,418 1,602 1,564 2,947 3,265 3,336 3,425 1,589 1,876 1,603 1,622 1,466 1,539 1,454 1,448 1942—January 12,212 12,267 3,761 3,830 2,600 2,697 81 79 335 317 146 149 102 103 39 32 458 453 8,451 8,437 6,984 6,981 408 413 1,517 1,447 3,516 3,642 1,543 1,479 1,467 1,456 12,159 3,772 2,573 85 364 150 104 31 465 8,387 6,924 309 1,554 3,433 1,628 1,463 12,225 12,269 12,161 12,192 3,778 3,784 3,725 3,755 2,578 2,593 2,599 2,639 84 82 80 79 362 360 307 310 146 145 145 146 104 102 102 102 45 44 32 33 459 458 460 456 8,447 8,485 8,436 8,437 6,983 7,016 6,972 6,966 365 384 414 468 1,551 1,550 1,498 1,468 3,442 3,454 3,600 3,569 1,625 1,628 1,460 1,461 1,464 1,469 1,464 1,471 12,137 12,203 12,258 12,470 3,755 3,829 3,856 3,878 2,645 2,700 2,710 2,734 81 78 78 79 290 317 332 329 149 148 149 150 102 103 103 103 33 30 32 33 455 453 452 450 8,382 8,374 8,402 8,592 6,932 6,916 6,942 7,137 433 420 400 400 1,452 1,444 1,445 1,448 3,580 3,577 3,612 3,800 1,467 1,475 1,485 1,489 1,450 1,458 1,460 1,455 12,471 12,505 12,503 12,404 3,876 3,913 3,901 3,882 2,734 2,774 2,804 2,788 80 79 77 327 328 292 286 148 149 148 148 103 103 103 103 29 26 25 25 455 454 452 452. 8,595 8,592 8,602 8,522 7,157 7,152 7,046 7,031 388 401 289 256 1,449 1,453 1,462 1,465 3,825 3,809 3,817 3,831 1,495 1,489 1,478 1,479 1,438 1,440 1,556 1,491 Outside New York City 1941—February October November.:. December 15,604 17,102 17,432 17,833 6,345 7,426 7,497 7,575 3,203 4,002 4,058 4,132 227 333 341 342 140 145 150 163 292 280 278 274 1,119 1,153 1,153 1,155 12 9 7 5 1,352 1,504 1,510 1,504 9,259 9,676 9,935 10,258 6,955 7,456 7,712 8,045 580 369 460 591 1,067 833 950 976 4,138 4,800 4,980 5,150 1,170 1,454 1,322 1,328 2,304 2,220 2,223 2,213 1942—January... February. 18,017 18,303 7,510 7,501 4,137 4,163 344 344 148 134 262 259 1,149 1,147 4 3 1,466 1,451 10,507 10,802 8,301 8,561 939 5,375 5,601 1,297 1,238 2,206 2,241 1941—Dec. 3 1 . . . 17,926 7,598 4,149 338 171 272 1,155 1,509 10,328 8,125 690 834 574 981 5,234 1,336 2,203 1942—Jan. 7 . . . J a n . 14.. Jan. 21... Jan. 28... 17,907 17,964 18,050 18,150 7,544 7,524 7,474 7,500 4,144 4,135 4,122 4,149 338 344 347 345 159 158 137 138 266 262 261 263 1,151 1,150 1,146 1,146 1,481 1,471 1,457 1,455 10,363 10,440 10,576. 10,650 8,162 8,243 8,367 8,432 592 663 733 772 984 5,245 5,250 5,487 5,518 1,341 1,350 1,249 1,248 2,201 2,197 2,209 2,218 Feb. Feb. Feb. Feb. 4... 11.. 18.. 25.. 18,217 18,249 18,274 18,473 7,487 7,493 7,513 7,514 4,142 4,162 4,179 4,168 343 343 347 343 135 133 128 142 261 256 259 260 1,146 1,147 1,148 1,147 1,458 1,450 1,449 1,450 10,730 10,756 10,761 10,959 8,498 8,517 8,507 8,718 833 854 840 806 882 889 5,529 5,533 5,551 5,789 1,243 1,241 1,234 1,234 2,232 2,239 2,254 2,241 Mar. Mar. Mar. Mar. 4... 11.. 18.. 25.. 18,447 18,529 18,528 18,377 7,498 7,498 7,545 7,520 4,168 4.185 4,231 4,220 349 345 347 346 133 127 125 122 262 261 260 259 1,145 1,143 1,143 1,142 1,438 1,434 1,437 1,429 10,949 11,031 10,983 10,857 8,717 8,783 8,713 8,613 811 837 778 667 893 890 892 5,790 5,822 5,822 5,831 1,228 1,231 1,223 1,223 2,232 2,248 2,270 2,244 February 1941—Dec. 31 1942—Jan. tan. Jan. Jan. Feb. Feb. Feb. Feb. 7 14 21 28 4 11 18 25 Mar. Mar. Mar. Mar. „ 4 11 18 25 894 893 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. 346 FEDERAL RESERVE BULLETIN 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 except interbank Reserves with Federal Reserve Banks Cash in « vault 11,765 10,597 10,273 10,171 520 555 564 ,574 10,324 10,223 Time deposits, except interbank Interbank deposits DeBalmand ances dewith posits doad- 1 mestic banks justed Individuals, partnerships, and corporations States Certiand fied .S. polit- and UGovical offiern-2 sub- cers' divi- checks ment sions etc. 3,381 3,543 3,328 3,313 23,092 24,391 24,168 24,142 22,511 24,021 23,890 23,997 1,673 1,863 1,822 1,715 484 563 581 599 331 510 705 1,165 5,262 5,280 5,290 5,188 193 156 153 182 24 21 21 23 9,005 9,485 9,178 9,090 117 112 110 109 630 635 647 660 558 540 3,313 3,280 23,942 24,343 1,701 1,799 558 552 1,518 1,460 5,089 5,010 182 185 21 20 9,060 9,017 101 97 9,825 555 3,255 24,307 24,714 23,650 23,993 1,721 727 1,475 5,172 173 23 8,934 10,053 10,285 10,507 10,452 568 571 539 552 3,190 3,364 3,366 3,329 23,884 24,169 24,426 24,747 23,384 24,046 24,132 24,206 1,651 1,620 1,712 1,820 520 563 535 613 1,492 1,580 1,547 L,451 5,130 5,097 5,072 5,058 186 181 179 181 22 23 23 20 8,938 9,174 9,137 8,988 10,229 10,268 10,394 10,001 531 548 532 547 r 3,282 24,453 3,250 24,731 3,321 24,961 3,267 24,712 23,883 24,275 24,619 24,595 1,826 1,810 1,758 1,804 490 455 495 766 1,464 1,469 1,237 1,671 5,025 5,007 5,003 5,005 186 187 185 180 20 20 20 20 10,233 10,301 10,287 9,957 526 556 523 515 3,260 3,263 3,312 3,300 24,815 25,129 25,010 24,574 24,313 24,777 24,577 23,933 1,773 1,768 1,835 1,876 493 529 630 501 1,784 1,792 1,835 1,850 5,006 4,977 4,964 4,957 179 173 162 165 20 20 20 20 6,514 5,039 4,776 4,890 84 82 85 88 93 90 91 91 10,765 10,600 10,310 10,245 10,758 10,782 10,491 10,458 345 306 313 288 290 314 325 316 14 197 342 626 707 739 742 713 49 25 24 23 3,839 3,878 3,650 3,587 574 574 586 597 New York City 1,507 1941—February 1,521 October 1,530 November 1 534 December 4,991 4,955 80 78 93 84 10,428 10,627 254 249 313 320 811 736 714 699 23 28 3,465 3,461 581 572 1,533 1,538 4,843 81 92 10,300 10,430 10,040 10,549 299 393 831 708 22 3,486 593 1 535 1941—Dec 31 4 862 4,878 5,118 5,106 82 83 76 79 93 96 90 92 10,165 10,172 10,361 10,500 10,216 10,403 10,524 10,570 256 210 240 311 279 310 290 374 842 853 819 728 724 715 706 709 22 21 24 25 3,428 3,507 3,476 3,449 588 583 577 577 1 534 1942—Jan 7 1,533 Jan. 14 1 533 Jan 21 1,533 Jan. 28 5,007 5,007 4,978 4,826 75 83 80 87 82 83 84 10,306 10,474 10,535 10,404 10,434 10,599 10,730 10,745 267 256 224 250 259 239 262 521 751 765 595 833 706 697 697 695 27 27 28 28 3,508 3,397 3,496 3,441 563 566 573 587 1,539 1 539 1 539 1 537 Feb. 4 Feb 11 Feb 18 Feb 25 4,884 4,922 4,924 4,786 74 79 75 77 83 89 10,517 10,633 10,578 10,509 10,668 10,858 10,804 10,576 201 196 107 160 295 271 260 304 270 269 857 860 879 890 698 691 685 684 27 20 19 20 3,373 3,342 3,382 3,257 567 577 575 574 1 542 1,539 1,538 1,538 Mar Mar. Mar. Mar. 5,251 5,558 5,497 5,281 436 473 479 486 3,288 3,453 3,237 3,222 12,327 13,791 13,858 13,897 11,753 13,239 13,399 13,539 1,328 1,557 1,509 1,427 194 249 256 283 317 313 363 539 4,555 4,541 4,548 4,475 144 131 129 159 24 21 21 23 5,166 5,607 5,528 5,503 117 112 110 109 56 61 61 63 4 2 2,327 2,374 2,385 2,387 Outside New York City 1941—February October November December 5,333 5,268 478 462 3,220 3,196 14,007 14,284 13,514 13,716 1,447 1,550 245 232 707 724 4,375 4,311 159 157 21 20 5,595 5,556 101 97 64 65 1 1 2,384 2,389 1942—January February 4,982 474 3,163 13,610 13,444 1,422 334 644 4,464 151 23 5,448 106 63 1 2,378 1941—Dec. 31 5,191 5,407 5,389 5,346 486 488 463 473 3,097 3,268 3,276 3,237 13,719 13,997 14,065 14,247 13,168 13,643 13,608 13,636 1,395 1,410 1,472 1,509 241 253 245 239 650 727 728 723 4,406 4,382 4,366 4,349 164 160 155 156 22 23 23 20 5,510 5,667 5,661 5,539 106 100 99 100 62 63 65 63 1 1 1 1 2,388 2,383 2,379 2,387 1942—Jan. 7 Jan. 14 Jan. 21 Jan. 28 5,222 5,261 5,416 5,175 456 465 457 467 3,195 3,168 3,238 3,183 14,147 14,257 14,426 14,308 13,449 13,676 13,889 13,850 1,559 1,554 1,534 1,554 231 216 233 245 713 704 642 838 4,319 4,310 4,306 4,310 159 160 157 152 20 20 20 20 5,558 5,521 5,652 5,496 99 98 96 96 63 64 65 66 1 1 1 1 2,386 2,388 2,387 2,392 Feb. 4 Feb. 11 Feb. 18 Feb. 25 5,349 5,379 5,363 5,171 452 477 448 438 3,177 3,174 3,205 3,140 14,298 14,496 14,432 14,065 13,645 13,919 13,773 13,357 1,572 1,572 1,540 1,605 233 225 360 232 927 932 956 960 4,308 4,286 4,279 4,273 152 153 143 145 20 20 20 20 5,560 5,509 5,529 5,433 93 93 92 93 60 63 61 63 1 1 1 1 2,397 2,391 2,392 2,393 Mar. 4 Mar. 11 Mar. 18 Mar. 25 r 1 2 75 r Individuals, partnerships, and corporations Domestic Borrowings Capital accounts Date or month 1 4 2 3,834 3,895 3,915 3,921 Total 101 Cities 1941—February October November December 645 637 3,917 3,927 1942—January February 106 656 3,913 1941—Dec. 31 106 100 99 100 650 646 642 640 3,922 3,916 3,912 3,920 1942—Jan. 7 Jan. 14 Jan. 21 Jan. 28 9,066 8,918 9,148 8,937 99 98 96 96 626 630 638 653 3,925 3,927 3,926 3,929 Feb. 4 Feb. 11 Feb. 18 Feb. 25 8,933 8,851 8,911 8,690 93 93 92 93 627 640 636 637 3,939 3,930 3,930 3,931 Mar. 4 Mar. 11 Mar. 18 Mar. 25 banks States and polit- Postal ical sub- ings 2 Dedivimand Time sions Foreign banks '. 1 [ 1942—January February 4 11 18 25 Revised. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. APRIL 194Z 347 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Investments Loans Federal Reserve district and date (1942) Boston (6 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 New York (8 cities)* Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Philadelphia (4 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Cleveland (10 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 '... Mar. 25 Richmond (12 cities) Feb. 25 Mar. 4 Mar. 1 1 . , Mar. 18 Mar. 25 Atlanta (8 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Chicago (12 cities)* Feb. 25 Mar. 4 Mar. 11 Mar. 18.... " Mar. 25 St. Louis (5 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Minneapolis (8 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Kansas City (12 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Dallas (9 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 San Francisco(7 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 City of Chicago* Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Total loans and investments Total Commercial, industrial, and agricultural Open market paper U. S. Government obligations Loans for purchasing or carrying securities Real Loans Other to estate loans To loans banks brokTo ers and others dealers Total Total Bills Notes Bonds Guaranteed Other securities 1,557 1,561 1,562 1,569 1,565 795 801 804 816 816 433 436 441 451 452 112 116 115 116 115 15 14 13 13 14 14 15 15 14 14 76 76 76 76 76 1 1 1 1 1 144 143 143 145 144 762 760 758 753 749 632 629 625 618 616 60 57 51 44 39 41 42 42 42 42 477 476 478 478 481 54 54 54 54 54 130 131 133 135 133 13,610 13.600 13,640 13,615 13,494 4,294 4,287 4,328 4,315 4,295 2,897 2,896 2,938 2,970 2,954 93 93 92 89 92 334 331 333 296 290 193 191 192 191 191 191 191 192 191 191 33 29 26 25 25 553 556 555 553 552 9,316 9,313 9,312 9,300 9,199 7,707 7,723 7,722 7,585 7,566 456 441 454 313 278 1,518 1,518 1,522 1,530 1,534 4,148 4,173 4,158 4,166 4,178 1,585 1,591 1,588 1,576 1,576 1,609 1,590 1,590 1,715 1,633 1,436 1,432 1,437 1,427 1,419 559 561 563 564 559 295 299 303 307 305 42 42 41 41 40 27 27 26 26 26 34 34 33 32 32 49 49 49 49 49 111 110 110 109 107 877 871 874 863 860 610 605 607 597 596 18 17 15 26 26 26 26 27 463 468 472 471 470 103 94 94 92 92 267 266 267 266 264 2,426 2,416 2,434 2,434 2,429 882 876 879 886 881 427 420 425 431 429 33 33 33 34 34 16 15 15 14 14 17 17 17 17 16 184 184 183 182 181 205 206 206 208 207 1,544 1,540 1,555 1,548 1,548 1,268 1,263 1,276 1,269 1,269 29 27 28 26 21 188 188 200 198 202 886 883 883 886 887 165 165 165 159 159 276 277 279 279 279 918 923 922 926 928 341 342 340 342 344 169 169 167 169 170 20 21 21 20 21 4 4 4 4 4 12 12 12 12 12 52 52 52 52 52 84 84 85 85 577 581 582 584 584 511 515 515 518 518 7 5 5 5 3 75 76 73 79 75 328 332 335 332 338 101 102 102 102 102 66 66 67 66 66 840 832 836 833 835 414 406 404 404 404 233 228 227 227 227 7 6 5 4 4 7 9 9 9 9 33 32 32 32 31 125 122 122 123 124 426 426 432 429 431 316 316 321 318 321 26 26 29 27 28 45 46 46 46 47 183 183 185 184 186 62 61 61 61 60 110 110 111 111 110 4,460 4,486 4,531 4,548 4,468 1,420 1,411 1,416 1,431 1,422 968 968 975 987 985 40 41 40 40 39 46 39 37 39 34 56 56 58 59 59 146 145 145 146 146 164 162 161 160 159 3,040 3,075 3,115 3,117 3,046 2,466 2,491 2,524 2,513 2,444 454 485 517 510 445 235 232 228 222 221 1,484 1,480 1,485 1,486 1,482 293 294 294 295 296 574 584 591 604 602 950 953 954 962 956 461 459 453 452 449 286 285 281 279 275 24 24 24 24 24 4 4 5 11 10 10 10 10 59 60 59 60 60 76 76 75 75 75 489 494 501 510 507 376 381 387 396 393 11 21 27 34 31 42 42 42 43 42 266 260 260 261 261 57 58 58 58 59 113 113 114 114 114 534 529 530 530 505 267 265 266 267 267 148 147 147 147 147 2 2 2 3 3 1 1 1 1 1 6 6 6 6 6 16 16 16 16 16 94 93 94 94 94 267 264 264 263 238 225 223 223 223 197 30 '28 27 27 2 15 15 15 15 15 150 150 151 151 150 30 30 30 30 30 42 41 41 40 41 873 875 871 869 870 463 462 460 457 457 302 301 300 297 297 30 30 30 30 30 3 3 3 3 3 10 10 10 10 10 33 33 32 33 33 85 85 85 84 84 410 413 411 412 413 288 291 289 289 290 18 21 19 19 19 42 42 42 41 41 148 147 148 149 149 80 81 122 122 122 123 123 697 690 696 688 684 360 359 359 358 357 253 252 256 255 254 2 2 2 3 3 4 4 5 4 4 14 14 12 12 12 22 22 22 21 22 65 65 62 63 62 337 331 337 330 327 274 267 272 265 263 35 29 29 22 24 42 42 42 42 43 158 158 163 163 158 39 38 38 38 38 63 64 65 65 64 2,642 2,621 2,621 2,630 2,628 1,136 1,145 1,139 1,154 1,151 491 501 499 515 513 16 17 16 16 17 10 12 9 9 9 36 36 36 36 36 389 388 388 388 388 194 191 191 190 188 1,506 1,476 1,482 1,476 1,477 1,182 1,170 1,174 1,168 1,171 62 42 37 32 26 68 68 68 68 68 898 905 913 912 922 154 155 156 156 155 324 306 308 308 306 2,911 2,927 2,963 2,976 2,907 936 924 929 938 931 730 724 731 738 736 14 15 14 14 13 42 35 33 34 31 49 49 51 52 52 23 23 23 23 23 78 78 77 77 76 1,975 2,003 2,034 2,038 1,976 1,603 1,623 1,650 1,643 1,582 396 425 453 452 396 140 137 138 134 133 962 956 954 952 948 105 105 105 105 105 372 380 384 395 : 394 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 348 FEDERAL The figures for the New RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits except interbank Reserves with Cash Fedin eral vault Reserve Banks Balances with domestic banks Demand deposits adjusted1 Individuals, partnerships, and corporations Time deposits, except interbank States Certiand fied U.S. polit- and Govical offiernsubcers' divi- checks ment* sions etc. Individuals, States and part- politnerical ships, suband divicorsions porations Interbank deposits Domestic bai i k s Foreign banks Postal ings2 Demand Borrowings Capital accounts Time 449 465 469 469 469 136 136 137 118 118 177 172 176 178 177 1,504 1,529 1,544 1,553 1,526 1,489 1,492 1,506 1,523 1,482 99 99 108 106 110 30 28 22 24 27 28 28 28 28 29 216 216 215 215 215 1 1 1 1 1 1 1 1 1 1 345 334 330 340 332 5,023 5,090 5,123 5,200 5,005 107 100 108 103 104 214 218 218 237 291 11,365 11,481 11,602 11,607 11,438 11,454 11,363 11,578 11,519 11,270 538 496 485 545 526 542 283 323 382 291 872 897 901 920 931 1,048 1,051 1,042 1,036 1,034 35 34 28 21 22 7 7 7 7 7 3,518 3,452 3,420 3,459 3,331 10 10 10 9 10 588 568 578 576 575 1,662 1,667 1,664 1,663 1,663 402 438 446 431 431 26 25 27 26 26 190 216 190 190 199 1,249 1,290 1,281 1,253 1,270 1,274 1,290 1,281 1,260 1,246 74 81 85 89 111 12 12 14 14 10 40 40 40 40 40 186 186 184 184 182 2 2 2 2 2 405 420 419 420 405 7 7 7 7 7 6 5 6 6 6 217 218 218 217 217 728 761 740 709 656 58 344 348 339 329 342 1,909 1,929 1,940 1 896 1,877 1,933 1,913 1,948 1,902 1,869 109 112 110 108 109 34 29 31 36 30 74 74 75 75 75 687 683 681 679 678 22 23 22 22 22 501 511 495 497 471 31 29 29 28 28 2 2 1 1 2 396 396 395 396 396 57 61 61 60 21 20 22 20 19 1 1 1 1 1 251 252 252 252 252 285 288 300 288 278 28 30 29 29 242 235 241 245 230 735 724 735 732 722 713 699 713 698 690 81 79 78 82 83 17 13 16 24 15 47 49 49 49 49 197 197 196 196 196 2 2 2 2 2 2 2 2 2 2 388 394 403 399 383 5 5 5 212 221 227 216 198 19 17 19 18 20 252 249 265 276 258 579 568 587 583 569 552 544 559 556 534 104 101 102 100 7 5 7 107 61 63 64 64 63 184 185 184 184 184 3 3 4 3 3 2 2 2 2 2 418 423 432 432 414 3 2 2 2 2 2 2 2 2 2 100 100 99 100 100 1,522 1,539 1,533 1,532 1,569 87 82 85 81 70 630 609 592 588 575 3,571 3,529 3,585 3,556 3,427 3,410 3,340 3,411 3,360 3,194 400 388 383 385 410 314 348 348 361 362 947 944 940 937 937 3 3 3 3 3 4 4 4 4 4 1,460 1,487 1,461 1,478 1,537 9 9 9 9 9 10 9 10 9 10 432 434 434 433 433 262 281 273 245 226 15 14 16 15 15 205 206 221 223 219 643 645 655 646 631 663 647 664 655 639 64 66 66 63 65 26 46 46 47 47 181 180 180 180 180 3 3 3 3 3 1 1 1 1 1 494 493 492 481 467 1 1 1 1 1 105 114 117 107 111 8 8 8 9 9 82 88 90 82 98 356 361 367 351 351 332 322 332 316 316 59 70 68 67 69 7 7 7 7 6 8 8 8 10 11 107 106 106 106 106 1 1 1 1 1 196 201 201 198 192 3 3 3 3 3 242 246 258 242 236 16 15 17 16 16 323 311 308 319 294 671 669 684 670 658 661 645 656 649 628 97 102 105 106 101 12 12 11 11 10 30 34 34 35 35 133 133 133 133 133 2 1 1 1 1 1 1 1 1 1 516 507 499 504 485 6 6 6 6 6 188 193 190 190 185 15 15 16 15 16 302 301 303 311 293 635 630 646 638 623 611 613 622 619 595 70 75 76 72 72 15 12 9 12 12 44 44 44 47 48 120 120 119 119 118 8 8 9 9 11 1 1 1 1 1 327 329 318 322 309 583 597 625 628 593 30 29 32 32 32 306 307 320 334 324 1,495 1,460 1,503 1,525 1,482 1,503 1,445 1,507 1 520 l,'470 109 104 102 112 113 30 36 32 34 30 127 153 155 159 160 999 99 99 98 95 1,124 1! 147 1,119 1,116 1,182 42 40 41 37 27 273 264 267 265 256 2,287 2,262 2,289 2,256 2,156 2,240 2,184 2,227 2,180 2,064 200 201 195 190 203 28 25 24 36 28 260 290 290 301 301 30 - 8 6 53 49 50 70 57 7 7 7 8 7 1,005 997 995 994 464 463 462 461 460 95 369 382 381 381 364 1,072 1,095 1,083 1,101 1,177 Federal Reserve district and date (1942) 103 102 102 103 103 6 6 100 101 101 101 101 1 1 1 1 1 64 65 65 65 65 112 112 112 112 112 1 1 1 1 1 21 21 21 21 21 93 93 93 93 93 22 19 19 20 21 399 399 395 395 396 8 8 8 8 9 281 283 283 282 j 282 Boston (6 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 New York (8 cities)* Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Philadelphia (4 cities) Feb. 25 Mar. 4 Mar! 11 Mar. 18 Mar. 25 Cleveland (10 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Richmond (12 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Atlanta (8 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Chicago (12 cities)* Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 St. Louis (5 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Minneapolis (8 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Kansas City (12 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Dallas (9 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 San Francisco (7 cities) Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 City of Chicago* Feb. 25 Mar. 4 Mar. 11 Mar. 18 Mar. 25 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. APRIL 1942. 349 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Commerpaper Total outoutstanding 1 standing End of month Based on Accepting banks Total 1940—November December 1941—January February. . March April Others Bills bought Exports from United States Dollar exchange 20 18 232 218 197 209 159 167 99 100 60 67 38 42 98 109 232 241 213 212 .217 168 164 103 99 65 65 45 48 115 119 107 105 63 66 47 49 120 126 220 295 299 330 354 371 378 387 375 381 388 ... 1942—January February 215 213 210 197 177 185 194 194 197 190 164 161 161 148 131 138 144 146 105 101 106 100 85 90 93 92 154 144 103 92 Foreign countries 9 10 41 44 29 27 11 24 25 263 275 Goods stc red in or shipped between poin sin United States 16 18 170 170 ... May June .. July August September October November December Own bills Imports into United States 2 44 42 26 26 41 38 25 23 7 8 60 59 55 47 46 47 51 54 51 52 49 50 46 47 50 49 125 123 121 114 105 109 116 116 24 24 22 21 13 12 14 15 7 3 3 3 3 4 4 5 4 52 53 43 46 116 112 17 18 3 2 41 43 47 49 45 48 48 48 22 20 51 44 11 13 16 11 9 11 12 11 1 2 As reported by dealers; includes some finance company paper sold in open market. None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Credit balances Debit balances Customers' credit balances 1 Money borrowed Free Other (net) Other credit balances In partners' In firm investment investment and trading and trading accounts accounts In capital accounts (net) 1,267 1,395 67 64 164 164 219 249 985 1,048 276 342 86 103 24 30 14 12 420 424 1937—June December 1,489 985 55 34 161 108 214 232 1,217 688 266 278 25 26 13 10 397 355 1938—June December 774 991 27 32 88 106 215 190 258 247 22 22 11 5 298 305 1939—June December ... 834 906 25 16 73 78 178 207 495 754 570 637 92 85 89 60 230 266 70 69 21 23 6 280 277 1940—June December 653 677 58 99 223 204 267 281 634 633 606 9 10 78 81 86 199 199 199 267 268 265 62 54 53 56 60 21 20 622 10 102 185 616 628 11 10 403 262 395 388 255 266 61 17 5 5 6 6 g 7 269 247 1941—February. March April May June July August September October . November December 376 427 375 387 368 7 222 221 628 10 460 262 1942—January February 547 534 633 628 625 600 89 87 186 189 160 189 10 9 9 8 83 102 100 86 196 186 195 211 8 8 74 74 219 203 396 414 409 368 308 307 65 70 o 1936—June December to to Cash on hand and in banks to to Debit Debit Customers' balances in balances in partners' debit firm balances investment investment (net) 1 and trading and trading accounts accounts •* End of month 17 17 7 260 255 264 289 78 74 72 63 16 16 15 17 8 7 8 7 8 5 274 262 72 66 18 18 6 5 72 16 237 231 227 223 221 219 217 217 213 209 206 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. 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). 350 method by last column is not FEDERAL RESERVE BULLETIN OPEN-MARKET RATES IN NEW YORK CITY [Per cent per annum] Prevailing1 rate on— Year, month, or week Prime commercial paper, 4 to 6 months 1939 average 1940 average 1941 average 1941—Jan Feb Mar. April May June July Aug Sept Oct Nov Dec 1942—Jan Feb Week ending: Feb. 28 Mar. 7 Mar. 14 Mar. 21 Mar. 28 Average yield on 3-to-5 year U. S. Treasury notes Average rate o n - Prime Stock exU.S. bank- change Treasers' ury call accept- loan 3ances, month re90 bills3 newdays als* 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 56 .59 .50 .46 .43 .55 .50 .52 .44 .38 .37 .33 .34 .41 .57 .64 .023 .014 .103 1.00 1.00 1.00 1.00 1.00 .44 .44 .44 Tax exempt .222 .229 .195 .203 .221 .034 .089 .092 .082 .089 .097 .108 .055 .049 .242 .298 .214 .250 .47 .44 .44 .43 .44 Taxable .76 .76 .81 .84 .81 .72 .68 .67 .62 .62 .72 .90 1.02 .96 .93 .94 .93 .94 .94 .93 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire rjeriod. 3 New issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Rate negative. 5 No tax-exempt notes outstanding within maturity range. Backfigures.—SeeAnnual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] Total 19 cities 1934 average}....„„„„ 1935 average 1 . . . . .„ .„....... 1936 average 1 „ .„......... 1937 average 11 ..„„.«..... 1938 average ...... .„ „. „. „.. 1939 average ,. .„ m... „. 1940 a v e r a g e . . . . . . . . „. „. „.. 1941 average Monthly figures* 1938—June July ...... August ,.„...„... September... „. „. rJ ... October „.„„... November „ .„..... December. 1939—January .February Quarterly figures 1939—March June September December 1940—March ,. June „ September December 1941—March June September December New York City 7 other Northern and Eastern cities 11 Southern and Western cities 3.45 2.93 2.68 2.59 2.53 2.78 2.63 2.54 2.45 1.76 1.72 1.73 1.69 2.07 2.04 1.97 3.71 3.39 3.04 2.88 2.75 2.87 2.56 2.55 4.32 3.76 3.40 3.25 3.26 3.51 3.38 3.19 2.56 2.57 2.52 2.53 2.57 2.49 2.60 2.64 2.52 1.70 1.70 1.67 1.70 1.70 1.70 1.70 1.73 1.70 2.78 2.78 2.71 2.74 2.90 2.68 2.95 2.97 2.69 3.31 3.35 3.2S 2.95 2.91 2.68 2.59 2.65 2.59 2.68 2.59 2.58 2.55 2.60 2.41 2.13 2.15 2.04 1.96 2.03 2.00 2.14 2.00 2.06 1.95 1.98 1.88 3.05 3.05 2.78 2.59 2.67 2.49 2.56 2.53 2.53 2.58 2.62 2.45 3.77 3.62 3.31 3.32 3.35 3.38 3.43 3.36 3.25 3.23 3.29 2.99 3.26 3.21 | 3.20 ! 3.23 3.32 3.26 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures B O N D YIELDS J [Per cent per annum] Corporate (Moody's)* Year, month, or week U. S. Government 2 Municipal 8 Highgrade C S3? By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public utility 2-6 15 5 120 30 30 30 30 40 40 40 1939 average 1940 average 1941 average 2.36 2.21 1.95 2.76 2.50 2.10 2.92 2.77 2.67 3.77 3.55 3.34 3.01 2.84 2.77 3.22 3.02 2.94 3.89 3.57 3.30 4.96 4.75 4.33 3.30 3.10 2.95 4.53 4.30 3.95 3.48 3.25 3.11 1941—February March . . . April May J une July August September . October November December 2.10 2.01 1.96 1.92 1.91 L.90 L.94 L.94 L.88 L.85 1.97 2.27 2.28 2.20 2.14 2.08 2.03 2.00 1.99 1.91 1.90 2.25 2.71 2.73 2.76 2.75 2.70 2.66 2.65 2.64 2.61 2.57 2.68 3.40 3.39 3.39 3.37 3.34 3.30 3.29 3.30 3.27 3.26 3.35 2.78 2.80 2.82 2.81 2.77 2.74 2.74 2.75 2.73 2.72 2.80 3.00 3.01 3.04 2.99 2.95 2.90 2.90 2.91 2.87 2.86 2.95 3.38 3.37 3.38 3.34 3.31 3.26 3.24 3.24 3.21 3.19 3.27 4.42 4.38 4.33 4.32 4.31 4.28 4.27 4.30 4.28 4.28 4.38 3.00 3.02 3.06 3.02 2.96 2.90 2.90 2.88 2.85 2.85 2.94 4.00 3.98 3.96 3.95 3.95 3.92 3.92 3.95 3.93 3.91 3.99 3.19 3.17 3.16 3.13 3.10 3.07 3.06 3.07 3.05 3.04 3.12 1942—January February 2.01 2.09 2.33 2.55 2.76 2.80 3.35 3.35 2.83 2.85 2.96 2.98 3.30 3.29 4.29 4.29 2.97 2.98 3.93 3.94 3.13 3.15 Week ending: Feb. 28 Mar. 7 Mar. 14 Mar. 21. Mar. 28 2.10 2.05 2.02 2.00 1.96 2.58 2.59 2.60 2.59 2.52 2.81 2.80 2.80 2.80 2.79 3.37 3.37 3.3S 3.38 3.36 2.86 2.87 2.87 2.87 2.85 2.99 3.00 3.01 3.01 2.99 3.30 3.31 3.32 3.33 3.31 4.30 4.30 4.31 4.32 4.29 2.99 2.99 3.01 3.01 3.00 3.95 3.95 3.95 3.95 3.94 3.16 3.17 3.18 3.19 3.16 Number of issues 1 2 3 4 5 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. Standard and Poor's Corporation. U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. 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. APRIL 1942. 351 SECURITY MARKETS 1 Bond prices Stock prices 8 Corporate 4 Year, month, or week U. S. Government Municipal 3 Medium and lower-grade Highgrade Total Industrial Volume of trad- Common (index 1935-39 = 100) DePublic faulted utility Railroad Preferred 5 Total Industrial Railroad (in thousands of shares) Public utility 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1939 average 1940 average 1941 average 105.2 107.2 111.0 116.3 121.2 129.0 113.8 115.9 117.8 89.5 94.8 98.9 91.2 97.3 103.9 78.1 83.8 86.9 99.3 103.5 106.1 13.8 14.0 21.9 167.5 169.2 171.9 94 88 80 95 88 80 75 71 71 99 96 81 977 767 1941—February March April May 108.8 110.1 110.8 111.4 111.5 111.7 111.1 111.1 112.0 112.4 110.7 125.6 125.4 126.8 128.2 129.5 130.4 131.0 131.2 133.0 133.4 125.9 116.7 116.9 116.8 117.0 117.7 118.7 118.5 118.1 118.8 119.2 117.5 97.5 98.4 99.5 99.3 99.2 99.9 99.6 98.0 99.2 99.4 97.4 101.7 102.2 103.1 102.4 103.3 104.8 104.9 105.1 105.3 105.9 105.0 87.1 88.4 89.5 89.4 87.9 87.8 86.8 84.5 85.0 84.9 82.4 103.8 104.6 106.0 106.2 106.3 107.1 107.3 107.2 107.2 107.4 104.7 17.5 19.3 20.7 21.0 21.6 23.9 24.9 24.4 25.1 24.8 21.9 172.9 171.5 170.8 168.9 168.9 173.1 174.3 173.4 172.1 170.5 168.7 80 79 70 87 444 80 78 80 77 80 83 83 84 80 77 71 71 440 495 80 84 84 85 82 79 71 71 74 74 73 70 68 87 83 77 72 74 61 66 420 463 757 473 599 557 792 1,542 1942—Janru,ry February 110.1 108.9 124.4 120.1 117.5 117.1 99.2 99.6 106.7 106.9 86.9 87.7 104.1 104.4 24.1 25.6 166.3 165.1 73 70 74 71 69 68 66 65 565 404 Week ending: Feb. 28 Mar. 7 Mar. 14 Mar. 21 Mar. 28 108.8 109.5 109.9 110.2 110.8 119.5 119.4 119.2 119.4 120.7 116.8 116.8 116.5 116.4 117.1 99.2 99.1 98.5 98.6 99.2 106.3 106.6 106.0 105.6 106.2 87.7 87.8 88.1 89.0 89.4 103.6 103.0 101.2 101.3 101.9 26.4 26.6 27.5 27.9 28.2 164.3 163.6 160.2 158.0 157.3 69 69 64 66 65 69 70 65. 67 67 68 68 64 65 63 64 64 60 60 59 383 458 376 340 316 Number of issues June July August September October November December 77 629 79 82 82 81 81 79 75 1 2 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 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 32% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. 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. 6 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). N E W S E C U R I T Y ISSUES [In millions of dollars] For new capital Year or month 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Total (new and refunding) Domestic Total (domestic and Total foreign) State and municipal Federal agencies 1 March April May June July August September . . October November . . December... 1942—January February... Domestic Corporate Total Foreign 2 Bonds and Stocks notes 325 161 178 404 1,192 1,225 873 383 736 1,037 305 40 144 334 839 817 807 287 601 869 20 120 35 69 352 408 67 97 135 168 20 47 87 39 64 90 44 327 34 103 89 59 40 56 29 61 77 30 324 22 50 83 46 11 37 87 55 32 36 1,751 1,063 2,160 4,699 6,214 3,937 4,449 5,842 4,804 5,506 1941—February ... For refunding 1,197 720 1,386 1,457 1,972 2,138 2,360 2,289 1,956 2,826 1,165 708 1,386 1,409 1,949 2,094 2,325 2,239 1,954 2,825 362 406 920 406 881 612 471 273 299 238 216 92 182 745 107 519 296 360 65 132 111 121 92 182 745 107 519 296 360 65 132 110 121 37 86 60 37 59 40 33 31 29 21 42 8 9 645 5 370 212 333 178 182 122 182 122 83 30 762 77 483 64 803 405 855 150 735 22 712 157 971 481 931 924 757 461 516 1,272 32 12 Total (domestic and foreign) Total Corporate State and municipal Federal agencies 1 Total Bonds and notes Stocks 4 32 " 81 ' 200 352 31 137 193 126 554 343 774 3,242 4,242 1,799 2,089 3,553 2,848 2,679 498 283 765 3,216 4,123 1,680 2,061 3 465 2,848 2,675 87 37 136 365 382 191 129 195 478 433 93 26 317 987 353 281 665 1,537 344 698 319 219 312 1,864 3,387 1,209 1,267 1,733 2,026 1,545 315 187 312 1,782 3,187 856 1,236 1 596 1,834 1,419 6 31 10 3 14 13 4 12 54 6 13 270 223 175 299 362 316 110 209 167 127 95 270 219 175 299 362 316 110 209 167 127 95 26 93 40 74 26 14 11 20 35 53 18 17 11 28 28 223 216 25 27 35 32 25 227 115 107 197 113 86 74 161 97 42 52 210 84 107 162 108 76 73 156 96 29 50 17 32 55 19 151 57 151 57 35 11 34 27 83 19 82 19 56 60 9 26 119 119 28 88 1 23 44 35 50 2 1 4 4- 35 5 11 2 6 1 13 2 1 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 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). 352- FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUESi PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Estimated net proceeds 3 Estimated gross proceeds* New money Plant and equipment Total Retirement of securities Working capital Bonds and notes Total Preferred stock Repayment of other debt Other purposes 530 2,698 4,781 2,374 2,324 2,177 2,786 2,524 515 2,629 4,637 2,303 2,279 2,128 2,723 2,480 57 243 858 1,046 779 325 604 797 32 111 380 574 504 170 424 639 26 131 478 472 275 155 180 158 362 2,193 3,575 1,106 1,254 1,708 1,927 1,528 362 2,121 3,349 916 1,167 1,650 1,798 1,448 71 226 190 87 59 128 80 84 170 154 111 239 69 174 102 11 23 49 39 7 26 19 53 1940—July August September October November December 278 173 108 373 148 578 272 169 106 366 145 567 55 48 43 45 65 193 48 32 35 39 25 158 6 16 9 6 41 35 212 103 57 316 73 367 209 101 55 312 59 318 2 2 2 5 15 50 3 16 5 2 6 6 2 2 1 2 1 1 1941—January February March April May June July August September October November December 270 151 268 145 265 234 117 408 172 227 140 128 265 148 263 142 259 229 114 404 170 224 137 125 48 29 67 27 66 80 40 185 31 91 80 51 44 25 55 18 51 69 31 168 20 64 60 34 4 5 12 9 15 11 10 17 11 26 20 17 210 103 179 111 188 132 60 200 137 118 38 54 184 101 171 90 188 127 58 198 135 117 37 44 26 2 8 21 6 1 15 2 2 1942—January 164 161 71 38 33 80 80 1934 1935 1936 1937 1938 1939 1940 1941 15 2 4 16 10 14 2 11 19 3 5 2 2 2 1 1 10 1 4 5 5 17 9 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Public utility Railroad Year or month All RetireTotal New ment of other net pro- money securi- purposes* ties ceeds 172 120 774 338 54 182 319 361 21 57 139 228 24 85 115 253 120 54 558 110 30 97 186 108 31 10 77 1 1940—July August September October November D ecember 15 39 11 46 27 12 15 14 10 16 22 12 11 2 31 1 14 1941—January February March April May 32 71 g 2 45 58 23 24 42 25 1 28 27 21 3 5 50 5 2 10 10 1934 1935 1936 1937 1938 1939 1940 1941 June .. July August September October November December 1942—January 45 51 23 24 7 21 1 28 7 35 4 18 4 Industrial Other Total Retire-' All net New ment of other pro- money securi- purceeds ties poses RetireTotal New ment of net pro- money securities ceeds All other purposes 4 130 1,250 1,987 751 1,208 1,246 1,180 1,306 11 30 63 89 180 43 245 309 77 1,190 1,897 611 943 1,157 922 972 42 30 27 50 86 47 13 25 62 774 1,280 1,079 831 584 961 715 25 74 439 616 469 188 167 211 34 550 761 373 226 353 738 402 2 150 80 90 136 43 56 103 151 485 597 135 185 115 263 98 81 218 112 106 9 78 24 127 43 58 213 18 365 27 16 11 9 1 144 100 26 47 202 16 219 1 2 1 2 1 2 114 85 35 105 37 171 12 17 22 19 4 26 97 66 8 84 32 141 4 2 5 2 1 4 15 2 1 2 64 19 1 1 1 39 12 122 37 184 71 144 110 33 316 102 80 56 * 51 15 1 46 17 6 9 7 142 6 11 45 3 105" 36 136 53 138 97 26 173 96 67 10 36 2 108 20 71 66 69 61 54 59 24 74 71 38 6 7 17 7 15 20 9 18 17 48 29 17 98 13 37 56 50 28 3527 6 12 24 15 5 16 3 3 13 10 14 1 14 18 6 2 20 1 4 1 1 3 5 6 1 44 8 9 1 1 1 10 4 3 107 18 80 43 43 1 1 2 1 4 1 2 1 12 9 Total net proceeds All RetireNew ment of other money securipurposes 4 ties 131 399 359 13 56 101 81 47 14 19 4 20 10 24 5 104 27 1 24 7 I 4 I 15 1 4 5 34 4 3 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of t h e March 1942 BULLETIN. APRIL 1941 353 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Year or quarter Total Iron and steel Machinery Nonferrous metals and products Other transportation equipment Automobiles Foods, beverages and tobacco Other durable goods Oil prod, and refining Other nondurable goods Industrial chemicals Miscellaneous services Dividends Net profits 1 Preferred Common 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1,465 1,818 r 2,177 146 278 r 326 115 158 r 193 223 242 r 271 102 173 r 227 119 133 r 154 70 88 111 151 148 165 98 112 180 186 194 r 207 134 160 188 122 132 155 847 1,028 1,148 90 90 92 564 669 709 1939—1 2 3 4 284 311 320 550 13 14 35 85 20 25 26 44 64 61 12 86 23 21 20 39 25 22 30 42 8 16 23 23 31 36 44 41 14 21 26 37 36 40 45 66 28 29 32 45 24 27 29 42 173 185 167 321 21 22 21 26 114 119 125 207 1940—i 2 3 4 422 412 396 588 47 51 79 101 33 39 34 52 69 53 17 103 41 36 33 63 33 29 30 40 14 21 25 28 34 38 33 43 34 30 25 24 46 45 52 51 41 41 39 39 29 30 29 44 246 230 211 342 21 21 22 25 136 158 158 217 1941—1 2 3 510 549 560 r 558 86 84 81 r 73 44 48 46 r 55 79 73 60 r 59 53 56 56 r 62 39 36 38 r 41 23 28 30 r 30 36 43 44 r 42 29 42 56 r 53 49 53 52 r 52 44 48 49 r 48 29 36 46 r 44 286 297 284 r 280 22 23 23 24 153 165 170 221 Number of'companies 1939 1940 1941 . Quarterly 4 r PUBLIC UTILITY CORPORATIONS [In millions of dollars] Year or quarter Operating revenue Income before income Net income 1 All roads Insolvent roads6 Dividends Operating revenue Net income1 Dividends5 Operating revenue # Net income 1 Dividends 6 28 28 28 28 33 33 33 126 159 186 692 735 r 799 160 177 203 138 143 134 116 118 1,179 1,250 1,382 198 202 196 178 167 172 -43 -47 58 127 4 21 23 21 61 175 166 167 184 46 37 34 43 39 32 30 36 19 19 19 22 287 295 295 303 46 50 50 52 21 20 16 15 —4 14 92 147 —13 1 71 130 —27 -32 -13 4 20 27 25 88 187 176 177 194 48 42 41 47 41 34 31 37 19 19 19 20 304 310 310 326 52 52 46 53 16 16 15 10 94 144 268 167 69 101 190 142 -4 2 25 1 43 33 25 34 18 24 18 19 330 345 347 359 48 50 46 51 16 15 15 20 3,995 4,297 5,347 126 r 249 672 93 189 502 898 906 1,058 1,133 -37 -43 69 140 1940—i 2 3 4 986 1,010 L,130 1,171 1941—i 2 3 4 1,152 L,272 1,468 1,454 1939—1 2 3 4 Income before income tax 4 -100 -71 24 Number of companies 1939 1940 1941 Telephone 1 Electric power Railroadz r Quarterly . 22 36 31 97 r 201 191 196 211 r 59 48 46 51 r r Revised. "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. Class I line-haul railroads. 3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 N o t available. Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to<217 of the March 1942 BULLETIN. 1 2 354 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF DIRECT SECURITIES [On basis of daily statements of United States Treasury, In millions ot dollarsi Marketable public issues1 Nonmarketable public issues Total gross debt Total interest bearing debt 1932-June 1933—June 1934—Tune 1935— une 1936— une 1937- une 1938— une 1939— une 1940— une 19,487 22,539 27,053 28,701 33,779 36,425 37,165 40,440 42,968 19,161 22,158 26,480 27,645 32,989 35,800 36,576 39,886 42,376 6 18,852 6 21,834 6 26,084 26,950 31,102 33,054 32,344 33,965 34,436 616 954 1,404 2,053 2,354 2,303 1,154 1,308 1,302 1,261 4,548 6,653 10,023 11,381 10,617 9,147 7,243 6,383 13,460 13,417 15,679 14,019 17,168 19,936 21,846 25,218 26,555 790 806 831 855 200 198 197 196 196 62 1,261 1.188 1,556 2,151 3,166 62 316 800 1,238 1.868 2,905 1941—]Feb 1 tfar 1^pr May ; Fune ruly \ug cSept (3ct I"Jov ]Dec 46,090 47,173 47,231 47,721 48,961 49,513 50,921 51,346 53,584 55,040 „. 57,938 45,535 46,581 46,673 47,160 48,387 48,965 50,371 50,791 53,040 54,536 57,451 36,275 37,054 37,075 37,075 37,713 37,713 37,667 37,368 38,869 39,677 41,562 1,306 1,604 1,603 1,603 1,603 1,603 1,604 1,305 1,404 1,703 2,002 6,813 5,722 5,721 5,721 5,698 5,698 5,698 5,698 5,509 6,012 5,997 27,960 29,532 29,554 29,554 30,215 30,215 30,169 30,169 31,759 31,765 33,367 196 196 196 196 196 196 196 196 196 196 196 3.727 3.844 3,891 4,251 4,555 4,929 6,234 6,765 7,507 8.052 8,907 60,012 62,381 59,531 61,895 42,271 43,700 2,101 2,002 5,591 5,591 34,383 35,912 196 196 10,196 11,004 End of month 1942—:ran. ?eb - Total Treas- Treasury ury bills notes Postal Treas savings ury 2 and Total 3 bonds prewar bonds AdU S Treas- justed savury servings tax ice bonds notes bonds Special issues Noninterest bearing debt Social security 4 Matured Other Total 945 389 319 283 261 309 323 396 633 626 1,558 2,676 3,770 4,775 3,480 3,599 3,647 4,008 4,314 4,649 4.908 'i,'037 5,132 1,343 5,394 1,818 5.620 2,136 6,140 2,471 247 245 244 243 241 239 237 236 235 234 233 7,198 7,893 232 231 2,697 2,807 Other5 579 1,601 2,511 3,528 309 323 396 633 607 979 1,075 1,258 1,247 60 66 54 231 169 119 141 142 205 266 315 518 825 620 506 447 411 386 5,534 5,683 5,707 5,834 6,120 6,324 6,470 6,658 6,664 6,806 6,982 4,174 4,324 4,354 4,485 4,728 4,811 4,941 5,126 5,196 5,344 5,559 1,359 1,359 1,353 1,349 1,392 1,512 1,528 1,532 1,468 1,463 1,423 180 220 186 190 205 180 184 190 179 141 125 374 372 372 370 369 368 367 365 364 363 362 7,063 7,190 5,609 5,741 1,454 1,449 120 126 360 360 i9* 1 Including amounts held by Government agencies and trust funds which aggregated $2,269,000,000 on Jan. 31, and $2,332,000,000 (preliminary) on Feb. 28, 1942. These amounts exclude holdings by production credit associations and joint stock land banks. 2 Including Liberty bonds, 3 Beginning with July 1941 includes depositary bonds not shown separately which amounted to $72,000,000 on Feb. 28. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Including special issues to Government life insurance tund, adjusred service fund, national service life insurance fund, Government employees' retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation. 6 Including certificates of indebtedness not shown separately, 1932. $2,726,000,000, 1933, $2,108,000,000, 1934, $1,517,000,000. SECURITIES FULLY G U A R A N T E E D BY U N I T E D STATES G O V E R N M E N T . BY ISSUING AGENCIES* (In millions of dollarsi Interest-bearing Total amount outstanding 2 End of month 1934—June December Total 681 Federal Farm Mortgage Corporation Home Owners' Loan Corporation Commodity Credit Corporation U S. Housing Authority Federal Housing Administration Noninterest bearing matured debt 2 235 3,063 312 980 1,834 249 1935—June . * ., December.. „. «. „ 4,123 4,494 1,226 1,387 2,647 2,855 252 1936—June December 4.718 4 662 1,422 1,422 3,044 2,988 252 (°) 1937—j un e December 4 665 4.645 1,422 1,410 2,987 2,937 255 297 (3) («) 1938—jUne December 4,853 4,992 1,410 1.388 2,937 2,888 299 509 . .. 134 Reconstruction Finance Corporation 250 252 1 1 206 206 1939—June December 5,450 5,621 1,379 1,269 2.928 2,731 1,096 206 114 5,704 407 114 4 83 1940—June December 5,529 5,917 5,498 5,901 1,269 1,269 2,603 2,600 1,096 1,097 407 696 114 226 8 13 31 15 1941—March April 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5 905 6,550 6,359 6,360 6,930 6,928 6 929 6,930 6,316 6.317 1,269 1,269 1.269 1 269 1,269 1,269 1,269 1,269 1,269 1,269 2,600 2,600 2,409 2,409 2,409 2.409 2,409 2,409 2,409 2,409 1,097 1,741 1,741 1,741 2,101 2,101 2.101 2 101 1,802 1,802 696 226 16 11 226 696 696 226 226 17 17 17 12 11 907 226 905 905 226 226 17 10 905 701 226 114 18 21 701 114 8 8 5.673 5,673 937 937 2,409 2,409 1,492 1 492 701 701 114 114 May June July . August September October November December —...... 1942—January February r 1 debt. 2 3 r 5,7O5 5,697 r 820 696 3 10 17 18 9 9 21 r 20 21 7 r 33 13 Revised. Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public Figures on matured debt were not published prior to September 1939. Less than $500,000. APRIL 1941 355 MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT A N D FULLY GUARANTEED, FEBRUARY 28, 1942 [In millions of dollars] Fully guaranteed securities maturing Direct securities'maturing Maturing or callable TreasBonds ury bonds due or Pre-war callable 1 Treasand Postal ury Savings Treasury bills Treas ury notes 2,596 8,486 8 623 18 875 5,120 2,002 594 4,996 43,700 2,002 5,591 1942—Before Apr. 1 Apr. 1-June 30 July 1-Sept. 30 Oct. 1-Dec. 31 971 1,051 342 232 951 1,051 20 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1958 1959 1960 1961 1963 1964 1965 1967 1972 1,396 1,849 3 191 2,038 2 384 1,489 821 1 689 2 244 2 454 2 932 3 709 3 529 1 170 1 449 982 2 611 50 919 Total Within 1 year 1 to 5 years 5 to 10 years 10 to 20 vears Over 20 vears Total 1 2 3 (3) Federal Total 2 Farm Mort gage Corporation 3,460 8,599 18,732 5 120 30 23 142 "8;509" 14,812 9,875 2,716 603 2,586 1,590 779 95 835 35,912 196 35,912 5,653 937 7 Total fully guarComanteed U.S. modity Housing securiCredit Authorties due or Corpority callable1 ation 596 896 701 114 1,478 4,174 1,492 701 114 5,653 7 342 232 1,396 1,849 1,249 503 Home Owners' Loan Corporation Reconstruction Finance Corporation ( ) 8(3) 16 14 2 2 2 7 18 27 22 35 875 755 779 95 2,409 7 276 320 276 320 3 1,941 1,519 2,370 1,487 819 1,687 2,237 2,436 2,904 3,687 3,494 1 170 1,449 982 2,611 7 1,855 2,555 1,755 2,344 1,460 3,361 3,291 1,186 4,013 2,524 725 681 2,611 2 431 614 1,561 412 875 289 412 "iii" 614 2,394 1,167 755 755 835 324 571 1,151 320 835 779 779 919 1,485 ••56' 919 95 1,485 2 716 95 1,485 7 71fi 2,716 . .' Securities n o t callable prior t o m a t u r i t y are shown as of d a t e of m a t u r i t y . Excluding debentures of Federal Housing Administration, which a m o u n t e d t o $20,000,000 on F e b r u a r y 28. Less t h a n $500,000, OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal agencies and trust funds E n d of m o n t h Total interestbearing securities Special issues Public issues Privately held1 Other investors2 Held Federal Reserve Banks Total Member banks 1932—June 1933—June 1934—June 1935—June 19,161 22,158 27,161 31,768 309 323 396 633 261 366 1,055 1,365 1,784 1,998 2,432 2,433 16,807 19,471 23,278 27,337 5,628 6,887 9,413 11,429 1936—June December 1937—June December 1938—June December 1939—June December. 1940—June December. 1941—June December 37,707 38,362 40,465 41,353 41,428 43,891 45,336 47,067 47,874 50,360 54,747 63,768 626 632 1,558 2,227 2,676 3,156 3,770 4,231 4,775 5,370 6,120 6,982 1,703 1,820 2,036 2,049 2,123 2,198 2,138 2,323 8 2,292 8 2,250 3 2,360 3 2,547 2,430 2,430 2,526 2,564 2,564 2,564 2,551 2,484 2,466 2,184 2,184 2,254 32,948 33,480 34,345 34,513 34,065 35,973 36,877 38,029 38,341 40,556 44,083 51,985 13,671 13,545 12,689 12,371 12,343 13.222 13,777 14,328 14,722 15,823 18,078 19,539 Other] commercial banks Mutual savings banks Insurance companies 2 Marketable issues2 1,290 680 720 970 1,540 800 1,000 1,500 2,600 9,100 10,300 10,500 10,400 1,600 1,710 1,870 1,790 1,700 1,850 1,920 1,970 L,830 1,940 2,020 K2,300 2,050 2,330 2,390 2,450 2,690 2,880 3,040 3,100 3,110 3,220 3,430 *>3,7OO 3,900 4,500 5,000 5,200 5,500 5,800 5,900 6,300 6,500 6,800 6,900 P7.900 10,500 10,500 11,300 11,500 10,400 10,600 10,300 10,100 9,300 9,600 9,400 P9.900 590 590 890 Nonmarketable issues 100 1,200 900 1,100 1,200 1,400 1,600 1,900 2,200 2,900 3,200 4,300 p 8,600 v Pr el i mi nary. 1 E s t i m a t e d figures for other commercial b a n k s a n d m u t u a l savings b a n k s h a v e been rounded t o n e a r e s t 10 millions a n d e s t i m a t e d figures for insurance companies a n d other investors h a v e been rounded to nearest 100 millions. 2 Holdings of insurance companies included with " O t h e r i n v e s t o r s " prior to 1932. 3 Excluding holdings of p r o d u c t i o n credit associations a n d joint stock land b a n k s . NOTE.—For end of June figures 1916-1931, see BULLETIN for July, 1941, p. 664. 356 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Expenditures (excl. debt retirements) Receipts Income taxes Increase or decrease during period neous Social All inter- secur- other ity nal reve- taxes nue NaTotal Net Inter- tional est rereon deceipts ceipts debt fense Agricultural Adjustment Program GenUn- Trans(+)or (+)or eral em- fers to All expenexploy- trust other Totall ditures pendi- fund acment counts tures ance2 relief etc. 1 6,242 5,668 5,925 8,269 5,855 5,165 5,387 7,607 1,029 1,206 1,657 6,080 362 787 1,002 877 1,914 2,595 1,919 1,741 220 182 226 325 2,788 7,239 2,996 8,707 3,153 8,998 2,577 12,711 -1,384 -3,542 -3,611 -5,103 +890 1,041 1,111 -148 +740 -338 +622 +3,275 -947 +2,528 +742 +5,994 1,787 7,327 1,950 16,739 —3,521 -11,238 +209 -1,252 —190 +3,122 +929+13,419 Mis- Period Trust accounts etc.,2 Excess excess of re- of receipts ceipts Gross debt3 Fiscal year ending: June June June June 1938 1939 1940 1941 2,640 2,189 2,125 3,470 2,279 2,232 2,345 2,967 755 740 838 932 567 507 617 8 months ending Feb. 1941 Feb. 1942 1,208 2,240 1,931 2,610 658 838 485 442 4,281 6,130 3,806 5,502 536 569 2,920 2,516 677 549 1,153 852 253 303 1941—Feb Mar Apr May June July Aug Sept Oct Nov Dec 104 1,208 75 63 916 84 59 780 68 66 767 204 273 244 254 265 268 269 261 314 436 353 193 34 43 165 32 48 173 37 49 181 41 172 52 240 58 64 56 54 58 57 47 53 674 1,567 602 541 1,277 456 554 1,136 489 730 1,214 541 1,566 565 394 1,276 413 397 1,135 445 564 1,212 21 150 73 12 339 25 9 169 75 15 232 584 748 763 837 812 960 1,124 1,320 1,527 1,437 1,847 87 90 61 27 22 44 27 32 58 72 113 138 159 148 145 135 132 106 108 109 95 115 29 23 28 12 10 169 14 6 45 10 9 217 229 242 108 211 268 250 238 269 229 226 1,075 1,399 1,315 1,141 1,528 1,598 1,529 1,874 2,083 1,858 2,542 -750 -747 -252 -1,185 -1,133 -739 -1,637 -1,294 -1,329 -324 - 2 3 6 +1,014 ' — -290 +403 -521 -264 +729 -259 -34 +599 +274 -2 -607 -293 +376 -225 -322 -484 —328 +1,241 133 283 369 340 53 257 59 58 614 937 578 758 32 12 2,101 2,201 106 97 94 92 42 9 254 217 2,628 2,629 -2,050 -1,871 -633 +114 1942—Jan Feb 926 Net expenditures in checking accounts of Government agencies Unemployment trust fund Receipts -610 +2,073 +612 +2,369 All other Period BeneInNet fit vestrepayceipts ments ments +213 +1,083 +58 +490 +1,241 +551 +1,408 +425 +2,238 +1,456 +2,898 Details of general fund balance (end of period) Details of trust accounts, etc. Old-age insurance trust fund and railroad retirement account -534 +167 Recon- Com- United In- Other struc- modity States extion All Credit Housvestments pendi- Finance Corpor- ing Au- other tures Corpor- ation thority ation ExReceipts penditures Total Increment on gold Seigniorage Work- Fiscal year ending 1 1938 1939 1940.... 1941 550 639 703 844 461 516 573 637 85 120 129 186 838 959 1,114 560 395 443 563 191 442 514 555 •9 •658 •234 80 •184 136 10 58 •60 17 121 8 months ending: Feb. 1941 Feb. 1942 582 740 269 408 116 152 887 377 650 423 231 254 1,222 •54 28 15 149 1941—Feb Mar Apr May June July Aug Sept Oct Nov Dec 152 11 46 148 58 89 157 1 75 166 3 •5 160 •10 24 •16 185 11 •21 189 16 17 17 17 17 18 18 18 19 19 20 149 28 69 167 51 82 176 24 74 192 60 113 •10 40 137 19 60 146 59 168 26 43 37 35 30 31 29 25 24 20 21 29 160 64 •406 82 87 •280 166 98 277 334 142 7 37 33 57 •16 •221 34 13 •17 221 28 11 25 20 20 75 203 39 152 44 39 346 140 2 •34 June June June June ... 1942—Jan Feb , 68 180 •6 224 414 440 458 674 327 324 358 622 2,216 2,838 1,891 2,633 142 142 143 143 446 536 585 605 1,628 2,160 •197 116 399 538 366 462 1,701 3,562 143 143 601 617 957 2,802 •8 25 24 31 27 •22 10 9 20 109 11 •30 •56 •12 241 •18 •11 •42 •27 •8 •5 •41 42 58 67 55 96 162 54 53 63 45 54 50 62 58 44 93 138 46 51 56 41 42 1,701 2,715 2,425 1,904 2,633 2,599 2,873 2,266 2,641 2,319 3,560 143 143 143 143 143 143 143 143 143 143 143 601 602 603 604 605 607 610 611 613 614 615 957 1,970 1,679 1,157 1,885 1,848 2,120 1,511 1,885 1,562 2,802 37 •25 295 •47 57 50 40 49 2,950 3,562 143 143 616 617 2,191 2,802 •12 •186 174 •41 1,885 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see page 355. * For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts. NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054. APRIL 1941 357 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1941 Jan. Assets Loans and preferred stock: Loans to financial institutions „. Preferred stock, etc Loans to railroads Home and housing mortgage loans Farm mortgage loans Other agricultural loans All other loans Total loans and preferred stock Cash U. S. Govt. direct securities Securities of Government corporations and credit agencies: Fully guaranteed by U. S Other 1 '. Accounts and other receivables2 Business property Property held for sale Other assets Total assets other than interagency3 Liabilities Bonds, notes, and debentures: Fully 1guaranteed by U. S Other Other liabilities Total liabilities other than interagency3.... Excess of assets over liabilities, excluding interagency transactions U. S. Govt. interests Privately owned interests Feb. 445 729 523 2,424 2,481 728 1,309 8,639 580 723 425 711 518 2,395 2,485 727 1,352 8,614 595 736 Mar. 409 706 523 2,406 2,475 776 1,386 8,681 620 756 Apr. May June 2,458 830 1,472 417 698 505 2,445 2,448 779 1,511 8,800 464 780 8,804 376 802 397 702 505 400 703 523 2,427 2,467 867 2,436 1,409 8,796 771 771 1942 July Aug. 408 693 497 2,413 2,437 754 1,553 8,756 771 824 Sept. 409 407 669 497 2,413 2,426 726 1,690 8,826 594 844 666 497 2,427 2,411 717 1,738 8,864 523 846 Oct. Nov. 409 665 484 2,413 2,396 709 1,957 9,033 489 895 664 483 2,401 2,380 732 1,933 9,001 502 906 5,914 1,386 1,292 8,592 5,916 1,390 1,391 8,696 6,560 1,385 1,432 9,377 6,371 1,434 1,492 9,297 6,370 6,939 6,937 6,937 6,938 1,443 1,442 1,445 1,434 1,416 1,604 1,761 1,741 1,859 1,952 9,417 10,142 10,123 10,231 10,306 4,046 3,629 417 4,084 4,213 3,792 421 3,906 3,484 422 3,811 3,388 423 3,860 3,436 424 3,666 418 3,711 3,286 425 3,759 3,333 426 3,845 3,418 427 Jan. 434 680 498 2,424 2,361 773 1,996 9,167 496 884 404 675 497 2,430 2,343 780 1,934 9,063 560 915 115 46 574 714 1,891 112 52 604 751 1,964 408 124 126 125 123 127 127 123 123 120 122 115 21 22 20 21 18 18 17 20 17 26 17 552 524 551 555 598 549 810 707 751 671 759 599 600 602 608 636 623 689 698 653 664 671 1,190 1,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879 214 251 310 338 423 359 592 435 701 517 563 12,645 12,676 12,909 13,282 13,108 13,277 13,853 13,882 14,076 14,452 14,580 5,915 1,389 1,294 8,599 Dec. 773 14,660 14,908 6,324 1,393 1,974 9,690 6,324 1,392 2,049 9,765 5,705 1,402 2,111 9,219 4,146 4,889 3,718 4,459 428 430 4,895 4,464 431 5,689 5,256 432 1 2 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. Excluding amount due to Commodity Credit Corporation from Surplus Marketing Administration for lend-lease purchases. Beginning with December 1941, the amount was classified as an interagency asset. 3 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1942 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Total loans and preferred stock Cash U.S. Govt. direct securities Reconstruction Finance Corporation National defense corporations Home mortgage and housing agencies: Home Owners' Loan Corporation Federal Home Loan Banks RFC Mortgage Company Federal National Mortgage Association United States Housing Authority 1,815 55 1,931 206 74 210 388 17 (i) 255 33 7 590 1,753 238 111 82 5 240 249 398 31 51 37 13 1 18 1 27 2 170 36 31 12 48 2 18 3 17 Bonds, notes, and debentures Guaran- Accounts and teed Business Property other held for Guarsecurreceiv- property sale anteed by Other ities ables United States 7 Farm credit agencies: Federal Farm Mortgage Corporation Federal land banks Federal intermediate credit banks Banks for cooperatives Production credit corporations Regional agricultural credit corporations Commodity Credit Corporation Farm Credit Administration Farm Security Administration Insurance agencies: Federal Crop Insurance Corporation Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation Federal Housing Administration Export-Import Bank of Washington Tennessee Valley Authority U S Maritime Commission Rural Electrification Administration Public Works Administration Other Total 1 2 140 29 327 87 88 9,063 28 48 53 5 1 2 4 4 54 3"" 49 167 2 P) 65 C1) 31 482 23 39 100 W 15 13 560 Liabilities 7 915 112 14 37 8 34 49 7 21 7 17 604 1 (1) 3 127 6 . . ?. . 1 .......... 45 789 1,494 286 2,416 1 1 9 52 960 C) 2 951 254 701 1 29 10 20 458 80 67 751 91 85 iii" 1 740 C1) 2 8 2 1 964 12 5 705 1,402 Less than $500,000. Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. 358 FEDERAL RESERVE BULLETIN R E C O N S T R U C T I O N FINANCE C O R P O R A T I O N LOANS AND INVESTMENTS [Amounts outstanding at end of month. In millions of dollars] 1942 1941 May June July Aug. Sept. Oct. Nov. 154 149 145 139 134 131 127 124 118 106 49 442 482 35 49 437 487 35 49 434 487 36 48 432 470 37 48 429 470 37 48 425 462 81 48 410 461 81 48 407 461 81 48 405 448 81 48 404 448 51 48 401 462 51 44 398 462 53 11 117 17 115 21 114 61 113 65 111 70 109 83 5 83 5 76 5 74 5 79 5 79 5 71 108 100 77 5 82 106 125 77 5 93 100 299 74 5 101 103 299 74 5 106 110 345 73 5 111 106 345 72 5 119 104 385 72 5 113 113 113 111 122 120 117 117 117 116 114 114 111 1,499 1,488 1,503 1,511 1,538 1,613 1,640 1,798 1,772 1,833 1,815 1,857 174 164 174 168 174 175 174 182 174 190 174 195 174 202 174 207 174 211 174 214 174 211 174 215 2,244 Total loans and investments Feb. Apr. 158 Total loans and investments, other than interagency 1,499 Preferred stock of, and loans to Export-Import Bank 174 Loans to Rural Electrification Administration.... 157 Capital stock of, and loans to RFC Mortgage Company 68 Capital stock of, and loans to Federal National Mortgage Association 96 Loans to Tennessee Valley Authority 8 Capital stock of, and loans to national defense 83 companies 1 Loans to Farm Securitv Administration 33 125 Capital stock of Federal Home Loan Banks 1 Jan. Mar. 162 Feb. Loans to financial institutions . . . . Loans on preferred stock of banks and insurance companies Preferred stock, capital notes, and debentures Loans to railroads (including receivers) Loans for self-liquidating projects Loans to industrial and commercial businesses: For national defense Other Loan to Great Britain Loans to drainage, levee, and irrigation districts.. Other loans Securities purchased from Public Works Administration Dec. 107 44 393 462 54 69 71 71 73 75 76 77 80 79 79 81 82 99 8 99 8 101 8 102 8 103 8 105 8 107 8 109 8 111 8 112 8 114 8 115 8 121 60 125 168 81 125 219 97 125 282 116 125 327 89 125 380 96 125 527 101 125 643 110 125 727 117 125 721 133 125 785 114 125 916 145 125 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 3,638 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Total End of year or month Federal land banks Land Bank Commissioner rotal Loans to cooperatives Short-term credit Farm mortgage loans Total 1 Federal intermediate credit banks2 Production credit associations Emergency crop and drought relief loans ' Total 3 Banks for cooperatives Agricultural Marketing Act revolving fund 1934 1935 1936 1937 1938 1939 1940 2,964 3,321 3,363 3,335 3,211 3,058 2,973 2,533 2,867 2,901 2,848 2,735 2,596 2,500 1,916 2,072 2,064 2,035 1,982 1,905 1,851 617 795 837 813 753 691 648 315 358 337 367 364 364 381 56 47 41 40 34 33 34 61 94 105 138 148 154 172 111 173 165 173 171 168 168 117 97 125 120 112 99 93 28 50 70 88 87 76 75 55 44 54 31 24 21 16 1941—February.. March April May June July August September October... November. December. 2,970 2,976 2,982 2,988 2,988 2,986 2,975 2,954 2,924 2,906 2,891 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,395 2,380 2,361 1,842 L,836 1,830 1,824 1,818 1,811 1,804 L.795 1,786 1,776 [,764 643 640 637 634 630 626 622 616 610 604 597 393 413 431 440 450 453 450 431 410 398 397 36 37 39 40 42 44 45 43 39 38 39 182 195 207 215 221 224 221 208 194 187 188 169 175 179 179 179 179 177 174 170 167 165 91 88 85 90 90 96 99 111 119 128 133 74 70 68 74 74 80 83 94 101 109 113 16 16 16 16 16 16 16 16 16 17 17 1942—January... February.. 2,873 2,878 2,343 2,332 1,753 1,746 590 586 400 417 40 41 191 203 165 169 130 129 111 110 16 17 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 regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $235,000,000 in February 1942. These loans and discounts are included in the columns for the institutions concerned. 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. APRIL 1941 359 POSTAL SAVINGS SYSTEM [In millions of dollars] FEDERAL HOME MORTGAGE AND HOUSING AGENCIES LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] FedHome eral Owners' Home Loan Loan Corporation Banks 1 End of month 1933—June Dec 1934—June Dec 1935—June 132 1,217 2,379 2,658 2,897 2,945 2,765 1936—June Dec 1937—June Dec 1938—June. Dec 1939—June 2 -SSfi J.398 J.265 M69 2,081 ',038 ',013 :1,956 1940—June Dec Federal savings and loan associations 2 RFC Mortgage Company 81 186 348 474 587 742 854 948 1,034 1,136 ,271 1,405 1,546 6 18 36 49 68 41 54 57 57 60 67 38 80 125 147 163 181 10 13 32 68 123 87 186 68 69 70 70 65 67 69 70 73 72 72 187 190 190 192 194 196 198 200 203 205 207 211 233 266 288 316 296 306 332 328 329 367 74 75 210 211 389 352 1941—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1,929 1,914 1,900 1,885 ,870 ,855 ,841 ,825 ,809 1,794 L.777 157 146 142 145 170 168 173 178 184 187 219 1942—Jan Feb 1,758 1,742 206 197 ,825 1,830 1 Loans and discounts to member institutions of the Federal Home Loan Bank System. 2 Federal Home Loan Bank Board estimates for all Federal savings and loan associations which are private institutions chartered and supervised by the Federal Home Loan Bank Board. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION 1 [In millions of dollars] Total 1934 . 1935 . . 1936 1937 ^ 1938 1939 1940 1941 1941—Feb Mar Apr May June July Aug Sept Oct Nov Dec New small home construction (Title I) U. S. Government securities pository banks Total Direct Cash reserve Guar- u n d s , anetc. 2 teed 1,198 1 207 1,205 1,201 1,232 1,260 1,268 1 270 1,252 1 252 1,262 1,279 1 293 1,304 1941—Feb. . Mar Apr. May June July Aug Sept. Oct Nov. Dec p p 1,225 1 237 1,236 1,237 1,265 1,296 1,307 1,308 1,290 1 291 1,304 1,319 1 337 1,348 695 540 385 287 203 145 136 130 115 86 68 53 43 36 453 597 777 853 967 1,058 1,100 1,097 1,103 1,132 1,157 1,192 1,224 1,224 418 467 630 706 800 891 933 930 936 965 1,011 1,046 1,078 1,078 35 130 147 147 167 167 167 167 167 167 146 146 146 146 76 100 74 98 95 93 71 80 73 73 78 74 69 88 1 318 1,320 1 317 1,310 1,304 1 307 1,309 1,311 1,317 1,323 1,314 1935—June Dec 1936—June Dec. 1937—June Dec. 1938—June Dec. 1939—June Dec 1940—June Dec 1942—Jan. . Feb.... Cash in de- 1,361 1,364 1 362 1,359 1,356 1 359 1,365 1,366 1,377 1,388 1,396 33 31 30 30 30 29 28 28 27 27 26 1,245 1,259 1,259 1,254 1,251 1,251 1,250 1,250 1,250 1,250 1,274 1,098 1.113 ,113 ,108 ,104 ,104 ,104 1,104 1,104 104 1,128 146 146 146 146 146 146 146 146 146 146 146 83 74 73 75 75 80 86 89 100 111 95 l 309 l,307 p 1 Preliminary. Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, pp. 501-502. INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO BY CLASSES OF I N S T I T U T I O N S 1 [In millions of dollars] Mort- DeHome gages on fense rental mortand gages group housing (Title housing (Title II) (Title VI) ID 30 320 557 495 694 954 1,026 1,186 ... Depositors balances 1 Total Dec 1,579 ,600 ,628 ,658 1,688 1,718 ,751 ,775 ,803 L.816 1,825 Year or month End of month 1934—June 47 85 85 87 79 103 119 145 167 200 196 199 169 181 157 201 Property improvement (Titfe Assets FedUnited eral States NaHoustional ing MortAugage Associ- thority ation 30 224 246 60 160 208 251 262 84 84 75 89 105 105 91 107 125 107 112 19 17 11 22 26 20 18 31 34 24 18 1 2 2 * 3 3 1 2 2 1 2 62 60 65 75 82 70 73 85 77 88 111 93 16 12 2 1 87 71 " " 9 4 " "'"2" 2 309 11 424 48 '"13 " 473 51 25 669 13 26 736 21 877 13 61 2 3 2 1 * * * * 2 2 13 * 1 1 2 4 5 End of month 1936—Dec 1937—Dec 1938—Mar June Sept Dec 1939—Mar June Sept Dec 1940—Mar June Sept Dec 1941—Mar June Sept.. Dec ComTotal mercial banks 365 771 856 933 1,049 1,199 1,349 1,478 1,622 1,793 1,949 2,075 2,232 2,409 2,598 2,755 2,942 3,107 228 430 472 509 565 634 699 759 824 902 971 1,026 1,093 1,162 1,246 1,318 1,400 1,462 SavMuings Insur- Fedtual and ance eral 3 savloan com- agen- Other ings associ- panies bank ations 8 27 26 28 32 38 44 50 57 71 90 100 111 130 146 157 171 189 56 110 119 127 137 149 159 167 178 192 201 208 216 224 230 237 246 254 1 41 118 146 165 187 212 241 271 302 342 392 432 480 542 606 668 722 789 5 32 42 44 56 77 114 137 148 153 171 182 190 201 210 220 225 234 27 53 51 60 72 90 92 94 113 133 124 127 141 150 160 154 178 179 1 Gross amount of mortgages held, does not include terminated mort;es gag< m and cases in transit to or being audited at the Federal Housing Administration. 2 1 — The RFC Mortgage Company, the Federal National Mortgage Associaion, the Federal Deposit Insurance Corporation, and the United States - Figures represent gross insurance written during the period and do not Housing Corporation. 3 take account of principal repayments on previously insured loans. Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. 1942—Jan Feb 36O * 7 8 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year and month Income payments (value) 1 1935-39 «= 100 Manufactures Total Durable Adjusted 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939...... 1940 1941 1939 February.... March April May June July August September. . October November December 1940 January February. . March April May June July August.... September. October November.. December.. 1941 January February. . March April May June July August September. October.... November.. December.. 1942 January... February., March Construction contracts awarded (value) 3 1923-25 = 100 Industrial production (physical volume) 2 * 1935-39 = 100 Nondurable Minerals AdAdAdUnad- Adjusted justed justed justed justed Total Residential Employment 4 Nonagriculother tural 5 1935-39 100 All AdAdAdjusted justed justed Wholesale Cost of comsales loadliving 4 (val- modity 1935-39 ings* 4 6 prices 1923-25 1935-39 ue)* = 100 1926 Factory = 100 = 100 1923-25 = 100 1923-25 = 100 = 100 Ad- Unad- UnadAdjusted justed justed justed Adjusted Adjusted Unadjusted Unadjusted 106.7 107.1 82.0 90.7 103.8 96.4 99.8 101.7 99.5 99.7 106.0 92.4 78.1 66.3 73.4 85.7 91.3 99.0 108.6 90.9 99.9 107.5 127.7 98.0 117.2 75.6 81.2 102.9 96.0 101.1 104.2 102.4 103.5 110.4 89.4 67.8 46.7 50.1 64.5 74.1 85.8 102.5 78.5 92.2 105.4 148.8 120 129 110 121 142 139 146 152 147 148 152 131 105 78 82 89 92 107 111 89 101 109 130 78 94 87 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 90 94 110 138.6 154.4 97.6 96.7 100.6 98.1 103.5 100.0 95.4 96.7 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 124.5 143.2 127.7 119.7 121.9 122.2 125.4 126.4 124.0 122.6 122.5 119.4 108.7 97.6 92.4 95.7 98.1 99.1 102.7 100.8 99.4 100.2 105.2 72 75 58 73 88 82 90 96 95 99 110 91 75 58 69 75 87 103 113 89 108 123 156 122.3 110.9 94.3 73.2 69.5 80.2 87.2 101.2 107.2 98.9 105.5 112.5 132.9 Depart- Fac- Freight- ment tory store car 84 93 53 81 103 95 107 114 107 117 132 98 67 41 54 65 83 108 122 78 109 138 193 62 60 57 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 108 113 135 71 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 125 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 122 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 89 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 149 107.1 100.3 91.6 82.2 82.9 90.1 93.8 99.8 105.0 98.6 102.8 106.4 115.6 101.9 103.0 101.8 103.6 104.8 104.6 106.5 107.8 109.1 109.9 111.2 101 101 97 98 103 105 106 114 121 124 125 99 100 98 99 102 102 106 119 126 126 122 97 96 93 93 99 102 108 118 129 134 138 104 104 103 104 106 106 108 111 115 117 117 101 104 91 97 104 107 92 114 119 120 114 73 69 67 63 63 67 73 73 76 83 86 58 55 58 55 58 62 67 68 68 61 60 85 80 74 68 67 71 78 76 82 101 107 101.0 101.2 100.5 101.1 102.2 102.6 103.0 103.7 105.0 105.7 106.3 96.8 96.7 96.6 96.3 97.3 98.4 99.0 100.8 104.8 107.0 108.2 96.1 97.0 96.9 95.9 96.4 96.6 99.5 103.7 107.3 107.5 107.8 87.1 88.8 86.8 86.3 87.9 85.8 91.2 95.4 103.2 103.2 105.4 95 94 87 90 97 99 101 111 114 114 110 88 87 86 87 88 90 92 93 95 76.9 76.7 76.2 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 110.6 110.1 108.8 109.1 110.1 110.2 111.7 113.3 114.6 115.8 116.6 119.0 122 116 113 112 116 122 122 124 127 130 134 139 117 113 112 112 117 121 120 124 132 136 136 136 134 124 118 116 123 133 136 143 151 155 157 164 113 110 107 107 110 114 113 112 112 117 120 124 118 114 117 119 117 119 119 114 117 113 118 118 75 63 62 64 64 74 85 90 93 95 111 115 53 56 57 62 64 69 77 82 82 85 87 90 93 68 66 66 65 77 91 98 101 103 130 136 105.6 104.9 104.7 104.0 104.5 105.0 105.4 106.3 106.9 108.1 109.7 111.5 107.6 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 105.0 105.0 104.4 103.2 102.5 103.1 103.2 107.4 111.4 113.8 114.7 116.2 99.8 99.3 99.8 97.9 97.8 99.5 98.2 105.5 111.6 116.2 116.4 122.4 111 105 100 103 106 111 110 112 112 110 116 119 92 90 89 89 89 91 92 98 97 94 100 101 79.4 78.7 78.4 78.6 78.4 77.5 77.7 77.4 78.0 78.7 79.6 80.0 100.4 100.2 100.1 100.7 121.3 123.1 124.0 125.1 128.6 131.5 133.1 136.7 139.1 140.9 143.0 148.3 140 144 147 144 154 159 160 160 161 163 166 167 135 140 144 144 155 160 159 162 167 r 168 167 163 171 176 180 180 190 195 199 199 203 207 209 214 123 126 128 131 135 139 138 139 137 r 139 r 144 141 119 118 125 95 126 132 131 132 131 130 131 130 103 99 94 103 101 117 139 152 161 145 138 123 84 76 74 80 88 101 115 112 105 87 74 69 117 118 109 121 111 129 158 184 206 192 189 167 111.8 112.5 112.3 112.5 114.0 115.4 117.1 117.7 117.5 118.0 119.2 120.1 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134.4 134.9 115.5 117.8 119.9 122.6 124.9 127.9 130.6 133.1 135.2 135.4 134.8 134.3 120.7 126.8 131.2 134.7 144.1 152.2 152.7 158.1 162.6 167.0 165.4 170.2 122 124 126 112 135 139 138 139 130 127 135 137 101 103 103 104 105 104 115 134 116 105 116 111 80.8 80.6 81.5 83.2 84.9 87.1 88.8 90.3 91.8 92.4 92.5 93.6 100.8 100.8 101.2 102.2 102.9 104.6 105.3 106.2 108.1 109.3 110.2 110.5 131 130 126 118 82 *>96 147 P135 120.1 135.6 132.4 119.6 P134.2 >132.9 173.5 176.9 140 136 136 138 126 96.0 96.7 97.7 111.9 112.6 171 173 174 e 165 168 170 e 222 227 235 6 143 142 139 e e e e 99.1 98.6 ibb'.6 99.8 100.5 v r e Preliminary. * Average per working day. Revised. Estimated. * Department of Commerce series on value of payments to individuals. For indexes by groups or industries, see pp. 362-365, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. J Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 370. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 366-369 for employment and payrolls and p . 373 for prices. 5 6 Excludes military and naval forces. For sales comparisons by cities and by departments see p. 372 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. 2 APRIL 1942. 361 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 1001 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total1 140 144 147 144 154 159 160 160 161 163 166 167 171 P Manufactures—Total1 144 148 151 153 160 164 165 166 167 169 173 174 175 P180 Durable1 ....„.., Iron and Steel , Pig iron . . . . . . . . Steel Open hearth a n d Bessemer Electric r 171 123 176 126 180 128 180 131 190 135 195 139 199 138 199 139 203 137 179 179 184 181 184 184 185 185 192 177 186 172 291 176 187 171 300 178 193 177 305 170 193 172 340 175 196 174 355 179 196 173 359 181 197 174 365 182 198 172 382 185 207 179 405 173 209 144 214 141 222 143 P227 P142 191 191 196 191 193 184 206 178 410 r 207 Feb. 184 207 176 425 190 212 181 432 189 208 174 445 187 210 177 444 139 r Machinery 168 177 185 194 206 214 216 224 227 231 229 241 248 P257 Transportation Equipment 190 203 207 196 228 243 •255 241 245 269 280 275 302 P314 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 * * 134 144 178 189 282 143* 152 182 204 307 142 143 178 216 335 124 122 196 237 353 152 151 218 256 381 161 148 233 280 428 168 154 233 307 467 141 93 236 306 485 134 74 249 319 560 146 110 278 335 634 142 123 264 338 645 120 85 * 118 75 * * PI 13 46 * * * 167 173 179 183 189 186 192 189 192 185 190 193 193 P191 137 133 153 201 161 149 119 142 140 158 209 165 148 130 142 136 163 219 172 146 143 147 145 164 221 186 147 147 148 144 170 233 205 144 147 144 136 170 229 210 144 141 142 131 173 244 200 142 155 145 135 175 231 199 143 161 145 135 175 233 209 146 166 147 137 177 217 150 139 r 179 226 151 141 182 230 153 140 184 235 157 141 189 224 143 153 147 155 146 171 152 151 137 135 128 132 132 135 141 140 136 135 135 138 143 P145 139 132 139 129 125 132 128 139 122 152 125 155 131 161 134 129 149 129 146 128 148 132 149 138 153 P144 PW 156 158 161 166 197 P190 159 168 102 164 168 105 191 165 67 249 184. 65 236 178 49 Aircraft Automobile bodies, parts, and assembly Automobile factory sales Railroad cars Locomotives Shipbuilding (private yards) Nonferrous Metals and Products Nonferrous metal smelting^ Copper smelting Zinc smelting Copper deliveries Lead shipments Zinc shipments Tin consumption . Lumber and Products Lumber Furniture Stone, Clay and Glass Products* 152 154 158 150 142 141 150 151 181 123 137 183 131 138 156 139 139 135 142 134 148 142 138 155 152 143 154 146 158 148 133 154 163 120 138 143 150 157 156 155 154 151 150 156 133 144 156 69 136 119 149 125 150 142 140 152 148 67 149 143 165 134 163 153 143 156 150 71 152 146 179 135 163 154 146 160 158 74 152 139 171 140 166 156 152 164 169 71 165 148 196 153 178 167 151 160 173 73 163 149 190 151 178 165 151 162 173 77 157 126 177 153 174 160 149 160 170 56 166 148 181 162 179 166 145 156 168 34 169 142 205 163 185 169 143 161 172 10 164 133 199 157 185 164 148 167 179 15 166 133 200 156 184 170 107 108 114 114 123 130 129 121 120 125 134 102 115 88 79 110 103 112 92 87 112 113 119 112 98 115 109 118 97 97 117 118 129 99 105 126 121 131 98 113 136 124 136 93 116 132 123 140 103 97 120 124 135 101 115 117 129 138 107 121 123 133 145 106 123 134 117 120 121 123 123 227 126 132 P130 P134 98 124 131 138 119 123 136 105 107 127 132 118 124 129 105 122 125 129 118 131 124 110 123 135 144 119 138 135 110 119 129 134 117 134 139 107 129 124 130 111 121 132 103 102 126 129 113 128 141 98 129 127 124 109 134 165 99 111 101 112 154 Cement Glass containers Polished plate glass Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Silk deliveries Wool textiles Carpet wool consumption. . . Apparel wool consumption... Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Shoes Manufactured Food * r Products................ Wheat flour Cane sugar meltings Manufactured dairy products Ice cream Butter Cheese Canned and dried milk 135 146 109 145 183 108 148 197 p 141 103 139 *>146 105 163 224 r * 154 158 P159 146 155 178 * r r 178 164 209 159 r 195 182 148 169 180 P 127 126 P122 123 r 135 89 r 117 r 131 130 146 87 121 124 P117 r r 161 81 204 162 173 182 P137 109 149 174 P174 * P139 110 * P156 108 * p 154 P153 104 176 240 106 172 229 107 182 214 r p Revised. Preliminary. * Included in total and group indexes but not available for publication separately. J Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. • Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 4 Includes also brick production series now in process of revision. FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1941 Industry Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan/ Feb. 126 145 109 94 12 1 119 134 159 110 91 11 1 10 2 126 143 110 96 108 12 2 132 147 120 97 109 122 124 134 120 91 101 19 2 125 132 123 96 110 128 134 149 124 94 105 135 126 139 118 101 99 12 3 133 148 123 108 103 15 3 135 148 124 114 11 1 144 142 161 127 98 17 1 17 3 148 165 138 96 113 139 141 151 139 96 113 P141 108 104 107 114 122 Manufactured Food Products—Continued 114 121 10 1 86 112 117 Meat packing Pork and lard Beef Veal L a m b and mutton Other manufactured foods 130 128 131 129 109 116 139 133 107 81 132 r 132 100 80 12 3 131 102 82 140 146 106 90 129 171 17 0 r 95 153 r 207 15 1 108 206 190 110 93 206 219 118 94 262 170 17 2 17 0 18 7 138 110 81 19 3 120 13 2 9 1 11 2 102 120 250 243 7 7 128 74 7 5 241 113 116 117 120 119 118 114 118 121 128 132 129 132 130 11 1 18 1 11 0 110 125 96 109 17 2 97 117 17 2 101 109 131 100 106 11 3 97 106 123 97 109 19 2 96 104 17 3 99 112 144 104 15 1 149 16 0 139 136 95 129 144 99 126 144 93 129 128 132 134 142 145 146 147 144 146 153 155 153 129 13 5 19 1 18 2 190 144 126 138 110 113 119 132 120 128 13 5 122 129 193 14 4 124 134 10 1 15 1 123 125 119 133 160 119 17 3 199 153 129 138 14 1 15 1 126 133 124 136 161 121 135 199 156 132 143 15 1 114 131 132 129 145 162 120 141 203 155 142 18 5 17 2 14 1 138 137 139 149 15 7 121 151 216 170 15 4 14 5 134 114 149 144 140 150 167 122 149 203 163 148 162 140 112 149 142 138 152 12 7 128 151 215 164 149 161 17 4 113 150 143 139 149 10 7 129 140 210 163 145 158 12 5 17 0 146 130 136 150 12 7 130 145 210 166 17 4 158 17 4 110 149 140 138 159 183 11 4 17 6 220 16 7 16 5 17 6 160 10 1 161 153 140 162 17 7 129 153 221 169 160 16 8 17 5 106 145 152 147 160 181 135 153 220 17 7 17 5 15 7 11 5 107 151 156 147 HI 114 116 118 122 128 127 129 125 127 136 130 127 P127 13 0 15 0 106 106 17 0 106 106 109 105 105 11 1 15 1 104 103 122 122 123 121 125 127 128 130 132 133 135 139 135 117 17 1 120 12 1 120 150 143 367 117 118 122 104 123 152 145 398 118 120 121 105 13 1 154 145 434 119 120 120 118 117 133 134 69 122 124 119 118 115 148 141 386 123 123 122 134 104 154 15 4 435 124 123 124 133 108 154 146 429 126 126 17 2 132 116 154 146 453 128 130 124 130 19 1 12 5 144 425 129 131 129 129 121 153 145 437 13 3 134 19 2 17 3 123 153 145 410 135. 139 130 132 126 160 11 5 r 482 131 134 123 133 120 161 152 462 152 489 123 124 125 133 136 144 146 145 146 148 149 152 154 ?156 158 162 192 153 130 131 134 * * * * 196 12 5 11 5 155 156 126 126 125 132 17 1 118 110 134 108 108 103 137 103 104 94 * 103 104 102 * * 67 67 64 * r 33 r 32 r 33 131 P130 105 Alcoholic Beverages 106 r 77 12 1 126 Malt liquor Whiskey Other distilled spirits Rectified spirits Tobacco Products Cigars Cigarettes Manufactured tobacco and snuff Paper and Paper Products1 Paper and pulp Pulp Groundwood pulp Soda pulp.. Sulphate pulp Sulphite pulp Paper Paperboard Fine paper. . . . Newsprint production Printing paper Tissue and absorbent paper... Wrapping paper Printing and Publishing* Newsprint consumption Petroleum and Coal Products Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke Byproduct coke . ... Beehive coke Chemicals Rubber products 141 r 153 155 163 lo i i(51 143 123 14 2 11 2 Minerals—Total •..-..».. Fuels T Bituminous coal Anthracite Crude petroleum Metals Iron ore shipments CoDDer Lead Zinc Gold Silver r 16 5 18 2 128 17 2 18 5 134 15 3 132 161 11 3 132 130 119 118 125 95 126 132 131 132 131 130 131 130 114 113 121 86 121 129 127 129 128 127 128 127 128 P126 17 1 98 114 114 102 113 149 102 112 22 7 1 113 149 80 114 153 126 120 146 137 119 17 4 162 119 139 127 14 2 127 116 128 125 97 132 • 124 89 12 3 129 89 132 P120 ^109 P\3l 148 Rubber consumption Tires and tubes Pneumatic tires Inner tubes 164 144 144 145 148 148 149 152 151 151 148 145 145 146 147 149 P149 17 8 18 4 16 1 15 2 12 3 18 2 189 13 5 116 126 126 126 191 148 18 1 15 2 17 2 17 2 199 12 5 19 1 13 3 11 2 129 15 9 19 5 15 1 17 2 12 3 12 2 198 15 5 17 1 136 126 128 25 0 16 5 114 15 2 11 2 124 202 15 5 16 1 11 3 114 129 192 154 120 135 114 116 181 11 5 119 134 130 108 200 12 5 17 2 131 16 1 106 199 157 12 2 138 200 161 11 3 138 201 158 140 P146 28 28 27 15 0 p Revised. 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." KHA anr o o o 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. APRIL 1941 363 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Industrial Production— Total* 135 140 144 144 155 160 159 162 167 168 167 163 165 *>168 Manufactures—Total*. 139 144 149 153 160 165 164 167 172 173 173 171 172 P175 166 118 171 122 178 126 182 ISO 192 135 198 138 197 138 199 142 206 145 210 143 209 r 144 211 137 215 137 P220 P138 179 179 184 181 184 184 185 185 192 191 191 196 191 193 177 186 172 291 176 187 171 300 178 193 177 305 170 193 172 340 175 196 174 355 179 196 173 359 181 197 174 365 182 198 172 382 185 207 179 405 184 206 178 410 184 207 176 425 190 212 181 432 189 208 174 445 187 210 177 444 168 177 185 194 206 214 216 224 227 231 229 241 248 P257 193 207 214 206 229 229 221 245 269 280 275 302 P314 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 138 151 178 189 282 148 161 182 204 307 150 160 178 216 335 136 139 196 237 353 152 164 218 256 381 161 164 233 280 428 135 134 233 307 467 120 47 236 306 485 134 74 249 319 560 146 110 278 335 634 142 123 264 338 645 120 85 118 75 PI 13 46 Products.. 166 173 179 184 191 187 191 189 192 185 190 192 192 Nonferrous metal smelting3 .. Copper smelting Zinc smelting Copper deliveries Lead shipments Zinc shipments Tin consumption 137 133 153 200 166 149 114 142 140 158 209 165 148 130 142 136 163 219 172 146 146 147 145 164 221 186 147 151 148 144 170 233 205 144 153 144 136 170 229 210 144 148 141 131 173 244 200 142 154 145 135 175 231 199 143 159 145 135 175 233 209 146 159 151 139 r 179 226 * 147 155 152 141 182 230 * 146 165 153 140 184 235 157 141 189 224 152 151 116 119 123 130 140 144 151 148 147 137 177 217 * 143 151 145 134 128 122 P128 113 123 115 129 118 133 128 135 130 143 135 150 142 149 148 157 144 156 138 159 124 154 113 155 112 142 PI 19 P147 110 112 125 142 164 172 166 172 174 176 167 145 137 P131 100 110 144 102 120 131 117 130 141 139 135 142 163 159 142 174 163 149 177 160 96 181 172 109 184 166 120 185 173 117 171 170 120 153 154 80 137 165 68 132 164 47 138 143 147 150 157 155 155 154 151 150 156 154 158 P159 133 144 154 72 136 140 152 148 68 149 143 156 150 74 152 146 160 158 73 152 152 164 169 66 165 150 160 173 66 163 150 162 173 69 157 148 160 170 50 166 145 156 168 32 169 143 161 172 10 164 148 167 179 15 166 146 155 178 * 148 169 180 P149 174 P174 119 143 146 139 148 149 126 148 133 133 149 125 150 165 134 163 179 135 163 171 140 166 196 153 178 190 151 178 177 153 174 181 162 179 199 157 185 200 156 184 167 165 160 166 169 182 182 119 125 129 128 127 123 r U6 124 129 139 103 120 125 135 151 101 119 115 r 125 137 91 r 119 r 110 131 148 86 121 119 Durablei I Nondurable .. Iron and Steel. Pig iron Steel Open hearth and Bessemer Electric Machinery Transportation Equipment*.. Aircraft Automobile bodies, parts, and assembly Automobile factory sales Railroad cars Locomotives Shipbuilding (private yards) . Nonferrous Metals and Lumber and Products. Lumber Furniture Stone, Clay and Glass Products* ... Cement—; Glass containers Polished plate glass Textiles and Products Textile fabrics ; Cotton consumption Rayon deliveries Silk deliveries Wool textiles Carpet wooFconsumption Apparel wool consumption Woolen yarn Worsted yarn Woolen and worsted cloth Aug. Sept. 205 163 185 Oct. Nov. Dec r r r 164 209 159 195 r 142 153 154 156 Products... 104 117 122 118 Leather tanning...... Cattle hide leathers Calf and kip l e a t h e r s . . . . Goat and kid leathers Shoes 103 116 87 79 106 112 125 97 91 121 112 121 105 r 97 110 118 96 99 123 115 126 94 103 124 118 125 100 113 119 120 127 102 115 128 120 133 108 95 135 123 • 134 99 116 131 104 104 112 119 128 137 152 P159 *>143 P139 P130 99 103 84 69 95 89 103 104 105 92 78 101 96 110 103 135 134 138 118 133 152 100 117 175 182 151 177 200 101 132 188 208 155 186 195 102 117 181 216 137 165 172 99 136 167 200 120 151 169 114 132 110 109 107 114 vgg 104 108 150 168 95 139 158 83 124 156 82 123 166 Leather and Manufactured Food Products Wheat flour Cane sugar meltings Manufactured dairy products Ice cream Butter Cheese Canned and dried milk.. r Revised. * Included Includes 2 Includes 3 Includes 4 1 128 107 102 135 105 99 105 107 121 170 Feb. 161 178 r Jan. 81 204 162 173 p 124 109 P133 P126 P121 109 P99 85 124 174 92 142 182 p Preliminary. in total and group indexes b u t not available for publication separately. manufacturing in Government arsenals and quartermaster depots not available for publication separately. shipbuilding in Government yards not available for publication separately. also lead production shown under "Minerals." Includes also brick production series now in process of revision. 364 FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board o E Governors, 1935-39 average = 100] = 1941 1942 Industry Jan. Manufactured Continued Food Feb. Mar. Apr. May June July Aug. Sept. 133 157 110 83 118 103 122 145 98 83 112 103 122 143 100 86 107 105 119 135 102 95 105 107 132 147 120 101 111 111 121 130 118 92 96 123 119 119 125 95 104 137 116 112 126 95 104 159 r 100 110 120 130 131 111 91 84 r 130 124 90 77 r 150 137 r 76 r 90 165 142 59 97 160 M e a t packing Pork and lard Beef Veal... L a m b and mutton Other manufactured foods.... 87 Alcoholic Beverages 95 r 96 85 r 101 73 92 M a l t liquor Whiskey... Other distilled spirits Rectified spirits Nov. Dec. Jan. Feb. 119 111 132 111 111 170 134 139 134 119 109 151 152 178 130 116 108 146 165 208 127 93 111 131 173 214 138 93 118 123 135 151 125 84 113 P122 r99 r r 122 137 137 118 106 112 117 128 51 99 171 120 75 359 •180 104 102 472 180 90 101 292 190 96 104 150 135 96 102 163 C 177 109 96 45 207 no 106 79 113 86 124 108 108 110 113 121 128 123 122 132 133 134 90 119 Tobacco Products Cigars Cigarettes Manufactured snuff.... Oct. Products- 96 118 100 119 11 1 118 18 0 133 13 1 144 11 1 138 13 1 136 120 146 15 3 141 137 143 126 121 104 146 109 136 92 107 * 121 tobacco and 98 95 99 100 100 99 99 106 105 S3 96 126 131 136 137 141 143 139 146 149 151 152 146 150 128 154 124 18 2 12 9 144 124 132 11 1 113 119 133 159 127 13 3 19 9 148 129 138 18 1 113 126 137 164 128 11 4 203 156 133 144 122 115 132 140 165 136 19 3 19 9 159 136 146 16 2 114 136 145 165 133 11 4 203 155 142 155 130 115 140 147 173 124 150 214 167 143 154 11 3 115 146 143 159 109 11 4 19 9 155 140 154 18 2 109 140 150 170 109 11 5 215 164 147 163 19 3 110 145 151 168 112 142 210 163 148 167 144 107 145 155 173 121 15 4 214 169 152 167 17 4 110 r 151 159 184 144 17 6 220 178 155 167 15 5 113 160 153 172 134 148 210 164 151 166 154 107 144 158 182 140 13 5 222 177 154 168 12 5 107 151 128 120 130 124 134 126 135 130 136 136 143 137 135 133 143 138 136 138 145 143 151 140 146 143 151 147 109 115 121 124 126 127 116 121 125 131 138 131 125 P129 98 104 110 113 111 107 92 96 106 112 117 117 99 102 Petroleum and Coal Products 120 120 119 120 126 128 129 131 134 135 136 r 138 132 Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke .. Byproduct coke Beehive coke 115 113 123 108 126 150 143 367 115 114 123 103 124 152 145 398 114 114 118 104 115 154 145 434 119 118 117 122 119 133 134 69 122 124 119 122 115 148 141 386 124 126 121 134 102 154 145 435 125 127 122 131 103 154 146 429 128 130 124 131 111 154 146 453 131 134 125 130 117 152 144 425 132 134 130 129 121 153 145 437 134 135 130 137 126 153 145 410 134 136 132 131 127 r 160 151 r 482 128 129 127 129 126 161 152 462 Chemicals 122 124 129 136 135 138 139 142 148 153 151 Rubber Products 145 151 155 157 162 192 153 130 131 Paper and Paper Products* Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard . .. Fine paper Newsprint production Printing paper Tissue and absorbent paper Wrapping paper Printing and Publishing2 Newsprint consumption 96 107 r 134 * * 153 153 168 108 11 6 12 5 489 P156 * * 153 128 128 127 158 134 135 132 160 131 132 130 164 144 144 145 196 152 151 155 156 126 126 125 132 117 118 110 134 108 108 103 137 103 104 94 103 104 102 Minerals—Total . 113 114 117 96 127 131 130 134 137 138 135 124 126 P126 Fuels 117 118 121 87 118 123 121 125 129 131 130 129 131 P132 130 114 111 134 143 105 114 18 76 116 126 88 118 132 116 120 128 107 119 135 120 122 144 122 124 142 123 127 143 99 128 138 94 129 144 104 129 P141 PI 20 P129 92 149 181 181 184 187 182 181 161 95 92 P91 151 116 15 2 112 131 210 156 121 13 3 107 130 326 323 152 159 116 117 16 3 17 2 114 • 116 121 123 344 147 110 15 2 116 122 335 152 116 11 3 126 126 311 152 120 135 131 117 281 156 119 134 152 107 231 157 128 r 131 132 106 158 131 138 P160 160 140 P146 Rubber consumption Tires and tubes Pneumatic tires Inner tubes . .. Bituminous coal Anthracite Crude petroleum 95 Metals Iron ore shipments Copper Lead Zinc Gold Silver r 2 SS 148 123 124 121 * 67 67 64 v 145 116 15 2 126 129 155 116 126 113 129 r 159 124 138 • r 33 r 32 r 33 * 28 28 27 r 15 0 c Revised. Preliminary. Corrected * Included in total and group indexes but not available for publication separately. ^ s 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. APRIL 194Z 365 FACTORY EMPLOYMENT, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1942 1941 Industry and group Jan. Totan Durable goods* Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134,4 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 115.6 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 U125.6 Nondurable goodsi Iron and Steel and Products Blast furnaces, steel works, etc Bolts, nuts, washers, and rivets Cast-iron pipe Cutlery and edge tools Forgings Hardware Plumbers' supplies Stamped_and enameled ware Steam and hot-water heating Stoves Structural and ornamental metal work Tin cans and tinware Tools Wirework 124.8 125.5 126.2 133 133 133 139 145 151 88 92 92 110 108 111 90 94 96 113 114 116 99 98 100 194 •201 203 106 106 107 113 106 106 96 100 100 109 112 113 121 126 128 206 208 208 Machinery ; Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products. Machine tools Radios and phonographs Textile machinery Typewriters 141.2 144.2 148.1 155.8 161.6 167.3 147 140 126 158 166 170 137 140 146 151 150 163 131 137 142 147 153 159 237 239 243 245 259 275 118 120 124 129 134 139 286 296 304 315 326 337 155 165 178 189 197 184 89 92 95 98 101 104 131 110 134 138 143 150 128.3 136 153 93 114 100 115 101 204 109 107 101 113 133 203 132.0 140 160 94 117 102 116 102 214 111 110 103 122 135 207 136.0 145 166 95 122 105 118 102 220 114 114 104 129 139 214 Dec. Lumber and Products Furniture. Lumber, millwork Lumber, sawmills Stone, Clay and Glass Products Brick, tile, and terra cotta Cement Glass Marble, granite, and slate Pottery Textiles and Products Fabrics Carpets and rugs Cotton goods Cotton small wares Dyeing and finishing textiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk and rayon goods Woolen and worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets and allied garments Men's furnishings Millinery Shirts and collars Leather and Manufactures . „. „.... „..,. Boots and shoes Leather Feb. 134.9 135.6 134.2 144.4 146.8 145.3 125.9 124.9 123.6 140.2 150 173 94 130 112 116 103 231 126 115 107 132 146 198 139.7 149 172 97 128 113 117 100 231 125 109 106 132 147 214 138.2 138.3 148 148 170 169 98 101 129 130 r 115 115 115 113 98 98 225 225 125 123 105 104 107 107 127 138 145 146 r 203 201 139.5 139.8 149 150 170 170 100 98 134 436 r 117 119 114 U0 98 96 220 217 125 127 108 109 107 108 141 147 148 152 199 184 136.9 149 167 99 133 122 103 91 206 124 99 111 140 153 180 173.0 177.7 175 182 168 170 164 168 294 315 143 146 349 366 191 187 107 108 155 157 177.8 181 173 168 323 147 355 183 110 158 179.3 180 175 168 348 148 360 179 110 160 r 190.6 161 173 * * 154 * 232 109 157 139.1 149 169 95 130 112 105 102 228 123 121 105 131 142 218 181.2 172 177 168 371 149 365 194 109 159 183.5 167 178 * * 150 • 207 109 159 187.4 161 176 * « 153 * 222 110 157 205.1 * 111 * * * 209.8 206.1 • * 96 75 * * • * * * l43.9 * * 108 113 110 83 100 146.8 145.9 * * 0 * 111 109 116 111 110 104 82 77 102 102 150.4 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9 Transportation Equipment Aircraft.. 5,089 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 Automobiles 123 124 123 125 128 132 149 139 128 129 127 Cars, electric- and steam-railroad .... 71 75 70 70 74 81 89 87 98 100 100 Locomotives 51 49 52 54 58 61 67 70 73 74 77 Shipbuilding 262 244 268 285 301 341 387 398 440 490 533 Nonferrous Metals and Products Aluminumi Brass, bronze, and copper Clocks and watches Jewelry Lighting equipment Silverware and plated ware Smelting and refining Jan. 133.3 135.1 136.2 138.9 140.7 144.1 147.8 147.9 224 229 220 229 234 230 240 246 176 173 179 181 182 190 193 195 109 107 111 115 118 121 125 121 105 102 107 111 113 115 120 119 112 110 110 112 112 115 118 118 79 77 79 81 82 84 94 87 100 98 101 101 102 102 103 105 144.8 247 194 110 110 119 85 103 r 143.1 r142.2 240 244 191 192 114 110 105 106 119 114 84 82 100 99 r 76.3 97 74 68 75.5 98 72 67 74.0 98 71 65 74.2 101 70 65 74.6 104 69 64 75.9 106 71 65 78.9 108 75 68 78.4 107 76 68 77.3 103 75 68 76.4 101 76 67 76.9 104 75 67 78.1 105 75 68 79.1 105 75 70 77.2 103 73 68 94.6 75 75 120 46 108 92. 74 76 116 47 108 92.3 71 75 118 46 108 92.3 70 74 121 45 109 92.1 69 73 122 45 109 93.7 69 74 124 44 116 98.6 73 77 131 43 126 98.4 74 78 130 42 123 98.7 74 79 130 43 122 98.9 73 79 131 45 121 100.9 76 82 133 45 121 101.6 104.5 80 77 88 85 134 132 48 45 124 121 99.1 76 87 126 43 120 107.3 98.8 85 99 92 132 83 144 69 81 144 63 98 . 122.0 114 166 114 116 76 131 107. 99. 84 100 93 134 83 142 69 78 141 64 98 120.5 111 166 113 118 82 126 107.6 100.4 83 101 94 136 83 142 68 78 143 66 102 119.3 110 164 114 118 78 125 109.8 103.3 86 103 97 138 80 141 71 79 141 69 109 119.8 114 159 114 119 78 128 112.9 105.9 89 106 103 141 83 144 76 81 155 74 109 124.0 122 161 116 121 73 131 116.1 109.0 90 111 107 144 86 146 81 79 163 75 110 127.0 124 170 119 124 68 133 120.0 111.1 89 113 110 149 86 149 85 90 162 72 112 135.0 124 193 119 137 75 135 117.1 109.6 91 115 110 143 79 144 83 88 161 67 108 128.8 120 176 122 137 79 135 114.7 107.2 91 112 110 140 77 135 78 88 158 61 112 126.6 119 171 123 134 77 134 112.9 113.3 105.4 105.1 90 90 112 111 108 109 135 130 78 78 133 132 77 78 87 87 147 147 60 61 109 110 124.7 r126.9 120 125 165 167 112 122 121 127 75 68 131 132 U3.3 104.4 90 110 109 133 76 133 81 86 147 60 107 r 128.3 128 169 115 113 68 135 111.7 103.7 85 110 106 131 73 129 78 90 149 59 107 124.9 122 161 112 115 72 144 109.7 102.1 81 110 106 131 72 126 79 86 149 59 99 122.4 118 162 110 113 77 133 93.3 91 85 93.2 91 86 94.3 92 88 95.5 93 90 96.8 94 90 101.0 98 95 100.2 97 97 97.9 94 96 98.0 94 98 103.1 100 97 98.7 95 96 97.5 94 95 99.6 96 97 104.2 101 98 r r Revised. * Included in total and group indexes but not available for publication separately. l Indexes adjusted to Census of Manufactures througli 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for February 1942 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. 366 FEDERAL RESERVE BULLETIN 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 Jan. Feb. Mar. Apr. May June July Aug. 133.3 143 281 98 149 89 78 80 112 240 92 131.0 145 279 99 144 88 77 81 111 144 89 131.3 146 278 102 139 91 78 79 113 111 97 132.5 148 277 105 140 92 79 82 114 97 103 135.0 149 287 107 147 89 78 79 119 99 102 137.3 151 286 105 156 90 80 78 121 93 101 138.4 149 289 102 161 97 79 78 123 89 94 140.9 152 298 104 169 100 77 79 124 76 93 66.3 57 68 64.9 54 66 64.0 54 65 65.0 54 66 65.8 54 67 65.8 53 68 65.7 53 67 64.4 53 66 Paper and Printing Boxes, paper Paper and pulp Book and job printing Newspaper and periodical printing . . . 117.1 123 116 103 116 117.2 122 117 101 116 118.5 125 119 103 117 119.8 129 120 104 117 121.2 132 123 104 117 122.9 139 125 104 117 124.8 142 126 108 117 125.1 143 128 106 118 Chemicals, Petroleum, and Coal Products.... Petroleum refining Other than petroleum refining Chemicals Cottonseed oil, cake and meal Druggists' preparations Explosives Fertilizers Paints and varnishes Rayon and allied products Soap 126.8 120 128.5 154 102 116 * 104 130 310 128.1 120 130.0 157 100 118 * 103 130 306 90 99.0 100.4 69 67 78 79 171 174 129.0 121 13.1.1 161 94 119 * 95 134 308 89 133.6 121 136.6 163 110 122 * 112 135 324 91 136.9 123 140.4 168 106 129 * 118 136 330 93 140.7 125 144.7 172 107 132 143.0 127 146.9 173 109 136 * 129 145 326 98 145.2 127 149.6 179 101 138 * 124 148 328 99 Food and Kindred Products Baking Beverages Butter Canning and preserving Confectionery Flour Ice Cream Slaughtering and meat packing . Sugar, beet. Sugar refining, cane Tobacco Manufactures Tobacco and snuff.... Cigars and cigarettes . Rubber. Products Rubber boots and shoes Rubber tires and inner tubes . Rubber goods, other r 124 140 337 94 102.0 103.9 106.1 111.7 113.0 78 82 74 69 82 83 86 80 82 87 192 179 177 176 194 Sept. 138.6 151 295 102 155 91 79 78 125 98 103 Oct. Nov r 146.9 152 311 106 200 96 78 83 127 98 98 Dec. r Jan. Feb. 147.3 152 316 106 187 95 79 83 133 141 101 148.1 153 310 105 181 94 80 83 139 168 97 146.8 152 309 104 188 92 80 82 137 115 87 66.3 56 68 69.2 54 71 66.8 53 69 125.9 140 129 107 120 125.2 142 130 107 116 123.9 138 130 104 116 148.0 129 152.6 187 93 146 * 115 144 320 95 110.1 '110.1 r109.6 80 78 78 86 85 86 187 190 189 150.0 130 155.0 189 93 152 152.6 132 157.7 191 95 152 125 145 313 94 149 143 308 91 140.7 152 303 102 164 90 78 83 126 91 103 62.0 64.1 54 54 65 63 65.0 54 66 124.4 141 128 105 117 124.9 138 128 108 117 124.8 139 129 107 116 144.7 127 148.9 180 88 141 * 124 145 324 96 113.3 111.6 79 75 87 87 196 200 145.9 129 150.1 181 95 141 * 115 144 323 94 147.0 "128 "151.4 184 93 144 * 118 144 320 94 r r 99.9 73 76 76 75 175 171 Revised. * Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total non-agricultural employment 1 2 Year and month Employees in nonagricultural establishments TransporTotal 2 Manufacturing* Mining Construc- tation and public tion Trade* Financial, service, and miscellaneous Government 2 utilities Military and naval forces SEASONALLY ADJUSTED 38,314 38,263 38,329 38,824 39,296 39,903 40,100 40,013 40,191 40,604 r 40,904 32,171 32,120 32,186 32,681 33,153 33,760 33,957 33,870 34,048 34,461 r 34,761 11,335 11,413 11,636 11,886 12,221 12,605 12,614 12,545 12,598 12,736 12,788 846 855 572 877 889 914 923 908 892 892 892 2,132 1,933 1,859 1,698 1,644 1,668 1,666 1,683 1,776 1,924 2,156 3,087 3,105 3,133 3,192 3,220 3,264 3,302 3,303 3,292 3,310 3,322 6,662 6,677 6,803 6,781 6,865 6,944 7,027 6,968 6,989 7,043 r 7,O17 4,158 4,162 4,166 4,188 4,204 4,242 4,246 4,241 4,251 4,266 4,274 3,951 3,975 4,017 4,059 4,110 4,123 4,179 4,222 4,250 4,290 4,312 1,145 1,343 1,546 L,662 L,74O 1.857 1,944 1,992 2,014 40,896 40,754 34,753 34,611 12.854 12,743 873 851 2,061 2,073 3,325 3,310 6,907 6,869 4,272 4,266 4,461 4,499 ? August September October November December 37,448 37,761 38,228 38,902 39,475 39,908 40,292 40,710 40,783 40,756 r 41,036 31,305 31,618 32,085 32,759 33,332 33,765 34,149 34,567 34,640 34,613 r 34,893 11,273 11,457 11,684 11,886 12,154 12,391 12,595 12,777 12,805 12,763 12,739 854 864 564 869 876 888 900 906 915 911 908 1.678 1,631 1,775 1,782 1,816 1,895 1,921 1,936 • 1,960 1,961 1,874 3,028 3,056 3,113 3,185 3,239 3,290 3,326 3,367 3,365 3,322 3,296 6,491 6,578 6,792 6,753 6,861 6,837 6,897 7,008 7,070 7,146 r 7,511 4,075 4,097 4,174 4,235 4,260 4,300 4,300 4,325 4,256 4,229 4,227 3,906 3,935 3,983 4,049 4,126 4,164 4,210 4,248 4,269 4,281 4,387 1,145 1.343 ,546 L,662 ,740 ,857 ,944 .992 2,014 1942—January : * February 39,871 39,842 33,728 33,699 12,598 12,641 876 859 1,658 1,632 3,255 3,246 6,757 6,692 4,180 4,180 4,404 4,449 1941—February March April May Tune July August September October November December 1942—January February UNADJUSTED 1941—February March April May June July . .. \ * Adjusted to Census of Manufactures through 1939. r Revised, t N o t available for publication. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for February 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. APRIL 1942. 367 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics: adjusted to Census of Manufactures through 1937. Factory employment Factory payrolls Industry and group 1942 1941 1942 Jan. Feb 115.5 118.3 112.7 117.8 135.4 134.8 134.3 132 4 132.9 120.7 126.8 167.0 165.4 170.2 173.5 176.9 121.0 144.0 144.6 r 144.3 143.4 143.6 132.0 139.3 191.4 190.3 195.9 204.7 208.5 114 7 127.3 125.4 124.8 121.8 122.7 108.1 112.9 139.6 137.4 141.3 138.7 141.5 Iron and Steel and Products Blast furnaces, steel works, etc Bolts, nuts, washers and rivets Cast-iron pipe Cutlery and edge tools Forgings Hardware Plumbers' supplies Stamped-and enameled ware Steam and hot-water heating Stoves Structural and ornamental metal work Tin cans and tinware Tools Wirework 122.3 131 139 88 108 91 113 98 191 103 95 94 102 121 206 125.0 133 146 89 109 95 115 99 202 106 99 96 104 126 208 139.4 148 170 98 132 114 115 99 227 128 114 109 130 146 205 138.8 148 169 98 133 115 113 98 225 125 110 108 135 147 204 Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products. Machine tools Radios and phonographs Textile machinery Typewriters 139.7 150 136 129 222 117 286 148 89 131 143.4 144 140 136 236 120 297 145 93 109 180.1 170 175 169 340 148 362 218 109 161 181.4 168 177 169 353 149 367 218 109 162 Total* Durable goods1 Nondurable goods1 Lumber and Products Furniture. Lumber, millwork Lumber, sawmills Stone, Clay and Glass Products Brick, tile and terra cotta Cement Glass Marble, granite and slate Pottery Nov. Dec. 138.5 149 170 98 134 118 114 97 220 124 104 106 134 150 199 Jan. 137.0 149 170 97 133 121 110 95 213 122 92 106 137 152 184 r 183.5 185.2 164 167 175 176 150 219 109 162 152 * 211 110 157 152.8 157.2 203.2 210.4 r208.6 209.9 5,038 5,344 9,170 9,696 * 130 129 129 .100 130 116 69 97 97 69 46 77 75 49 240 533 495 257 Transportation Equipment Aircraft.. Automobiles Cars, electric- and steam-railroad Locomotives Shipbuilding Nonferrous Metals and Products Aluminum^ Brass, bronze and copper Clocks and watches Jewelry j Lighting equipment Silverware and plated ware Smelting and refining Oct. 1923-25 average = 100] „ „. „ ...„ — . .... — „ ,. „. „ 131.1 225 172 106 96 108 75 ,....«- „ „.„ Textiles and Products ........... Fabrics Carpets and rugs Cotton goods Cotton small wares Dyeing and finishing textiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear ,.. Knitted cloth Silk and rayon goods Woolen and worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets and allied garments Men's furnishings Millinery Shirts and collars. ... 71.3 94 70 63 r 147.4 244 193 118 121 123 87 101 H46.1 247 192 116 120 120 87 100 Feb. Jan. 85.9 86.9 • 102.0 101.5 65 78 76 64 65 82 82 66 114 132 133 116 39 47 46 42 105 124 124 108 114.9 113.4 106. 110.1 99.7 101.7 106.4 106.1 91 90 82 84 112 112 101 103 109 109 92 95 135 133 135 140 78 76 83 84 135 135 143 143 83 66 68 88 77 78 146 151 140 142 61 62 65 67 109 110 100 103 r 116.7 124.2 '129.0 124.9 121 109 123 114 r 162 165 173 173 r 112 122 115 112 108 130 119 133 61 75 89 77 119 126 137 137 171.9 183 253 118 161 r 181 148 , 106 288 150 115 116 166 205 r 278 189.5 167.5 176.9 174 166 181 166 173 152 176 163 345 330 136 129 154 448 415 * 146 145 204 105 98 110 141 122 155 206.8 176.3 191.0 * 5,920 6,441 160 148 80 67 64 58 53 338 308 255.7 232 233 245 616 195 596 262 142 233 255.3 224 223 242 676 191 599 268 141 236 282.0 12,296 177 115 103 803 151.2 285 224 125 90 105 77 105 185.9 359 268 161 122 136 103 120 145.7 144.3 60 135 95.1 69 78 128 40 121 110.8 104.8 82 112 106 134 73 128 75 85 144 60 109 119.5 117 156 110 107 71 131 Nov. 173.4 181 256 119 158 182 152 113 296 158 129 127 172 202 r 275 r 99.7 74 81 132 44 122 113.0 106.2 90 112 109 135 76 135 77 86 146 61 111 r 123.3 121 163 113 120 Oct. 137.0 145 193 97 115 130 135 97 233 110 94 94 116 153 253 136.4 149 169 96 134 123 103 92 207 123 93 106 130 153 180 130.8 140 171 93 107 124 130 92 214 105 87 89 115 141 238 145.4 146.0 281 no 109 220 113 115 109 116 109 82 108 114 104 99 79 86 77 71 102 101 102 102 79.8 77.9 76.6 74.0 73.6 68.1 72.0 102 108 107 107 96 101 84 71 76 77 74 70 70 58 r 64 66 70 65 64 63 59 134.7 •225 176 109 102 111 78 100 Feb. 93.1 66 76 126 38 120 112.8 104.8 81 113 109 137 73 127 78 86 150 62 104 126.1 122 168 111 113 84 133 Dec. 175.0 185 260 120 165 196 153 110 298 161 112 r 121 174 211 r 264 Jan. 174.8 185 261 117 171 209 148 99 294 169 94 125 181 218 265 179.0 191 269 118 182 217 143 103 299 168 104 131 162 226 256 271.2 285.0 219 229 239 250 294.8 241 245 203 * 288 150 235 277 154 226 r 211 * 279 154 226 287.8 290.0 328.6 13,183 176 154 148 112 106 829 r 182.0 371 261 155 r 115 124 102 121 T 219 324.4 123 1Q3.2 197.6 201.1 151 121 123 101 124 153 105 115 90 127 149 102 123 87 126 70.6 92.3 86.4 85.8 81.8 90 121 119 121 111 58 75 71 72 66 61 78 70 68 68 79.6 82.0 109.5 r105.8 55 73 55 76 r 62 91 61 r 93 135 168 131 174 30 27 35 r 38 100 96 129 132 95.0 103.8 122.4 r118.3 93.1 98.5 120.2 118.9 94 94 75 79 135 97 136 102 128 93 101 128 r 133 120 129 136 76 82 89 75 160 149 156 161 77 56 60 80 97 73 77 99 r 139 125 129 148 r 61 53 56 62 125 94 100 127 93.1 107.9 119.2 r109.8 109 87 96 113 r 127 120 143 145 150 116 127 144 157 103 124 167 40 55 76 60 156 104 118 157 Feb. r 84.8 115 67 71 106.6 99.5 73 65 89 84 r 171 166 35 30 131 120 103.6 66 85 171 29 139 r 122.2 r 127.1 124.2 85 145 143 150 78 158 79 102 157 66 123 125.2 117 159 154 139 76 148 123.7 95 140 129 141 164 74 98 144 62 r 134 112* r 134 138 133 40* 153 119.8 122.0 82 142 129 142 80 153 73 99 143 62 130 108.3 109 128 136 119 51 141 r Revised. * Included in total and group indexes b u t not available for publication separately. Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 1 368 FEDERAL . RESERVE BULLETIN 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 Industry and group Factory payrolls 1942 1941 1942 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Oct. Nov. Dec. 93.4 91 86 96.9 95 88 98.5 95 97 96.7 92 98 99.2 95 98 98.8 95 96 101.4 98 97 83.3 80 87 91.5 89 92 100.5 93 116 97.0 88 118 106.7 100 122 107.2 101 119 114.7 109 123 121.4 141 256 92 91 87 77 68 116 103 88 119.1 143 255 91 85 86 77 68 111 53 89 152.4 155 303 102 218 106 80 78 126 245 103 140.8 152 289 101 123 106 79 135.2 150 282 98 110 92 79 70 144 72 93 132.8 150 283 97 111 90 80 69 137 43 86 120.2 135 289 80 79 87 72 59 120 96 70 119.6 138 295 81 76 89 73 60 114 57 73 163.0 158 382 97 244 122 r 89 71 151 229 94 157.7 160 351 97 173 126 83 67 154 308 r 89 157.2 158 358 96 129 123 89 67 169 255 98 154.6 158 349 94 121 105 90 65 182 76 91 149.6 160 356 97 126 102 91 66 160 54 80 60.8 58 61 63.7 57 65 67.3 54 69 68.4 55 70 67.4 57 69 63.4 55 64 65.6 55 67 59.3 67 58 61.7 64 61 75.6 71 76 77.1 72 78 76.7 77 72.7 73 73 72.4 72 72 Paper and Printing . . Boxes, paper Paper and pulp Book and job printing Newspaper and periodical printing 116.6 118 116 104 115 117.1 119 117 103 116 126.5 147 128 108 118 126.7 147 129 108 118 128.3 145 129 110 122 124.7 137 130 108 115 123.7 135 130 106 115 115.4 132 128 95 108 117.1 136 133 93 110 135.9 195 165 103 115 137.5 194 167 105 116 r 144.2 193 170 110 129 136.5 179 172 105 113 135.5 176 174 100 114 Chemicals, Petroleum, and Coal Products... Petroleum refining Other than petroleum refining Chemicals . . . . Cottonseed oil, cake and meal Druggists' preparations Explosives Fertilizers Paints and varnishes Rayon and allied products Soap 126.3 119 128.1 152 114 116 128.5 119 130.8 155 112 119 148.6 129 153.4 r 184 135 146 148.4 129 153.2 185 123 148 148.5 129 153.2 186 117 149 149.4 129 154.3 186 104 152 152.9 130 158.4 188 106 155 142.1 132 145.2 188 111 131 144.8 132 148.7 194 105 136 194.3 168 202.4 261 143 184 195.6 168 204.2 265 131 188 200.9 174 . 209.3 r 272 126 r 185 202.0 171 211.5 276 107 187 208.0 180 216.8 277 112 186 104 126 314 86 113 129 311 90 104 144 325 98 101 143 323 97 106 142 321 92 125 141 316 92 164 142 313 91 86 137 336 108 93 142 328 113 103 174 386 142 99 172 385 139 121 173 392 133 160 177 392 136 Rubber Products Rubber boots and shoes. Rubber tires and inner tubes Rubber goods, other 98.8 68 78 169 100.7 68 79 175 111.6 80 86 193 82 86 190 110.3 81 85 190 99.7 74 76 173 98.9 75 75 171 111.6 79 98 174 115.3 79 100 185 126.0 97 104 210 123.5 96 102 203 Leather and Manufactures. Boots, and shoes Leather . ,.„.., ...„„.„... Food and Kindred Products..... „.«. „ . . . . . . Baking Beverages .,... Butter Canning and preserving Confectionery Flour Ice cream Slaughtering and meat packing Sugar, b e e t . Sugar refining, cane Tobacco Manufactures Cigars and cigarettes r r r 145.8 154 291 r 104 162 110 79 73 130 265 97 r 71 138 228 99 r r r Jan. 1941 Feb. r r 138.0 107 112 234 r 140.6 110 118 r 227 r Revised. * Included in total and group indexes b u t not available separately. NOTE.—Figures for February 1942 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. payroll period ending nearest middle of month. H O U R S A N D E A R N I N G S OF W A G E EARNERS I N M A N U F A C T U R I N G [Compiled by the Bureau of Labor Statistics] 1941 1942 Jan. Sept. Oct. Nov. Dec. Jan. Dec. Total 39.8 39.0 40.9 41.1 40.3 41.2 41.5 Durable goods 41.2 40.6 42.3 42.9 41.8 42.8 43.7 41.0 43.6 40.2 42.7 39.5 38.2 39.8 43.2 40.4 41'. 4 38.9 36.5 40.7 45.1 41.7 43.1 41.1 38.2 41.5 45.4 43.0 42.7 41.5 39.2 40.9 44.6 41.4 41.6 39.5 37.8 41.4 46.3 42.2 43.4 39.7 38.6 38.4 37.3 39.5 39.1 38.6 36.7 37.9 34.3 36.5 40.6 38.1 39.3 35.7 36.9 33.3 37.3 39.0 35.7 38.8 38.3 39.1 36.7 38.0 41.6 38.3 40.1 37.6 38.8 35.4 40.9 38.7 40.3 37.1 38.4 34.4 36.4 40.2 38.5 40.4 39.6 37.3 40.4 39.7 38.9 35.7 39.9 39.0 39.9 37.2 40.7 38.5 40.2 36.9 41.2 39.1 40.0 36.6 40.9 39.3 Iron and Steel and "Products Machinery Transportation Equipment Nonferrous Metals and Products Lumber and Products Stone, Clay and Glass Products Nondurable goods . . Textiles and Products Fabrics Wearing apparel Leather and Manufactures Food and Kindred Products Tobacco Manufactures Paper and Printing Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum refining Rubber Products r 37.7 r 74 r 106 176 391 134 r 136.9 110 109 r 236 r r Underlying figures are for INDUSTRIES 1941 1940 Dec. 1940 r Feb. Average hourly earnings (cents per hour Average hours worked per vveek Industry and group Jan. 1942 Sept. Oct. Nov. Dec. Jan. 68.3 68.9 75.8 77.0 78.1 78.7 80.1 74.9 75.8 84.3 85.3 86.5 87.1 88.9 41.3 47.1 46.0 43.8 38.9 37.9 78.0 76.1 90.0 73.8 52.8 68.0 78.6 76.8 91.1 74.0 52.9 68.2 87.5 85.0 100.3 82.1 59.0 73.6 87.7 86.1 101.9 82.2 59.8 74.4 88.6 86.8 104.2 83.1 60.2 74.9 89.4 87.9 103.5 84.8 60.2 75.3 90.4 89.9 106.9 86.5 60.7 75.1 39.4 39.1 61.7 62.0 66.8 68.0 68.8 69.5 70.1 38.1 39.6 35.1 38.7 40.7 39.1 41.0 r Jan. 37.7 39.3 34.4 38.8 40.8 37.9 40.1 50.7 48.8 54.4 55.2 64.1 49.0 79.9 51.2 49.2 55.2 55.5 64.9 49.8 80.2 56.9 55.1 60.2 63.0 65.7 52.5 83.0 58.1 56.6 61.1 63.5 67.9 52.7 83.4 57.9 56.7 60.4 64.4 69.5 53.2 84.1 58.3 57.1 60.9 64.9 70.3 53.0 85.5 58.9 57.4 62.0 64.9 71.8 54.9 85.2 40.5 38.0 41.2 38.8 40.2 37.3 40.9 38.9 76.6 96.8 70.1 78.4 77.0 97.0 70.6 78.8 84.5 108.3 77.6 85.9 86.1 109.7 79.4 86.5 88.1 110.6 81.5 r 87.5 88.6 110.7 82.2 88.6 r 87.5 110.9 80.6 r 87.0 r Revised. APRIL 1941 369 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF C O N S T R U C T I O N [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 Residential building Total Month 1942 1941 June July August September October November December Year 1 1942 1941 1942 1941 305.2 270.4 479.9 406.7 548.7 539.1 577 4 760.2 623.3 606.3 458.6 431.6 January February... March April May 316.8 433 6 111.3 116.5 147 9 166.5 201.3 205.6 205 0 231.5 175.7 171.8 116.5 104.3 102.8 168.0 55.9 37.8 121 8 66.2 81.1 102.3 109 8 135.7 113.5 118.6 122.7 116.1 6,007.5 1941 26.9 20.9 33.1 36.2 50.8 35.7 37.2 69.8 51.9 48.6 29.3 30.7 75.4 84.5 1942 1941 1942 11.6 7.9 10.4 11.2 17.1 13.5 19 1 11.7 8.2 13.9 7.3 8.8 17.7 21.8 471.2 1,181.5 1,953.8 Educational Commercial Factories 1 9.1 9.2 140.9 Other 1941 24.2 23.5 36.1 29.7 53.5 49.0 54.5 69.4 44.7 88.5 33.6 15.3 Public works and public utilities 1 1 1942 1941 1942 21.0 54.2 •75.1 63.9 130.6 96.9 144.9 133.0 151 7 242.0 229.3 165.0 149.2 156.3 90.9 95.9 522.1 1,738.0 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY O W N E R S H I P [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Public ownership 1 Total Private ownership 1 Month 1937 May June July August October November December Year . . 1938 1939 1940 1941 1942 1937 1938 1939 1940 1941 1942 1937 1938 1939 1940 1941 1942 243 188 231 270 244 318 322 281 207 202 198 209 January February March April 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 354 196 201 272 301 329 325 399 415 348 383 380 456 305 270 480 407 549 539 577 760 623 606 459 432 317 112 69 66 74 93 137 131 104 80 78 93 115 118 51 95 99 144 108 98 171 160 203 179 279 148 111 128 160 135 128 137 158 144 92 144 225 93 82 95 103 112 147 205 195 144 175 195 258 124 105 269 184 267 314 348 520 403 371 298 288 198 130 119 165 195 151 180 191 178 127 124 106 94 75 68 132 123 139 143 142 .142 141 154 123 110 104 109 173 170 174 161 163 154 179 170 156 129 104 119 177 197 217 177 194 220 204 209 186 198 181 166 211 223 281 225 229 240 220 235 161 144 119 1,152 1,705 1,708 1,802 3,492 2,913 3,197 3,551 4,004 6,007 1,761 1,492 1,842 2,202 2,515 I Backfigures.—SeeBULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. C O N S T R U C T I O N CONTRACTS AWARDED, BY D I S T R I C T S 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.] 1941 1942 Number Federal Reserve district Federal Reserve district Feb. Boston New York Philadelphia Cleveland 18,461 42,860 19,058 20,227 39,474 10,871 ........ 32,821 80,772 27,928 34,020 52,030 34,609 27,994 33,323 34,815 . ... >...... 72,876 49,545 6,597 57,951 25,177 2,472 43,283 21,894 5,038 13,992 42,331 6,999 23,209 9,873 23,581 433,557 316,846 270,373 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Kansas City Dallas Total (11 districts) Total 1941 Jan. 1942 1941 Feb. Jan. Feb. 94 297 46 41 31 36 132 34 13 59 19 114 76 348 55 52 37 49 145 32 21 40 10 97 96 399 89 67 47 40 120 42 12 43 33 141 875 2,646 323 415 275 544 1,624 336 626 361 253 1,353 713 3,897 340 722 311 618 896 375 238 420 117 1,269 939 4,006 1,567 1,168 901 331 1,789 497 96 487 415 1,287 916 962 1,129 9,631 9,916 13,483 Feb. Feb. 29,091 50,301 26,653 Atlanta Chicago St Louis Minneapolis Jan. 1942 Liabilities Feb. 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. 370 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of e x p o r t s Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 223 233 257 289 262 275 213 219 268 370 347 351 325 303 357 240 278 307 171 163 173 178 158 190 242 200 217 229 234 268 -18 -45 -51 118 99 102 35 61 77 128 147 134 96 69 89 April May June 269 290 265 274 257 233 231 249 236 323 324 350 387 385 330 287 285 286 160 148 146 186 202 179 212 211 211 287 297 280 -18 5 -21 115 109 87 45 47 57 111 112 138 100 88 50 July August September 268 277 228 231 230 250 289 364 460 425 265 246 233 141 166 168 169 176 182 232 246 317 351 295 221N 297 278 283 263 3 31 63 87 65 79 61 74 107 84 130 101 178 195 October . . November December 333 278 332 292 368 3666 492 652 224 223 209 178 176 171 215 235 247 207 224 253 304 281 344 108 92 115 98 117 57 121 137 104 69 3362 252 269 344 328 322 100 315 323 3,349 3,094 3,177 4,021 5,144 3,084 1,960 2,318 2,625 3,346 265 1,134 859 1,396 1,798 January February March , Year 76 86 162 211 308 1 2 3 Including both domestic and foreign merchandise. General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 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 193.1, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1935-39 average=100] Forest LiveTotal Coal Coke Grain stock prod- Ore ucts Mis- Mercel- chanlane- dise l.c.l. ous SEASONALLY ADJUSTED 1941—January February March April May June July August September October November December 1942—January February REVENUES, EXPENSES,__ANP INCOME OF CLASS I KA1LKUAJDS fin million*1 ^ Hnllarcl Total railway operating revenues Total railway expenses Net railway operating m Net income income SEASONALLY ADJUSTED* 122 124 126 112 135 139 138 139 130 127 135 137 140 136 109 113 128 45 138 156 150 158 133 121 121 111 119 114 145 1,49 168 137 182 189 200 199 176 165 159 167 153 147 102 102 113 113 124 126 112. 103 111 97 118 124 142 129 88 93 93 93 91 88 83 84 84 95 93 101 99 93 138 133 127 130 130 136 149 152 138 140 146 145 156 156 180 181 192 266 266 152 156 155 149 204 204 246 186 183 130 131 128 130 136 139 140 141 135 133 144 149 152 148 1940—December '. 99 101 1941—January 100 February . . . . 102 March 102 102 May 100 June 99 July 97 August 97 September 99 October 100 November December 97 98 1942—January 401 316 85 43 389 402 316 319 417 382 334 323 439 474 464 453 346 363 370 377 379 403 32 43 41 17 50 68 58 65 42 476 486 403 410 73 84 83 59 93 110 100 108 85 49 73 76 495 413 82 471 485 H 33 37 UNADJUSTED UNADJUSTED 97 124 128 127 130 135 141 149 160 149 147 143 129 45 45 50 203 276 265 283 271 261 232 199 69 115 118 124 131 138 141 139 141 150 151 150 138 95 75 140 150 46 46 134 133 1941—January February March April May . .. ti""•* June July August September October November December 113 115 120 108 131 136 138 140 145 144 141 128 124 129 132 38 117 131 127 139 140 138 135 125 174 183 175 120 167 170 172 167 172 165 168 182 90 85 97 96 107 123 163 125 122 104 115 113 84 75 74 82 82 69 70 80 111 146 117 1942—January February 129 126 136 130 184 180 125 108 1940—December. 94 98 1941—January 101 February 103 March 102 April 101 May t. J 99 June 99 July 102 August 101 September 101 October 96 November December 93 1942—January 94 382 303 79 51 377 358 416 375 442 455 485 494 489 518 457 480 315 300 336 322 354 362 379 382 385 424 388 399 62 58 81 53 89 93 106 111 104 94 69 81 20 15 35 7 43 53 64 66 59 54 29 55 481 412 69 »26 p Preliminary. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for * Derived from Interstate Commerce Commission data. June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes NOTE.—Descriptive material and back figures may be obtained with weights derived from revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics. APRIL 1941 371 DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS [Index numbers based on value figures; 1923-25 average = 100.] Seasonally adjusted SALES BY DEPARTMENTS [Percentage change from corresponding period of preceding year.) Unadjusted February 1942* Department 1939 1940 1941 88 88 88 88 87 86 87 88 90 92 93 95 92 90 89 89 89 91 92 98 97 94 100 101 101 103 103 104 105 104 115 134 116 105 116 111 1941 1942 138 126 69 69 82 88 87 83 60 69 97 99 106 168 71 71 108 99 105 101 114 179 79 82 93 106 105 100 79 106 125 112 133 197 94 110 60 65 69 69 68 64 60 65 71 77 82 64 61 68 71 71 70 64 61 66 73 79 83 66 64 70 75 76 76 73 73 84" 95 108 110 86 68 March April . . . . May j une July August September October November December 1940 90 SALES January. February 1942 1939 69 83 ..... Year 86 86 89 87 64 77 , January . February March April 67 68 68 67 66 67 67 67 68 69 May June July August September October November. December 68 71 71 93 73 3*103 70 69 68 67 68 69 70 71 72 71 74 74 74 77 82 87 92 97 95 92 71 68 ..... ..... Year Women's and misses' coats and suits.. Women's and misses' dresses Blouses, skirts, sportswear, sweaters, knit apparel Juniors' and girls' wear Aprons, housedresses, uniforms Women's underwear, slips, negligees.... Infants' wear Women's and^children's shoes. Furs. ...„„.... 2 83 80 80 78 90 89 93 102 110 „..... Basement ,.....,..„.. Home furnishings 1 Main store Furniture, beds, mattresses, springs Domestic floor coverings Draperies, curtains, upholstery Major appliances (refrigerators, washers, stoves, etc.) Domestics, blankets, comforters, linens, towels Basement {including linens, towels)2 domestics, +22 +21 +26 +31 +32 +29 +18 +18 +4 +16 +17 +51 +9 +30 +29 +30 +34 +14 +32 +32 +35 +11 +60 +28 +40 +12 +25 +22 +41 +38 +28 +27 +46 +26 +32 +42 +43 +42 blankets, Piece goods (dress and coat yard goods, all materials) Main store Basement Shoes (basement only) +24 +35 +32 +32 +33 +17 +39 +38 +51 +28 1942 1941 Feb. 10.... .. 80 Feb. 8 17.... .. 82 15 2 4 . . . . .. 82 22 Mar. 2 . . . . .. 95 Mar. 1 8.... .. 98 8 16.... .. 99 15 23.... ..113 22 30.... .. 88 29 +46 +4 +28 +29 +11 +21 +25 +24 +3 Main store ,..,..„... Men's clothing ,.„.„.... +41 Men's furnishings, hats^ caps „ .„...... +21 Boys' clothing and furnishings....«....... +34 2 WEEKLY I N D E X O F SALES [Weeks ending on dates shown. 1935-39 average = 100.] 1940 „.«........... Men's and boys' wear. „ 1 +29 +29 +33 +21 +20 +25 Main store P Preliminary. 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. 1939 ,........, Basement Store Women's, girls', and infants' apparel and accessories1 Basement STOCKS Feb. 11 18 25 Mar. 4 11 18 25 Apr. 1 NET SALES—entire store Main Store Two months 1942 . 95 F e b . . 97 . 88 .101 . 97 M a r . .105 .111 .117 * Based on reports from 242 stores. Reports of total sales from a larger number of stores, including many stores not reporting sales by departments, showed an increase of 22 per cent for February and 30 per cent for two months of 1942, as indicated in the table below. 1 Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. 7 . . . .114 1 4 . . . .116 21... .110 28... .119 7 . . . ..125 1 4 . . . ..131 2 1 . . . ..140 28... SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES [Percentage change from corresponding period of preceding year.] T o Feb. Jan. mw s . o 1942 1942 1942 United States... +22 +38 +30 Cleveland ( c o n t ' d ) +18 +42 +30 Youngstown Boston +21 +34 +27 Erie New Haven +29 +56 +43 Pittsburgh Portland +15 +39 +28 Wheeling Boston +7 +49 +28 Richmond Springfield +23 +43 +33 Washington Providence +20 +35 +28 Baltimore New York +32 +42 +38 Winston-Salem... Bridgeport +21 +37 +29 Charleston, S. C Newark +18 +41 +29 Lynchburg Albany +28 +52 +40 Norfolk Binghamton +30 +51 +41 Buffalo Richmond +36 +56 +45 Elmira Charleston,W.Va Niagara Falls... +4 +59 +52 Hun ting ton New York City.. +18 +31 +25 Atlanta +9 +47 +27 Poughkeepsie Birmingham +19 +40 +30 Montgomery Rochester +21 +46 +33 Jacksonville Syracuse +29 +45 +37 Miami Philadelphia +25 +48 +36 Tampa Trenton +38 +52 +45 Lancaster.. Atlanta +30 r +43 +37 Philadelphia Macon +31 +61 +45 Baton Rouge.... Reading +28 +42 +35 New Orleans Wilkes-Barre +28 +62 +44 York Jackson +22 +49 +35 Chattanooga Cleveland +31 +60 +45 Knoxville Akron +12 +42 +28 Nashville Cincinnati +30 +4< +40 Chicago Cleveland +18 +4- +31 Chicago Columbus +22 +46 +34 Toledo Peoria " Revised. Feb. Jan 1942 +15 +31 +17 +14 +32 +34 +37 +5 +37 +22 +43 +26 +24 +16 +10 +41 + 15 +10 +44 +56 +50 +54 r r +47 +55 +44 +30 +103 +39 +56 +37 +39 +42 r +26 +57 r +35 +23 — 12 - 8 +16 '+24 r +24 +15 +38 +20 +17 r +31 +23 +52 +24 +47 +17 +47 +10 +28 +21 r +38 +14 +32 +19 +33 Two! mos. 1942 o Feb. Jan. T w s . 1942 1942 m o 1942 Chicago (cont'd) Fort Wayne.... Indianapolis.... Des Moines Sioux City Detroit Flint Grand Rapids.. Lansing Milwaukee +29 +43 +32 +33 +40 +44 +41 +16 +65 +30 St. Louis +4" Fort Smith +32 Little Rock.... +32 Quincy +29 Evansville +18 Louisville +4! St. Louis +2- Springfield.... +17 Memphis -10 Minneapolis +20 Kansas City +11 Denver vz +2' +37 +36 +3 +18 +31 +25 +2t Hutchinson Topeka Wichita Joplin Kansas City... St. Joseph Omaha Oklahoma City Tulsa +37 +27 +17 +11 +28 -9 +12 +12 +31 +23 +38 +26 +19 +22 +19 +25 +10 +24 +21 +15 +11 +11 -1 +39 +20 +19 +8 +23 +25 +60 +40 +39 +22 +45 +14 +48 +43 +40 +39 +57 +24 +47 +46 +28 +43 +30 +38 +31 +37 +33 +40 +30 +50 +63 +45 +43 +39 +19 +43 +48 +34 +28 +16 +36 +1 +26 +27 +36 +31 +47 +25 +32 +34 +24 +34 +19 +31 +26 +26 +22 +25 +13 +45 +40 +32 +25 +32 +11 +33 Feb. Jan. T w o 1942 1942 m o s . 1942 Dallas Shreveport Dallas Fort Worth Houston San Antonio San Francisco Phoenix Bakersfield Fresno Long Beach Los Angeles Oakland and Berkeley Sacramento San Diego San Francisco.... San Jose Santa Rosa... Stockton Vallejo and Napa Boise and Nampa Portland Salt Lake City. Bellingham..... Everett Seattle Spokane Tacoma Walla Walla Yakima +10 +18 +6 +19 +7 +20 +29 +37 +15 +17 +45 +21 +28 +44 +19 +33 +34 +37 +32 +46 +21 +27 +50 +27 +19 +31 +12 +27 +21 +28 +30 +42 +18 +22 +48 +24 +41 +34 +42 +20 +26 +34 +32 +65 +41 +32 +44 +16 +26 +35 +27 +71 +41 +33 +43 +18 +26 +34 +29 +68 +38 +32 +30 +34 +49 + 15 +33 +31 + 8 +45 +38 +43 +41 +33 +59 +28 +35 +34 +21 +38 +37 +35 +34 +54 +22 +34 +32 +14 • N o t available. 372- FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 .... . . . 1941—January February March April May . June July August September October November December . 1942—January February . Week ending 1941—November 29 December 6 December 13 December 20 December 27 1942—January 3 J a n u a r y 10 J a n u a r y 17 J a n u a r y 24 J a n u a r y 31 February 7 F e b r u a r y 14 February 21 February 28 March 7 March 14 March 21 March 28 Farm products Foods 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 71.3 82.7 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 L04.6 92.8 95.6 LOO.8 L08.3 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 80.8 80.6 81.5 83.2 84.9 87.1 88.8 90.3 91.8 92.4 92.5 93.6 Year, month, or week All commodities 71.6 70.3 71.6 74.4 76.4 82.1 85.8 87.4 91.0 90.0 90.6 94.7 73.7 73.5 75.2 77.9 79.5 83.1 84.7 87.2 89.5 88.9 89.3 90.5 84.3 84.4 84.9 85.9 87.4 88.6 89.7 90.8 91.6 93.4 93.5 93.7 102.4 101.6 102.6 103.9 L06.4 107.8 109.4 L10.2 111.3 L12.6 114.1 114.8 96.0 96.7 100.8 101.3 93.7 94.6 94.6 94.9 92.3 92.2 93.1 94.0 93.8 94.3 95.0 95.6 95.5 95.9 95.7 96.2 96.5 96.8 96.9 97.1 97.2 97.4 91.1 90.8 92.8 96.0 95.5 96.9 98.8 100.8 100.3 101.3 100.1 100.7 101.9 102.0 101.5 102.3 103.1 103.4 89.2 88.7 90.4 91.6 91.2 91.9 92.5 94.1 93.6 93.9 93.7 94.0 94.8 95.5 95.8 95.8 95.5 95.9 93.7 93.7 93.8 93.9 93.9 94.1 94.3 94.4 94.5 94.7 94.5 94.9 94.8 95.0 95.1 95.2 95.3 95.3 Total 1941 Hides and Fuel and Metals Building Textile lighting and metal materials leather products products materials products Miscellaneous 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99.4 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.6 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 75.2 76.4 78.4 81.0 83.0 84.5 86.2 88.3 89.7 90.9 91.1 91.8 72.1 72.1 72.0 72.9 75.6 77.9 78.5 79.0 79.2 79.6 78.8 78.4 97.7 97.6 97.7 97.9 98.1 98.3 98.5 98.6 98.6 103.1 103.3 103.3 99.6 99.3 99.5 100.1 100.4 101.0 103.1 105.5 106.4 107.3 107.5 107.8 78.6 78.5 79.8 81.8 83.6 83.8 85.2 86.0 87.4 89.7 89.8 91.3 89.0 89.1 89.5 90.4 91.4 93.1 94.4 95.4 97.2 99.5 100.6 101.1 77.1 76.9 77.6 78.6 79.6 80.6 82.0 83.7 85.1 86.4 87.3 87.6 L14.9 15.3 93.6 95.2 78.2 78.0 103.5 103.6 109.3 110.1 96.0 97.0 102.4 102.5 89.3 89.3 115.4 L15.4 L15.4 L15.5 L15.6 115.7 115.7 L15.6 L15.7 1 L15.7 L15.8 L16.1 L16.1 116.3 116.4 16.4 116.6 L17.6 90.6 90.7 91.0 91.4 91.5 91.6 92.4 92.6 92.7 93.6 93.5 93.6 93.7 94.9 95.1 95.9 95.9 95.9 79.4 79.2 79.0 79.0 79.0 79.0 78.9 78.9 78.9 78.8 78.4 78.7 78.5 78.4 78.5 78.2 78.2 78.1 103.3 103.3 103.4 103.4 103.4 103.4 103.5 103.5 103.6 103.6 103.6 103.6 103.6 103.7 103.7 103.7 103.7 103.7 107.4 107.4 107.8 107.5 108.1 108.3 108.9 109.1 109.5 109.6 109.4 109.8 109.7 109.9 109.9 110.2 110.4 110.6 89.7 89.7 91.5 91.7 91.7 95.1 95.3 95.6 96.5 96.7 96.6 96.9 96.9 97.1 97.1 97.1 '97.1 97.1 101.9 101.9 102.3 102.3 102.3 102.5 102.4 102.7 102.7 102.9 102.9 104.0 104.1 104.1 104.1 104.1 104.1 104.1 87.1 87.2 87.5 87.5 87.4 87.5 87.7 87.9 88.1 88.4 88.2 89.0 89.1 89.1 89.2 89.4 89.7 89.7 4 1942 77.3 82.0 1942 1941 Subgroups Feb. Anthracite „ Bituminous coal Coke Electricity Gas.... . . Petroleum products . Housefurnishing goods 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 76.2 Subgroups Farm Products: Grains Livestock and poultry Other farm Droducts Foods: Dairy products Cereal products Fruits and vegetables.. Meats Other foods Hides and Leather Products: Shoes Hides and skins Leather Other|leatherjproducts..,. Textile Products: Clothing Cotton goods Hosiery and underwear Silk Rayon Woolen and worsted goods Other textile products Fuel and Lighting Materials: Chemicals and allied products Nov. Dec. 64.5 82 4 64 2 84.3 90.6 91.7 91 .0 9? 4 qi 4 95 9 105 7 98 4 95.3 109.3 97.4 79.7 73.8 59.4 83.6 64.2 96.3 85.9 77.9 90.8 89.0 9 e ,5 8? .3 V 8 9C 85 2 96.0 91 1 78 3 101 6 91 0 95.0 91.1 85.2 104.0 89.4 107.4 94.8 94.5 99.7 120.5 114.0 101.1 111.5 120.7 115.9 101 115 .8 1 3 4 3 121.8 115.5 101.4 113.5 87.2 77.5 60.3 43.3 29.5 91.2 76.8 97.9 105.4 67.0 ? 91 4 101 1 107.5 110 S 6'1 0 69 o 105.3 111.4 69.6 30.3 102.6 96.0 30.3 102.7 96.2 30.3 103 0 97 5 30.3 104.3 98.1 81.1 100.3 113.8 72.5 77.6 50.0 85.3 108.2 122.2 68.2 77.5 i0 4 85.3 108.0 122.2 67.4 77.4 59.8 85.3 108 4 1?? 85.3 108.4 122.1 76 4 59 5 58.9 121 115 101 113 Feb. Feb. Jai] Metals and Metal Products: Agricultural implements.... Farm machinery Iron and steel Motor vehicles.. j •••-» ..„. Nonferrous meta Plumbing and heating . . . . „.„. Building Materials: Brick and t i l e . . . Cement Lumb er Paint and paint m a t e r i a l s . . Plumt )ine and heatine Structural steel. Other building m a t e r i a l s . . . Chemicals and Allied Products: Chemicals Drugs and pharmaceuticals Fertilizer materials Mixed fertilizers Oils and f a t s . . . Housefurnishing Goods: Furnishings Furniture „...... „. Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous Nov. Dec. Jan. Feb. 92.8 94.0 95 5 99.8 84.0 82.2 96.3 97.4 97.1 112.3 84.8 87.9 96.4 97.5 97.0 112.4 84.8 89.1 96 .7 97 8 97 n 112.4 85.4 93 6 96.9 98.0 97.0 112.4 85.6 97.9 91.4 90.8 117.2 86.6 82.2 107.3 94.9 96.6 93.1 128.7 95.3 87.9 107.3 103.2 969 96.7 93.4 93 4 129 A 131 .6 96.5 99 1 89.1 93 6 107.3 107 102.5. 103 .1 93.4 132.7 99.9 97.9 107.3 103.5 85.7 96.9 70.4 73.8 46.8 88.3 123.2 77.3 79.6 92.9 88.6 123.0 77.8 81.2 101.9 3 78 6 81 8 106.4 96.3 126.5 97.3 82.7 108.2 95.3 82.6 105.2 95.8 105.6 96.6 107 .2 97 .4 107.4 97.4 58.2 81.2 93.3 42.2 82.9 67.4 120.7 102.2 46.3 92.2 67.4 124.4 102.5 46.3 92.4 71 0 135 .2 10? 8 46 92 .5 71.0 132.8 102.9 46.3 92.9 95 97.0 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). APRIL 1942 373 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES. AND BUSINESS Chart book page 1942 Feb. 25 Mar. Mar. Mar. Mar. 4 11 18 25 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES* MEMBER BANKS Total, 101 cities: Loans and investments Balances due to domestic banks.... Demand deposits adjusted Time deposits. New York City: Commercial loans Brokers' loans U. S. Gov't obligations „ 100 cities outside New York: Commercial loans U. S. Gov't obligations „. 16 16 16 16 17 17 17 17 17 2.39 2.40 2.35 2.26 .10 .82 1.44 22.71 3.27 11.52 2.18 .9 2 1.27 12.84 3.08 .90 .6 2 1.19 .3 7 Dec. Jan. Feb In billions of dollars 2.25 .10 .82 1.43 22.71 3.27 11.52 2.18 .60 1.32 12.97 3.27 .98 .3 2 1.29 .76 2,7 7 7 2 2 2 2 2, 8 8 8 10 10 10 2.40 2.22 .1 0 22.76 10.99 2.19 .59 12.81 9.42 3.39 11.16 8.12 3.04 2.40 2.25 (7) 22.74 11.10 2.21 .47 12.94 9.49 3.45 11.17 8.05 3.13 2.39 2.25 (7) 22.73 11.33 2.19 .38 12.91 9.60 3.31 11.48 8.33 3.16 19 19 19 19 19 19 Reserve Bank credit, total U. S. Gov't securities Bills discounted Gold stock., Money in circulation Treasury cash Treasury deposits Reserve balances Required reserves Excess reserves Money in circulation, total Coins and bills under $50 Bills of $50 and over 2.35 2.25 2.24 .14 .14 .82 .82 1.43 1.42 22.69 22.68 3.27 3.27 11.47 11.46 2.17 2.18 .60 .47 1.37 1.35 12.94 12.53 TREASURY FINANCE ^3.29 ^3.01 U. S Government debt: .95 1.03 Direct obligations, total .22 .26 Bonds 1.09 1.27 p Notes *\78 .n Bills... , Special issues Guaranteed obligations 30.94 30.92 31.03 31.03 30.78 9.03 9.03 8.94 9.00 8.78 MONEY RATES, ETC. 24.71 24.82 25.13 25.01 24.57 5.19 5.19 5.15 5.13 5.13 F. R Bank discount rate, N. Y. (new issues) 2.73 2.73 2.77 2.80 2.79 Treasury bills 2 .33 .33 .33 .29 .29 Treasury notes 4 U. S Gov't bonds 7.14 7.16 7.15 7.05 7.03 Commercial paper 4.17 4.17 4.19 4.23 4.22 Corporate Aaa bonds 8.72 8.72 8.78 8.71 8.61 Corporate Baa .bonds 2.26 .10 .82 1.44 22.72 3.27 11.42 2.19 .80 1.15 12.52 3.20 1.00 .25 1.22 .3 7 1942 1941 RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 3 U. S. Gov't securities, by maturities, total 5 Within 1 yr 5 Within 5 yrs ,..,. 5 After 5 yrs „.,. 5 Gold stock ., 3 Treasury currency 3 Money in circulation 3, 11 Treasury cash holdings 3 Treasury deposits 3 Nonmember deposits 3 Member bank reserves 3 Excess reserves—total* 9 New York City ..,. 9 Chicago „.... 9 Reserve city banks 9 Country banks* .„ _ 9 Chart book page 57.45 40.00 8.47 2.00 6.98 6.32 59.53 42.08 8.29 2.10 7.06 5.67 61.89 44.31 8.40 2.00 7.19 5.67 Per cent per annum 23 23 23 29 25 25, 29 29 1.00 0.298 0.64 1.97 .56 2.80 4.38 1.00 0.214 0.47 2.01 .56 2.83 4.29 " 1.00 0.250 0.44 2.09 .63 2.85 4.29 In unit indicated Per cent per annum MONEY RATES, ETC. Treasury bills (new issues) „ 21 Treasury notes 2 4 21 U. S. Gov't bonds 21,29 Corporate Aaa bonds , 29 ; ..,. Corporate Baa bonds ,.-..--.«.-.— 29 0.222 0.229 0.44 0.43 2.10 2.05 2. 2.87 4.30 4.30 0.195 0.44 2.02 2.87 4. 1 3 0.203 0.221 (3) 2.00 2.87 4.32 (3) 1.96 2.85 4.29 In unit indicated Stock prices (1935-39 = 100): Total ..,. Industrial Railroad Public utility Volume of trading (mill, shares).., 374 31 31 31 31 31 71.8 73.8 61.0 66.2 1.54 72.6 74.3 69.0 66.1 .57 69.8 71.0 68.4 64.5 .40 33 33 600 368 547 308 534 307 33 289 274 262 35, 65 35 35 93.6 94.7 93.7 96.0 100.8 94.6 96.7 101.3 94.9 37 37 37 118.5 114.4 126.6 120.2 115.6 129.4 120.6 116.0 129.5 39 39 39 39 110.5 108.2 114.8 113.1 111.9 108.4 115.7 116.2 112.6 108.6 118.7 116.8 BUSINESS CONDITIONS 31 31 31 31 31 68.5 69.4 68.2 64.0 .38 68.8 69.8 67.9 63.9 .46 64.4 65.4 64.3 59.8 .38 65.7 66.9 64.7 59.7 .34 65.2 66.7 63.1 58.6 .32 BUSINESS CONDITIONS Wholesale prices: All commodities (1926=100): Total .„.. Farm products Others Basic commodities (Aug. 1939 = 100), total 12 foodstuffs 16 industrial materials Steel production (per cent of capacity) Automobile production (thous. cars)6.. Freight-car loadings (thous. cars): Total Miscellaneous Electric power production (mill. kw. hrs.) Department store sales (1935-39 = 100) F.H.A. home mortgages, new constr. (thous.) Stock prices (1935-39=100): Total , Industrial Railroad Public utility Volume of trading (mill, shares)... Brokers' balances (mill, dollars): Credit extended customers.... Money borrowed Customers' free credit balances 35 35 35 96.8 96.9 97.1 97.2 97.4 102.0 101.5 102.3 103.1 103.4 95.0 95.1 95.2 95.3 95.3 36 36 36 165.2 165.7 166.1 165.8 166.4 182.4 183.1 183.4 183.0 183.4 153.2 153.6 154.1 153.9 154.6 44 44 45 45 46 46 47 Wholesale prices: All commodities (1926 = 100): Totals Farm products Others Industrial commodities (Aug. 1939 = 100): Total Finished Raw and semifinished Cost of living (1935-39 = 100): All items Rent Clothing Food .. * Estimated. p Preliminary. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Tax-exempt issues only. 781.4 770.7 799.4 796.6 804.7 3 To tax-exempt notes outstanding within maturity range. 354.9 357.5 373.9 375.1 370.7 * Partially tax-exempt issues only. 6 Other than farm products and foods. 3,410 3,392 3,357 3,357 3,346 6 Data no longer published. 119 125 140 148 131 7 Less than $5,000,000. 8 Estimate for March is shown on page 361. 7.78 7.66 8.4 7.41 10.97 * Copies of this Chart Book may be obtained at a price of 50 cents each. 96.3 97.2 97.4 97.9 99.0 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued Chart book page MONTHLY FIGURES (cont.) 1942 Jan Chart 42 41 42 42 42 41 42 42 42 42 42 167 81 21 43 16 3 6 2 5 r 66. 2 20 2 13 2 r 18 7 14 0 19 7 171 |I P173 P86.1 84.2 21.2 21.0 P47.5 45.5 17.6 P17.4 P66.7 66.9 P20.6 20.6 ^12.9 13.0 19.4 ^19.2 13.9 »14.0 19.9 27 43 43 43 43 43 43 43 43 43 232 332 167 207 252 168 158 176 144 268 414 174 201 232 174 162 179 147 57 57 57 57 137 23 5 81 7 31 8 140 «. «.51, 53 51, 53 134 .3 170 .2 «... 51 78.7 136 24.2 81.2 30.8 r. 41 .2 111 92 41.5 138 93 P132.9 *>176.9 80.1 51 59 59 Dec. MONTHLY FIGURES (cont.) ... Jan. Feb. 1926 = 100 INTERNATIONAL FINANCE Wholesale prices: Canada Germany Japan » Sweden Switzerland United Kingdom 1942 65 65 65 65 65 65 93.6 125.8 94.3 126.2 *>127.9 In cents per unit of foreign currency Foreign exchange rates: Argentina (peso) Canada (dollar) Japan (yen)5 Switzerland (franc)6 United Kingdom (pound) 67 67 66 66 67 29.77 87.39 29.77 87.83 29.77 88.42 403.50 403.50 403.50 Oct. 25.3 83.0 31.7 132.4 173.5 1941 1941 1923-25 = 100 Factory e m p l o y m e n t . . . .„ Factory payrolls. Average hourly earnings (cents per hour) Average hours worked (hours per week) Department store sales* 3 Department store stocksl book page ! Feb. In unit indicated BUSINESS CONDITIONS (cont.) Industrial production: 1 2 Total (1935-39 = 100) 41, Durable manufactures Iron and steel Machinery, etc Other durable Nondurable manufactures Textiles and leather Paper and printing Foods, liquors, and tobacco . . . Other nondurable Minerals 41", New orders, shipments, and inventories: New orders, total (Jan. 1939 = 100). Durable Nondurable Shipments, total (Jan. 1939 = 100). Durable Nondurable Inventories, total (1939 = 100) . . . . Durable Nondurable ,.... Freight-car loadings:i 2 Total (1935-39 = 100)3 Coal , Miscellaneous ,..« «... All other 1941 Dec. 126 P103 Nov. Dec. In billions of dollars Increase in U. S. gold stock:? Total 63 Net capital inflow: Total 62, 63 Inflow of foreign capital 62 Return of domestic capital.... 62 Merchandise export surplus 63 Other factors 63 Short-term foreign liabilities and assets of banks: Due to foreigners „ 64 Due from foreigners 64 Net due to foreigners 64 15.78 15.76 15.71 5.91 3.83 1.99 5.64 4.22 5.79 3.69 1.99 5.86 4.12 5.63 3.54 1.99 6.16 3.92 3.77 .36 3.40 3.63 3.47 .37 3.10 .36 3.27 1941 In millions oj dollars Residential contracts awarded:1 Total Public. Private, total 1- and 2-family dwellings Other . Construction contracts awarded:4 Total Residential , Other , ..Nonagricultural employment1 (mill, persons): Total Manufacturtng and mining Trade Government ,. Transportation and utilities Construction. Income payments. Total , Salaries and wages Other Cash farm income: Total Crops Livestock and products Gov't payments Exports and imports: Exports Imports Excess of exports APRIL 1941 47 47 47 47 47 131 21 110 102 9 137 25 112 101 11 197 84 113 101 13 49 49 49 504 127 378 483 151 332 »482 p 176 *>306 50 50 50 50 50 50 54 54 54 40. 13.68i 7.02 4.31 3.32 2.16 40.90 ^40.75 13. 73 *>13.59 6. 91 ^6.87 4. 46 P4.50 3 . 33 P3.31 2. 06 *>2.07 8,321 5,470 2,851 55 55 55 55 1,235 500 651 84 61 61 61 652 344 308 1,098 344 643 111 *>887 *>260 P549 P79 Apr.June Oct.Dec. In billions of dollars QUARTERLY FIGURES Cash income and outgo of U. S. Treas.: Cash income Cash outgo -... Excess of cash outgo Domestic corporation security issues: Total New Refunding JulySept. 18 18 18 2.62 4.46 1.84 2.55 5.31 2.76 2.86 7.19 4.33 32 32 32 .61 .19 .42 .73 .41 .32 .44 .25 .19 Per cent •per annum Bank rates on customers' loans: Total, 19cities „ New York City 7 other Northern and Eastern cities 11 Southern and Western cities.... 25 27 2.55 1.95 2.60 1.98 2.41 1.88 27 27 2.58 3.23 2.62 3.29 2.45 2.99 v 1 2 3 4 5 Preliminary. r Revised. Adjusted for seasonal variation. In points in total index. Estimate for March is shown on p. 361. Three-month moving average, adjusted for seasonal variation. No rate certified since July 25, 1941. J N O rate certified since June 14, 1941. » Cumulated from Jan. 31, 1934. 375 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued Hn billions of dollars] 1940 1939 Chart 1941 l L. Dec. 30 Mar. 26 June 29 Dec. 31 62.87 29.09 26.81 6.19 49.95 21.63 28.32 64.10 29.79 27.06 6.40 50.89 22.17 28.72 64.88 30.54 27.28 6.23 51". 14 22.19 28.95 66.96 31.96 27.47 6.70 51.34 22.34 29.00 70.75 34.94 27.74 7.32 54.19 23.74 30.45 19.46 19.61 19.98 20.22 10.95 2.83 2.55 2.94 .19 13.14 5.99 .56 .91 2.83 2.85 10.89 2.92 2.76 11.18 11.31 3.14 3.11 2.69 2.91 2.77 (2) .19 13.96 13.94 6.57 .61 (2) .88 (2) 2.96 2.94 45.34 47.07 2.14 3.77 2.55 15.70 3.04 5.90 12 20 2.32 4.23 2.48 16.30 3.10 46.30 412.30 page Mar. 29 June 30 Oct. 2 12 12 12 12 13 13 13 59.11 26.04 26.56 5.63 48.93 21 15 27.78 60.95 27.35 26.80 6.01 49.62 21.32 28.30 <l> 19.05 14 14 14 10.69 2.66 2.56 2.96 .18 13.05 5.96 .67 .90 2.75 2.77 Dec. 31 Apr. June 30 Sept. 24 72.43 36.10 27.90 7.78 56.15 24.32 31.83 74.15 37.32 27.88 8.20 57.95 25.31 32.63 p 76.09 p 38.65 p 27.93 p 8.56 59.31 26.20 33.11 P78.16 p 38.92 p 27.74 P9.61 p 61.10 p 26.62 p 34.48 20.48 21.81 23.10 23.93 24.40 25.50 11.60 3.12 2.89 2.70 .17 13.97 6.72 .32 .80 3.07 3.06 12.34 13.50 3.49 3.49 3.01 3.21 2.80 .17 15.32 15.88 7.52 (2) .47 .83 (2) 3.23 3.27 14.24 3.84 2.98 2.72 .15 16.73 8.55 .42 .79 3.37 3.61 14.09 4.24 3.16 15.71 3.83 3.09 2.73 17.55 18.02 9.64 .41 47.87 50.36 54.75 2.29 2.25 4.77 * 5.37 2.18 2.47 16.55 17.76 3.11 3.22 6.50 46 80 12.20 412.80 2.36 6.12 2.18 20.10 3.43 6 90 13.70 CALL R E P O R T F I G U R E S ALL BANKS IN THE U. S. Total deposits and currency Demand deposits adjusted... Time deposits Currency outside banks .. ... .. Loans Investments MEMBER BANKS Investments, total U. S. Government obligations: Direct ... Guaranteed State and local government obligations Other domestic securities Foreign securities Loans, t o t a l .... Commercial loans (inch open-market paper). Street loans (brokers' loans) Other security loans ^ Real estate loans All other loans. .. .. . 14 14 (*) 15 15 15 15 C1) .... 8 8 8 13.47 0 SEMI-ANHUAL F I G U R E S .14 0 8 .78 (2) 3.49 3.69 OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding Amount held by: U. S. Government agencies and trust funds: Public issues Special issues Federal Reserve Banks Commercial banks . . Mutual savings banks Insurance companies . 20 20 20 20 20 20 20 p Preliminary. 3 1 63.77 2.55 6.98 2.25 21 80 p 3.7O P 7 90 p 18.50 P 2 Series not shown in Chart Book. Figures available for June and December dates only. Includes only loans made for the purpose of purchasing or carrying securities. 4 Partly estimated. 376 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CONDITION ON DECEMBER 3 1 , 1941 BY CLASSES OF BANKS [Amounts in thousands of dollars] ASSETS Loans (including overdrafts) United States Government direct obligations Obligations guaranteed by United States Government Obligations of States and political subdivisions ; Obligations of Government corporations and agencies, not guaranteed by United States Other bonds, notes, and debentures Corporate stocks (including Federal Reserve Bank stock)... Total loans and investments Reserve with Federal Reserve Banks Cash in vault Demand balances with banks in United States (except private banks and American branches of foreign banks) Other balances with banks in United States Balances with banks in foreign countries Due from own foreign branches Cash items in process of collection Bank premises owned and furniture and fixtures Other real estate owned Investments and other assets indirectly representing bank premises or other real estate Customers' liability on acceptances Income accrued but not yet collected Other assets Central reserve city member banks1 New York Chicago Reserve city member banksl 6,295,408 5,951,466 1,548,275 1,069,193 4,072,172 5,585,248 1,679,444 728,696 954,288 1,311,338 118,811 182,344 7,104,682 5,293,564 1,172,961 956,473 225,665 669,182 190,516 15,949,705 4,997,106 307,332 217,157 471,271 141,625 12,895,613 5,105,316 93,061 51,340 117,941 23,928 2,759,990 1,020,645 42,727 All member All national member banks banks All State member banks 18,020,904 15,706,687 3,832,035 3,089,606 11,725,496 9,755,221 2,283,760 2,020,413 557,231 331,566 1,921,852 1,252,670 392,244 201,728 43,520,559 27,570,854 12,396,344 7,399,238 1,086,752 779,420 4,656,120 74,973 7,582 4,078 2,060,017 588,875 81,692 1,491,234 23,546 3,552 137 1,322,569 322,338 97,447 139,764 1,588 6,485 137 1,290,434 199,920 21,127 294,423 3,797 284 98,449 72,427 * 110,586 101,579 54,036 40,112 64,145 51,885 44,413 32,315 46,441 49,694 10,169 43,558 39,927 15,330 68,120,856 Total assets. 6,147,354 98,519 11,134 4,215 3,382,586 911,213 179,139 43,433,027 24,687,829 49,230,638 33,061,264 1,709,333 3,065,567 9,713,951 671,186 31,038,022 18,192,616 20,445,710 12,615,554 620,890 1,088,443 833,058 2,232,509 6,356,435 3,357,516 340,073 331,113 Country member banksl 5,889,762 3,516,537 860,819 1,222,093 175,943 112,791 504,057 828,583 139,748 86,943 15,347,428 12,517,528 4,060,488 2,209,895 425,150 525,814 3,153,651 62,613 1,172 204,149 19,013 1,554 2,559,516 30,521 3,193 4,078 1,439,492 324,668 68,043 718 1,675 8,609 5,440 65,648 23,772 41,830 35,740 21,914 3,422 20,220 45,069 19,862,429 4,363,024 24,429,567 19,465,836 17,119,289 11,282,381 866,272 318,656 3,594,756 607,150 3,581,284 17,403,048 2,152,174 11,126,938 490,642 127,186 232,766 1,143,880 1,026,999 4,302,130 8,264 53,509 11,127,017 8,499,771 225,233 1,370,265 790,066 2,263 448,511 367,612 88,415 LIABILITIES Demand deposits—Total Individuals, partnerships, and corporations United States Government2 States and political subdivisions Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits—Total Individuals, partnerships, and corporations: Savings deposits Certificates of deposit Christmas savings and similar accounts Open accounts Postal savings2 States and political subdivisions Banks in United States Banks in foreign countries Total deposits.. Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money '. , Acceptances outstanding Dividends declared but not yet payable Income collected but not yet earned Expenses accrued and unpaid Other liabilities Total liabilities 1,009,337 12,486,751 425,525 4,066,377 450,074 812,565 33,895 475,820 7,185,971v 3,327,367 10,513,338 611,226 463,754' 147,472 30,136 20,337 9,799 723,343 264,688 458,655 50,473 36,347 14,126 418,220 67,594 350,626 132,923 39,584 93,339 7,092. 1,780 5,312 61,717,389. 39,458,396 22,258,993 148,921 34,833 114,088 407,729 9,030 1,067 360,202 424,868 25,982 203 24,567 A,312 86,358 37,902 76,373 98,807 64,430 62,234,492 583,812 8,420,374 3,778 47,531 23,459 52,594 62,497 30,205 29,015 180 5,342 17,931,854 148,921 534 38,827 14,443 23,779 36,310 34,225 53,002 17,338 10,908 26,062 25,882 39,792,548 22,441,944 18,213,967 285,949 4,910,094 239,419 6,288,272 4,148,305 135,630 10,832 247,536 19,896 200 243,402 102,743 1,750 4,057,104 22,313,142 5,532,436 440,584 18,034 91,038 30,577 145,603 30,000 17,415,289 27,800 11,594 39,662 42,820 27,235 4,312 3,496 7,990 23,269 19,708 9,358 4,074,850 22,462,253 17,483,422 2,060 980 2,534 10,217 1,955 CAPITAL ACCOUNTS Capital Surplus Undivided profits Reserves for contingencies Other capital accounts Total capital accounts Total liabilities and capital accounts. Net demand deposits subject to reserve . Demand deposits-adjusted3 Number of banks 2,362,185 2,394,336 775,145 312,467 42,231 1,511,994 1,386,051 498,624 210,177 5,886,364 3,640,479 2,245,885 1,648,462 288,174 1,967,314 1,982,414 68,120,856 43,433,027 24,687,829 19,862,429 4,363,024 24,429,567 19,465,836 39,707,549 33,753,582 6,619 24,325,282 21,202,014 5,117 15,382,267 12,551,568 1,502 33,633 850,191 1,008,285 276,521 102,290 8,598 548,091 840,674 212,908 43,594 3,195 101,600 120,590 29,089 36,658 237 3,083,912 2,214,686 13 789,581 763,842 259,901 139,338 14,652 922,913 669,230 273,247 92,877 24,147 7,528,877 9,660,944 6,219 1 Banks are classed according to the reserves which they are required to carry (see page 334). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 8 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. APRIL 1942. 377 ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON DECEMBER 31, 1941 BY CLASSES OF BANKS [In thousands of dollars] All member banks All national member banks 18,020,904 11,725,496 8,063,757 5,176,981 972,321 818,172 477,939 319,189 6,930 5,964 44,888 21,016 77,600 48,970 594,193 253,949 597,684" 336,202 „ 294,962 222,466 „. 2,396,116 1,542,503 «. 802,831 479,517 39,023 14,641 3,642,364 2,478,136 10,296 7,790 9,755,221 United States Government direct obligations—Total 15,706,687 Treasury bills 970,898 675,265 Treasury notes 3,007,041 1,886,439 Bonds maturing in 5 years or less 1,452,292 736,185 Bonds maturing in 5 to 10 years 3,653,798 1,966,265 Bonds maturing in 10 to 20 years , 5,456,368 3,690,358 Bonds maturing after 20 years , 1,166,290 800,709 Loans—Total Commercial and industrial loans Agricultural loans Commercial paper bought in open market Bills, acceptances, etc. payable in foreign countries Acceptances of other banks, payable in United States Reporting banks' own acceptances Loans to brokers and dealers in securities Other loans for purchasing or carrying securities Real estate loans: On farm land On residential property On other properties Loans to banks All other loans Overdrafts Obligations guaranteed by United States Government2,283,760 3,832,035 Total Total amount maturing in 5 years or less 2,602,315 1,384,251 Reconstruction Finance Corporation 1,338,847 612,017 Home Owners' Loan Corporation. 1,427,822 1,034,358 Federal Farm Mortgage Corporation. 499,986 294,890 Other Government corporations and agencies 565,380 342,495 Obligations of Government corporations and agencies, not guaranteed by United States—Total Total amount maturing in 5 years or less.... Federal Land Banks Federal Intermediate Credit Banks Other Government corporations and agencies 557,231 432,332 167,471 199,042 190,718 Obligations of States and political subdivisions—Total. In default Without specific maturity Maturing in 5 years or less Maturing after 5 years 3,089,606 2,872 190,054 1,827,730 1,068,950 331,566 233,670 110,840 111,066 109,660 2,020,413 2,457 148,994 1,059,891 809,071 Other bonds, notes, and debentures—Total Total amount in default Total amount maturing in 5 years or less— Railroads Public utilities Industrials Other domestic corporations ,. „. „ Foreign-public and private „. „. „....., 1,921,852 35,660 625,572 698,640 421,102 527,938 137,312 136,860 All State member banks Central reserve city member banks 1 New York Chicago Reserve city member banks 1 Country member banksl 5,889,762 1,431,040 658,789 239,603 1,169 2,340 1,775 J9.713 182,830 214,785 1,234,302 373,477 2,268 1,525,040 2,631 6,295,408 2,886,776 154,149 158,750 4,072,172 2,715,736 8,096 16,195 23,872 28,630 340,244 261,482 72,496 853,613 323,314 24,382 1,164,228 2,506 38,802 36,203 411,944 168,594 62,482 60,034 31,955 520,041 2,022 92,523 2,148 7,104,682 3,205,791 299,921 205,811 4,071 3,652 36,923 114,416 194,330 79,824 1,086,631 360,842 4,215 1,504,760 3,495 5,951,466 295,633 1,120,602 716,107 1,687,533 1,766,010 365,581 5,585,248 310,707 1,622,670 804,147 1,434,799 1,258,371 154,554 1,311,338 255,855 152, 709 60,563 118,908 540,742 182,561 5,293,564 294,668 750,603 359,255 1,277,833 2,233,981 377,224 3,516,537 109,668 481,059 228,327 822,258 1,423,274 451,951 1,548,275 1,218,064 726,830 393,464 205,096 222,885 1,679,444 1,202,241 703,002 574,309 196,421 205,712 118,811 114,827 84,219 5,857 1,008 27,727 1,172,961 744,557 330,286 493,585 166,713 182,377 860,819 540,690 221,340 354,071 135,844 149,564 225,665 198,662 56,631 87,976 81,058 217,157 183,708 56,865 96,118 64,174 51,340 36,171 16,349 18,146 16,845 175,943 142,196 42,318 69,031 64,594 112,791 70,257 51,939 15,747 45,105 1,069,193 728,696 182,344 956,473 55,304 514,189 386,252 1,222,093 1,841 60,265 655,612 504,375 504,057 14,073 169,277 193,436 102,166 132,228 35,088 41,139 828,583 13,996 157,225 309,384 230,690 194,829 34,715 58,965 139,748 46,531 51,767 6,253 34,969 86,943 47,623 5,330 7,198 26,595 966 954,288 711,190 5,515 16,330 1,652 38 94 2,699 48,120 51,930 323 30 12,701 8,478 585 415 303 41,060 767,839 259,879 8,221 579,275 140,897 1,252,670 22,789 339,636 458,285 279,102 352,529 73,415 89,339 669,182 15,871 285,936 240,355 142,000 175,409 63,897 47,521 471,271 9,737 238,571 162,661 57,853 159,679 62,402 28,676 117,941 392,244 142,117 98,174 15,329 135,583 1,041 201,728 86,562 45,928 4,643 64,153 190,516 55,555 52,246 10,686 71,430 141,625 41,303 40,801 1,869 57,036 23,928 6,660 Bank premises, furniture and fixtures, and other real estate—Total Bank premises Furniture and fixtures Farm land (including improvements) Residential properties Other real properties 1,090,352 839,503 71,710 12,649 63,736 102,754 670,567 534,309 54,566 9,624 25,373 46,695 419,785 305,194 17,144 3,025 38,363 56,059 221,047 199,198 20,567 18,819 7,486 13,635 194 49 739 766 392,711 295,504 29,164 4,569 19,131 • 44,343 456,027 325,98241,630 8,025 36,380 44,010 Assets indirectly representing bank premises or other real estate—Total Investments Other assets .„ 98,449 72,816 25,633 54,036 47,413 6,623 44,413 25,403 19,010 10,169 8,428 1,741 718 613 105 65,648 46,966 18,682 21,914 16,809 5,105 2,364,456 38,512 220,587 17,716 2,087,641 1,513,564 548,091 101,600 155^429 12,983 1,345,152 850,892 38,512 65,158 4,733 742,489 789,581 22,584 86,631 2,150 678,216 925,184 15,667 123,345 15,566 770,606 312,077 23,591 202,790 14,931 109,287 8,660 119,943 2,150 168,184 21,441 Corporate stocks—Total Federal Reserve Banks Affiliates of reporting banks Other domestic banks. Other domestic corporations...' Foreign corporations Capital: Par or face value—Total Capital notes and debentures First preferred stock Second preferred stock Common stock Retirable value of: First preferred stock Second preferred stock 1 ,.. ......... , ,.... .,..... ,.. 442 599 728 66," 264' 78,654 37,426 854 60,499 33,159 30,393 41,202 5,107 8,080 276 9 16,983 616 722 6 261 / 9,011 i,6oo 538,819 100,000 22,350 1,600 228 197 For footnotes see preceding page. 378 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 380 Gold production 381 Gold movements 381 International capital transactions of the United States 381-386 Central banks 387-390 Money rates in foreign countries 391 Commercial banks 391 Foreign exchange rates , 393 Price movements: Wholesale prices 394 Retail food prices and cost of living 395 Security prices .• 395 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad! The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Backfiguresmay in most cases be obtainedjfrom earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. APRIL 1941 379 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Argentina Belgium 11,258 12,760 14,512 17,644 21,995 501 469 431 466 2 353 632 597 581 609 3 734 25 • 32 32 40 51 275 274 274 274 274 20 24 24 24 24 188 184 192 214 29 30 30 30 30 19 16 24 21 17 "... 22, 367 22, 506 22, 575 22, 624 22, 675 22, 719 22, 761 22,800 22, 785 22,737 >. 22,747 22, 705 353 353 353 353 353 352 352 354 354 354 734 56 57 58 62 63 65 66 68 69 70 274 274 274 274 274 274 274 274 274 274 24 24 24 6 7 8 6 7 11 6 6 8 5 7 5 30 30 30 30 30 30 30 30 30 30 30 Java 1936—Dec 1937—Dec 1938—Dec 1939—Dec 1940—Dec 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb. Brazil British India Hungary Iran (Persia) Italy Japan 1936—Dec 1937—Dec 1938—Dec... 1939—Dec 1940—Dec 25 25 37 24 24 25 25 26 26 26 208 210 193 144 U37 463 261 164. 164 164 1941—Mar Apr May June July Aug Sept Oct Nov. Dec. 1942—Jan. Feb. 24 24 24 24 24 24 24 24 26 26 End of month End of month 1936—Dec 1937—Dec 1938—Dec 1939—Dec 1940—Dec 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan. Feb Co- Czechoslolombia vakia United States End of month Sweden 240 244 321 308 160 172 174 180 192 189 191 191 192 196 223 225 Switzerland 657 650 701 549 502 527 528 530 528 533 525 543 560 602 Denmark Egypt 91 92 83 56 58 54 53 53 53 52 55 55 55 55 52 18 17 16 18 18 17 17 17 17 16 18 17 59 59 59 61 61 61 61 61 61 61 48 48 48 47 45 45 44 44 52 52 52 52 52 52 52 Norway Peru Poland Portugal Rumania 98 82 94 94 184 20 21 20 20 20 75 83 85 68 69 69 69 59 Canada Chile 26 29 29 29 88 89 95 96 96 95 93 92 46 24 29 32 47 491 933 998 692 617 23 23 23 23 23 178 174 174 173 173 193 201 200 228 235 Turkey 60 79 80 90 140 54 56 58 59 60 59 57 54 52 47 42 28 614 572 572 573 573 573 573 23 23 23 23 23 23 23 23 23 23 United Kingdom Uruguay 2,584 2,689 2,690 77 74 69 68 90 1 1 1 1 1 1 1 1 1 1 1 1 1 100 105 108 108 108 108 106 102 101 Venezuela 59 52 52 52 9 29 40 40 40 40 40 41 41 41 41 41 49 52 Yugoslavia 48 51 57 59 82 183 B.I.S. 11 5 14 7 12 13 12 9 10 9 9 9 10 10 Other countries 7 183 185 142 149 145 145 145 145 144 144 144 146 146 146 146 146 146 France 27 28 29 129 26 24 27 28 28 28 South Africa 114 120 133 152 158 203 189 220 249 367 158 171 172 175 178 178 179 20 21 20 20 20 20 21 1 Figures relate to last official report dates for the respective countries, as follows: Germany —June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. 3 Change from previous December due largely to inclusion of gold formerly not reported. 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 8 Board. Gold reported since that time is gold held by Minister of Finance. Figures for D e c 1936 and Dec. 1937 are those officially reported on Aug. 1,1936, and Apr. 30 1938, 6 respectively. Beginning Mar. 29, 1941. gold reserves no longer reported separately. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization'Account during 1939. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p . 926 in that issue. 380 Greece 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 New Mexico Nether- Zealand lands Germany 2,995 2,564 2,430 2,709 2,000 Bulgaria Spain 5 5 718 525 401 413 418 427 431 436 450 422 400 366 Government gold reserves 1 not included in previous figures End of month United States United BelKing- France2 gium dom 1937—June ... Dec 1938— Mar. .. June... Sept Dec. ... 1939— M a r . . . . May . June... Sept.... Dec 1940—Mar. ... June... Sept.... Dec. ... 1941— Mar. ... June... Sept.... 3 934 4 1,395 1,489 169 44 80 154 759 1,732 85 164 156 145 86 105 48 88 89 24 115 81 62 331 559 477 44 17 17 17 17 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 For complete monthly series from Oct. 1938May 1939, see BULLETIN for February 1941, p. 170. 3 Figure for end of Mar. 1937, first date reported. 4 Figure for end of Sept. 1937. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIW fdr September 1940, p. 926. FEDERAL RESERVE BULLETIN GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Year or month Estimated world production outside 1 U.S.S.R. Production reported monthly Total 708,453 1934 823, 003 752,847 1935 882, 533 833,895 1936 971, 514 893,384 1 041,576 1937 958,770 1938. 1,136 360 1939. : . : 4 : : : : : : : 1,208, 705 1,020,297 1940 1,279, 4SS 1,094,264 PI, 085,143 1941. South Africa 366,795 377,090 396,768 410,710 425,649 448,753 491,628 504,268 Africa West RhoAfrica 2 desia $1 = 15£\ 24,264 25,477 28,053 28,296 28,532 28,009 29,155 p 27,773 Belgian Congo 3 grains o, go Id ft, fine; i.e., an ounce tif fine gol d = $35 f 6 549 108 191 104,023 23,135 12,045 12,153 13,625 7 159 176 3?.5 114,971 23,858 11,515 16,295 7 386 15?., 509 131,181 26,465 13,632 8 018 168 159 143,367 29,591 15,478 20,784 24,670 8 470 178, 143 165,379 32,306 18,225 759 196, 391 178,303 29,426 19,951 28,564 86?, 7.10 109 185,890 30,878 22,117 32,163 208, 443 186,568 p 27,789 *>31,383 4 '-••• 1941- -Feb 100 450 Mar Apr May 106 365 105 525 105 140 June July Aug Sept. Oct <. Nov..._ Dec. .. 1942—Jan 105 109 108 109 111 107 875 970 535 935 265 835 ...... North and South America Canada 5 Mexico Colom- Chile bia United States 4 8,350 9,251 9,018 9,544 10,290 11,376 11,999 P9,343 Other Nicara- Austra- British gua6 lia India 7 1,166 868 807 848 1,557 3,506 5,429 p 5,712 30,559 31,240 40,118 46,982 54,264 56,182 55,878 p 50,964 11 11 11 11 ??^ 468 66^ 607 11 284 11 078 10 157 9 940 • 84,490 89 944 88 966 88,525 p 89,308 P 93t 165 p 92,043 P 93 442 p 94,691 *91,375 p 88,305 P86.485 39,608 2,237 42 075 2,318 41,357 2,355 42,716 2,355 41,186 2,353 43,093 2,319 42,458 2,329 42,135 2,312 P 43,061 2,348 41,807 P2.243 ?2,278 42,436 42,556 'P2.278 2,566 2,696 2 2,580 2,615 '2,615 '2,615 '2,615 '2,615 '2,615 '2,615 '2,615 '2,615 15, S34 15 949 16, S40 IS, 948 16, 395 18, 46S 17, 413 20, 807 18, 781 19, 740 16, 700 14, 982 14,446 2,670 15,629 2 702 15,384 2,491 15,721 1,448 15,890 2,845 15,983 2,485 16,353 2,579 15,578 1,984 16,141 p 2,300 15,499 l,676 14,746 p 14,198 ' l',670 1,844 1 891 2,071 1,872 1,777 2,072 1,739 1,984 2,098 1,726 1 749 2,075 695 1 313 896 528 1,023 628 860 504 703 '703 '703 '703 474 492 553 485 445 '445 /us '445 '445 '445 '445 '445 3,812 4 040 4 133 4,136 3,939 4 185 4,376 4 271 5,357 p 4,086 P ' 4 086 '*>4,086 SOS 840 805 700 840 875 875 805 840 840 875 ^875 Gold production in U. S. S. R.: N o regular Government statistics on gold production in U. S. S. R. are available, b u t 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. '1 Figure carried forward. Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are for Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated a t three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning January 1941 are subject to official revision. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R . ) , see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, p p . 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Year or month Total net imports United Kingdom France Belgium Netherlands Sweden SwitzColom- Philip- Auspine erland Canada Mexico bia Islands tralia South Africa Japan British India All other countries Net imports from or net exports (—) t o : 12,402 968 7,511 54,452 1,363 86,987 90,320 2 320 ,131,994 499,870 ,739,019 315,727 ,116,584 174,093 ,585,503 891,531 1,973,569 1,208,728 569 3,574,151 1,826,403 4,744,472 633,083 30,270 13,667 39,966 38,482 36,472 33,610 29,880 16,944 10,899 11,911 18,397 10,557 23,239 23,999 12,038 1,029 12 15,335 3,498 65 21,513 23,280 8 25,427 34,713 181 27,880 39,162 401 35,636 74,250 22,862 38,627 103,777 184,756 246,464 168,740 165,605 111,739 330,10 137,176 936 99 545 347 2,814 3,283 3,268 14,441 14,994 6,240 1,751 12,186 13,262 234,242 108,609 118,567 171,992 37 1,218 817 21 1,147 814 866 1,147 3,168 11 2,232 2,934 3,185 2,772 3,984 3,587 11,136 149,735 6,738 96 6,262 2,788 4,720 132,261 32,304 46,989 39,735 29,998 2 67,975 3 102,404 3,046 313 6,085 27,580 12,805 4,501 5 6,062 15,093 2,951 6,793 Gross imports from: 6 May June. July Aug Sept Oct Nov.7.... 34,830 30,712 37,041 36,972 65,702 40,440 50,374 2 474 542 79 250 55 121 1 16,309 969 17 521 800 19,228 1,088 10,845 843 42,563 495 16,074 1,020 24,921 6,336 2,794 7 2,128 2,230 2,488 2,107 2,110 3,384 2 114 4,972 5,098 3,107 3,143 1,832 4,194 4 593 5,199 6,742 2,064 6,151 5,980 3,594 69 88 137 3,694 200 40 131 1,995 2,327 3,589 5,009 3,811 5 9,011 5 ll,045 5 9,366 5 9,041 1 2 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 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 from5 Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000. 6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. 7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. NOTE.—For gross import and export figures and for additional countries see table on p. 342. APRIL 1942. 381 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT T O UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. From Jan. 2, 1935, t h r o u g h - Total Total Central bank funds in N. Y. 1 Other Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936) . 1936—Dec. 30 1937—Dec. 29 1,412.5 2,608.4 3,410.3 930.5 1,168.5 603.3 9.8 81.1 243.9 593.5 849.4 924.6 361.4 431.5 449.1 125.2 316.2 583.2 316.7 917.4 1,162.0 6.0 1».9 47.5 1938—Mar. 30 June 29..... Sept. 28 Dec. (Jan. 4, 1939).. 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940).. 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941)... 3,207.2 3,045.8 3,472.0 3,844.5 4,197.6 4,659.2 5,035.3 5,021.2 5,115.9 5,440.7 5,748.1 5,727.6 949.8 786.2 1,180.2 1,425.4 1,747.6 2,111.8 2,479.5 2,430.8 2,539.0 2,830.1 3,092.8 3,159.0 149.9 125.9 187.0 238.5 311.4 425.3 552.1 542.5 539.1 922.3 ,112.3 ,200.8 799.9 660.4 993.2 ,186.9 ,436.2 ,686.5 ,927,3 ,888 3 ,999.9 .907 8 .980.5 ,958.3 434.4 403.3 477.2 510.1 550.5 607.5 618.4 650.4 631.6 684.1 773.6 775.1 618.5 643.1 625.0 641.8 646.7 664.5 676.9 725.7 761.6 785.6 793.1 803.8 1,150.4 1,155.3 1,125.4 1,219.7 1,188.9 1,201.4 1,177.3 1,133.7 1,095.0 1,042.1 987.0 888.7 54.2 57.8 64.1 47.6 63.9 74.0 83.1 80.6 88.7 98.9 101.6 100.9 1941—-Jan. 8 . . . Jan. 29. 5,704.0 5,781.3 5,747.5 5,694.5- 3,152.9 3,257.6 3,255.2 3,215.9 ,198.8 ,301.3 ,303.3 ,288.2 ,954.1 .956.4 ,951.9 ,927.7 775.8 772.2 757.1 759.9 804.6 806.4 807.6 808.1 869.4 843.3 827.8 811.9 101.3 101.7 99.8 Feb. Feb. Feb. Feb. 5 12 19 26 5,644.3 5,609.9 5,563.8 5,564.5 3,175.9 3,156.9 3,108.1 3,102.6 ,269.0 ,255.0 ,228.8 ,243.4 ,906.9 ,901.8 ,879.4 ,859.2 763.1 754.6 764.6 776.1 809.0 810.5 811.5 812.7 799.3 792.1 783.1 775.8 97.0 95.9 96.5 97.2 Mar. Mar. Mar. Mar. Apr. 5.. 12.. 19.. 26.. 2... 5,560.8 5,592.9 5,598.8 5,567.0 5,526.5 3,128.1 3,188.0 3,202.4 3,185.2 3,148.8 ,249.6 ,300.1 ,346.2 ,325.6 ,307.7 .878.5 ,887.9 ,856.2 .859.6 ,841.0 764.9 752.1 756.2 755.4 767.4 814.0 814.1 814.8 815.8 812.7 757.3 741.9 726.9 714.7 701.8 96.6 96.9 98.4 95.8 95.9 Apr. Apr. Apr. Apr. 9 16 23 30 5,647.5 5,678.3 5,666.3 5,652.5 3,273.6 3,299.2 3,279.2 3,257.3 ,416.6 ,434.7 ,424.0 ,406.4 ,857.0 .864.5 ,855.2 ,850 9 766.4 772.4 785.0 798.9 815.6 816.2 816.7 815.7 694.7 691.9 686.8 682.4 97.1 98.7 98.5 98.2 May May May May 7... 14 21.. 28.. 5,639.1 5,602.2 5,627.8 5,635.8 3,243.5 3,224.2 3,252.0 3,266.4 ,400.4 ,414.8 ,421.2 ,417.5 .843.1 ,809 4 ,830.9 ,848.9 791.6 792.4 794.6 794.9 832.9 833.5 834.5 835.4 673.8 655.2 649.6 641.6 97.2 96.8 97.0 97.5 5,608 9 5,602.7 5,627.8 5,620.7 5,575.4 3,235.2 3,226.9 3,249.3 3,240.9 3,193.3 ,418.6 ,401.3 ,407.9 ,410.3 ,375.1 ,816.6 .825 6 ,841.4 ,830.7 ,818.2 803.6 811.6 815.7 817.8 818.6 836.3 832.6 831.6 833.1 834.1 637.1 634.4 634.4 632.4 631.2 96.8 97.2 96.7 96.5 98.2 5,584.6 5,561.8 5,534.0 5,506.9 3,194.6 3,171.5 3,153.6 3,141.4 ,366.2 ,362.8 ,342.7 ,320.3 ,828.4 ,808.7 ,810.9 ,821.1 826.2 826.2 819.4 803.5 835.5 837.8 838.3838.9 630.0 628.2 624.8 623.6 98.3 98.2 97.9 99.5 Aug. 6... Aug. 13. Aug. 20.. Aug. 27.. Sept. 3.. 5,556.1 5,535.8 5,521.2 5,467.2 5,478.3 3,185.5 3,166.9 3,156.2 3,105.5 3,113.2 ,378.9 ,369.7 ,374.2 ,318.1 ,313.3 ,806.6 ,797.3 .782.0 ,787.4 ,799.9 807.3 805.7 803.7 801.8 805.6 839.7 841.0 842.0 841.4 841.7 624.8 623.1 619.7 617.3 616.5 98.8 99.1 99.6 101.0 101.2 Sept. 10.... Sept. 17.... Sept. 24.... Oct. 1 5,448.3 5,397.3 5,422.7 5,510.3 3,073.2 3,022.1 3,050.9 3,139.5 ,292.0 ,262.4 ,255.2 ,321.7 ,781.1 ,759.7 ,795.6 ,817.7 814.9 814.8 810.1 805.3 842.0 841.8 839.8 841.1 617.0 618.2 622.1 623.5 101.2 100.5 99.9 100.9 Oct. Oct. Oct. Oct. 5,494.3 5,478.1 5,460.2 5,503.2 3,123.0 3,108.0 3,091.1 3,138.3 ,309.3 ,337.2 ,291.6 ,334.1 ,813.7 ,770.8 ,799.5 ,804.2 804.6 802.1 803.4 797.7 841.7 843.3 843.2 845.2 623.9 623.2 621.2 621.3 101.1 101.5 101.3 100.6 3,074.3 J a n . 15... J a n . 22.. July July July July 9 16 23 30 8.... 15... 22... 29... Nov. 5 Nov. 1 2 . . . . Nov. 1 9 . . . Nov. 2 6 . . . . Dec. 3 Dec. Dec. Dec. Dec. 10.. . 17.. . 24. . . 31... 5,429.2 r 5,429.7 r 5,383.3 r 5,384.0 r r 3,063.2 r 3,021.7 r 3,018.5 r 3,011.6 ,266.7 ,262.8 ,208.4 ,195.2 ,192.2 ,807.5 ,800.4 ,813.3 ,823.3 ,819.4 785.5 796.1 792.4 795.8 795.2 846.9 847.6 846.7 847.7 851.0 621.6 622.1 621.7 621.3 620.5 100.9 100.8 100.8 100.7 101.0 5,358.4 5,290.9 5,266.8 5,230.7 2,989.1 2,919.4 2,894.9 2,856.2 ,154.1 ,102.2 1,075.5 1,053.7 ,835.0 ,817.3 ,819.4 ,802.6 796.6 795.4 792.6 791.3 852.7 853.6 854.5 855.5 620.4 622.5 624.6 626.7 99.6 100.1 100.1 100.9 5,379.3 r Revised on basis of amended reports received from a reporting bank. 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT T O THE UNITED STATES SINCE JANUARY 2, 193 5-Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Total United Kingdom 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1,412.5 2,608.4 3,410.3 3,844.5 5*021.2 5,727.6 554.9 829.3 993.7 1,183.8 1,101.3 865.2 210.2 299.5 281.7 339.6 1941—July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 5,506.9 5,478.3 5,510.3 5,503.2 650.1 636.9 694.0 726.0 r 5,429.7 r 5,383.3 r 5,384.0 r From Jan. 2, 1935, through— Germany Italy Other Europe Total Europe Latin 1 Canada America Asia All other 1 130.4 335.5 607.5 557.5 773.0 911.5 36.6 83.1 123.9 140.5 165.9 175.9 24.0 45.6 22.1 32.2 58.0 55.4 130.0 228.5 312.2 472.0 752.9 922.7 1,200.6 2,051.3 2,653.0 3,054.2 3,790.1 4,056.6 () 150.5 106.3 155.3 229.4 411.7 70.9 201.2 410.6 384.6 483.4 606.8 128.3 184.0 224.6 214.2 431.0 562.3 12.7 21.4 15.9 36.2 87.4 90.2 669.5 662.8 654.7 651.9 457.0 452.7 451.0 451.4 874.7 875.3 836.3 816.1 178.5 179.0 178.8 178.5 46.6 49.9 50.1 50.3 882.3 881.7 935.1 927.0 3,758.6 3,738.4 3,799.8 3,801.3 406.9 415.4 407.6 390.2 640.9 630.3 606.0 600.6 579.4 563.6 580.1 587.0 121.0 130.6 116.7 124.1 690.1 681.0 675.4 699.3 650.4 648.0 645.3 643.5 449.7 448.9 458.3 459.9 800.0 780.5 781.3 763.5 178.9 178.8 179.0 179.0 50.3 50.4 50.6 50.6 r 907.0 r 912.5 r 907.9 r 914.2 "3,726.3 "3,700.1 "3,697.8 "3,710.0 380.5 374.5 383.2 374.7 596.0 590.5 592.3 592.8 595.3 586.6 580.1 571.1 131.5 131.6 130.5 130.7 5,358.4 5,290.9 5,266.8 5,230.7 10. 17 24 31 670! 3 114.5 229.7 311.9 328.6 470.3 455.6 5,379.3 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. Dec. Dec. Dec. France Nether- Switzerlands land 685.6 683.9 681.4 674.1 640.8 641.4 640.5 639.9 460.4 461.0 463.6 464.4 761.6 743.1 744.8 725.7 179.2 179.1 178.9 179.9 50.5 50.4 50.4 50.5 921.5 899.3 897.5 891.8 3,699.7 3,658.2 3,657.1 3,626.3 360.7 350.4 345.6 340.5 583.5 573.2 562.9 567.5 582.9 578.4 570.4 567.7 131.7 130.6 130.8 128.6 Asia1 All other 1 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From Jan. 2, 1935, through— 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. (Jan. 1, 30 29 (Jan. 4, (Jan. 3, (Jan. 1, 1936) 1939) 1940) 1941) 1941—July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. Dec. Dec. Dec. 10 VI 24 31 Total United Kingdom France Nether- Switzerlands land Germany Italy Other Europe Total Europe Latin Canada America 603.3 930.5 1,168.5 1,425.4 2,430.8 3,159.0 128.6 163.5 189.3 364.0 376.1 293.3 129.6 144.2 111.8 155.3 256.1 458.0 55.7 65.9 76.3 87.9 190.9 160.3 72.4 109.8 288.4 205.1 362.7 494.7 2.7 9.6 -11.8 -20.1 -22.9 7.3 23.0 6.9 1.7 19.7 -.9 60.7 79.7 109.4 208.6 470.0 603.7 453.5 588.9 791.7 1,010.7 1,655.4 1,986.3 46.0 86.8 76.3 101.6 174.5 334.1 33.5 149.3 166.3 127.6 215.1 326.4 58.8 90.4 126.2 163.3 325.4 450.9 11.5 15.2 8.0 22.2 60.5 61.3 3,141.4 3,113.2 3,139.5 3,138.3 297.7 287.0 345.0 383.1 447.6 440.1 432.0 429.0 157.5 152.8 150.0 150.3 488.5 485.3 443.9 421.5 -23.4 -22.8 -23.1 -23.1 -4.3 -1.6 -3.6 -3.7 557.3 556.1 608.5 598.9 "1,920.8 1,896.8 1,952.7 1,956.0 324.5 336.1 338.3 326.3 353.7 345.7 318.2 314.8 442.3 425.3 437.9 443.3 100.0 109.4 92.4 98.0 r 3,063.2 r 3,O21.7 r 3,018.5 r 427.1 424.8 422.4 420.3 148.5 147.5 156.9 158.6 404.8 384.2 384.8 367.1 -23.0 -23.1 -22.9 -22.9 -3.5 -3.5 -3.3 -3.2 r 578.0 r 583.2 r 578.5 r 1,878.9 3,011.6 347.0 340.4 335.9 359.2 r l,853.5 r \, 852.5 r l,862.9 317.3 313.1 312.0 301.2 314.7 311.7 318.2 319.6 447.5 438.9 431.6 424.0 104.7 104.6 104.3 103.9 2,989.1 2,919.4 2,894.9 2,856.2 344.6 341.4 337.4 328.6 417.5 418.0 417.2 416.5 159.0 159.1 161.4 161.0 365.2 344.2 345.5 ,326.2 -23.4 -23.0 -23.2 -23.1 -3.3 -3.5 -3.4 -3.4 591.6 569.1 568.0 561.1 1,851.2 1,805.2 1,802.8 1,766.9 288.9 279.6 275.4 273.1 310.8 302.4 293.5 296.7 432.8 428.5 419.2 418.0 105.3 103.7 104.0 101.6 Asia1 All other 1 -1.6 —4.4 —8.7 —7.0 -.8 2.1 583.9 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom 1935—Dec. (Jan. 1, 1936) 1936—Dec 30 1937—Dec 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 361.4 431.5 449.1 510.1 650.4 775.1 208.8 178.0 207.4 206.2 252.2 269.2 48.1 62.0 65.3 68.4 73.8 74.6 -.4 —3.3 —4.4 -5.6 12.9 17.7 1941—Mar. (Apr. 2) Apr 30 May 28 Tune (Tulv 2) July 30 Aug. (Sept. 3) Sept. (Oct 1) Oct. 29 Nov. (Dec 3) 767.4 798.9 794.9 818.6 803.5 805.6 805.3 797.7 795.2 268.2 269.6 267.4 268.6 265.3 268.8 269.8 265.2 266.3 76.0 75.9 76.4 76.6 76.8 76.8 76.9 76.9 76.9 17.8 17.7 17.8 17.8 17.9 17.8 17.9 17.8 17.5 796.6 795.4 792.6 791.3 267.4 268.6 270.1 271.2 76.9 76.9 76.9 76.9 17.5 17.5 17.6 17.6 Dec. Dec Dec. Dec. 10 17 24 31 France Nether- Switzerlands land 1.6 2.7 2.6 2.6 2.9 6.5 5.0 5.3 5.2 5.2 5.2 5.3 5.4 5.5 5.5 5.3 5.3 5.4 5.4 Germany Italy Other Europe Total Europe 29.7 66.0 105.1 141.7 177.8 191.6 13.7 16.3 13.7 15.5 25.3 8.8 22.0 26.9 33.8 28.4 49.8 310.2 343.7 409.3 460.9 563.5 634.7 -4.6 36.9 -21.7 35.9 56.5 60.3 20.1 24.9 51.6 66.8 52.6 43.2 37.3 30.4 18.7 -46.5 -21.5 34.8 195.0 195.7 195.9 195.7 196.0 195.9 195.9 195.7 195.9 25.6 25.5 25.5 25.6 25.1 25.7 25.7 26.0 25.8 49.7 50.7 51.4 51.2 51.7 51.8 51.4 53.0 53.7 637.2 640.4 639.5 640.8 638.0 • 642.2 642.9 640.1 641.5 65.3 71.3 68.3 68.5 71.3 68.7 64.6 61.1 69.6 44.4 47.7 49.8 52.1 49.2 44.1 43.0 39.9 23.5 19.2 38.7 37.6 57.7 46.7 52.6 56.9 58.1 61.6 — .4 -1.7 -1.9 -2.0 —1.4 -1.1 196.1 195.9 195.9 196.8 25.7 25.7 25.7 25.8 53.6 53.8 53.0 53.6 642.6 643.8 644.7 647.4 67.8 67.1 65.5 62.7 23.1 20.5 17.7 17.7 64.7 65.1 66.1 64.7 -1.6 -1.1 -1.4 —1.2 6.5 Latin Canada America 1.3 .8 -.3 r Revised on basis of amended reports received from a reporting bank. » 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". l Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. APRIL 194Z 383 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES N E T CAPITAL MOVEMENT T O T H E UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, through— Total United Kingdom 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 125.2 316.2 583.2 641.8 725.7 803.8 67.8 116.1 136.8 127.7 125.5 128.6 6.8 18.2 22.8 26.1 42.1 43.4 7.4 10.4 21.2 27.3 29.4 31.0 -1.2 13.7 30.4 36.1 45.0 46.0 1941—Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 Nov. (Dec. 3).. 812.7 815.7 835.4 834.1 838.9 841.7 841.1 845.2 851.0 128.3 127.8 127.7 127.2 127.7 127.7 127.3 127.7 127.7 43.7 43.8 43.8 49.1 50.8 51.2 51.2 51.3 51.4 31.0 31.0 31.0 31.0 31.2 31.2 31.2 31.2 31.5 852.7 853.6 854.5 855.5 127.7 127.5 12J.6 127.6 51.5 51.5 51.6 51.6 31.5 31.5 31.5 31.5 Dec. Dec. Dec. Dec. 10 17 24 31 France Nether- Switzer- Germany lands land Canada Latin Amer^ ica Asia1 All other 1 143.1 278.3 366.4 440.6 495.2 510.0 -39.7 1.7 10.5 *-9.7 -7.6 25.0 12.7 15.7 175.0 167.4 184.0 202.3 7.9 17.0 24.5 33.8 42.8 53.0 1.1 3.5 6.8 9.7 11.3 13.5 198.9 199.1 199.5 199.6 199.8 200.0 200.3 200.9 201.4 511.8 511.5 511.4 516.2 518.5 519.2 519.0 519.9 521.0 26.5 25.9 42.7 37.0 36.8 37.0 32.8 33.0 33.9 203.0 206.0 208.1 210.5 212.3 214.0 214.6 215.3 218.6 57.6 58.2 59.0 60.1 60.8 60.6 60.7 60.9 61.1 13.9 14.2 14.2 10.4 10.5 10.9 14.1 16.0 16.4 201.5 201.6 201.7 201.8 521.2 521.1 521.2 521.3 34.9 35.2 35.7 35.4 218.9 219.5 219.8 221.1 61.2 61.2 61.2 61.2 16.5 16.6 16.6 16.6 Latin America Asia1 All other 1 Italy Other Europe Total Europe 13.3 22.5 26.6 33.5 36.6 36.5 2.9 9.4 13.5 22.0 27.6 28.1 46.1 87.9 115.2 •167.8 189.0 196.4 45.2 45.2 44.8 44.7 44.5 44.5 44.4 44.3 44.4 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 28. 28. 28. 28. 28. 28. 28. 28. 28. 44.3 44.3 44.3 44.3 36.5 36.5 36.5 36.5 28. 28. 28.1 28.1 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, through— 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941—Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 Nov. (Dec. 3) Dec. Dec. Dec. Dec. 10 17 24 31 Total United Kingdom France Nether- Switzer- Germany lands land Italy Other Europe Total Europe Canada 316.7 917.4 1,162.0 1,219.7 1,133.7 888.7 149.8 367.7 448.7 472.6 328.1 157.1 23.4 64.7 70.3 76.9 76.6 74.4 50.5 157.6 213.8 212.1 227.7 233.2 -5.4 55.1 200.2 -7.5 275.3 -17.4 304.1 -22.8 344.7 • -28.2 348.1 -29.1 -.1 —3.3 -4.9 -5.5 -4.9 12.9 38.5 55.7 56.6 60.4 64.9 286.2 818.0 1,041.6 1,094.1 1,004.4 851.3 2.8 3.7 32.6 37.6 25.7 -2.6 -18.4 15.5 18.2 23.7 30.1 25.6 21.4 44.1 54.7 65.2 87.6 17.6 2.6 7.1 9.8 11.1 14.3 12.6 701.8 682.4 641.6 631.2 623.6 616.5 623.5 621.3 620.5 6.2 -7.5 -41.0 -50.5 -56.6 -63.0 -64.7 -66.6 -70.3 74.2 74.3 74.5 74.6 74.8 75.1 75.3 75.2 74.9 234.9 234.8 234.7 236.1 235.8 236.0 236.5 236.7 236.7 334.7 332.1 324.1 321.7 322.2 326.0 328.9 331.0 332.8 -30.3 —30.3 -30.4 -30.4 -30.4 -30.4 -30.4 -30.3 -30.3 -3.0 -3.0 -2.5 -2.5 -2.4 -2.4 64.8 64.9 64.8 64.8 64.5 65.3 66.6 65.9 66.9 681.5 665.3 624.2 613.8 607.9 6C6.6 611.9 611.8 610.4 -28.9 -31.8 -31.3 -34.4 -37.8 -40.0 -41.8 -44.0 -44.3 20.9 20.6 19.5 19.3 19.2 20.8 23.9 24.5 25.9 16.9 17.0 17.9 21.1 22.9 17.8 18.0 18.2 , 17.6 11.3 11.3 11.3 11.4 11.4 11.4 11.5 10.8 10.9 620.4 622.5 624.6 626.7 -70.6 -70.3 -70.3 -70.1 74.9 74.9 74.9 74.9 236.7 236.7 236.7 236.7 333.2 335.6 336.1 336.4 -29.8 -30.1 -30.1 -30.1 -.1 -.1 -.1 66.8 67.0 67.1 67.3 611.1 613.7 614.2 615.0 -45.2 -45.9 -45.5 -44.7 26.2 26.4 27.7 28.1 17.4 17.4 17.4 17.5 10.9 10.9 10.8 10.9 Latin America Asia1 All other 1 -.9 2.7 -.3 -.2 -.2 — .1 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom () 4.0 11.5 1938—Dec. (Jan. 4, 1939).. 1939—Dec. (Jan. 3, 1940).. 1940—Dec. (Jan. 1, 1941).. 6.0 12.9 47.5 47.6 80.6 100.9 1941—Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 Nov. (Dec. 3) 1935—Dec. (Jan. 1, 1936).. 1936—Dec. 30 1937—Dec. 29 Dec. Dec. Dec. Dec. 1 2 3 4 10 17 24 31 France Netherlands Italy land Other Europe Total Europe Canada .1 .3 .1 .2 .1 .2 1.4 .4 5.0 5.2 5.0 7.9 7.6 22.6 44.0 47.9 71.6 74.3 -4.5 -7.6 3.5 1.8 8.7 10.7 1.0 —4.2 — .9 1.6 9.2 2.9 2.1 .5 -1.5 -3.4 6.0 1.3 -.9 5.0 6.8 9.3 13.4 2.5 9.1 10.8 9.6 17.8 16.2 -.2 13.4 19.4 17.0 2.4 10.4 11.5 12.9 20.1 19.9 95.9 98.2 97.5 98.2 99.5 101.2 100.9 100.6 101.0 16.7 16.7 16.6 16.4 16.0 16.4 16.6 16.6 16.4 18.7 19.0 19.4 19.2 19.6 19.6 19.3 19.5 19.9 13.9 14.0 14.3 14.5 14.7 15.0 15.5 15.3 15.7 14.5 14.3 13.6 14.5 14.2 14.2 13.8 13.8 13.9 - . . . . . . . . . 2 2 2 2 2 2 2 2 2 .2 .2 .2 .2 .2 .2 .2 .2 .2 7.9 7.8 8.4 8.4 9.0 8.5 8.3 8.3 8.3 71.7 71.8 72.3 73.1 73.4 73.7 73.4 73.5 74.1 10.6 11.4 12.0 11.6 12.1 13.6 13.7 13.8 14.3 6.1 7.0 5.8 5.7 6.5 5.8 6.3 6.1 5.2 6.4 7.2 6.7 7.1 6.7 7.4 6.7 6.6 6.8 1.1 99.6 100.1 100.1 100.9 16.4 16.7 16.7 16.8 19.9 20.0 19.8 19.9 15.7 16.2 16.5 17.6 13.6 13.6 13.6 13.5 - . . . . 2 2 2 2 .2 .2 .2 .2 8.0 7.8 7.8 8.0 73.6 74.3 74.3 75.7 14.2 14.4 14.5 14.1 4.4 4.5 4.2 3.9 6.7 6.2 6.5 6.3 .7 .7 .7 7? -.2 -.1 -.2 __ e 04) ( 2.1 .7 .7 .7 .7 .8 .6 .7 Prior to Jan. 3,1940, thefiguresunder Asia represent Far East only, the remaining Asiatic countries being included under "All other". For explanation see BULLETIN for May 1937, pp. 395-396. Inflow less than $50,000. Outflow less than $50,000. 384 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES United Kingdom Total Date France Nether- Switzlands erland Germany Italy Other Europe Total Europe 466.7 301.5 214.5 104.9 171.0 48.3 59.1 923.7 799.4 549.2 72.2 24.9 32.7 99 .1 122 .2 44 .6 13 .8 8 .3 12 .7 1934—Dec. 53 Dec. (Jan. 2, 1935) 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 584.8 597.0 1,200.2 1,491.6 1,729.6 1,996.6 79.6 76.9 205.5 235.7 261.5 436.1 36.1 33.9 163.5 176.3 143.9 187.4 13.5 12.9 68.6 78.8 89.1 101.8 Reported by Banks in New York City 371.3 I 2,162.8 204 .5 105.2 157.4 281.3 161 .0 1,911.7 222.2 111.2 122.2 41 .1 961.2 66.0 33.2 63.1 469.1 30 .2 82.2 36.6 30.1 149.7 9.9 16 .3 11.9 41.7 196.0 25 .8 9.7 14.3 Reported by Banks in United States 12.1 28.4 16.8 40.6 227.1 13.7 29.9 18.8 46.8 232.9 86.1 29.0 26.1 107.5 686.3 123.5 32.0 41.7 126.3 814.3 302.1 39.0 25.7 156.0 1,017.1 218.8 17.8 20.4 255.5 1,237.8 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941) 1941—Mar. (Apr. 2) 2,318.8 2,683.0 3,050.7 3,057.0 3,165.2 3,456.3 3,719.0 3,785.2 3,775.0 473.9 607.4 656.7 448.2 361.3 397.9 386.4 365.5 369.4 219.5 284.4 295.9 288.2 290.7 504.8 503.5 490.1 484.9 143.9 146.0 186.0 204.9 199.7 184.7 180.3 174.3 187.3 247.1 240.8 299.9 376.3 432.2 441.0 459.6 508.4 497.8 1941—June (July 2) July 30 Aug. (Sept. 3 ) . . . . Sept. (Oct. 1) Oct. 29 3,819.5 3,767.6 3,739.4 3,765.7 3,764.5 406.6 369.8 359.1 417.1 455.2 483.1 479.7 472.2 464.1 461.1 171.2 171.5 166.7 164.0 164.3 514.2 502.2 499.0 457.5 435.2 r 3,689.4 r 3,647.9 "3,644.7 r 3,637.8 419.2 412.5 408.1 431.3 459.2 456.9 454.5 452.4 162.4 161.5 170.9 172.5 3,615.3 3,545.6 3,521.1 3,482.4 416.8 413.5 409.6 400.8 449.7 450.1 449.3 448.6 172.9 173.1 175.3 174.9 1929—Dec. 31 1930—Dec. 31 1931—Dec. 30 1932—Dec. (Jan. 4, 1933) 1933—Dec. (Jan. 3, 1934) 1934—Nov. 282 2,335.0 1,303.5 733.8 388.2 2,672.7 I Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. Dec. Dec. Dec. 10 17 24 31 , Latin Canada America Asia1 All otherl 241.8 216.8 148.3 89.3 88.7 91.9 188.2 130.8 103.3 117.8 96.4 106.6 49.0 38.2 69.0 44.4 43.1 60.3 31.0 37.5 21.6 13.1 10.4 11.9 103.3 99.3 145.3 186.1 175.6 201.8 117.4 122.8 156.3 263.9 280.9 248.5 125.1 130.1 188.9 200.2 236.0 274.3 12.0 12.0 23.4 27.1 20.0 34.1 14.8 12.2 17.1 38.5 69.3 29.8 24.6 17.9 15.3 314.7 366.9 446.4 516.9 618.7 625.7 667.5 650.6 623.8 1,432.7 1,672.7 1,909.7 1,882.6 1,980.3 2,193.8 2,235.0 2,213.5 2,184.3 236.6 291.7 325.3 274.6 250.1 259.2 410.7 434.3 421.5 300.7 363.0 383.0 336.0 365.5 421.4 438.4 447.3 470.2 305.5 306.0 366.5 491.4 515.2 521.7 567.7 616.9 612.9 43.3 49.7 66.2 72.5 54.1 60.3 67.1 73.3 86.1 6.2 6.8 6.6 6.6 14.4 14.4 17.1 15.1 15.1 606.5 604.2 603.0 655.4 645.8 2,201.6 2,148.0 2,124.0 2,179.9 2,183.2 417.9 424.7 436.2 438.4 426.4 492.8 474.6 466.6 439.2 435.7 599.7 608.3 591.2 603.8 609.2 107.5 112.0 121.4 104.4 110.0 418.4 397.8 398.5 380.7 6.6 6.6 6.8 6.8 15.3 15.3 15.5 15.6 2,106.1 378.9 357.9 359.1339.9 6.3 6.6 6.4 6.6 15.5 15.3 15.3 15.4 18.7 15.1 7.8 9.5 8.4 9.8 13.2 6.7 5.6 5.7 r 624.9 r r 630.1 r 625.4 r r 2,080.7 r 2,079.7 r 2,090.1 417.5 413.2 412.1 401.4 435.6 432.6 439.1 440.5 613.5 604.8 597.6 590.0 116.7 116.6 116.3 115.8 638.5 616.0 614.9 608.0 2,078.4 2,032.4 2,030.0 1,994.0 389.0 379.8 375.6 373.2 431.8 423.3 414.4 417.7 598.8 594.5 585.2 583.9 117.3 115.7 116.0 113.6 630.8 Additional Detail Available from January 3, 1940 4 5 European countries 4 Asiatic countries 6 Latin American countries Bel- Date PanArDen- Fin- Nor- Swe- Total gen- Bra- Chile Cuba Mex- ama Total China Hong Japan and Kong zil ico way den tina C. Z. Total gium mark land 75.2 78.4 87.0 91.1 94.5 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941). 1941—Mar. (Apr. 2) 475.1 457.0 470.3 462.7 429.6 184.3 161.3 147.9 144.8 135.4 28.7 19.5 16.8 17.3 16.4 25.0 29.6 29.1 16.5 10.6 68.4 59.0 51.2 48.7 45.0 168.6 187.6 225.3 235.4 222.2 275.4 63.5 35.3 326.5 88.7 39.0 338.8 110.1 33.4 341.7 348.6 24.7 30.2 26.1 28.5 30.5 43.2 49.7 48.7 47.9 51.5 68.4 65.3 63.2 55.0 53.5 40.2 53.5 57.3 58.7 64.5 455.1 448.4 431.6 454.5 447.9 178.5 181.8 192.7 207.5 216.7 1941—June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 425.7 425.5 424.2 451.9 449.7 125.5 123.4 121.2 120.9 119.8 15.9 17.8 18.0 18.8 18.7 5.4 5.5 6.1 5.9 5.9 43.7 43.2 42.2 66.1 65.5 235.2 235.5 236.6 240.2 239.7 364.2 353.6 348.0 326.8 323.5 119.4 118.6 104.9 98.8 93.5 53.4 46.6 47.3 37.5 37.5 29.4 28.0 27.7 26.0 30.1 60.1 66.4 73.3 74.0 73.8 42.6 42.3 42.0 41.4 41.2 59.4 51.7 52.9 49.1 47.4 393.4 381.1 365.0 355.1 345.2 164.4 101.3 159.9 102.3 161.7 86.6 151.6 90.0 145.6 119.8 119.5 119.5 442.0 119.8 18.5 18.5 18.5 18.3 5.6 5.6 5.5 5.5 65.4 65.4 65.3 65,0 r 235.9 r 236.1 r 234.8 r 320.4 316.3 320.4 233.5 322.0 92.3 87.4 87.4 87.9 39.8 42.8 43.3 41.3 30.2 29.4 29.7 30.2 73.5 74.1 73.5 74.0 38.9 39.9 39.9 41.4 45.7 42.7 46.6 47.2 342.7 336.6 333.2 333.1 142.5 139.4 136.1 133.6 89.6 90.0 91.3 92.0 440.2 418.1 417. 417.0 18.3 18.3 18.3 18.1 5.5 5.5 5.5 5.7 65.3 65.3 64.9 65.2 232.9 210.9 210.9 210.7 314.4 300.6 292.7 295.9 84.9 77.9 73.7 75.7 40.9 44.8 46.1 50.5 30.1 30.8 28.1 27.3 72.3 64.3 64.7 62.5 41.6 40.0 39.7 37.7 44.7 42.8 40.3 42.1 329.5 328.3 325.8 319.0 131.8 129.9 129.1 156.8 91.6 90.6 89.9 61.6 169.4 152.6 106.8 110.3 90.8 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. Dec. Dec. Dec. 10 17 24 31 , „„.... ,._„.... ........ r 445.2 r 445.2 r 443.6 r 118.1 118.1 117.8 117.3 69.8 69.8 69.8 69.9 30.7 I r 1 2 3 4 Revised on basis of amended reports received from a reporting bank. Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". Last report date on old basis. First report date on new basis. The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; Aprl 1940, p. 362; and September 1941, p. 947). APRIL 1941 385 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, B ^ COUNTRIES Date United Kingdom Total 1931—Dec. 30 1932—Dec. (Jan. 4, 1933). 1933—Dec. (Jan. 3, 1934). 1934—Nov. 282 1,103.3 I 166.2 949.4 89.4 907.1 197.9 827.1 I 201.3 1934—Dec. 53 Dec. (Jan. 2, 1935) 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1,137.8 1,139.9 778.6 672.6 655.0 594.0 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) 1940—Nov. 27 Dec. (Jan. 1, 1941) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 29 Nov. (Dec. 3) Dec. Dec. Dec. Dec. 10 17 24 31 SwitzFrance Nether- erland lands 29.5 67.6 65.0 94.1 108.2 80.5 32.5 16.8 13.5 10.3 19.2 18.6 19.0 21.9 23.0 24.2 553.6 496.6 485.7 508.7 527.5 475.0 385.5 83.0 55.4 66.0 39.9 39.7 32.0 20.2 13.8 10.7 20.1 19.7 395.1 384.0 399.2 383.0 391.7 360.2 364.2 340.5 355.6 353.5 353.8 361.4 363.9 21.4 23.0 23.0 20.7 24.0 22.6 24.7 23.5 26.9 23.4 22.4 26.9 25.9 4.3 4.2 3.4 3.1 2.8 2.8 2.4 2.1 2.0 L.9 L.9 L.8 L.8 362.5 363.7 366.5 367.8 24.7 23.6 22.0 20.9 1.8 L.8 L.8 L.8 Italy 16.4 3.6 4.5 2.9 5.2 6.2 3.8 1.5 81.4 77.4 67.1 53.4 50.1 47.3 45.6 1.9 1.5 2.1 3.8 3.1 2.7 2.9 2.9 2.9 2.8 2.7 2.6 2.6 43.0 39.6 38.8 38.2 36.1 35.5 35.3 35.5 35.2 35.3 35.3 35.5 35.3 :1.2 .8 1.1 1.1 1.1 1.1 1.1 8.7 4.9 4.9 6.2 3.5 Other Europe Reported by Banks in New York City 149.2 12.6 467.2 18.7 6.4 96.1 433.7 11.5 83.9 12.5 258.1 16.8 60.2 8.5 178.8 10.7 Reported by^Banks in United States 8.3 26.5 81.3 239.6 8.2 27.2 80.0 231.7 6.6 13.5 71.2 202.0 5.4 10.9 57.8 165.1 5.5 20.8 52.9 126.1 5.5 13.5 45.9 89.4 20.9 14.2 18.1 15.9 266.4 296.9 88.1 114.1 84.8 86.0 Germany 2.8 2.8 2.6 2.6 35.1 35.2 35.2 34.4 L.5 L.5 9.6 5.7 6.7 2.6 1.1 1.1 .9 .8 .8 .8 .9 .9 .8 .7 .8 .7 < ?.5 12.2 11.8 16.9 14.2 2.8 J.O L.7 L.7 L.7 L.7 L.7 L.6 J.I L.5 L.5 L.3 L.5 L.5 L.5 Total Europe Latin Canada America Asia1 All other1 864.3 719.0 652.3 569.5 58.1 43.9 34.7 84.4 136.5 158.2 159.2 124.4 41.8 24.8 54.6 46.2 2.6 3.5 6.3 2.6 749.5 743.2 433.0 392.1 326.5 274.9 91.2 96.3 100.9 59.4 118.0 60.4 170.7 174.6 154.5 141.1 114.4 99.1 118.1 117.4 80.1 67.2 78.9 144.1 8.3 8.5 10.1 12.9 17.2 15.5 48.8 39.9 41.6 51.4 48.6 41.0 34.8 267.1 217.0 208.1 172.2 173.2 147.2 109.4 46.3 54.0 49.7 39.7 42.2 35.3 30.8 99.5 110.3 108.5 113.3 110.7 117.0 113.1 125.7 100.5 104.0 174.1 192.6 167.9 125.7 14.9 14.8 15.4 9.3 8.9 32.0 29.9 31.1 31.0 30.1 29.1 28.4 28.6 28.1 28.0 28.4 26.7 26.1 106.0 101.0 100.9 99.4 98.6 95.3 96.3 95.0 97.8 93.6 92.9 95.7 94.2 29.7 36.0 33.6 30.8 30.9 25.0 27.9 27.8 24.9 27.6 31.7 35.2 26.7 125.9 122.7 125.8 115.1 121.6 118.3 116.2 113.9 116.8 121.9 123.0 126.1 142.4 126.2 117.8 132.4 131.0 133.4 113.9 115.0 94.9 105.9 100.0 95.7 94.5 91.0 7.3 6.4 6.5 6.6 7.2 7.7 8.8 8.9 10.2 10.4 10.5 9.9 9.6 26.2 26.0 26.8 26.2 93.2 92.0 91.1 88.4 28.4 29.2 30.8 33.6 142.8 145.4 148.2 148.3 87.9 87.5 86.5 87.9 10.1 9.6 9.8 9.7 7.7 6.4 Additional Detail Available from January 3, 1940* 5 European countries Date 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) 1940—Nov. 27 Dec. (Jan. 1, 1941) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1).., Oct. 29 Nov. (Dec. 3) Dec. Dec. Dec. Dec. 10 17 24 31 6 Latin American countries ArDen- FinTotal Bel- mark land Nor- Swe- Total genway den tina 19.4 10.6 7.5 7.9 3.4 1.7 2.2 .7 .3 .8 1.5 1.7 4.0 1.5 1.2 6.1 5.5 5.6 5.6 4.8 4.4 4.2 4.4 4.4 4.3 4.2 4.1 4.0 2.1 .5 .4 .5 .3 .3 .0 .1 .1 .1 .1 .0 .1 .3 .3 .3 1.9 1.8 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 1.9 1.0 .9 4.1 4.1 4.3 4.1 .1 .1 .1 .1 I 8 1.9 1.9 1.9 1.9 4 Asiatic countries PhilipPanBra- Chile Cuba Mex- ama Total China Hong Japan pine Iszil ico and Kong lands C. Z. 4.5 3.4 2.7 71.4 77.5 72.5 12.5 16.7 14.8 33.0 33.7 30.8 9.4 9.7 10.0 10.7 11.4 10.6 4.7 4.8 4.5 1.1 1.3 1.9 182.6 26.1 155.2 30.2 109.8 24.2 1.7 125.9 1.6 90.6 4.3 53.2 28.9 32.7 28.2 1.0 1.2 1.2 .9 .6 .6 .6 .6 .6 .6 .6 .6 82.9 78.4 80.0 68.3 71.1 69.0 67.4 69.5 72.4 73.3 71.1 73.2 86.9 13.5 11.9 11.1 10.0 10.4 10.8 12.7 12.6 13.8 14.3 15.6 14.4 15.9 39.0 33.1 34.0 24.4 30.0 28.1 24.1 25.4 27.3 27.8 24.4 25.3 37.9 11.7 13.4 14.9 14.3 12.2 12.0 12.2 13.2 13.5 12.7 13.5 15.1 14.7 11.5 11.7 11.8 11.3 10.7 10.3 9.7 9.8 10.0 9.5 9.1 8.9 9.2 5.3 6.1 6.1 5.9. 5.4 5.4 6.0 5.9 5.6 6.8 6.5 7.3 6.8 1.9 2.1 2.1 2.4 2.5 2.5 2.7 2.7 2.3 2.2 1.9 2.2 2.4 113.9 103.8 117.9 114.2 115.2 97.0 98.0 78.2 90.6 84.6 81.2 80.0 77.0 24.0 23.7 24.2 23.5 26.5 26.1 29.2 31.1 34.1 30.7 29.4 29.2 27.0 1.5 1.7 1.1 .9 .9 1.0 2.7 2.7 3.0 3.4 3.1 2.9 3.1 62.8 55.8 71.8 68.3 67.3 46.9 41.1 17.3 27.1 22.5 21.5 20.4 20.0 25.6 22.6 20.7 21.5 20.4 23.0 25.0 27.1 26.4 28.0 27.3 27.5 27.0 .6 .6 .8 .6 86.0 87.9 89.3 90.9 17.1 16.2 17.1 16.8 35.4 36.6 36.7 38.0 14.7 14.6 14.6 14.9 9.3 10.9 11.1 11.3 7.1 7.2 7.5 7.6 2.3 2.4 2.4 2.4 73.0 72.9 71.8 68.4 23.9 23.6 23.6 23.5 3.1 3.1 3.1 3.1 18.9 18.9 18.9 18.9 27.2 27.2 26.3 23.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". Last report date on old basis. First report date on new basis. The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, 5and Asia. Less than $50,000. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 2 3 4 386 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of issue dept. B a n k of E n g l a n d (Figures in millions of pounds sterling) 1929_Dec. 25 1930—Dec. 31 1931—Dec. 30 1932—Dec. 28 1933—Dec 27 1934—Dec. 26 1935—Dec 25 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 1939—Dec. 27 1940—Dec# 25 Cash reserves Gold1 . . . . . . 1941—Feb. 26 Mar. 26 Apr. 30 May 28 June 25 July 30 Aug. 27 Sept. 24 Oct. 29 Nov 26 Dec 31 Assets of banking department Other assets 145.8 147.6 120.7 119.8 190.7 192.3 200 1 313.7 326.4 326.4 4 .2 .2 260.0 260.0 275 0 275.0 260.0 260.0 260 0 200 0 220.0 230.0 580.0 630.0 .2 .6 .6 .8 1.0 630.0 630.0 680.0 680.0 680.0 680 0 680.0 730 0 730.0 730 0 780 0 1.4 780.0 780.0 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 . 1942—Jan. 28 Feb. 25 ,. .2 .2 5 5 5 5 Coin .5 .6 .6 .8 .8 1.0 .9 Notes 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 51.7 25.6 13.3 Discounts and advances Liabilities of banking department Note circulation 3 Bankers' Public Other 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 90.7 176.1 199.1 22.3 49.0 27.3 18.5 16.8 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 616.9 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 135.7 8.8 6.6 7.7 12.1 12.1 11.4 15.9 29.7 12.5 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 51.2 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 17.9 17.9 7.6 8.5 17.5 9.2 28.5 4.3 4.0 603.2 611.5 623.4 629.5 639.0 658.4 664.7 671.4 693.3 710.0 751.7 121.7 118.6 131.8 110.9 112.5 132.1 125.7 133.9 117.0 136.4 219.9 14.6 22.0 13.6 32.3 25.3 11.3 14.9 10.6 13.7 9.8 11.2 53.0 52.3 57.2 52.1 50.4 50.5 49.1 52.2 57.7 53.1 54.1 18.1 18.1 17.7 17.8 17.8 17.9 18.0 18.1 17.7 17.8 17.9 742.4 749.6 145.5 136.8 10.2 11.5 57.4 51.7 17.9 18.0 3.7 45.3 28.3 11.4 .3 27.0 18.8 56.9 50.7 41.3 21.8 15.5 58.8 36.9 20.2 28.5 6.4 175.4 145.8 133.7 149.4 156.2 181.7 183.9 149.8 163.3 192.3 267.8 .4 .3 37.8 30.7 8.2 4.2 184.5 182.8 L.I L.5 L.6 L.7 L.7 L.8 .6 1.3 .6 Deposits Other liabilities Securities 6.9 6.5 6.4 4.6 4.5 4.0 Bank of Canada 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 . Gold 180.5 179.4 179.8 185.9 225.7 (8) ... 1941—Feb 28 Mar. 31 Apr 30 May 31 June 30 July 31 Aug 30 Sept. 30 Oct. 31 Nov 29 Dec. 31 . .... 1942—Jan. 31 Feb. 28 Sterling and United States dollars 9.9 Liabilities Assets (Figures in millions of Canadian dollars) 8.9 22.2 Dominion and provincial government securities Deposits Other assets Note circulation7 Other liabilities Chartered banks Dominion government Other 5.5 12.4 99.7 135.7 165.3 175.3 232.8 359.9 181.6 187.0 196.0 200.6 217.0 217.7 17.9 18.8 11.1 16.7 46.3 10.9 .8 2.1 3.5 3.1 17.9 9.5 13.3 28.5 ShorttermS Other 4.2 9.1 14.9 28.4 64.3 38.4 30.9 61.3 82.3 144.6 181.9 448.4 83.4 99.0 91.6 40.9 49.9 127.3 49.5 69.5 134.0 216.3 .5 .5 40.6 109.3 42.5 113.8 200.9 457.4 411.1 372.5 375.5 501.5 522.3 519.7 516.4 462.2 428.7 391.8 122.4 114.5 118.2 126.5 142.9 138.0 141.4 146.3 234.7 228.5 216.7 24.8 17.0 12.8 9.9 28.9 14.9 21.3 19.9 29.6 20.3 33.5 352.9 365.3 372.6 379.4 393.4 404.7 422.2 435.3 448.9 463.0 496.0 213.1 208.0 228.9 239.8 200.3 216.3 212.9 207.5 231.8 247.2 232.0 57.6 17.1 18.2 88.6 54.5 33.3 60.7 124.6 60.3 53.2 73.8 7.1 8.3 3.8 5.4 10.6 4.7 10.0 6.4 2.4 7.2 6.0 23.4 13.4 14.0 15.0 15.0 16 7 17.2 18.2 25.7 20.7 35.1 299.1 377.0 245.7 209.5 203.8 204.6 14.9 17.6 479.1 493.2 200.6 236.8 46.6 49.4 18.7 11.1 18.7 18.2 8.6 8.2 21.7 5.2 7.7 13.4 14.4 9.3 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. J ~ ' ' ~ ' " " ' * * t; on Mar. 1, 1939, about from Exchange Account ^Fiduciary issue increased by 50 million pounds on June 12,1940, and Apr! 30, Aug. 30, and Dec. 3, 1941. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of Canada correspond to the items in that Bank's statements, except that the headings Other assets and Other liabilities include certain small asset and liability items shown separately in the statements. APRIL 1941 387 Central Banks—Continued Assets Bank of France (Figures in millions of francs) 1929—Dec. 1930—Dec. 1931—Dec 1932—Dec. 1933—Dec. 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 27 26 30 30 29 28 27 30 30 29 28 Gold 6 1941_j u ly 3i Aug. 28 Oct. 30 Dec. 3lp Advances to Government Domestic bills 5 1940—Jan. 25 Feb. 29 Mar 28 Apr. 25 May 30 June 10 Aug. 296 Sept. 266 Oct. 316 Nov. 28 6 Dec. 266 Liabilities 1 Foreign exchange Open market 2 Special 2 For occupation costs 3 Other 41,668 53,578 68 863 83,017 77,098 82,124 66,296 60,359 58,933 87,265 97,267 25,942 26,179 21 111 4,484 1,158 963 1,328 1,460 911 821 112 5,612 5,304 7 157 6,802 6,122 5,837 5,800 5,640 5,580 7,422 11,273 1,379 652 1,797 2,345 8,624 8,429 7,389 3,438 4,739 3,971 9,712 8,465 10,066 7,880 5,149 97,268 97,275 84,614 84,615 84,616 84,616 84,616 84,616 84,616 84,616 84,616 111 109 111 112 102 108 11,861 12,505 42,645 42,694 44,083 44,173 2,235 1,810 1,870 1,781 1,889 1,518 5,011 4,630 5,005 5,769 14,473 11,885 84,598 84,598 84,598 84,598 (7) 42 37 37 37 (7> 8 43,194 40,776 40,720 41,138 (7) 661 (7) 3,646 •6,419 6,139 7,849 (7) Other 2 17,698 31,909 20,627 34,673 Note circulation Government 8,124 68,571 9,510 76,436 11 275 ' 85 725 11,712 85,028 11,173 82,613 11,500 83,412 11,705 81,150 12,642 89,342 11,733 93,837 18,498 110,935 20,094 151,322 19,636 20,785 19,666 19,305 22,729 25,221 27,200 39,200 56,806 64,397 72,317 35,673 40,523 20,550 20,900 32,600 36,250 64,195 69,340 65,250 61,200 63,900 23,179 69,500 67,700 60,500 (7) 22,605 21,826 23,555 (7) C.A.R.4 Relchsbank Reserves of gold and foreign exchange Total reserves 1929—Dec. 31 1930—Dec 3i 1931—Dec. 31 1932—Dec. 31 1933—Dec. 30 1934—Dec 31 1935—Dec. 31 1936—Dec. 31 1937—Dec 31 1938—Dec. 31 I939—Dec 30 1940—Dec 31 . . . 1941—j an 31 Feb.28 Mar 31 Apr. 30 May 31 June 30 July 31 Aug. 30 Sept. 30 Oct 3 1 p Nov 29^ Gold 2,687 2,685 1,156 920 396 84 88 72 76 76 78 78 2,283 2,216 984 806 386 79 82 66 71 71 (8) 77 77 78 78 78 78 78 77 77 77 77 Bills (and checks), including Treasury Other 1,812 2,241 1 989 2 041 1,940 1,907 2,113 2,557 3,160 2,718 2,925 1,834 1,203 1,154 1,171 1,046 1,049 995 990 1,097 748 984 27,200 34,930 38,932 39,107 41,400 14,965 17,128 14,262 14,681 25,782 25,405 28,226 25,700 25,075 24,941 27,202 3,259 3,156 3,014 3,038 2,811 2,848 (7) 1,318 1,341 1,272 (7) 242,000 244,099 255,684 270,144 7,850 11,698 22,183 20,072 13,414 15,359 8,716 13,655 19,326 25,595 14,751 60,612 60,193 60,932 61,500 33,978 29,179 25,999 (7) 3,741 3,763 3,309 (7) Assets (Figures in millions of reichsmarks) (Dther liabilities 11,737 12,624 5 898 2,311 2,322 3,718 2,862 2,089 3,461 5,061 1,914 151,738 156,150 156,032 156,285 170,853 174,469 198,578 205,439 213,131 214,176 218,383 117,715 117,555 129,518 142,507 I (I) Deposits Other assets (7) 3,586 Liabilities Securities Security loans bills 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 8,244 11,392 15,419 251 256 245 176 183 146 . 84 74 60 45 30 38 14,503 15,284 15,367 15,644 15,918 16,258 16,754 17,306 18,016 18,456 18,899 28 34 23 32 23 20 S25 26 24 Other assets Note circulation '"'259' 445 349 221 106 557 804 32 92 102 • 161 398 322 319 315 303 286 298 393 357 656 638 1,065 1,114 735 827 853 765 861 1,621 2,498 2,066 28 24 32 22 18 45 12 16 24 20 58 349 351 352 488 438 416 359 384 383 (7) (7) 1,834 1,445 1,672 1,548 1,922 2,336 2,302 2,343 2,260 Eligible as note cover Other CO (7) Deposits Other liabilities 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 11,798 14,033 755 652 755 540 640 984 1,032 1,012 1,059 1,527 2,018 2,561 736 822 1,338 1,313 836 1,001 923 953 970 1,091 1,378 1,396 13,694 13,976 14,188 14,689 15,210 15,565 16,031 16,502 16,918 17,432 17,793 1,726 1,935 2,127 2,006 2,012 2,373 2,243 2,326 2,511 2,470 2,493 1,399 1,305 1,210 1,117 1,174 1,215 1,259 1,323 1,357 (7) (7) p Preliminary. 1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p . 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732.3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Dec. 31, 1941, advances of 150,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after Tune 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83 and July 1935, p . 463. 388 FEDERAL RESERVE BULLETIN Central Banks—Continued Central Bank (Figures as of last report date of month) Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange.. Negotiable Government bonds. Rediscounted paper Other assets Note circulation Deposits—Member bank Government Other Foreign exchange sold forward Other liabilities Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits Note circulation. National Bank of Belgium 1 National Bank of Bohemia and Moravia (millions of koruny): Gold '.' Foreign exchange Discounts Loans Other assets Note circulation Demand deposits Other liabilities Central Bank of Bolivia (thousands of bolivianos): • Gold at home and abroad Foreign exchange Loans and discounts Securities—Government Other Other assets Note circulation Deposits Other liabilities National Bank of Bulgaria 1 Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities... Other assets Note circulation Deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange J Clearing accounts (net) Discounts Loans—To Government agencies. Other Securities 1 1942 Feb. 1941 Jan Dec. 1,075 467 364 206 1,380 561 56 27 7 81 Feb. 1,07: 277 310 36 23" 1,235 446 184 21,954 64,717 21,955 68,213 17,705 49,809 5,647 30,325 28,031 88,940 143,499 81,364 2,805 37,907 22,662 81,766 135,017 84,864 4,932 64,903 24,288 40,256 126,03: 62,369 1,513 787 840 (2) (2) 1,465 766 1 (3) () * 6,813 1,826 9,397 2,800 ) (2) (Apr.) 4 104,959 42,607 224,182 440,344 8,513 202,454 508,348 422,463 92,248 148 362 733 673 57 1,442 204 130 198 29,236 14,862 40,517 54,126 32,842 72,796 52,909 45,878 102,935 66,795 214,985 429,924 7,643 158,260 492,408 397,788 90,347 148 374 733 612 83 1,449 168 141 192 147 182 742 471 78 1,145 213 58 202 31,863 9,786 41,109 54,244 31,487 70,853 52,354 45,282 28,256 10,903 46,855 54,593 31,335 74,441 50,394 47,107 32,070 16,603 21,420 57,320 34,036 59,900 61,740 39,809 (Oct.)^ 9 32 758 9 16 26 180 109 20 474 10 1 48 165 Central Bank (Figures as of last report date of month) National Bank of Denmark—Cont. Other assets Note circulation , Deposits , Other liabilities Central Bank of Ecuador (thousands of sucres): Gold. Foreign exchange (net) Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank of Egypt 5 (thousands of pounds): Gold. Foreign exchange Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation Deposits—Government Other Other liabilities Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange Loans and discounts Government debt and securities.. Other assets Note circulation Deposits Other liabilities Bank of Finland (millions of markGold Foreign assets Loans and discounts Domestic securities Other assets Note circulation Deposits Other liabilities Bank of Greece 1 National Bank of Hungary (millions of pengo): Gold6 Foreign exchange reserve Discounts Loans—To Treasury To foreign countries Other Other assets Note circulation Demand deposits • Consolidated foreign credits of 1931. Other liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home and a b r o a d . . . . Sterling securities Indian Gov't. securities Rupee coin Note circulation Banking department: Notes of issue department Balances abroad Treasury bills discounted Loans to Government Other assets Deposits Other liabilities Bank of Japan 1 1942 Feb. 1941 Jan. Dec. Feb. (Oct.) 585 85: 703 792 526 980 198 204 [Sept.)4 69,881 63,427 23,836 13,748 82,353 58,242 26,593 22,608 110,82: 74,798 53,496 52,456 38,344 30,771 ;Sept.)4 6,241 2,722 4,778 84,664 7,660 45,945 10,166 36,385 13,568 13,233 4,538 1,572 7,080 1,630 19,447 4,848 3,759 13,244 2,430 2,071 6,699 1,446 15,000 4,669 6,221 (May) 556 1,182 5,610 414 2,212 5,659 796 3,520 604 1,531 5,380 365 1,240 5,551 537 3,032 (Oct.) 4 124 32 691 611 100 18 1,029 801 140 35 398 1,941 337 26 217 ""52 316 1,344 165 51 265 444 2,276 415 342 3,356 444 1,405 496 324 2,495 175 672 121 471 (3) 112 561 143 ""86 786 146 For last available reports from the central b a n k s of Belgium (March 1941), Bulgaria (May 1941), Greece (March 1941), and J a p a n (September 1941), see B U L L E T I N for March 1942, pp. 280-281. 2 Figure not available. 3 Less t h a n 500,000. 4 Latest m o n t h for which report is available for this institution. 5 I t e m s for issue and banking d e p a r t m e n t s consolidated. ^ 6 Gold revalued in week ending September 30, 1941, a t 0.2175 gram fine gold per pengo, an increase in gold value of t h e pengo of approximately 24 per cent. APRIL 1941 589 Central Banks-—Continued Central Bank (Figures as of last report date of month) Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Mexico (thousands of pesos): Metallic reserve1 "Authorized" holdings of securities, etc Bills and discounts Other assets Note circulation Demand liabilities Other liabilities Netherlands Bank (millions of guilders): Gold . . Silver (including subsidiary coin).. Foreign bills Discounts Loans Other assets Note circulation Deposits—Government. Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold.. . . . . . Sterling exchange reserve Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities Bank of Norway3 Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange. Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of Portugal (millions of escudos): Gold4 Other reserves (net) Non-reserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of Rumania (millions of lei):5 Gold Special exchange accounts Loans and discounts Special loans (in liquidation) . Government debt Other assets Note circulation Demand deposits Other liabilities South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets 1941 1942 Feb. Jan. Dec. 444 21 119 119 311 355 36 Feb. 322 17 88 123 213 300 37 189,778 190,072 167,325 491,934 96,817 85,316 546,309 212 781 104,755 515,860 476,635 73,436 58,668 85,874 56,984 563,133 426,011 197,974 243,289 104,135 90,312 (Sept.) 2 1,023 8 590 1,097 19 23 1,894 67 249 "236 1,508 190 58 123 60 2,802 13,294 2,802 16,647 68 176 277 25,503 26,148 3,778 3,842 1 759 1,432 24,615 21,382 19 956 26,835 2,589 2,630 (Nov.) 2 62,080 49,606 15,958 28,573 180,993 129,980 8,434 6,666 183,990 144,391 60,039 51,026 21,667 21,174 (Nov.) 2 1,338 1,432 2,826 340 1,031 935 3,911 3 192 1,256 775 991 365 1,031 937 2,720 1,767 798 867 (Sept.) 2 33,715 17,667 31,102 32,262 7,028 29,715 574 671 9,628 37,532 89 691 28,281 12,246 9,783 15,906 66 976 18 247 10,142 44,431 322 1 61,069 47,110 603 3 39,287 1941 1942 Central Bank (Figures as of last report date of month) Feb. South African Reserve Bank—Cont. Note circulation Deposits Other liabilities Bank of Sweden (millions of kronor): Gold Foreign assets (net) Domestic loans and investments.. Other assets Note circulation . . . Demand deposits Other liabilities Swiss National Bank (millions of francs) * Gold Foreign exchange Loans and discounts Other assets Note circulation . . Other signt liabilities Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): Gold .... Foreign clearing accounts Loans and discounts Securities Other assets Note circulation Deposits—Gold Other Other liabilities Bank ofjthe Republic of Uruguay (thousands of pesos): Issue department* Gold and silver . . Note circulation Banking department: Jan. 1,607 897 523 Feb. 28,631 71,741 5,451 497 760 843 926 Dec. 23,784 58,861 4,359 492 760 810 828 376 747 824 744 1,700 587 603 (Nov.) 2 2,606 937 135 230 1,425 545 720 2,267 1,131 151 255 2,212 1,405 2,129 1,423 290 252 (Nov.) 2 115,404 55,815 474,471 191,570 25,916 511,484 79,358 110,021 162,312 109,170 37,846 382,469 192,357 18,121 425,599 79,357 101,593 133,414 (Nov.) 2 86,235 86,235 107,592 105,910 72,924 34,082 Notes and coin Advances to State and to 25,150 government bodies 93,210 Other loans and discounts 129,770 Other assets 119,987 Deposits 235,149 Other liabilities Central Bank of Venezuela (thousands of bolivares): Gold ... 158,317 149,031 124,311 18,491 17,791 38,903 Foreign exchange (net) Credits to national banks 35,230 35,230 36,230 9,422 Other assets 14,510 13,918 Note circulation— Central Bank 138,071 114 990 95,695 54,394 56,338 60,738 National banks 25,851 34,102 42,663 Deposits 8 232 10 540 9,770 Other liabilities National Bank of the Kingdom of Yugoslavia 8 Bank for International Settlements (Nov.) 2 (thousands of Swiss gold francs*): 31,959 Gold in bars Cash on hand and on current account with banks 40,950 15,626 Sight funds at interest Rediscountable bills and acceptances (at cost) 142 162 21,004 Time funds at interest Sundry bills and investments 223,364 Other assets 107 Demand deposits (gold) 26 241 Short-term deposits (various currencies) : Central banks for own account 21,734 Other 4 277 Long-term deposits: Special accounts . 229 001 Other liabilities 193,918 66,690 34,842 39,982 92,531 88,819 116,844 206,018 40,072 48,573 15,102 142 007 22,387 236 825 2 310 35 570 45,510 2 868 229,001 194,327 1 2 3 4 5 Includes gold, silver, and foreign exchange forming required reserve ( per cent) against notes and other demand liabilities. i (25 Latest month for which report is available for this institution. For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. Valued at average cost. Gold revalued April 1, 1941, at 0.0047 gram fine gold per leu. 6 See BULLETIN for December 1936, p. 1025. 390 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of—Date effective In effect Oct. 2, 1936 Oct. 9 Oct. 16 Oct. 20 Nov. 26 Dec. 3. Jan. 28, 1937 June 15 July 7 Aug. 4 Sept. 3 Nov. 13 May 10, 1938 .... May 13 May 30 Sept. 28 Oct. 27 Nov. 25 . . Jan. 4, 1939 Apr. 17 . May 11 July 6 Aug. 24 Aug. 29 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940 Apr. 9 May 17 Mar. 17, 1941. United GerKing- France many dom 3 2 Belgium 2 4 Sweden Rate Mar. 31 Date effective Albania Argentina ... Belgium Bohemia and Moravia.... 2 Mar. 21, 1940 Mar. 1, 1936 Jan. 25, 1940 Rate Mar. 31 Central bank of— Date effective Japan 3.29 Java 3 Latvia 5 Lithuania. .. 6 Mexico 4 Apr. Jan. Feb. July Jan. July May Aug. Mar. 7, 14, 17, 15, 2, 1936 1937 1940 1939 1941 4 Oct. 1, 1940 Nov. Nov. Dec. Mar. Dec. July 8, 1940 28, 1935 1, 1940 11, 1935 16, 1936 18, 1933 Netherlands New Zealand Norway . . . . 3 5 Peru Portugal.... 4 Denmark Ecuador .. . El Salvador... Estonia Finland 3 2H Central bank of— Bolivia 6 British India.. 3 Bulgaria 5 Canada Chile 3-4^ Colombia 1H 2 4 6 5 4 s Switzerland 2 3 2y2 Oct. May Mar. Oct. Dec. 16, 1940 26, 1938 30, 1939 1, 1935 3, 1934 Rumania South Africa Spain ... Sweden. Switzerland. 3 3 4 3 Mar. Apr. July Oct. May 17, 1941 9, 1940 14, 1941 22, 1940 18, 1936 Turkey . . . . United Kingdom U S S. R,.. Yugoslavia.. 4 July 2 4 5 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 June 27, 1941 26, 13, 1, 31, 1941 1940 1940 1941 3 3 2H 2 4 3 2H 4 4 7 3 4 Sept. 12, 1940 June 2, 1941 lMar. 29, 1939 May 29, 1941 Nov. 26, 1936 3 3 2 3 2 3M A/fov OQ June 27 In effect Mar. 31, 1942 Netherlands 2 3H 2 z France Germany Greece Hungary Italy 5 3 2 1, 1938 3 3 1 Not officially confirmed. NOTE.—Changes since Feb. 28: none OPEN MARKET RATES [Per cent per annum] United Kingdom Month Bankers' acceptances 3 months Treasury bills 3 months 1929—Jan 1930—Jan 1931—Jan 1932—Jan 1933—Jan 1934—Jan 1935—Jan 1936—Jan 1937—Jan 1938—Jan 1939—Jan 1940—Jan 1941—Jan 4.32 4.07 2.25 5.52 .87 1.01 .36 4.29 4.04V 2.24 4.94 .56 .54 .55 1.10 1.03 .90 .26 .53 .54 .51 .53 1.09 1.01 1941—Feb Mar Apr May Tune July Aug Sept Oct Nov Dec 1942—Jan 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.02 1.01 1.01 1.00 1.00 1.00 1.00 1.01 1.00 1.00 1.01 1.01 .56 .76 Bankers' Day-to-day allowance money on deposits 3.41 3.62 1.74 4.20 .73 .86 .66 .75 .75 .75 .75 .02 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .03 .04 Germany Netherlands Sweden Switzerland Loans up to 3 months Private discount rate Private discount rate Day-to-day money Private discount rate Money for 1 month 5.80 6.33 4.75 6.94 C 3.88 C 3.98 3.51 3.00 3.00 2.88 2.88 2.50 2.25 5.13 6.03 4.93 7.86 4.98 4.74 3.82 2.81 2.54 2.98 2.46 2.03 1.73 4.20 2.99 1.38 2.24 .37 .50 .59 2.21 .52 .13 .13 1.85 2.25 4.46 2.85 1.55 2.37 1.00 1.00 1.00 2.29 1.01 .50 .50 2.64 2.75 3.28 2.97 1.17 1.68 1.50 1.50 1.50 2.48 1.25 1.00 1.00 1.25 1.25 2.25 2.25 2.25 2.25 2.13 2.13 2.13 2.13 1.68 1.83 1.67 1.78 1.93 1.63 2.25 2.07 2.06' 1.93 1.88 1.88 1.88 1.88 2.75 2.75 2.75 2.36 2.25 2.25 2.25 2.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1,25 1.25 1.25 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. APRIL 1942. 391 COMMERCIAL BANKS (Figures in millions of pounds sterling) Liabilities Assets United Kingdom 1 Cash reserves Money at Treasury Loans to call and Bills dis- deposit counted receipts2 Securities customers short notice Deposits Other assets Total Demand31 1,983 1,941 1,971 2,091 2,238 991 1,015 1,044 1,140 249 256 263 290 293 2,315 2,330 2,254 2,441 2,800 276 274. 273 311 267 264 269 273 280 324 288 2,764 2,829 2,824 2,946 2,991 2,997 3,115 3,176 3,208 3,329 3,222 Time 3 Other liabilities 10 London clearing banks 1932—December 1933—December 1934—December 1935—December 1936—December 207 213 216 221 236 127 119 151 159 187 408 311 255 322 316 1936—December 1937—December 1938—December. 1939—December 1940—December 244 244 243 274 324 195 163 160 174 159 322 300 250 334 265 1941—March April May June July August September October November December 1942—January 288 298 293 311 306 316 330 328 332 366 330 132 137 128 143 139 140 134 132 127 141 118 194 188 173 193 275 266 315 270 246 171 157 778 740 759 784 864 472 565 59* 605 630 208 237 247 231 238 963 900 910 924 216 244 251 231 232 1,288 1,284 1,256 1,398 1,770 1,012 1,026 997 1,043 1,030 245 252 269 256 250 1,728 1,769 1,789 1,870 1,898 1,909 1,991 2,023 2,054 2,168 2,088 1,036 1,060 1,035 1,075 1,093 1,088 1,123 1,153 1,154 1,161 1,134 242 247 249 248 240 242 243 246 250 253 249 4 (4) 11 London clearing banks 5 314 660 635 635 609 771 890 984 971 1,015 924 374 461 469 482 476 469 531 596 651 758 739 821 820 848 880 902 935 939 986 999 999 1.008 922 897 889 874 866 850 839 837 825 823 832 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Entirely in Canada Cash reserves Security loans Other loans and discounts Liabilities Security loans abroad and net Securities due from foreign banks Other assets Note circulation Deposits payable in Canada excluding interbank deposits Total Demand Other liabilities Time 1932—December.. 1933—December.. 1934—December.. 1935—December.. 1936—December.. 1937—December.. 1938—December.. 1939—December.. 1940—December.. 211 197 228 228 240 255 263 292 323 103 106 103 83 114 76 65 53 40 1,104 1,036 977 945 791 862 940 1,088 1,108 155 134 155 141 161 102 166 132 159 778 861 967 1,155 1,384 1,411 ,463 ,646 ,531 500 482 491 529 554 575 535 612 570 115 121 124 111 103 96 88 85 1,916 1,920 2,035 2,180 2,303 2,335 2,500 2,774 2,805 538 563 628 694 755 752 840 1,033 1,163 378 ,357 ,407 ,486 ,548 ,583 ,660 ,741 ,641 821 775 761 789 837 850 843 963 846 1941—March April May June July August September. October.. .. November.. December. 1942—January 296 325 321 288 314 299 308 325 342 356 296 35 31 29 33 34 35 36 37 36 32 31 1,115 1,109 1,132 1,292 1,279 1,255 1,237 1,233 1,218 1,169 1,128 178 189 183 191 188 190 197 199 182 168 158 ,766 ,820 ,812 ,688 ,681 ,698 ,696 ,643 ,690 ,759 ,916 521 544 537 575 559 553 579 594 593 653 585 79 80 80 80 81 79 80 76 71 71 2,972 3,064 3,045 3,075 3,068 3,031 3,037 3,012 3,041 3,105 3,096 1,270 1,356 1,350 1,608 1,579 1,509 1,482 1,420 1,402 1,436 1,376 ,703 ,708 ,695 ,467 ,489 ,522 ,555 ,592 ,639 ,669 1,720 858 877 889 913 907 919 938 939 944 962 945 Assets France (4 large banks. End of month figures in millions of francs) Cash reserves Due from banks Liabilities Bills dis counted Loans Other assets Deposits Total Demand Time Own acceptances Other liabilities 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1939—December. 9,007 5,870 5,836* 3,739 3,100 3,403 3,756 4,599 1,766 1,416 1,421 2,484 2,975 4,116 4,060 3,765 22,014 19,848 18,304 16,141 17,582 18,249 21,435 29,546 7,850 8,309 8,159 8,025 7,631 7,624 7,592 7,546 1,749 1,827 1,717 1,900 1,957 2,134 1,940 2,440 37,759 32,635 30,943 27,553 28,484 30,348 33,578 42,443 36,491 31,773 30,039 26,859 27,955 29,748 33,042 41,872 1,268 862 904 694 529 600 537 571 295 273 193 337 473 661 721 844 4,331 4,362 4,301 4,399 4,289 4,517 4,484 4,609 1940—January... February.. Marche.... 4,066 4,293 4,110 4,080 3,993 3,920 29,808 30,810 34,123 7,756 7,579 7,499 1,745 1,849 1,961 42,850 43,737 46,608 42,302 43,195 46,064 548 542 544 938 1,034 1,105 3,667 3,753 3,901 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. ' J Represent six-month loans to the Treasury at 1J per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. psts * Through December 1 , excludes deposits in ofices outside England and Wales whi are included in total. 1937, offices which 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5, 1936, figures bankssee f o t o t 5 g 5 District Bank included beginning in 1936 includd b i i i 1936. « No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Year or month Australia (pound) Belgium (belga) Special Export Official 33.579 32.659 33.137 32.959 32.597 30.850 29.773 ,. 29.773 123.704 400.95 23.287 388.86 18.424 395.94 16.917 393.94 16.876 389.55 16.894 353.38 16.852 1322'. SO 305.16 116.880 322.80 321.27 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 23.704 23.704 23.704 23.704 23.704 23.704 23.704 23.704 23.704 23.704 23.704 23.704 Official 1934 1935 1936 1937 1938 1939 1940 1941 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb Year or month 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 Colom- Czecho- Denbia slovakia mark (peso) (koruna) (krone) (markka) 1941—Mar Apr. May 4.2424 4.1642 4.0078 3.4930 3.4674 13.4252 22.500 21.883 22.189 22.069 21.825 20.346 119.308 56.985 . . . . 57.011 57.022 56.982 56.981 56.982 56.982 56.980 56.993 56 987 56.987 56.997 June July Aug. Sept Oct Nov Dec 1942—Jan. Feb Finland Official British India (rupee) Free 190.909 90.909 101.006 99.493 99.913 100.004 99.419 96.018 85.141 87.345 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 84.981 87.651 87.421 88.183 88.271 88.961 89.134 88.781 88.604 87.395 87.833 88.418 Hungary (pengo) Italy (lira) Japan 38.716 48.217 31.711 30.694 30.457 27.454 22.958 124.592 29.575 29.602 29.558 19.779 19.727 19.238 18.475 119.770 8.5617 8.2471 7.2916 5.2607 5.2605 5.1959 5.0407 15.0703 29.715 28.707 29.022 28.791 28.451 25.963 23.436 123.439 24.421 24.393 24.285 24.372 24.524 25.110 25.099 25.088 25.088 25.043 19.770 5.0452 5.0475 5.0805 5.2621 23.439 23.439 23.439 23.439 23.439 8.4268 8.2947 8.5681 15.8788 8.6437 6.1983 5.8438 6.0027 5AUS 6.0562 5.0214 6.0575 5.0705 37.879 36.964 37.523 37.326 36.592 33.279 30.155 30.137 30.139 30.129 30.129 30.129 30.128 30.130 30.137 30.151 30.151 30.130 30.123 30.122 5.0599 5.0600 5.0600 5.0598 5.0616 5.0646 5.0616 5.0803 5.0896 5.1331 5.1331 5.1369 39.375 40.258 40.297 40.204 40.164 40.061 40.021 J 39.968 .9402 .9386 .9289 .9055 .8958 .8153 1.6715 39.960 39.962 39.968 39.970 2.0100 2.0100 2.0100 2.0098 (lev) Canada (dollar) Official GerFrance m a n y Greece Hong Kong (reichs- (drach- (dollar) (franc) ma) mark) 2.2277 6.5688 2.1627 6.6013 2.1903 6.1141 2.1811 4.0460 2.1567 2.8781 1.9948 2.5103 1.8710 12.0827 12.0101 Bulgaria Free 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0576 6.0580 6.0580 321.30 320.70 321.19 321.25 321.31 321.28 321.33 321.37 321.43 321.50 321.50 321.50 61.780 56.011 57.083 56.726 55.953 . . . • 57.061 57.085 . . . 57.004 1934 1935 1936 1937 1938 1939 1940 1941 Free Brazil (milreis) 1.2852 1.2951 1.2958 1.2846 1.2424 11.2111 (yen) C h i l e (peso) Official China (yuan ShangExport hai) 10.1452 5.0833 5.1240 5.1697 14.0000 5.1716 4.0000 5.1727 4.0000 5.1668 4.0000 15.1664 14.0000 4.0000 4.0000 4.0000 5.358 5.190 5.255 5.336 5.243 Neth- 5.1660 5.1660 5.1660 New Mexico erlands Zea(guildland (peso) er) (pound) 27.742 67.383 27.778 67.715 27.760 64.481 27.750 55.045 22.122 55.009 19.303 53.335 18.546 153.128 20.538 402.46 391.26 398.92 396.91 392.35 354.82 306.38 322.54 20.529 20.538 20.537 20.533 20.542 20.538 20.542 20 567 20.544 20 560 20.564 20.562 322.55 321.96 322.45 322.51 322.57 322.54 322.60 322.63 322.71 322.78 322.78 322.78 United Kingdom Year or month 1934 1935 1936 1937 1938 1939 1940 N o r w a y Poland (krone) (zloty) 25.316 24.627 24.974 . . . . . . . 24.840 24.566 23.226 122.709 1941 .„„«..«-. 4.6089 4.4575 4.5130 4.4792 4.4267 4.0375 3.7110 14.0023 4.0039 4.0009 4.0017 4.0026 1941 Mar. May June July Aug Sept. Oct Nov. Dec 1942—Jan Feb 18.846 18.882 18.875 18.923 18.860 118.835 P o r t u - Ruma- S o u t h Spain S t r a i t s Sweden SwitzSettlenia Africa erland gal (escudo) (leu) (pound) (peseta) m e n t s (krona) (franc) (dollar) .. 1.0006 .9277 .7382 .7294 .7325 .7111 1.6896 498.29 484.66 491.65 489.62 484.16 440.17 397.99 398.00 13.615 13.678 12.314 6.053 5.600 10.630 9.322 19.130 59.005 57.173 58.258 57.973 56.917 51.736 46.979 47.133 25.982 25.271 25.626 25.487 25.197 23.991 23.802 123.829 32.366 32.497 30.189 22.938 22.871 22.525 22.676 123.210 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 9.130 9.130 9.130 9.130 47.106 47.107 47.107 47.138 47.160 47.160 47.160 47.160 47.160 47.160 47.007 46.710 23.824 23.825 23.839 23.836 23.210 23.201 23.203 23.206 34.094 36.571 29.751 29.606 21.360 11.879 6.000 15.313 Uruguay (pound) (peso) Yugoslavia Non- (dinar) controlled Official Free Controlled 1403!50* 403.50 503.93 490.18 497.09 494.40 488.94 443.54 383.00 403.18 79.956 80.251 79.874 79.072 64.370 62.011 65.830 65.830 2.2719 2.2837 2.2965 2.3060 2.3115 136^789 2.2716 37.601 2.2463 43.380 12.2397 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.19 402.48 403.10 403.16 403.23 403.18 403.27 403.29 403.42 403.50 403.50 403.50 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 39.566 40.065 41.161 42.706 43.789 43.745 43.836 45.796 48.125 52.783^52.571 52.785 1 Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1942: No rates certified: Straits Settlements—since February 14. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1942, see BULLETIN for March 1942, p . 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. APRIL 1941 393 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United States Year or month (1926=100) 1926 (1926=100) 87 72 67 67 72 72 75 85 79 75 83 90 100 88 86 86 88 89 94 109 101 103 137 153 554 500 427 398 376 338 411 581 653 681 125 111 97 93 98 102 104 106 106 107 110 85 86 87 89 90 91 92 93 94 94 94 94 150 151 151 151 152 153 153 154 155 155 156 156 P159 81 82 83 85 87 89 90 92 92 93 94 96 97 March April May June July August September October November December 1942—January February p 1 2 3 4 8 (1913=100) ' 2 Sweden Switzerland (1935=100) (July 1914 =100) Netherlands Italy Japan (1928=100) (October 1900=100) (1926-30 =100) 237 106 1 181 153 161 180 178 186 198 238 251 278 311 326 90 76 65 63 63 62 64 76 72 1 134 86 73 65 66 75 80 81 86 79 77 79 87 1941—February 1 (1913=100) Germany 695 100 . (1930=100) France 124 100 1930 1931 1932. . 1933 1934 1935 1936 1937 1938. 1939 1940 1941 United Kingdom Canada 3 85 75 70 63 62 68 76 89 95 97 8 112 112 112 112 112 112 113 113 126 144 103 l 94 1 92 l 90 l 96 100 102 114 111 115 146 126 110 96 91 90 90 96 111 107 111 143 165 169 170 171 173 173 174 175 176 317 322 324 326 331 329 330 330 337 x 168 170 175 181 184 188 189 191 193 Preliminary. Approximate figure, derived from old index (1913=100). Average based on figures for 8 months; no data available since August 1939, when figure was 674. Average based on figures for 7 months; no data available since July 1939, when figure was 96. Average based on figures for 5 months; no data available since May 1940, when figure was 89. Average based on figures for 10 months. 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 (1926=100) United Kingdom (1930=100) Year or month Industrial products Farm products Foods Other commodities 1926 100 100 100 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 88 65 48 51 65 79 81 86 69 65 68 82 91 75 61 61 71 84 82 86 74 70 71 83 85 75 70 71 78 78 80 85 82 81 83 89 100 89 88 83 85 87 92 102 97 97 133 146 100 87 85 87 90 90 96 112 104 106 138 156 70 72 74 75 78 80 83 85 84 85 86 87 89 90 91 92 93 94 94 95 95 144 144 144 144 145 146 146 147 148 149 151 152 153 154 154 155 156 157 157 158 158 158 158 159 . . . 1941—February 74 April May June July August September October November December 1942—January February .. . . . . 76 82 86 87 91 90 91 95 101 101 87 90 89 89 91 94 95 Foods Germany (1913=100) France (1913=100) Farm Indusand food trial products products Agricultural products Provisions IndusIndustrial raw trial finand semi- ished finished products products 581 793 129 132 130 150 526 542 482 420 393 327 426 562 1 641 X 653 (2) 579 464 380 380 361 348 397 598 663 113 104 91 87 96 102 105 105 106 108 111 113 96 86 75 76 84 86 96 * 91 l 93 (2) 120 103 89 88 91 92 94 96 94 95 99 150 136 118 113 116 119 121 125 126 126 129 100 100 100 100 100 100 100 101 133 133 133 132 132 132 132 132 f 1 707 (2) 111 111 112 113 114 114 114 113 J Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. 394 RESERVE BULLETIN Price Movements—Continued RETAIL FOOD PRICES [Index numbers] United Year or month F r a n c e Ger- Nether- Switzm a n y l a n d s erland (July 1914 (1913-14 (1911-13 (June 1914 =100) =100) =100) =100) United K i n g States dom (1935-39 (July =100) 1914 =100) 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 . . . 87 84 94 126 120 122 125 130 139 141 141 164 168 100 101 105 98 95 97 106 February .. March April May June July August September. October... November. December . 1942—January ... February.. 98 98 101 102 106 107 108 111 112 113 113 116 117 COST OF LIVING [Index numbers] 536 491 481 I 423 470 601 702 2 742 116 113 118 120 122 122 122 123 128 4 Year or month Ger- Nether, France many lands (1930 (1913-14 (1911-13 =100) =100) =100) =100) 125 117 115 114 120 130 130 132 146 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 160 161 167 172 178 179 180 181 185 119 120 124 118 120 127 130 130 140 127 128 129 130 131 134 133 128 171 169 170 171 170 167 167 166 165 165 165 163 United United K i n g States dom (1935-39 (July =100) 1914 February March April May. June July August September... October November... December. .. 1942-January February.... 98 92 96 98 99 103 101 99 100 105 ... 144 140 141 143 147 154 156 158 184 199 101 101 102 103 105 105 106 108 109 110 111 112 113 197 197 198 200 200 199 199 199 199 200 201 200 P200 3 141 139 140 136 X 132 137 139 140 5 148 121 118 121 91 87 83 78 86 102 117 122 123 125 125 126 126 130 132 132 132 133 134 136 136 133 Switzerland (June 1914 =100) 138 131 129 128 130 137 137 138 151 163 164 169 171 175 177 178 178 182 v 1 Preliminary. Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. Average based on two quarterly quotations; no data available since May 1939, when figure was 123. Average based on figures for 3 months; no data available since March 1940, when figure was 141. Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943| and April 1937, p. 373. 3 4 6 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or month United States (derived price)1 Common stocks United Germany France Kingdom (December (1913=100) (average price)2 1921=100) N umber of issues 15 1926 90.1 110.0 113.2 119.7 127.5 129.9 131.2 124.6 121.3 112.3 118.3 123.8 88.6 81.3 82.1 83.5 76.3 75.1 77.3 83.9 84.7 116.7 116.9 116.8 117.0 117.7 118.7 118.5 118.1 118.8 119.2 117.5 117.5 117.1 121.9 122.5 121.7 122.7 122.9 124.7 124.5 125.9 125.5 125.7 125.5 126.8 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 .... 1 , .„ 1941—February March April May June July August September October November December 1942—January February 87 36 100.5 98.4 United States (1935-39 =100) (1926=100) United Kingdom France Germany 139 5 8 278 300 4 105.6 57.4 84.4 91.2 98.2 105.5 109.5 110.2 111.1 113.8 115.9 117.8 2 Netherlands 3 100.0 100.0 100.0 105.2 99.6 83.3 79.7 77.2 97.4 89.7 98.3 Netherlands (1930=100) 402 67.1 82.5 90.7 6 95.1 95.8 98.7 99.9 99.0 100.7 94.8 105.3 113.4 107.8 109.1 3 101.8 105.9 90.9 7 77.9 51.2 67.0 76.6 82.9 117.5 117.5 88.2 94.2 88.1 80.0 67.9 78.6 85.7 86.3 97.0 96.3 80.8 75.9 70.8 72.5 102.8 102.8 103.0 103.2 103.3 103.1 103.1 103.1 74.3 73.2 78.5 82.1 80.1 80.3 77.9 " 77.1 79.5 83.2 83.2 83.6 80.4 77.4 71.8 72.6 69.8 70.5 69.9 69.7 70.4 70.7 72.5 73.8 75.1 74.8 76.0 74.8 76.0 228.3 269.5 274.6 5 100 50.3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 114.6 46 52 55 55 66 104.2 95.8 89.7 8 95.0 133.0 131.1 131.0 133.2 138.1 142.6 144.0 146.4 113.4 115.1 126.5 121.6 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 c for the series beginning 1937 and for a varying number of high-grade b o d f the s series p prior t that date. The yy to yearly average for 1937is the same for yg g g a e bonds for g 7 both2 series. Source: Standard and Poor's Corporation. h2 i h Since A i l 1, 1935, the 139 bonds i l d d i the calculation of the average price have all borne interest at 4 ^ per cent. T series prior to that April included in The i date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 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.4 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 6 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr .-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p . 698; April 1937, p. 373; June 1935, p . 394; and February 1932, p . 121. APRIL 194Z 395 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, M. S. SZYMCZAK JOHN K. M C K E E Vice Chairman ERNEST G. DRAPER R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman SECRETARY'S OFFICE CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary DIVISION OF EXAMINATIONS LEO H. PAULGER, Chief R. F. LEONARD, Assistant Chief C. E. CAGLE, Assistant Chief DIVISION OF BANK OPERATIONS COUNSEL'S OFFICE WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel EDWARD L. SMEAD, Chief J. R. VAN FOSSEN, Assistant Chief J. E. HORBETT, Assistant Chief GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel DIVISION OF SECURITY LOANS DIVISION OF RESEARCH AND STATISTICS E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director WALTER R. STARK, Assistant Director FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER R. M. EVANS R. R. GILBERT H. G. LEEDY JOHN K. M C K E E RONALD RANSOM M. S. SZYMCZAK ALFRED H. WILLIAMS C. S. YOUNG Secretary S. R. CARPENTER, Assistant Secretary CHESTER MORRILL, WALTER WYATT, General Counsel CARL E. PARRY, Chief FISCAL AGENT 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL ADVISORY COUNCIL CHAS, E. SPENCER, JR., BOSTON DISTRICT GEORGE L. HARRISON, N E W YORK DISTRICT Vice President WILLIAM F. KURTZ, PHILADELPHIA DISTRICT B. G. HUNTINGTON, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT H. LANE YOUNG, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President S. E. RAGLAND, ST. LOUIS DISTRICT LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel W. DALE CLARK, KANSAS CITY DISTRICT E. A. GOLDENWEISER, Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILLIAMS, Associate Economist G. ROUSE, Manager of System Open MarketGEORGE M. WALLACE, SAN FRANCISCO DISTRICT Account WALTER LICHTENSTEIN, Secretary ROBERT 396 FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of Boston Chairman and Federal Reserve Agent A. M. Creighton. .. . New York.... Beardsley Ruml Deputy Chairman President First Vice President Henry S. Dennison... W. W. Paddock William Wiilett Edmund E. Day L. R. Rounds Vice Presidents Allan Sproul R. M. Gidney T W lfnr»lri- 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 T C 7 trill C. A. Mcllhenny* C. A. Sienkiewicfc Cleveland Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlindcn C. W. Arnold R. B. Hays W. F. Taylor2 G. H. Wagner Richmond Robt. Lassiter W. G. Wysor. Hugh Leach Atlanta Frank H. Neely J. F. Porter W.S. McLarin,Jr... Malcolm H. Bryan. H. F. Conniff L. M.Clark' Chicago F. J. Lewis Simeon E. Leland.... 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 F. Guy Hitt O. M. Attebery C. M. Stewart1 Minneapolis... W. C. Coffey Roger B. Shcpard.... J. N. Peyton O.S.Powell A. W. Mills1 Robert L. Mehornay.. H. G. Lecdy Henry O. Koppang. J. W. Helm2 D. W. Woolley J.S. Waldenjr. Chester C. Davis J. G. Fry Geo. H. Keesee1 R. W. Mercer Harry I. Zicmcr Kansas City... R. B. Caldwell. Dallas Tav Tavlor San Francisco. Henry F. Grady J. B. Cozzo R. R. Gilbert .\ St. George Holden... Wm. A. Day E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford1 Ira Clerk C. E. Earhart1 W \R Hil* R. B. West 1 Cashier. * Also Cashier. M A N A G I N G DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch . Cleveland: Cincinnati Branch Pittsburgh Branch Richmond: Baltimore Branch Charlotte Branch Atlanta: Birmingham Branch Jacksonville Branch Nashville Branch New Orleans Branch Chicago: Detroit Branch St. Louis: Little Rock Branch Louisville Branch Memphis Branch APRIL Managing Director R. B. Wiltse B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers Geo. S. Vardeman, Jr. Joel B. Fort, Jr. E. P. Paris H. J. Chalfont A. F. Bailey C. A. Schacht W. H. Glasgow Federal Reserve Bank of— Managing Director Minneapolis: Helena Branch. R. E Towle Kansas City: Denver Branch Oklahoma City Branch Omaha Branch Jos. E. Olson G. H. Pipkin L. H. Earhart Dallas: El Paso Branch Houston Branch San Antonio Branch J. L. Hermann W. D. Gentry M. Crump San Francisco: Los Angeles Branch Portland Branch Salt Lake City Branch Seattle Branch W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw 397 oo FEDERAL RESERVE DISTRICTS DALLAS® J i BOUNDARIES OF FEDERAL RESERVE DISTRICTS ••••• ® • O BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH ClTIf S FEDERAL RESERVE BANK AGENCY r'V-z \{ { TEXAS > /-""Vy/ \ H o