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)

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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

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