Full text of Federal Reserve Bulletin : August 1940
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FEDERAL RESERVE BULLETIN AUGUST 1940 Review of the Month—Recent Course of Industrial Activity From the Board's Correspondence—The Settlement Fund Interdistrict Statistics of All Banks in the United States New Index of Industrial Production BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Contents PAGE Review of the Month—Recent Course of Industrial Activity New Federal Reserve Index of Industrial Production 6See p. 825 for list of tables.) 745-752 753-771 From a Legal Standpoint: Investments by Member Banks in Obligations of Certain Government Agencies 772 Obtaining Payment for Purchase of Securities in Cash Account Under Regulation T 772 Executive Order and Regulations on Transfers of Property of Latvia, Estonia and Lithuania 773 General Licenses Issued by the Secretary of the Treasury From the Board's Correspondence: 774-775 The Interdistrict Settlement Fund . . . 776-777 Current Events ... 778 National Summary of Business Conditions 779-780 Financial, Industrial, Commercial Statistics, United States (See v- 781 for list of tables.) 781-882 Statistics of all Banks in the United States International Financial Statistics (See p. 883 for list of tables.) Federal Reserve Publications . 820-824 . 883-901 902 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council Senior Officers of Federal Reserve Banks; Managing Directors of Branches Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. 903 904 FEDERAL RESERVE BULLETIN VOL. 26 AUGUST 1 9 4 0 No. 8 Recent (2out±e ofi JJndtu3ttial -Qctivity In May and June there was a sharp increase BULLETIN. Income payments, which had dein industrial activity, following a decline clined less than production in the first four earlier in the year, and dur- months of this year, have also advanced rebUSineSS i n g t h e p a s t t w o m o n t h s SmaXn o ^ - cently as a result of increases in employment. put has again been near the Distribution of commodities to domestic conpeak level reached in the latter part of 1939. sumers has been largely sustained near the These movements are shown on the accom- levels reached in the latter part of last year, panying chart, which includes the Board's and exports, though below the peak reached revised index of industrial production, pub- last winter, have continued in much larger lished for the first time in this issue of the volume than before the outbreak of war. Wholesale prices of basic commodities have SELECTED BUSINESS SERIES generally continued to decline in recent 80 \ . >. INCOME PAYMENTS ^ months, but prices of some products have re\ \ Ji*S~^ ^V (ADJUSTED) ^<^J mained near the advanced levels reached 60 earlier. In the security markets prices of 140 common stocks have shown little change fol^ INDUSTRIAL PROpUCTION /*> 120 120 lowing the rapid decline that occurred in / I May. Prices of Government securities and 100 100 i y \ of corporate bonds have increased since the ^w/ 80 80 early part of June and have reached levels not far below those prevailing in the early part of the year. Volume of trading on the exchanges has been very small during the past two months. The course of commodity and security prices, productive activity, employment, and 140 income during the past year Changes during has been to a large extent in120 120 past year fluenced directly or indirectly V\ 100 f 100 T by international developments. Current conditions are being greatly affected by prospects 80 80 r for defense preparations and realignment of **-*-/ BASIC 60 many international trade relationships as - 1939 i 1940 ^ J 1936 well as by purchases in this country by Sources: Income payments, exports and imports, Department belligerent nations. of Commerce; industrial production, Board of Governors of the Federal Reserve System; common stock prices, Standard StatisAt the outset of the war, a wave of buying, tics Company; basic commodity prices, Bureau of Labor Statistics' index converted to 1926 base. Latest figures shown: income largely by domestic manufacturers and dispayments, industrial production, exports and imports are for month of June, stock and commodity prices are for week ending tributors stimulated activity, reversed a gradJuly 27. ASIS AIMNU * ^ A \ COMMON STOCK COMMODITY \ J PRICES J: 745 Review of the Month ual downward movement in prices, increased employment and income, and led to some expansion in consumer purchasing. Foreign demand for many industrial products like steel, copper, and airplanes increased sharply and exports of cotton were exceptionally large, but foreign buying of tobacco, fruits, and numerous other agricultural commodities was curtailed. After the initial spurt in early autumn, buying of manufactured products, particularly of durable goods, declined somewhat, according to figures compiled by the Department of Commerce, but continued through the winter and spring generally at a higher level than in the first half of 1939. Shipments rose less sharply and also declined somewhat after November, but have remained some 15 or 20 per cent larger in value than in the corresponding months of last year. Production increased through the latter part of 1939, and there was a considerable accumulation of inventories, primarily of semi-finished products and raw materials. Notwithstanding some curtailment in output of semi-finished products in the early months of 1940, the total of manufacturers' inventories, according to Department of Commerce data, continued about 10 to 12 per cent larger in value than a year ago. Prices of commodities receded last autumn and winter after the initial sharp advances. Foodstuff prices decreased under the influence of large domestic supplies and as it became evident that foreign demands would not be large in the near future. Many imported commodities, which had risen because of the fear of shortages in transport facilities as well as higher shipping costs, declined after the turn of the year as current needs were adequately supplied. Prices of domestic industrial materials also declined, but in general were supported by the high level of production maintained in many important consuming lines such as machinery and transportation equipment. 746 Sustained activity in these industries and continued uncertainties with regard to the availability of supplies were important factors preventing general liquidation of inventories during the spring. Another element in the picture subsequently was the growing recognition that a large defense program would be undertaken in this country. Adoption of such a program focused attention on the possibilities of bottlenecks in particular industries and was one factor stimulating a further increase in buying by industry in recent months. New orders have been in larger volume than shipments, with the result that the volume of unfilled orders, which had declined from early peak levels, has increased somewhat. Thus at the beginning of the second half of the year manufacturers held inventories larger than a year earlier but were also producing and shipping substantially more goods and had on hand much larger unfilled orders. Outlays for capital equipment were increasing partly to provide facilities for output of armaments and partly to anticipate increased demands for other types of goods. Total non-agricultural employment has increased by about a million persons in the past year with more than half of the expansion occurring at manufacturing establishments and a considerable part of the remainder in the mining industry. In most other major groups of industries increases have been small. With a continued growth in population during this period, the decline in unemployment has probably been around half a million, and the number of persons out of work is still large. Industrial output began to show a pronounced increase in May following a decline from the peak levels reached in Industrial production t h e latter part of 1 9 3 9 ,,-•-» f. . B y J u n e •., the Board s revised seasonally adjusted index had advanced to about 121 per cent of the 1935-1939 average, as compared with a low of 111 in April and a peak of 126 last December, and in July continued FEDERAL RESERVE BULLETIN Review of the Month at approximately this level. The index as ment, and at mines, activity continued formerly compiled is estimated at 117 (1923- throughout the first half of this year at close 25 average = 100) for July, compared with to the high levels reached in the last quarter 102 in April, and 128 last December. The of 1939. In the first half of 1940 the total index of smaller changes shown by the new index this industrial production on the revised basis year reflect sustained activity in a number of important industries not included in the old averaged 116, about 15 per cent higher than index. The new index and its principal com- in the first half of last year. In industries ponents are shown for recent years on the producing metals and metal products activaccompanying chart. An explanation of the ity was at a level more than a third higher revisions made in the index and detailed tables than a year ago, but output of some other products, notably shoes, leather, and silk and are given elsewhere in this BULLETIN. wool textiles, was considerably smaller in INDEX OF INDUSTRIAL PRODUCTION the first half of 1940 than in the corresponding period of 1939. By July activity in most of these lines had risen substantially from the low levels reached earlier in the year, but was still somewhat less than last summer. During the first half of this year activity at machinery plants was maintained at the levels reached at the beginDurable n j n g Qf y ^ y e a r an( J j nfaga i r . ADJUSTED FOR SEASONAL VARIATION, 1935-39 AVERAGE FOR TOTAL = 100 POINTS IN TOTAL INDEX MONTHLY POINTS IN TOTAL INDEX manufactures 1935 1936 1937 1938 1939 1940 Latest figures shown are for June. The declines in the early part of th6 year and the subsequent increases occurred for the most part in the iron and steel, textile, and paper industries, as is shown in the chart, and were most pronounced in branches producing semifinished manufactures. In industries manufacturing finished products, such as machinery and transportation equipAUGUST 1940 \ . . 1 craft and shipbuilding industries activity increased further. The slight decline in output in the machinery and transportation equipment group shown in the chart reflected chiefly reductions at automobile factories. Output of automobiles had been large during the winter and, although retail sales were substantially higher than a year earlier, dealers' stocks of new automobiles were built up to high levels. These stocks were substantially reduced in June and July, when production was curtailed seasonally and retail sales were maintained at a high level. New orders for machinery declined somewhat after rising sharply last September and October, but since March orders have again advanced considerably. In recent months demand for railway equipment has also increased following a decline from the high level reached last autumn. In the steel industry activity declined from a level of about 90 per cent of capacity during the fourth quarter of 1939 to 60 per cent in April. Subsequently output rose rapidly, and by the end of July, steel mill operations had 747 Review of the Month once again reached a rate of about 90 per these industries and output generally concent, although usually there is a decline in tinues at a considerably higher level than in the summer. The volume of new and un- the first half of 1939. filled orders for steel declined considerably in In the wool and silk textile industries the early months of 1940, but in the spring, activity declined rapidly during the first four months of this year. In the during a brief period of price reduction, orders were received in considerable volume. Nondurable c a s e o f t h e s f l k industry, the . The intensification of active warfare in Eu- manufactures decline reflected several factors, rope in early May contributed to a further increase in orders from both domestic and principally the exceptionally large stocks of foreign sources and, although output in- hosiery that had been accumulated previcreased, unfilled orders rose. Currently it is ously, the introduction of nylon hosiery, reported that orders are still being received and the high price of raw silk, which was of in substantial volume and that unfilled orders particular importance in restricting output of silk fabrics. Mill takings of raw silk in are large. Domestic demand for steel has been general May and June were at the lowest level reas most steel-consuming industries have been ported since 1921. In the wool industry the decrease in acoperating at high rates. There has also been tivity early this year was from an unusually a considerable volume of steel purchases from Canada and from European and South Amer- high level last autumn and reflected the fact ican countries. In May and June exports of that buying of fall merchandise this spring steel amounted to about 10 per cent of steel- was much smaller than usual. In June, howmaking capacity as compared with about 4 ever, a considerable amount of buying develper cent a year ago. Direct steel require- oped, representing increased Government ments for the national defense program now orders in connection with the national defense under way have as yet been rather limited program and purchasing by many manufacin amount; indirectly, however, this program turers and dealers desiring to obtain adequate has had an influence in stimulating orders supplies now in the event that there might be delays in deliveries later. From April to by various steel-consuming industries. June activity in the wool textile industry rose In most industries producing other types of durable manufactures, such as lumber, and the advance appears to have continued furniture, and stone, clay and glass products, since then. In the cotton textile industry activity was there were declines in activity during the reduced considerably in the first quarter and early months of this year but the decreases were generally moderate. Plate glass pro- showed little change in April and May. duction was reduced considerably, however, Toward the middle of June, however, partly because in this industry demand is there was a brief period in which new orders dependent mainly upon automobile manufac- rose sharply, owing in large part to seasonal turers, who have been curtailing output in influences, and in June activity declined less recent months, and partly because some of than seasonally. In the rayon textile industry the large output in the latter part of 1939 was activity during the first half of this year has for stock. Deliveries of copper, tin, zinc and continued near the high levels reached last lead to fabricating industries also declined fall. In the chemical industries activity rose sharply in the early months of this year folsubstantially last autumn and has since been lowing an exceptionally large volume of such shipments last autumn. Recently, however, largely maintained at an advanced level, there have been some increases in most of reflecting both increased demand in this country and the cutting off of foreign sup748 FEDERAL RESERVE BULLETIN Review of the Month plies in some instances. Output of rubber Much of the decline in agricultural exports products and petroleum products likewise since the first quarter of the year has been continued large during most of the first half due to seasonal influences. Shipments of cotof this year. ton declined from the high level of the preProduction of paper and paper board was vious two quarters, and exports of other at peak levels in the last quarter of 1939 and agricultural products decreased somewhat, a substantial volume of inventories accumu- primarily because of the loss of Northern lated. In the first quarter of this year activ- European markets and smaller food shipity declined sharply but since March there ments to Great Britain. has been a considerable increase in output, Shipments of industrial products continued due in part to the fact that European supplies their upward movement but at a slower rate. of wood pulp and paper have been largely While exports of industrial products to Engcut off from this country and from other land, France, and Canada were considerably countries. Currently activity is close to peak higher than in the first quarter, these inlevels in many branches of the paper industry. creases were partly offset by sharp reductions Mineral production shared in the general in shipments to occupied territories in Euadvance last autumn with increases reported rope. The principal increases in United for production of both metals and States export trade in the second quarter Minerals fuels and this year mining of most were in firearms and ammunition, machine products has continued in large volume. In tools, coal, wood, and paper. Shipments of the petroleum industry, however, large stocks automobiles, copper, and textiles were conof refined products accumulated and recently siderably lower. output of crude petroleum has been reduced During the second quarter industrial exconsiderably, mainly in Texas fields. Coal ports were 40 per cent higher than in the production this spring and summer has been corresponding period last year. The largest unusually large for the season, reflecting increases since 1939 have occurred in war greater exports and the building up of stocks materials, as is shown in the following table: of coal at Upper Lake ports, as well as inEXPORTS OF SELECTED INDUSTRIAL PRODUCTS creased industrial consumption. Shipments Amounts in millions of dollars of iron ore down the Lakes have been at near capacity levels in recent months, but the use April-June Change of ore has been large and stocks at Lower 1940 1939 Lake ports have remained small. Amount Per cent Exports of United States merchandise in Iron and steel +63 127 +98 25 Copper +4 +18 June amounted to $344,000,000, a rise of 8 Aluminum 9 +6 +217 23 +13 +121 per cent from the level of April Other metals ammunition. 22 Firearms and +20 +1,227 Foreign trade and May. Exports were smaller Machine tools +33 +115 61 +6 27 +28 in the second quarter than they had been Agricultural machinery.. +7 88 Other machinery +9 -10 59 -15 in the first, owing to declines in agricul- Automobiles +44 73 Aircraft— +156 tural exports and a sharp fall in shipments Chemicals and products+20 +55 58 +8 +29 35 to occupied European countries. The de- Textiles paper +20 +81 Wood and 44 +17 +146 29 Coal clines in agricultural exports were partly off- Petroleum and products.. -10 -10 set in the total by increases in exports of industrial materials and products—especially April-June 1940figurespreliminary. those for war purposes. Exports of aircraft, Exports of iron and steel, machine tools, explosives, and firearms and ammunition in- and aircraft show the largest absolute gains creased greatly toward the end of the quarter. but firearms and ammunition, coal, aluminum AUGUST 1940 749 Review of the Month and other metals show larger percentage in- April and May by more than the usual seacreases. Exports of wood, paper, agricultural sonal amount. Preliminary figures for the machinery, chemicals, and textiles also have first half of July show increases in both public been higher, reflecting primarily shipments and private construction. Contract figures to Latin America and other neutral countries for the second quarter and other recent periunable to satisfy their requirements in Eu- ods are given in the accompanying table : rope. Among leading exports, automobiles, parts, and accessories, and petroleum and CONSTRUCTION CONTRACTS AWARDED I N 37 EASTERN STATES products show the principal declines. The [Monthly'averages in millions of dollars] European areas now cut off by blockade were Privately financec important markets for these products. Total Publicly Imports for consumption showed little financed ResiAll FacTotal dential tories other change in the second quarter of 1940 and were considerably below the advanced level reached 1937 243 96 147 71 26 50 39 1938 266 142 124 75 10 at the end of 1939. The value of imports has 1939 142 154 44 95 15 296 been greater since the beginning of the year 1939 33 1st 86 10 129 129 258 than in the corresponding period of the two 2ndquarter quarter 105 168 15 309 141 47 quarter 98 312 165 146 16 51 previous years, but the increase has been 3rd quarter 4th 305 91 152 153 44 17 much less than for exports and a large share 1940 quarter 36 1st 223 90 133 81 17 54 21 318 121 197 123 of the advance has been due to higher prices 2nd quarter of imported products. Imports in the second Source:—¥. W. Dodge Corporation. T h e figures shown are not adquarter were nearly 30 per cent below the justed for seasonal variation. second quarter of 1937 when large import demands due to a high rate of industrial ac- These figures indicate that contracts for tivity were supplemented by unusually large private residential building in the first half importations of agricultural products to of 1940 were about 7 per cent larger than a supplement drought-shortened crops in the year ago in the 37 States covered by the F. W. Dodge Corporation figures. The rise reported United States. Since the outbreak of war, imports of in- in the far West was somewhat more marked. dustrial raw materials and semi-manufac- As the chart indicates, the principal increases tures have increased, while imports of crude PRIVATE RESIDENTIAL BUILDING and manufactured foodstuffs and of finished manufactures have either shown little change or have decreased somewhat. Purchases of rubber, wool, silk, ferro-alloys, tin, and other metals have been in larger volume than in the previous corresponding period. The volume of construction work started in June was about the same as in May according to data of the F. W. Dodge Building Corporation for 37 Eastern States and of the San Francisco Federal Reserve Bank for 11 Western States. Public work increased from earlier low levels, owing partly to additional work at navy yards and 1935 1936 1937 1938 1939 1940 J935 1937 1938 1939 air stations, while contracts for private work Based on contracts awarded, except 1936San Francisco 1940 in District, where building permit figures were used; data not adjusted for declined from the advanced level reached in seasonal variation. BY FEDERAL RESERVE DISTRICTS MONTHLY AVERAGES BY 6-MONTH PERIODS MILLIONS 750 Of DOLLARS MILLIONS OF DOLLARS FEDERAL RESERVE BULLETIN Review of the Month over a year ago were in the Chicago, Cleve- quently declined to a level approximately 7 land, Atlanta, and San Francisco districts. per cent above the average in August, 1939. The one marked decline was in the NewIn the latter part of. July prices of most of York district where apartment construction these commodities were considerably below was much smaller than in 1939 when a large- the levels reached last autumn or this spring scale rental project of the Metropolitan Life but in the case of certain commodities, prinInsurance Company was being undertaken; cipally corn, rubber, and zinc, price increases house construction in the New York district have been largely maintained, chiefly as a was in about the same volume in the tworesult of special circumstances restricting market supplies. The accompanying table periods. Private contracts for factory construction shows prices of selected basic commodities and other non-residential work in the Dodge for the prewar week of August 26, the highest area have been running about one-fifth larger prices since that date, and prices for the than last year but considerably below the level latest week: reached in the summer of 1937. WHOLESALE PRICES OF SELECTED BASIC COMMODITIES Contracts for public construction were at a Weekly averages relatively low level at the beginning of this year, following a period of enlarged expendiPer cent Prewar Highest change tures on public works. The volume of such Aug. 26, since July 20, prewar prewar 1939 1940 to contracts, however, has since increased and July 20 rose considerably in June, owing in part to expansion in military construction, including Foodstuffs .69 Corn dollars per bu._ .45 .66 +47 1.08 dollars per bu._ .70 .67 +4 contracts on a $25,000,000 naval air station Wheat 4.42 6.67 4.69 Cocoa cents per lb +6 at Corpus Christi, Texas. In the first part Coffee 7.88 7.00 cents per lb 7.60 -8 3.82 2.68 Sugar cents per lb 2.86 -6 of July, additional contracts aggregating 6.28 5.38 Cottonseed oil-cents per lb.__. 4.58 +17 $90,000,000 were let by the Navy Department Lard_ 7.32 12.45 cents per lb 7.50 -2 for construction work in navy yards and air Hogs 8.61 6.60 dollars per cwt. 6.55 +1 10.50 10.20 +14 dollars per cwt. 8.97 bases at a number of points on both the Steers Industrial materials Atlantic and Pacific coasts. The volume of Hides 16.50 11.00 11.00 0 cents per lb 22.90 21.60 +29 cents per lb 16.80 contracts awarded for public housing was Rubber 11.20 7.35 cents per yd.__. 5.50 +34 about the same in the first half of 1940 as a Burlap 11.03 10.35 +15 Cotton cents per lb 9.00 4.35 2.52 Silk dollars per lb... 2.64 year earlier. 1.29 .97 .86 +13 Wool tops dollars per lb._. 12.50 10.75 cents per lb 10.50 +2 The general level of wholesale commodity Copper 5.35 4.85 Lead cents per lb 4.90 -1 70.40 51.00 cents per lb 49.00 +4 prices, as measured by the Bureau of Labor Tin 6.50 6.25 4.75 Zinc cents per lb +32 +18 Statistics' index, declined Steel scrap dollars per ton_ 15.62 22.50 18.38 Wholesale during June to 77 per cent commodity prices ° ^ After the middle of June prices of basic of the 1926 average, which industrial materials showed some declines was the lowest level reached since the prewar owing in part to the backing up of supplies period last August when the index was at of certain materials, such as copper and steel 75. Early in July the index advanced about scrap, as a result of suspension of French a point, reflecting chiefly seasonal increases and Italian orders. Domestic demand for in prices of livestock and products. At 78 such materials, however, has grown in recent the index was a point and a half below the months and late in July non-ferrous metal highest level reached last autumn. markets were firm. Prices of some other Prices of basic commodities, which as a materials, such as rubber, tin and ferrogroup had shown little change from the mid- manganese, have been strengthened by the dle of May to the early part of July, subseAUGUST 1940 751 Review of the Month Federal program for accumulating stocks. Industrial materials as a group have continued to fluctuate within the general range prevailing since early spring, as shown in the chart on page 779, and are currently about 10 per cent above the level of last August. Prices of basic foodstuffs on the other hand are now close to the level of a year ago. Prices of most finished industrial products have continued to show little change in recent months. Contract prices for some commodities, such as certain paper and chemical products, were increased for third quarter deliveries. Application of additional Federal excise taxes on July 1 brought minor advances in prices of a number of finished consumer goods. Prices of petroleum products have been declining and recently crude oil prices have been cut in some areas, under the influence of accumulation of stocks resulting from large domestic output and further curtailment of foreign demand. Changes in business activity and in security markets in the past year have been reflected to a small extent in Recent banking developments b a n k loans# After the Qut. break of war last September the demand for commercial and industrial loans increased substantially, especially at banks in leading cities. This rise in business loans coincided with an increase in business activity and in inventories of manufacturers and distributors. During the early months of 1940 business loans at city banks showed little further change, but they have risen slightly since the end of May. At country banks, according to preliminary call report figures shown in the table, there was a marked increase in loans during the first half of this year. Data are not yet available as to types of loans, but some of this increase no doubt reflects seasonal agricultural credit demands. Bank loans to brokers and dealers in securities, which had shown little change in general level during the previous year, declined sharply in May and June, following a fall in stock prices. On July 3 brokers loans 752 by New York City banks amounted to about $260,000,000, which was the lowest level on record and about one-quarter of the level that had generally prevailed in 1936 and 1937. In July there was a small increase in these loans, reflecting principally borrowing by Government security dealers in connection with new Treasury financing. MEMBER BANK LOANS AND INVESTMENTS, J U N E 29, 1940 [Preliminary figures in millions of dollars] Change since December 30, 1939 Amount reCentral reserve All ported city banks ReJune 29, memserve Country 1949 ber city banks Chi- banks banks New York cago Loans Investments: U. S. Government, direct & guaranteed States and local governments All other Total -282 13,951 +35 +30 +206 14,723 +395 +714 +55 -247 -127 2,887 2,878 +195 -81 +55 +2 +15 q +90 +13 +35 -93 34, 440 +499 +490 +101 -113 +22 New York City banks have continued to add to their holdings of United States Government securities, while other member banks reduced their holdings somewhat in the first half of the year. The volume of State and local government obligations held has gradually increased at all classes of member banks during recent years. Since the end of 1936 member banks, particularly country banks, have been reducing their holdings of domestic corporate securities and this decline continued in the second quarter of this year. As a net result of all these changes, total loans and investments of all member banks increased by $500,000,000 in the first half of this year and by $1,800,000,000 in the past 12 months. Member bank reserves showed increases of $2,100,000,000 in the half year, and of $3,800,000,000 in the 12-month period, reflecting corresponding growth in the country's monetary gold stock. Member bank deposits have consequently continued to rise to new high levels. FEDERAL RESERVE BULLETIN A/aw 7edetal JQetetve Dndex. X^toductlon N this of the the Board of to census or other benchmark Governors revised index of data were made where data for Iindustrialissue publishes aThe purpose of the adjustmentsgroups of industriesindividual inproduction. dustries or were inaccuBULLETIN 1 revision was to provide a broader and more accurate measure of current changes in the physical volume of industrial output. The new index covers the period from 1919 to date on a monthly basis and supersedes the Board's previous index, which was presented on a revised basis in 1927 and has not been revised materially since that time. New indexes for total industrial production and for major groups of industries are shown in the charts and tables accompanying this article and more detailed figures for groups and for individual industries and products are given in tables on pages 825 to 882 of this BULLETIN. Some of the major theoretical and practical problems involved in measuring the course of production will be discussed in an article in a later issue of the BULLETIN. The scope of the new index, as of the old, is limited to the production of manufactures and minerals. Neither index covers production of other types of goods and services. Extensive modifications have been made, however, and the behavior of the new index, while broadly similar, is different in some important respects. The principal difference is that the new index shows much more growth in this country's industrial output than was shown by the former index. Many new series were developed to obtain coverage in important industries not previously represented, particularly the machinery, rayon textile, manufactured food, and chemical industries, all of which have grown rapidly in the past two decades. In addition, a number of individual series, such as those on production of lumber and paper, were replaced by new series or were extensively revised, and 1 Revision of the Board's production index was conducted by Maxwell R. Conklin, under the general supervision of Woodlief Thomas, Assistant Director, and Frank R. Garfield, head of the section on domestic business conditions, of the Division of Research and Statistics. Mr. Conklin was primarily responsible for working out the methods used and supervising the actual work of compiling the new index and also for preparing this article. Others were responsible for or assisted in working up individual series where complex estimates or adjustments were necessary and made contributions also in other phases of the revision; these included John O. Bergelin, Ray R. Foster, Clayton Gehman, H. C. Barton, Jr., Katharyne Reil, and Michael Marsh. Mr. Barton was responsible for much of the work of deriving adjustments for seasonal variations. AUGUST 1940 rate as to general level. Another important consequence of the revision is that the new index, being broader in scope and less weighted by primary products, shows less erratic short-term fluctuations. In making comparisons over longer periods an important limitation of both the old and the revised indexes arises from the fact that there is no satisfactory method of allowing for the improvement in the quality of products. In many industries, particularly in those with highly fabricated products, increased quantity of output has been accompanied by great improvement in quality. Methods used in compiling the new index are basically the same as those used in the former index, with a number of changes called for by the passage of time or adopted to simplify the procedure. The base period, in which the index numbers average 100, was shifted from the period 1923-1925 to the most recent complete five-year period, 1935-1939. Weights applied to the individual series for combining them into composite indexes were derived from Census data for the years 1937 and 1923. The 1937 weights were used in combining the series covering the past ten years while the 1923 weights were used for previous years. New seasonal adjustment factors were computed for all series and allowances for changes in number of working days were compiled for the new series and revised for old series, when necessary. All revisions were confined to the period from 1923 to date; for the years 1919-1922 figures of the old index were chained on to the new series. Comparison of new figures with old The new index and the old index have similar major cyclical movements, as is shown in Chart I. They differ principally with respect to long-term growth and to degree of fluctuation in some of the more erratic short753 New Federal Reserve Index of Industrial term movements. The similarity shown as to current general level, is due largely to the fact that the old index happened to average 99 for the years 1935-1939, the base period selected as 100 for the new index. The revised index has shown much more growth over an extended period, rising from an average of 87 in the years 1923-1925 to 100 in the new base of 1935-1939. In 1937 the new index averaged 3 per cent above the 1929 level whereas the old index averaged 8 per cent below 1929. In June 1940 the new index was 121 per cent of the 1935-1939 average and, if calculated on a 1923-1925 base, would be 139, as compared with 114 for the old index. The more rapid growth shown by the new index is due to the addition of data for a number of expanding industries not adequately represented in the old index and to adjustments for growth in some series previously used. The widest difference is in the index for Production non-durable manufactures, shown in Chart III, and reflects principally the inclusion for the first time of series for such rapidly growing industries as chemicals, rayon textiles, alcoholic beverages, dairy products, and certain other manufactured foods, and the improvement of data on pulp and paper. The index of durable manufactures, shown in the same chart, was also revised upward, though to a smaller extent, largely as a result of the inclusion of new series on machinery and furniture, and of special upward adjustments for nonferrous metal products and stone, clay and glass products to allow for the long-term movements of industries not directly represented in these groups. The revised index of minerals, shown in Chart II, differs only slightly from the old minerals index. The major cyclical movements of the two indexes are broadly similar both in timing and in degree of change. Both indexes rose gradually in the 1920's, with pronounced re- CHART I INDUSTRIAL PRODUCTION ADJUSTED FOR SEASONAL VARIATION PER CENT PER CENT MONTHLY 160 160 A I A V . f 1919 k \ ' IV \\ > \• * K 1920 1921 A /\* \ y\ K 1 ^/ \r REVIS .A / OLD INDEX (1923-25 * 100) ~ 1 % 754 1923 1924 :D IND 39 : 10 1926 1927 1928 1929 \, V y U \v \ \ 1925 1- $ I A ft / 1922 (i j ;M A / if V / \& (1935 V I 1930 1931 il V VI 1932 1933 1934 1935 ,1936 1937 1938 1939 1940 FEDERAL RESERVE BULLETIN New Federal Reserve Index of Industrial cessions in 1921 and 1924 and smaller fluctuations in other years, reached a peak in the summer of 1929, and then declined without important interruption to a low point in the middle of 1932. This decline was the same for both indexes, amounting to over 50 per cent. Both indexes rose, with major interruptions, from 1933 to early 1937, but in that year the new index reached a new high level of 121, compared with a 1929 peak of 114, while the old index remained below its 1929 peak. The 1937-38 recession and the recovery since were equally pronounced for both indexes. The new index shows smaller short-term fluctuations and is generally somewhat smoother in month-to-month changes than the old. The peaks in the summer of 1933 and at the end of 1935 and 1939, for example, are less pronounced and the troughs in the autumn months of 1933 and 1934 and the early part of 1935, 1939, and 1940 are also less marked in the new index than in the old. These differences are due largely to an increase in the coverage of the more stable nondurable goods industries and to the inclusion in the new index of new series for the more advanced products of manufacture, such as machinery and furniture. The old index was largely composed of basic products the output of which fluctuates more widely than that for industry as a whole. Also, for some series, in which shipments or deliveries of materials are used to represent production in later stages of manufacture, a three-month moving average has been used; and in a few cases, such as shipbuilding and production of locomotives, estimates of the current volume of work have been substituted for more highly fluctuating series on the number of units completed. Another factor smoothing out monthto-month fluctuations in the index has been the revision of seasonal adjustments; this has been particularly important in eliminating or reducing the December peaks, shown in the old index during most recent years. Composition of revised index The new index is derived from 81 individual series distributed among 16 groups of manufacturing industries and two groups of mining industries. They are listed on pages 761 to 763. Some of the individual series are based on statistics of monthly outAUGUST 1940 Production put of finished products while others, such as the series on consumption or shipments of materials, machinery hours active, or man hours worked, more or less directly represent productive activity of individual industries or groups of industries. The extent of the change in composition of the new index as compared with the old is indicated in the following table in which the basic individual series in the revised index are classified as to whether they are new, materially revised, or substantially the same as in the old index. SERIES INCLUDED IN REVISED INDEX OF INDUSTRIAL PRODUCTION New series not in old index MachineryAircraft Railroad cars Copper deliveries Lead shipments Zinc shipments Furniture Common brick Face brick Glass containers Rayon deliveries Manufactured dairy products (4 series) Other manufactured foods Alcoholic beverages (4 series) Chemicals Rubber consumption Gold Materially revised from Substantially the same series in old index as series in old index Locomotives Shipbuilding Copper smelting Lumber Silk deliveries Carpet wool consumption Apparel wool consumption Woolen yarn Worsted yarn Woolen and worsted cloth Wheat flour Cane sugar meltings Meatpacking (4 series) Pulp (4 series) Paper (5 series) Paper board containers Copper mining Pig iron Steel ingots Automobiles Tin deliveries Cement Polished plate glass Cotton consumption Leather tanning (3 series) Shoes Tobacco product (3 series) Newsprint Newsprint consumption Petroleum refining (4 series) Coke (2 series) Rubber tires Rubber tubes Bituminous coal Anthracite Crude petroleum Iron ore shipments Zinc Silver All principal groups of industries in manufacturing and in mining are directly represented in the new index at some stage in the production process, whereas in the old index a number of important industries, notably those producing machinery and chemicals, were represented inadequately or not at all. In some cases, the increased coverage was obtained by including new production or shipments series that have become available in recent years; in others, estimates were made on the basis of hours of work or other data, with necessary special adjustments. Where necessary, series are adjusted for differences in number of working days in the various months, and all series are converted into relatives in terms of the average for the 1935-1939 base period as 100, These relatives are in turn adjusted for seasonal variation. 755 New Federal Reserve Index of Industrial The relatives for the individual series are then combined into composite index numbers for industries, for groups of industries, and for industrial production as a whole. Two sets of such indexes are computed—one set without seasonal adjustment and another set adjusted for seasonal variation. Revision and development of individual series All in all, a large part of the total amount of work in the revision was done on individual series, including the development of new series where monthly data on production were not available and the revision of statistics where available data were unsatisfactory. The development of production estimates by compiling series on man-hours worked and adjusting these series for changes in output per man-hour was a major task. The lack of comparable physical production units for measuring current changes in the output Production of many industries was an important reason for adopting this alternative method as the basis for production estimates. This procedure made it possible to include in the index a direct representation for such important industries as machinery, furniture, chemicals, baking, and canning, which previously had not been represented in most monthly production indexes, and also to obtain a better measure of monthly output for the locomotive, railroad car, and shipbuilding industries than could be obtained from other current statistics on these industries. The adjustment of man-hours data for changes in output per man-hour was made by relating biennial estimates of production to estimated man-hours figures for corresponding years. Monthly estimates of productivity were interpolated from these relationships. In the absence of reliable information concerning short-term changes in output per man-hour it was assumed that productivity CHART II PRODUCTION OF MANUFACTURES AND MINERALS ADJUSTED FOR SEASONAL VARIATION, 1 9 3 5 - 1 9 3 9 = 1 0 0 MONTHLY PER CENT 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 756 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 FEDERAL RESERVE BULLETIN New Federal Reserve Index of Industrial Production basis for past years have not been comparable from one period to another. Wide shifts have occurred in the proportion of the industry covered by current reports; the classification of the various products has been changed from time to time; and there have been some periods when the reporting of figures was discontinued altogether. Various types of corrections and estimates were made to remedy these defects, including in some instances adjustment of the series to comprehensive Census or other benchmark data. Where reasonably accurate annual figures were available, it was possible to adjust the available monthly or weekly statistics to the level shown by the annual data. The revised series on production of lumber and paper and pulp, and the new series on face and common brick production were compiled partly by making such adjustments. In these series the first step was to obtain a monthly series as nearly comparable as possible by over- showed only gradual shifts. Biennial production indexes compiled from Census data by Solomon Fabricant of the National Bureau of Economic Research, as yet unpublished, were used in making some of the estimates of productivity. Other census data and, in a few instances, general measures of productivity for 59 manufacturing industries compiled by the National Research Project on Reemployment Opportunities and Recent Changes in Industrial Techniques were also used for adjusting man-hour data. An allowance similar to that made for output per man-hour was made in the series representing production of woolen yarn, worsted yarn, and woolen and worsted cloth. For these series the underlying figures relate to active spindle hours and active loom hours and an adjustment was desirable to allow for long-term changes in the efficiency of the looms and spindles in use. Many of the series available on a monthly CHART III PRODUCTION OF MANUFACTURES ADJUSTED FOR SEASONAL VARIATION, 1935-1939=100 PER CENT MONTHLY PER CENT 160 160 A ll \J f 140 J 120 / Y V A* K / M 100 80 / 60 j h I vi NONDU RABLE DS 60C V 120 V 100 ft 80 1 V Vv \ \ Jl.l // n y /y; V / \ / GOODS 60 \V V1 f A A 0 0 1919 1920 .1921 1922 AUGUST 1940 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 11 New Federal Reserve Index of Industrial Production lapping different sets of data and where the monthly movement within each group renecessary making estimates for gaps in the flects changes in the specific series included. At a later date a detailed account of the series. Annual totals for these monthly series were then related to the annual figures re- problems encountered and the methods used ported by the Bureau of the Census and the in deriving each of the individual series and monthly figures were raised to the level of combining these series into group indexes shown by the Census for each year, making will be made available for distribution to gradual adjustments so that abrupt shifts those interested. were not introduced into the monthly data. Working day allowances New series added to the index, other than All the series for individual industries prethose representing brick production and those based on man-hours data, include cop- viously included in the Federal Reserve index per deliveries, zinc shipments, lead shipments, were reexamined with respect to working day rubber consumption, production of glass con- practices, which had been changed in many tainers, rayon deliveries, production of beer, industries as hours of work were reduced whiskey, other distilled spirits, rectified during the depression and at the time of the spirits, ice cream, butter, cheese, canned and NRA codes. As a result numerous revisions dried milk, and gold. In addition several were made in working day allowances and series which had previously been included in daily averages. For series included in the the index were extensively revised or were index for the first time, working day allowreplaced by newly derived series considered ances were similarly computed where remore representative of output in the industry quired. The new series derived from manwere concerned. These include silk deliveries, wool hour figures in the based on data mainly for a week middle month and consumption, cane sugar meltings, and pro- single average allowances of eachnot needed. daily were duction of flour, pork and lard, beef, veal, The allowances currently used are shown in lamb and mutton, copper, and lead. In many cases comparable data for the a table on page 770. entire period were not available for either the Adjustment for seasonal variation new or the old series, and it was necessary Seasonal adjustment factors for all individto splice two or more sets of monthly figures ual series have been newly computed from to obtain the series finally used. For some 1923 to date.2 Seasonal patterns for all lines series where publication of monthly statistics of production have to was begun after 1923 and in a few other in- time, and the factorschanged from timeadused for seasonal stances, for example in mine and smelter pro- justment have been modified accordingly. duction of copper and in copper deliveries, factors for 1940 are there were gaps in the available monthly data. Seasonal adjustmentseries on page 771. The shown by individual In such cases estimates were made for inter- pattern of seasonal variation in the new vening periods, using such annual production posite unadjusted index is substantiallycomdifdata and related monthly information as was ferent from that in the old index, chiefly as a obtainable. While these estimates are gen- result of the inclusion of new series, particuerally not considered entirely reliable as larly measures of output in the particular industry, result,those for manufactured foods. is One as the following the group indexes, which were derived only in a larger proportion of table indicates, that the year's production part from such estimates, may be considered is shown in the latter half of the year and a as reasonably accurate. smaller proportion in the first half. In two industrial groups, nonf errous metals For series included in old and the and products and stone, clay and glass prod- new indexes the seasonalboth the are in some factors ucts, composites of available monthly series different, in showed a considerably downward bias rela- cases considerably number ofparticularly exrecent years. In a series, for tive to indexes for the groups as a whole as ample, seasonal factors formerly used for shown by biennial production data from the December were found to be too low and the Census of Manufactures. In compiling the higher factors now used contribute toward total indexes for these two groups, therefore, 2 The ratio to freehand curve method was used in making seaan upward adjustment was made, so that the adjustments. This was discussed briefly on general level of each group index approxi- sonal 836 of the BULLETINmethod, which1938, has frequently been page for October the Board in recent mates that indicated by Census data, while used by average method used years and is similar to the ratio-tomoving in earlier years. 758 FEDERAL RESERVE BULLETIN New Federal Reserve Index of Industrial Production making the new seasonally adjusted index for Marked shifts have occurred in the contrithat month lower than the old index in rela- bution made by individual industries and tion to other months in the autumn and groups of industries to total industrial prowinter. duction since the middle 192'0's. These shifts SEASONAL VARIATION I N 1939 I N INDEX OF TOTAL reflect differences among industries both as to INDUSTRIAL PRODUCTION * changes in the physical volume of production and as to changes in the value added by manuMonth New Old index index facture or value of minerals per unit of output. Petroleum and chemicals in recent years January 96.2 98.1 have constituted a larger part of the total February... 98.1 100.5 March 99.6 102.0 index of industrial production chiefly because April 100.8 102.6 May 101.3 102.7 of a growth in the volume of these products, June 100.0 100.2 while lumber and coal have become a smaller July 98.4 96.0 August 98.8 96.3 part of the total index than in the 1920's September. 103.0 100.6 October..... 103.7 102.7 chiefly because output of these products has November., 101.7 100.1 declined. In textiles, value added per unit of December. _ 98.3 93.6 output has declined considerably, so that this * Derived by dividing monthly indexes without seasonal adjustment group of industries now accounts for a by corresponding seasonally adjusted indexes. smaller part of total industrial production Combination of data for individual series than in the middle 1920's, although textile into composite indexes output has increased more than total indusIn compiling the composite index of indus- trial production. In steel, on the other hand, trial production and the composite indexes of value added per unit has increased, and the manufactures, mining, and other groups, the steel industry in recent years has accounted importance of the individual series was meas- for a larger part of the total, although the ured by the value added by manufacture growth in steel production has been someshown in the Census of Manufactures and by what less than that in total industrial output. the value of minerals shown in the Minerals Yearbook. Factors representing the per- Classification and grouping of industries centage of total industrial production con- Classification of manufactured products tributed by each of the individual series in among major groups of related industries is the 1935-1939 base period were derived from made on the same basis as that used in the these data. Two sets of such factors were Census of Manufactures for 1937, except that compiled—one based on 1937 Census figures alcoholic beverages, included in the Census and used for the period since 1929, and the with foods, and tobacco manufactures, inother based on 1923 figures and used for cluded in the Census with miscellaneous inthe years from 1923 through 1929. The dustries, are shown as separate groups. In relatives for individual series are multiplied determining the relative importance of each by the corresponding percentage factors. series for purposes of weighting, the full The sum of the products thus derived for amount of the value added by manufacture each month is the index of industrial produc- for each of the groups was distributed among tion and the product for each series is the the individual series within the group. In number of points contributed to the total in- computing 1923 weights, used for the period dex by that series. The index for each group from 1923 through 1929, Census of Manufacis obtained by dividing the sum of the prod- tures data were reclassified to correspond as ucts for the series within the group by the closely as possible with the classification used total of the percentage factors for the series in 1937. Cost of contract work, which had in that group. been included in the value added by manufacComposite indexes for the year 1929 were ture in 1923 but not in 1937, was subtracted computed with both sets of percentage fac- from the value-added figures for the earlier tors—one derived from 1923 relationships year. and the other from 1937 relationships. The The broad grouping of manufacturing ingroup indexes with 1923 weights were dustries according to the durability of goods chained to the indexes with 1937 weights produced is approximately the same as that for extending these series back of 1929 on used by the Bureau of Labor Statistics in its a 1935-1939 base. classification of employment data. IndusAUGUST 1940 759 New Federal Reserve Index of Industrial tries producing metals and products, lumber and products, and stone, clay, and glass products are classified as durable; all other manufacturing industries are classified as nondurable. This grouping of industries is useful and broadly accurate, notwithstanding some specific limitations. Certain materials, such as steel ingots, used principally in the production of durable goods are also used in the manufacture of nondurable products like tin cans, while others classified as nondurable goods are used to some extent to make durable commodities, e.g., certain plastics made by industries included in the chemical group. Textiles, which as a group are classified as nondurable, include carpets and rugs, which are durable. Manufactured fuels like coke or fuel oil are classed as nondurable goods, although a considerable portion of them are used in producing durable goods. More detailed classification by individual series rather than by major groups would make little difference in the results shown for the indexes of durable manufactures and nondurable manufactures and might cause confusion in making comparisons with other published data. Minerals are not classified as to durability but are divided into two groups—fuels and metals. Satisfactory current statistics are not available on nonmetallic minerals other than fuels. Selection of base period The period adopted as a base for the Board's new production index, the average for 1935-1939, is the latest five-year period for which data are available, and generally seems to meet the requirements for a satisfactory base better than any other recent period. Early this year various Federal Government agencies interested in the subject, acting through the Central Statistical Board, agreed upon the adoption of that period as a uniform base for all index numbers constructed by those agencies, unless for some reason it was not feasible. The reasons for adopting this period are set forth in some detail in the following statement issued by the Central Statistical Board: "Adoption of a 1935-39 base for all general-purpose index numbers prepared by Federal agencies was recommended by the Central Statistical Board at a meeting held on May 23. The use of a uniform base period should facilitate comparison of the changes shown by such indexes. At present a multi760 Production plicity of base periods prevails. The Department of Agriculture publishes some index numbers on a prewar base and others on a 1924-29 base; the Board of Governors of the Federal Reserve System uses a 1923-25 base; the Department of Labor, a 1923-25, a 1926, and a 1929 base; and the Department of Commerce, a 1923-25, a 1929, and a 1929-31 base. "A more recent base has been urgently needed for index numbers for the following reasons: (1) Many statistical series are not available before 1935. Inclusion of such series in index numbers having base periods prior to that year forces fictitious adjustments of the base average. (2) The significance of any base period as a point of reference depends somewhat on the assumption that the index series may be expected to fluctuate around this level in the future. Important changes in economic relationships during recent years have largely destroyed the significance of pre-depression base periods. "The five-year period, 1935 through 1939, is the most suitable recent period for adoption as a standard base. It is neither predominately a period of very high business activity nor one of very low business activity. It is long enough to meet the needs of agricultural indexes. It is recent. It includes 1939, for which decennial census data will shortly be available. It also covers three censuses of manufactures; one census of agriculture; two censuses of business; and one census of electrical industries. Because of its recency, there are far more bench-mark data (in addition to those from the census) available than for any earlier period. "It was recognized by the Board that the need for adopting a new and recent base will recur periodically, although too frequent changes in base periods are not desirable. The Board therefore recommended that the question of base periods be reexamined before the end of another decade, and that consideration then be given to shifting the standard base period forward to a more recent series of years." Industrial production chart book A chart book of the indexes shown on pages 825 to 882 of this BULLETIN for total industrial production, 33 groups, and 81 individual series is being prepared and will be available for distribution around the middle of September at a charge of $1.00 The book will be similar in page size to the Federal Reserve Chart Book. Each of the 115 charts will show indexes both without seasonal adjustment and adjusted for seasonal variation. Some series will cover the whole period from 1919 to date; most of the other series are from 1923 to date, while a few are for shorter periods. FEDERAL RESERVE BULLETIN SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION Proportion of total index in base period Series Industrial Production Manufactures Durable Manufactures Iron and steel Pig iron production Steel ingot production Source 11.00 .87 10.13 10.81 5.92 _ Nonferrous metals and products. Copper smelting .25 .28 .07 .53 4.79 2.81 85,000 net tons 146,600 net tons 0) C1) (0 C1) (0 15,107 cars and trucks .21 2,027 net tons Lead production .07 1,066 net tons Zinc production Copper deliveries .13 .44 1,391 net tons 2, 203 net tons Lead shipments .15 1,623 net tons Zinc shipments .21 1,683 net tons Tin deliveries .20 185.8 gross tons Other 2 Lumber and products Lumber production 1.40 4.39 2.90 Furniture Stone, clay, and glass products _. Cement production Common and face brick Common brick production _ Face brick production. _. Glass container production _ _ Polished plate glass production Other 2 Nondurable Manufactures Textiles and products • Cotton consumption Rayon deliveries Silk deliveries series in index 3193 Transportation equipment Aircraft production Railroad car production Locomotive production Shipbuilding Initial date of 100.00 84.80 Machinery production Automobile production Daily average base 1919 1919 Federal Reserve series based en the number of man hours worked, adjusted for estimated changes in output per man hour. Man-hour figures in recent years derived from U.S. Bureau of Labor Statistics data on the number employed and average hours wor e . 19323 ditto 1923 ditto 1923 ditto 1923 ditto 1919 U. S. Bureau of the Census data on factory sales of passenger cars and commercial vehicles. 1923 Current figures: Copper Institute except for 5 months, Aug.-Dec. 1939, when monthly figures estimated. Prior to July 1933: Federal Reserve series based on data from the American Bureau of Metal Statistics and unpublished figures. 1921 American Bureau of Metal Statistics data on smelter receipts. 1920 American Zinc Institute. 1923 Current figures: Copper Institute except for 5 months, Aug.-Dec. 1939, when monthly figures estimated. Prior to August 1933 the American Bureau of Metal Statistics. Three month moving average placed at last month is used in index of industrial prodUCtinr) Lion. 1929 3 American Bureau of Metal Statistics. Three month moving average placed at last month is used in index of industrial production. 1923 American Zinc Institute. Three month moving average placed at last month is used in index of industrial production. 1919 Commodity Exchange, Inc. Three month moving average placed at last month is used in index of industrial production. 1919 1923 0) 1919 1.49 8.00 0) 1923 .40 .12 291, 700 barrels 1919 1923 .08 0) .04 C1) .35 0) .12 2.01 46.87 11.22 4.78 2.06 1.00 The Iron Age. American Iron and Steel Institute. 497,300 square feet 26,069 running bales (0 1,641 bales Federal Reserve series by major producing regions based on data published by the National Lumber Manufacturers Association and regional associations. Adjusted to U. S. Census of Manufactures and other bench-mark data. Same as machinery production. U. S. Bureau of Mines. Federal Reserve series based on U. S. Bureau of the Census data. Adjusted to U. S. Census of Manufactures data. 1934 3 Federal Reserve series based on U. S. Bureau of the Census data currently and prior to 1934 on the American Face Brick Association data. Adjusted to U. S. Bureau of the Census data. 1925 3 Federal Reserve series based on Glass Container Association data. Adjusted to U. S. Census of Manufactures data. 1934 3 1923 1923 Plate Glass Manufacturers of America. 1919 1923 U. S. Bureau of the Census. Federal Reserve series based on data of the Textile Economics Bureau, Inc. Three month moving average placed at last month is used in index of industrial production. Current figures: Commodity Exchange, Inc. since 1934. 1933 and 1934, National Federation of Textiles, Inc. 1919-1932, Silk Association of America. Re-exports, reported by the U . S . Bureau of Foreign and Domestic Commerce, are excluded. Three month moving average placed at last month is used in index of industrial production. 1919 For footnotes, see page 763 of this BULLETIN. AUGUST 1940 761 Series Included in the Index of Industrial Production—Continued Proportion Series Wool textiles Carpet wool consumption ._ Apparei wooi coiiauiiip- of total index in base period .Daily average base Initial date of series in index Source 3.38 .29 375,700 pounds, scoured basis 1919 tion Woolen yarn production. .16 .45 1,100,800 pounds, scoured basis 1919 1919 Worsted yarn production .32 0) Woolen and worsted cloth production 2.16 1 C) Leather and products Leather tanning Production of cattle hide leathers Production of calf and kip leathers Production of goat and kid leathers Shoe production Manufactured food products Wheat flour production Cane sugar meltings (i) 2.28 .92 85,140 hides 1922 .16 52,230 skins 1922 .22 169,000 skins 1,585,000 pairs 1922 1919 .54 1.36 10.92 350,300 barrels 17,888 net tons .53 .23 Manufactured dairy products Ice cream production 1.07 Butter production Cheese production _ Production of canned and dried milk Meat packing. _ _. Pork and lard production .33 .07 Beef production Veal production _ Lamb and mutton production Production of other manufactured foods Alcoholic beverages .._ Malt liquor production Whiskey production _ _ _ Production of other distilled spirits. -. Production of rectified spirits Tobacco products _ _ Cigar production. Cigarette production Manufactured tobacco and snuff production Paper and products... _. Paper and pulp Pulp production Groundwood pulp production Sulphate pulp production _ _ Sulphite pulp production U. S. Bureau of the Census. U. S. Bureau of the Census. Federal Reserve series based on U. S. Bureau of the Census data on number of woolen spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. 1919 Federal Reserve series based on U. S. Bureau of the Census data on number of worsted spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. 1919 Federal Reserve series based on U. S. Bureau of the Census data on number of broad loom hours operated. Adjusted for estimated changes in output per active loom hour. 1919 1919 1923 Currentfigures:Tanners Council of America. Prior to May 1932, U. S. Bureau of the Census. ditto ditto Current figures: U. S. Bureau of the Census. Prior to 1921, Federal Reserve estimates. Food Research Institute, Stanford University. Current figures: U. S. Department of Agriculture. Prior to 1935, Federal Reserve series based on Willett & Gray weekly figures. 0) 1923 .58 20,910,000 pounds, dressed weight 1919 .43 .06 17,226,000pounds, dressed weight 2,187,000 pounds, dressed weight 1919 1919 .08 2,473,000 pounds, dressed weight 1919 Federal Reserve series based on International Association of Ice Cream Manufacturers data. Adjusted to U. S. Department of Agriculture data. U. S. Department of Agriculture. ditto Federal Reserve series based on U. S. Department oi Agriculture uaia. U. S. Department of Agriculture data on dressed weight of animals slaughtered under Federal inspection with Federal Reserve adjustments for certain periods in years 1933-1936 for slaughtering under Federal emergency programs. ditto ditto ditto 1923 Same as machinery production. U. S. Bureau of Internal Revenue. ditto ditto ditto 0) .49 4,616,000 pounds 1,818,300 pounds .18 1.15 7.94 0) 1.84 1.22 1923 1923 .25 177,000 barrels 544,700 tax gallons 1933 1933 .12 .25 142, 550 tax gallons 130,400 proof gallons 1933 1934 1.24 .31 .69 .24 18,840,000 large and small cigars 557,500,000 cigarettes 1,212,000 pounds 1919 1919 1919 ditto ditto ditto 8.13 2 A9 '.33 .05 0) 1919 .10 0) 1919 ditto .15 (0 1919 ditto Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data June 1923 through December 1933, and United States Pulp Producers Association data since January 1934. Adjusted .to U. S. Census of Manufactures data. For footnotes, see page 763 of this BULLETIN. 762 FEDERAL RESERVE BULLETIN Series Included in the Index of Industrial Production—Continued Proportion of total index in base period Series Paper and pulp—Cont. Soda pulp production Paper production Paperboard production „ Fine paper production Printing paper production Tissue and absorbent paper production.. Wrapping paper production Newsprint production. Initial date of series Source in index 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data June 1923 through December 1933, and Soda Pulp Manufacturers Association data since January 1934. Adjusted to U. S. Census of Manufactures data. .72 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data from June 1923 through December 1933, National Paperboard Association data 1934 to date. Adjusted to U. S. Census of Manufactures data. .24 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data since May 1923. Adjusted to U. S. Census of Manufactures data. .03 2.16 Printing paper production. __ 0) 1923 ditto .21 0) 1923 ditto .46 0) 1919 .09 0) 1919 0) 1923 Federal Reserve series based on Paperboard Industries Association data January 1923 through December 1933, National Container Association data January 1934 to date. Adjusted to U. S. Census of Manufactures data. e.u Printing and publishing Newsprint consumption .44 .64 Paperboard container production 0) 1919 3.22 3.22 1 C) 1923 American Newspaper Publishers Association data with Federal Reserve adjustments in most back years. Same series described above. 1,464,300 barrels 1,176, 300 barrels 1919 1919 U. S. Bureau of Mines. ditto .20 .09 .28 87,600 barrels 169,900 barrels 1919 1919 ditto ditto .27 .01 110,900 net tons 5,190 net tons 1919 1919 ditto ditto Petroleum and coal products Petroleum refining _. __ Gasoline production Fuel oil production Lubricating oil production Kerosene production Coke production Byproduct coke production Beehive coke productionProduction of chemicals 2.14 1.86 1.16 Rubber products Rubber consumption 1.39 1.25 _ _ Tire and tube production Pneumatic tire production Inner tube production... Minerals Fuels Bituminous coal production. Anthracite production.. _ _ Crude petroleum production. Metals __ _ Iron ore shipments Copper production Lead production Zinc production Gold production. _. Silver production. Daily average base .41 ditto Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, Newsprint Service Bureau data since May 1923. 1923 Same as machinery production. 19253 Rubber Manufacturers Association data including one-half of the quantity of reclaimed rubber reported consumed. 201,300 casings 192,300 tubes 1920 1920 Rubber Manufacturers Association ditto 1,300,000 net tons 168,400 net tons 3,206,000 barrels 1919 1919 1919 U. S. Bituminous Coal Division. U. S. Bureau of Mines. ditto .12 .72 (0 1,761 net tons 1,066 net tons 1,391 net tons 0) 1919 1919 1921 1920 19323 .20 157,200 fine ounces 1921 Lake Superior Iron Ore Association. Same as copper smelting. American Bureau of Metal Statistics. American Zinc Institute. Federal Reserve series base'd on data from the American Bureau of Metal Statistics since 1932 and on data from the U. S. Bureau of the Mint in earlier years. American Bureau of Metal Statistics. 6.27 0) 2,129 gross tons • 14 . 12 .02 15.20 IS 01 3.44 .87 8.70 2.19 .59 .44 .12 1 Bases are shown only for those series for which indexes can be computed directly from regularly published data. Additional information necessary for series for which special adjustments are made may be obtained from the Division of Research and Statistics. 2 Special series derived by adjusting the total of the individual series in this group to the general level shown by U. S. Census of Manufactures data for the group as a whole. 3 Monthly figures available only from date shown. In earlier years back to 1923 unpublished monthly estimates used in obtaining group and total indexes. For brief discussion see page 758 of this BULLETIN. AUGUST 1940 763 INDEXES OF INDUSTRIAL PRODUCTION, MANUFACTURING, AND MINING [Adjusted for seasonal variation. 1935-39 average=100] Year and month Industrial production Manufactures • Nondurable Durable Total Minerals 71 1924—Jan 83 Feb 66 Mar. April 71 98 May 89 June 92 July 99 Aug 100 Sept 99 Oct 107 Nov 93 Dec 80 66 1925—Jan 76 Feb 80 Mar April 86 99 May 112 June July 97 Aug 106 72 75 58 73 88 82 91 96 95 99 110 91 75 58 69 75 87 103 113 88 108 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1Q1Q Tan Feb April l i d y . . . — __ _ July Sept Oct Dec 1Q9ft Tan Feb Mar April June July Sept Oct Dec 1Q91 Tnn Feb Mar April ay July Sept Oct Dec 1922 Jan Feb IVIar April ay July Sept Oct Dec 1923 Tan Feb IVIar April June July Aug Sept Oct Nov Dec 764 Industrial production Year and month 72 74 56 74 86 81 90 95 95 100 110 91 74 57 68 74 87 104 113 87 108 84 93 53 81 104 95 108 114 107 117 133 99 68 41 54 66 84 108 122 78 108 62 60 57 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 108 71 68 66 67 67 72 76 77 75 75 74 75 70 68 66 67 67 72 76 78 75 73 76 75 89 88 83 78 72 82 89 94 84 80 84 84 56 53 53 57 61 63 64 64 66 67 68 67 73 65 62 66 69 71 75 73 79 81 59 72 82 82 81 76 78 79 76 77 74 72 66 62 82 82 80 76 78 78 75 76 74 69 62 58 97 100 98 87 93 97 96 99 97 93 83 77 69 68 67 66 66 63 60 58 56 52 47 44 80 79 81 76 79 82 82 85 79 85 87 88 58 57 55 55 57 57 56 58 58 62 61 61 55 55 53 53 55 55 55 57 58 61 61 60 65 60 53 50 51 48 45 50 50 56 57 55 47 49 52 54 56 58 59 60 60 62 61 61 76 72 67 67 68 66 63 64 62 66 64 64 63 66 69 67 70 74 74 72 76 81 84 86 62 63 66 69 73 76 77 74 76 80 83 85 58 63 69 78 83 87 89 79 83 91 93 98 62 62 63 61 64 67 67 69 69 70 73 74 72 79 85 50 50 55 53 58 76 84 88 93 85 86 89 91 92 91 90 88 87 86 86 85 83 85 87 89 90 89 88 86 86 84 84 83 98 99 103 107 108 108 108 104 105 102 103 102 71 73 74 75 75 75 72 71 71 69 69 68 92 93 97 103 101 1930—Jan. Feb... 100 103 Mar. 102 April 93 May. -_ 98 June 98 July 91 Aug June July Aug Sept Oct Nov Dec 1927—Jan Feb Mar April May June July Aug Sept. Oct. Nov.__ Dec. 1928—Jan -_ _ June July Aug Sept Oct Nov Dec . 84 86 85 83 78 75 73 77 79 81 83 86 103 106 105 100 91 86 83 89 91 93 96 100 70 70 70 69 68 66 65 67 69 71 73 74 94 98 92 86 86 86 86 85 90 90 89 90 88 89 89 89 89 88 90 88 89 93 96 97 105 105 106 104 105 105 105 102 105 113 118 119 75 76 76 76 76 75 77 77 76 77 78 79 94 91 89 94 96 95 97 99 86 85 87 86 95 94 94 94 94 94 94 96 97 97 95 95 115 114 113 113 114 115 115 116 116 116 113 111 79 79 78 78 77 78 78 80 82 82 81 82 85 89 98 98 96 99 100 101 102 105 108 109 97 97 99 96 97 97 95 95 94 92 92 93 April May Feb Mar. April _ May June July.. Aug Sept Oct Nov. Dec. - Minerals 93 94 95 94 94 95 95 97 98 98 97 97 Feb Mar L929—Jan Nondurable 89 89 89 90 90 89 91 90 88 92 94 95 L926—Jan. April . . . May Total Durable 86 88 86 83 80 77 75 78 81 82 84 87 . Sept Oct. Nov Dec Feb.. Mar Manufactures 95 95 96 96 96 96 96 95 93 92 91 92 110 112 112 111 111 108 107 106 103 101 100 104 82 82 83 83 84 86 86 85 84 83 83 82 106 107 113 99 100 99 95 100 97 96 95 94 95 95 96 96 97 98 99 101 102 104 106 107 95 96 95 96 97 98 100 101 102 104 106 108 110 110 110 113 112 115 118 120 122 124 126 131 82 83 83 82 84 84 84 86 86 87 89 90 95 94 98 96 98 96 96 99 100 102 105 102 108 108 109 110 112 114 114 114 113 110 105 100 108 108 110 111 113 115 115 114 113 111 105 99 131 130 133 134 136 141 141 140 137 131 121 111 90 90 91 92 94 95 94 94 94 94 91 89 108 110 103 108 107 106 109 108 110 107 103 106 100 100 98 98 96 93 89 87 100 100 98 98 96 93 88 86 113 114 112 110 107 103 95 92 89 88 87 88 86 85 83 81 103 100 94 96 96 95 93 91 FEDERAL RESERVE BULLETIN Indexes of Industrial Production—Continued [Adjusted for seasonal variation. 1935-39 average=100] Industrial production Year and month Manufactures Total Durable 1930—Sept. Oct Nov. Dec 85 83 81 79 84 82 80 78 89 84 80 1931—Jan Feb. Mar April May June July Aug. Sept. Oct Nov. Dec 78 79 81 80 80 78 76 74 70 68 67 66 78 79 80 80 80 77 75 73 69 66 65 64 65 63 62 58 56 54 53 54 58 60 60 58 __. - _ 1933—j a n Feb Mar April May June . _ _ July Aug Sept Oct. Nov. Dec a n Feb. Mar April May June Julv Aug. Sept Oct Nov Dec 1935—Jan Feb. Mar April . May June July 77 81 80 80 79 89 89 87 85 77 77 79 77 75 70 67 63 58 55 55 54 79 80 81 82 83 82 82 81 79 75 74 73 82 80 83 83 82 83 82 76 74 78 79 77 64 62 60 56 55 53 51 53 56 58 58 57 52 48 45 43 42 40 36 34 37 39 39 39 73 73 72 67 65 64 63 67 72 74 73 71 70 69 73 69 63 60 61 64 67 69 69 65 58 57 54 58 68 78 86 82 77 73 69 70 56 55 51 57 67 78 86 81 77 73 68 69 39 37 32 39 49 63 76 73 67 64 54 57 71 70 66 72 82 91 94 88 84 80 7878 66 69 72 65 75 79 84 87 82 76 77 76 72 75 79 80 80 79 73 72 70 71 72 77 __ _ 1932—Jan. Feb. Mar ApriL _ May June July Aug. Sept. Oct. Nov. Dec. 1934 j Nondurable Minerals 70 74 78 79 80 78 72 71 68 70 71 77 59 66 71 74 76 76 63 60 58 57 57 65 80 81 83 84 83 80 80 81 76 81 82 86 78 79 85 80 81 80 80 78 79 78 78 80 83 85 85 82 82 84 84 83 85 84 83 82 83 85 77 80 80 78 75 77 79 88 89 88 87 87 88 89 Year and month 1935—Aue Sept Oct Nov Dec. Industrial production 87 Manufactures Total Durable Nondurable Minerals 89 93 94 96 88 90 93 95 96 86 88 93 95 97 90 92 94 95 96 83 85 90 91 93 Feb M^ar April M!ay June July Aug Sept Oct Nov Dec. 95 92 94 99 101 103 105 107 108 109 113 116 94 91 94 99 102 104 106 108 109 110 114 117 94 90 95 103 107 110 112 114 115 115 120 125 95 92 94 96 97 99 100 103 104 105 108 111 95 98 91 98 96 97 99 99 100 102 106 108 1937—jan Feb Mar April May June July Aug Sept Oct Nov Dec 116 117 120 120 121 119 120 120 115 107 95 87 118 119 120 122 123 120 121 121 115 106 93 84 127 '127 129 132 134 129 135 139 128 114 94 80 111 112 113 114 114 113 110 107 104 99 92 87 105 109 120 112 112 114 113 115 115 112 109 107 1Q3«—Jar\ 86 84 84 82 80 81 86 90 92 95 100 101 82 82 82 79 79 79 84 89 91 95 100 101 75 73 72 69 67 65 71 77 81 88 96 97 88 90 90 88 88 90 95 99 100 100 103 104 103 98 97 95 90 92 94 97 98 98 102 102 102 101 101 97 97 102 104 104 113 121 124 126 101 101 98 98 102 104 107 113 121 124 128 98 97 96 93 90 97 101 105 114 129 133 140 104 104 104 103 104 106 106 108 111 115 117 118 103 102 103 92 96 105 107 91 114 119 120 114 122 116 112 111 114 P121 123 116 112 110 114 P121 135 124 118 113 119 P131 113 110 106 107 110 P112 118 114 117 119 118 P121 IQQR—jan Feb Mar April May June July Aug Sept Oct Nov Dec. 1939_lj an Feb Mar April May June July Aug Sept Oct Dec 84 85 1940—Jan 87 Feb 80 M!ar 83 April 91 May 82 June p Preliminary. AUGUST 1940 765 INDEX OF INDUSTRIAL PRODUCTION, BY GROUPS [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Year and month 1923— 1924-.. 1925— 1926— 1927— 1928— 1929— 1930—. 1931—. 1932—. 1933-.. 1934— 1935—. 1936— 1937—. 1938— 1939-.. Iron and steel 110 92 110 117 109 124 135 98 62 33 55 62 82 114 123 68 114 NonTrans- fer- Lum- Stone, Tex- Leathclay ber tiles er and Ma- porta- rous and chin- tion metals and glass and ery equip- and prod- prod- prod- products ucts ment prod- ucts ucts ucts 86 81 89 102 99 106 130 100 66 43 50 69 83 105 126 82 104 110 94 106 109 89 108 134 91 62 38 48 69 95 111 125 70 99 90 93 104 113 108 118 136 106 83 52 60 62 79 104 124 80 114 143 139 148 148 144 142 146 105 76 51 63 64 85 105 113 90 106 Minerals Nondurable manufactures 87 91 101 105 106 110 110 96 77 51 54 64 77 103 114 92 114 83 72 84 84 92 87 94 74 79 71 88 76 93 104 106 85 112 99 86 88 90 94 93 95 84 82 76 88 91 99 103 102 93 104 Man- AlcoPrint- Petroufac- holic Toleum Paper ing tured bever- bacco and and and Chem food coal icals ages prod- prod- pubprodlish- products ucts ucts ing ucts 82 81 85 87 88 93 101 100 90 79 83 88 89 98 103 101 108 74 89 109 108 96 98 84 83 85 88 90 92 96 93 87 79 80 87 90 99 103 102 106 58 61 66 72 74 79 85 79 74 65 76 75 86 98 107 95 114 74 79 84 92 93 96 104 97 88 74 75 80 89 99 109 96 106 Rubber products Fuels Metals 57 56 63 70 73 78 89 87 78 68 76 83 89 99 112 96 104 63 66 81 80 83 98 100 78 72 64 77 86 93 107 104 83 113 94 86 87 95 97 95 103 91 82 72 80 83 89 99 109 99 105 118 107 120 125 116 120 134 101 67 35 50 58 73 102 127 86 113 90 90 94 101 98 97 99 98 89 95 94 87 56 59 69 76 78 87 96 89 80 69 74 79 85 97 108 100 110 107 106 114 110 118 117 122 120 118 117 124 118 1923 Jan Feb.... Mar.... AprilMay.June... July.... Aug.... Sept.... Oct Nov.__. Dec 108 106 110 119 121 118 118 111 110 105 99 96 96 98 104 106 109 111 110 107 117 117 119 125 136 134 143 144 144 143 147 145 146 142 146 142 102 111 113 98 77 68 62 77 86 90 101 113 115 113 106 96 87 79 85 89 91 90 90 87 139 147 142 145 139 134 130 138 137 136 136 141 117 115 113 104 102 101 100 104 107 112 125 126 92 94 103 108 109 109 112 81 94 126 128 127 98 101 103 102 99 101 103 104 108 108 111 112 153 149 146 144 145 146 144 148 148 148 149 156 95 97 99 101 99 100 101 103 102 103 103 103 116 113 110 108 108 108 108 115 113 107 99 95 111 111 111 112 111 110 113 115 115 113 115 113 145 149 150 149 149 150 148 147 148 148 145 144 99 101 99 99 105 107 107 106 108 109 108 104 101 103 106 106 105 102 98 95 96 91 92 89 1924 Jan Feb.... Mar..,. April... May._. June... July.... Aug.... Sept.... Oct Nov.... Dec... 117 117 112 109 112 108 107 106 107 108 105 112 1925 Jan Feb.... Mar April... May... June... July—. Aug.... Sept.... Oct..... Nov.__. Dec.._. 115 116 116 128 122 118 119 116 117 117 121 117 1926 Jan Feb.._. Mar.... April. _ May.. June... July— Aug... Sept.... Oct Nov.... Dec... 121 114 115 116 116 118 118 121 120 122 116 113 101 102 102 101 101 103 102 102 102 102 103 103 766 80 84 94 95 92 95 96 96 98 100 105 105 117 120 121 116 118 121 125 127 130 130 126 129 FEDERAL RESERVE BULLETIN Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Year and month Iron and steel Nondurable manufactures NonTrans- fer- Lum- Stone, clay Ma- porta- rous ber and chin- tion metals and glass ery equip- and prod- prodment prod- ucts ucts ucts Minerals Tex- Leath Man- Alco- To- Paper Print- Petroufacing leum Rubtiles er and tured holic bacco and and and Chem- ber and Fuels Metals food coal prod- prod- prod- bever prod- prod- pub- prod- icals products ucts lishucts ucts ucts ucts ing ucts 1927 Jan Feb... Mar... April— May._ June._ July.__ Aug. _. Sept... Oct.... Nov... Dee... 113 115 117 115 117 110 108 103 101 99 102 102 101 101 100 100 94 98 97 100 100 92 86 85 79 75 72 113 110 110 110 110 108 106 107 107 108 106 107 144 144 140 134 141 143 147 150 149 145 146 142 143 144 143 141 138 139 137 140 138 142 146 148 87 105 107 113 111 106 103 105 105 105 103 104 108 107 106 104 108 111 112 110 111 112 110 115 118 102 104 111 95 97 95 91 97 94 93 93 90 90 87 128 125 121 126 119 116 114 115 113 112 107 112 101 97 112 111 113 106 110 121 119 121 124 126 130 131 103 105 97 101 102 102 105 105 106 103 98 103 132 135 138 153 141 132 134 131 130 129 129 122 100 97 91 95 94 93 92 90 87 119 116 112 104 106 106 102 98 97 95 94 1928 Jan Feb.. _ Mar... April.. May_. June _ _ July... Aug.. _ Sept.Oct.__Nov Dec... 120 117 115 122 116 116 125 123 130 133 132 138 99 100 102 105 108 109 110 112 115 117 107 113 119 122 122 124 133 104 108 109 111 112 117 119 122 122 125 131 134 132 129 134 136 145 153 153 146 142 130 111 105 118 122 126 129 132 135 138 139 136 132 127 121 137 137 140 138 137 147 141 138 131 129 116 84 137 137 140 142 140 137 137 136 136 135 129 120 154 141 146 145 143 148 151 156 151 145 140 136 118 114 109 111 108 109 110 111 111 109 107 104 111 119 113 113 110 108 93 94 86 78 72 119 114 113 111 106 104 97 93 92 87 83 79 106 106 104 103 101 94 82 76 76 74 77 70 114 110 112 108 107 105 107 104 104 101 101 102 125 126 125 118 114 105 98 95 93 90 86 85 101 104 107 101 103 100 66 100 98 94 90 86 81 78 79 76 74 70 70 90 95 95 96 95 96 94 96 97 96 97 100 99 90 101 104 110 108 108 108 1929 Jan Feb.... Mar.... April... May... June... July... Aug.... Sept.... Oct Nov.... Dec 94 94 94 96 100 98 97 97 95 95 88 82 97 100 101 103 104 102 103 103 103 101 100 102 105 103 104 111 110 107 107 94 94 93 94 96 97 98 100 97 100 97 95 104 106 107 109 107 107 102 94 1930 Jan Feb.... Mar April.-. May... June... July.... Aug.... Sept.... Oct Nov.... Dec 101 101 100 100 101 100 100 104 105 101 105 100 99 95 94 92 90 89 89 85 1931 Jan Feb.... Mar.... ApriLMay. _. June... July.... Aug Sept.... Oct Nov Dec AUGUST 1940 84 81 77 71 67 69 65 65 62 60 60 62 767 Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Year and month Iron and steel Minerals Nondurable manufactures Durable manufactures NonTrans- fer- Lum- Stone, clay ber Ma- porta- rous and chin- tion metals and glass ery equip- and prod- prodment prod- ucts ucts ucts RubTex- Leath- Man- Alco- To- Paper Print- Petroleum ufacing ber tiles er and tured holic bacco and and and and prod- food bever- prod- prod- pub- coal Chem- prod- Fuels Metals prod- ucts prod- ages ucts ucts lish- prod- icals ucts ucts ucts ucts ing 1932 Jan. Feb.... Mar. . April... May. . June . _ July.... Aug Sept. Oct Nov Dec 68 65 66 69 73 75 75 70 54 47 40 37 34 35 29 35 32 36 35 34 51 48 37 55 89 103 122 107 93 83 74 80 71 74 76 69 81 86 90 93 86 80 80 79 35 37 44 43 40 38 47 51 58 56 57 57 82 84 84 84 81 82 83 83 81 82 82 84 81 88 99 93 89 86 83 80 81 79 85 91 82 83 90 84 85 84 83 82 82 81 81 83 60 60 61 59 59 59 59 56 57 57 56 61 81 83 83 80 83 84 84 85 88 90 91 93 86 86 87 86 87 88 90 90 91 92 92 94 98 94 93 89 86 84 84 90 95 97 99 101 88 87 91 82 86 94 84 84 86 92 93 95 63 68 66 67 68 71 72 73 75 78 81 83 91 93 92 95 95 95 96 98 99 100 101 104 93 91 94 93 97 98 100 101 103 104 105 107 101 82 94 104 108 113 113 114 113 114 118 117 96 99 91 98 96 96 98 98 99 101 105 107 86 90 92 93 96 100 101 101 107 109 112 112 45 41 37 34 32 27 26 24 29 32 31 29 54 52 48 45 43 41 38 36 37 39 39 39 45 39 33 37 44 45 36 31 33 31 37 45 68 66 63 58 53 50 45 42 41 45 46 46 54 52 52 53 50 48 46 48 50 54 50 48 63 58 54 52 48 51 48 46 50 53 52 48 72 72 70 56 52 53 57 73 85 89 84 81 76 76 79 74 70 70 68 73 82 86 83 77 82 82 82 80 80 77 75 76 78 78 79 79 86 80 78 76 77 80 78 77 79 77 77 77 72 69 68 66 ' 64 60 60 61 64 68 64 60 80 80 80 76 76 73 70 70 70 71 71 70 74 72 72 72 71 71 68 65 64 66 68 67 74 73 72 71 69 62 59 59 66 68 70 70 71 70 62 58 63 80 69 57 60 60 60 55 30 31 24 37 52 75 101 83 68 62 47 59 37 37 34 36 43 52 58 60 62 63 62 60 44 34 29 40 46 55 63 67 69 68 38 39 43 43 41 43 49 61 76 85 84 77 67 61 48 46 42 46 58 70 83 79 73 70 68 68 48 48 45 42 48 59 69 67 58 53 54 55 78 76 67 73 96 119 121 106 92 82 78 71 79 78 73 79 92 101 104 93 89 89 87 87 81 81 80 84 85 87 85 81 84 81 83 84 24 36 36 42 44 48 46 50 65 77 76 69 79 93 88 82 86 82 78 70 81 60 61 60 66 76 •9 8 98 90 86 77 74 74 69 70 66 67 70 77 83 82 81 79 80 79 69 67 69 69 73 76 79 79 79 77 75 73 69 69 68 69 73 79 84 81 80 80 81 81 57 65 73 83 92 91 49 41 40 42 48 63 61 65 68 72 72 73 71 70 67 67 67 70 51 68 78 76 73 74 74 71 68 62 50 66 58 60 62 66 68 69 66 62 58 57 58 62 64 70 70 68 65 60 57 63 62 60 61 63 64 67 66 67 65 65 65 62 65 61 62 66 78 80 84 84 81 70 71 71 54 74 76 86 87 93 94 99 99 93 90 89 88 83 • 87 91 86 85 86 85 87 87 87 91 90 90 90 89 72 74 69 70 73 73 77 76 75 77 77 77 90 87 84 85 86 87 85 87 86 85 88 92 72 73 76 76 73 76 72 73 75 76 75 78 74 75 78 80 82 82 81 81 80 82 83 84 77 77 79 80 80 80 78 79 76 77 79 80 82 83 78 72 71 70 71 84 88 89 94 99 74 76 78 78 78 78 82 86 91 92 93 94 88 96 101 93 84 91 88 91 83 103 105 103 67 73 73 75 73 73 76 80 84 89 93 95 69 77 74 77 70 74 83 92 98 100 99 102 67 69 70 72 74 77 78 76 77 81 83 86 94 92 89 87 87 89 90 92 96 99 101 101 93 94 97 97 97 100 99 99 101 101 106 105 87 88 87 88 88 89 90 89 90 90 90 91 79 82 84 84 85 86 87 90 93 95 98 99 88 87 88 89 90 91 92 89 89 96 93 92 81 82 84 82 82 85 86 87 89 90 90 91 87 88 89 88 87 88 88 87 90 91 92 96 106 91 105 111 113 115 118 116 119 99 112 121 96 94 93 94 96 101 104 105 110 113 118 123 99 95 97 99 103 105 108 109 110 113 111 114 81 80 85 96 102 102 103 113 114 114 114 111 100 95 94 99 97 99 103 106 107 108 113 122 102 98 94 95 96 97 101 108 107 111 111 113 93 91 95 94 96 97 95 100 101 104 105 103 102 93 100 104 108 114 117 116 115 111 109 111 94 96 94 98 95 96 100 98 103 101 100 110 87 87 87 91 96 97 99 102 103 104 108 115 93 91 95 98 97 97 98 99 100 103 110 110 73 73 79 • 74 1933 Jan... . Feb. Mar April.. . May.._ June... July..._ Aug Sept.... Oct Nov Dec 1934 Jan Feb.... Mar.... April... May.— June July.... Aug.._. Sept.... Oct Nov.... Dec 1935 Jan Feb.... Mar April... May June.-. July—. Aug Sept.... Oct Nov Dec..1936 Jan Feb.... Mar.... April... May... June... July.... Aug.._. Sept.— Oct Nov Dec 94 88 87 93 91 94 107 . 99 113 • 104 119 106 122 107 126 107 124 108 129 112 133 117 137 122 768 FEDERAL RESERVE BULLETIN Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Year and month Iron and steel NonTrans- ferLumporta- rous ber chin- tion metals and ery equip- and prodment prod- ucts ucts Ma- Min 3rals Nondurable manufactures Durable manufactures Stone, clay and glass products PrintTex- Leath- Man- Alco- Toufacing tiles er and tured holic bacco Paper and and and food prod- prod- prod- bever- prod- prod- pubucts ucts ucts ages ucts ucts lishing PetroRubleum and Chem- ber icals prodcoal ucts products Fuels Metals 1937 Jan Feb._Mar April- May... June... July— Aug Sept.— Oct Nov Dec 142 137 138 139 145 126 143 148 131 102 65 47 122 125 127 130 130 133 133 134 131 125 115 103 123 122 126 128 136 137 141 159 140 125 104 86 126 130 135 137 136 134 129 127 123 116 102 87 HI 113 117 122 124 124 125 119 113 105 95 85 116 129 124 125 120 118 117 118 114 107 100 89 121 120 123 124 125 123 111 105 96 85 72 65 119 113 113 111 115 112 107 100 94 89 77 71 103 105 105 106 102 102 107 105 102 103 101 98 111 107 110 115 115 114 103 106 105 102 100 95 103 105 102 102 101 98 105 104 105 105 101 100 114 113 113 117 119 114 114 111 105 97 86 79 111 111 109 113 115 115 114 112 110 105 98 97 105 107 107 107 108 107 110 110 114 112 108 104 109 111 112 115 115 117 116 115 115 111 108 101 118 123 120 116 117 113 106 99 102 93 77 66 104 107 119 107 107 111 109 110 113 112 109 107 115 119 125 145 141 135 136 144 124 117 113 111 53 53 53 53 51 49 63 73 79 92 104 97 93 87 83 80 77 75 75 78 81 82 86 90 74 70 65 61 58 56 57 58 60 72 94 98 78 74 73 68 67 65 70 79 85 96 102 101 81 84 89 81 81 82 86 95 99 98 95 103 82 80 83 85 87 87 91 93 97 104 105 106 66 69 72 68 72 79 90 99 99 99 104 106 80 87 89 88 87 85 95 98 98 100 100 105 100 101 99 99 98 101 102 101 103 102 103 105 101 101 100 93 94 92 92 92 90 96 102 100 98 98 104 99 104 101 98 105 105 101 108 107 85 88 89 87 88 89 100 102 102 105 105 106 97 96 96 94 91 90 96 97 98 101 102 99 103 100 100 98 97 93 96 99 101 103 105 104 96 97 97 92 93 92 92 96 98 98 97 99 69 63 68 68 71 72 81 87 93 98 110 115 103 97 99 96 91 94 97 99 100 100 104 103 105 99 91 86 79 78 82 84 85 86 92 95 96 93 91 86 79 94 103 111 128 161 161 167 92 94 94 94 95 98 101 104 108 115 123 125 106 103 97 91 84 92 86 92 99 105 102 128 96 95 94 93 93 96 102 112 128 144 153 159 106 101 97 100 102 102 104 105 108 113 121 121 109 114 114 107 102 110 114 113 116 123 120 128 107 107 105 102 106 109 113 111 114 119 128 126 106 106 104 101 96 103 107 103 103 105 108 105 105 104 106 106 107 108 105 111 111 109 110 112 101 95 97 98 99 101 97 96 96 106 98 95 103 101 106 103 108 108 100 110 107 111 110 109 105 105 106 106 104 105 108 112 121 131 134 135 100 102 100 100 100 101 100 105 111 118 117 119 106 105 107 105 103 107 106 110 112 120 120 119 100 100 100 102 102 103 104 100 106 111 111 112 106 108 110 108 101 108 107 112 122 128 126 123 104 102 104 90 96 104 108 89 113 117 118 113 97 100 96 106 98 106 102 105 121 128 131 124 147 118 106 99 118 154 127 123 123 123 124 137 137 131 115 116 154 142 132 124 126 115 114 111 110 112 Pill 123 113 120 115 112 Pill 117 108 99 99 103 101 98 93 85 87 112 113 113 112 112 98 96 98 103 100 103 106 103 111 110 115 123 114 110 116 126 109 108 106 108 115 117 116 118 115 114 113 111 109 111 114 119 119 116 115 117 115 117 112 114 116 115 127 130 134 135 135 P141 1938 Jan Feb..._ Mar April— May... June... July... . Aug Sept— Oct Nov Dec 1939 Jan Feb.._. Mar..__ April- May... June... July.__. Aug Sept.... Oct Nov Dec 1940 Jan Feb.... Mar.... April... May... June July P128 P121 P128 P105 P95 P114 P101 P118 P118 Aug Sept Oct Nov Dec p Preliminary. AUGUST 1940 769 INDUSTRIAL PRODUCTION: ALLOWANCES USED CURRENTLY FOR NONWORKING DAYS Regular weekly closings Saturday Durable Manufactures Iron and steel: Pig iron Steel insots Machinery 1 Transportation equipment: Aircraft 1 Railroad oars 1 Locomotives 1 Shipbuilding 1 Automobiles Nonferrous metals and products: Copper smelting Copper deliveries Lead shipments Zinc shipments Tin deliveries Lumber and2products: Lumber Furniture 1 Stone, clay, and glass products: Cement Common brick Face brick Polished plate glass Glass containers Nondurable Manufactures Textiles and products: Cotton consumption Rayon deliveries3 Silk deliveries3 _. Wool textiles Leather and products: Leather tanning Shoes Manufactured food products: Wheat flour . Cane sugar meltings Dairy products... Meat packing Alcoholic beverages: Malt liquor Whiskey and other distilled spirits Rectified spirits Tobacco products Paper and pulp: Pulp Paperboard Paperboard containers Fine, printing, tissue, and wrapping papers Newsprint production Printing and publishing: Newsprint consumption Petroleum and coal products: Petroleum refining Byproduct coke Beehive coke 4 Chemicals l Rubber products: Rubber consumption Tires and tubes Minerals Bituminous coal 34 Anthracite 34 Crude petroleum Iron ore shipments Copper, lead, zinc, and silver Gold3. Sunday Jan. 1 Feb. 22 Apr. 19 (New (Wash- (PaYear's ington's triots' Day) Birth- Day) day) May 30 July 4 Sept. O c t . 12 Nov. D e c . 25 Total (Dec- (Inde- (Labor (Co- (Thanks- (Christ- nonworkmas lum- giving oration pend- Day) ing Day) Day) bus ence Day) days Day) Day) 1 1 1 1 1 1939 Holidays obsei v e d (0 0) 0) 0) 1 1 Yi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 H 1 1 u H 1 1 1 1 1 \ 1 1 1 1 1 l l 1 l H V2 1 1 1 1 H Yi 1 l l l V2 l l y2 1 y2 l 1 1 l V2 I 1 1 1 365 307 307 307 365 57 308 1 1 1 1 l l l l H 0) 365 307 307 255i/i 2 253^ 250 253^ IO911/12 1 1 111** 115 1 iny2 1 1 1 1 113 111 252 254 1 l l l 1 1 1 l 1 1 59 110 0 85 306 255 365 280 M Vt l 1 I 1 1 l 1 1 i 1 1 l l 1 1 1 l 1 1 1 1 1 1 2803^ 280K 1 l l 1 1 2533^ 0 58 58 58 0 0 84 Yi, 843-3 58 58 I 1 0) 0) 0) C1) 0) 1 1 1 1 1 0) 365 310 l 2 1 1 1 1 1 y2 H 1 1 1 1 I 1 1 1 V2 H u l l 1 ]_ 0 55 Total working days I 1 1 1 1 1 l l 1 1 Y2 V2 V2 1 1 1 1 l 305H 84 593^ 84 110 110 55^ 56 281 3053^ 281 309H 255 255 309H 309 0 1 1 1 365 0 0 55 365 365 310 1 1 85 111 0) 1 1 1 1 1 1 1 1 I I 1 1 V2 1 I 1 1 1 1 l l 1 l l l 2 1 l l 1 1 1 1 1 2 I 1 594/6 623^ 0 1 0 88 0) 280 254 3051/5 3023^ 365 364 365 277 1 No allowance made; basic series refer, mainly, to week ending nearest 15th of month. 2 These are approximations for the industry as a whole. In the actual calculations the allowances used differ somewhat as between regions. 3 The additional holidays in February and November are Feb. 12 (Lincoln's Birthday) and Nov. 11 (Armistice Day). For Good Friday a full day allowance is made in silk deliveries and a half day in rayon deliveries. 4 The allowances shown are approximations for 1939. The number of working days in coal mining and beehive coke production are reported monthly by the Bureau of Mines and vary fractionally from time to time. Daily average output figures as reported by the Bureau are used in the computation of the indexes for these series. The holiday observed in April is April 1 (Eight Hour Day). NOTE.—When a holiday falls on a Sunday it is assumed that it is observed on the following Monday and allowance is made accordingly. Fractional holiday allowances are made when it appears that only a part of the industry regularly observes the holiday. When a holiday for which a fractional allowance is made (for example: y2) falls on a Saturday which is a fractional working day (for example: H), the holiday allowance made is the product of the two fractions (}iX}i=U) and the total nonworking day allowance for that Saturday used as an example is- K + 3 4 M 770 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION: SEASONAL ADJUSTMENT FACTORS FOR 1940 Jan. Durable Manufactures 95 Pig iron __ _ _ 98 Steel ingots 97 Machinery... _ _ __ _ . 98 Aircraft __ _ _ _ _ _ _ _ 85 Railroad cars Locomotives ._ _ _ . 100 97 Shipbuilding Automobiles. _ __ _ _ _ _ 101 99 Copper smelting. _ _ 103 Copper deliveries * _ _ __ __ 98 Lead shipments1* 104 Zinc shipments ._ _ _ 101 Tin deliveries ! 81 Lumber 2 ______ __ 93 Furniture 55 Cement _ _ _ __ _ 54 Common brick 70 Face brick _ _ Glass containers.._ _ _. __ _ 90 105 Polished plate glass Nondurable Manufactures Cotton consumption _ _ _ . Rayon deliveries! _ _ __ _ _ _ Silk deliveries ! Carpet wool consumption . _ _ ________ Apparel wool consumption Woolen yarn __ _ __ __ Worsted yarn_ Woolen and worsted cloth. _ _ _ ____ _ Cattle hide leathers Calf and kip leathers._ _ ". _ __ _ Goat and kid leathers Shoes _ __ ._ . Wheat flour Cane sugar meltings _ _ Ice cream Butter __ _ __ Cheese Canned and dried milk __ __ __ _ Pork and lard Beef __ __ _ _ Veal Lamb and mutton Other manufactured foods.-. _ _ Malt liquor Whiskey _ _ _ Other distilled spirits Rectified spirits Cigars Cigarettes.- _ _ _ _ _ _ _ _ __ Manufactured tobacco and snuff _ Groundwood pulp _ ___ _ _ _ _ Sulphate pulp Sulphite pulp _ Soda pulp Paperboard Fine paper Printing paper Tissue and absorbent paper Wrapping paper Newsprint production Paperboard containers __ __ __ Newsprint consumption Gasoline Fuel oil __ __ _ Lubricating oil Kerosene Byproduct cokeBeehive coke.. __ _ __ _ Chemicals _ _ _ Rubber consumption, _ _ _ _ Pneumatic tires_ _ Inner tubes Bituminous coal Anthracite Crude petroleum Iron ore shipments 3 Copper Lead Zinc Gold Silver __ Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. 99 103 100 100 96 102 97 101 105 107 102 100 106 98 104 111 105 107 102 100 113 95 104 127 105 104 102 102 113 100 105 116 101 98 101 102 112 104 104 108 98 94 97 100 98 103 98 90 99 97 98 100 102 101 95 34 98 98 98 97 91 98 97 68 100 99 102 100 95 95 101 98 100 100 100 101 92 97 97 122 95 95 101 100 . 97 107 101 124 99 103 99 100 100 84 100 56 48 65 92 95 100 105 104 104 105 95 101 75 63 80 94 105 106 106 102 101 116 100 97 100 95 100 100 100 101 99 92 96 100 107 94 122 120 120 107 100 100 98 92 90 100 108 97 126 127 116 105 98 90 99 95 92 95 108 93 124 127 118 104 66 94 100 99 95 100 111 103 122 117 114 109 82 102 105 107 106 102 111 105 120 130 110 102 100 106 100 106 101 100 106 109 116 127 110 103 115 105 98 108 109 88 96 104 104 110 107 101 114 98 84 98 102 93 86 104 80 82 90 93 120 107 98 105 109 108 109 104 114 111 106 104 108 106 90 98 112 101 97 96 100 101 94 99 111 103 90 95 94 94 94 94 90 100 99 103 105 100 87 89 96 100 100 100 96 98 95 98 98 95 97 87 98 100 100 100 99 95 102 100 88 90 110 92 98 95 100 95 97 93 110 99 97 92 117 98 106 104 104 102 102 95 105 98 113 100 118 113 102 100 99 96 95 99 98 101 112 102 100 115 99 96 98 100 96 101 96 99 102 103 96 110 98 101 98 100 99 104 95 97 86 98 100 90 93 103 100 110 106 102 102 102 84 99 98 59 86 78 85 100 90 88 100 87 97 110 77 89 82 98 90 91 95 97 88 94 110 96 99 97 113 95 93 99 97 88 91 98 136 129 132 144 100 100 104 102 91 94 103 160 140 154 148 97 98 101 95 95 99 115 168 122 129 122 90 101 99 95 107 101 105 162 110 113 103 75 101 101 99 118 115 119 108 99 103 92 80 112 110 112 129 109 97 72 88 94 80 94 109 110 106 112 104 82 60 79 76 70 120 105 102 97 101 96 80 52 79 70 69 129 100 95 95 96 _ _ 85 130 60 86 87 94 99 96 123 65 95 92 93 102 109 110 60 89 95 93 99 118 100 60 88 99 102 101 128 80 59 80 107 110 102 124 55 47 84 104 112 102 117 55 48 78 103 105 101 101 80 137 106 115 107 108 82 95 265 130 121 98 102 82 125 210 158 119 96 99 78 115 124 133 77 89 88 104 103 103 103 103 107 103 104 104 99 98 99 107 102 102 103 104 107 104 101 102 100 102 104 112 100 102 103 102 109 104 102 101 100 100 107 111 100 100 100 98 103 102 99 98 101 99 104 102 99 98 99 100 98 98 99 98 101 99 101 89 98 95 94 95 91 94 95 97 98 98 87 85 100 100 100 101 94 97 100 99 97 101 88 87 100 100 101 106 95 99 104 101 100 110 101 93 102 102 100 106 100 101 104 103 100 108 107 102 100 101 100 100 97 99 99 100 103 98 105 104 95 97 97 89 98 99 96 97 101 92 102 96 103 97 105 100 117 99 103 100 100 97 101 99 101 101 135 100 98 100 100 95 98 99 101 101 125 104 100 100 100 99 98 104 102 100 90 103 99 100 100 100 100 104 100 100 75 99 100 100 100 102 99 100 98 100 82 95 100 100 100 103 98 99 95 98 83 94 100 100 100 103 98 99 96 100 80 97 100 100 100 103 101 100 98 100 83 102 102 100 100 103 101 100 100 100 103 104 100 100 100 101 101 100 103 100 110 102 103 100 100 98 102 99 101 100 117 101 95 100 100 111 116 98 Minerals _ 104 97 108 95 98 101 103 106 101 98 100 96 101 83 50 80 72 76 130 100 96 105 88 80 132 65 73 81 101 97 104 101 100 100 96 101 100 97 100 100 95 95 117 110 99 96 103 101 84 107 102 85 110 103 86 92 100 88 78 100 92 74 103 104 96 100 112 106 99 114 102 97 111 106 98 98 100 102 94 99 102 100 102 92 103 102 98 105 83 104 104 101 103 88 102 99 98 100 95 96 98 99 98 80 100 89 93 94 107 93 94 98 95 108 103 103 104 97 113 98 104 98 100 125 102 104 106 101 115 99 103 105 103 100 101 1 These seasonal factors differ from those shown in the tables beginning on page 825 of this BULLETIN. The factors shown in this table were derived from and are for use with daily averages of monthly figures whereas the seasonal factors shown for these series on the later pages were derived by dividing three-month moving averages placed at the third month of the monthly indexes for 1939, without seasonal adjustment, by the corresponding moving averages of the seasonally adjusted monthly indexes. 2 These seasonal factors were derived by dividing the monthly indexes of total lumber production for 1939, without seasonal adjustment, by the corresponding monthly seasonally adjusted indexes. The index of total lumber production is obtained by combining figures for the various lumber producing regions, for which separate seasonal factors are computed and used. 3 The method of seasonal adjustment for this series, and the factors used, may be obtained from the Division of Research and Statistics. AUGUST 1940 771 Ttom a J-<z<jatStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Investments by Member Banks in Obligations of Certain Government Agencies Obtaining Payment for Purchase of Securities in Cash Account Under Regulation T The Board of Governors recently received an inquiry with regard to the amount of certain obligations, guaranteed by the United States, which may be held by a member bank of the Federal Reserve System. Under the provisions of the Federal Reserve Act, State member banks are subject to the same limitations and conditions with respect to the purchasing, selling, underwriting and holding of investment securities and stock as are applicable in case of national banks under section 5136 of the United States Revised Statutes. The latter section provides that the limitations and restrictions therein contained as to dealing in, underwriting and purchasing investment securities by a national bank for its own account shall not apply to obligations of the United States and certain other types of obligations specifically mentioned. The Board was advised by the office of the Comptroller of the Currency that obligations of the Commodity Credit Corporation, the Reconstruction Finance Corporation, the United States Housing Authority and the Federal Farm Mortgage Corporation in the form of investment securities which, in accordance with law, are unconditionally guaranteed as to principal and interest by the United States, are considered by the office of the Comptroller as "exempted securities." Accordingly, the Board replied .that a State member bank may purchase such obligations for its own account without regard to the limitations and restrictions of section 5136, United States Revised Statutes. With respect to debentures of Federal Intermediate Credit Banks the Board replied that such obligations are issued under the authority of the Federal Farm Loan Act, as amended, and therefore are "exempted securities" by reason of the specific provisions of section 5136 of the United States Revised Statutes. The Board recently considered several questions regarding the provisions of Regulation T which relate to the maximum time permitted for obtaining payment in a special cash account under section 4(c) of the regulation. The general rule on this subject is stated in subdivision (2) of the section. Subject to a number of exceptions stated in subsequent subdivisions of the section, this subdivision provides that: 772 "(2) In case a customer purchases a security (other than an exempted security) in the special cash account and does not make full cash payment for the security within 7 days after the date on which the security is so purchased, the creditor shall, except as provided in the succeeding subdivisions of this section 4(c), promptly cancel or otherwise liquidate the transaction or the unsettled portion thereof." Paying by sale of another security.—One inquiry related to the application of this provision to a question that may be described as follows: A customer effects a purchase in a special cash account established pursuant to section 4(c) of the regulation. On the same day the customer sells in the account another security which he owns but which he has not yet deposited in the account. The proceeds of the sale, which was effected "seller 10", are sufficient to make full cash payment for the purchase, but such proceeds will not be available to the broker until after the time applicable under section 4(c) for obtaining payment for the purchase. May the sale be considered to constitute payment for the security purchased, and thus make it unnecessary to take alternative action? It is to be noted that a similar question was considered by the Board in the ruling published at page 1043 of the December 1938 Federal Reserve BULLETIN on the subject of "Paying for Purchase in Special Cash Account by Selling Another Security." In that case the security sold was deposited in the account prior to the expiration of the time permitted for obtaining payment of the securities purchased. In the present case, alFEDERAL RESERVE BULLETIN From a Legal Standpoint though the sale was made within the required period, the securities so sold were not delivered into the account within that time. It is recognized that such transactions might be evidence of an effort to evade the regulation in violation of section 4 (a) which provides that: exchange, and it is the view of the Board that in the circumstances described the delayed payment by the customer may not be accepted as a substitute for the cancellation or liquidation of the transaction. This would be the case whether a brokerage or a dealer transaction was involved. Additional time for shipment of securities. "A special account established pursuant to this section shall not be used in any way for the purpose —Subdivision (4) of section 4(c) provides of evading or circumventing any of the provisions that: of this regulation." "(4) If any shipment of securities is incidental to Naturally, any such transaction should be the consummation of the transaction, the period apunder of carefully scrutinized for any such possibility, plicable to the transaction deemed subdivision (2) by section 4(c) shall be to be and any repetition of such a method of mak- this number of days required for all suchextended the shipments, ing payment by a customer would be espe- but not by more than 7 days." cially subject to question. Assuming, however, Questions were raised as to whether certhat there is no such evasion or circumvention of the regulation, it is the view of the tain periods required for the shipment of securities were covered provision, and Board that the broker may, at his option, treat whether they might be by this together (to a the customer as having made payment for the total such extension notadded exceeding the purchased security at the time when the other days specified in the provision). Such seven security was sold, and that this would be per- tions were presented as to the time of quesshipmissible even though the security sold had not ment from the place of purchase to the broker, been deposited in the account. The same con- from the broker to the customer, and to and clusion would, of course, follow if the security office. sold had been deposited in the account but from the transfer such shipments are not a Assuming that happened not to be in form for "good deliv- subterfuge but actually are incidental to the ery." it is Delayed offer of payment—An inquiry was consummation of the transaction, periodthe Board that each such is presented as to a situation in which a broker view of the the provision. In addition, all covered by or dealer does not obtain full cash payment such periods may be added together, prowithin the period applicable to the transac- vided, of course, that the total such extension tion but is offered payment promptly after for any transaction does not exceed the seventhe period and before he has cancelled or day maximum specified in the provision. otherwise liquidated the transaction. The question was whether the broker or dealer in and Regulations on Transfers such circumstances may accept such payment Executive Order Latvia, Estonia and Lithuania of Property of and consider the provisions requiring canThe Executive Order of April 10, 1940, as cellation or liquidation for failure to obtain amended, and the Treasury Regulations ispayment to have been met. The section provides various exceptions for sued thereunder providing that transfers of cases where a period other than the seven- credit, foreign exchange transactions, the day period would be more appropriate. These export or earmarking of coin, bullion, or curexceptions do not include any provision for rency, or other similar operations, by pera payment which is offered promptly after sons or institutions in the United States the period applicable to the transaction, and which involve property of Norway, Denit does not appear why any additional time mark, Belgium, Luxembourg, the Nethershould be permissible in such circumstances lands, or France, or any national thereof, if there is no other ground for additional shall be subject to license by the Secretary time. The provision for cancelling or other- of the Treasury, were amended on July 15, wise liquidating the transaction when pay- 1940, so as to include property of Latvia, ment has not been obtained within the appli- Estonia and Lithuania, or any national cable period is explicit. There are various ex- thereof. The texts of the Executive Order and acceptions, including provision for an extension of time under certain conditions by an ap- companying Regulations and amendments propriate committee of a national securities thereto are quoted in full in the May, June, AUGUST 1940 773 From a Legal Standpoint Treasury Department, Office of the Secretary, and July issues of the 1940 Federal Reserve June 27, 1940 BULLETIN. The texts of the July 15 amendments are as follows: Amendment to General License No. 19 Under Execu8484 Amendment of Executive Order No. 8389 of April 10, 1940, as Amended By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF AMERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, so as to extend all the provisions thereof to, and with respect to, property in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect, except that, in defining- "Latvia," "Estonia," "Lithuania" and "national" thereof the date "July 10, 1940" shall be substituted for the dates appearing in the definitions of countries and nationals thereof. EXECUTIVE ORDER NO. THE WHITE HOUSE, FRANKLIN D. ROOSEVELT. tive Order No. 8389, April 10, 19UO, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* General License No. 19 is hereby amended to read as follows: "A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of any of the following: Banco Holandes Unido, Buenos Aires, Argentina, Caracas and Maracaibo, Venezuela; Banco Hollandez Unido, Rio de Janeiro, Santos and Sao Paulo, Brazil; and the branches of the Hollandsche Bank-Unie in Willemstad, Caracao and Oranjestad, Aruba. "Banking institutions' within the United States making such payments, transfers or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period." D. W. BELL, Acting Secretary of the Treasury. July 15, 19 UO. Treasury Department, Office of the Secretary, July 15, 1940 AMENDMENT TO REGULATIONS! The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with respect to, property in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect; except that reports on Form TFR-100 with respect to all property situated in the United States on July 10, 1940, in which Latvia, Estonia or Lithuania or any national thereof has at any time on or since July 10, 1940, had any interest of any nature whatsoever, direct or indirect, shall be filed by August 10, 1940. H. MORGENTHAU, JR., Secretary of the Treasury. Approved: July 15, 19UO. FRANKLIN D. ROOSEVELT. General Licenses Issued by the Secretary of the Treasury Since the publication of certain General Licenses on pages 649-654 of the July 1940 Federal Reserve BULLETIN, the following Licenses have been issued by the Secretary of the Treasury under authority of the Executive Order of April 10, 1940, as amended, and Regulations issued pursuant thereto relating to transactions in foreign exchange, etc. Treasury Department, Office of the Secretary, June 27, 1940 General License No. 22 Under Executive Order No. 8389, April 10, 19UO, as Amended, and Regulations Issued Pursuant Thereto Relating to Transactions in Foreign Exchange, Etc.* A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from accounts in the name of the Banque Beige pour l'Etranger, Overseas, Ltd., including its New York agency. Banking institutions within the United States making such payments, transfers, or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period. D. W. BELL, Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, July 6, 1940 Amendment to General License No. 19, as Amended, Under Executive Order No. 8389, April 10, 19U0, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* General License No. 19, as amended, is hereby amended to read as follows: "A general license is hereby granted authorizing banking institutions within the United States to make all payments, transfers and withdrawals from ac- f Sections 130.1 to 130.6: Sec. 5(b), 40 Stat. 415 and 966; Sec. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, 1940 ; Ex. Order 8484, July 15, 1940. May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Regulations, April 10, 1940, as amended May 10, 1940 and June 17, 1940. 774 FEDERAL RESERVE BULLETIN From a Legal Standpoint counts in the name of any of the following: Banco Holandes Unido, Buenos Aires, Argentina, Caracas and Maracaibo, Venezuela; Banco Hollandez Unido, Rio de Janeiro, Santos and Sao Paulo, Brazil; the branches of the Hollandsche Bank-Unie in Willemstad, Curacao and Oranjestad, Aruba; Holland Bank Union, Haifa, Palestine and Istanbul, Turkey. "Banking institutions within the United States making such payments, transfers or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transactions during such period." D. W. BELL, Acting Secretary of the Treasury. weekly reports showing the details of such transactions. D. W. BELL, Acting Secretary of the Treasury. Treasury Department, Office of the Secretary, July 20, 1940 Amendment to General License No. 17 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* General License No. 17 is hereby amended to read as follows: "A general license is hereby granted authorizing Treasury Department, Office of the Secretary, banking institutions within the United States to July 15, 1940 make payments from accounts in which France or a national interest General License No. 23, Under Executive Order No. meaning ofthereof has a property of April within the the Executive Order 10, 1940, 8389, April 10, 19%0, as Amended, and Regulations amended, and the Regulations issued thereunder, as Issued Pursuant Thereto, Relating to Transactions of checks and drafts drawn or issued prior to June in Foreign Exchange, Etc.* 17, 1940, and to accept and pay and debit to such to 1940, under General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as accounts drafts drawn priorthat June 17,of the drawadvice amended, issued under Executive Order No. 8389 of letters of credit; provided, ing of such checks and shall April 10, 1940, as amended, are hereby further ceived from the drawers drafts before have been reon or amended so that as of the date hereof there shall by the banking institution making anyJuly 1, 1940, be substituted for the words "Norway, Denmark, the debit authorized by this general license. payment or Netherlands, Belgium, Luxembourg or France," "Banking institutions or wherever they appear in such General Licenses, the debit authorized by this making any payment file general license shall words "Norway, Denmark, the Netherlands, Bel- promptly with the appropriate Federal Reserve bank gium, Luxembourg, France, Latvia, Estonia or weekly reports showing the details of such transacLithuania." tions." General License No. 12, as amended, issued under D. W. BELL, Executive Order No. 8389 of April 10, 1940, as Acting Secretary of the Treasury. amended, is hereby further amended by substituting a comma for the semi-colon at the end of subdivision 2 thereof and adding thereafter the following: Treasury Department, Office of the Secretary, July 20, 1940 "or subject to the property interests therein as of July 10, 1940, of Latvia, Estonia or Lithuania Amendment to General License No. 21 Under Execuor any national thereof;" tive Order No. 8389, April 10, 1940, as Amended, D. W. BELL, and Regulations Issued Pursuant Thereto, RelatActing Secretary of the Treasury. ing to Transactions in Foreign Exchange, Etc.* General License No. 21 is hereby amended to read Treasury Department, Office of the Secretary, as follows: July 15, 1940 "A general license is hereby granted authorizing General License No. 24 Under Executive Order No. banking institutions within the United States to 8389, April 10, 194-0, as Amended, and Regulations make all payments, transfers and withdrawals from Issued Pursuant Thereto, Relating to Transactions accounts in the name of the Netherlands Trading in Foreign Exchange, Etc.* Society East, Ltd., London and the Netherlands Trading Society East, Inc., Delaware. A general license is hereby granted authorizing "Banking banking institutions within the United States to make making such institutions within the orUnited States payments, withdrawals payments from accounts in which Latvia, Estonia shall file promptly with transfers the appropriate Federal or Lithuania or a national thereof has a property Reserve bank weekly reports showing the details of interest within the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations the transactions during such period." D. W. BELL, issued thereunder, of checks and drafts drawn or Acting Secretary of the Treasury. issued prior to July 10, 1940, and to accept and pay and debit to such accounts drafts drawn prior to * Sec. 5(b), 2, 48 Stat. 1; July 10, 1940, under letters of credit; provided, that Resolution No. 40 Stat. 415 and 966; Sec. S. C. 95a; Ex. Public 69, 76th Congress; 12 U. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order each banking institution making any payment or 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order debit authorized by this general license shall file 8484, July 15, 1940; Regulations, April promptly with the appropriate Federal Reserve bank May 10, 1940, June 17, 1940, and July 15,10, 1940, as amended 1940. AUGUST 1940 775 rtom the J3oatd*5 (2otte5y2oncLenc<z i iJiHE character and volume of inquiries addressed to the Board in recent years reflect the public*s growing ^ interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the Board's replies to the questions raised may be of interest to the readers of the BULLETIN. Selections for publication are made on the basis of frequency of inquiry, timeliness, and importance of subject matter. TAe SJntetdiAttlct Settlement Ttutd 'What is the Interdistrict Settlement Fund and how is it used by the United States Treasury?" T arrangement and the present one is that formerly portions of the Fund to the credit of a given Reserve Bank might be withdrawn in actual gold, whereas at the present time they can be withdrawn only in gold certificates. Gold certificates, however, may not be paid out into circulation. Interdistrict Settlement Fund transactions are made up primarily of transit clearings, Federal Reserve note clearings, and Government transfers of funds. Transit clearings effect settlements between the Federal Reserve Banks arising from the collection of checks and other items by the Federal Reserve Banks for member and nonmember clearing banks and the United States Treasury and from interdistrict transfers of funds made at the instance of member and nonmember clearing banks. The appropriate debits and credits to the accounts of respective Federal Reserve Banks on the books of the Fund are based on daily telegrams from each Federal Reserve Bank reporting the amounts collected by it for each of the other Federal Reserve Banks. Federal Reserve note clearings effect settlements arising from receipt at each Federal Reserve Bank of Federal Reserve notes issued by other Federal Reserve Banks. The law prohibits, under penalty of a tax of ten per cent, a Federal Reserve Bank from paying out the notes of other Reserve Banks, and accordingly each Federal Reserve Bank sorts out such notes from its own. Those that are fit for further circulation are returned to the Banks that issued them; those that are unfit 776 FEDERAL RESERVE BULLETIN HE Interdistrict Settlement Fund, which is operated in Washington by the Board of Governors of the Federal Reserve System, is used for the purpose of effecting telegraphic transfers of funds between Federal Reserve districts for the account of the twelve Federal Reserve Banks, for the account of member banks of the Federal Reserve System (and for nonmember clearing banks), and for the account of the United States Treasury. All transactions are effected by book entries. When the Fund was established in 1915, about six months after the Federal Reserve System began operation, each Federal Reserve Bank was required to deposit $1,000,000 in gold or gold certificates and to make such additional deposits from time to time as might be necessary to maintain that balance. Although individual Federal Reserve Banks could withdraw from the Fund any excess standing to their credit above $1,000,000, they found it expedient as time went on to keep a large portion of their gold holdings in the Fund; for it enabled them to effect transfers by telegraph at a small fraction of the cost of shipping gold about the country. The Fund has since increased greatly in size and usefulness and at present amounts to about $11,000,000,000. It now consists entirely of gold certificates held for the Federal Reserve Banks by the United States Treasury. Deposits in the Fund are made principally by the Treasurer of the United States, the Treasurer being given credit for them on the books of the Federal Reserve Banks. Practically the only difference between the original From the Board's are sent to the Treasury for retirement. Note clearings are based on daily telegrams from each Federal Reserve Bank reporting the amount of "fit" and "unfit" notes being sent by it to the Reserve Banks by which issued and to the Treasury. The United States Treasury maintains its active checking accounts with the Federal Reserve Banks and has frequent occasion to transfer funds from one Federal Reserve Bank to another, depending on where the funds are most needed. These transfers are effected through the Interdistrict Settlement Fund at the Treasury's request. If, for example, the Treasury has large disbursements to make in the southwest at the same time that it is in receipt of large payments in the east, it may direct that its balances with the Correspondence Federal Reserve Banks of Boston, of New York, and of Philadelphia be debited given amounts and that its balances with the Federal Reserve Banks of Kansas City and of Dallas be credited correspondingly. These transfers would be effected within a few minutes by telegrams to the five Federal Reserve Banks concerned, and by corresponding debits and credits to the accounts of those Banks on the books of the Fund. In a recent week the transit clearings effected through the Fund amounted to $2,000,000,000, the Federal Reserve note clearings amounted to $15,500,000, and transfers for the Treasury amounted to $25,000,000. These transactions, as they affected the twelve Federal Reserve Banks, are shown in the following tabulations: Transit Clearings ' Federal Reserve Bank Debits $142,353,440. 57 597, 416,896. 35 158,118,370.95 168, 269,872.34 155, 366,119.39 84, 502, 305. 55 273, 549,889.05 117, 374, 545. 52 47,185,182. 25 107,840,335,02 87, 532, 792. 33 93,456, 236. 20 Credits F. R. Note Clearings Debits Total . -- __ _ _ . - $137, 557, 783. 22 578,993,828. 47 168,607, 551. 70 185,072, 581.97 177,713,966. 27 68,814,169.19 298,953, 581.12 115,123,035.04 47, 666, 594.18 99, 723, 534. 20 85,499,950. 77 69,239,409. 39 $1,207,000.00 2,672,000.00 1,343,000.00 1,809,000.00 1,309,000.00 970,000.00 2,152,000.00 872,000.00 595,000.00 1,045,000. 00 655,000.00 919,000.00 2,032,965,985. 52 2,032,965, 985. 52 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco 15, 548,000.00 Credits Transfers for TreasuryDebits $831,000.00 3,264,000.00 $10,000,000.00 1,427,000.00 5,000,000.00 1, 523,000. 00 5,000,000.00 272,000.00 929,000.00 2,881,000.00 5,000,000.00 2,140,000. 00 146,000.00 947,000.00 612,000.00 576,000.00 15, 548,000.00 25,000,000.00 Credits $10,000,000.00 10,000,000.00 5,000,000.00 25,000,000.00 Transit Clearings.—The debits under Tran- Federal Reserve Note Clearings.—The sit Clearings are the total of the payments debits under Federal Reserve Note Clearings made by a given Federal Reserve Bank to are the total of Federal Reserve notes which the others as a result of the clearance of found their way to Reserve Banks other checks and similar items; and the credits are than those by which they were issued and the total of the payments received by it. had to be paid by the latter. The credits Thus, for example, the Federal Reserve Bank are the total of Federal Reserve notes reof Boston was debited $142,353,440.57 for ceived by Federal Reserve Banks which did checks and transfers payable by banks in its not issue them. Thus, for example, the Federal Reserve district which were received Federal Reserve of had to by other Federal Reserve Banks. It was pay $1,207,000 ofBank own Boston received its notes credited $137,557,783.22, this being the by other Federal Reserve Banks. At the amount of checks and transfers handled by it payable by banks in other Federal Reserve same time it received payment from other districts. The amount debited to it was sub- Federal Reserve Banks for notes issued by sequently charged to the reserve or clearing them in the amount of $831,000, which had balances of the banks on which the checks been received by it. Transfers for Government Account.— were drawn or through which they were collected. The amount credited to it was subse- Debits under Transfers for Government Acquently absorbed by credits to the banks in its count show the amounts transferred from district from which the checks were received, certain Federal Reserve Banks, and credits or to the United States Treasury in the case show the amounts transferred to certain of checks deposited by it. Federal Reserve Banks. AUGUST 1940 777 Cuitent £.vent5 Designation of Ronald Ransom as Vice Chairman of the Board of Governors of the Federal Reserve System The President of the United States issued an Executive Order on July 18, 1940, designating Ronald Ransom as Vice Chairman of the Board of Governors of the Federal Reserve System, to serve as such for a term of four years from August 6, 1940, unless and until his services as a member of the Board shall have sooner terminated. Transfers of Intra-District Territory In recent weeks transfers of territory within two Federal Reserve districts have been effected, in neither case changing the district boundaries. Effective June 1, 1940, Presidio County, Texas, was transferred from the San Antonio Branch territory to the El Paso Branch territory of the Federal Reserve Bank of Dallas. Effective July 1, 1940, the following counties in North Carolina were transferred from the territory of the head office of the Federal Reserve Bank of Richmond to the territory of its Charlotte Branch: Alamance Anson Chatham Davidson Davie Forsyth Guilford Lee Montgomery Moore Randolph Richmond Rockingham Stokes Surry Yadkin Sweetser—The Farmer's State Bank. Sandborn—The Sandborn Banking Co. Iowa Corydon—Corydon State Bank. Michigan Merrill—The Farmers and Merchants State Bank of Merrill. Plymouth—Plymouth United Savings Bank. New York Utica—First Bank & Trust Company of Utica. (This bank was organized as part of the plan previously made public whereby a new bank would be organized to assume the deposit liabilities of the First Citizens Bank and Trust Company of Utica, a State member bank.) Ohio Canton—The Peoples Bank. Crestline—The Farmers & Citizens State Bank. Richwood—The Richwood Banking Company. Oklahoma Canton—Bank of Canton. Texas Knox City—The Citizens State Bank. Correction The following corrected figures should be substituted for those shown in the tables appearing on pages 526, 586 and 587 of the June 1940 issue of the BULLETIN: Report- ing Reportsome ing no retail retail Total install- installment ment paper paper Admissions of State Banks to Membership in the Federal Reserve System The following State Banks have been admitted to membership in the Federal Reserve System during the period June 16, 1940 to July 15, 1940, inclusive. District of Columbia Washington—The City Bank of Washington. Illinois Shelbyville—Shelby Loan & Trust Company. Indiana Decatur—The First State Bank of Decatur, Indiana. Franklin—Farmers Trust Company. Richland—The Lake State Bank. 778 Retail installment paper (In thousands of dollars) Number of banks The redrawn map of Federal Reserve districts incorporating these changes is shown opposite page 745. Ratio of total installArising Arising from from ment retail retail paper sales of sales of to cusand se- and se- tomer cured cured automotive other by by loans goods vehicles All insured commercial b a n k s total (pages 526 and 586) Insured nonmember banks—total (page 526) _ South Atlantic (page 586) District of Columbia (page 586) Washington (page 587) Total, 25 leading cities (page 587) - - 10,381 5,360 3,112 541, 243 387, 591 153, 652 5.1 1,784 140, 548 112,833 27, 715 9.0 997 478 49, 952 37, 476 12, 476 5.7 16 6 6,029 5,068 961 9.6 6 6,029 5,068 961 182 175,834 95, 653 80,181 16 301 FEDERAL RESERVE BULLETIN A/ationai Summaty ofi Condition* Compiled July 16 and released for publication July 18. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 745-752 of this BULLETIN. V OLUME of industrial production increased rapidly during June and rose somewhat further in the first half of July. Distribution of commodities through retail and wholesale markets and by rail continued active. amounting to about 10 per cent of steel-producing capacity. Automobile production, which had begun to decline in May, continued to decrease in June and the first half of July reflecting in large part seasonal influences. Retail sales Production of automobiles were in large volume and dealers' stocks of new and used cars declined The Board's seasonally adjusted index of the high earlier. industrial production advanced from 106 in from the textilelevels prevailingwas a further In industry there May to 114 in June. In that month, as in sharp advance in activity at woolen mills, and May, increases in activity were most marked was reduced less than in the iron and steel and textile industries at cotton mills outputproduction was mainseasonally. Rayon where declines earlier in the year had been tained at earlier high levels while at silk greatest. activity remained near the unusually Steel ingot production rose from 60 per millsrate reached in May. low cent of capacity at the beginning of May to Coal production continued in large volume 87 per cent in the latter part of June and but output of was maintained at about that level in the first during June,the latter part crude petroleum declined in of the month, owing to reduced production in Texas fields. INDUSTRIAL PRODUCTION Value of construction contract awards 140 140 showed little change from May to June, ac130 cording to F. W. Dodge Corporation figures 130 A for 37 Eastern States. Awards for private 120 residential building than \, 120 sonally, following adecreased more May, sea11 0 sharp rise in and 110 V 100 contracts for private nonresidential build100 / ing also declined. Contracts for public con90 90 I struction increased further in June, owing 80 in part to expansion in the construction of 80 70 Army and Navy air bases. 70 CENT PER CENT /} \ \ 60 1934 1935 1936 1937 1938 1939 1940 60 Index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. three weeks of July. Production of coke and pig iron showed similar sharp increases and iron ore shipments down the Lakes were at near-capacity levels. Demand for steel was general as most domestic steel-consuming industries were operating at high rates. Exports of steel, which had declined in April, rose to earlier high levels in May and June, AUGUST 1940 Distribution Department store sales in June were maintained at the May level, although usually there is a considerable decline, and the Board's seasonally adjusted index advanced to 93 as compared with 87 in May and a level of about 89 earlier in the year. Sales at variety stores showed little change from May to June, continuing at the advanced level that has prevailed since the beginning of the year. In the early part of July department 779 National Summary of Business DEPARTMENT STORE SALES AND STOCKS PERCENT t>ERCENT 110 1110 100 100 90 90 80 80 STOCKS/— " * * * \ 70 70 60 60 50 40 1934 1935 1936 1937 Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. store sales declined seasonally from the June level. Freight-car loadings increased further in June. Shipments of coal and miscellaneous merchandise continued to expand and loadings of coke, which usually decline at this season, showed a substantial rise. Commodity prices Prices of a number of industrial materials, particularly steel scrap, copper, rubber, and silk, declined from the middle of June to the middle of July. Wheat prices also showed decreases in this period, while prices of livestock and products advanced owing partly to seasonal influences. Agriculture Production of major crops this season, according to the July 1 report of the Department of Agriculture, may be slightly lower than last season. Tobacco production will be sharply reduced from last year, when the crop was unusually large. Domestic supplies WHOLESALE PRICES OF BASIC COMMODITIES PER CENT PER 100 CENT 100 80 TOTAL - / \ 60 60 40 40 100 100 f 80 V V , FOODSTUFFS 80 f 60 60 NDUSTR1AL MATERIALS 40 40 1934 1935 1936 1937 1938 1939 1940 Federal Reserve groupings of Bureau of Labor Statistics data. Thursday figures, January 4, 1934, to July 25, 1940. 780 Conditions of wheat and other field crops as well as of vegetables and fruit are expected to show little change from last season. Indicated hog production this year will be about 10 per cent smaller than last year. Bank credit Total loans and investments at reporting member banks in 101 leading cities increased during the five weeks ending July 10, chiefly as a result of increases in holdings of shortterm United States Government obligations and in commercial loans. Holdings of United States Government bonds and loans to security brokers and dealers declined. MONEY RATES IN NEW YORK CITY 1934 1935 1936 1937 1938 1939 1940 Minimum rate on rediscount for and advances to member banks by Federal Reserve B a n k ; weekly averages of daily yields of 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury bills offered within week. For weeks ending J a n u a r y 6, 1934, to July 20, 1940. The monetary gold stock increased by $885,000,000 in this five-week period, the largest gold acquisition for any corresponding period on record. This inflow of gold was reflected in a growth of $310,000,000 in foreign bank balances with the Federal Reserve Banks and in increased deposits and reserves of member banks. On July 10, excess reserves of member banks amounted to $6,833,000,000. Government security market Prices of Government securities, which had advanced sharply in June, showed further increases after July 8 when the Treasury announced a new bond issue for cash subscription. Between June 10 and July 15 the price of the 1960-65 bonds rose about 3 points, and the yield on this issue declined from 2.52 per cent to 2.34 per cent as compared with 2.26 per cent at the year's peak in prices on April 2. FEDERAD RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank discount rates; rates on time deposits, reserve requirements Federal Reserve Bank statistics Reserve position of member banks; deposits in larger and smaller centers Money in circulation Gold stock and gold movements; bank suspensions; bank debits All banks in the United States, number, deposits, loans and investments Condition of all member banks Weekly reporting member banks Commercial paper, bankers' acceptances, and brokers' balances Money rates and bond yields Security markets Treasury finance Governmental corporations and credit agencies; Postal Savings System Production, employment, and trade Wholesale prices Statistics for Federal Reserve chart book Crop report Earnings and expenses of Federal Reserve Banks Statistics of all banks in the United States Industrial production: revised indexes 783 784 785-789 790 791 792 793 794-795 796-799 800 801 802 803-804 805-806 807-815 816 817-818 818 819 820-824 825-882 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. AUGUST 1940 781 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLION/ OF DOLLARS 20 20 18 IS 16 16 14 14 12 10 10 4 J 1934 1935 1936 1937 1938 1939 1940 14 14 12 12 10 10 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for July 24. See page 783. 782 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Date Bills discounted Monthly averages of daily figures: 1939—Apr. . Total All other MaMa- Reserve turing turing Bank with- after credit i in 5 5 years years Gold stock Total Treasury currency outstanding Money in circulation Treasury cash holdings Treasu r y deOther posits NonFedwith memeral Fedber Reeral deserve Reposits acserve counts Banks Mem ber bank re.serve balan ces Total Excess 2 3 4 4 2 3 2 2,567 2,564 2,563 2,467 2,472 2,474 1,736 1,734 1,733 1,205 1,205 1,206 830 830 830 1,262 1,267 1,269 23 14 23 58 54 65 2,593 2,582 2,591 2,527 2,529 2,542 15,509 15,878 16, 028 18,608 18, 974 19, 560 2,844 2,856 2,870 2,994 3,004 3,010 6,867 6,919 6,966 7,532 7,617 7,752 2,703 2,663 2,568 2,327 2,231 2,194 1,001 926 929 554 440 286 495 557 682 757 879 1,026 256 255 258 256 255 259 9,624 9,997 10, 085 12, 703 13,086 13, 596 3,926 4,212 4,246 6,003 6,288 6,696 E ad of month figures: 1939—Apr. 30 May 31 . . . . June 30 1940—Apr. 30 May 31 June 29 3 4 5 3 3 2 2,571 2,564 2,551 2,467 2,477 2,466 1,740 1,734 1,720 1,205 1,206 1,204 830 830 830 1,262 1,271 1,262 21 5 23 48 39 63 2,595 2,573 2,579 2,518 2,519 2,531 15, 791 15, 957 16,110 18, 770 19, 209 19, 963 2,849 2,862 2,881 2,999 3,008 3,014 6,905 6,967 7,047 7,559 7,710 7,848 2,699 2,636 2,563 2,320 2,198 2,186 931 920 944 446 365 234 545 586 739 787 973 1,198 255 253 258 256 253 261 9,900 10,029 10,018 12,919 13, 237 13, 781 4,098 4,218 4,140 6,149 6,385 6,857 Wednesday figures: 1939—Sept. 6 Sept. 13_.__ Sept. 20-__ Sept. 27-— 6 7 6 6 2,594 2,824 2,826 2,804 1,667 1,652 1,615 1,585 928 1,171 1,211 1,219 42 42 51 36 2,643 2,873 2,883 2,846 16, 726 16,808 16, 902 16, 925 2,908 2,911 2,915 2,914 7,261 7,235 7,236 7, 238 2,264 2,227 2,272 2,260 676 615 619 552 688 755 781 771 247 234 242 242 11,141 11, 526 11, 549 11,621 4,969 5,271 5,275 5,332 May June 1940— Apr. May . June Oct. Oct. Oct. Oct. 4 11____ 18 25-._. 7 7 6 6 2,785 2,765 2,748 2,736 1,566 1,546 1,530 1,517 1,219 1,219 1,219 1,219 46 39 63 30 2,837 2,810 2,817 2,771 16,958 16, 973 16, 997 17,039 2,920 2,924 2,927 2,929 7,309 7,346 7, 330 7,302 2,250 2,238 2,216 2,230 469 404 349 326 776 742 698 692 239 238 241 240 11, 672 11, 739 11, 907 11,950 5,359 5,399 5,509 5,534 Nov. Nov. Nov. Nov. Nov. 1 8 15_.__ 22_._. 29_._. 6 6 6 8 8 2,721 2,687 2,649 2,593 2,552 1,502 1,468 1,439 1,403 1,362 1,219 1,219 1,210 1,191 1,191 38 28 60 44 45 2,765 2,721 2,715 2,645 2,605 17,099 17,132 17, 235 17, 257 17, 347 2,932 2,935 2,939 2,942 2,947 7,352 7,409 7,384 7,434 7,462 2,250 2,263 2,341 2,357 2,359 349 348 564 466 441 790 779 772 727 776 241 241 241 241 241 11,814 11, 749 11,587 11,619 11, 620 5,376 5,354 5,166 5,171 5,135 Dec. Dec. Dec. Dec. 6 13 20 27_.__ 8 8 8 8 2,512 2,512 2,496 2,489 1,324 1,324 1,324 1,220 1,189 1,189 1,173 1,270 47 23 140 71 2,568 2,543 2,645 2,568 17,408 17,464 17, 576 17, 620 2,949 2,954 2,959 2,963 7,545 7,564 7,679 7,663 2,391 2,398 2,411 2,417 346 753 694 646 785 719 765 678 241 240 253 255 11,617 11, 288 11, 378 11,493 5,154 4,849 4,900 5,046 1940—Jan. 3. _ Jan.10 Jan. 17 Jan. 24 Jan. 31 . 7 7 7 7 7 2,484 2,477 2,477 2,477 2,477 1,220 1,220 1,220 1,220 1,220 1,265 1,258 1,258 1,258 1,258 73 20 31 30 18 2,564 2,504 2,515 2,514 2,503 17, 697 17, 747 17,805 17,879 17,931 2,963 2,965 2,968 2,969 2,971 7,581 7,463 7,405 7,365 7,376 2,367 2,341 2,361 2,381 2,358 651 655 575 507 549 653 677 678 713 723 251 250 250 249 248 11, 721 11,830 12,020 12,148 12,150 5,271 5,377 5, 502 5,592 5,559 Feb. Feb. Feb. Feb. 7 14 21 28 7 7 6 7 2,477 2,477 2,477 2,477 1,218 1,215 1,209 1,209 1,259 1,263 1,268 1,268 33 46 40 54 2,518 2,530 2,523 2,537 17,998 18,063 18,108 18,166 2,973 2,977 2,977 2,980 7,403 7,411 7,450 7,439 2,365 2,385 2,358 2,374 632 642 596 561 743 733 716 744 249 249 248 248 12,097 12,151 12, 241 12,318 5,523 5,580 5,629 5,689 Mar. Mar. Mar. Mar. 6 13 20.... 27_... 3 3 2 2 2,477 2,477 2,475 2,475 1,209 1,209 1,209 1,209 1,268 1,268 1,266 1,266 35 44 42 32 2,515 2,524 2,520 2,510 18, 220 18, 282 18,360 18,413 2,984 2,985 2,989 2,990 7,481 7,463 7,484 7,471 2,358 2,362 2,374 2,382 536 526 707 700 731 754 791 808 246 247 256 256 12, 367 12,439 12, 256 12,294 5,733 5,777 5,594 5,679 Apr. Apr. Apr. Apr. 3 -„ 10 17 24 3 2 2 2 2,467 2,467 2,467 2,467 1,205 1,205 1,205 1,205 1,262 1,262 1,262 1,262 42 31 45 32 2,512 2,500 2,514 2,501 18,470 18, 523 18, 631 18, 708 2,991 2,993 2 992 2,997 7,521 7,509 7,536 7,520 2,372 2,353 2,313 2,305 692 590 513 470 737 733 762 773 256 256 257 256 12,395 12, 575 12, 757 12,883 5,815 5,949 6,048 6,116 May May May May May 1 8 15 22 29 _.._ 3 3 3 2 3 2,467 2,467 2,474 2,477 2,477 1,205 1,205 1,205 1,206 1,206 1,262 1,262 1,269 1,271 1,271 30 38 41 41 31 2,500 2,507 2,518 2,520 2,511 18, 771 18, 835 18, 949 19,071 19,162 3,000 3,004 3,004 3,007 3,007 7,570 7,589 7,598 7,613 7,685 2,293 2,309 2,223 2,204 2,200 490 512 425 370 378 793 802 878 935 950 256 256 254 254 253 12,870 12,877 13,094 13, 223 13, 215 6,107 6,131 6,300 6,373 6,362 June June June June 5 12 . . . . 19 26 3 2 2 2 2,477 2,477 2,473 2,473 1,206 1,206 1,206 1,206 1,271 1,271 1,267 1,267 50 43 63 36 2,530 2,523 2,539 2,511 19, 281 19,427 19, 769 19, 871 3,008 3,009 3,011 3,012 7,718 7,717 7,741 7,780 2,205 2,200 2,204 2,186 308 265 298 301 949 1,014 1,098 1,139 252 253 266 266 13, 387 13,510 13, 712 13, 723 6,533 6,607 6,767 6,801 July July July July 3 10 17 ._._ 24 . . . . 2 2 2 3 2,450 2,450 2,450 2,450 1,202 1,202 1,202 1,202 1,248 1,248 1,248 1,248 51 39 49 38 2,503 2,491 2, 501 2,491 20,063 20,166 20, 256 20,367 3,014 3,015 3,016 3,020 7,924 7,884 7,872 7,854 2,190 2, 191 2,199 2,229 221 297 278 643 1,245 1,274 1,299 1,327 262 261 261 261 13, 737 13, 764 13,863 13, 565 6,812 6,833 6,882 6,570 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request from Division of Research and Statistics. 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. AUGUST 1940 783 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections 13 and 13a of the Federal Reserve Act except last paragraph of Section 13 Secured by direct and eligible guaranteed obligations of the U. S. Federal Reserve Bank All other Boston New York.... PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis MinneapolisKansas CityDallas San Francisco. In effect beginning- Rate July 31 In effect beginning- 1 1 Sept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 May 11, Aug. 27, Aug. 21, Aug. 21, Sept. 2, Aug. 24, Sept. 3, Aug. 31, Sept. 3, VA To others To banks Sept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 May 11, 1935 Aug. 27, 1937 Sept. 16, 1939 Sept. 1, 1939 Sept. 21, 1939 Aug. 24, 1937 Sept. 16, 1939 Sept. 16, 1939 Sept. 3, 1937 Rate July 31 Advances secured by direct obligations of the United States (last paragraph of Section 13 of the Federal Reserve Act) Advances under Section 10 (b) of the Federal Reserve Act Rate July 31 In effect beginningSept. 2, Oct. 10, Sept. 4, Oct. 19, Sept. 10, Aug. 21, Aug. 21, Sept. 2, Aug. 24, Sept. 3, Aug. 31, Sept. 17, 1935 1937 1937 1937 1937 1937 1937 1937 1937 Rate July 31 In effect beginning— 1 1 1 1 Sept. 1, 1939 Aug. 25, 1939 Sept. 1, 1939 Sept. 1, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 16, 1939 Sept. 1, 1939 1937 1935 1937 1935 1937 1937 1937 1937 1937 1937 1937 1937 \ W I I I i I Rate July 31 In effect beginningApr. Feb. Sept May Feb. Apr. Oct. Feb. Oct. Apr. Apr. Oct. 29, 8, 1, 11, 19, 23, 16, 23, 8, 16, 16, 19, 1938 1934 1939 1935 1934 1938 1933 1935 1938 1938 1938 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Backfigures—SeeAnnual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect July 31, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act [Per cent per annum except as indicated by footnote 3] Rate in effect on July 31 In effect beginning— l Maturity Oct. 20, 1933 —do ...do ....do —.do.. ...do ...do 1-15 days i... 16-30 days... 31-45 days... 46-60 days... 61-90 days... 91-120 days.. 121-180 days. Previous rate Federal Reserve Bank i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 41). MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Classes of deposits and banks June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 19381936193719371917and Aug. 15, Feb. 28, Apr. 30, Apr. 15, after 1937 1937 1938 1936 On net demand deposits :* Central reserve city__ Reserve city. _ Country On time deposits: All member banks... 13 10 7 3 15 ioy2 22M 17H 12M 26 20 14 5M Boston. _ New York— PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis MinneapolisKansas City.. Dallas San Francisco. Advances to finaning institutions— Advances Commitdirect to ments industrial On porto make or comtion for On re- advances mercial or- which maining ganizations institu- portion tion is obligated 4-6 4-6 (0 5-6 5-6 0) 6 4-6 5-6 5-6 4-6 5 5-6 4 4 4 3-4 1-2 y2 1-2 1 2 5-6 4-5 i Authorized rate one per cent above prevailing discount rate. Same as to borrower but not less than four per cent. 3 Minimum charge one-half of one per cent. Back figures.—See Annual Report for 1937 (table 40). 1 6 22^ i7y2 12 &A 5 MAXIMUM RATES ON TIME DEPOSITS i See footnote to table on p. 790 for explanation of method of com- Maximum rates that may be paid by member banks as established by puting net demand deposits. the Board of Governors under provisions of Regulation Q. 1 [Per cent per annum] MARGIN REQUIREMENTS Prescribed by Board of Governors of the Federal Reserve. System in accordance with Securities Exchange Act of 1934 In effect Nov. 1, 1933 Feb. 1, 1935 [Per cent of market value] to beginning to Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 Apr. 1, Nov. 1, 1936- Oct. 31, 1937 and 1937 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.__ after 55 40 50 40 3 55 i Regulations 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 above are the difference between the market value (100%) and the maximum loan value. »Requirement under Regulation T was the margin "customarily required" by the broker. * Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements for "omnibus" accounts and loans to brokers and dealers. 784 Savings deposits Postal savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1940 July 24 July 17 July 10 1940 July 3 June 26 June 19 June 12 June 1939 May June Assets Gold certificates on hand and due from U. S. Treasury 18,113, 976 18,028, 478 17, 944,476 17,840,475 17, 653,476 17, 536,475 17, 201,476 17, 743,476 16,983,476 13, 514,719 Redemption fund—F. R. notes 12,853 10,353 10,862 10,862 10,862 11,191 11,190 10,862 11,021 8,843 Other cash 380,284 367,639 360,233 338,248 378,780 371,023 367,698 366,090 351,882 350,484 18,507,113 18,406,470 18,315, 571 18,189, 585 18,043,118 17, 918,689 17, 580, 364 18,120, 428 17, 346,379 13,874,046 Total reserves.. Bills discounted: For member banks For nonmember banks, etc.. 2,717 10 2,197 10 1,994 10 2,138 10 2,251 10 2,182 10 2,407 10 2,194 10 2,815 10 2,689 2,025 Total bills discounted 2,727 2,207 2,004 2,148 2,261 2,192 2,417 2,204 2,825 4,714 Bills bought: 556 Payable in foreign currencies9,103 9,118 Industrial advances _. 9,153 9,186 8,975 9,011 9,085 8,947 9,149 12,350 U. S. Government securities, direct and guaranteed: 1,323,196 1, 323,196 1,323,196 1,323,196 1, 343,183 1, 343,183 1, 346, 995 1, 337, 843 1,346,995 Bonds 911,090 1,126, 732 1,126, 732 1,126, 732 1,126, 732 1,130,125 1,130,125 1,130,125 1,128,433 1,130,125 1,176,109 Notes Bills _ _ 463,438 Total U. S. Government securities, direct and guaranteed Other Reserve Bank credit 2,449, 928 2, 449, 928 2,449,928 2,449,928 2, 473, 308 2,473, 308 2,477,120 2, 466,276 2, 477,120 2, 550,637 28, 931 39, 965 42,011 54, 411 26, 709 34, 387 53,904 29,855 10, 346 Total Reserve Bank credit outstanding 2,490, 689 2, 501, 218 2,491,133 2, 503,273 2, 511, 253 2, 538, 922 2, 523,009 2, 531,331 2, 518,949 2, 578,603 Liabilities F. R. notes in actual circulation.. 5, 223, 282 5,230,359 5, 232,463 5, 247,837 5,144,450 5,103, 916 5,081, 314 5,198, 920 5,057,064 4, 511,116 Deposits: Member bank—reserve account... 13, 564, 56113,863,019 13, 764, 343 13,736, 629 722,819 13, 712, 23313, 510, 11113, 781,177 13, 236, 768 i , 13, 642,925 278,395 297,428 ~~ " 221, 447 300, 610 298, 212 265, 424 233,772 364, 757 U. S. Treasurer—general account742,077 733,601 765,082 Foreign bank 753,332 658, 679 659,828 455, 030 428, 380 585, 358 564,920 508, 748 492,022 480,897 438, 487 559,080 Other deposits 517, 339 544, 764 10, i 018, 493 , 944,078 359, 596 379,007 15, 534,921 15,439,935 15, 335, 601 15, 203,430 15,163, 005 15,108, 760 14, 789, 645 15, 213,116 14, 574, 669 11, 701,174 Total deposits. _ Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 19.2 9.0 89.0 88.7 88.4 ;8.5 85.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Bills discounted: June 26 July 3 July 10 July 17 July 24 Industrial advances: June 26 T July 3 July 10 July 17 July 24 TJ. S. Government securities, direct and guaranteed: June 26 July 3 July 10 July 17. July 24 AUGUST 1940 days 61 to 90 91to 6 6 months 1 year to to days months 1 year 2 years Within 15 days 16 to 30 31 to 60 days 2,261 2,148 2,004 2,207 2,727 1,171 1,069 1,026 1,198 1,402 178 145 136 115 111 182 162 153 224 336 214 304 275 296 324 8,975 9,186 9,153 9,118 9,103 2,057 1,910 1,913 2,151 2,079 367 368 95 67 352 78 89 184 207 218 369 362 287 259 641 862 809 960 1,070 1,032 1,066 1,103 997 105,974 105,974 105, 974 105, 974 105,974 177, 219 177, 220 177, 220 177, 220 177, 220 2 years to 5 years 510 463 408 368 546 Total 2,473, 308 2,449,928 2, 449,928 2,449, 928 2,449, 928 days 1,592 1,580 1,577 1,411 1,428 2,947 2,988 2,969 2,927 188,020 186,967 186,967 186,967 186, 967 734, 608 732,267 732, 267 732, 267 732, 267 Over 5 years 1,267,487 1, 247, 500 1, 247, 500 1,247, 500 1,247, 500 785 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: June 19 June 26 July 3 July 10 July 17 July 24 Redemption fund — Federal Reserve notes: June 19 June 26 July 3 July 10 July 17 July 24 Other cash: June 19 June 26 July 3 July 10 July 17 July 24 Total reserves: June 19 June 26 July 3 July 10 July 17 July 24 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: June 19 June 26 July 3 July 10 July 17 July 24 Other bills discounted: June 19 June 26 July 3 July 10 July 17 July 24 Total bills discounted: June 19 June 26 July 3 July 10 July 17 July 24 Industrial advances: June 19 June 26 July 3 July 10 July 17 July 24_ TJ. S. Government securities, direct and guaranteed: Bonds: June 19 June 26 July 3 July 10 July 17 July 24 Notes: June 19 June 26 July 3 July 10 July 17 July 24 Total U. S. Government securities, direct and guaranteed: June 19 June 26 July 3 July 10 July 17 July 24 786 Boston New York Philadelphia Cleveland MinRich- AtSt. mond lanta Chicago Louis neapolis Kansas Dallas City San Francisco 359, 17, 536, 475 996, 048 8, 784, 902 919, 268 1,100, 209 423,023 326,670 2, 717, 336 407, 233 249,454 '< 299 235,138 1, 017, 895 17, 653, 476 990, 878 8,845,071 924, 841 1, 111, 726 443, 334 320,941 2, 748, 468 411, 249 259,486 J "" 17, 840, 475 1,031, "" ' ", 883, 425922, 862 1,144, 380 452, 417 338, 504 2, 754, 863 429, 027 263,109 362, 730 244, 753 ] . 17, 944, 476 1,038, 209 8,921,487 923, 626 1,160, 936 457,170 337, 713 2, 775, 341 440, 419 262,079 375, 430 238, 090 ] 18,028,478 1,060, ; 1,762 8,, 934,442 929,143 1,162, 580 449,288 335, 673 2,825,110 435, 257 260,227 378,078 234,303 1,023', 615 r 18,113, 976 1,048, 558 9; 017,114 1,176, 623 454,195 331, 558 2, 832, 382 436,-835 , " 377,465 242,151 1,009, S 258, 540 ), 11,191 10,862 10, 862 10, 862 10, 353 12, 853 2,117 2,055 2,055 2,055 371,023 378, 780 338, 248 360, 233 367, 639 380, 284 31, 437 32, 535 28, 906 30, 741 32, 769 33, 406 l,c 1,597 1,311 1,311 1,311 1,035 1,035 519 414 414 414 1,302 1,302 106, 765 106,127 93, 401 104, 417 104,958 106,688 29, 416 30,804 28,145 28,948 31,003 32,131 17, 918, 689 1, 029, 602 8,893, 264 18, 043,118 1,025 468 8, 952, 509 18,189, 585 1,062, 355 8, 978,137 18, 315, 571 1,071,005 9,027,215 18,406,470 1,095, 519 9,040, 435 18, 507,113 1,083,952 9,124, 837 778 606 27,354 27, 220 29, 218 24,832 25,991 25, 551 1,187 1,605 1,605 1,605 935 1,935 332 291 291 291 247 1,247 1,344 1,250 1,250 1,250 1,109 1,109 21,075 24,036 21,892 23,124 21, 736 24, 596 18,480 20,880 51, 884 49, 630 44, 339 44, 481 47, 526 47,199 17,161 20,172 18, 578 20,433 495 477 477 477 451 451 539 531 531 531 518 518 210 194 194 194 175 675 705 695 17, 440 18, 412 16,083 17,079 17, 361 17, 360 5,200 4,972 4,197 5,787 6,377 7,445 18, 855 20, 439 17, 259 19,083 18, 077 19, 527 13, 706 13, 520 13, 080 12, 596 14, 601 13, 918 678 678 1,368 1,341 1,341 1,341 1,309 1,309 29, 411 30, 205 24, 567 28, 973 28, 662 32, 030 048, 674 564 949, 203 1,128,341 445, 285 345, 482 2, 770, 425,168 255,193 378, 364 249, 549 1, 039,881 , , 956,059 1,139, 644 468,975 342,112 2,799, 348 430,138 264, 989 376, 718 247, 277 1, 452 038, 919 » , 951, 421 1,174, 296 475, 914 355,956 2, 800, 445, 587 267, 837 380,183 258, 528 1, 044, 290 i , 952, 988 1,186, 466 481, 899 358 176 2, 821072 457, 975 268, 397 394, 707 251,381 1, 1 -" " 122 745 • 961,448 1,189,177 471, 959 354, 498 2, 873, -453, 069 267,1 396,330 249, 582 1053, 586 * 690 t 962,095 1 202, 780 480, 726 353, 238 2, 880, 454, 646 266,503 397, 667 256, 747 I043, 232 691 704 711 654 768 998 95 152 127 160 50 40 190 120 180 75 55 283 51 82 66 61 111 126 73 73 78 78 173 78 40 50 40 40 53 113 15 15 15 15 15 15 1,501 1,557 1,437 1,350 1,439 1,729 34 30 22 196 242 222 159 192 201 47 40 17 45 114 91 26 31 53 57 41 40 70 120 70 105 105 90 2,192 2,261 2,148 2,004 2,207 2, 727 129 182 149 160 50 61 386 362 402 234 247 484 122 83 106 225 217 99 104 131 135 214 118 9,011 8,975 9,186 9,153 9,118 9,103 1,152 1,145 1,141 1,141 1,145 1,142 2,010 2,004 1,998 1,997 1,996 1,991 2,570 2,563 2,710 2,703 2,689 2,673 1, 343,183 1, 343,183 1, 323,196 1, 323,196 1, 323,196 1, 323,196 97, 929 97, 929 96, 517 96, 517 96, 517 96, 517 402,946 402, 946 405, 667 405, 667 405,667 405, 667 1,130,125 1,130,125 1,126, 732 1,126, 732 1,126, 732 1,126, 732 82, 395 82, 395 82,186 82,186 82,186 82,186 2, 473, 308 2, 473, 308 2, 449, 928 2, 449, 928 2,449, 928 2, 449, 928 180, 324 180, 324 178, 703 178, 703 178, 703 178, 703 100 30 70 90 60 155 23 22 15 1 31 31 44 39 39 49 49 56 137 149 149 169 169 201 160 115 100 100 100 85 125 121 58 49 50 50 359 334 361 297 288 313 267 293 297 281 284 547 70 72 78 78 77 72 110 170 110 145 158 203 152 164 164 184 184 216 186 115 100 100 200 115 205 201 128 139 110 205 382 356 376 312 319 344 311 332 336 330 333 70 72 78 78 77 72 342 337 350 352 349 367 326 327 298 297 297 302 60 169 225 225 208 217 213 95 95 195 195 194 193 472 473 466 466 465 465 660 660 871 870 251 245 239 231 230 222 107, 282 107, 282 105,011 105,011 105,011 105,011 137,361 137, 361 135, 697 135, 697 135,697 135, 697 68, 495 68, 495 66, 228 66, 228 66, 228 66, 228 56, 708 56, 708 48, 524 48, 524 48, 524 48, 524 146, 973 146, 973 140, 398 140, 398 140, 398 140, 398 61, 530 61, 530 61, 227 61, 227 61, 227 61, 227 40, 412 61, 949 51, 705 40, 412 61, 949 51, 705 ~1, 930 62, 501 51, 559 62, 501 51, 559 38,930 62, 501 51, 559 38,930 62, 501 51, 559 109, 893 109, 893 110,937 110,937 110,937 110, 937 339,030 339,030 345, 434 345, 434 345,434 345,434 90, 267 90, 267 89, 421 89, 421 89,421 89,421 115, 573 115, 573 115, 549 115, 549 115, 549 115, 549 57, 630 57, 630 56, 395 56, 395 56, 395 56, 395 47, 712 47, 712 41, 320 41, 320 41, 320 41,320 123, 659 123, 659 119, 550 119, 550 119, 550 119, 550 51, 769 51, 769 52,136 52,136 52,136 52,136 34,002 34,002 33,150 33,150 33,150 33,150 52,123 52,123 53, 221 53, 221 53, 221 53, 221 43, 505 43, 505 43,905 43, 905 43, 905 43, 905 92, 460 92, 460 94, 465 94, 465 94,465 94,465 741, 976 741, 976 751,101 751,101 751,101 751,101 197, 549 197, 549 194, 432 194,432 194,432 194,432 270, 632 113, 299 74, 414 114, 072 270, 632 113, 299 "' 414 114,072 74, 115, 722 259, 948 113, 363 72, 259, 948 113, 363 72, 080 115, 722 """ 259, 948 113,363 72, 080 115, 722 259, "'" '' ~i, 36372,080 115,722 95, 21C 95, 210 95, 464 95, 464 95,464 95,464 202, 353 202, 353 205, 402 205, 402 205,402 205,402 252,934 126,125 104, 420 252,934 126,125 104, 420 251, 246 122, 623 89,844 251, 246 122, 623 89, 844 251, 246 122, 623 89, 844 251, 246 122, 623 89,844 FEDERAL RESERVE BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland 744, 372 744, 342 753, 50: 753, 332 753, 34753, 576 200, 21 200, 234 197, 225 197, 241 197, 346 197, 322 253, 375 127,131 104,823 253, 375 127,188 104,829 251, 72" 123, 627 90, 24 r 251, 733 123, 661 90, 259 251,809 123, 652 90,258 251, 731 123,696 90,282 MinRich- AtSt. mond lanta Chicago Louis neapolis Kansas Dallas City San Francisco Assets—Continued Total bills and securities: June 19 June 26 July 3_____ July 10 July 17 July 24 Due from foreign banks: June 19 June 26 JulyS July 10 July 17 July 24 Federal Reserve notes of other banks: June 19 June 26 July 3 July 10 July 17 July 24 Uncollected items: June 19 June 26 . July 3 July 10 July 17 July 24 Bank premises: June 19 June 26 July 3 July 10 July 17 July 24 Other assets: June 19 June 26 July 3 July 10 July 17 July 24 Total assets: June 19 June 26 July 3 July 10 July 17 July 24 2, 484, 51 2, 484, 544 2, 461, 262 2, 461,085 2, 461.253 2,461, 75S 181, 605 181, 651 179, 993 180,004 179, 898 179, 906 4' 4' 4' 4' 4' 47 20, 642 18, 489 20, 227 22, 98 23,608 21,193 805, 226 656, 231 721, 440 659, 473 790,313 654,894 18 18 18 18 18 18 1,063 908 945 1,351 1,130 1, 87, 761 199, 707 58, 941 171, 610 75, 324 192,140 63,131 155, 704 77, 397 213, 249 62,472 157, 620 51, 588 47, 785 55, 893 45, 243 41, 536 41, 490 41, 436 41, 439 41,440 41,432 2,866 2,866 2,861 2," 2,861 2,861 53,019 54,057 54, 450 55, 381 56,114 57,153 3,570 3,627 3,681 3,726 3,791 3,931 9,820 9,802 15,105 15, 468 15,85" 16, 209 16, 320 16, 733 74, 788 114, 54C 74,840 114, 523 72, 433 116, 293 72,427 116, 22S , 72,407 116, 23, 72,498 116, 25S 95, 993 96, 015 96, 266 96, 260 , 203,091 203, 093 206,140 206,140 206,139 96, 532 206,134 6 6 6 6 6 6 2,000 1,62' 1,722 2,068 2,043 2,208 598 562 552 612 1,108 624 271, 022 113, 545 271, 040 113, 414 260, 337 113, 473 260, 326 113, 473 260,335 113, 568 260, 339 113, 483 4 4 4 4 4 4 1,923 1,332 1,732 1,985 1,461 1,510 1, 543 2,362 2,537 2,951 3,069 2,487 1,730 2,019 1,43: 2,323 1,976 2,148 3,171 2,051 2,485 3,167 3,434 2,554 2,422 1,269 1,952 1,41' 2,281 1,453 63, 260 • 93, 77, 589 83, 230 78, 810 92,686 78, 282 71, 972 52, 587 59, 663 56,199 62, 750 52, 757 27, 872 22, 710 25, 389 23, 278 32, 351 106, 365 91, 686 94, 276 94,135 107, 357 90,813 4,520 4,509 4,509 4,509 4,509 4,508 5,486 5,473 5,473 5,476 5,476 5,461 2,513 2,507 2,507 2,507 2,507 2,507 2,016 2,012 2,012 2,012 2,012 2,011 4,182 4,423 4,274 4,389 4,406 4,439 5,996 6,085 6,175 6,241 6,330 6,412 3,141 3,210 3,154 3,216 3,253 3,298 2,173 2,179 1,950 1,959 2,016 2,051 854 1,216 1, 795 1,390 1,768 1,443 1,684 2,308 1,848 1,318 435 435 526 585 539 421 3,135 3,268 3,014 3,548 3,924 3,995 32, 258 26, 532 30, 829 30, 33,153 30, 227 19,113 16, 828 17, 500 17, 342 19,174 18,158 33, 717 30, 764 31, 465 32, 514 34, 352 26, 974 26, 828 22,06' 22, 312 23, 589 27,383 23,005 43,149 35, 987 37, 724 36,101 40,252 36, 992 3,362 3,362 3,356 3, 356 3,356 3,356 2,347 2,344 2,344 2| 344 2,344 2,353 1,384 1,384 1,381 1,381 1,381 1,381 3,165 3,165 3,149 3,149 3,149 3,149 1,146 1,146 1,140 1,140 1,140 1,140 2,911 2,902 2,902 2,902 2,903 2,903 5,468 5,550 5,483 5,563 5,678 5,774 2,289 2,300 2,360 2,391 2,438 2,473 2,339 2,369 2,479 2,510 1, ~~~ 2,546 1,713 2,584 2,390 2,426 2, 479 2,524 2,589 2,623 4,723 4,765 4,919 4,986 5,060 5,122 1,643 1,655 1,639 1,667 9, 864,286 1, 222,450 1, 488, 349651, 587 484,098 3, 21, 323, 670 1, 1,159, 958578,030 352, 975 533, 903 376, 342 9, 369, 367 21, 297, 976 1, 273', 118 895, 3911, 215, 0681, 483, 502 656,831 475,8633,173,043 575,998 360, 912 769 9, 951,177 1, 209, 967 522, 637 667, 404 4~ \ 21, 488, 447 1,324,^" 3,166, 395 596^ 546 362, 437 535, 254 381, 252 », 21, 555, 977 1, 321,342 9, 964, 3481, 208, 268 530, 715 670,435 =78,009 \ 187, 625 608, 483 361,883 551,418 "75,480 3, >,854 21,779, 245 1, 360, 57710,035,211 1, 224, 737 546, 943 667,192 =77,429 3, 253', 911 606; 362, 566 554, 461 377,496 21, 743, 590 1, 333, 74910,064,794 1,214, """ 546,180 665, 473 82,083c3,-- 532604,636 361, 643 547, 952 380,469 243, , 305, 687 , 289,900 293, 622 , 297, 971 , 311,868 298, 382 Liabilities Federal Reserve notes in actual circulation: June 19 June 26 July 3 July 10 July 17 July 24 Deposits: Member bank—reserve account: June 19 June 26 July 3 July 10 July 17 July 24 IT. S. Treasurer—general account: June 19 June 26 July 3 July 10 July 17 July 24 Foreign bank: June 19 June 26 July 3 July 10 July 17 July 24 5,103, 916 5,144, 450 5, 247,837 5, 232, 463 5, 230,359 5, 223, 282 418, 783 423,039 430,139 430, 480 427,832 , 357, 273 , 369,821 406,195 393, 250 , 396, 725 392, 823 354, 386 357, 690 362,144 361, 419 361, 528 361,037 461,131 224,184 467,804 226, 226 471, 925 229, 791 477,838 228, 537 474, 540 229, 762 479, 337 227, 660 3, 712,233 3, 722,819 3, 736, 629 3, 764, 343 3,863,019 3, 564, 561 707,065 701, 362 729, 677 728, 391 763, 393 723,961 536, 248 524,016 526, 568 494, 355 471, 718 391,410 667, 965 674, 262 662,809 666, 621 681,988 659,834 812, 495 297, 555 238, 572 813, 533 314, 394 228, 925 843, 310 "17, 568 227,109 846, 384 326, 630 232,054 858,124 318,808 836, 532 308, 797 11,927 298, 212 300, 610 221, 447 297, 428 278, 395 642,925 11, 341 86, 225 93, 433 10,139 50, 814 7,879 13, 595 121,165 8,242 113, 737 35,045 240,736 27, 238 19,115 11, 506 8,974 11,658 32,083 21, 742 19,001 14, 631 13, 913 9,099 43, 795 15, 026 20, 668 13,014 10, 056 8,711 28,167 35, 241 11,341 17, 435 28, 552 11, 654 34, 788 10, 740 36, 341 13.479 35,852 28,191 105, 235 659,828 658, 679 753, 332 765,082 733, 601 742,077 47, 311 47, 699 53, 668 55, 655 52, 012 53, 235 234,410 229, 788 270,890 265, 229 264,392 262, 599 64, 656 65,183 73, 319 75, 957 71, 343 72, 893 61,358 61, 858 69, 579 72, 082 67, 703 69,174 28, 601 32,171 33, 328 31, 303 31,984 23,092 23, 280 26,185 27,127 25.480 26,033 79,171 79,817 89, 779 93,008 87, 359 89, 257 .64, 723 .64, 716 .68, 247 .67, 721 .67,496 .66, 239 113, 670 121, 633 138, 333 136, 581 137, 523 136,878 93, 741 .42,093 87, 201 94, 294 .42,188 97,079 .44, 586 :90, 528 .90, 078 97,462 43, 318 191, 247 97,011 .42,807 .90,799 79,845 79, 795 81, 892 81, 622 81, 779 81,712 406, 886 410, 646 426, 978 424,115 421,147 418, 580 52, 750 265, 563 219,345 .55,834 265,745 217, 238 55, 004 266, 937 225,870 .55, 777 277, 589 220, 467 54, 758 282, ' ~~!,620 18, 219 48,129 272,078 214,759 740,177 724,028 710,128 712, 618 730,707 715, 568 19, 729 15,476 15,060 16, 288 13, 945 26, 395 12, 587 18, 778 17, 639 17,191 16,937 15, 089 13, 425 15,677 14, 252 17, 435 13, 499 14,406 14,425 15,897 24,155 24,528 27, 412 21, 325 24,064 17,910 21,170 18, 944 27,183 19, 792 19, 954 22, 445 23, 252 21,840 22, 314 14, 514 14, 633 16, 459 17,052 16,016 16, 364 48, 231 48, 623 54, 695 56, 663 53, 201 54, 340 , 778, 965 533 295, , 800, 942 540 302, , 757, 650 999 313, , 779, 355 324,102 , 833, 018 323,030 , 769, 397 312,169 19,132 19, 289 21, 697 22, 477 21,112 21, 570 19, 792 19, 954 22,445 23, 252 21,840 22,314 * Less than $500. AUGUST 1940 787 Federal Reserve Banks—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland MinSt. Rich- Atmond lanta Chicago Louis neapolis Kansas Dallas City San Francisco Liabilities—Continued D eposits—C ontinued: Other deposits: June 19 June 26 July 3 July 10 July 17 .. July 24 Total deposits: June 19 June 26 July3._ July 10 July 17 July 24.. Deferred availability items: June 19 June 26 July 3 July 10 July 17 July 24 Other liabilities, including accrued dividends: June 19 June 26 _ __. July 3 July 10 July 17 July 24. Total liabilities: June 19.... — June 26 :>!_. July3.._ _ July 10 _ July 17._._ July 24___ 438,487 480,897 492,022 508,748 564,920 585,358 6,957 8,100 5,909 6,483 9,220 6,797 15,108,760 15,163,005 15, 203,430 15,335,601 15,439,935 15, 534,921 772,674 767,300 797,133 804,124 832,867 819,038 750,862 629, 569 679,476 629,472 750,395 626,010 89,499 57, 706 72,645 61,849 74,977 61, 296 171, 220 158,784 165,619 141,086 193,823 141,855 5,301 5,786 1,373 1,881 1,690 2,205 536 521 257 270 280 363 1,616 1,687 144 304 268 43. 354,797 395,267 407,929 425,886 471,421 511,714 17,972 17,024 14,548 14,208 10,732 10,890 8,211,680 8, 242, 504 8, 256,201 8,306,635 8,321,268 8,406,459 8,226 10,603 9,938 9,954 15,091 7,722 2,291 2,241 2,392 1,986 2,176 1,616 5,393 5,834 5,187 4,947 5,107 4,606 3,901 3,731 4,860 4,843 7,973 5,155 5,844 5,615 5,953 6,292 5,879 6,039 5,263 344 518 1,674 1,581 1,865 1,417 2,552 2,549 3,184 3,110 2,534 2,000 777,831 775,584 762,182 765,760 775,721 775,700 6,367 5,894 7,685 5,590 24, 947 23,127 24,081 23,564 25,237 21,812 903,821 343,241 278,398 1,897, 278 340,898 185,114 303,817 259,328 834,680 904,995 365,904 275,474 1,913,042 343,585 195,354 302,743 256,678 819,842 ' 937,458 365,145 270,135 1,887,077 357,457 192,919 303,733 267,176 806,814 ~~ 887, 814,015 942,333 372,000 274; 868 i; 828,089 950, 017 360,998 270,702 1,964; 202 364', 694 192; 865 320', 022 258; 490 ~" , , , 366; 917 194; 238 319, 593 266,485 818,903 957,223 370; 564 270,757 1,969,044 56,815 89,533 68, 614 27,888 103,378 32,238 16, 399 32,171 25,677 37,430 48,148 76,771 49,124 22, 555 92, 627 13,971 28,884 21,377 32, 684 52, 473 79,632 57,010 25, 581 95,573 30,905 15, 596 30, 326 20,762 33, 354 47,829 76,839 54,417 22, 371 91,984 30,476 15, 673 31, 563 22,078 33,307 54,265 88,672 60,932 26,183 106, 534 33, 565 17,043 32, 518 25, 779 36,104 44,740 75,860 51, 711 32,010 91,842 29, 537 15, 221 26,846 20,790 34,302 499 713 153 235 188 190 583 603 172 234 226 242 181 203 29 41 24 49 203 214 79 97 92 112 557 638 177 246 209 285 150 159 34 46 44 52 168 188 89 103 91 121 255 278 137 141 133 151 197 210 73 88 79 103 356 372 29 76 56 102 20,968,839 1,281,492 9,741,789 1,189,531: *§§' P.6.!* §36,220 471, 212 3,114,883 567,027 343,774 523,444 365,047 1,279,352 h 20,942,810 1,248, 566 \ 772,796 : 182,135 1,450,173 641,457 462,959 3,127,940 564,976 351,701 503 358,0601,263,544 9', 1 518, , 21,132,116 1,300,174 9,828,159 1,176,952 1,489,187 651,975 464,042 3,121,160 585,475 353,190524,724 369,903 1,267,175 T 369,903 21,199,417 1, 296, 7231,841, 9, ' . 175,243 1 , 1,497,244 654,995 465,057 3,142,358 597,393 352,636540,864 364,116 , 271, 513 654; 21,422,379 1,335,956 9,912,084 1,191,702 1 513,455651, 716 464! f 1, . 366,127 , 543,920 366,127 1, 285, 396 :,473 3,208,468 595, 765 353, 317 21,386, 418 1,309,096 9,941, 5721,181, 667 1, 512, 662 649,984 469, 3,198,049 593,517 352,387537,389 369,090 1,271,887 1,118 Capital Accounts Capital paid in: June 19 June 26— _ July3____ July 10 July 17.. July 24 Surplus (section 7): June 19 June 26 July 3 July 10 July 17 July 24 1 Surplus (section 13b): June 19 June 26 July 3 July 10 July 17 July 24 Other capital accounts: June 19 June 26 July 3 July 10 July 17 July 24 Total liabilities and capital accounts: June 19 June 26 . July 3 July 10 July 17 July 24 Commitments to make industrial advances: June 19 June 26 July 3 July 10 July 17 July 24 788 137,097 137,103 137,194 137, 238 137,449 137,460 9,332 9,333 9,337 9,339 9,335 9,335 51,039 51,033 51,076 51,073 51,076 51,080 11,917 11,903 11,898 11,898 11,897 11,878 14,006 14,020 14,027 14,036 14.040 14.041 5,278 5,280 5,287 5,291 5,317 5,319 4,636 4, 4,642 4,646 4,648 4,649 13,676 13,682 13, 691 13, 706 13,873 13,892 4,139 4,139 4,139 4,138 4,143 4,143 2,956 2,956 2,961 2,958 2,958 2,959 4,382 4,382 4,r~~ 4,404 4,407 4,408 4,121 4,121 4,123 4,134 4,135 4,136 11,615 11, 615 11,615 11, 615 11, 620 11,620 151, 720 151, 720 151,720 151, 720 151,720 151, 720 10,405 10,405 10,405 10,405 10,405 10,405 53,326 53,326 53,326 53,326 53, 326 53, 326 14,198 14,198 14,198 14,198 14,198 14,198 14,323 14,323 14,323 14,323 14,323 14,323 5,247 5,247 5,24" 5,24' 5,24' 5,24' 5,725 5,725 5,725 5,725 5,725 5,725 22,824 22,824 22,824 22,824 22,824 22,824 4,709 4,709 4,709 4,709 4,709 4,709 3,152 3,152 3,152 3,152 3,152 3,152 3,613 3,613 3,613 3,613 3,613 3,613 3,974 3,974 3,974 3,974 3,974 3,974 10, 224 10, 224 10,224 10, 224 10,224 10,224 2,874 2,874 2,874 2,874 2,874 2,874 7,109 7,109 7,109 7,109 7,109 7,109 4, 4,393 26,839 26,839 26,839 26,839 4,393 4,393 4,393 4,393 1,007 1,007 1,007 1,007 1,007 1,007 3,246 3,246 3,246 3,246 3,246 3,246 713 71; 713 713 713 713 1,429 1,429 1,429 1,429 1,429 1,429 538 538 538 538 538 538 1,001 1,001 1,001 1,001 1,001 1,001 1,142 1,142 1,142 1,142 1,142 1,142 1,266 1,266 1,266 1,266 1,266 1,266 2,121 2,121 2,121 2,121 2,121 2,121 39,175 39,504 40, 578 40, 763 40,858 41,153 1,902 1,940 1,979 2,001 2,007 2,039 11,023 11,127 11, 507 11, 565 11,616 11, 707 2,411 2,439 2,526 2,536 2,54' 2,561 3,945 3,979 4,093 4,105 4,118 4,14" 1,596 1,601 1,649 1,656 1,666 1,677 1,812 1,827 1,865 1,868 1,870 1,878 7,146 7,168 7,291 7,308 7,317 7,338 1,617 1,636 1,685 1,705 1, 1,729 2,092 2,102 2,133 2,136 2,138 2,144 1,322 1,343 1,377 1,395 1,379 1,400 1,934 1,946 1,986 1,990 1,994 2,003 2,375 2,396 2,487 2,498 2,507 2,530 21,323, 670 21.297,976 21,488,447 21.555,977 21, 779,24. 21, 743, 59C 8,58' 8,76: 8,70C 8,68f 8,61 8,58; 1,306,005 9,864, 286 1, 222,450 1,488,349 651, 484,098 3,159,958 578,030 352, 975 533, 903376,342 1,305,687 . , .,587 , 0 8 ,59,958 1, 273,1189, 895,3911,215,068 1,483,502 656,831 475863 3,173,043 575,998 360,912528,983 369, 367r 1,289,900 ""' 475,863 3173043 . 1,324," " 9, 769 "1,951,177 1, 209,967 1, 522, 637 667,404 476,98''3,166,395 596,546 362,437 535,254 381, 252 1, 293, 622 , , ^) 362,437 1, 321,3429,964,348 1, 208,268 1, 530,715 670,435 478,009 3,187,625 608,483 361,883 551,418 375,480 1,297,971 "" "") 1, 360, 57710,035,211 1,224,737 1, 546,943667,192 477,429 3,253,,911 606,854 362, 566 554,461~~ — 1,311,868 . , ,566 554', 461 377', 496 1,333,749 10,064,794 1, 214,697 1, 546,180 665; 473 482,083 3, 243,532 604,636 361,643 547,952380,469 1, 298,382 267 267 26' 26' 265 822 820 811 811 758 758 1,138 1,137 1,137 1,137 1,137 1,136 1,172 1,170 1,154 1,151 1,138 1,160 678 674 676 676 170 361 351 351 350 350 167 159 159 159 159 152 3,575 3,583 3,560 3,550 3,544 3,507 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received Number 1934—Dec. 26_. 1935—June 26Dec. 31f 1936—June 24.. Dec. 30.. 1937—Mar. 31.. June 30_. Sept. 29. Dec. 291938—Mar. 30. June 29.. Sept. 28. Dec. 28.. 1939—Jan. 25... Feb.211 Mar. 29.. Apr. 26.. May 31.. June 2 8 July 26.. Aug. 30Sept. 27.. Oct. 25... Nov. 29.. Dec. 2 7 1940—Jan. 31... Feb. 2 8 Mar. 27.. Apr. 24.. May29_. June 265_. July 17 _. 4,386 6,325 7,437 8,006 8,247 8,344 8,430 8,474 8,534 8,708 8,976 9,102 9,188 9,203 9,221 9,249 9,270 9,296 9,308 9,330 9,355 9,366 9,388 9,401 9,418 9,433 9,456 9,476 9,487 9,504 9,512 9,532 Applications under consideration Amount Number 146,972 237, 581 293,084 314,471 328,998 333,300 339,509 341,842 350,551 358,936 369,583 378,974 387,490 389,176 389,554 392,230 394,055 394,970 395,499 399, 780 401,228 402,305 402,944 404,226 405, 225 406,097 407,392 410,192 411,628 413,178 413, 646 415,407 Applications approved Amount Number 2,955 11,349 2,823 1,880 1,245 1,322 1,263 800 550 1,299 476 146 247 999 964 344 495 400 255 760 532 370 70 92 41 76 32 199 118 45 33 87 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,464 2,566 2,617 2,653 2,660 2,671 2,683 2,697 2,713 2,721 2,730 2,743 2,752 2,763 2,772 2,781 2,793 2,805 2,814 2,825 2,832 2,838 2,850 Amount 49,634 88,778 124,493 133,343 139,829 141,545 145, 758 146,724 150,987 154,918 161,158 168,380 175,013 175,651 175,902 177,895 178, 639 179,332 179,778 183,354 184,152 185,234 186,034 187,257 188,222 188,879 190,055 192,665 194,096 195,404 195, 739 197, 301 Advances Commit-, Approved ments but not outoutcomstanding! standing pleted 2 (amount) (amount) (amount) 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 16,811 16,474 15,798 15,817 15,305 15,255 15,384 14,667 14,454 14, 545 14,051 13,683 12,860 12,997 12,723 12,001 11,242 11,153 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 13,004 12,907 12,647 11, 749 11, 530 11,175 11,476 11,009 10, 517 10,156 9,643 9,220 8,376 8,966 8,224 8,725 8,852 8,762 8,611 20,966 11,248 11,548 9,381 8,226 7,898 1,470 537 3,419 3,084 5,737 1,946 1,293 1,105 1,975 2,134 2,496 2,067 733 1,220 1,938 1,764 2,548 2,659 2,504 1,454 2,471 2,264 2,474 2,195 2,021 Repaid, expired, or withdrawn byapplicant, etc. (amount) Participations outstanding3 (amount) 5,558 24,900 44,025 61,425 77,910 85,210 97,663 102, 588 107,384 111, 193 117,555 122,447 128,839 132,009 133,001 135,004 137,922 139,281 142,943 144,812 146,156 148,037 149,911 151,679 154,629 155, 574 158,110 159,950 161,491 162, 612 164,408 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, 534 12,415 12,471 12,243 12,079 12,000 12,818 12,444 12,169 11,532 11,104 10,981 10,510 11,064 11,137 11,156 11,345 11,182 11,108 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the 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 $11,108,065 July 17, 1940. 4 Tuesday. . s Latest date for which figures are available. 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: June 26 July 3 July 10 July 17 July 24 Held by Federal Reserve Bank: June 26 July 3 July 10 July 17 July 24_ In actual circulation:1 June 26 July 3 July 10 July 17... July 24 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: June 26 July 3 July 10 July 17 July 24 Eligible paper: June 26 July 3 July 10 July 17 July 24 Total collateral: June 26 . July 3 July 10 July 17 July 24 Boston New York Phila- Cleve- Richdelphia land mond Atlanta Chicago MinSt. Louis neapolis KanSan sas Dallas FranCity cisco 5,452,808 443,150 1, 458,934 374, 549 489,215 243,108 179, 357 1,163,193 203,896 147,879 196,319 87,461 465,747 5, 533, 705451, 696 1,493,034 382,933 495,965 245,470 181,815 1,171, 251 206,004 148; 277 197; 454 599 471,207 , 493, 88, 471 5, 550,315 450, 206 1,496,973 385, 695 498, 559 244,615 182,808 , , 496, 1,170, 670 . , 206,847 149,647199,374 88 274 476,64 . , ... 88, 647 5, 565,621 , 497,496 383; 603 499', 668 246', 325 182; 007 88,865 477, ,625 1,185,761 208,349 148, 725 199,070 88865 477625 J 5, 566,947 445^615 1,499, 220 381,688 500,534 246,956 181,469 1,183,932 208,030 148,614 200,260 90,064 480, ' ,565 308, 358 285,868 317,852 335, 262 343, 665 20, 111 89,113 21, 557 86,839 19, 726 103, 723 20,295 100,771 17, 216 106, 397 5,144, 450 423,039 5,247,837 430,139 5, 232,463 4 3 0 , 4 8 0 5, 230,359 427,832 5,223, 282 428,399 16,859 20, 789 24,276 22,075 20, 651 21,411 24,040 20,721 25,128 21,197 16,882 15, 679 16,078 16, 563 19,296 14,641 13, 568 15,087 14, 511 15, 230 9,602 5,691 9,721 8,925 6,926 9,910 5,762 9,296 48,238 10,887 5,407 7,823 47,054 11,019 5,807 9,461 7,666 6,707 6,652 7,086 8,352 41,560 32,918 55,101 44, 229 52, 532 56,478 61,985 1,121, 633 194,294 142,188 186, 598 79, 795 410, 646 1, 369,821 357,690 467,804 226,226 164, 716 0, i , 406,195 362,144 471,925 229, 791 1,406,195 362,144 471,925 229, 791 168, 247 1,138,333 197,079 144, 586 190, 528 81,892 426, < !6,978 167, 361,419•477,838 228, 537 . 721 1,136, 5811196,937 143,885 190,078 81,622 424,115 , ••" " .— 1,137,523 197,462_ 1,396, 725 361, 528 474, 540 229,762 167,496 , ..,._. . , . 143,318 191,247 81, 779 421,147 .. * 142,807 190,799 81, 712 418, 580 1, 392,823 361,037 479, 337 227, 660 166, 239 1,136,878 197,011 1, - . " 393,250 , , , , , 1 0 , 14,000 5, 557, 500460,000 1,485, 000 385,000 490,0001 250,000 7185,000 0 0 0 209,000 148,500 200,000 91,000 484,1 'A, 5,604, 500 460, ooo 1,515',000 385000 497000 250000 185000 1,180,000 209,000 148,500 200,000 91,000 484, (000 i; 515, 000 385,000 497,000 250,000 185,000 !4,000 5, 624, 500460,000 1, 515, 515,000 390,000 500,000 260,000 185,000 1,180,000 209,000 150, 500 200,000 91,000 484, I . 5, 669, 500460,000 1, 525, 390,000 500, 1,525,000 000 500,000 260,000 185,000 1, 200,000 219,000 150,500 200,000 91,000 489,000 93,000 489,000 5, 679, 500460,000 1, 525,000 390,000 503,000 260; 000 185; 000 1, 200,000 219,000 150, 500 205,000 J 1,434 1,334 1,152 1,265 1,614 182 149 160 50 61 362 402 234 247 484 114 83 76 195 217 120 110 145 158 203 105 100 100 200 115 201 128 139 110 205 350 362 298 305 329 1,182 1, 362 385,114 490,000 250,120 185,000 1,170,000 209,105 148,701 200,350 5, 558,934 460, 1,180,000 209,100 148,628 200,362 5, 605, 834460,149 1, 515' 402 385; 083 497; 000 250; 110 185; 000 5, 625, 652460,160 1, 515,234 390,076 500,000 260,145 185,000 1,180,000 209,100 150,639 200,298 5, 670, 765460,050 1, 525, 247 390,195 500,000 260,158 185,0001,200,000 219,200 150,610 200,305 5, 681,114 460,061 1, 525,484 390, 217 503,000 260, 203 185,000 1, 200,000 219,115 150, 705 205,329 91,000 484,000 14,000 91,000 484, f 91,000 484, i !4,000 91,000 489,1 !9,000 93,000 489,000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. AUGUST 1940 789 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS RESERVE POSITION OF MEMBER BANKS, JUNE, 1940 [Averages of daily figures. In millions of dollars] Classes of banks and districts All member banks.. Central reserve city banks: New York Chicago Reserve city 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- Gross demand deposits Time deposits Reserves with Federal Reserve Banks Required Held All member banks 1 Excess 39, 648 32, 417 12, 016 6,900 13, 596 15,186 14, 543 3,039 2,678 761 502 3,347 6,941 1,182 3,594 547 1,164 181 1,197 1,461 612 542 1,008 666 292 685 460 1,880 85 154 226 736 216 181 489 62 476 647 204 142 394 218 87 196 139 661 281 23 255 355 158 129 1,996 208 39 221 292 118 104 207 125 55 128 87 429 13,457 10,148 4,751 2,013 3,716 1,703 660 995 445 418 347 327 573 241 207 279 332 223 560 1,410 879 704 369 240 761 246 280 159 106 287 107 190 97 85 60 51 107 41 39 41 45 41 201 424 190 163 101 96 227 73 70 69 81 60 94 235 93 78 41 45 121 32 31 27 36 19 5,048 6,002 906 1,757 851 1,292 231 1,434 1,863 852 821 1,454 889 419 1,047 782 2,374 Country banks: Boston district 928 New York district 1,446 Philadelphia district. 696 657 Cleveland district 597 Richmond district 568 Atlanta district 954 Chicago district 396 St. Louis district 341 Minneapolis district... 458 Kansas City district... 561 Dallas district 365 San Francisco district. Total Net demand deposits i [Averages of daily figures. I n millions of dollars] 7,8 187 92 32 68 52 233 1 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 at foot of p. 784 for percentages of deposits required to be held as reserves. city banks New Chicago York Total reserves held: 1939—June July August September October November December 1940—January February March April May June Week ending (Friday): 1940—June 7 June 14 June 21 June 28 July 5 July 12 July 19 Excess reserves: 1939—June July August September October November December 1940—January February March April May June Week ending (Friday): 1940—June 7 June 14 June 21 June 28 July 5 July 12 July 19 Reserve city banks Country banks i 10,085 10, 321 10, 659 11, 443 11, 862 11, 688 11, 473 11, 985 12, 215 12, 362 12, 703 13,086 13, 596 5,049 5,195 5,366 5,866 5,958 5,759 5,623 6,099 6,323 6,428 6,548 6,660 6,941 893 848 923 1,009 1,112 1,115 1,141 940 901 899 972 1,097 1,182 2,728 2,827 2,883 3,009 3,203 3,229 3,141 3,319 3,344 3,368 3,476 3,615 3,716 1,415 1,451 1,486 1,559 1,588 1,585 1,568 1,628 1,646 1,668 1,706 1,714 1,757 13,354 13, 511 13, 728 13, 736 13, 740 13, 751 13,886 6,805 6,841 7,035 7,044 7,048 7,015 7,015 1,162 1,202 1,182 1,180 1,165 1,149 1,198 3,643 3,714 3,727 3,755 3,773 3,825 3,880 1,745 1,754 1,785 1, 757 1,754 1,762 1,793 4,246 4,402 4,607 5,198 5,490 5,259 5,011 5,464 5,626 5,734 6,003 6,288 6,696 2,394 2,504 2,587 2,943 2,974 2,753 2,611 3,045 3,199 3,248 3,312 3,389 3,594 362 305 363 430 518 516 540 342 301 310 388 477 547 944 1,013 1,046 1,147 1,295 1,294 1,188 1,350 1,378 1,405 1,494 1,607 1,703 546 581 611 678 704 696 671 727 747 771 809 815 851 6,507 6,624 6,770 6,805 P6, 807 P6, 798 P6, 892 3,492 3,515 3,666 3,673 3,675 3,633 3,614 537 565 545 543 526 510 549 1,639 1,695 1,681 1,739 1,758 1,800 1,844 840 849 878 851 P847 P856 *>886 p Preliminary. 1 Weeklyfiguresof excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] i 11 TYIOTY^ ^ 1 1 111 t5 111 Federal Reserve district Gross demand h Member banks in larger centers Member banks in smaller centers Ir (places over 15,000) Time Gross demand (places under 15,000) Gross demand Time June May June May Boston New York Philadelphia. . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. 2,220 16,862 2,130 2,520 1,448 1,388 5,446 1,285 761 1,505 1,343 2,739 2,175 16, 554 2,153 2,492 1,438 1,399 5,359 1,287 735 1,531 1,347 2,711 645 2,325 1,106 1,440 585 421 1,872 420 367 317 235 2,283 648 2,311 1,110 1,441 585 419 1,868 418 367 317 235 2,281 2,088 2,044 i 1, 375 i 1,364 1,888 1,912 2,273 2,246 1,250 1,238 1,211 1,217 i 2,049 i 2,025 1,046 1,046 563 539 1,166 1,188 1,036 1,040 2,614 2,588 515 i 1,063 649 1,127 380 330 i 1,058 301 177 202 188 2,180 517 i 1,063 653 1,129 380 329 i 1, 058 298 177 201 188 2,179 Total . . . 39, 648 39,181 12,016 11, 999 i 18, 558 118, 447 i 8,170 i 8,173 June May June May June 132 301 243 247 198 178 358 239 198 339 307 125 2,865 May Time June May 130 300 241 245 199 183 356 241 197 343 307 123 130 501 457 312 205 91 312 119 190 116 47 103 131 501 457 312 205 91 309 119 190 116 47 101 2,866 2,583 2,579 t Excluding central reserve city banks, for whichfiguresfor latest month are shown in table above. 790 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Gold certificates Total Federal Federal Reserve Reserve Bank notes notes National bank notes Treasury notes of 1890 Silver Silver dollars certificates Subsidiary silver coin 154 155 156 157 159 161 163 164 259 266 264 267 269 267 269 272 4,449 4,484 4,496 4,595 4,688 4,739 4,826 4,912 26 26 25 25 25 24 24 24 189 186 184 182 180 178 177 175 163 163 164 166 1C8 169 265 271 260 248 241 248 4,796 4,839 4,896 4,906 5,025 5,163 23 23 23 23 23 22 173 171 170 168 167 165 1939—May June July August SeptemberOctober November.. December.. 6,967 7,047 7,049 7,171 7,293 7,342 7,483 7,598 72 72 71 71 71 70 70 69 42 42 43 43 43 44 44 45 1,417 1,454 1,446 1,465 1,488 1,485 1,530 1,554 1 358 361 362 365 369 373 379 381 1940—January February... March April May.. June 7,376 7,455 7,511 7,559 7,710 7,848 69 68 68 68 67 67 44 45 45 45 46 46 1,469 1,500 1,508 1,557 1,590 1,582 1 1 1 1 1 L 372 373 375 377 382 384 United States notes Minor coin 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 total i Total 6,967 7,047 7,049 August. 7,171 September . . . 7,293 October. __ _ _ 7,342 7,483 November December 7,598 5,109 5,164 5,169 5,253 5,329 5,363 5,478 5,553 554 558 561 566 571 577 586 590 513 514 514 521 532 535 545 559 7,376 7,455 7,511 7,559 7,710 7,848 5,332 5,397 5,414 5,437 5,519 5,584 579 581 584 588 595 599 526 530 531 534 546 546 End of month 1939—May June July. -. . . 1940—January February March April May _ June _ _ Coin and small denomination currency Coin $2 $13 Large denomination currency 2 2 Unassorted 2 $5 $10 $20 Total 33 33 33 34 34 34 35 36 937 947 947 966 980 982 1,004 1,019 1,614 1,638 1,644 1,681 1,706 1,710 1,752 1,772 1,458 1,473 1,470 1,487 1,507 1,526 1,557 1,576 1,861 1,887 1,885 1,922 1,965 1,981 2,007 2,048 422 428 426 433 440 445 452 460 836 848 847 857 876 884 896 919 172 176 175 180 185 186 188 191 380 388 391 405 413 415 420 425 17 17 17 17 20 20 20 20 33 29 28 30 30 30 32 32 3 3 4 4 1 2 2 2 34 34 33 34 35 35 970 986 989 992 1,009 1,015 1, 692 1,723 1,731 1,739 1,766 1,791 1,532 1,543 1,546 1,551 1,568 1,599 2,047 2,061 2,101 2,126 2,193 2,264 457 459 460 463 471 485 920 930 941 951 979 1,013 191 191 194 195 202 210 426 427 432 439 464 481 20 20 24 30 26 26 33 34 49 48 50 50 3 4 4 4 $50 $100 $500 $1,000 $5,000 $10,000 2 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denomiiiations reported by the Treasury 3 destroyed. as Paper currency only; $1 silver coins reported under coin. Backfigures.—SeeAnnual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [By selected banks and financial institutions in New York City. In millions of dollars] [Held b y Treasury and Federal Reserve B a n k s and in circulation, millions of dollars] E n d of m o n t h Total FedSilver dollars SubsidUnited eral Minor States Reand iary coin notes serve silver silver bank bulcoin notes lion i National bank notes Year or month 1937 1938 1939 ShipReceipts ments to from Europe Europe 21.5 33.1 110.2 Net shipments 47.6 34.4 Net receipts 26.1 1.3 100.4 June July August September. October November. December. 2,862 2,881 2,895 2,907 2,919 2,932 2,947 2,963 1,759 1,778 1,794 1,804 1,814 1,825 1,835 1,845 377 380 381 383 386 390 394 399 161 161 162 162 164 166 167 169 347 347 347 347 347 347 347 347 191 189 1939—June July 186 August 185 September. 183 October. __ 181 179 November. 178 December. 2.9 2.2 4.7 .8 1.8 4.5 6.6 1.1 1.0 .9 .1 .2 1.3 .3 1.8 1.2 3.8 .7 1.6 3.2 6.3 1940—January.... February.. March April May June 2,971 2,981 2,990 2,999 3,008 3,014 1,855 1,866 1,876 1,886 1,894 1,900 400 401 401 400 402 402 169 170 171 172 173 174 347 347 347 347 347 347 175 1940—January... 173 February.. 172 March 171 April 169 May 167 June 5.3 4.7 1.4 3.5 1.1 .5 0) 0) 0) 0) 0) 5.3 4.7 1.4 3.5 1.1 .4 1939—May 1 Includes silver held against silver certificates amounting to $1,829,000,000 on June 29,1940 and $1,703,000,000 on June 30,1939. AUGUST 1940 .1 i Less than $50,000. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for J a n u a r y 1932, p p . 7-8. 791 MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In'thousands of dollars] ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Gold stock at end of period Period Increase in total gold stock 1940 tic gold production 1934 2 1935 1936 1937 19381939 11,258 12,760 14,512 17.644 1938—July August September October November December 13,017 13,136 13,760 14,065 14,312 14,512 54.5 118. 623.8 305.0 247.5 199.6 166.0 520.9 562.4 177.8 240.5 1939—January.... February March April May. June July August September October November December 14,682 14,874 15,258 15,791 15,957 16,110 16,238 16,646 16,932 17,091 17,358 17.644 170.0 192.7 383.8 532.3 166.2 153.3 128.0 407.6 285.9 159.9 267.1 285.1 156.3 223.3 365.4 605.8 429.4 240.4 278.6 259.9 326.1 .7 168.0 451.2 '12.4 '10. 7 '11.3 '13.3 '12.8 '10.8 '13.3 '14.3 '15.9 '18.7 '14.9 '13.4 1940—January February March April May June July 1-24? . _ . . 17,931 18,177 18,433 18, 770 19, 209 19,963 20,367 287.5 246.0 256.0 336.9 439.0 754.2 404.3 236.4 201.4 459.8 249.9 435.1 163.0 441.3 13.6 11.4 12.1 13.0 14.1 4,202. 51,133.9 1,887.2 1,739.0 1,132. 51,116.6 1, 502. 51,585.5 1,751. ,973.6 3,132.0 3,574.2 Imports Belgium France Hungary Italy. Netherlands Norway Spain Sweden Switzerland United Kingdom . U. S. S. R Yugoslavia Canada Mexico Central America. ._ Bolivia . . Chile Colombia Ecuador Peru Venezuela Australia British India China and Hong Kong Japan Philippine I s l a n d s . . South Africa All other countries 2 _ Total May June From or to— 241,603 1 3,671 Exports Imports Exports 40 2,950 8,248 9,431 4,377 1,550 2,138 128,003 11,452 62,044 13,673 716, 697 4,182 620 2,130 241 592 416 6,603 2,377 12 281,198 2,331 813 2 1,236 1,232 2,113 324 1,510 437 5,177 4,317 1,459 3,399 3,895 23,091 4,766 1,249 438,695 Imports Exports 1 977 241,778 11,873 43,935 63,253 33,405 6,397 154,694 90,255 314,108 5,570 13, 673 1,402,416 16 142 15, 680 3,905 18 "i," 781 §,"545 5,340 8,477 1,845 4,854 2,620 32,959 38,112 3,958 4,743 2,405 31,477 945 1,164,224 Jan.-June 16, 679 61,248 19,072 147,038 10, 356 3,563 , 750, 537 P12.6 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. p Preliminary. ' Revised. 1 Gold held under earmark at Federal Reserve Banks for foreign acBack figures.—See table, p . 885, and Annual Report for 1937 (tables count on June 29, 1940, in millions of dollars: 1,706.2. 31 and 32). 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p . 885, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported BANK DEBITS by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). Debits to deposit accounts, except interbank accounts, at banks in principal cities.] [In millions of dollars] BANK SUSPENSIONS1 Total, all banks Member banks National Nonmember banks InNot State sured2 insured 1929.. 1935.. 936.. 937_. 1938.. 1939.. Number of banks suspended: 1934 1935 1936 1937 1938 1939 1940—Jan.-June Deposits of suspended banks (in thousands of dollars): 3 1934 1935 1936 1937 -— 1938 _— .— 1939 1940—Jan.-June— 36,937 10,015 11,306 19,723 13,012 34,998 3,940 40 5,313 507 7,379 36 1,341 1,912 34,985 3,763 939 10,207 592 1,708 10,156 • 480 211 11,721 1,044 24,629 2,439 3, 752 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 of 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 nonmember banks are based on the latest data available at the time the suspensions were reported. Backfigures.—SeeAnnual Report for 1937 (table 76). 792 Year and month Total, all reporting centers New York City 982, 531 402,718 461,889 469,463 405,929 423,932 603,089 184,006 ^939—May June July.. August September. October November _ December.. 34,656 36,883 33,245 33,314 36, 594 35,830 34, 666 43,447 14,165 15, 312 12,794 .940—January... FebruaryMarch April May.. June 37,786 32,197 37,769 37,780 37,257 35,005 197,836 168,778 171,382 13,118 15,138 13,683 13,041 17,633 14, 739 12,138 15,201 15, 519 14, 536 13,110 140 133 other other lead- reporting ing centers centers 2 331,938 190,165 219, 670 235, 206 204, 745 218,298 47,504 28,547 33,283 36,421 32,406 34,252 17, 763 18,676 17,683 17,496 18,526 19,029 18, 636 22,386 2,728 2,895 2,768 2,701 2,930 3,119 2,99 0 3,428 19,978 17,344 19,537 19,250 19,659 18,850 3,069 2,715 3,031 3,010 3,063 3,045 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928. 2 Centers (other than the 141 centers) for which bank debits are currenty reported. The number has changed very little since 1934 and has numbered 133 since 1936. Backfigures.—SeeAnnual Report for 1937 (Table 71), which also gives a definition of bank debits. Figures for individual reporting cities and totals by Federal Reserve districts are available in mimeographed form. FEDERAL RESERVE BULLETIN A l l BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof 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 whichfiguresare available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1 Call date Total Total National In millions of dollars] Nonmember banks Member banks Member banks Other Mutual nonState savings membanks ber Call date All banks Mutual Other savings nonmembanks ber banks Total National State 1929—June 29._. 53,852 Dec. 3 1 — 55,289 32,284 33,865 19,411 20,290 12,873 13,575 8,983 8,916 12,584 12,508 banks 15, 792 15,499 Nonmember banks 1929—June 29 Dec. 31 25,110 24,630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 1933—June 30 Dec. 30 14,519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 8,337 1933—June 30... 37,998 Dec. 30... 38,505 8,421 23,338 23,771 14,772 15, 386 8,566 8,385 9,713 9,708 4,946 5,026 1934—June 30 Dec. 31 15,835 16,039 6,375 6,442 5,417 5,462 958 980 578 579 8,882 1934—June 30... 41,870 Dec. 3 1 . . . 44,770 9,018 26,615 28,943 17,097 18, 519 9,518 10,424 9,780 9,828 5,475 6,000 1935—June 29 Dec. 31 15,994 15,837 6,410 6,387 5,425 5,386 985 1,001 571 570 9,013 8,880 1935—June 2 9 . . . 45,766 Dec. 3 1 . . . 48,964 29,496 32,159 19,031 20,886 10,465 11,273 9,920 9,963 6,350 6,842 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 1936—June 30... 51,335 Dec. 3 1 — 53, 701 8,687 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 15,527 15,393 6,357 6,341 5, 293 5,260 1,064 1,081 564 563 8,606 8,489 1937—June 30— 53,287 Dec. 3 1 — 52,440 35,440 34,810 22,926 22, 655 12, 514 12,155 10,213 10,257 7,635 7,373 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 1938—June 3 0 . . . 52,195 Dec. 31— 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 Oct. 2 Dec. 30 15,082 15,061 15,037 6,330 6,339 6,362 5,203 5,196 5,187 1,127 1,143 1,175 553 552 552 8,199 8,170 8,123 1939—June 3 0 . . . 55,992 Oct. 2____ 57,437 Dec. 3 0 . . _ 58,344 38,027 39,287 39, 930 24,534 25,248 25,661 13,493 14,039 14,269 10,521 10, 520 10,613 7,444 7,630 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59,017 40,579 25,911 14,667 310,544 3 7,895 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Member banks All banks Nonmember banks Mutual savings banks Call date Total Loans Investments Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 1929—June 29 Dec. 31 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 9,981 9,823 3,227 3,197 1933—June 30 Dec. 30 _ 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 1934—June 30 Dec 31 42, 502 43,458 21,278 20,473 21,224 22,984 27,175 28,150 12, 523 12,028 14,652 16,122 9,904 9,782 5,648 5,491 4,256 4,291 5,423 5,526 3,108 2,955 2,315 2,571 1935—June 29 Dec. 31 ,44,416 45,717 20, 272 20,329 24,145 25,388 28,785 29,985 11,928 12,175 16,857 17,810 9,852 9,804 5, 341 5,210 4,511 4,594 5,779 5,927 3,003 2,944 2,777 2,983 1936—June 30 Dec. 31 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 1 9 3 7 _ j u n e 30 Dec. 31 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 1938—June 30 Dec. 312. 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 1 9 3 9 _ j u n e 30 Oct. 2 Dec 30 49,616 49,954 50,885 21,318 21,634 22,169 28,299 28,320 28,716 32,603 33,075 33,941 13,141 13,470 13, 962 19,462 19,605 19,979 10,342 10,333 10,314 4,931 4,936 4,961 5,411 5,397 5,353 6,671 6,546 6,630 3,245 3,228 3,246 3,425 3,318 3,384 1940—Mar. 26 51,135 22,190 28,945 34,163 13,939 20,224 310,226 4,922 5,304 3 6,746 3,329 3,417 1 Prior to Dec. 30,1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bankfiguresinclude interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 Beginning December 1938figuresof loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "Other assets." 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939) which was formerly classified as a mutual savings bank, is included in the March 26, 1940figuresin "Other nonmember banks" column. Backfigures—SeeAnnual Report for 1937 (tables 48-49). AUGUST 1940 793 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Call date Investments V Loans for Compurchasing Total meror carrying loans cial, securities and inOpen invest- Total i trial, marTo ket ments and paper brokagricultural 2 U. i3. Government obligations Real Loans estate to Total loans banks loans * ers To and others 3 dealers Total Obligations of Direct States Other secuGuar- polit- rities i anical subBills* Notes Bonds teed divisions Total—All Member Banks 1929—Dec. 31. 35,934 1933—June 30. _ 24, 786 1938—June 30.. 30, 721 Sept. 28. 31, 627 Dec. 3 1 . . 32,070 1939—Mar. 29.. 32,095 June 30._ 32, 603 Oct. 2« 33,075 Dec. 30_ _ 33,941 1940—Mar. 26 6 34,163 June 29 34,440 New York City'1 1929—Dec. 31_. 8,774 1933—June 30 7,133 1938—June 30. _ 8,013 Sept. 28. 8,355 Dec. 3 1 . . 8,335 1939—Mar. 29.. 8,408 June 30.. 8,688 Oct. 2 6 9 044 Dec. 30.. 9,339 1940—Mar. 26 6 9 594 June 29. 9,829 City of Chicago 7 1929—Dec. 3 1 - 1,757 1933—June 30. 1,287 1938—June 30 1,806 Sept. 28. 1,889 Dec. 31__ 1,969 1939—Mar. 29. 1,965 June 30.. 2,052 Oct. 2 «__ 2,050 Dec. 3 0 - 2,105 1940—Mar. 266 2,222 June 29 2,206 Reserve City Banks 1929—Dec. 31— 12,029 1933—June 30. _ 8,492 1938—June 30 11,150 Sept. 28. 11,426 Dec. 31__ 11,654 1939—Mar. 2 9 - 11, 624 June 30-. 11, 756 Oct. 2 • 11,880 Dec. 30— 12, 272 1940—Mar. 26 6 12,153 June 29__ 12,159 Country Banks 1929—Dec. 31 13, 375 1933—June 30. _ 7,873 1938—June 30__ 9,752 Sept. 28. 9,958 Dec. 3 1 . . 10,113 1939—Mar. 29_. 10,098 June 30.. 10,109 Oct. 2«__ 10,102 Dec. 3 0 - 10, 224 1940—Mar. 26 8 10,194 June 29__ 10, 246 26,150 12,858 12, 938 12,937 13,208 13,047 13,141 13,470 13, 962 ]3,939 13,951 6,683 3,424 3,172 3,146 3,262 3,086 2,988 3,116 3,296 3,211 3,014 1,448 677 525 522 539 545 544 563 569 564 5,448 5,531 5,571 583 595 492 484 442 427 420 2,463 953 701 713 973 838 731 7,685 3,752 2,614 2,590 775 733 736 3,191 2,372 2,613 2,661 2,716 2,749 2,828 714 11,515 9,784 3,863 330 4,857 11,928 6,887 120 6,397 17, 783 10, 215 126 6,364 18, 689 10, 713 125 2,728 18, 863 10,882 99 2,671 19,048 10,691 58 2,796 19,462 10,946 19,605 10,891 56 2,888 19,979 11,184 20. 224 11,314 20, 488 6,115 455 790 700 2,957 1,461 1,456 1,479 195 364 141 153 138 126 128 1,257 758 556 564 787 668 555 2,145 1,044 717 702 220 209 215 169 157 132 132 121 124 130 322 162 85 95 99 77 41 2,595 937 1,541 1,499 436 427 440 1,776 120 611 188 133 44 425 251 61 29 31 43 32 39 533 251 109 111 70 70 71 21 30 10 10 12 12 11 88 30 336 361 348 19 70 15 18 16 14 14 535 237 361 351 62 57 59 372 17 41 66 13 1 60 604 9,084 4,482 4,853 4,870 4,963 4,936 5,004 5,127 5,329 5,305 5,359 8,936 4,275 4, 388 4,399 4,444 4,480 4,605 4,665 4,768 4,860 4,974 2,121 2,116 2,118 168 126 163 156 149 145 138 664 108 95 96 119 115 115 2,775 1,340 998 992 242 228 221 1,538 1,131 1,201 1,217 1,230 1,249 1,284 258 99 26 22 20 17 12 3,679 1,678 2,369 2,387 1,081 1,066 1,116 2,322 155 119 222 1,335 9 1,168 201 35 291 25 21 21 25 24 22 2,231 1,117 790 784 243 226 229 1,462 1,055 1,269 1,303 1,353 1,363 1,402 45 38 1,531 1,597 1,626 173 156 138 142 140 9 9 5 6 5 4,705 2,005 2,126 2,127 1,149 1,121 1,180 1,646 163 20 224 1,477 4 1,234 249 1,113 316 313 286 303 441 520 2,049 3,653 3,707 3,389 2,604 2,720 3,094 3,725 6,246 6,693 7,208 7,783 7,786 563 2,223 8,398 58 638 222 251 158 68 168 166 987 1,358 1,342 1,142 831 908 889 926 1,451 1,560 1,663 2,040 2,284 315 797 2,385 3 206 12 1 59 121 185 19 82 313 310 291 212 234 94 97 535 611 655 660 621 153 176 701 2,091 3,709 4,840 5,209 5,072 5,322 5,700 5 928 6,043 6 383 6,815 1,112 2,551 3,031 3,153 2,963 2,939 3,360 3,401 3,497 3 686 309 610 1,281 1,367 1,430 1,420 1,507 1,487 1,536 1 658 1,602 116 384 859 921 1,005 992 1,040 1,017 1,031 1 180 2,944 4,011 6,298 6,556 6,691 6,688 6,751 6,752 6,943 6,848 6,800 1,368 2,483 3,940 4,088 4,278 4,181 4,102 4,089 4,222 4,107 91 205 69 47 57 100 78 165 681 1,268 1,290 1,224 977 1,014 1,112 1,597 2,603 2,752 2,997 3,105 3,010 63 819 3,339 4,439 3,598 5,364 5,558 5,669 5,618 5,504 5,437 5,456 5 334 5,271 1 267 1,469 2,385 2,550 2,636 2,578 2,444 2,383 2,434 2 341 97 64 171 299 2,128 2,298 2,340 2,660 2,831 2,920 3,144 3,107 1,393 1,744 2,143 2,317 2,448 2,555 2,554 2,764 2,692 2,905 2,887 4,528 3,297 3,296 3,361 3,192 3,142 3,131 3,030 2,959 2,898 2,878 709 834 894 1,086 1,123 1,157 1,275 1,286 222 478 394 495 517 582 480 662 579 726 634 758 680 707 727 122 126 109 108 135 155 172 139 96 87 140 144 141 149 154 147 162 175 177 715 766 732 585 563 1,106 1,657 1,770 1,893 1,978 1,870 31 431 1,972 96 138 159 175 176 171 179 168 170 164 167 743 740 823 889 909 972 963 448 598 732 115 808 823 895 897 890 928 980 1,128 930 627 718 999 13 15 11 15 11 698 714 736 708 693 686 695 2,546 1,549 1,522 1,509 1,453 1,397 1,351 1,297 1,236 1,197 1,143 581 579 596 597 643 683 699 725 719 878 903 982 1,001 1,025 1,058 1,061 1,076 1,096 908 950 866 860 866 856 860 850 873 * Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans en securities to banks and 4to 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. 5 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). 794 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbanl Time deposits, except interbank Interbank deposits ReIndiserves Domestic BalDe- Indiwith vidances mand vid- States Certibar iks Fed- Cash with uals, States deuals, and fied U. S. part- and eral in do- posits part- polit- and Re- vault mestic adGov- ner- polit- Postal nerForical offiical erneign serve banks i justed 2 ships, subings 4 Decers' ment 4 ships, suband Banks and divi- checks diviTime banks cor- sions mand cor- sions etc.3 poraporations tions Borrowings Capital accounts Call date Total—All Member Banks 2,374 2,235 7,249 8,004 8,193 8,694 9,112 10,011 11,617 11, 604 12, 279 558 405 604 712 775 746 111 712 774 841 862 2,168 2,008 3,561 4,084 3,937 4,240 4,403 4,674 6 5, 304 5,506 6 5, 634 16,647 12,089 20,513 20,893 21, 596 22,293 22, 364 23, 587 25,118 25, 681 26,461 17, 526 11, 830 19,116 19,816 20, 439 21,119 20,845 22,448 23,983 24, 604 24,965 1,335 1,087 2,237 2,314 2,080 2,386 2,467 2,532 2,390 2,321 2,499 1,681 827 846 68 46 59 65 70 68 63 61 85 89 84 179 101 95 119 91 109 156 112 6 4,750 4,358 6,336 6,698 7,026 7,168 7,605 8,012 8,676 8,899 9,562 5,847 4,676 6,429 6,900 7,128 7,273 7,677 8,281 8,812 9,030 9,652 128 96 185 273 196 280 260 288 321 251 219 1,180 957 912 1,041 2,941 3,517 3,743 4,104 4,582 4,975 5,929 5,915 6,386 169 232 566 936 856 884 705 897 1,080 993 909 751 705 2,376 2,289 2,311 2,354 2,459 2,735 3,053 3,118 3,336 627 452 1,366 1,263 1,282 1,353 1,367 1,403 1,555 1,578 1,648 13 34 22 31 32 35 22 26 37 42 25 109 6 6 6 125 163 133 203 135 208 198 235 178 235 237 283 195 12,267 7,803 10,845 10,874 10, 789 10,846 10, 940 11,063 11,104 11,215 11, 368 595 300 512 454 464 462 461 441 418 432 411 20 332 360 123 181 139 135 84 72 74 68 1,112 461 327 367 280 195 272 472 349 178 260 671 694 694 653 652 655 653 683 693 742 33 4 67 32 64 36 53 46 52 43 35 18 110 • 52 6 8, 717 42 87 170 221 204 181 141 197 195 167 133 32 16 17 23 24 29 26 22 27 24 18 8 46 92 86 62 83 83 60 60 80 80 332 358 445 443 439 452 452 471 469 483 482 58 1 16 16 21 9 12 17 21 10 11 2 6 1,270 1,386 1,455 1,597 1,182 1,565 1,632 1,676 1,503 423 349 809 812 711 796 889 917 801 813 942 300 108 121 146 120 170 123 160 158 190 150 76 312 234 266 356 424 420 415 410 435 431 4,433 2,941 4,198 4,238 4,209 4,233 4,276 4,320 4,319 4,362 4,386 371 208 269 262 233 269 243 233 198 240 214 41 388 33 31 23 17 22 19 14 14 12 1,604 1,315 2,461 2,514 2,557 2,719 2,813 6 2,920 3,307 3,516 6 3, 525 742 555 169 72 101 126 114 154 114 135 131 172 131 39 116 66 68 108 143 137 136 133 154 147 6,390 3,833 5,508 5,499 5,488 5,509 5,557 5,619 5,632 5,677 5,757 133 86 159 144 147 147 153 145 148 140 151 61 285 56 52 46 44 46 40 35 35 35 405 228 403 380 398 446 438 439 870 1,002 1,632 1,951 1,862 1,940 2,106 6 2,210 2,485 2,485 6 2,632 5,229 3,764 6,848 6,934 7,078 7,214 7,326 7,654 8,017 8,176 8,400 5,547 3,708 6,455 6,668 6,843 7,034 6,899 7,331 7,803 8,002 7,978 321 203 310 316 351 322 350 307 329 363 389 908 5,711 702 3,054 1,700 5,957 1,806 5,738 1,786 5,908 1, 956 6,224 1,963 6,183 2,117 6,255 6 2, 473 6,677 2,614 6,866 6 2,645 6,954 5,091 2,576 4,963 4,863 5,013 5,215 5,087 5,272 5,736 5,896 5,832 1,073 1,008 969 1,128 1,176 1,130 1,073 1,090 1,205 3 3 5 95 89 137 135 130 132 133 142 6 142 144 M45 1,198 1,255 2,173 2,514 2,498 2,687 2,731 2,992 6 3, 568 3,542 6 3,629 1,372 1,523 1,585 1,688 1,250 1, 666 1,747 1,739 1,544 156 122 213 300 322 321 342 318 323 348 364 947 122 3,517 788 3,057 90 5,615 83 6,096 70 6,088 61 6,510 68 6,816 59 7,097 51 6 8,243 51 8,507 143 806 752 543 707 790 775 694 675 743 725 657 566 662 538 547 533 790 666 563 558 6 3 6 310 259 576 688 636 658 834 746 1 1 757 759 6 737 597 128 334 291 411 442 553 524 6 670 6 6 33 2 7 6 10 9 10 12 6 116 6 117 115 571 6 7 20 22 23 23 25 26 8 26 26 566 « 29 179 8 12 2,105 1,582 1,596 1,587 1,589 1,593 1,592 1,586 1,587 1,592 1,601 2 1 41 316 204 245 249 256 257 261 270 270 250 253 292 16 2,029 1,533 1,736 1,753 1,764 1,777 1,795 1,812 1,821 1,828 1,833 14 3 997 30 59 116 113 107 108 108 115 6,709 4,837 5,352 5,368 5,410 5,424 5,467 5,496 5,530 5,522 5,562 672 19 853 879 191 28 11 12 6 7 5 5 3 2 695 879 6 515 8 40 22 6 698 146 377 331 466 511 629 607 9 7 64 15 34 32 43 57 64 69 6 5 2 71 6 53 56 3 1 1 2 2 2 2 2 62 2 62 367 167 11 11 11 6 5 5 4 3 2 2,258 1,517 1,774 1,778 1,801 1,798 1,818 1,828 1,852 1,851 1,875 1929—Dec. 31 1933—June 30 1938—Mar. 7 June 30 Sept. 28 Dec. 31 1939—Mar. 29 June 30 Oct. 2 Dec. 30 1940—Mar. 26 New York City* 1929—Dec. 31 1933—June 30 1938—Mar. 7 June 30 Sept. 28 Dec. 31 1939—Mar. 29 June 30 Oct. 2 Dec. 30 1940—Mar. 26 City of Chicago 5 1929— Dec. 31 1933—June 30 1938—Mar. 7 June 30 Sept. 28 Dec. 31 1939—Mar. 29 June 30 Oct. 2 Dec. 30 1940—Mar. 26 Reserve City Banks 1929—Dec. 31 1933—June 30 1938—Mar. 7 June 30 Sept. 28 Dec. 31 1939—Mar. 29 June 30 Oct. 2 Dec. 30 1940—Mar. 26 Country Banks 1929— Dec. 31 1933—June 30 1938—Mar. 7 June 30 Sept. 28 Dec. 31 1939—Mar. 29 June 30 Oct. 2 Dec. 30 1940—Mar. 26 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, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in" Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less 3 cash items reported on hand but not in process of collection. 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). AUGUST 1940 795 WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Investments Loans Total loans and investments Date or month Total—101 Total U. 3. Government obligations Loans for purchasing or carrying securities Commercial, industrial, and agricultural Open market paper Direct Total Real Loans estate to loans banks To brokers and dealers Other loans Bills Notes Other Guar- securities anBonds teed Total To others Cities 1939—June..._ 1940—February March April May June _. 21,887 23,220 23,380 23,489 23, 555 23, 591 8,094 8,520 8,604 8,646 8,599 8,446 3,830 4,317 4,371 4,414 4,397 4,383 304 328 335 335 327 313 671 611 634 624 574 422 541 481 476 474 475 471 1,159 1,184 1,186 1,182 1,191 1,199 52 54 51 48 47 42 1,537 1,545 1,551 1,569 1,588 1,616 13,793 14,700 14,776 14,843 14,956 15,145 8,383 8,862 8,904 8,941 9,053 9,201 422 642 627 575 638 751 2,106 1,746 1,776 1,839 1,905 1,993 5,855 6,474 6,501 6,527 6,510 6,457 2,119 2,419 2,384 2,398 2,407 2,402 3,291 3,419 3,488 3,504 3,496 3,542 May May May May 8 15 22 29 23, 576 23, 592 23,544 23, 524 8,654 8,643 8,562 8,475 4,404 4,414 4,391 4,367 331 328 327 322 618 602 544 478 473 473 474 481 1,193 1,191 1,193 1,189 51 43 44 46 1,584 1,592 1,589 1,592 14,922 14,949 14,982 15,049 9,032 9,088 9,105 9,081 646 650 673 627 1,900 1,909 1,919 1,926 6,486 6,529 6,513 6,528 2,434 2,387 2,389 2,399 3,456 3,474 3,488 3,569 June June June June 5 12 19 26 23, 527 23,661 23,596 23, 581 8,435 8,469 8,444 8,435 4,368 4,377 4,387 4,399 318 317 309 309 437 444 413 395 475 472 470 467 1,195 1,198 1,199 1,202 38 42 48 38 1,604 1,619 1,618 1,625 15,092 15,192 15,152 15,146 9,163 9,214 9,226 9,202 698 750 785 771 1,928 1,933 2,058 2,054 6,537 6,531 6,383 6,377 2,401 2,400 2,400 2,408 3,528 3,578 3,526 3,536 July July July July 3 10 17 24 23, 586 23,683 23,743 23,947 8,462 8,461 8,517 8,514 4,438 4,447 4,464 4,462 301 297 298 290 380 377 408 411 471 471 474 476 1,199 1,200 1,205 1,206 40 36 35 36 1,633 1,633 1,633 1,633 15,124 15, 222 15,226 15,433 9,202 9,226 9,229 9,452 757 773 769 794 2,063 2,070 2,083 2,093 6,382 6,383 6,377 6,565 2,405 2,416 2,415 2,419 3,517 3,580 3,582 3,562 8,103 8,810 9,000 9,108 9,172 9,263 2,758 2,918 2,964 2,965 2,905 2,763 1,375 1,650 1,676 1,686 1,673 1,671 121 112 115 111 108 101 523 465 485 482 433 298 201 161 160 160 160 159 113 112 114 119 120 122 39 48 45 41 40 35 386 370 369 366 371 377 5,345 5,892 6,036 6,143 6,267 6,500 3,139 3,368 3,466 3,585 3,720 3,925 168 187 182 170 242 396 808 722 789 888 950 989 2,163 2,459 2,495 2,527 2,528 2,540 1,060 1,268 L,249 1,253 1,275 1,282 1,146 1,256 1,321 1,305 1,272 1,293 9,174 9,180 9,165 9,219 2,958 2,936 2,869 2,802 1,676 1,680 1,671 1,658 111 108 107 105 477 458 403 350 160 159 160 159 120 120 120 121 44 37 37 39 370 374 371 370 6,216 6,244 6,296 6,417 3,681 3,729 3,767 3,820 237 244 258 287 944 956 962 969 2,500 2,529 2,547 2,564 L,296 1,259 1,268 1,275 1,239 1,256 1,261 1,322 9,228 9,307 9,241 9,277 2,760 2,777 2,764 2,753 1,656 1,668 1,672 1,688 104 103 99 99 312 312 294 276 159 159 160 159 121 122 122 122 32 35 41 32 376 378 376 377 6,468 6,530 6,477 6,524 3,894 3,928 3,928 3,949 365 398 409 414 969 971 1,000 1,014 2,560 2,559 2,519 2,521 1,279 1,279 1,279 L,289 1,295 1,323 1,270 1,286 9,273 9,379 9,400 9., 458 2,768 2,764 2,786 2,786 1,712 1,714 1,711 1,713 96 91 91 87 262 265 287 288 166 166 169 169 122 122 122 123 33 29 28 29 377 377 378 377 6,505 6,615 6,614 6,672 3,926 3,977 3,975 4,048 369 411 403 389 1,015 1,023 1,034 1,051 2,542 2,543 2,538 2,608 1,290 1,287 1,286 1,288 1,289 1,351 1,353 1,336 13, 784 14, 410 14,380 14,381 14, 383 14,328 5,336 5,602 5,640 5,681 5,694 5,683 2,455 2,667 2,695 2,728 2,724 2,712 183 216 220 224 219 212 148 146 149 142 • 141 124 340 320 316 314 315 312 1,046 1,072 1,072 1,063 1,071 1,077 13 6 6 7 7 7 1,151 1,175 1,182 1,203 1,217 1,239 8,448 8,808 8,740 8,700 8,689 8,645 5,244 5,494 5,438 5,356 5,333 5,276 254 455 445 405 396 355 1,298 1,024 987 951 955 1,004 3,692 4,015 4,006 4,000 3,982 3,917 1,059 1,151 1,135 1,145 1,132 1,120 2,145 2,163 2,167 2,199 2,224 2,249 14,402 14, 412 14,379 14, 305 5,696 5,707 5,693 5,673 2,728 2,734 2,720 2,709 220 220 220 217 141 144 141 128 313 314 314 322 1,073 1,071 1,073 1,068 7 6 7 7 1,214 1, 218 1,218 1,222 8,706 8,705 8,686 8,632 5,351 5,359 5,338 5,261 409 406 415 340 956 953 957 957 3,986 4,000 3,966 3,964 1,138 1,128 1,121 1,124 2,217 2,218 2,227 2,247 — _. New York City 1939—June 1940—February March April May June... May May May May 8 15 22 29 June June June June 5___ 12.__ 19 26. July July July July 3 10 17 24 __. __. _ Outside New York City 1939—June 1940—February March April May June May May May May 8 15 22 29 •__. June June June June 5 12 19 26 14, 299 14, 354 14,355 14,304 5,675 5,692 5,680 5,682 2,712 2,709 2,715 2,711 214 214 210 210 125 132 119 119 316 313 310 308 1,074 1,076 1,077 1,080 6 7 7 6 1,228 1,241 1,242 1,248 8,624 8,662 8,675 8,622 5,269 5,286 5,298 5,253 333 352 376 357 959 962 1,058 1,040 3,977 3,972 3,864 3,856 1,122 1,121 1,121 1,119 2,233 2,255 2,256 2,250 July July July July 3 10 17.24 14,313 14,304 14,343 14,489 5,694 5,697 5,731 5,728 2,726 2,733 2,753 2,749 205 206 207 203 118 112 121 123 305 305 305 307 1,077 1,078 1,083 1,083 7 7 7 7 1,256 1,256 1,255 1,256 8,619 8,607 8,612 8,761 5,276 5,249 5,254 5,404 388 362 366 405 1,048 1,047 1,049 1,042 3,840 3,840 3,839 3,957 1,115 1,129 1,129 ]L, 131 2,228 2,229 2,229 2,226 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. 796 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 Time deposits, except interbank Interbank deposits Reserves BalIndiDewith Cash ances mand vid- States CertiFedwith uals, and dein fied eral vault doposits part- polit- and U. S. Remesti adnerGovoffiical serve banks justed cers' ernsubBanks and divi- checks ment2 corpora- sions etc. tions Individuals, States and part- polit- Postal nerical savships, suband divi- ings 2 corpora- sions tions 8,460 10,273 10,394 10,661 11,032 11,500 447 473 468 465 474 499 2,727 3,104 3,184 3,229 3,240 3,262 16,633 18,836 18,945 19,058 19,460 20,034 1,470 1,336 1,371 1,403 1,540 1,494 419 458 440 461 481 402 545 561 560 561 560 561 4,9 5,067 5,133 5,147 5,119 5,127 229 199 193 186 192 183 6,607 7,997 8,144 8,295 8,380 8,361 121 124 124 117 115 113 606 745 736 725 708 3,721 1939—June 3,719 1940—February 3,721 March 3,735 April 3,750 May 3,773 June 10,851 11,050 11,196 11,203 479 472 485 488 3,185 ,741 19,073 3,284 19,928 19,620 3,269 20,201 19,659 3,285 20,287 19,696 1,489 1,513 1,528 1,578 384 531 510 456 560 562 559 560 5,120 5,118 5,117 5,120 196 196 193 191 8,499 8,371 8,316 115 115 115 115 714 709 692 707 3,752 3,750 3,752 3,747 May May May May 11,308 11,429 11, 595 11, 669 483 507 499 506 3,243 3,255 3,279 3,272 20,306 20,615 20,495 20,681 19,647 20,263 20,023 20,202 1,541 1,531 1,438 1,467 391 392 411 416 563 561 561 559 5,127 5,123 5,125 5,132 178 179 8,372 8,334 8,424 8.313 116 115 110 112 700 687 687 678 3,755 3,784 3,783 3,773 June 5 June 12 June 19 June 26 11,636 11,660 11, 729 11, 526 478 512 491 498 3,277 3,208 3,262 3,181 20,510 20,824 20,932 20,984 20,167 20,302 20,532 20,401 1,434 1,452 1,425 1,465 465 381 396 423 515 439 407 509 5,146 5,139 5,138 5,139 183 180 176 174 8,467 8,339 8,418 8,196 110 111 110 112 685 671 673 676 3,774 3,777 3,772 3,773 July 3 July 10 July 17 July 24 4,866 6,055 6,153 6,259 6,384 6,622 7,608 8,796 8,979 9,087 9,203 9,524 7,636 8,887 9,112 9,154 9,306 9,653 230 210 246 267 213 6,235 6,388 6,499 6,460 9,059 9,147 9,332 9,393 9,078 9,312 9,415 9,486 6,470 6,545 6,745 6,729 9,415 9,518 9,541 9,621 6,721 6,719 6,663 6,635 9,563 9,776 9,710 9,776 Domestic banks De- Time Foreign banks Bor- Capital rowacings counts Date or month Total 101 Cities 17,182 19,210 19,344 19,515 19,971 20, 524 8 15 22 29 New York City 298 276 282 292 224 580 613 658 661 634 647 2,845 3,473 3,529 3,640 3,727 3,724 529 682 672 663 650 634 1,488 1,490 1,490 1,496 1,502 1,500 .939—June .940—February March April May June 234 266 251 260 215 341 326 256 631 632 632 642 3,707 3,786 3,725 655 652 636 647 1,503 1,502 1,502 1,498 May May May May 9,462 9,776 9,621 9,753 218 204 215 216 205 222 223 247 647 644 646 649 3,682 3,689 3,787 3,739 642 635 633 625 1,504 1,500 1,501 1,494 June 5 June 12 June 19 June 26 9,756 9,776 9,779 253 314 272 280 268 209 193 248 657 655 656 658 3,782 3,700 3,735 3,685 616 620 623 1,487 1,489 1,489 1,489 July 3 July 10 July 17 July 24 8 15 22 29 Outside New York City 3,594 4,218 4,241 4,402 4,648 4,878 380 394 391 387 395 417 2,651 3,023 3,088 3,134 3,153 3,179 9,574 10,414 L0,365 L0,428 L0, 768 1,000 1,190 1,106 1,161 1,157 1,273 1,281 150 160 164 179 189 178 485 517 516 516 516 518 4,416 4,454 4,475 4,486 4,485 4,480 188 166 163 159 166 159 3,762 4,524 4,615 4,655 4,653 4,637 121 123 123 117 115 113 77 63 64 62 58 54 2,233 2,229 2,231 2,239 2,248 2,273 4,616 4,662 4,697 4,743 402 395 404 401 3,103 3,197 3,182 3,189 :0,682 9,995 1,255 0, 781 L0,308 1,247 .0,869 tt, 2441,277 0,894 , 210 1,318 169 190 184 200 516 519 515 516 4,489 4,486 4,485 4,478 169 171 168 166 4,662 4,713 4,646 4,620 115 115 115 115 59 57 56 60 2,249 2,248 2,250 2,249 May 8 May 15 May 22 May 29 4,838 4,884 4,850 4,940 402 424 419 421 3,157 10,891 .0,185 3,175 1,097 0,487 3,198 % 954 L0,402 3,190 .1,060 L0,449 1,323 1,327 1,223 1,251 186 170 188 519 518 518 515 4,480 4,479 4,479 4,483 164 160 156 157 4,690 4,645 4,637 4,574 116 115 110 112 58 52 54 53 2,251 2,284 2,282 2,279 June 5 June 12 June 19 June 26 4,915 4,941 5,066 4,891 395 429 409 418 3,195 10,947 L0,472 1,181 3,128 LI, 048 .0, 546 1,138 3,175 1, 222 L0, 756 1,153 3,098 1, 208 L0, 622 1,185 197 172 203 175 475 410 381 474 4,489 4,484 4,482 4,481 157 154 150 147 4,685 4,639 4,683 4,511 110 111 110 112 55 55 53 53 2,287 2,288 2,283 2,284 July 3 July 10 July 17 July 24 8,997 9,949 9,833 9,904 0,154 0,381 939—June .940—February March April May June 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. AUGUST 1940 797 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Investments Loans Federal Reserve district and date (1940) Boston (6 cities) June 26 JulyB July 10 July 17 July 24 New York (8 cities)* June 26 July 3 July 10 July 17 July 24 Philadelphia (4 cities) June 26 July 3 July 10 July 17 July 24 Cleveland (10 cities) June 26 July 3 July 10 July 17 July 24 Richmond (12 cities) June 26 July 3 July 10 July 17 July 24 Atlanta (8 cities) June 26 July 3 July 10 July 17 July 24 Chicago (12 cities)* June 26 July 3 July 10 July 17 July 24 St. Louis (5 cities) June 26 July 3 July 10 July 17 July 24 Minneapolis (8 cities) June 26 July 3 July 10 July 17 July 24 Kansas City (12 cities) June 26 July 3 July 10 July 17 July 24 Dallas (9 cities) June 26 July 3 July 10 July 17 July 24 San Francisco (7 cities) June 26 July 3 July 10 July 17 July 24 City of Chicago* June 26 July 3 July 10 July 17 July 24 !ommercial, Open inmardusket trial, and paper agricultural Loans for purchasing or carrying securities Total loans and investments Total 1,187 1,182 1,186 1,184 1,188 615 616 615 614 610 298 302 302 300 297 67 65 65 65 64 14 13 12 13 13 18 18 18 18 18 10,140 3,099 10,131 3,112 10,245 3,108 10,256 3,129 10, 324 3,131 1,802 1, 825 1,828 1,825 1,827 104 100 95 94 90 281 267 270 291 293 211 218 217 220 220 1,178 1,177 1,179 1,182 1,192 452 454 457 460 461 213 215 218 220 220 31 31 31 31 31 22 22 21 23 23 1,888 1,870 1,871 1,876 1,885 699 707 705 267 267 267 270 269 272 271 270 273 271 U. S. Government obligations To brokers To and others dealers Direct Real Loans Other to estate Total loans banks loans Total Bills Other Guar- secuan- rities Notes Bonds teed 39 39 39 39 39 345 343 348 349 355 48 131 130 128 128 128 1,071 1,073 1,082 1,093 1,110 2,745 2,766 2,768 2,763 2,841 1,359 1,358 1,355 1,354 1,356 1,447 1,445 1,513 1,506 1,489 353 353 353 352 362 33 33 33 33 34 320 320 320 319 328 90 90 90 90 90 283 280 279 280 279 1,188 1,171 1,172 1,169 1,180 772 759 759 756 769 160 166 166 165 165 601 592 592 590 603 122 122 123 123 124 294 290 290 290 287 289 286 286 292 295 160 158 158 164 161 129 128 128 128 134 53 53 53 53 53 68 79 412 408 407 413 416 32 32 32 32 32 102 106 104 104 104 310 309 310 311 317 142 142 143 143 149 37 38 39 39 38 103 102 102 102 109 62 62 62 63 63 106 105 105 105 105 120 120 120 120 121 113 114 114 2,379 2,429 2 423 2,428 2,494 1,581 1,633 1, 609 1,609 1,674 259 307 286 286 321 316 314 308 302 1,006 1,010 1,009 1,015 1,051 273 275 292 293 295 525 521 522 526 525 3 3 4 4 4 54 54 54 55 55 62 62 62 61 62 376 366 359 361 370 199 190 184 185 193 19 16 11 11 11 142 136 135 136 143 68 108 107 107 108 108 1 1 1 1 1 11 11 11 11 11 73 72 72 72 73 208 207 207 207 210 142 142 142 142 144 113 113 113 113 115 44 43 43 42 43 174 177 179 181 182 29 29 30 30 29 61 60 61 61 61 383 379 376 376 378 177 176 174 174 177 94 93 91 89 92 67 138 136 135 135 134 265 268 266 267 267 174 175 172 175 175 22 22 22 23 23 50 52 54 51 50 256 252 247 251 261 151 148 146 148 161 41 40 . 39 42 43 82 81 81 78 86 47 47 45 46 42 58 57 53 57 58 2, 246 2,248 2, 246 2,250 2,264 951 953 955 959 959 330 331 336 336 336 385 385 385 385 385 169 169 168 168 168 1,295 1,295 1,291 1,291 1,305 767 765 778 5 5 65 65 65 65 65 195 192 190 189 189 332 334 334 337 338 2,209 2,256 2,234 2,246 2, 298 599 601 599 606 607 426 431 430 436 433 18 18 18 18 18 49 50 49 49 1,610 1,655 1,635 1,640 1,691 1,128 1,177 1,156 1,158 1,208 254 303 282 282 321 160 159 159 160 159 134 134 134 135 135 348 344 345 347 348 137 138 137 137 138 572 566 571 570 578 394 396 402 199 200 470 471 471 472 472 7,041 7,019 7,137 7,127 7,193 4,235 4,216 4,269 4,267 4,348 32 32 33 31 30 51 50 50 50 50 102 103 103 104 106 726 723 722 722 731 19 19 18 20 21 24 24 24 25 25 176 175 175 176 176 207 207 208 209 207 122 121 121 120 121 3 3 3 3 3 14 14 14 15 14 43 44 44 307 307 306 308 308 152 149 151 152 153 5 5 4 5 4 11 11 11 11 11 3, 345 3, 400 3, 394 3,407 3, 473 971 971 979 593 601 600 607 604 30 29 30 30 34 72 70 69 69 687 680 320 321 321 325 325 178 179 178 182 182 399 397 396 397 401 191 190 189 190 191 680 679 680 682 685 297 300 304 306 307 521 520 513 518 528 679 677 686 687 617 616 616 619 625 38 60 199 80 419 377 419 411 397 68 695 708 714 715 715 716 728 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 798 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank Reserves Balwith Cash ances Fedwith in doeral vault mestic Rebanks serve Banks • Demand deposits ad- ! justed Interbank deposits T i m e deposits, except interbank IndiIndiDomestic vidvidbanks uals, States Certiuals, States fied U.S. and and part- polit- and part- polit- Postal ForGov- nerneroffiical saveign ical ernships, subcers' ment 2 ships, subings 2 Debanks and and divi- checks Time divicormand coretc. pora- sions pora- sions tions tions Borrowings Capital accounts Federal Reserve district and date (1940) Boston (6 cities) 595 615 613 644 610 145 142 147 145 145 173 182 177 180 170 1,264 1,279 1,288 1,318 1,291 1,225 1,248 1,251 1,277 1,240 81 85 83 95 101 16 19 16 17 16 13 12 12 10 12 232 233 233 233 233 2 2 2 2 2 1 1 1 1 1 374 381 374 377 361 6,922 6,889 6,868 6,835 6,801 104 101 104 102 100 226 229 216 231 224 10,303 10,192 10,393 10,345 10,410 10, 265 10,214 10, 268 10,301 10,303 409 389 446 404 413 264 288 225 214 264 64 58 46 42 53 1,016 1,023 1,021 1,022 1,024 27 32 31 32 33 7 7 7 7 7 3,815 3,865 3,779 3,816 3,765 16 15 16 15 16 626 631 617 621 624 1,617 1,610 1, 612 1,612 1,612 504 491 493 509 492 21 19 21 19 20 213 218 214 213 204 1,024 1,002 1,017 1,031 1,027 997 1,001 995 1,013 1,002 84 70 75 76 77 10 9 8 13 8 54 49 45 41 46 258 258 258 258 259 3 3 3 3 3 1 412 430 421 428 411 9 9 9 9 9 5 5 4 4 5 214 214 214 214 214 668 695 696 700 684 48 43 50 46 49 345 350 342 343 337 1,389 1,395 1,405 1,415 1,410 1,365 1,369 1,371 1,386 1,375 106 110 104 101 101 17 21 18 25 19 47 43 39 36 42 718 719 719 718 717 25 25 25 25 25 427 436 431 430 422 38 37 37 38 38 1 1 1 1 1 380 381 381 380 380 209 212 218 212 •205 23 21 23 22 23 252 255 250 258 257 531 525 537 541 543 507 511 521 524 520 57 58 54 55 57 12 12 11 14 11 33 30 28 26 32 199 199 199 199 199 3 3 3 3 3 1 1 1 1 1 299 309 303 308 294 5 5 5 5 5 142 141 142 142 133 14 12 14 13 14 243 242 234 233 224 434 425 428 431 427 398 402 408 415 408 76 69 63 61 67 5 5 4 5 5 43 40 37 36 41 186 186 185 185 184 5 5 5 6 6 2 2 2 2 2 285 294 289 288 277 3 3 3 3 3 2 2 2 2 1 95 94 94 94 94 1,527 1,481 1,499 1,547 1,496 78 73 77 76 76 582 574 542 542 532 2,827 2,803 2,828 2,877 2,895 2,644 2,625 2,647 2,713 2,696 330 329 314 319 329 36 41 37 42 40 127 123 104 98 131 955 956 955 955 954 16 16 16 16 16 7 7 7 7 7 1,238 1,262 1,243 1,260 1,215 10 10 10 10 10 8 9 8 8 8 397 399 399 396 396 228 239 249 248 239 12 11 13 11 12 183 182 185 184 182 483 476 483 485 495 486 479 489 498 493 43 43 42 41 41 8 9 8 9 9 15 14 13 12 14 188 188 187 187 188 3 3 3 3 2 2 2 2 2 2 348 358 360 359 347 1 1 1 1 1 99 99 98 97 93 7 8 7 7 134 138 140 138 133 301 309 310 309 311 262 267 268 267 265 63 68 67 66 68 6 7 6 6 5 5 1 1 1 1 116 116 116 116 116 1 1 1 1 1 161 159 159 157 150 2 2 2 2 2 191 194 204 207 200 17 15 17 16 17 301 304 307 329 321 535 527 538 556 557 516 515 527 544 533 70 70 67 70 74 9 10 10 12 10 23 22 18 16 18 143 143 143 143 143 3 3 3 3 3 1 1 1 1 1 393 405 414 424 410 7 7 7 6 7 140 147 141 139 138 12 10 12 10 11 299 295 301 306 290 484 484 486 491 491 464 461 468 481 471 45 47 46 43 43 9 12 9 12 10 31 29 27 25 31 128 128 128 127 127 8 8 8 9 9 444 433 439 449 435 25 24 26 24 24 321 308 300 305 307 1,106 1,093 1,111 1,133 1,127 1,073 1,075 1,089 1,113 1,095 103 96 91 94 94 24 32 29 27 26 104 94 69 64 88 993 997 995 995 995 84 83 81 74 72 1,184 1 145 1,166 1,211 1,165 43 42 43 42 42 266 254 249 247 248 1,923 1,907 1,922 1,964 1,979 1,817 1,807 1,820 1,878 1,871 198 196 188 190 193 20 23 19 21 24 79 78 70 65 89 494 495 494 494 493 14 14 14 14 14 16 16 18 16 16 1 1 1 1 245 244 245 244 245 June 26 July 3 July 10 July 17 July 24 New York (8 cities)* 1 June 26 July 3 July 10 July 17 July 24 Philadelphia (4 cities) June 26 July 3 July 10 July 17 July 24 Cleveland (10 cities) 99 99 98 98 98 June 26 July 3 July 10 July 17 July 24 Richmond (12 cities) June 26 July 3 July 10 July 17 July 24 Atlanta (8 cities) June 26 July 3 July 10 Julv 17 July 24 Chicago (12 cities)* 94 94 94 94 94 June 26 July 3 July 10 July 17 July 24 St. Louis (5 cities) June 26 July 3 July 10 July 17 July 24 Minneapolis 1 1 1 1 1 1 1 60 60 60 60 60 (8 cities) June 26 July 3 July 10 July 17 July 24 Kansas City (12 cities) 21 21 21 21 21 June 26 July 3 July 10 July 17 July 24 Dallas (9 cities) 1 1 1 1 1 256 258 255 257 246 305 310 311 314 298 105 105 105 105 105 89 88 88 88 88 18 18 19 19 19 378 386 387 387 387 7 8 7 7 254 256 256 252 253 June 26 July 3 July 10 July 17 July 24 San Francisco (7 cities) June 26 July 3 July 10 July 17 July 24 City of Chicago* 5 5 5 5 5 952 963 954 972 940 June 26 July 3 July 10 July 17 July 24 * See note on preceding page. 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. 1 2 AUGUST 1940 799 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding ing Total 1939—March April May 1940—January February March April •_ _ 245 238 247 245 236 235 216 221 223 233 191 189 192 191 188 191 177 179 172 175 117 118 124 122 119 128 115 111 103 105 219 226 233 239 234 224 229 233 230 223 179 188 184 178 171 166 111 123 121 118 113 112 Goods stored in or shipped between points in United States Foreign countries 54 49 55 53 48 44 39 42 51 57 68 65 63 61 58 54 (2) 87 86 82 81 75 79 78 85 96 103 58 56 51 45 41 40 40 40 37 39 1 19 20 19 18 18 18 16 16 42 38 36 39 39 40 43 46 50 54 56 57 59 60 61 59 36 32 24 22 50 45 46 45 43 40 74 72 68 69 69 63 62 67 69 70 to to August September October November December May Own bills Imports Exports Dollar 1 For acexcount of Others into from For Bills foreign United United change bought own ac- correStates States count spondents 191 192 189 181 194 201 209 205 214 210 June July June Federal Reserve Banks Accepting banks 101 95 90 Rfi 38 44 47 45 47 43 16 15 14 13 12 13 51 51 49 46 41 36 23 27 30 33 34 34 COOO Total outstand- ing i End of month Based on Held b y Commercial paper outstand- 2 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Debit Customers' balances in debit partners' balances investment and trading (net) i accounts Credit balances Customers' credit balances l Debit balances in firm investment and trading accounts Cash on hand and in banks Money borrowed 2 Free 1937—June September December. 1,489 1,363 161 128 108 214 239 232 1,217 1,088 1938—March June September December. 831 774 823 991 95 88 76 106 215 215 213 190 1939— March May June July August September October. _. November. December. 953 828 834 839 792 856 894 914 906 84 76 73 84 71 64 72 77 78 910 702 653 70 72 78 72 67 58 1940—January. _. February.. March..... April May.. June Other (net) Other credit balances In In In firm partners' investinvestcapital ment and ment and accounts trading trading (net) accounts accounts 256 278 397 385 355 576 495 559 754 239 258 257 247 315 298 300 305 174 183 178 183 202 217 200 195 207 699 561 570 589 556 520 577 623 637 225 230 230 238 235 305 289 272 294 284 280 278 275 283 284 282 277 198 195 186 192 239 223 602 616 615 626 459 376 262 253 247 252 251 267 272 271 270 271 274 269 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed'from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Backfigures.—SeeBULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 800 FEDERAL RESERVE BULLETIN OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate i o n - Year, month, or week Average rate on— [Per cent per annum] AverTreasage Stock u. s. bills ury yield on Prime exPrime bank- Stock U.S. ex- change comTreasers' New 91mercial accept- change call ury time paper, ances, loans, loan issues day 3-to-5 1934 average redeal- year 4 to 6 ofon Qft 1935 average «7U yu newfered ers' months days notes 1936 average days within quoals 1937 average period2 tation 1938 average )tal jities 1939 average * 1937 average... 1938 average... 1939 average... .95 .81 .59 .43 .44 .44 1.25 1.25 1.25 1.00 1.00 1.00 .447 .053 .022 .28 .07 .05 1939—June July Aug. Sept Oct. Nov Dec. 1940—Jan Feb Mar April May June .56 .56 .56 .69 .69 .63 .56 .56 .56 .56 .56 .56 .56 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1 25 1.25 1.25 1.25 1.25 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 .006 .017 .046 .102 .028 .018 .012 .001 .004 .003 .042 .071 .03 .04 .05 .14 .05 .05 .04 .01 .02 .02 .02 .06 .10 Vie Via IK IK IK IK IK 1.00 1.00 1.00 1.00 1.00 .024 .017 .008 .006 .004 .08 .08 .05 .04 .04 Week ending: June 29._ July6__. July 13.. July 20.. July 27.. •Vw Vie Vie (3) New York City 7 other North- 11 Southern and ern and Eastern Western cities cities 3.45 2.93 2.68 2.59 2.53 2.78 4.32 3.76 3.40 3.25 3.26 3.51 1.70 1.70 1.65 1.70 1.70 1.70 1.70 1.67 1.70 1.70 1.70 1.70 2.92 2.65 2.64 2.60 2.64 2.78 2.78 2.71 2.74 2.90 2.68 2.95 3.28 3.21 3.28 3.25 3.20 3.31 3.35 3.28 3.26 3.21 3.20 3.23 2.64 2.52 1.73 1.70 2.97 2.69 3.32 3.26 2.65 2.95 2.91 2.68 2.59 2.65 2.59 1.40 Monthly figures .83 1938—January .59 February March .39 April .45 May .48 June 1.07 July .77 August .64 September ... .51 October .47 November. _. .46 December .42 .45 1939—January .65 February .76 Quarterly figures 1938—September. -. .67 1939—March .61 June .56 September... .56 December .57 1940—March June 3.71 3.39 3.04 2.88 2.75 2.87 2.60 2.49 2.48 2.48 2.48 2.56 2.57 2.52 2.53 2.57 2.49 2.60 •_ _. 2.45 1.76 1.72 1.73 1.69 2.07 2.00 2.13 2.15 2.04 1.96 2.03 2.00 2.75 3.05 3.05 2.78 2.59 2.67 2.49 3.25 3.77 3.62 3.31 3.32 3.35 3.38 1 Monthly figures are averages of weekly prevailing rates. 2 Series comprises 273-day bills to October 15, 1937, bills maturing i Averages for 1939 and quarterly figures are on revised basis and are about March 16,1938, from October 22, to December 10,1937, and 91-day therefore not strictly comparable with the earlier series of annual and bills thereafter. monthly figures. 3 Rate negative. Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripBack figures.—Bee Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures. for Treasury bills and Treasury notes available on request. BOND YIELDS * [Per cent per annum] Corporate 4 Year, month, or week Number of issues. U.S. Treasury 2 Municipal a By ratings Total Aaa Aa By groups Industrial Baa Railroad Public utility 2-6 15 120 30 40 40 1937 average. 1938 average 1939 average 2.68 2.56 2.36 3.10 2.91 2.76 3.94 4.19 3.77 3.26 3.19 3.01 3.46 3.56 3.22 4.01 4.22 3.89 5.03 5.80 4.96 3.55 3.50 3.30 4.34 5.21 4.53 3.93 3.87 3.48 1939—June July... August September.. October November.. December... 1940—January February.... March April. _. May _. June 2.13 2.16 2.21 2.65 2.60 2.46 2.35 2.30 2.32 2.25 2.25 2.38 2.39 2.63 2.65 2.75 3.29 3.08 2.69 2.56 2.54 2.60 2.58 2.56 2.81 2.85 3.71 3.66 3.67 3.95 3.83 3.70 3.69 3.63 3.60 3.58 3.54 3.65 3.72 2.92 2.89 2.93 3.25 3.15 3.00 2.94 2.88 2.86 2.84 2.82 2.93 2.96 3.13 3.08 3.11 3.49 3.35 3.16 3.14 3.08 3.05 3.04 2.99 3.08 3.10 3.86 3.83 3.80 4.05 3.94 3.78 3.74 3.69 3.68 3.65 3.59 3.65 3.70 4.91 4.84 4.85 5.00 4.88 4.85 4.92 4.86 4.83 4.80 4.74 4.94 5.11 3.23 3.18 3.21 3.57 3.43 3.25 3.21 3.14 3.12 3.09 3.05 3.20 3.25 4.47 4.42 4.41 4.58 4.51 4.44 4.47 4.39 4.37 4.37 4.33 4.46 4.57 3.42 3.39 3.40 3.70 3.57 3.41 3.38 3.35 3.33 3.29 3.24 3.30 3.33 Week ending: June 29 July 6 July 13 July 20 July 27 2.32 2.29 2.30 2.29 2.25 2.66 2.62 2.56 2.53 2.49 3.64 3.60 3.58 3.56 3.56 2.91 2.88 2.88 2.87 2.87 3.06 3.03 3.02 3.01 3.01 3.64 3.61 3.58 3.57 3.57 4.97 4.90 4.82 4.77 4.77 3.19 3.16 3.15 3.14 3.15 4.47 4.41 4.35 4.30 4.29 3.28 3.24 3.22 3.22 3.24 30 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 4, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. AUGUST 1940 801 BOND PRICES1 Year, month, or date U. S. Treasury 2 STOCK MARKET Corporate Municipal 3 Total 101.7 103.4 106.0 1937 average 1938 average 1939 average 1939—June July August September. October NovemberDecember.. 1940—January February.. March April May June June 26 July 3 July 10 July 17 July 24 109.1 108.9 108.2 101.9 102.6 104.6 106.1 106.8 106.6 107.5 107.6 105.6 105.4 Stock prices 1 Indus- Rail- Public trial road utility 60 20 20 110.3 113.7 116.3 93.4 78.9 81.6 90.1 82.9 86.0 58.6 58.0 100.4 95.3 100.9 118.6 118.3 116.5 107.1 110.7 117.5 119.9 120.2 119.1 119.7 119.8 115.3 114.6 Year, month, or date Preferred ' 81.4 81.6 81.0 80.9 82.9 83.0 82.1 82.4 82.2 82.1 82.5 79.4 78.5 86.2 86.3 85.8 85.0 86.4 87.0 86.8 87.3 87.3 87.3 87.5 85.3 84.7 56.2 56.4 55.5 59.0 61.6 60.2 58.0 58.2 57.8 57.2 58.2 53.5 52.0 101.6 102.1 101.7 98.6 100.5 101.8 101.6 101.8 101.6 101.8 101.7 99.3 98.7 Volume of trading3 (in Common (index, 1926=100) thousands of shares) Total Industrial Railroad Public utility 20 420 348 32 40 136.2 135.6 141.2 112 131 99 105 1,519 1,100 973 143. 9 143.7 142.3 136.2 137.7 140.7 141.4 143.0 142.9 141.8 142.3 138.2 133.2 101 101 101 109 113 111 108 109 107 108 109 97 85 507 821 706 2,595 1,050 907 133.9 135.1 136.9 137.9 137.6 85 87 87 20 2-6 Number of issues. 3 Number of issues _ _ 1937 average 1938 average 1939 average 1939—June July August September—. October November— December. __ 1940—January February March April 79.4 85.1 106.1 53.7 99.5 118.0 May 80.6 85.9 106.9 55.8 100.1 118.8 June 86.2 106.8 81.1 56.9 100.0 119.9 86.3 107.0 57.9 100.5 120.5 81.5 June 26 86.3 105.7 56.9 100.0 121.2 July 3 81.0 July 10 July 17 "_ _ are averages of dailyfiguresexcept for municipal bonds, July 24 87 654 740 1,131 1,651 78 81 315 283 303 236 1 Monthly data which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, 1 based on quotations from Treasury Department. Prices expressed in Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. 3 2 Prices derived from average yields, as computed by Standard StaAverage prices of industrial high-grade preferred stocks, adjusted to a tistics Co. $73annual dividend basis. Average daily volume of trading in stocks on the New York Stock Backfigures.—SeeAnnual Report .for 1937 (table 79). Figures for U. S. Exchange. Weekly figures are averages for the week ending Saturday. Treasury bonds available on request' Backfigures.—Forstock prices, see Annual Report for 1937 (table 79) • CAPITAL ISSUES [In millions of dollars] For refunding For new capital Year or month Total (new and re- Domestic (do- mestic State Federal agen- Total (do- Corporate 1939—June- July— Aug Sept.-Oct Nov Dec 1940—Jan Feb.— Mar..__ Apr May June and foreign) Total 7,619 4,038 1,751 1,063 2,160 4,699 6,214 3,937 -4, 449 -5, 839 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 funding) Domestic Total 6,912 3,095 1,197 720 1,386 1,457 1,972 2,138 -2, 360 -2, 287 6,004 2,860 1,165 708 1,386 1,409 1,949 2,094 -2, 325 -2, 237 1,434 1,235 762 483 803 855 735 712 971 931 87 75 77 64 405 150 22 157 481 924 4,483 1,551 325 161 178 404 1,192 1,225 -873 -382 2,980 1,239 305 40 144 334 839 817 807 -285 1,503 311 20 120 35 69 352 408 -67 -97 -587 590 449 180 -743 218 -335 -287 451 241 345 -250 226 -275 318 102 42 -338 89 -98 -94 104 -71 118 -122 82 -265 318 82 42 -338 89 -98 -94 104 -70 118 -122 82 234 65 56 16 42 67 68 59 58 34 58 30 70 0 203 0 10 276 0 0 0 1 6 6 3 2 -31 50 26 16 -20 -22 -31 -35 45 -31 54 -89 9 -23 40 23 14 14 15 21 -19 43 -16 31 -80 8 9 -9 3 2 -6 6 -9 -16 3 15 23 10 2 and mu- nicipal cies i For- eign 2 mestic State and mu- Federal Corporate For- eign 2 and foreign) Total 908 706 944 235 554 32 12 343 0 774 48 3,242 23 4,242 44 1,799 35 2,089 50 -3, 552 527 893 498 283 765 3,216 4,123 1,680 2,061 -3,464 53 21 87 37 136 365 382 191 129 195 0 51 93 26 317 987 353 281 665 1,537 474 821 319 219 312 1,864 3,387 1,209 1,267 -1, 732 451 789 315 187 312 1,782 3,187 856 1,236 -1, 595 23 32 4 32 0 81 200 352 31 137 179 51 56 60 9 26 119 119 28 88 312 -273 347 138 404 -130 -237 -193 347 -169 227 128 145 312 -273 332 138 403 -130 -237 -193 347 -169 227 128 145 39 18 13 8 10 13 22 26 114 49 18 20 13 21 74 18 51 235 26 19 29 22 17 17 25 29 252 -181 301 79 157 91 -196 -137 211 -104 192 83 102 249 143 292 79 157 88 -189 -102 196 -90 154 83 102 2 38 9 0 3 () 3 7 36 14 14 38 0 0 0 15 0 2 0 0 0 0 0 0 0 0 Bonds Total and Stocks notes 10 0 20 0 0 0 0 0 0 1 0 0 0 nicipal agencies i Bonds Total and Stocks notes (3) - Revised. 1 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. s Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Backfigures.—SeeAnnual Report for 1937 (table 78). 2 802 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterestbearing Interest-bearing Publicly-offered 1 Total gross debt End of month Bonds Total interest bearing 1932—June 1933—June 1934—June 1935—June 1936—June 1937—June 1938—June 19,487 22, 539 27,053 28, 701 33, 779 36, 425 37,165 19,161 22,158 26,480 1939—May June July August September. October.... November. Dec3mber_ 1940—January. __. February.. March April May June 40, 282 40,440 40, 661 40,891 40,858 41,036 41, 305 41,942 42,110 42, 365 42, 540 42, 658 42, 808 42, 968 39, 751 39, 886 40,114 40, 351 40,342 40, 526 40,807 41,445 41, 601 41,839 41,983 42,117 42, 253 42, 376 Total Prewar 6 Treas- 753 753 753 753 79 79 79 18, 816 621, 782 26,006 27, 645 26,910 31,297 35,800 33, 734 36, 576 33,463 6 35, 680 35, 715 35, 798 35,862 35, 886 36, 026 36,123 36,826 36, 957 37,097 37,127 37, 236 37, 285 37, 223 13,460 13,417 15, 679 14,019 17,168 19,936 21, 846 25, 218 25, 218 25, 218 25, 218 25, 218 25, 218 25, 218 26,881 26, 897 26, 908 26, 908 26,908 26, 555 AdSocial justed seservice curity 3 issues issues4 Notes Bills 62 316 800 1,238 1,261 4,548 6,653 10,023 11,381 10,617 9,147 616 954 1,404 2,053 2,354 2,303 1,154 105 92 118 156 1,071 1,806 1,868 1,949 2,015 2,051 2,092 2,140 2,209 2,473 2,610 2,707 2, 818 2,869 2,905 7,270 7,243 7,243 7,243 7,232 7,232 7,232 6,203 6,203 6,203 6,125 6,125 6,125 6,383 1,308 1,308 1,309 1,307 1,306 1,405 1,454 1,455 1,307 1,308 1,309 1,306 1,304 1,302 825 839 833 829 795 791 791 789 787 785 784 782 780 797 U. S. savings All others 240 284 356 580 601 560 644 2,442 2,511 2,542 2,722 2,746 2,796 2,981 3,021 3,049 3,152 3,269 3,282 3,363 3,528 60 66 54 231 169 119 141 266 315 518 825 620 506 447 805 820 941 938 915 912 911 809 807 805 803 816 824 19 579 1,601 Matured debt 117 142 140 133 112 109 414 411 408 406 404 401 400 398 395 394 392 391 389 386 114 132 165 150 166 205 Other 1 2 3 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. Includes Liberty bonds. Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to.the adjusted service fund. 4 Includes special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000, 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, JUNE 3 0 , 1 9 4 0 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES * [In millions of dollars] [In millions of dollars] Maturing Bonds Date maturing or callable Total Bills Notes U. S. Savings 1940—Before Oct. 1 Oct 1941—Jan Apr. July Oct 1942 1943 1944. 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1958 1959 1960 1961 1963 1965 Bonds callable i 1,302 737 677 504 834 204 1,001 1,873 1,214 2,834 1,853 2,797 1,987 1,647 1,240 1,223 2 436 2,904 2,663 755 489 1-Dec 31 1-Mar 31 1-June 30 1-Sept. 30 1-Dec. 31 982 - 2,611 50 919 1,485 Other 1,302 737 677 504 834 204 1,001 1,328 1,214 718 545 174~ 318 415 500 829 3 668 ~1,~941~ 1,534 2,383 1,487 819 571 1,223 2,436 2,904 2,663 755 489 982 2,611 50 919 1,485 End of month Total ReconComU.S. Federal Home Farm Owners' struction modity HousLoan Mortgage Finance Credit ing Corpora- Corpora- Corpora- Corpora- Authortion 2 tion tion tion ity 1934—June. _ Dec... 1935—June__ Dec. _ 1936—June_ Dec. 545 1937 June Dec... 834 1938—June.. Dec... 681 3,063 4,123 4,494 4,718 4,662 4,665 4,645 4,853 4,992 312 980 1,226 1,387 1,422 1,422 1,422 1,410 1,410 1,388 134 1,834 2,647 2,855 3,044 2,988 2,987 2,937 2,937 2,888 249 250 252 252 252 255 297 299 509 206 206 1939—Mar. _ Apr.__ May__ June _ July.. Aug. _ Sept.. Oct.__ Nov. _ Dec._. 1940—Jan... Feb._. Mar. 2,611 Apr. 982 May.. 919 June 5,410 5,410 5,409 5,450 5,480 5,583 5,455 5,448 5,707 5,703 5,699 5,673 5,663 5,656 5,535 5,528 1,381 1,380 1,379 1,379 1,379 1,379 1,279 1,279 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 2,888 2,888 2,888 2,928 2,958 2,858 2,830 2,823 2,817 2,813 2,809 2,783 2,770 2,763 2,641 2,634 819 819 820 820 820 820 820 820 1,096 1,096 1,096 1,096 1,096 1,096 1,096 1,096 206 206 206 206 206 409 409 409 407 407 407 407 407 407 407 407 1,855 2,555 1,755 2,359 1,473 2,246 2,278 1,186 3,500 235 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 1,485 50 1 Principal amount of obligations guaranteed as to interest amI principal. Excludes obligations held by U. S. Treasury and reflecte d in the public debt. The total includes guaranteed debentures of the Federal 1,302 6,383 2,905 26, 633 26,633 Housing Administrator, amounting to $7,500,000 on June 30, 194 Total 37,223 2 Excludes obligations guaranteed as to interest only. For Aug ust 1939 i Excludes XJ. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented f()r retire000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $31,000,000 on June 30, 1940. 2 Includes unclassified U. S. savings bonds. AUGUST 1940 803 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Expenditures 1 Receipts General Period Total MiscelSocial laneIn- secur- ous All come inter- other ity taxes taxes 2 nal revenue All other Re-, covery and relief National Total Inter- deest on fense and debt Vet- Trust Increase or decrease during acperiod counts, etc. • Excess excess of re- of receipts ceipts Re- Trans- (+)or (+)or volv- fers to exexing trust pendifunds accts., tures pendi- General Gross tures fund (net) * etc. » balance8 debt erans' Adm.3 Fiscal year ending: June 1937 June 1938. June 1939 June 1940 1939—May.. June July ..._ August.. September.-. October November. __ December 1940—January February March April May June 5,294 6,242 5,668 5,925 2,163 2,640 2,189 2,125 253 755 740 838 2,181 2,279 2,232 2,345 697 567 507 617 8,442 7,626 9,210 9,537 866 926 941 1,041 1,436 1,556 1,627 2,037 1,994 2,178 2,761 3,257 3,073 2,238 3,105 2,401 204 121 92 54 868 607 685 747 -3,149 -1,384 -3,542 - 3 , 612 397 613 308 420 719 322 407 569 315 444 934 304 400 784 43 356 42 38 329 38 34 319 45 63 665 48 40 464 124 25 36 119 27 36 130 29 45 178 30 39 137 32 187 192 187 217 311 198 191 171 167 154 192 175 179 201 42 39 43 46 52 50 52 50 57 49 46 42 43 88 744 951 807 822 784 764 691 880 712 668 956 783 647 1,022 10 272 15 18 151 68 12 190 38 19 146 69 10 305 136 140 145 152 147 154 157 164 173 169 184 202 196 195 279 223 259 254 261 305 282 275 317 299 276 279 237 214 262 252 220 321 170 175 182 194 185 168 210 207 199 170 7 8 1 11 5 9 5 71 4 4 6 6 1 3 50 56 167 66 50 53 53 58 -348 -339 -499 -402 -65 -442 -284 -311 -398 -224 -22 -479 -247 -238 Net expenditures in checking accounts of Government agencies Unemployment trust fund Period ReconComInOther struction modity In- Bene- ReAll Refit Credit other vest- pay- ceipts vest- expen- Finance ceipts ments ments ditures « Corpora- Corporaments tion tion Fiscal year ending: June 1937 June 1938_ _ June 1939.. June 1940 267 550 639 704 267 461 516 573 1939—May ._.. June... July _ August. _ September. _. October November. __ December 1940—January February March April May June 50 85 65 66 50 53 53 58 10 10 135 20 4 180 40 83 45 51 43 43 43 43 135 ' 5 85 120 129 294 763 838 959 11 11 10 10 10 10 10 10 10 10 11 12 12 12 137 32 58 154 13 54 144 29 79 155 30 53 145 46 (10) 560 395 443 108 '13 ' 14 129 M9 7 142 73 28 103 M8 18 81 7 11 1 191 442 514 ' 658 7 234 32 41 42 41 40 24 29 32 58 45 47 45 58 54 16 29 22 15 7 297 7 5 7 20 75 2 73 7 6 17 +9 +95 -113 -44 +46 -1 +267 -16 +37 +36 +11 +58 -83 -61 -128 +2,646 -338 +740 +622 +3, 275 -947 +2,528 -119 -86 -391 -216 -53 -264 +252 +311 -194 +67 +164 -303 -181 -139 +219 +158 +222 +230 -34 +178 +269 +637 +167 +256 +175 +118 +150 +160 Details of general fund balance (end of period) Details of trust accounts, etc. Old-age insurance trust; fund and railroad retirement account 10 135 20 4 136 +374 +306 +890 +137 All other, excess of receipts (+)or Total expenditures (-) 9 7 112 7 184 136 10 127 7 11 7 246 183 +60 +87 +116 +92 2,553 2,216 2,838 1,891 74 (7) (10) 6 7 8f> 12 72 144 96 7 74 4 7 19 10 7 11 +23 +11 +13 +5 +10 +15 +6 -4 +7 +18 +7 +21 +3 2,924 2,838 2,447 2,231 2,178 1,913 2,166 2,476 2,282 2,350 2,514 2,210 2,030 1,891 5 19 27 11 76 73 74 74 (7) (10) 45 74 7 12 7 25 90 7 16 -10 InWorkIncreing active ment Seign- baliorage gold on ance gold 1,087 141 142 142 143 356 446 536 585 970 1,628 2,160 1,163 142 142 142 142 142 143 143 143 143 143 143 143 143 143 528 536 544 549 554 558 561 565 568 573 577 581 584 585 2,254 2,160 1,761 1,539 1,481 1,213 1,462 1,768 1,571 1,634 1,794 1,486 1,303 1,163 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 4 Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age insurance trust fund and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 6 7 Details given in lower section of table. Excess of credits. 8 Includes withdrawals by states and railroad unemployment insurance account transfers and benefit payments. 9 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 10 Less than $500,000. 804 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 3 1 , 1940 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Reconstruction Finance Corporation and Public Works Administration Home mortgage and housing agencies Total Farm credit agencies Tennessee United Other ValHome Other States Farm Farm Comley Owners' mort- Hous- mort- Credit modity Augage ing Loan Adm. Credit Other thorgage Au- agen- banks CorpoCorpo- agenity cies thority cies and cor- ration ration porations Insurance Other May Apr. M a y agen30, 31, 31, cies 1940 1940 1939 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 obligations Obligations of Government credit agencies: Fully guaranteed by U. S. Other 5 184 471 485 203 138 34 2,017 221 1,604 36 48 296 647 371 49 170 647 1 0) 2,220 89 4 393 68 41 42 2 8 3 443 1 1,764 2,767 1,096 2,641 127 86 134 40 0) Total assets other than interagency 6 5 348 2,355 2,553 1,147 1,183 384 15 4 8,922 8,930 8,511 538 461 553 708 762 760 116 116 53 4 2,553 95 86 14 8 23 Accounts and other receivables Business property Property held for sale Other assets.. 386 784 515 2,553 1 2 464 6 2 128 (5)3 205 6 99 8 11 35 5 0) 0) 3 198 371 569 16 4 8 64 31 404 105 0) 410 788 521 434 863 501 1 30 64 75 2,347 2,325 2,560 2,671 776 1,145 941 1,160 131 46 417 559 608 179 131 46 421 558 610 167 142 45 377 476 713 191 64 1 22 12 63 94 1 149 333 703 710 12, 085 12,176 11, 703 8 36 8 6 318 0) 0) 0) 523 303 3,056 644 114 5 1,270 6 977 97 204 8 185 193 7 7 2 226 11 65 5,535 5,657 5,410 1,337 1,327 1,382 790 1,039 1,069 C1) 6 692 591 0) Liabilities Bonds, notes, and debentures: Guaranteed by United States... Other 5 Other liabilities (including reserves). Total liabilities other than interagency 6 . 407 1,223 2,727 174 120 2,344 213 592 193 15 236 76 7,912 8,053 7,581 Excess of assets over liabilities, excluding interagency transactions.. Privately owned interests 541 40 349 53 183 712 208 431 4 100 398 318 468 139 634 4,174 4,122 4,122 389 403 404 U. S. Government interests 541 40 296 183 503 427 100 398 318 329 634 3,770 3,719 3,732 1 Less than $500,000. 2 Includes $92,000,000 loans of Public Works Administration. Includes $303,000,000 loans of Farm Security Administration. Includes $215,000,000 loans of Rural Electrification Administration. Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. 3 4 5 6 RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] J u n e 30, 1939 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 Loans to drainage, levee, and irrigation districts Other loans Securities purchased from Public Works Administration. _. 183, 943 33, 444 529, 270 439,199 44, 683 117,079 83,109 27, 393 116, 577 Total loans and investments, other than interagency. 1, 574, 697 Preferred stock of Export-Import bank Loans to Rural Electrification Administration Capital stock of, and loans to R. F. C. Mortgage Co Capital stock of, and loans to Fed. Natl. Mtge. Assn Loans to Tennessee Valley Authority Total loans and investments 45,000 146, 498 57,094 37-, 996 8,300 Dec. 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, M a y 31, 1940 1940 1940 1940 1940 1939 172,154 33,029 488,673 448, 792 79,440 130,625 83,998 4,081 120,808 166,799 32,319 484,211 454,194 65,873 130,378 83,814 4,093 117,876 162,852 29,994 476,395 458,841 66,501 131, 919 83,874 4,180 117,603 159,353 29,840 472, 345 467,887 66,753 130,704 83, 966 4,260 114,066 155,651 29,749 474,475 471,747 58, 578 130,466 83,723 4,235 112,743 154,163 29,685 471,072 466,093 61,273 130, 566 83,740 4,631 111, 323 J u n e 30, 1940 150, 468 56, 952 469, 674 475,856 48,105 130, 732 83, 596 4,677 111, 065 1, 561, 599 1, 539, 557 1, 532,160 1, 529,174 1, 521, 365 1, 512, 546 1, 531,124 45,000 146,498 57, 081 58, 729 8,300 45,000 146,498 58,045 63, 233 8,300 1, 869, 585 1,877, 207 1,860,632 74,000 146,498 58,124 65,806 8,300 74,000 146,498 59,198 68,616 8,300 74,000 146,498 59,355 70,385 8,300 74,000 146,498 59,484 71,846 74,000 146, 498 59,050 73,863 8,300 1,885, 786 1,879,903 1,872,673 1, 892, 835 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. AUGUST 1940 805 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate credit bank loans to and discounts for— Farm mortgage loans by- End of month Regional agricultural Other credit cor- financing Land porations, instituFederal Bank tions, land banks Commis- production credit asexcept sioner sociations, cooperaand banks tives for cooperatives 1 Loans to cooperatives b y - Produc- Regional Emertion credit agriculgency associa- tural cred- crop and it corpo- drought tions rations loans Federal intermediate credit banks Banks for Agriculcoopertural atives, Marketincluding ing Act Central revolvBank ing fund 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1,915, 792 2,071,925 2,064,158 2,035,307 1,982, 224 616,825 794, 726 836, 779 812, 749 752,851 99,675 104,706 129,872 165,194 168,392 55,672 47,162 41,017 40,464 33,545 60,852 94,096 105, 212 138,169 148,037 87,102 43,400 25, 288 15, 592 11,081 111,238 172,863 165,369 172, 701 171,489 33,969 2,731 1,641 1,813 920 27,851 50,013 69, 647 87, 633 87,496 54,863 44,433 53, 754 30,982 23, 723 1939—June July August September October November. December. 1940—January... February.. March April May June 1,940, 586 1,934,013 1,928,166 1,922, 577 1.916,431 1,910,336 1,904,655 1, 900,408 1,896, 507 1.890,432 1,886,272 1,882, 516 1,880,408 717,622 712,823 708,426 703,840 699,274 695,101 690,880 687,191 683, 694 677, 717 673,696 670, 723 668,850 190,359 189,044 187,968 179, 674 169, 731 165,368 165, 236 161, 753 165,106 176,007 185, 373 190,961 196,408 39, 794 40,657 41, 661 37,645 33,996 33,417 33,354 33, 620 34, 738 36, 326 37,921 38,377 40,033 187, 712 187,844 185, 215 174,032 162, 703 156, 526 154,496 153,949 160,003 173,840 10,235 10,003 9,599 9,127 8,351 8,042 8,005 7,904 7,926 7,888 7,904 7,845 7,768 180,166 179,356 178,271 175, 667 171, 819 169,460 168, 330 167,957 170,020 176,045 179,801 180,938 181, 218 359 263 127 778 1,493 1,696 1,835 1,756 2,002 1,754 1,603 1,315 897 59, 577 62,124 61,404 65,160 70,422 73,120 76,252 73, 238 71, 772 69, 311 67,454 63, 564 62,177 22, 592 22,189 22,422 21, 663 21, 582 20, 589 20, 547 20,427 20,038 19, 763 18, 537 18,137 18, 200 186, 276 194,662 200,415 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— Federal savings and loan associations End of month 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. Home Owners' Loan Cor- Number poration of associations 2,379,491 2,897,162 2, 765,098 2,397, 647 2,168,920 Loans 1 81, 300 639 1,023 348,000 1,212 586, 700 1,328 853, 500 1,368 1,034,162 Federal home loan bank loans to member institutions 2 86, 651 102, 791 145, 394 200,092 198,840 End of month 1935—June.. 1936—June.. 1937—June.. 1938—June_. U. S. Government Depossecurities Cash Cash itors rebal- 1 in deDi- Guar- serve ances Total posianrect teed funds, tory banks Total obli- obli- etc. 2 gagations tions 1,205 1,232 1,268 1,252 1,236 1,265 1,307 1,290 777 967 203 136 1,100 115 1,103 630 800 933 147 167 167 167 74 95 71 72 75 146 1939—May 1,261 1,305 73 1,157 1,011 79 170,614 146 1,262 1,304 June 68 1,157 1,011 80 161, 614 146 1,268 1, 310 July 58 1,172 1,026 84 157,176 146 1,271 1,314 56 1,174 1,028 August 70 157,911 146 1,267 1,307 55 1,182 1,036 September 75 168, 962 146 1,270 1,311 54 1,182 1,036 October 80 161, 537 146 1,274 1,317 54 1, 182 1,036 November 74 159,470 146 1,279 1,319 53 1,192 1,046 December 84 163, 687 1940—January 146 1,290 1,331 50 1,197 1,051 97 168, 654 146 1,297 1,340 48 1,194 1,048 February 97 168, 822 146 1,301 1,343 45 1,200 1,054 March 181, 313 l 303 April 156, 788 May l, 298 144,515 l, 293 June 137, 642 133,811 137, 509 p Preliminary. 1 157,397 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 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—See BULLETIN for August 1935, p. 502. 1939—February.. March April May June July August September October November. December. 1940—January. _. February.. March April May June 806 2,134, 261 2,117, 598 2,105,824 2,091, 324 2,080, 512 2,067,844 2,059, 792 2,054,865 2,049,421 2,043, 288 2,038,186 2,031, 341 2,026, 614 2,021,951 2,020, 572 2,017, 395 2,012, 760 1,375 1,375 1,381 1,383 1,386 1,385 1,392 1,394 1,394 1,401 1,410 1,403 1,407 1,413 1,420 1,421 1,430 1, 051,109 1,067,887 1,089, 879 1,117, 228 1,136, 289 1,157, 536 1,186, 784 1, 206, 887 1, 231, 685 1, 252, 559 1, 271,161 1, 280, 200 1, 296,464 1, 317, 975 1, 348,072 1, 376, 700 1,405,100 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production (physical volume)1* Year and month Manufactures Total Construction contracts awarded (value)2 Factory employment3 Minerals Residential Total All other Factory payrolls Freight-car Department loadings 4 * store sales (value) Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Unad Ad- Unad Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justec justed 1919 1920. . 1921 1922. . 1923 1924 1925 1926. _ 1927 1928 1929 1930 . 1931 1932 1933..._ 1934 1935. . 1936 1937 1938 1939 83 87 67 85 101 95 104 108 106 111 119 96 81 64 76 79 90 105 110 86 105 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 105 116 98 108 84 87 67 86 101 94 105 108 106 112 119 95 80 63 75 78 90 105 109 84 105 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 107 107 82 91 104 96 100 102 100 100 106 92 78 66 73 86 91 99 109 90 97 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 84 91 78 85 100 98 103 107 104 104 107 92 74 55 58 62 64 75 78 62 70 98 117 76 81 103 96 101 104 102 104 110 89 68 47 50 65 74 86 103 78 91 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 90 1937 May June July.... Aug Sept Oct Nov Dec 118 114 114 117 111 102 88 84 122 115 111 115 109 102 90 80 118 114 114 117 110 100 85 79 123 114 110 114 106 99 86 75 117 115 112 113 116 113 109 115 118 118 116 121 125 123 113 109 56 61 67 62 56 52 56 61 68 72 75 66 56 49 50 49 44 42 44 40 37 36 32 30 52 47 45 40 37 35 31 25 66 77 86 81 71 65 76 87 81 92 99 87 72 61 65 68 112 111 112 112 110 108 104 98 112 110 111 112 112 110 104 97 110 108 105 109 105 105 93 85 80 78 80 79 78 76 71 67 80 79 82 81 87 84 72 62 93 93 92 93 94 93 91 89 95 90 65 72 100 103 101 156 81 79 79 77 76 77 83 88 90 96 103 104 79 79 80 78 77 77 81 87 91 97 104 98 76 75 75 73 73 74 82 87 89 95 103 104 75 76 77 76 75 75 79 85 89 95 103 98 108 103 104 100 92 93 93 95 97 98 102 110 104 99 96 91 90 92 93 97 102 106 105 103 52 51 46 52 51 54 59 66 78 82 96 96 42 44 46 59 61 63 65 69 79 78 85 77 26 32 33 37 37 42 49 53 56 57 56 57 22 28 35 43 44 46 49 52 56 56 54 48 73 66 56 65 62 64 68 77 96 102 128 128 59 56 55 73 76 76 78 84 97 96 111 100 93 92 90 88 86 85 86 88 89 90 93 94 91 91 91 89 86 84 85 89 92 92 93 94 75 78 78 75 73 71 71 77 82 84 84 87 65 62 60 57 58 58 61 62 64 68 69 69 59 57 57 55 57 58 62 63 71 75 70 64 90 88 86 83 78 82 83 83 86 84 89 89 70 70 77 86 80 79 58 65 91 92 99 156 102 99 98 92 92 98 101 103 111 121 124 128 100 99 100 95 94 98 97 99 112 124 124 120 100 97 96 92 91 97 100 105 111 121 124 130 99 99 100 96 94 97 95 99 110 123 123 121 110 110 110 94 98 104 106 91 114 121 124 120 105 105 102 87 97 105 107 96 123 132 127 113 86 73 69 67 63 63 67 73 73 76 83 86 70 63 69 76 75 73 73 76 73 72 74 69 55 58 55 58 55 58 62 67 68 68 61 60 45 51 58 68 65 64 63 66 68 66 59 51 111 85 80 74 68 67 71 78 76 82 101 107 90 72 79 83 84 80 81 84 77 77 87 84 95 94 94 94 93 94 95 96 98 101 103 105 92 94 94 94 93 93 94 96 100 104 104 104 84 86 88 86 85 87 84 90 94 102 102 104 69 67 66 60 62 67 69 70 77 80 82 78 63 62 63 58 62 67 70 71 85 89 83 73 88 87 88 88 85 86 86 89 91 90 95 96 69 69 82 88 87 83 60 69 97 99 106 168 116 125 110 120 105 121 103 123 107 121 P113 P121 120 115 112 111 120 P124 75 63 62 64 64 61 54 63 73 78 ^82 53 56 57 62 64 44 50 60 73 75 93 68 66 66 65 P73 75 58 65 74 79 104 102 100 99 99 P101 101 101 101 100 99 P100 98 98 98 96 96 78 73 69 70 72 75 72 68 67 67 71 75 92 89 89 89 87 93 71 71 86 86 89 87 1QOQ Jan Feb Mar April... May June July.... Aug Sept.... Oct Nov Dec 1939 Jan Feb Mar April May June. _ July..., Aug Sept..... Oct Nov Dec 1940 Jan Feb Mar April... May June 119 109 104 102 106 P114 117 118 110 108 106 101 104 98 109 103 P115 P113 •PS7 p Preliminary. * Average per working day. * This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production shown on pages 764-765 and described on pages 753-771 in this BULLETIN. 2 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 3 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by Federal Reserve Board of Governors see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 810-813. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 815. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887. AUGUST 1940 807 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1923-25 average=100] 1940 1939 Industry Oct. Nov. Feb. Mar. Apr. June July 91 71 108 97 82 110 100 89 110 105 93 115 Ill 103 118 121 123 119 124 130 118 130 141 120 118 123 114 108 104 111 101 94 107 98 90 106 Iron and Steel Pig iron Steel ingots 73 55 75 89 73 91 101 81 103 106 91 107 122 101 158 119 162 168 125 174 126 172 179 144 119 146 112 102 113 97 91 124 97 Transportation Equipment: Automobiles _ Locomotives 73 15 81 15 87 15 89 19 85 23 78 24 90 20 127 18 128 19 127 21 110 24 102 89 82 93 90 70 87 91 68 09 03 71 97 98 71 95 110 70 119 165 181 117 83 121 78 114 87 140 116 75 89 79 124 82 87 76 121 78 165 71 87 222 191 232 200 165 164 77 2 103 5 110 6 120 6 130 7 143 23 147 29 148 26 148 17 132 11 127 10 129 8 136 10 146 Textiles Cotton consumption Wool Consumption Machinery activity l... Carpet and rug loom activity. 1 Silk deliveries 104 110 105 120 98 73 76 111 117 114 136 105 64 84 120 128 123 150 103 79 87 121 129 118 138 103 84 107 125 126 123 114 108 98 95 98 *103 129 125 138 120 135 128 140 129 130 108 114 109 125 99 103 99 117 81 89 70 113 76 80 69 94 120 85 72 86 74 86 63 78 66 78 64 116 88 98 82 92 96 145 116 124 120 Leather and Products Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes ._ 115 93 91 89 103 128 111 116 116 138 106 70 84 110 91 88 91 102 121 115 88 89 69 106 133 118 98 106 73 102 131 105 87 93 71 87 117 109 93 98 73 103 119 115 98 103 83 99 126 121 95 102 85 87 138 120 99 98 94 107 133 116 93 96 81 95 132 106 84 86 71 90 120 101 82 80 72 '98 113 103 85 84 75 97 115 P112 Food Products: Slaughtering and meat packing Hogs Cattle _ Calves Sheep Wheat flour Sugar meltings . _ .. 94 84 104 108 142 95 72 87 73 103 104 143 100 66 89 77 102 92 84 100 104 139 88 77 100 95 102 99 99 95 100 100 94 100 95 102 100 95 105 99 94 103 103 96 109 100 96 102 98 93 101 111 146 103 110 144 91 110 154 82 100 147 91 108 158 90 102 145 92 105 139 94 106 144 95 106 145 92 91 85 128 105 79 74 75 78 105 146 95 76 Tobacco Products Cigars.__ Cigarettes „ . Manufactured tobacco 170 75 246 85 170 75 247 84 158 164 166 172 186 167 170 160 176 76 235 85 75 240 83 74 250 87 181 73 227 80 168 76 241 89 79 273 89 83 239 74 77 247 79 186 71 279 82 65 127 63 132 126 63 130 142 137 69 142 Petroleum Refining Gasoline * Kerosene Fuel oil i Lubricating oil J 211 269 124 143 119 215 276 122 144 121 212 218 280 123 140 128 221 284 118 148 123 Rubber Tires and Tubes * Tires, pneumatic 1 .. Inner tubes 1 . _. _. 103 108 67 114 120 76 113 118 74 122 127 81 98 104 106 71 59 170 67 90 70 107 75 53 174 74 91 68 70 Nonferrous Metals: Tin deliveries 1 . . . Zinc Lead Cement and Glass: Cement Glass, plate Coke: Byproduct Beehive _ . . Paper and Printing: Newsprint production Newsprint consumption . Minerals—Total Bituminous coal _ Anthracite ... Petroleum, crude Iron ore.. . . . Zinc . . . . . Lead Silver _ _ . . 46 73 175 65 89 82 71 107 145 96 81 63 273 117 139 115 96 87 91 Dec. Jan. June Manufactures—Total Durable Nondurable Aug. Sept. May 96 99.. 99 95 80 78 May 103 98 108 P113 P116 P110 92 90 109 101 92 110 145 116 148 105 27 96 96 136 147 115 82 115 60 135 111 72 147 112 64 84 85 136 130 82 136 75 229 79 76 267 85 68 55 73 259 83 16 118 P97 P113 P88 P64 59 P101 65 64 68 69 68 68 131 140 129 132 136 133 141 232 228 221 214 217 217 219 293 109 150 141 280 108 150 145 265 106 162 138 268 125 159 139 268 136 157 139 273 131 153 142 219 296 118 155 149 125 130 85 125 130 89 118 122 84 110 115 114 119 117 123 72 76 78 118 123 79 118 123 82 125 130 84 126 131 82 91 114 121 124 120 125 120 121 123 121 P121 77 63 127 78 93 71 79 84 94 58 181 128 110 70 91 91 60 187 154 117 83 91 83 59 189 91 75 189 87 51 190 79 66 194 92 54 192 121 78 105 114 87 89 116 78 103 115 82 98 115 60 116 91 57 187 110 111 72 111 65 71 174 97 98 71 104 63 64 273 139 149 140 P86 P75 P185 119 112 64 1 r Without seasonal adjustment. * Preliminary. > Revised. NOTE.—This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production described on pages 753-771 in this BULLETIN. 808 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1923-25 average= 100] 1939 1940 Industry Jan. Feb. Mar. May June July Aug. Sept. Oct. Nov. 94 78 107 97 85 108 95 84 106 99 86 111 110 100 119 123 123 122 123 126 122 121 129 114 116 117 116 110 104 114 105 102 108 103 99 106 107 107 108 *113 z>119 P108 Iron and Steel Pig iron _ Steel ingots 79 56 82 89 72 91 94 77 96 104 87 105 121 98 123 153 119 157 155 126 158 153 124 156 138 118 140 117 104 118 109 96 110 102 95 102 119 103 120 145 115 148 Transportation Equipment: Automobiles Locomotives 88 15 91 14 66 15 28 20 59 24 93 24 108 22 142 19 128 17 127 21 128 25 128 24 116 109 Nonferrous Metals: Tin deliveries Zinc Lead 102 90 80 93 87 71 87 84 65 99 87 68 97 93 67 95 106 72 119 117 86 165 123 79 181 121 88 140 124 81 136 122 83 147 120 60 135 112 70 147 108 65 Cement and Glass: Cement Glass, plate 88 93 98 112 100 78 98 121 98 165 99 222 90 191 75 232 49 200 43 165 63 172 82 149 100 136 102 123 76 2 101 5 107 4 116 4 128 7 143 22 150 30 150 29 149 20 136 14 131 12 130 9 134 9 143 14 104 114 100 111 98 73 75 105 111 109 124 105 70 75 103 106 106 121 105 64 80 112 115 118 139 103 79 91 121 125 122 145 103 84 113 129 133 132 151 120 94 120 131 140 135 153 129 92 98 117 133 116 125 120 85 64 119 137 110 118 109 86 84 114 134 104 112 99 86 67 101 122 82 91 70 78 63 98 121 75 77 69 78 64 99 119 84 90 82 68 54 P101 106 88 87 85 96 117 105 90 86 88 102 115 114 88 86 81 98 130 131 100 104 88 100 151 121 92 97 82 91 140 133 110 96 102 79 97 120 103 92 99 73 94 109 111 95 99 78 102 121 118 96 103 74 98 133 109 83 87 63 91 126 99 80 80 65 '97 111 95 80 79 71 90 104 92 81 101 122 139 86 76 96 108 140 88 78 84 69 101 104 145 94 98 80 64 98 96 140 94 86 91 71 114 107 170 122 102 97 84 111 116 158 102 87 111 110 108 112 152 89 66 118 129 100 95 144 87 73 119 127 103 100 160 89 69 102 106 92 94 136 89 77 94 94 89 106 126 88 87 92 86 96 115 135 86 87 97 92 99 87 87 98 96 95 109 143 84 91 78 248 85 186 81 272 86 171 76 249 80 180 80 261 91 181 87 259 93 179 92 252 86 175 88 247 85 151 59 224 73 158 64 234 75 155 66 225 80 152 68 218 80 166 71 243 81 178 75 261 84 204 77 307 84 Paper and Printing: Newsprint production Newsprint consumption 66 131 64 131 62 112 61 116 64 139 63 146 63 140 65 144 65 124 68 131 68 142 69 143 69 146 70 141 Petroleum Refining Gasoline Kerosene Fuel oil Lubricating oil 211 269 119 143 119 215 276 113 144 121 211 273 108 139 115 217 280 116 140 128 221 284 121 148 123 233 296 124 155 149 229 293 117 150 141 222 280 117 160 145 214 265 108 162 138 217 268 128 159 139 217 268 132 157 139 219 273 130 153 142 218 273 134 149 140 Rubber Tires and Tubes Tires, pneumatic .--__ _ _ Inner tubes 103 108 67 114 120 76 113 118 74 122 127 81 125 130 85 125 130 89 118 122 84 110 115 72 114 119 76 117 123 78 118 123 79 118 123 82 125 130 97 105 107 96 123 132 127 113 120 115 112 111 40 73 177 82 90 80 69 63 173 132 87 71 105 68 44 178 150 84 65 59 76 53 129 159 87 68 78 90 72 179 187 93 67 98 104 74 183 218 106 72 90 102 62 185 129 117 86 98 88 58 184 101 81 181 92 54 186 79 55 192 77 56 192 123 79 106 121 88 90 124 81 111 122 83 106 120 60 117 Manufactures—Total Durable Nondurable Dec. Apr. May June __ Textiles Cotton consumption WoolConsumption Machinery activity Carpet and rug loom activitySilk deliveries Leather and Products Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes 120 DOOO Byproduct Beehive Food Products: CS) IT- Tobacco Products Cigars Cigarettes Manufactured tobacco. _ _ Minerals—TotaL. _ Bituminous coal Anthracite Petroleum, crude Iron oreZinc Lead Silver OrH OSCO Slaughtering and meat packing Hogs Cattle Calves__ _ Sheep Wheat flour Sugar meltings __ s:o Coke: 84 114 j,gg P64 53 #107 126 131 82 120 79 189 57 166 112 70 108 z>66 #188 234 108 65 r P Preliminary. Revised. NOTE.—This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production described on pages 753-771 in this BULLETIN. AUGUST 1940 809 FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census cf Manufactures through 1937. 1923-25 average=100] 1940 1939 Industry and group May Durable goods Nondurable goods _ Iron, Steel, Products Blast furnaces, steel works Bolts, nuts, washers, rivets Cast-iron pipe ; Cutlery, edge tools Forgings .» _. Hardware Plumbers' supplies Stamped enameled ware Steam, hot-water heating Stoves. Structural, ornamental Tin cans, tinware _. . Tools ... Wirework Machinery Agricultural implements. _. Cash registers, etc. Electrical machinery Engines, turbines, etc. Foundry, machine-shop products Machine tools . Radios, phonographs . Textile machinery Typewriters Transportation Equipment Aircraft Automobiles . steam-railroad Cars, electric-, . Locomotives Shipbuilding Lumber, Products . Furniture Lumber, mill work. Lumber, sawmills Stone, Clay, Glass Products Brick, tile, terra cotta Cement . Glass Marble, granite, slate Pottery Fabrics .. Carpets, rugs Cotton goods . Cotton small wares ._ Dyeing, finishing textiles Hats, fur-felt Hosiery Knitted outerwear . Knitted underwear. _ Knitted cloth Silk, rayon goods . Woolen, worsted goods Wearing apparel . Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings Millinery 8hirts, collars 810 94.3 83.9 104.2 95.3 84.7 105.3 95.9 85.3 105.9 90.3 96 93 71 91 54 72 76 147 75 86 66 95 84 135 90.6 92.5 97 98 73 94 56 78 78 157 79 88 94 93 73 86 55 80 75 142 74 85 67 95 84 142 94.4 95.4 96 94 72 91 56 70 77 147 78 89 67 95 81 128 96.1 119 126 86 93 118 128 87 95 115 127 87 95 121 122 75 126 131 77 122 81 140 75 126 83 144 83 149 Aug. 69 98 85 121 97.3 121 125 88 97 85 146 126 78 119 87.2 88.9 90.0 88.3 1,169 1,267 1,385 1,414 89 89 90 88 34 33 32 31 21 25 28 29 118 127 128 92.8 145 94.6 153 104 84 90 ._ Textiles, Products 93.3 82.9 103.3 92.8 142 Nonferrous Metals, Products Brass, bronze, copper Clocks, watches Jewelry .. Lighting equipment Silverware, plated ware Smelting, refining... July 89.6 Total June 105 82 91 106 84 94 76 68 77 73 68 77 125 85 91 85 89 84 88 96.4 105.9 110.8 112.1 110.4 107.0 87 93 86 93 85 91 101 102 74 97 122 118 79 107 70 106 83 166 124 120 79 109 72 106 85 166 Jan. 122 117 75 107 72 104 83 160 Feb. 117 113 78 103 71 101 81 161 110 112 76 101 67 98 81 158 Apr. 71 98 93 158 71 97 92 156 115 104 75 102 66 94 83 152 85 91 73 100 91 153 113.3 113.4 113.4 115.0 136 128 102 132 133 128 102 134 136 128 101 142 136 130 103 152 107 108 75 102 67 97 82 155 109 105 76 101 66 95 82 153 80 159 115 113 77 102 66 99 81 162 84 90 86 91 71 97 87 149 76 103 91 164 76 103 94 171 76 100 96 176 75 101 96 172 75 100 96 162 72 99 93 161 105.7 110.6 112.9 113.4 113.6 125 126 97 108 128 127 100 116 133 127 103 133 98 197 137 128 102 134 91 170 95 183 131 129 103 124 98 204 97 209 97 215 96 220 145 81 123 160 85 125 153 86 125 144 86 123 144 85 119 145 85 153 84 114 155 82 113 112.6 101.3 110.8 111.1 113.1 99.5 105.6 1,905 1,767 2,050 2,062 2,075 ,512 1,605 112 107 107 100 111 102 108 48 61 57 42 60 53 34 30 26 30 25 28 28 28 148 140 146 139 133 109.7 ,124 106 54 27 109.9 ,260 105 52 28 111.0 ,439 104 49 29 59 95 80 86 99.8 123 127 92 99 86 155 129 78 122 128 97 191 130 87 92 148 154 164 111.7 173 107.5 170 106.6 168 105.9 170 106.0 173 108.2 137 88 95 138 89 96 137 92 95 128 91 93 127 91 95 125 90 96 124 92 96 95 74 86 67.4 69.4 72.2 72.4 93 64 66 93 64 66 85.0 85.4 75.4 77.5 78.4 57 66 98 50 87 58 67 98 51 88 78.1 57 67 99 50 87 79.0 55 63 96 81.9 144 79 112 111.3 170 89 72 85 89 63 63 97 228 110.1 172 95 70 83 88 71 77 115 . 132 115 85 91 104 6 95 2 104.6 100.4 95.9 104.8 87 61 61 103 9 94 3 101.2 102.1 97.4 106.6 86 60 60 101 0 91 9 100.8 103.9 99.7 107.9 86 59 60 99.6 90 9 102.7 104.5 100.0 108.9 84 56 59 52 100.5 96.7 104.1 103.4 97.3 109.2 65.3 85 59 69 84 99.2 95.2 103.1 101.2 94.6 107.6 109 85 66.4 99.2 95.0 103.3 97.5 88.9 105.7 107.0 166 66.0 June Nov. 99.2 152 95 77 70 75 May Mar. Oct. 96.2 157 75 70 76 Dec. Sept. 95 74 87 88 71 87 84 70 87 85 70 86 67.2 94 65 65 70.0 91 63 63 68.1 90 62 61 90 61 60 85.8 80.8 80.0 79.8 72.0 59 66 100 48 86 61 68 106 49 90 64 70 109 49 93 65 71 109 50 94 66 68 111 46 95 61 66 103 48 93 103.4 93.9 106.0 97.7 107.5 99 7 105.8 96 9 104.4 95.0 102.7 93.: 99.1 88.6 78 91 86 83 94 91 85 96 92 84 95 91 85 94 88 83 93 83 78 89 77 59 65 105 45 90 59 68 104 45 89 96.6 87.8 84 70 86 67.9 177 128 93 99 86 68 87 67.7 90 60 61 91 61 60 78.9 79.7 58 66 103 47 88 96.3 87.7 58 67 103 47 91 96.9 88.0 71 70 73 115. 117. 121. 121. 120.4 120. 155 77 95 120. 70 89 76 119 76 133 65 72 131 64 77 121. 121. 120.0 118. 112. 111. 112.8 102 161 111 104 169 114 107 174 115 107 174 117 106 172 116 107 171 117 108 171 117 112 171 117 107 169 114 107 167 113 138 80 127 74 110 167 117 120 123 121 121 121 123 123 132 125 74 85 80 73 86 79 74 80 83 124 84 120 89 128 93 128 76 152 72 74 138 73 154 75 77 153 68 73 81 125 80 120 86 129 74 138 72 89 135 73 76 91 84 129 90 155 80 79 140 72 85 140 77 129 87 133 86 132 90 131 92 127 91 151 75 80 146 68 79 140 70 151 76 79 145 62 80 148 75 149 75 78 83 136 80 90 146 74 89 122 75 142 71 85 120 79 124 90 145 68 77 134 66 81 120 83 79 89 76 123 84 121 65 133 65 130 65 139 65 77 120 83 122 139 60 74 100 156 111 115 78 122 76 88 76 123 68 134 61 72 127 67 98 158 113 114 72 121 102 158 -114 112 71 117 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] 1940 1939 Industry and group May Leather, Manufactures Boots, shoes Leather Food, Products . . . Sept. 97.1 98.7 97.4 96 96.8 98 96 95 128.4 146 272 96 159 81 80 77 98 107 87 86 129.4 147 275 95 162 80 81 77 100 104 89 87 127.9 87 129.7 147 146 81 269 96 160 86 79 76 101 105 96 269 95 150 82 75 101 99 94 87 128 1 146 Oct. 97.4 96 88 126 9 146 99.1 98 88 129 6 Tobacco, snuff . Cigars, cigarettes Paper, Printing Boxes, paper.. ... Paper, pulp Book, job printing. Newspaper, periodical printing... Chemicals, Petroleum, and Coal Products 144 91.9 87.9 90 86 130.3 145 108 162 109 102 110 102 100 90 80 79 80 79 May 93.8 79 275 96 152 83 80 80 82 128.8 144 81 129.1 145 96 94 93 97 94 95 64.2 62.7 64.3 65.0 63.2 62 60 60 62 60 60 59 59 66 64 66 65 111.5 111.1 111.8 112.0 111 113 106 101 115 112.8 115 0 115.7 111 106 99 116 109 98 121 114 99 122 115 100 116 116 115 64 63 65 115.5 114.7 114.8 114.3 115.3 115.8 121 115 101 121 114 102 118 113 100 116 113 100 115 112 101 116 115 100 118 116 100 116 114 116 117 116 117 116 122.8 111 9 122 109 4 116 4 122 115.2 119.9 122 119.4 121.3 123 120.8 121.9 122 121.8 121 4 122 121 3 120.6 122 120.3 120.0 123 119.4 121.1 122 120.9 122.2 122 122.2 117 110 122 92 132 98 137 91 137 84 136 97 137 100 114 92 112 93 112 98 113 102 116 106 138 92 138 87 114 104 138 91 112 90 115 85 119 81 111 87 117 88 119 104 118 108 117 109 119 116 122 120 115 119 302 107 120 295 105 122 298 125 254 103 109 125 309 84 87 111 123 297 87 106 126 310 86 111 126 311 87 105 127 310 86 99 124 309 84 102 124 304 81 109 123 312 81 120 121 311 82 79.7 83.6 61 67 129 80 80.8 59 66 131 47 67 134 58 68 138 87 86.1 91.2 93.0 58 70 60 61 144 74 154 75 159 59 116.4 113 7 121 111 9 79 65.2 66 63 113 1 120 111 4 81.1 80 77 65 65 114 4 119 113 4 .. 146 109 103 81 76 64.7 62 131.7 107 99 79 79 98 66 88 107 98 63.1 61 89.6 81 278 97 159 83 95 66 June 273 98 147 84 274 97 150 82 63.5 62 114 130.8 Apr. 93 83 79 108 118 80 65 114 94 78 103 107 62 99 130 7 95.4 85 278 96 155 86 65.2 115 96 87 144 65.7 107 99 115 131 4 97 3 Mar. 280 95 149 85 145 65.5 107 96 86 Feb. 145 102 131 62 96.9 Jan. 285 97 154 86 271 95 137 82 64.4 Dec. 279 97 150 86 77 79 106 105 269 95 147 82 82 76 Nov. 65.1 Tobacco Manufactures Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other... Aug. 92 . Rubber Products July 93.7 84 Baking Beverages Butter Canning, preserving Confectionery Flour.... Ice cream . Slaughtering, meat packing Sugar, beet Sugar refining, cane Petroleum refining... . . . Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives „ ., Fertilizers Paints, varnishes . . Rayon, allied products Soap __ June 92.4 61 75 157 90.2 59 74 152 87.9 57 73 145 86.7 57 72 142 83.9 57 70 136 83.8 56 69 138 122.7 122 138 90 120 127 119 122 315 83 84.2 57 68 141 NOTE.—Figures for June 1940 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. AUGUST 1940 811 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) 1937. [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through Factory employment. Industry and group 1939 May _ Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc. _ Foundry, machine-shop productsMachine tools Radio, phonographs Textile m achinery. _ Typewriters _ Transportation Equipment Aircraft _ Automobiles Cars, electric-, steam-railroad Locomotives Shipbuilding Nonferrous Metals, Products Mar. Apr. May June May June Feb. Mar. Apr. May June 93.4 84.6 101.8 101.4 96 6 106.1 100.8 96.4 105.1 99.6 96 0 103.0 99.0 96.5 101.5 99.7 97.5 101.8 85.0 78 8 91.9 86.5 80 7 93.0 97.8 96.7 99.1 98.2 97.6 98.9 96.3 97.2 95.4 96.3 97.5 94.9 97.9 100.1 95.5 90.2 95 94 73 87 55 80 75 145 74 87 67 94 84 146 90.4 96 93 73 90 54 72 76 147 75 88 67 98 84 136 106.7 117 114 76 104 72 101 82 161 84 86 72 93 96 162 103.5 112 112 75 103 68 99 82 161 85 90 70 94 95 163 101.7 108 109 75 104 67 98 82 160 85 91 70 95 94 162 101.9 109 106 76 103 67 96 82 156 85 91 71 96 92 161 104.6 114 104 77 101 66 94 83 152 85 93 74 103 91 155 80 2 82 90 68 76 57 78 67 143 61 75 57 98 79 139 82.6 86 90 66 82 56 74 68 146 63 77 59 103 79 138 100.9 110 126 68 91 84 101 71 162 76 75 60 93 96 175 96.5 102 117 60 91 77 105 71 164 75 80 60 100 93 180 94.9 99 114 62 94 75 104 72 164 76 82 61 101 91 175 97.1 103 109 67 92 73 102 73 162 75 84 62 101 90 170 103.7 114 111 69 90 74 100 73 162 77 83 65 114 89 166 94.9 123 127 87 97 82 141 107 75 127 95.6 119 128 87 99 83 145 120 75 125 113.1 141 128 102 133 98 205 126 86 118 113.1 144 128 102 135 97 211" 122 86 115 113.6 141 129 102 140 97 216 128 85 114 113.9 140 129 102 149 97 221 137 82 113 115.2 137 130 103 159 97 229 141 79 111 94.0 135 122 91 114 75 161 92 70 127 95.4 127 125 92 114 77 166 105 73 113 119.3 164 131 112 172 94 271 113 81 110 121.5 168 134 114 176 96 282 110 82 111 121.6 166 134 113 183 95 287 116 80 112 122. 3 164 134 114 194 95 290 127 77 114 125.1 158 138 118 211 96 303 135 74 112 88.9 118.6 124.3 122.6 116.6 117.7 90.8 114.8 117.0 115. 4 115.0 113.5 87.3 91.2 1,881 2,011 2,063 2,213 2,488 1,305 2,042 2,096 2,166 2,328 2,512 1,299 1,155 1,204 111 92 121 111 114 107 89 119 123 110 113 112 88 93 54 50 45 51 35 30 58 52 61 56 59 32 37 57 27 27 26 29 26 29 25 26 28 28 22 29 28 20 180 150 169 126 163 136 186 151 169 158 122 143 153 131 92 0 142 105 82 83 76 69 77 Furniture Lumber, millwork Lumber, sawmills Stone, Clay, Glass Products Brick, tile, terra cotta... . Cement Glass _ _ Marble, granite, slate Pottery Textiles, Products _ 107 2 171 128 91 91 88 71 87 107.1 171 129 91 92 86 70 87 105 6 172 126 89 90 86 71 86 105.3 173 126 90 89 84 70 86 106.5 177 127 90 92 84 68 87 84 0 153 104 78 66 59 59 72 84.0 157 103 76 70 56 58 72 103.4 195 136 95 69 71 59 86 104.8 196 137 95 75 74 60 85 103.1 199 133 92 72 74 63 84 103.6 202 134 94 73 72 61 84 105.8 204 141 94 66.3 83 60 61 66.7 89 61 59 66.8 89 61 60 66.9 86 61 60 68.0 87 61 62 68.6 88 62 62 58.0 67 44 54 60.1 69 48 56 60.0 77 47 52 61.0 78 47 53 61.4 74 48 55 63.3 75 48 58 63.5 76 49 58 78 5 58 68 97 54 87 Lumber, Products 91.3 144 104 80 85 71 68 77 65 0 81 56 60 Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining _. __ Fabrics Carpets, rugs . Cotton goods Cotton small wares Dyeing,finishingtextiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear. Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's _. Corsets, allied garments Men's furnishings Millinery. __ _ Shirts, collars Feb. 1940 1939 93.0 84.0 101.6 Total Durable goods Nondurable goods Iron, Steel, Products Blast furnaces, steel works Bolts, nuts, washers, rivets.. Cast-iron pipe Cutlery, edge tools.. Forgings Hardware Plumbers' supplies _ Stamped, enameled ware Steam, hot-water heating Stoves Structural, ornamental Tin cans, tinware Tools Wirework Factory payrolls 1940 June 1923-25 average=100] 80.5 61 72 99 52 86 75 5 53 55 103 43 93 77.7 54 59 106 43 93 80 5 58 68 105 46 93 82.0 61 71 104 49 91 82.9 63 72 105 49 90 67 7 44 63 96 44 77 70.6 50 68 101 40 73 65.3 40 48 108 29 84 68.3 42 54 113 30 85 72.2 45 64 114 '34 85 74.6 49 69 112 39 84 73.2 51 70 111 36 76 99 2 90.1 74 85 80 124 82 153 68 74 128 71 80 115.6 99 166 113 127 82 121 97.8 89.5 73 84 77 117 86 149 71 75 135 68 85 112.6 100 158 113 127 68 119 105 5 95.5 82 96 85 130 92 145 68 77 135 69 85 123.7 110 176 116 121 90 125 102.9 90.7 80 92 81 128 87 140 65 79 135 66 71 126.6 112 181 117 124 97 126 98 8 88.3 80 91 79 125 65 140 60 77 131 64 67 118.6 104 168 115 118 87 125 96.0 87.0 76 89 76 123 66 134 62 74 127 62 72 112.1 95 163 114 115 75 121 93.8 85.7 70 87 74 115 73 130 63 73 128 60 76 108.0 99 148 113 110 66 116 79 7 75.3 58 72 72 103 63 150 54 65 100 52 65 83.5 69 114 120 103 58 99 79.5 75.6 57 71 70 97 74 148 56 67 111 51 71 82.3 74 106 117 111 45 98 91.3 84.2 71 87 75 109 84 151 57 69 108 54 72 99.8 86 134 118 113 77 108 89.5 78.5 67 83 76 109 69 146 53 72 107 52 • 57 105.7 88 142 120 117 103 113 81.4 75.2 68 81 73 105 39 144 47 '69 101 50 53 88.7 72 119 120 101 74 111 77.9 73.9 60 78 68 99 46 134 50 65 104 49 60 81.0 65 112 117 96 54 101 75.5 72.4 55 75 67 92 59 128 51 64 108 46 65 77.1 72 95 111 95 48 93 77 69 56 86 • Revised. 812 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 1939 Industry and group Leather, Manufactures Boots, shoes Leather _ _ Food, Products __ _ _ __ . Baking Beverages __ Butter Canning preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane 1939 1940 June May Factory payrolls Feb. Mar. Apr. May June 1940 June May Feb. Mar. Apr. May June 92.5 91 83 94.1 93 85 99.3 98 87 98.2 98 84 94.2 93 83 86.8 85 81 86.9 85 80 68.6 64 79 74.6 70 82 82.6 80 83 80.3 78 80 70.7 67 78 63.6 58 77 66.8 63 75 120.5 146 277 98 108 74 78 127. 2 147 298 103 141 72 79 118.8 142 254 89 92 84 79 118.8 143 262 90 88 82 79 119.7 143 268 94 103 77 78 121.6 145 279 100 100 76 79 129.5 147 301 105 138 75 78 118.8 137 324 82 93 70 72 123.8 138 355 87 110 69 74 115.5 132 284 76 78 81 74 117.1 134 300 78 76 77 73 117.7 134 312 81 83 74 72 121.5 138 330 85 90 75 73 128.8 141 374 90 115 72 72 85 92 97 52 88 67 99 54 91 109 38 92 70 107 40 96 75 104 44 94 84 92 106 47 95 108 53 98 75 71 105 56 73 107 59 77 57 111 44 77 60 112 45 79 63 110 48 77 70 110 49 80 77 115 54 89 64.2 Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives _ _ __ _ Fertilizers Paints, varnishes _ _____ Rayon, allied products Soap 61.7 63.6 62.2 64.9 57.7 61.5 54.0 58.1 58.7 60.7 62 66.9 61 61 59 59 58 65 65 69 67 64 65 Paper Printing Boxes, paper Paper, pulp __ Book, job printing Newspaper, periodical printing ___ 65.2 61 Tobacco Manufactures Tobacco, snuff _ _ Cigars, cigarettes 66 62 64 64 63 66 57 60 52 57 58 67 67 111.2 109.8 114.6 114.4 113.8 115.0 114.6 105.1 103.5 108.6 110.0 109.7 113.1 111 9 109 107 99 108 106 97 115 113 101 114 113 100 113 112 100 114 115 99 116 116 97 118 105 84 121 115 87 125 124 88 117 116 119 117 87 122 115 88 117 116 106 86 128 126 85 115 114 117 108 106 108 111 111 60 112 67 110 109.8 121.0 122.8 123.4 120.8 119.2 119.6 118.7 131.4 132.5 133.4 133.6 133 1 118 121 121 121 121 122 123 132 134 134 136 137 111.7 107. 2 121.1 123.1 123.9 120.6 118.2 115.7 113.9 130.4 131.5 132.3 137 136 117 75 108 86 124 123 296 78 117 54 108 90 79 124 286 80 136 98 119 106 109 123 313 84 136 90 119 108 152 124 309 83 135 79 119 114 175 124 306 81 136 68 118 118 129 126 304 81 138 56 116 126 88 126 306 82 131 58 118 96 106 130 273 94 132 45 119 101 65 129 272 97 160 89 130 128 84 128 321 100 159 81 131 129 113 131 316 100 160 69 131 133 136 132 311 98 112.9 81.2 Rubber Products Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other 115 63.8 80.1 59 67 131 56 66 129 NOTE.—Figures for June 1940 are preliminary. payroll period ending nearest middle of month. 88.0 57 73 145 87.3 57 72 144 84.7 56 70 140 84.0 54 69 140 83.5 55 68 139 82.1 80.0 55 72 122 55 75 122 88.4 53 81 135 88.3 56 79 138 86.5 55 78 133 132.6 162 60 129 141 119 136 311 98 87.2 54 80 132 132.0 165 49 126 154 79 137 314 101 86.4 56 78 133 Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Apr. Total - _ Durable goods. Iron, Steel, Products Machinery _ __ Transportation Equipment Nonferrous Metals, Products Lumber, Products Stone, Clay, Glass Products Nondurable goods Textiles, Products _ Fabrics Wearing apparel _. _- Leather, Manufactures Food, Products, _. _ Tobacco Manufactures Paper, Printing Chemicals, Petroleum, and Coal Products Petroleum refining _ Other than petroleum refining. Rubber Products... r 1939 1940 1939 Industry group Average hourly earnings (cents per hour ) May Jan. 36.6 36.8 37.4 36.6 36.9 38.1 35.1 37.7 35.5 37.2 38.2 35.5 34.9 38.3 34.9 37.7 39.1 36.5 37.6 40.4 37.4 39.2 36.9 35.1 36.6 36.7 34.7 35.3 33.6 35.7 39.3 34.0 38.1 34.8 35.5 33.6 33.0 40.5 35.3 38.2 38.2 35.6 39.1 35.7 38.4 36.3 39.1 35.5 1940 Mar. Apr. May Apr. May 37.3 37.5 37.2 37.2 64.2 64.3 37.9 38.3 38.2 38.2 71.0 70.7 36.5 40.1 37.6 38.4 38.0 35.3 36.1 40.7 38.4 38.9 38.4 35.7 36.0 40.5 38.3 38.6 38.4 36.5 36.6 40.5 36.7 38.8 38.7 37.1 75.2 72.6 89.7 67.0 49.8 64.8 75.2 72.5 89.4 67.3 50.2 64.4 36.9 36.8 36.9 36.2 36.3 58.8 34.8 36.0 32.5 37.2 39.6 33.3 38.1 35.1 35.7 34.0 36.7 39.4 32.8 37.8 35.1 35.1 35.2 35.6 39.8 34.5 38.0 34.2 34.5 33.6 32.5 39.4 34.7 38.1 33.7 34.3 32.7 30.9 40.1 36.4 38.8 38.4 35.5 39.4 36.6 38.4 35.9 39.2 35.3 38.4 36.2 39.2 35.8 38.5 36.5 39.2 36.0 38.8 36.2 39.7 36.4 48.0 45.8 51.8 52.4 62.7 47.4 77.2 72.1 97.3 63.5 76.0 Feb. Jan. Feb. Mar. Apr. 66.3 66.3 66.5 66.5 66 9 72.7 72.6 72.8 72.9 73.0 76.6 73.5 89.4 70.1 51.2 66.4 76.4 73.7 89.6 69.6 51.3 66.2 76.3 73.9 90.0 69.7 51.5 66.4 76 4 73.9 90.2 70.0 51.8 66.4 76 7 74.1 90 2 70.1 52 1 66.4 59.2 60.7 60.8 61.0 60.9 61.5 47.8 46.0 51.1 52.8 63.1 47.2 77.4 74.0 97.0 65.6 76.0 49.9 48.1 53.4 53.4 64.1 49.6 78.3 50.5 48.4 54.4 53.7 63.9 49.1 78.3 75.6 97.5 68.1 77.7 50.5 48.2 54.3 54.1 64.1 49.0 78.9 49.5 48.2 51.9 54.3 64.3 49.3 '79.3 49.6 48 4 51.8 55 5 64.7 49.7 79.4 74.6 97.1 67.0 »77.9 74.2 97.4 66.5 77.9 76.0 97.5 68.6 77.8 75.6 97.4 68.0 77.6 May Revised. AUGUST 1940 813 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Month 1939 February. _ _ _ March April _ __ _ _ _ May June July August September October November December.._ Year 1940 1939 196.2 200.6 272.2 300.5 328.9 324.7 80.2 79.0 125.2 114.4 133.8 111.9 109.3 127.2 129.7 118.3 116.6 88.7 Factories 1940 251.7 220.2 300.7 330.0 308.5 288.3 299.9 312.3 323.2 261.8 299 8 354.1 January Nonresidential building Residential building Total 77.4 74.9 121.7 135.4 145.9 135.3 3, 550. 5 1939 1940 7.1 9.5 13.0 17.5 13.0 15.8 17.4 10.4 20.7 16.8 18 5 15.3 1, 334. 3 Educational * Commercial 1939 1940 17.3 13.5 17.4 21.3 19.5 26.8 22 9 21.1 26.6 22.6 20 4 17.4 12.9 15.4 21.8 23.5 23.2 15.2 174.8 1940 1939 15.9 20.2 23.1 24.0 26.1 33.1 246.9 Other i 1939 6.1 8.1 9.3 17.4 15.3 14.3 31.7 21.8 27.6 21.1 16.4 12.5 19 4 13.8 10.1 9.5 9 7 7.7 Public works and public utilities i 28.9 24.7 39.8 34.8 27.8 37.8 28.7 24.6 24.9 23.8 29 2 17.4 1940 17.7 26.9 19.6 24.0 25.6 29.4 86.5 71.6 77.7 121.0 97.9 83.6 102 1 115.3 111.1 70.8 105 5 207.7 342.5 201.4 1940 1939 66.3 55.2 76.7 76.3 92.8 97.5 1, 250. 6 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 100 75 123 124 127 148 159 169 167 201 188 264 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 354 196 201 272 301 329 55 38 68 53 47 64 67 92 97 114 118 196 149 79 96 105 94 116 153 153 116 101 89 82 112 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 93 82 95 103 112 45 37 55 71 80 84 93 76 70 87 70 68 66 62 103 130 122 116 141 122 119 125 119 117 130 119 165 195 151 180 191 178 127 124 106 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 1,007 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 _ _ _ _ _ June July August September October November December Year S3 tO 1936 318 322 281 207 202 198 209 1,845 2,675 2,913 3,197 3,551 coo: 1935 January February March. _ _ April May.. Privately-financed i Publicly-financed * 128 137 158 144 92 144 225 1940 104 119 177 197 217 i Back figures.—See BULLETIN for February 1938, p . 159. D a t a for years prior to 1932 not available. COMMERCIAL FAILURES, BY DISTRICTS CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] June Boston New York Philadelphia Cleveland Richmond Atlanta Chicagoi St. Louisi June Federal Reserve district 23,130 62,993 15,408 34,089 Total (11 districts).-. 46,154 26, 728 46, 813 18, 509 11, 857 13,890 15,347 324,726 19,664 44,985 14,797 40, 510 Boston. _ _ _ 39, 339 31, 297 61,185 20, 379 , , Minneapolis Kansas City*. Dallas 1 May Liabilities Number 1939 1940 Federal Reserve district 7,868 13, 596 328, 914 288, 316 New York. . Philadelphia Cleveland Richmond Atlanta Chicago _ _ _ St. Louis Minneapolis Kansas City.. . Dallas San Francisco Total June May June 1939 1940 1939 1940 June May June 82 446 75 42 47 48 138 36 17 44 18 121 88 477 71 79 51 55 175 43 25 37 24 113 63 427 71 63 36 38 190 28 20 57 30 96 1,030 5,756 857 873 801 555 1,678 299 110 499 166 1,110 1,154 4,540 1,072 1,120 604 462 1,392 415 362 302 316 1,329 958 4,108 366 946 714 482 2,115 471 277 354 265 1,525 1,114 1,238 1,119 13, 734 13,068 12, 581 Revised. Comparable figures for earlier months available on request. 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. 814 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] l Merchandise exports Excess of exports Merchandise imports 2 Month - _ 1937 1938 1939 1940 199 182 195 223 233 289 262 275 213 219 268 370 347 351 187 193 199 240 278 307 171 163 173 178 158 190 217 324 325 P350 203 192 191 287 285 286 160 148 146 186 202 179 212 211 P211 1936 1937 1938 11 -11 -18 -45 -51 102 35 61 77 128 147 .135 -10 9 -5 -18 5 -21 115 109 87 45 47 57 112 114 P139 A 1939 CD OO 1936 . . _ _ __ Year 193 201 186 274 257 265 231 249 236 180 179 221 268 211 297 230 250 289 195 193 216 265 246 233 141 166 168 169 176 182 -15 -14 5 3 31 63 87 65 79 265 226 230 333 315 323 269 332 292 368 213 196 245 224 223 209 178 176 171 215 235 247 52 30 -15 108 92 115 100 76 98 117 57 121 3,349 3,094 3,177 2,423 3,084 1,960 2,318 33 265 1,134 1940 61 74 107 2,456 _ _ July August September October November December... _ _ 1940 S3 tO _ 1939 to OO April May June _ 1938 to to to to to _7t -4rfi-OO tO January February March 1937 0 to 1936 859 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 Sales i Month Adjusted for seasonal variation 67 68 51 90 36 40 64 71 61 73 68 65 75 40 44 107 83 61 69 66 70 75 39 43 105 77 60 70 75 73 79 37 43 102 74 59 72 78 73 • 74 38 45 96 77 60 75 81 91 74 38 45 100 82 60 1 67 58 47 89 30 42 108 74 61 Adjusted Without for seasonal seasonal variation adjustment 1939 68 80 88 69 33 43 26 71 59 67 70 73 69 31 44 26 74 60 67 63 62 70 34 44 42 76 60 71 67 70 66 34 47 134 80 60 January... February. March 87 1940 1939 92 75 69 85 73 31 48 170 85 60 1940 1940 1939 April.. May_. June.. 64 106 168 Year.. 70 65 97 October November.. December.. 1940 61 68 71 67 82 July August September. Without seasonal adjustment Total Coal Coke Grain and grain products Livestock Forest products Ore Miscellaneous Merchandise 1 Without Adjusted seasonal for seasonal variation adjustment 1939 June Feb. Mar. Apr. May June Total Coal Coke Grain and grain products. _ Livestock Forest products Ore Miscellaneous1 Merchandise Stocks (end of month) 1940 90 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. In less-than-carlqad lots. Back figures.—Department store sales, see BULLETIN for August NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and for October 1938, p. 918; department store stocks, see by Association of American Railroads. Total index compiled by com- BULLETIN for March 1938, p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. AUGUST 1940 815 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All commodities Farm products ]Foods 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 1939—May June July August September October November December 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 63.7 62.4 62.6 61.0 68.7 67.1 67.3 67.6 68.2 67.6 67.5 67.2 75.1 73.3 72.3 71.9 80.6 80.2 80.2 80.1 82.1 83.8 84.0 83.9 91.6 92.3 92.5 92.7 98.5 104.6 104.0 103.7 67.5 67.3 67.6 67.8 71.7 75.5 76.4 78.0 73.9 73.0 72.8 72.6 72.8 73.9 74.1 72.8 93.5 93 2 93.2 93 2 94! 8 95.8 96.0 96.0 89.5 89.5 89.7 89.6 90.9 92.8 93.0 93.0 75.6 75.2 74.5 74.2 76.6 77.6 77.4 77.7 85.5 85.6 85.6 85.6 86.6 87.8 88.4 88.5 74.2 73.8 73.4 73.3 76.6 77.6 77.0 77.4 1940—January February.. _____ March April May June 79.4 78.7 78.4 78.6 78.4 77.5 69.1 68.7 67.9 69.4 67.9 66.2 71.7 71.1 70.2 71.6 71.4 70.3 83.9 83.2 82.9 82.5 82.5 82.2 103.6 102.4 101.8 101.8 101.3 99.2 77.9 75.4 74.0 72.9 72.9 72.6 72.7 72.4 72.2 71.8 71.7 71.4 95.8 95.3 95.5 94.5 94.5 94.7 93.4 93.2 93.3 92.5 92.5 92.4 77.7 77.5 77.0 76.8 76.7 76.1 87.9 88.0 88.0 88.4 88.5 88.5 77.7 77.3 76.9 77.7 77.7 77.3 Week ending— 1940—April 6 April 13 April 20 April 27 May 4 May 11 May 18 May 25 June 1 June 8 June 15 June 22 June 29 July 6 July 13_._ July 20 77.6 78.0 78.5 79.0 78.9 78.4 78.5 77.8 77.8 77.4 77.4 77.1 77.1 77.5 77.9 77.6 67.0 68.0 69.6 71.6 71.3 69.2 68.2 66.8 67.8 66.7 66.8 65.6 65.7 66.7 68.0 67.3 69.7 70.8 71.9 72.8 72.5 71.6 71.7 70.7 70.8 70.5 70.2 70.1 69.7 70.4 71.0 70.4 82.7 82.7 82.6 82.5 82.6 82.5 82.9 82.7 82.5 82.4 82.4 82.4 82.3 82.4 82.4 82.4 101.6 102.1 102.5 102.5 102.5 102.2 102.4 101.4 100.5 99.6 99.6 99.6 99.9 100.3 99.9 99.9 71.9 71.9 71.6 71.5 71.5 72.3 72.6 72.4 72.2 71.9 71.8 71.9 72.0 71.9 72.0 71.9 72.5 72.5 72.3 72.2 72.3 72.4 72.3 72.4 72.3 72.2 72.2 71.9 71.9 72.0 71.9 71.8 95.4 95.4 95.3 94.9 95.0 94.5 94.7 94.7 94.7 94.8 94.9 94.8 94.8 94.9 94.9 94.9 93.2 92.8 92.8 92.7 92.6 92.0 92.7 92.6 92.5 92.1 92.4 92.3 92.4 92.6 92.7 92.8 76.5 76.6 76.9 77.0 76.8 76.8 76.8 76.6 76.6 76.4 76.4 76.3 76.0 77.1 77.0 76.9 89.4 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 90.0 90.0 90.0 76.6 76.6 76.8 76.9 76.9 76.8 78.2 77.4 76.9 77.0 77.2 77.2 76.9 77.0 77.2 77.3 Year, month, or week 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 ._ _ _ __._ ChemiHides and Textile Fuel and Metals Building cals and House- Miscelleather lighting and metal furnishallied products products materials products materials products1 ing goods laneous Total 1 1939 Subgroups Farm Products: 1939 1940 June Mar. Apr. May June Grains Livestock and poultry Other farm products. 58.2 69.4 58.8 73.4 67.1 66.3 77.2 68.4 67.4 71.2 69.6 65.5 64.4 64.7 67.0 Dairy products Cereal products Fruits and vegetables Meats Other foods 60.0 75.9 62.5 75.7 60.8 78.6 82.4 58.7 69.2 63.0 77.4 83.2 65.7 71.1 63.2 72.8 81.0 69.2 73.8 62.2 72.2 77.4 73.9 70.7 61.3 Foods: Hides and Leather Products: Shoes Hides and skins Leather Other leather product s Textile Products: Clothing _ _ Cotton goods Hosiery and underwe ar Silk 2 . 2 . _ Rayon Woolen and worsted gjoods Other textile products Fuel and Lighting Materia Anthracite Bituminous coal Coke Electricity Gas Petroleum products 101.3 108.4 108.2 107.9 107.9 75.3 94 3 94 8 92.2 81 9 83.8 93.5 93.2 93.6 92.4 95.6 100.0 100.0 100.0 100.0 81.7 64.1 60. 1 43.3 28.5 75.6 64.2 85.1 71.8 62.2 49.9 29.5 84.5 74.9 84.7 70.2 61.7 45.4 29.5 83.8 74.6 85.0 69.4 61.3 47.0 29.5 83.4 75.7 85.3 68.4 61.6 46.1 29.5 83.7 74.0 75.5 79.2 77.4 76.5 77.1 95.6 97.3 96.4 95.8 95.7 — 104.2 109.6 109.6 109.6 109.6 77.8 77.1 76.0 88.9 80.4 82.0 84.4 52.5 50.4 50.4 50.7 ~5O.~6~ Subgroups June Mar. Apr. Metals and Metal Products: Agricultural i mplements Farm machin sry Iron and steel Motor vehicles Nonferrous m etals Plumbing ancI heating _. Building Material J: Brick and tilp Ceinent Lu tnber Paint and paint materia] s Pluimbing and hfiatine" Str nctural ste Bl Otller buildin g materials Chemic als and All ed Product Ch emicals * D n lgs and ph armaceuticals * Fer tilizer mat erials * Mi sed fertiliz 3rs 1 Oil 3 and fats * Housefi irnishing G oods: Fu rnishings Fui'niture Miscellineous: Au to tires and[ tubes Cat tie feed Patier and nuln Rubber, crude Other miscellaineous 1940 May 93.4 94.6 95.2 93.0 72.9 79.3 92.5 93.7 94.2 94.8 80.3 80.6 9,2.5 93.6 94.3 94 8 81.2 80.5 91.1 90.4 90.2 90.2 91.5 91.2 90.3 90.5 90.7 97.8 96.1 96.6 82.4 87.2 86.7 86.0 79.3 81 0 80 9 80 6 107.3 107.3 107.3 107.3 89.5 92.7 92.3 92.2 90.2 90.6 96.0 85.2 80 5 107.3 93.0 93.4 94.7 96.4 94.8 79.7 81.0 93.5 94.7 94.3 94.8 79.2 80.9 June 84.2 77.4 66.5 72.7 46.2 85.1 81.4 70.6 73.9 47.8 85.0 81.8 70.7 73.8 46.8 85.1 82.0 70.8 c 73.0 46.1 85.1 82.2 67.4 72.8 45.1 90.0 81.0 94.2 81.5 94.5 81.9 94.8 81.9 94.9 81.7 60.5 81.5 79.9 34.4 81.3 55.6 58.0 95.2 100.1 89.0 89.5 38.3 39.4 85.8 85.1 58.0 93.3 90.7 44.1 84.3 58.2 80.0 91 7 46.3 83.7 c Corrected. 1 Revised series. 2 New series. Back figures.—Yoi monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 816 FEDERAL RESERVE BULLETIN STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart book page 1940 June 26 WEEKLY FIGURES July 3 July 10 July 17 July 24 Reserve Bank credit—total. 3, 5 Bills discounted 5 TJ. S. Gov't. securities.. 5 Gold stock 3 Money in circulation. 3, 9 Treasury cash 3 Treasury deposits 3 Member bank balances 3, 6 Required reserves e 6 Excess reserves—total«• 7 New York City 2 7 Chicago 2 7 Reserve city banks 2 7 Country banks 2 • 7 2.51 2.50 2.49 2.50 2.49 0) 0) 0) 0) 2.45 20.06 7.92 2.19 .22 13.74 6.93 6.81 3.67 .53 1.76 .85 2.45 20.17 7.88 2.19 .30 13.76 6.93 6.80 3.63 .51 1.80 .85 2.45 20.26 7.87 2.20 .28 13.86 6.98 P6.89 3.61 .55 1.84 P. 88 % 45 20.37 7.85 2.23 .64 13.57 7.00 P6.68 3.54 .53 1.79 P. 81 WEEKLY REPORTING MEMBER BANKS Total, 101 cities: Loans and investments. Investments Loans Adjusted demand deposits Time deposits U. S. Gov't. deposits __. Domestic bank balances Foreign bank balances.. New York City: U. S. Gov't. obligations. Other securities Commercial loans Brokers' loans 100 cities outside New York: TJ. S. Gov't. obligations. Other securities Commercial loans 14 14 14 23.58 15.15 8.44 23.59 15.12 8.46 23.68 15.22 8.46 23.74 15.23 8.52 23.95 15.43 8.51 15 15 15 15 15 20.68 5.31 .58 8.43 .68 20.51 5.33 .54 8.58 .69 20.82 5.32 .46 8.45 .67 20.93 5.32 .43 8.53 .67 20.98 5.31 .53 8.31 .68 16 16 16 16 5.24 1.29 1.69 .28 5.22 1.29 1.71 .26 5.26 1.35 1.71 .27 5.26 1.35 1.71 .29 5.34 1.34 1.71 .29 17 17 17 6.37 2.25 2.71 6.39 2.23 2.73 6.38 2.23 2.73 6.38 2.23 2.75 6.54 2.23 2.75 Averages of daily figures*; per cent per annum MONEY RATES AND SECURITY MARKETS F. R. Bank discount rate, N . Y C ommercial paper Bankers'acceptances U. S. Treasury bills U. S. Treasury notes TJ. S. Treasury bonds C orporate Aaa bonds C orporate B aa bonds Wholesale commodity prices: 4 United States: All commodities 31, 32 Farm products 31 Foods 31 Other commodities 31 England 32 France 32 Germany 32 Industrial production 5 35 Manufacturing production: 5 Total 6 37 Durable . 37 Nondurable 6 37 Factory employment 43 Factory payrolls 43 Freight-car loadings 5 5 45 Department store sales . 47 Department store stocks 5 47 1.00 .56 .44 .08 .67 2.32 2.91 4.97 1.00 .56 .44 .08 .61 2.29 2.88 4.90 1.00 .56 .44 .05 .56 2.30 2.88 4.82 1.00 .56 .44 .04 .56 2.29 2.87 4.77 1.00 .56 .44 .04 .57 2.25 2.87 4.77 Wednesday figures; in unit indicated Stock prices, t o t a l 4 27, 29 Industrial 27 Railroad 1 27 Public utility 2 27 Volume of t r a d i n g (mill, shares) 29 Brokers' loans (mill, dollars) 29 76 87 24 80 76 87 24 80 77 88 25 81 .66 395 .31 380 .28 377 .30 408 78.6 69.4 71.6 82.5 ••106. 7 78.4 67.9 71.4 82.5 107.9 102 103 45 58 P108.6 106 42 57 77.5 66.2 70.3 82.2 '6.3 70 72 87 P99.7 P97.9 75 91 41 41 41 263 115 148 265 118 147 49 49 49 324 212 112 325 211 114 P350 50 50 50 50 5,899 5,913 3,713 2,186 5,933 5,651 3,748 2,185 P5, 981 P6, 202 51 51 51 51 627 186 376 65 620 180 412 28 Central gold reserves: United States England France Netherlands r. S. Gov't. interest-bearing debt—total Bonds Notes Bills Special issues P125 P165 P211 P139 PS, 787 P2, 194 P587 P184 P378 P25 In billions of dollars 19.21 19.96 2.00 .65 42.12 29.80 6.13 1.31 4.88 2.00 P. 65 P2.00 P. 65 42.25 29.86 6.13 1.30 4.97 42.38 29. 54 6.38 1.30 5.15 Oct.Dec. 1939 Jan.Mar. 1940 Apr.June 1940 18.77 (0 20 20 20 20 20 QUARTERLY FIGURES» .24 411 0) 0) In millions of dollars Figures for week*; in unit indicated BUSINESS CONDITIONS Wholesale commodity prices:4 All commodities Farm products Foods. Other commodities Steel plant operations (per cent of capacity) Automobile production (thous. cars) _.„ Electric power production (mill. kw. hrs.) Total freight-car loadings (thous. cars) 74 85 23 78 June In millions of dollars Construction contracts awarded: 7 Total .__ Residential Other Exports and imports: Exports (inch re-exports)._ General imports . Excess of exports acome payments: Total s. Total unadjusted 5 Salaries and wages Other s ! ash farm income: Totals8 Crops Livestock and products 8_. Government payments OTHER 19 19 19 21 21 21, 25 25 25 May Index numbers 1923-25=100 BUSINESS CONDITIONS 0) 2.47 19.87 7.78 2.19 .30 13.72 6.92 6.81 3.67 .54 1.74 .85 April MONTHLY FIGURES Wednesday figures; in billions of dollars RESERVES, GOLD, AND CURRENCY 1940 Chart book 33 33 33 33 77.1 65.7 69.7 82.3 77.5 66.7 70.4 82.4 77.9 68.0 71.0 82.4 77.6 67.3 70.4 82.4 Domestic corporation security issues, total ... New 77.3 Refunding 66.0 69.6 82.4 38 86.5 74.2 86.4 86.8 88.2 38 87.6 52.0 65.2 53.0 34.8 39 2,514 2,265 2,483 2,524 2,601 39 752.3 636.9 740.4 729.9 718.5 ustomers' rates: New York City 7 other Northern and Eastern cities 11 Southern and Western cities. __ __ 28 '517 '72 '444 r 563 '•111 ••452 530 153 377 Per cent per annum 23 1.96 2.03 23 2.59 2.67 2.49 23 3.32 3.35 3.38 2.00 6 6 Points in total index of manufacturing production. <• Revised. p Preliminary. Estimate!. 7 Three-months moving average adjusted for seasonal variation. 1 Less than $5,000,000. 8 2 Series revised for the period from January 1936 to November Averages of daily figures, see footnote 3. 3 Figures are shown under the Wednesday date included in.the weekly period. 939, inclusive. Back figures may be obtained from the Division 4 •f9Research and Statistics. Index numbers, 1926=100. 6 Banking statistics for call report dates are shown in table Adjusted for seasonal variation. •n following page. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. AUGUST 1940 817 STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] 1938 1937 Chart book page June 30 Dec. Mar. 7 June 30 10 10 10 10 57.42 25.96 25.26 5.53 56.83 26.26 24.05 5.69 56.78 26.34 24.13 5.50 U 2 P59.15 P61. 00 P63. 03 P64. 40 P65.05 56.74 P57. 65 26.27 P26. 27 P26. 38 P26. 58 P26. 83 P26. 91 P27. 00 P27. 30 24.39 P25.10 P26. 01 P26.01 P27. 32 P29. 10 •30. 05 P30. 60 P6.30 5.47 P5.50 P5.83 P5.68 P6.05 P6.23 P6. 50 11 11 11 11 11 12 13 13 12 13 13 13 11 12 13 21.40 11.35 5.30 32.74 18.45 12.69 10.87 1.82 5.77 2.13 3.40 .23 14.29 4.37 1.54 20.39 11.52 5.44 31.75 17.79 12.37 10.57 1.80 5.42 2.03 3.21 .18 13.96 3.70 .95 20.51 11.59 5.62 31.52 17.98 12.45 10.63 1.83 5.52 2.19 3.15 .18 13.55 3.54 20.89 11.56 6.10 30.72 17.78 12.34 10.22 2.13 5.44 2.13 3.13 .18 12.94 3.32 .70 21.60 22.29 11.46 11.51 6.51 6.09 31.63 32.07 18.69 18.86 13.01 13.22 10.71 10.88 2.34 2.30 5.64 5.68 2.45 2.30 3.01 3.19 .18 .18 12.94 13.21 3.30 2 1.75 .97 .71 22.36 '11. 62 6.82 32.10 19.05 13.35 10.69 2.66 5.70 2.55 2.96 .18 23.59 11.72 7.10 32.60 19.46 13.78 10.95 2.83 5.69 2.55 2.94 .19 25.12 11.73 4 8.24 33.08 19.61 13.81 10.89 2.92 5.79 2.76 13.05 1.57 .84 13.14 1.47 .73 13.47 ( 13 12, 13 12 13 13 13 2.83 2.51 7.41 6.66 .64 .12 2.75 2.55 7.71 7.00 .64 .07 2.67 2.56 7.45 6.75 .61 .10 2.61 2.61 7.01 6.40 .49 .12 2.78 2.59 2.72 2.66 6.97 2 8.74 6.36 2 5.45 .48 .44 .13 .12 .73 2.75 8.73 5.53 .42 .10 2.67 .74 2.83 8.85 5.57 .42 .06 2.80 All banks in the United States: Total deposits and currencyTime deposits Demand deposits adjusted... Currency outside banks Member banks: Demand deposits adjusted.,. Time deposits. Interbank balances Loans and investments Investments, total _ U. S. Government obligations, total Direct obligations Guaranteed obligations _ Other securities, total State and local government s e c u r i t i e s Other domestic. Foreign securities Loans, total Security loans, total i 2 Brokers' loans Loans on securities (excluding brokers' loans) 2 Real estate loans 2 _ Other loans, total 1 _ 2 ~ Commercial loans Open-market paper Loans to banks3 All other loans „ _ Sept. Mar. Dec. 29 3 2.73 June 30 Oct. 2 Mar. 26 Dec. 25.68 11.85 8.51 33.94 19.98 14.33 11.18 3.14 5.65 2.69 2.77 .19 13.96 1.49 .79 26.46 11.98 4 8.72 34.16 20.22 14.42 11.31 3.11 5.80 2.90 13.94 .70 2.96 9.51 6.12 .45 .06 2.89 c p Preliminary. Corrected. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 3 4 Not originally plotted in chart book. Partly estimated. s Detailed breakdown of loans and investments now available on June and December dates only. JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1,1940] [In thousands of units] Federal Reserve district Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City___ Dallas San Francisco.. Total Federal Reserve district Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Total . . . Corn ProducEstimate tion July 1, 1939 1940 Total wheat ProducEstimate tion July 1, 1939 1940 Bushels 7,589 27,176 49,416 172,305 138, 762 187,604 938,220 320,565 239,603 220,830 107,000 Bushels 84 7,166 17,413 42,149 24,270 5,506 58,683 58,024 182,899 231,002 28, 778 Bushels 80 8,151 17,136 44,201 26,012 6,102 2,415,998 754,971 7,827 28,310 51, 372 212,109 141,280 141, 510 1,132,703 342,860 285,022 182,105 87,166 6,873 2,619,137 Production Bushels Oats Estimate July 1, 1940 Bushels 7,189 26,957 16,503 43,759 21,103 14,594 359, 529 46,847 Bushels 257,914 76,924 31,319 34, 577 6,642 22,921 17,479 45,155 19,850 15,118 412,987 49,654 255,646 115,209 37,658 33, 303 937,215 1,031, 622 Spring wheat ProducEstimate tion July 1, 1939 1940 Bushels Bushels 84 Bushels 55,439 187,047 193,190 27,125 105,898 7,058 17, 263 42,034 24,270 5,506 56,639 57, 927 25,846 226,488 28, 703 71,697 8,066 16,967 44,066 26,012 6,102 56, 515 55,380 24,658 187,181 27,036 72,007 728,644 563,431 523,990 Tame hay ProducEstimate tion July 1, 1939 1940 Tons Winter wheat ProducEstimate tion July 1, 1939 1940 Tons Bushels 150 115 80 85 169 135 2,044 97 157,053 4,514 75 27, 300 1,748 59 162, 389 6,009 89 33,891 191, 540 204,654 Tobacco ProducEstimate tion July 1, 1939 1940 White potatoes ProducEstimate July 1, tion 1940 1939 Pounds Bushels Pounds Bushels 17,426 7,643 10,182 5,902 1,430 11,433 3,554 5,839 2,535 6,130 4,093 3,196 20,806 7,867 10,444 6,713 1,706 12,418 34,764 2,276 35,967 126, 363 1,121, 254 205,900 32,608 282,074 2,724 4,724 32,793 2,318 28,135 111, 676 660, 561 170, 272 33,480 244,846 2,891 4,713 47,632 30,853 21,638 20, 229 23,205 14,664 46,211 12,048 44, 752 31, 219 3,349 68,216 53,951 30,936 22, 627 19, 731 27,173 15,108 44,959 13,845 44,216 25,421 3,813 75,726 85,301 1,848,654 1,291, 685 364,016 371,263 3,364 4,428 1,944 5,094 3,708 3,172 NOTE.—1939 figures for tobacco and white potatoes are as revised in July 1940. 818 FEDERAL RESERVE BULLETIN > I a EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1940 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas SanFran- Current Earnings Discounted bills _ __. _ $26, 764 $577 $7, 950 $2, 384 $2,025 $1,511 $1, 287 $2, 338 $1, 377 $991 $2,951 $1, 665 $1, 708 21, 373,852 243,368 53,643 402, 974 1, 543, 376 29, 391 1,384 3,876 6,451,146 46, 734 5,602 72, 888 1, 730, 063 64,620 885 39, 567 2,182,842 7,812 5,800 36,087 1,086, 792 29, 312 3,819 16,057 884,413 14,905 546 15,402 2, 321, 572 7,995 192 98, 660 968, 840 691 1,028 7,783 637,790 7,994 304 4,730 993,156 3,576 4,404 74, 726 818,496 12,943 4,303 1, 755, 366 17, 395 29, 679 28, 895 22,100,601 1, 578, 604 6, 584,320 1,837, 519 2, 234, 566 1,137,491 916, 553 2,430, 757 979, 719 651,809 1,078,813 837,407 1,833,043 78,478 524,025 30, 246 1 6,838 1,100 54,667 290, 348 16, 301 4,622 6,139 86,442 510,455 30,971 6 9,913 1,031 62,400 522, 202 26,140 -17 5,245 684 103, 217 701,946 40, 562 5,008 8,257 1,850 11,060 66, 417 . 9,171 17,474 3,377 7,319 35, 292 14,423 10,083 5,382 1,693 24,414 10,808 105,450 21, 217 27,869 4,309 10,083 44,721 96,055 15,366 4,326 1,545 2,151 24,123 10,745 83,246 17,188 24,067 3,578 8,380 16,831 38, 744 10, 761 6,176 870 14,961 25,152 14,215 136,867 22, 598 40, 576 10,810 10,112 48,804 53,600 13,121 4,546 25,236 7,170 34, 918 1, 283, 413 T*nrphnspd h»ill<? U.S. Government securities Industrial advances Commitments to make industrial advances All other _ _ _ _ __ _ _ Total current earnings Current Expenses Operating expenses: Salaries: Officers Employees Retirement System contributions for current service Legal fees Directors' fees and expenses Federal Advisory Council fees and expenses Traveling expenses (other than of directors and members • of Federal Advisory Council) Postage and expressage Telephone and telegraph Printing, stationery, and supplies Insurance on currency and security shipments Other insurance Taxes on bank premises Depreciation on bank building Light, heat, power, and water Repairs and alterations to bank building Rent Furniture and equipment All other Total operating expenses Less reimbursements for certain fiscal agency and other expenses Net operating expenses Assessment for expenses of Board of Governors Federal Reserve currency: Original cost : Cost of redemption Total current expenses Current net earnings Dividends paid 1,110, 550 8,887, 706 489,191 22,471 69, 609 9,917 59, 666 531,004 27, 823 4,159 3,773 750 255, 607 2,249, 876 122, 663 161 6,156 666 59,004 635, 909 34,410 5,283 4,129 550 87,822 783, 785 41,834 2,715 4,261 618 71, 283 474,496 27, 516 364 3,966 350 69, 533 509,401 28, 334 169 6,854 608 122,431 1,154, 259 62, 391 160,934 1, 687,150 223,197 416, 684 110,476 104,356 741,431 595,137 203,163 61, 784 73, 780 92,402 334, 499 6,719 183,442 8,179 39,816 16, 553 24, 911 280,654 15,848 161,857 21, 272 34,650 11,007 7,272 71, 656 75,073 22,689 8,025 34,477 8,324 31, 630 13,114 136,045 12, 610 24,027 8, 872 5,821 34,775 38,095 14,184 3,346 8,550 1,973 18, 396 12, 525 108,044 21, 716 27, 215 6,749 7,835 32,188 21,234 17,096 4,648 1,134 5,811 29, 761 15,945 205,020 16,110 40,788 12,628 8,224 73,687 33,801 19, 262 4,193 24,973 7,620 12,815 137,478 12,860 35, 278 10,055 9,003 38,808 63,266 17,139 1,211 360 6,410 44,491 3,875 45,509 12, 229 82, 630 17,907 24,990 3,043 8,635 26,438 22,507 12,156 2,323 1,560 6,999 27, 688 15, 394,437 1,039, 718 3, 533, 314 1,128, 459 1,424,815 897, 783 910,855 1,823,022 889, 793 579,071 1,006,841 877,353 2, 540,910 89, 255 306,130 95, 476 126, 292 116, 777 338,498 418, 737 250,884 123,681 191,031 299, 638 184, 511 12, 853, 527 785,395 950,463 56, 655 3, 227,184 278, 517 1, 032,983 76, 765 1,298,523 72,899 781,006 34,160 572, 357 27,646 1, 404,285 94,370 638, 909 23,302 455, 390 17, 711 815,810 22,672 577, 715 23,266 1, 098,902 57,432 589, 706 79,245 45,114 5,548 156,834 16, 065 27, 954 5,717 60, 664 6,647 25,180 13, 302 6,780 155, 241 12, 394 11, 765 3,368 12, 752 2,523 15, 721 3,553 11,929 3,143 53, 250 7,679 14,307,873 1,057, 780 3,678,600 1,143,419 1,438, 733 846,174 620,085 1,666, 290 677, 344 488,376 857, 756 616,053 1,217,263 7, 792, 728 4,084, 773 520, 824 2,905, 720 1, 532,841 694,100 357, 794 795, 833 419,858 291, 317 157, 623 296,468 139,112 764,467 408,067 302, 375 123, 391 163, 433 88, 611 221,057 131,127 221,354 123,015 615, 780 322, 938 78,000 27,916 13,060 3,085 48 8,062 20, 797 79, 934 19,495 14, 806 240,231 110,423 38,246 14, 523 4,078 821 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars.] Loans and investments Total Federal Reserve district Loans Deposits, exclusive of interbank deposits Number of banks Investments Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 1940 1940 1939 1939 1940 1939 1939 1939 1939 1940 1939 1940 1939 1939 1939 All Banks: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago._. St. Louis Minneapolis Kansas City Dallas San Francisco Total 5,592 18,126 3,428 3,563 1,976 5*470 1,613 1,072 1,369 1,033 4,303 51,135 50,885 48,929 Member Banks: Boston New York __. Philadelphia Cleveland Richmond.. Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 5,600 5,604 19,438 19,297 3,409 3,439 3,660 3,642 2,011 2,019 1,447 1,436 5,856 5,645 1,605 1,606 1,124 1,117 1,410 1,411 1,054 1,059 4,521 4,610 __.. Nonmember Banks: Boston New York Philadelphia Cleveland Richmond Atlanta... Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 1,919 1,923 11,997 11, 847 2,308 2,342 2,893 2,868 1,327 1,321 1,149 1,138 4,734 4,558 1,156 1,159 787 788 1,134 1,136 922 912 3,847 3,941 2,666 2,654 7,971 8,038 1,265 1,261 1,504 1,471 968 959 756 777 2,152 2,060 805 817 526 537 718 716 576 566 2,287 2,313 6,154 21, 716 3,952 4,249 2,487 1,817 7,058 1,!" 1,327 1,749 1,466 5,183 22,190 22,169 21,154 28,945 28, 716 27, 775 59,017 1,891 10,869 4,253 950 2,308 2,778 1,142 637 1,266 570 1,085 4,369 1,528 543 1,149 363 742 541 482 3,661 1,' 979 4,333 945 1,106 622 589 1,469 556 357 543 496 1,967 2,615 2,934 2,951 7,759 11,467 11, 259 1,220 2,145 2,178 1,386 2,157 2,171 900 1,043 1,060 727 691 659 1,953 3,704 3,585 769 800 789 445 587 591 653 693 549 483 2,177 2,234 2,296 923 4,076 907 1,046 568 544 1,390 506 294 482 463 1,850 926 7,744 1,358 1,751 691 578 3,206 612 425 593 430 1,909 944 7,514 1,396 1,762 699 549 3,089 603 430 593 425 1,975 2,977 10,367 2,208 2,176 1,076 659 3, 517 844 627 715 484 2,126 6,122 5,892 20,957 19, 262 1,213 3,994 3,672 918 4,264 3,946 1,237 2,473 2,289 1,059 1,772 1,664 1,051 7,166 6,274 2,464 1,874 1,757 1,518 1,336 1, 238 1,294 1,736 1,643 1,858 1,454 1,350 951 5,197 4,824 574 1,122 449 336 276 142 674 3,701 1,673 3, 7,450 7,257 3,718 315 1,097 1,120 774 361 785 331 698 710 186 298 301 624 1,087 1,101 261 447 464 174 331 330 175 276 280 84 144 137 349 642 16, 972 16,944 16,834 8,251 2,387 2,362 6,793 14,074 13, 329 1,401 2,726 2,775 1,732 3,398 3,403 698 1,634 1,592 541 1,406 1,368 2,979 5,591 5,724 643 1,290 1,302 930 949 448 606 1,385 1,373 427 1,258 1,244 1,811 4,499 4,509 350 766 651 645 417 316 810 396 464 735 546 281 353 768 652 639 410 315 804 392 467 736 544 282 356 771 652 622 407 317 792 389 460 733 545 287 6,377 2,180 11, r ~ 2,513 3,114 1,465 1,265 4,902 1,216 862 1,297 1,166 4,180 6,362 6,331 519 447 267 592 642 735 1,654 1,122 830 1,123 405 293 520 448 271 599 649 734 1,666 1,126 835 1,125 409 293 525 461 278 624 658 722 1,694 1,149 859 1,141 415 294 1,675 3,705 315 365 337 188 590 261 169 175 80 346 3,683 314 340 332 183 563 263 151 171 86 327 2,008 2,007 3,723 3,745 786 782 406 409 352 361 113 110 498 497 188 186 162 161 102 101 58 58 325 322 2,009 3,767 3,574 7,641 806 1,226 444 851 377 853 117 411 538 1,467 201 569 178 397 109 364 58 208 314 684 8,207 8,107 8,721 8,727 18,438 18,414 17, 723 8, 629 8,738 881 1,232 930 1,246 1,065 1,039 2,486 1,538 1,319 1,874 960 581 58,344 53, 812 15,006 15,037 15,151 34,163 33,941 32,095 13, 939 13,962 13,047 20,224 19,979 19,048 40, 579 39,930 3,681 7,441 1,102 767 873 1,216 923 1,238 1,059 1,049 2,470 1,518 1,302 1,861 953 575 3,760 7,627 1,219 861 881 404 1,443 572 386 363 210 3,712 7,333 1,159 832 824 400 1,372 542 376 346 184 643 8, 675 8,820 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 823. 820 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Mar. 26 1940 New England: Maine New Hampshire Vermont M assachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia.. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada PacificWashington Oregon California TotaL Dec. 30 1939 Deposits, exclusive of interbank deposits Investments Loans State Mar. 29 1939 Mar. 26 1940 Dec. 30 1939 Mar. 29 1939 Mar. 26 1940 Dec. 30 1939 Number of banks Mar. 29 Mar.26 Dec.30 Mar.29 1939 1940 1939 1939 192, 320 188,913 206,424 327, 774 324, 254 320, 927 110, 959 109, 557 106,370 173, 686 276, 782 277, 575 270, 659 103, 958 100, 327 167, 594 166,450 104,600 167,873 67,859 68,097 73,810 164, 768 83, 276 86,803 87,309 : 760,150 1, 746,841 1, 728,011 1, 781, 250 1, 801,151 1,791,052 3,880, 297 3,843, 396 3, 705,853 , 275,066 489,827 490,673 465, 691 175, 515 175, 359 166, 315 268, 772 276,025 594, 259 1, 332, 724 1,339,468 1,266,453 572, 358 575, 563 571, 485 581, 388 576,805 100 107 83 388 35 203 101 107 84 388 35 205 102 108 84 391 35 208 f , 18,888,835 17,, 308,908 ' 887 894 1, 268,115 7,341, 210 7,057, 778 10, 519,008 10, 270,691 9,387,765 19, 665, 624 1, 390 404 672, 721 664, 486 671, 282 963,931 1,006, 626 989,451 2,078,889 2,106,185 ' 977, 292 389 L, 546, 454 1, 533,187 1,491,412 3,006,709 3,026,413 3,036,630 4,997,844 5,013,460 4,649, 391 1,097 1,102 1,106 916,947 300,076 998,698 436, 577 284, 021 895, 306 296,220 970, 573 420, 829 278, 913 973, 504 997.857 1,012, 627 2, 389, 698 2, 413, 627 2, 213, 219 818,198 387, 507 389,087 884, 681 814,965 271,427 394, 778 914, 816 2, 208,859 2,083, 569 l,993,r~ 3, 632,076 3,836, 772 3,146,013 703,232 387,437 713,144 720,439 1, 540, 232 1, 495,029 1,365,305 426,206 251,043 439,676 450, 389 889, 830 879, 834 840, 631 704 511 845 449 576 704 511 707 513 856 456 583 367, 732 339, 344 486,914 31, 284 46,028 123,258 156, 595 355, 294 299,421 480,056 35,069 43, 372 126,919 159,167 305, 016 311,077 433, 549 24, 835 35, 502 117, 299 143,946 407, 269 203, 830 597, 646 26,122 31, 578 107,206 128, 520 404,912 190.858 594, 787 26, 637 30,997 109, 569 128, 207 424, 578 856, 273 865,844 803, 569 208,875 613,090 653,841 621,422 631, 515 1,154,382 1,146,826 1,081,065 28,324 73,662 73, 553 64,345 33, 744 94, 756 94,126 83,615 113,607 275, 784 270, 226 258,808 134, 547 364, 981 373, 511 347, 210 681 647 632 163 165 422 674 681 647 633 168 165 423 675 685 650 643 175 167 427 78, 313 212, 55f 115, 203 304, 764 132, 58" 177, 839 54,884 217, 861 105,819 78,157 211,917 112,470 302, 614 132, 966 172, 864 55, 768 221, 056 109, 466 81,063 205,155 101, 741 281, 656 126,424 159, 705 53, 629 208,322 85, 535 110, 503 477, 502 135,057 176,122 81,026 155, 791 37,922 125,878 165,936 108,642 492,945 134,137 176,081 80, 641 156,825 39, 688 119,023 152,005 107,046 495,009 135,641 187, 868 92,409 145, 671 40, 729 114, 707 157,998 237, 683 843, 388 337, 277 549,445 290, 889 377, 791 150, 982 404,004 394, 812 242, 270 839,420 329,114 548, 560 281, 826 382, 876 153, 537 403, 524 204,016 767,473 312,189 517,160 275,993 344, 948 134,198 357, 727 341,834 46 189 22 314 182 228 151 285 173 189 22 315 181 228 151 285 171 47 191 22 317 181 231 151 283 163 219, 846 243,130 120,174 67,995 224,416 256,921 124, 572 67,081 206,092 234,851 132,352 75,753 147, 938 146, 268 101,689 71, 610 140, 992 141, 976 99, 201 69, 341 152,375 138, 910 93,002 73,160 415,937 449, 712 284,847 197,198 422,904 450,645 287,357 196, 615 406,977 418,185 263, 225 195,048 412 300 217 205 412 300 217 205 417 301 216 205 64, 688 158,182 153, 78" 64,142 167, 298 151,059 520,238 75,196 160,850 145,35" 490, 314 56, 222 188, 781 139, 741 442, 980 55,076 180,399 139, 655 438, 393 51, 849 169, 520 171,020 154,143 184,225 • 428,879 433, 252 406, 583 153,040 387,973 382,221 378,108 438,148 1, 308, 481 1, 294,921 1,209,984 218 145 392 217 145 393 840 219 146 397 847 37,070 32, 503 25, 996 88, 915 23,096 34,189 60, 713 13, 478 39,138 33, 839 25, 696 91, 928 21, 587 36, 733 61,860 13,006 31, 621 28, 519 24,171 81, 338 19, 974 30,102 56,123 10, 343 54, 516 39,925 17,400 100, 422 19, 792 27, 780 51,113 15, 215 55,089 40,035 17,418 105, 359 19, 714 27,123 50,518 15,314 57, 61 37, 628 17, 503 110, 461 19, 324 31, 673 50, 449 14, 913 123,394 89, 274 58, 471 273,123 55, 235 84,997 134, 200 34,803 111 51 58 146 41 12 59 11 111 51 58 145 41 12 59 11 114 51 58 144 41 12 213,044 186,191 217, 622 213, 508 539,185 211,706 229,318 525, 473 482,244 99, 700 100, 407 90, 536 142,044 141,043 132, 699 307, 997 297, 319 280, 460 839, 329 1,861, 550 1, 780, 631 1, 736,092 1,811, 511 1, 652, 420 3,984,342 4,022,903 3, 738,045 143 75 227 143 75 228 147 76 229 135, 377 97, 722 61, 600 295, 273 62, 316 ' 91,284 141,903 41, 231 138,109 99, 318 64, 236 293,108 63, 203 89, 511 142,187 39,992 22,190,172 22,168, 558 21,153, 945 28, 944,893 28, 716, 23' 27, 774,934 59,016,991 58, 343, 767 53,812,146 15,006 15,037 15,151 » Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 823. AUGUST 1940 821 All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of interbank deposits [nvestments ] Loans State M a r . 26 1940 New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle AtlanticNew York New Jersey Pennsylvania East North Central: Ohio Indiana '_. Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas.. Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada PacificWashington Oregon California Total 822 Dec. 30 1939 M a r . 29 1939 Mar. 26 1940 Dec. 30 1939 M a r . 29 1939 M a r . 26 1940 Dec. 30 1939 Mar. 29 1939 N u m b e r of banks Mar. Dec.30 Mar. OR ZO 29 1939 1939 1940 112,093 111, 173 112,079 61,142 64, 532 68,058 67, 265 32,223 54, 621 56, 910 55, 623 24, 506 448, 331 1, 217, 200 1,176, 633 1,095, 201 86,979 99, 535 32, 663 101, 237 123,445 293, 799 298, 511 265, 759 37 52 41 125 12 52 38 52 42 125 12 53 39 52 42 126 12 54 1, 557, 336 1, 559, 483 1,449, 263 3,061,114 3,068, 201 2, 776, 541 5, 321, 328 5, 014, 978 4, 549, 636 250,357 244,811 233, 651 383,032 405, 630 393,865 826, 640 853, 386 763, 204 815,495 800, 294 779, 856 1,474, 544 1, 494,116 1,471, 397 2,471, 314 2,459, 258 2, 267, 231 435 225 693 437 226 693 438 227 695 40,834 32, 698 26, 968 527, 249 43,107 98, 261 39,985 32,056 26,462 519, 798 43, 722 98,189 37,469 30,424 24,860 491,411 37,778 95, 331 54,410 31,190 21,981 424, 265 33, 691 116,036 55, 240 30,046 22, 219 445, 818 37, 879 117,313 348,061 131, 716 695,025 183,092 108, 373 339, 340 128, 728 679, 623 172,067 107, 325 313,177 434,002 439,916 452, 757 991, 244 1,008, 762 927, 504 117, 513 230,215 231, 232 230, 901 453, 582 448, 584 419, 684 639,025 1, 645,106 1, 536, 376 1, 445, 764 2, 522, 668 2, 690,372 2,133,040 170, 329 399, 265 409,145 399,090 797, 856 765, 703 689, 958 96, 786 258,848 264,659 270, 404 471,836 466, 422 447,083 244 125 329 81 103 244 125 327 82 105 245 126 320 82 105 240,485 102,030 198, 804 19, 286 27, 239 86, 720 75,423 234,895 85, 287 193, 996 21, 459 25, 542 90,614 76, 207 197, 560 93, 642 178,876 15,049 20,478 81, 444 64, 424 282,421 81,903 260,072 18,439 20,126 89,734 79, 756 281,170 81, 288 245,390 18, 873 20,123 92, 514 79, 953 289,815 87, 321 271, 516 20, 875 22, 303 95,108 84,134 571, 306 214,652 482, 658 47, 622 55, 625 204, 541 201, 779 589, 574 200,040 473, 208 48, 448 57, 317 201, 767 210,180 535,164 207, 203 454, 227 43, 087 50,477 191,104 190,952 191 107 85 48 41 135 182 191 108 86 50 41 135 182 192 109 87 50 43 136 182 8,497 65, 917 52, 779 163, 987 66, 660 44, 484 37, 764 132, 688 72, 597 8,399 66,638 51, 608 163, 583 67,190 41,060 31,001 136, 354 74, 914 8,332 63,183 45,901 152,195 64,072 41, 676 28, 431 128,961 59, 557 8,499 189, 649 81, 898 114, 690 47,844 28,005 19,970 94, 267 134, 407 8,754 207, 565 81, 270 114,693 47, 576 28, 214 18,108 89, 542 122,135 9,523 197, 594 83,021 126,384 52,098 29, 574 18, 620 84,066 128, 317 18, 631 301,130 186,659 327, 255 158, 747 101, 521 94, 378 255, 247 289,105 18, 758 295, 647 180, 686 326, 883 154,134 100, 825 79, 258 256,037 253, 715 17,062 263, 551 172, 734 310, 886 148, 960 92,973 67, 503 226, 579 252, 447 15 63 9 130 78 43 21 52 52 15 63 9 130 77 42 20 52 52 15 63 9 131 78 43 20 52 52 100, 825 171, 525 83, 712 20, 305 104,886 185, 734 88, 616 20, 324 93,637 165, 643 89, 863 21, 684 90,040 114,195 71, 301 23, 542 80,952 112,007 68, 967 23, 609 82, 424 106, 571 64, 285 25, 282 207, 310 315,053 198, 611 64, 278 212, 742 318, 318 199, 711 65, 270 202, 788 290, 335 177, 293 64, 385 95 71 66 24 95 71 66 24 97 71 66 25 33, 993 104, 679 130,868 425, 629 34,853 113, 463 129,172 442, 032 38, 710 107, 765 123, 961 406, 986 33, 451 136, 302 122,809 389,187 33,495 129,038 122,869 383, 705 84,967 93, 311 91, 798 32, 525 126, 368 272,118 271,077 253, 681 334,114 328, 706 327, 518 135,359 386, 518 1,116, 429 1,100, 045 1, 035, 301 49 29 210 446 49 29 211 445 49 30 214 447 17,607 15, 839 17, 273 67, 960 17, 537 24,444 23,068 12, 218 18,348 16, 348 17, 030 70, 899 16, 350 27, "424 23, 665 11, 782 15,199 13, 688 15, 738 62,808 15,045 22, 241 21, 980 9,537 31, 738 19, 309 13, 911 83, 314 16, 283 17, 343 24, 462 14,004 32, 018 18, 898 14,039 87,590 16, 253 17,122 23, 799 14,052 70,607 44,125 41, 616 217, 959 43, 333 57,945 58, 592 32, 361 43 18 26 78 22 5 13 6 43 18 26 78 22 5 13 6 43 19 26 78 22 5 13 6 355,897 158, 532 156, 664 134,052 162, 295 153, 627 151,825 401, 743 387,156 242,190 255,485 115, 568 266,166 124, 934 124,154 83,017 83,901 74,831 1, 275, 318 1, 299, 627 1, 254, 383 1,156, 459 1, 237, 435 1,109,471 2,810, 740 2, 846, 738 2, 638, 868 45 27 99 45 27 100 47 28 101 34,112 19,870 14,061 91, 706 15,841 20, 780 21, 557 13, 715 76, 466 49, 952 43,034 236,164 49, 269 63,855 61,662 38,034 78, 989 49, 341 45, 014 234, 444 49, 390 62,439 60, 111 36, 767 9,038, 281 9, 021, 748 8, 448,40512, 764, 25812, 788, 58712, 331,136 25, 911, 33725, 660, 72223, 340, 275 5,178 5,187 5,212 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Number of banks Deposits, exclusive of interbank deposits Investments State M a r . 26 1940 2 New England: Maine New Hampshire Vermont Massachusetts Rhode Island C onnecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan ^ Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada PacificWashington Oregon California.^ •-. ... Total Dec. 30 1939 Mar. 29 1939 3 M a r . 26 1940 2 Dec. 30 1939 Mar. 29 1939 3 Mar. 26 1940 2 Dec. 30 1939 M a r . 29 M a r 26 Dec 30 M a r 29 1939 3 19402 69, 572 68, 901 137,910 70,125 133, 673 145, 282 215, 681 212,17J 209, 754 4 71,902 4 71, 902 69, 903 4136, 404 4136, 404 141, 463 4209, 517 4 209, 517 206,127 58, 416 60, 341 60, 341 45, 878 45, 878 49, 304 110,963 110,963 110.147 1, 232, 901 1, 227,043 1, 236, 600 1, 356,985 1, 355, 333 1, 342, 721 2, 663,097 2, 666, 763 2, 610, 652 132, 408 131, 637 128, 537 235, 081 238,146 242, 403 391,138 378, 712 474,097 477, 374 476,154 465,352 459, 492 47€, 814 1,038,925 1,040, 957 1,000, 694 63 55 42 263 23 151 5,710, 779 5, 781, 727 5, 608, 515 7, 457, 894 7, 202, 490 6, 611,22414, 344, 296 13, 873, 85712, 759, 27: i, 422, 364 419, 675 437, 631 580,899 600, 996 595, 586 1, 252, 249 1,252, 799 1, 214,088 730, 959 732, 893 711, 556 1, 532,165 1, 532, 297 1, 565, 233 2, 526, 530 2, 554,202 2,382,160 449 164 404 568,886 168, 360 303, 673 253, 485 175, 648 555,966 167, 492 290, 950 248, 762 171, 588 505,021 153, 914 275, 791 217,108 154, 257 539, 502 157,292 563, 753 303, 967 167, 358 557, 941 157,855 547,193 127, 247 237, 314 288,110 11, • 18, 789 36, 538 81.172 120, 399 214,134 286,060 13, 610 17, 830 36,305 82, 960 107, 456 217, 435 254, 673 9,786 15,024 35,855 79, 522 124, 848 121, 927 337, 574 7,C" 11, 452 17,472 48, 764 69, 816 146, 635 62,424 140, 777 65,927 133, 355 17,120 85.173 33, 222 69, 758 145, 279 60, 862 139,031 65, 776 131, 804 24, 767 84, 702 34, 552 72, 731 141, 972 55, 840 129,461 62,352 118,029 25,198 79,361 25, 978 119,021 71, 605 36.462 47, 690 119, 530 71,187 35, 956 46, 757 30, 695 53, 503 22, 919 83, 231 4 63 55 4: 263 23 152 4 63 56 42 265 23 154 . 450 456 164 177 409 411 175,017 559, 870 1,398,454 1,404, . 1, 285, 715 163,877 435,238 436,097 395, 281 547,624 1,109, 408 1,146, 400 1, 012,973 321, 349 742,376 729, 326 675, 347 179, 985 417,994 413,412 393, 548 460 386 516 368 473 123, 742 109, 570 349, 397 7,764 10,874 17,055 48, 254 134, 763 121, 554 359, 999 7,449 11,441 18, 499 50, 413 284,967 439.189 671, 724 25, 931 38, 501 71, 243 163, 202 276, 270 413,050 673, 618 25, 214 37, 439 68, 459 163, 331 268, 405 414, 219 626,838 21, 258 33,138 67, 704 156, 258 490 540 547 115 124 287 492 490 539 54' 118 124 493 541 556 125 124 291 102,004 287,853 53,159 61, 432 33,182 127, 786 17,952 31,611 31, 529 99,888 285, 380 52, 867 61, 388 33,065 128, 611 21, 580 29,481 29,870 97, 523 297, 415 52,620 61,484 40, 311 116,097 22,109 30, 641 29, 681 219,052 542, 258 150, 618 222.190 132,142 276, 270 56, 604 148, 757 105, 707 223, 512 543, 773 148,428 221, 677 127, 692 282, 051 74, 279 147, 487 95, 054 186, 954 503,922 139, 455 206, 274 127,033 251, 975 66, 695 131.148 89, 387 31 126 13 184 104 185 130 233 121 31 126 13 185 104 186 131 233 119 32 128 13 186 103 188 131 231 111 112, 455 69, 208 42,489 54,069 57,898 32,073 30, 388 48,068 60,040 29,969 30, 234 45, 732 69, 951 32, 339 28, 717 47, 878 208, 627 134, 659 86,236 132,920 210,162 132, 327 87, 646 131,345 204,189 127,850 85, 932 130, 663 317 229 151 181 317 229 151 181 320 230 150 180 29, 289 53,835 21,887 78, 206 36, 486 53,085 21,396 22,771 52, 479 16,932 21, 581 51, 361 16, 786 54, 688 19, 324 57, 857 17, 681 51, 630 77, 722 156, 761 53, 859 192,052 77, 709 162,175 53, 515 194,87 69,176 152, 902 50, 590 174, 683 116 182 392 168 116 182 395 170 116 183 400 19.463 16,664 8,723 20,955 5,559 9,745 37,645 1,260 20, 790 17, 491 16,422 14,831 8,433 18, 530 4,929 7,861 34,143 22, 778 20, 616 3, 489 17,108 3, 509 10, 437 26,651 1,211 23,071 21,137 3,379 17, 769 3,461 10,001 26, 719 1,262 23, 503 17, 758 3,442 18, 755 3,483 10, f " 28, 892 1, 58,911 47, 770 18, 566 59,109 13, 047 27,429 80, 241 3,197 59,120 49, 977 19, 222 58,664 13,813 27, 072 82,076 3,225 52, 787 45,149 16,855 55,164 11,902 27,052 54, 512 16, 683 564,011 55,042 16, 506 561, 923 52,139 15, 705 526,248 67,023 63, 995 17,110 579,633 574,076 21,029 5,237 9,309 38,195 1,224 521 370 475 71 32 32 66 19 7 46 5 2,442 126, 347 61,683 137, 442 138,317 17,131 41, 831 41,834 38, 270 542, 949 1,173, 602 1,176,165 1,099,177 . 13,151,891 13,146,810 12, 705, 540 16,180,635 15, 927, 650 15, 443, 798 33,105, 654 _ 32,683,045 30, 471,871 462 387 536 374 478 48 128 128 100 48 128 9,850 9,939 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The figures for Alabama, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Missouri, New Jersey, Ohio, and Tennessee were derived by adding to the March 26, 1940 figures of State bank members of the Federal Reserve System the December 30, 1939 figures of nonmember banks in existence as such on both that date and March 26, 1940. For Maine and Minnesota the figures are as of March 30, 1940. For New York and Rhode Island the figures for savings banks are as of December 30, 1939. 3 The figures for some States are as of call dates other than March 29,1939; see page 566 of July 1939 BULLETIN. 4 June 30, 1939. AUGUST 1940 823 All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 823 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of interbank deposits Investments Loans Number of banks State M a r . 26 19401 Connecticut: District No. 1 District No. 2 Indiana: District No. 7 District No. 8 Iowa Kansas New Jersey (Dist. No. 2) New York Ohio Pennsylvania: District No 3 District No. 4 South Carolina D e c . 30 1939 M a r . 29 19391 M a r . 26 19401 D e c . 30 1939 M a r . 29 19391 M a r . 26 19401 D e c . 30 1939 M a r . 29 Mar 26 Dec.30 Mar 29 19391 19401 1939 19391 285 111 204 69 197 69 198 69 394 308 400 331 401 282 3 1 3 1 3 1 1,575 92 171 3 15 55, 859 2,108 1,419 68 233 2 15 60, 596 2,115 1,063 55 38 1,063 55 38 1,195 49 38 11 478, 582 590 11 498,617 590 12 426,963 582 4,055 162 356 2 5 512,165 3,012 4,055 162 356 2 5 498,968 3,012 3,790 136 365 13 6 420, 798 2,898 14 1 1 1 1 9 13 14 1 1 1 1 9 13 16 1 1 1 1 12 13 5,219 1,296 575 5,308 1,302 564 6,772 1,187 616 47,874 1,073 45 46,858 1,049 65 44,922 1,188 6 59, 888 2,744 627 68, 291 2,716 606 66,042 2,400 570 14 4 1 14 4 1 15 4 1 81, 615 Total 293 116 1,575 92 171 2 15 70,166 2,108 - 293 108 67, 398 73, 432 529, 604 548, 612 475, 222 583, 718 578,904 497, 701 63 63 69 i Figures in the March 1940 columns for Indiana, Iowa, New Jersey, and Ohio are as of December 30,1939. Figures in the March 1939 columns for New Jersey and Ohio are as of December 31, 1938, and for Pennsylvania as of March 25, 1939. MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 823 covering "State Banks." Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments Number of banks State M a r . 26 19401 California Connecticut: District No. 1 District No. 2 Delaware Indiana: District No 7 District No. 8 Maine Maryland Massachusetts Minnesota New Hampshire New Jersey: District No. 2 _ District No 3 New York _ Ohio Oregon _ Pennsylvania: District No 3 District No. 4_ Rhode Island Vermont Washington Wisconsin: District No 7 District No 9 (2) M a r . 29 19391 36,411 35,189 259,183 82,805 12,939 263, 571 81,990 13,004 M a r . 26 19401 (2) D e c . 30 19391 M a r . 29 19391 59, 210 58, 312 275, 528 77, 606 30, 945 M a r . 26 19401 279,459 81,990 • 29,486 (2) D e c . 30 19391 M a r . 29 Mar 26 Dec 30 Mar 29 19391 19401 19391 19391 89,683 87,399 1 1 563,812 168, 363 40,020 560,004 165,316 38,144 58 14 2 58 14 2 59 14 2 6,653 3,783 3,783 6,583 3,683 6,583 11, 545 11, 545 11, 299 4,484 4,445 4,484 2,727 2,727 2,548 8,207 8,207 7,897 29, 780 99,284 101,131 104, 671 29,466 129, 566 128,104 29,041 128,038 168, 786 168, 786 34,322 39,016 175, 625 34,322 225,814 225,814 222,806 1,003,696 1,003, 696 1,029, 562 1,122,093 1,122,093 1,096, 504 2,146,862 2,146,862 2,131,957 9,786 49,822 50, 567 54,426 14,663 15, 250 67,247 66, 256 67, 748 128,049 128,049 132, 675 61, 717 63, 239 193,389 63,239 193, 389 190,243 3 1 32 12 192 1 43 3 1 32 12 192 1 43 3 1 32 12 193 1 44 126,948 122,176 171,496 174,527 122,176 171,496 319,024 319,024 324, 240 7,408 7,408 4,681 7,086 4,466 4,466 13,819 13, 819 13, 876 3,035, 583 3,, 035, 583 2, 986, 520 2,433,874 2,433,874 2,377,185 5, 599,150 5, 599,150 5,404, 624 53, 645 40,000 61, 710 61, 710 53, 645 69, 567 122, 215 122, 215 121,131 1,205 1,225 1,099 834 1,414 1,358 2,620 2,483 2,041 22 2 154 3 1 22 2 134 3 1 22 2 134 3 1 257,124 82,650 12,889 _-- Total D e c . 30 19391 •_ _ 279, 599 78,044 31, 979 568,123 169,969 40,525 (2) 75, 267 11, 380 51, 390 28, 715 26,649 75,324 11, 571 51, 390 28, 715 26, 764 74,982 11,061 50,206 27, 325 26,429 428, 792 41, 764 120, 647 24, 296 44,323 426,348 42, 996 120, 647 24,296 42,387 450, 644 45,066 127, 795 25, 332 38,898 558,087 56,181 177, 506 57,150 71, 550 547,193 55,660 177, 506 57,150 70,880 541,138 54,806 176,174 57, 653 66,189 6 1 9 8 3 6 1 9 8 3 6 1 9 2,155 94 2,179 100 2,155 86 2,225 40 2,174 39 2,112 34 4,587 131 4,559 133 4,345 114 3 1 3 1 3 1 4,922, 212 4,961,062 4,926,311 5, 303,813 5, 353,052 5, 338,459 10, 543,768 10,612,818 10, 375, 690 551 552 555 3 1 Figures in the March 1940 columns for Indiana, Maryland, Massachusetts, New Jersey, New York. Ohio, Rhode Island, and Vermont are as of December 30, 1939; Maine and Minnesota, March 30, 1940; New Hampshire, June 30, 1939. All figures in the December 1939 columns are as of December 30 except New Hampshire, which are as of June 30,1939. Allfiguresin the March 1939 columns are as of March 29 except as indicated in the footnote on page 567 of the July 1939 BULLETIN. 2 Beginning With the Mar. 1940 call, this bank is no longer classified as a mutual savings bank. "all State banks" and "all banks" as in the past. 824 It is, however included in the figures covering FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION: REVISED INDEXES Table of Contents Series Page Industrial production Series Wool textiles Carpet wool consumption Apparel wool consumption Woolen yarn Worsted yarn Woolen and worsted cloth 825 Manufactures 826 Durable manufactures 826 Iron and steel Pig iron 827 827 Steel ingots Page 843 844 844 845 845 846 Leather and products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Shoes 829 829 830 830 831 831 832 832 833 833 834 834 835 835 836 836 Stone, clay, and glass products Cement Common and face brick Common brick Face brick Glass containers Polished plate glass 837 837 838 838 839 839 840 Nondurable manufactures 840 Textiles and products Textile fabrics Cotton consumption Rayon deliveries Silk deliveries 841 841 842 842 843 856 857 857 858 858 Tobacco products Cigars Cigarettes Manufactured tobacco and snuff .. Transportation equipment Aircraft Automobiles Railroad cars Locomotives Shipbuilding Nonferrous metals and products . . . . Nonferrous metal smelting Copper smelting Copper deliveries Lead shipments Zinc shipments Tin deliveries Lumber and products Lumber Furniture 849 850 850 851 851 852 852 853 853 854 854 855 855 856 Alcoholic beverages Malt liquor Whiskey f Other distilled spirits .. .\ Rectified spirits 828 846 847 847 848 848 849 Manufactured food products Wheat flour Cane sugar meltings Manufactured dairy products.... Ice cream Butter Cheese Canned and dried milk Meat packing Pork and lard Beef Veal Lamb and mutton Other manufactured foods 828 Machinery Series Sulphite pulp Paper Paperboard Fine paper Newsprint production Printing paper Tissue and absorbent paper Wrapping paper Paperboard containers 859 859 860 860 Paper and products Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Page 864 864 865 865 866 866 867 867 868 Printing and publishing Newsprint consumption Petroleum and coal products Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke Byproduct coke Beehive coke 868 869 869 870 870 871 871 872 872 873 873 Chemicals 874 Rubber products Rubber consumption Tires and tubes Pneumatic tires Inner tubes 874 875 875 876 876 . Minerals 877 878 878 879 Metals Iron ore shipments Copper Lead Zinc Gold Silver 861 861 862 862 . 863 863 877 Fuels Bituminous coal . Anthracite Crude petroleum 879 880 880 881 881 882 882 INDUSTRIAL PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 19251926 1927 1928 1929 1930 1931 1932 1933__ 1934 1935 1936 1937 1938 _.. 1939 -~ 1940 1941 82 83 87 91 93 91 103 96 75 62 56 69 80 91 112 82 98 117 Adjusted for seasonal variation 85 1923 1924 86 1925 89 ~93 1926 -97 1927 $5 1928 1929 -108 100 1930 _ 1931 ~78 1932 <65 58 1933 __. 1934 -72 1935 83 1936 -95 1937 116 1938 86 1939 102 1940 122 1941 _ Mar. Feb. May Apr. 85 87 89 94 97 95 108 100 79 63 58 75 85 91 115 82 99 113 89 87 90 96 100 97 110 98 81 62 54 79 86 94 120 84 100 112 91 84 90 95 97 97 113 100 82 59 59 81 84 100 122 82 98 111 86 88 89 94 97 95 108 100 79 63 89 86 89 95 99 96 109 98 81 62 92 91 80 83 90 90 94 ' 94 96 97 96 97 112 110 98 96 80 80 58 56 93 81 91 95 99 99 115 99 82 57 69 82 84 103 125 81 99 116 June July • 55 79 80 85 103 120 81 102 Sept. Nov. Oct. 89 78 91 98 96102 114 87 74 54 81 73 87 106 120 90 103 89 83 92 102 97 106 117 89 73 60 80 72 90 108 115 95 116 89 85 95 102 96 107 114 86 70 62 74 73 •94 111 110 99 126 86 85 95 98 91 104 103 80 67 59 68 71 95 114 97 102 126 80 83 90 92 87 99 93 74 63 55 67 74 94 114 86 100 124 90 75 91 95 95 99 114 89 76 53 88 78 90 97 95 101 114 87 74 54 87 81 88 98 94 102 113 85 70 58 86 82 92 98 92 104 110 83 68 60 86 84 94 97 92 106 105 81 67 60 8587' 9597- 73 71 69 72 Year 70* 7711687101r 88 82 91 96 l(;o 113 88 108 P121 91 77 89 95 97 98 114 93 78 54 54 79 58 80 68 80 78 79 86 73 82 72 77 70 85 85 82 82 84 84 87 89 92 117 94 120 99 120 101 121 103 119 105 120 107 120 108 115 109 107 113 95 84 101 116 84 101 112 82 97 111 80 97 114 81 102 86 104 90 104 92 113 95 121 100 124 57 75 Dec. 11 89 93 93 97 112 88 75 52 84 73 84 103 118 85 102 8 95 97 98 115 95 78 Aug. 93 94 107*100- 79~ 66v 58~ 96- 126 P121 Preliminary. AUGUST 1940 825 PRODUCTION OF MANUFACTURES • 1935-39 average = 100 Jan. Mar. Feb. 81 82 86 92 91 91 103 95 74 61 54 67 79 91 113 79 97 117 85 86 90 95 96 96 109 101 79 62 56 74 85 90 117 80 99 114 92 97 99 98 113 101 82 60 51 79 86 95 121 82 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 _ 1940 1941 _ _ . . 83 84 88 95 95 95 108 100 78 64 56 70 83 94 118 82 101 123 85 86 89 94 95 96 108 100 79 62 55 74 85 91 119 82 101 116 87 85 89 94 96 95 110 98 80 60 51 78 84 94 120 82 100 112 too OOOO OOCO Without seasonal adjustment 1923 1924 - . 1925 -_- 1926 - _ 1927 1928 1929 1930 1931 1932 1933 1934 - 1935 _ 1936 1937 _ _ 1938 1939 __..__ 1940 1941 Apr. May June 91 85 91 96 99 99 116 102 83 58 59 82 86 102 125 80 100 112 91 79 90 95 98 99 117 99 82 57 68 82 84 105 126 80 99 116 90 75 88 94 96 98 117 95 78 54 79 80 84 105 121 79 102 90 78 89 94 96 97 113 96 80 55 67 80 82 102 123 79 98 114 89 75 88 94 96 98 115 93 77 53 78 78 83 104 120 79 102 P121 Aug. Sept. Oct. Nov. Year Dec. 86 71 87 91 93 97 112 87 74 50 84 72 84 104 119 83 102 85 77 88 97 95 102 114 86 73 52 80 72 87 107 120 89 105 87 81 92 100 96 106 116 88 72 59 78 70 90 108 114 94 116 86 83 95 100 95 106 114 83 68 60 73 71 94 112 108 98 125 84 83 95 95 90 103 103 78 65 57 67 70 96 115 94 102 126 79 82 91 89 86 99 92 73 61 54 65 73 95 115 83 99 126 88 73 90 94 96 100 115 88 75 51 86 72 85 106 121 84 104 86 77 88 96 95 101 114 86 73 53 81 71 88 108 121 89 107 86 79 89 97 93 102 113 84 69 56 77 68 90 109 115 91 113 84 81 93 97 92 104 111 82 66 58 73 70 93 110 106 95 121 84 83 96 95 91 106 105 80 65 58 68 71 95 114 93 100 124 83 86 97 95 92 108 99 78 64 57 69 77 96 117 84 101 128 P121 89 83 89 94 96 96 111 98 80 56 57 79 83 99 122 79 98 110 July 86 81 90 95 95 100 110 91 74 57 68 74 87 104 113 87 108 Preliminary. PRODUCTION OF DURABLE MANUFACTURES 1935-39 average = 100 Jan. Without seasonal adjustment 1923 __-. _ 1924 1925 1926 1927 1928 1929 1930 _ 1931 1932 1933 1934 1935 _ 1936 1937 1938 1939 1940 1941 93 97 100 109 103 101 12G105 71 48 36 55 72 , 89 120 71 93 128 Adjusted for seasonal variation 1923 98 1924 103 1925 105 1926 _ 115 1927 110 110 1928 . _ _ . 131 1929 113 1930 A 77 1931 52 1932 39 1933 59 1934 77 1935 94 1936 127 1937 _ _ 75 1938 98 1939 135 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 98 107 106 115 112 110 130 116 78 49 37 66 81 88 124 71 94 121 106 110 111 119 118 116 141 118 83 46 33 74 84 98 133 73 98 121 112 105 110 120 118 120 144 119 84 46 43 81 85 110 140 72 98 119 113 95 109 120 118 119 147 116 82 46 53 82 81 115 143 71 95 125 110 87 105 116 110 118 146 108 73 42 65 79 80 114 132 67 100 P134 106 81 103 112 105 116 139 93 66 36 76 63 78 111 131 70 98 104 89 103 119 108 122 140 92 63 34 72 59 82 110 133 74 99 104 92 106 117 104 124 138 89 58 37 66 57 81 106 118 78 111 103 94 114 117 103 125 132 83 54 38 61 55 90 114 114 90 131 100 93 115 109 96 118 114 76 52 37 52 54 97 122 96 99 136 95 93 109 100 94 115 100 69 49 36 53 61 96 124 80 97 139 99 106 105 114 112 110 130 114 77 48 37 66 80 90 127 73 97 124 103 105 106 113 v 112 110 133 112 79 45 32 71 80 95 129 72 96 118 107 100 104 113 111 113 134 110 77 43 39 74 78 103 132 69 93 113 108 91 105 114 111 112 136 107 75 42 49 76 75 107 134 67 90 119 108 86 105 115 108 115 141 103 70 40 63 76 77 110 129 65 97 108 83 105 115 107 118 141 95 67 36 76 63 79 112 135 71 101 104 89 102 116 106 120 140 92 63 34 73 60 86 114 139 77 105 105 91 105 116 103 122 137 89 58 37 67 58 88 115 128 81 114 102 93 113 116 101 124 131 84 55 39 64 57 93 115 114 88 129 103 96 118 113 100 126 121 80 55 39 54 57 95 120 94 96 133 Year 102 100 119 111 104 131 111 77 54 39 57 65 97 125 80 97 140 104 95 108 114 107 117 133 99 68 41 54 66 84 108 122 78 108 P131 Preliminary. 826 FEDERAL RESERVE BULLETIN IRON AND STEEL PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925_ 1926 -. 1927 1928 1929 1930 1931 1932 1933 - _ 1934 1935 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. 124 102 109 123 124 132 147 122 82 37 40 89 77 115 149 57 91 106 123 78 103 118 11 2 121 11 5 115 76 33 54 95 74 118 151 53 82 123 115 65 96 113 106 112 11 5 106 63 27 74 89 69 117 124 48 92 151 112 57 93 109 100 117 144 88 56 25 95 46 66 115 135 60 98 108 75 102 119 11 0 119 141 91 51 24 81 40 82 122 144 71 108 106 84 104 117 98 127 139 85 46 29 67 39 86 122 128 77 125 104 90 112 122 99 132 130 77 45 32 61 42 Adjusted for seasonal variation 108 1923 102 1924 117 1925 1926 121 113 1927 120 1928 132 1929 111 1930 73 1931 45 1932 1933 „_ 30 1934 57 1935 _ _ 82 1936 88 142 1937, . 1938 53 1939 _ 96 1940 147 1941 106 111 115 114 115 117 129 119 74 41 31 65 83 87 137 53 93 118 110 119 98 104 116 115 122 136 113 76 34 37 83 72 107 139 53 86 99 11 2 77 102 116 117 116 145 110 73 32 52 92 71 113 145 51 79 118 118 68 101 118 110 116 153 108 64 27 75 91 70 119 126 49 94 154 118 62 100 111 77 104 121 103 123 146 94 52 24 83 41 84 126 110 86 107 120 101 130 142 86 47 29 68 40 88 124 131 79 128 115 117 115 134 113 81 37 24 73 78 91 138 53 91 106 OOOO 118 126 126 128 130 128 149 126 90 41 25 78 83 97 148 57 97 113 125 153 93 59 26 101 49 71 122 143 63 103 00 CO 113 119 122 122 123 124 139 129 81 45 34 70 87 90 141 55 96 121 cocc Il l 105 121 123 113 117 129 108 71 44 29 56 80 86 139 52 94 144 11 1 Nov. Dec. 91 107 118 104 95 124 91 59 38 25 55 59 94 130 45 92 159 105 90 112 122 99 133 130 78 46 32 62 42 89 129 102 92 11 6 99 101 125 116 98 132 111 72 51 31 47 48 94 133 65 104 11 6 96 113 126 113 104 138 105 68 44 29 59 63 99 137 47 97 167 S3 00 00 CO 102 91 159 95 97 120 112 94 127 107 69 49 30 45 47 92 132 65 104 161 Year 110 92 110 117 109 124 135 98 62 33 55 62 82 114 123 68 114 PIG IRON PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 . _ 1927 1928 1929 1930 1931 1932 _ __1933 1934 1935 1936 1937 1938 1939. . 1940 1941 _ Feb. Mar. Apr. June May 141 140 151 138 138 132 151 134 80 44 26 59 76 83 141 61 97 134 150 147 152 146 148 136 158 138 86 41 23 69 75 87 147 62 102 124 156 142 143 152 150 140 161 140 89 37 27 76 73 106 149 60 90 123 164 111 125 148 144 140 166 137 85 33 38 87 73 113 150 Adjusted for seasonal variation 135 1923 126 1924 140 1925 138 1926 135 1927 - _ 126 1928 153 1929 . . . 128 1930 77 1931 44 1932 26 1933 1934 55 1935 , 67 1936 91 144 1937 64 1938 97 1939 . 1940 161 1941 134 133 145 135 136 129 148 131 79 43 26 58 74 83 143 62 98 136 136 134 139 137 140 128 149 130 82 39 22 65 72 83 140 59 97 118 143 130 11 3 139 138 130 149 129 82 35 26 72 70 100 142 58 86 117 157 106 119 140 136 132 156 127 78 31 35 80 69 106 >-143 51 70 127 105 105 Seasonal adjustment factors 1940 AUGUST 1940 95 99 10 CO OO 137 128 143 141 132 122 146 120 73 41 24 52 63 86 136 61 92 153 105 July Aug. Sept. Oct. Nov. Dec. 162 89 117 142 136 135 163 129 72 28 56 85 68 114 136 47 93 149 156 76 113 137 125 131 161 112 62 24 76 52 65 110 149 51 100 147 80 115 136 125 133 160 107 54 23 78 45 75 115 153 64 113 137 90 120 138 122 134 154 100 51 26 67 39 78 120 150 74 126 134 105 128 142 118 143 152 92 50 27 58 40 84 127 123 87 154 127 110 133 142 116 145 140 82 48 28 48 42 91 129 88 100 163 124 126 138 131 115 143 121 71 42 23 50 44 90 132 63 94 160 162 89 117 141 133 133 160 126 , 71 S 27 55 84 68 163 79 118 143 131 136 166 116 64 25 78 53 66 112 152 52 102 163 89 126 145 129 136 163 109 56 23 79 45 76 116 155 64 114 151 99 130 147 128 140 158 102 52 27 68 40 80 122 153 75 129 139 110 134 146 121 145 152 92 50 27 58 40 84 127 123 87 154 131 114 137 146 120 150 144 85 49 28 49 43 93 132 88 100 163 125 127 140 138 122 154 133 79 46 26 56 48 96 139 67 99 169 98 99 98 100 100 Year irr 135 46 92 148 101 145 112 11 3 141 131 137 153 113 66 31 48 57 76 110 132 68 114 95 827 STEEL INGOT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June Without seasonal adjustment 1923 1924 1925 1926 _ .. . 1927 1928 1929 _ . _ 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 _ 1940 1941 109 103 119 121 111 117 127 107 71 44 30 57 81 86 139 51 94 143 Ill 117 119 120 121 124 138 128 81 45 34 70 88 90 141 54 96 120 115 124 123 126 128 128 149 125 90 41 25 79 84 98 148 57 97 112 121 98 105 121 121 132 145 121 81 37 41 90 78 116 149 56 91 104 119 75 102 115 119 119 150 113 75 33 56 96 75 119 151 53 83 122 111 63 94 110 103 110 150 105 Adjusted for seasonal variation 1923 1924 1925 1926 . . 1927 1928 1929 . 1930 1931 1932 1933 1934 - 1935 1936 1937 1938 _ _ 1939 1940 1941 106 100 115 119 111 120 130 109 73 45 31 58 83 88 142 52 96 146 103 109 112 113 113 116 128 118 74 41 31 66 84 87 136 52 93 117 108 111 110 113 115 114 133 112 81 37 24 74 79 92 138 53 91 105 116 95 101 114 113 122 135 112 75 34 38 84 73 108 139 53 86 97 118 74 100 114 115 114 144 108 72 32 54 93 72 114 146 51 80 118 98 103 107 107 104 July Aug. Sept. Oct. Nov. Dec. 108 55 91 107 98 116 143 86 55 25 97 45 67 115 134 60 97 105 75 101 117 99 118 140 90 50 24 81 39 83 123 143 72 107 103 83 103 115 96 127 138 83 45 29 67 39 86 122 126 78 125 101 88 110 120 97 132 128 76 45 32 61 42 89 128 100 91 159 92 95 119 109 92 125 103 68 49 30 45 47 93 132 63 105 161 88 105 117 102 93 123 89 58 38 25 55 60 94 130 43 92 159 114 67 99 115 108 115 153 107 64 27 77 92 70 119 126 49 94 154 114 60 99 116 105 124 152 91 59 26 103 48 71 122 142 64 104 106 76 102 118 101 122 144 93 52 25 84 40 85 127 148 74 111 106 85 105 117 98 129 141 85 46 30 68 39 88 124 129 79 128 101 88 110 120 . 97 132 128 77 45 32 62 ' 42 90 130 101 92 161 96 99 124 113 96 131 108 70 51 32 47 49 94 133 63 105 161 93 112 125 111 103 136 102 67 44 29 60 64 99 137 46 97 167 98 n 97 98 100 Year 95 63 27 75 90 69 117 123 48 92 151 Seasonal adjustment factors 99 107 90 108 115 107 123 133 97 62 33 56 63 82 115 122 68 113 MACHINERY PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928. 1929 > 1930___ 1931 1932 1933 1934 1935 1936 1937_ . 1938. 1939 1940 1941 79 84 83 99 100 96 115 115 75 53 36 59 72 91 119 90 89 123 Adjusted for seasonal variation 1923 1924 _ 1925 _ 1926._ 1927. 1928. 1929_ 1930 1931_ 1932 , 1933 1934 1935 1936 1937 1938— 1939. 1940 1941... Seasonal adjustment factors 1940. Feb. Mar. Apr. May June July 83 87 87 103 103 99 123 116 77 53 38 65 76 93 125 87 94 123 87 89 88 105 104 102 130 115 77 49 35 69 79 96 130 85 96 126 90 88 87 103 103 102 132 113 75 46 37 73 80 101 133 82 96 126 84 89 103 101 104 136 110 73 44 44 74 79 106 133 79 97 126 80 85 84 101 102 98 118 119 77 54 37 61 74 94 122 93 92 127 102 102 99 122 114 75 52 37 65 76 93 125 87 94 123 85 86 85 102 101 99 126 113 75 48 34 68 78 94 127 83 94 123 88 87 85 101 101 10,0 129 111 73 45 36 72 78 99 130 80 94 123 88 83 88 101 100 102 132 106 71 43 43 72 78 104 130 77 95 124 90 79 88 103 100 105 135 104 68 41 52 ,73 78 106 133 75 98 P128 91 74 90 102 99 108 138 97 66 38 58 71 82 107 133 75 101 97 100 102 102 102 101 97 90 79 88 103 101 106 136 105 69 41 52 73 78 107 134 76 99 95 104 133 93 64 36 57 69 79 104 129 73 Aug. Sept. 85 73 88 101 97 107 134 90 61 35 85 75 87 99 93 108 133 90 58 84 105 132 76 102 106 129 76 89 102 98 109 139 93 64 36 60 70 86 107 134 78 104 Nov. Dec. 106 105 97 114 136 89 58 40 64 68 94 115 128 84 117 85 77 97 102 93 114 125 82 56 39 63 67 94 117 115 86 123 85 82 100 104 98 117 121 80 56 40 61 71 95 123 104 91 127 75 89 102 96 110 136 92 59 37 62 67 91 108 131 81 108 85 77 93 102 95 112 132 87 56 39 63 67 92 112 125 82 115 85 77 97 103 94 115 127 83 57 39 62 67 93 117 115 86 123 102 100 Year 85 81 99 103 97 117 121 79 56 39 60 70 94 122 103 90 125 101 66 98 Oct. 86 81 89 102 99 106 130 100 66 43 50 69 83 105 126 82 104 Preliminary. 828 FEDERAL RESERVE BULLETIN PRODUCTION OF TRANSPORTATION EQUIPMENT 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926_ 1927 1928 1929 1930 . 1931 1932 1933 . 1934 1935 1936 1937 . _ 1938 1939 1940 1941 . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Ill 115 112 121 112 115 167 123 82 39 34 94 121 119 140 70 107 142 122 112 126 128 122 122 175 133 97 49 53 102 124 141 157 74 111 139 124 99 126 131 124 122 172 128 95 58 60 93 102 137 164 66 95 130 122 84 115 115 99 117 166 107 74 55 69 92 107 130 147 59 99 P129 111 85 113 110 89 118 146 85 65 38 68 80 91 122 136 54 79 107 90 82 124 91 126 143 76 59 30 64 67 69 89 121 36 47 115 93 98 120 83 131 135 75 47 30 60 59 35 54 67 37 74 112 86 121 102 72 110 113 53 31 21 42 41 76 75 109 69 103 106 81 114 83 50 82 80 53 30 24 24 31 119 126 116 111 118 104 69 93 59 49 78 56 54 41 36 31 51 118 142 99 117 152 Adjusted for seasonal variation 1923 96 1924 115 1925 _._ 92 1926 _ . . 116 1927 94 1928 87 1929 137 1930 _ . 106 1931 66 1932 45 1933_._ 44 1934 51 1935 88 1936 106 1937 123 1938 74 1939 > _ 106 1940 137 1941 ._._ 98 113 94 113 98 94 137 106 69 39 34 68 96 91 122 70 103 137 104 106 103 110 97 98 140 104 69 33 29 78 101 105 126 65 97 131 106 96 108 108 100 98 138 103 72 37 40 76 93 111 128 61 91 115 109 87 109 108 100 98 137 101 72 44 46 73 84 113 136 58 84 116 111 79 109 108 92 107 147 94 64 45 55 74 91 115 137 56 92 P121 110 85 112 108 86 113 141 82 62 36 63 74 88 118 141 57 86 107 89 81 115 85 119 138 76 60 31 67 71 91 116 159 58 92 117 91 94 113 79 122 131 76 50 33 69 68 83 119 140 60 99 117 90 126 107 75 122 129 74 45 31 68 62 103 99 125 72 105 119 90 128 99 72 124 116 77 43 37 38 50 105 112 104 94 102 110 94 106 109 89 108 125 87 127 95 80 133 84 70 52 45 39 66 103 121 86 98 128 coco 99 116 97 117 102 99 146 114 74 42 36 74 103 92 122 70 103 138 62 xoo 81 97 78 97 79 74 115 91 57 42 41 47 81 103 122 73 106 136 Year 69 95 111 125 70 99 Preliminary. AIRCRAFT PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 __. 1925 1926 1927 1928 . . 1929 1930 1931 1932 1933 1934 1935 1936. 1937 _ . 1938 1939 1940 1941 _ . _ 39 29 38 41 59 101 100 111 251 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 _ . 1930 1931 1932 _ . 40 1933 30 1934 38 42 1935 60 1936 _ 103 1937 102 1938 113 1939 256 1940 1941 Seasonal adjustment factors 1940 98 Feb. Mar. Apr. May June 38 28 41 44 63 108 103 119 251 39 30 46 42 67 116 104 123 263 35 34 49 45 72 119 102 134 267 34 39 48 46 80 118 101 148 286 32 40 54 49 83 119 96 163 40 31 47 43 67 116 104 123 263 35 34 49 45 V2 119 102 134 267 33 38 47 45 79 116 99 145 281 30 38 51 47 80 117 94 160 P316 100 100 100 102 Aug. Sept. Oct. Nov. Dec. 28 37 48 50 83 100 95 170 28 37 45 54 79 109 92 177 26 33 37 54 82 96 92 175 26 33 33 57 86 104 96 194 30 36 32 58 90 104 99 218 31 38 34 58 101 101 108 239 29 38 48 50 83 100 95 170 27 37 45 53 79 109 92 177 26 34 39 56 84 99 95 181 26 33 33 57 86 104 96 194 29 36 32 59 91 103 99 216 100 100 101 32 35 42 50 79 108 99 164 31 37 34 58 101 101 108 239 100 Year 100 P322 39 30 42 44 63 108 103 119 251 July 102 97 p Preliminary. AUGUST 1940 829 AUTOMOBILE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 . 1925 1926 1927 . 1928 1929_ _ 1930 1931 . _ 1932 1933 1934 1935 1936 1937 1938 _ . _ 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 (provisional) Feb. Apr. Mar. May June July Aug. Sept. Nov. Oct. Year Dec. 105 82 101 88 Ill 94 107 86 100 79 99 63 105 93 81 103 131 123 96 117 98 123 177 111 87 124 152 126 82 141 138 104 68 116 111 81 43 81 70 50 41 76 38 106 76 56 76 97 118 136 81 65 35 74 84 100 127 130 90 134 148 70 58 26 68 68 71 86 70 45 27 63 59 29 43 45 24 15 41 38 78 68 46 23 19 19 26 131 131 47 37 33 27 51 128 150 171 61 90 118 150 53 93 114 138 47 119 26 54 26 104 66 113 117 94 122 69 29 62 94 111 150 111 112 88 113 139 87 62 36 50 71 102 116 125 65 93 102 96 111 110 104 84 113 110 106 75 114 111 105 82 119 110 100 87 80 119 111 90 96 116 111 89 137 108 112 89 139 99 124 84 137 94 97 102 148 100 101 101 144 100 91 112 155 91 72 130 130 70 68 131 114 75 78 143 72 68 68 35 33 72 103 94 122 63 102 129 73 33 41 80 99 115 127 54 88 103 63 44 59 75 98 120 139 49 86 106 83 126 143 69 76 130 132 71 74 43 49 76 88 117 138 51 77 101 84 119 146 78 68 28 27 83 109 110 126 57 96 120 100 101 142 98 47 30 74 88 122 142 54 92 41 27 72 63 112 97 124 69 96 39 35 35 49 113 113 98 96 91 50 45 36 69 109 125 78 99 121 101 111 127 116 108 68 98 122 124 75 97 94 120 107 119 120 114 75 96 114 132 100 76 73 122 123 103 105 158 83 53 39 41 47 87 110 111 75 38 36 78 113 95 126 115 123 181 126 66 108 130 124 63 103 130 92 118 91 122 120 98 118 80 133 121 133 126 130 189 138 128 129 184 142 64 107 134 161 69 112 130 93 117 92 117 99 109 104 114 92 88 147 100 97 98 146 102 63 43 44 51 95 112 124 65 107 129 101 123 84 35 34 102 134 127 135 102 46 57 111 136 151 130 100 58 65 99 109 145 119 61 33 68 76 96 122 144 50 77 59 28 72 72 99 119 165 52 84 90 • 70 RAILROAD CAR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May Without seasonal adjustment 1923 1924 1925 1926 1927 _ _ 1928 1929 _ 1930 1931___ 1932 1933 1934 1935 1936 1937__ 1938 1939 1940 1941 225 201 206 132 131 86 81 178 67 46 44 52 52 79 126 96 71 133 254 210 229 161 133 95 114 189 69 61 38 70 71 85 142 92 85 151 280 197 232 176 138 122 131 175 69 65 39 76 90 100 164 84 83 158 266 218 218 200 162 139 159 178 71 63 41 85 107 113 176 77 81 141 286 236 206 207 181 154 173 161 60 57 39 90 107 114 177 68 87 137 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 244 219 224 160 170 115 109 209 79 54 51 61 61 93 149 113 83 156 254 210 229 169 148 106 127 189 69 60 37 70 74 88 148 96 89 158 272 192 226 176 142 126 135 :K75 67 62 37 71 85 94 155 79 78 149 254 208 204 182 146 123 141 157 63 56 37 75 94 100 156 69 71 125 260 214 184 179 149 126 142 145 54 52 35 81 95 101 157 60 77 121 85 96 106 113 113 Seasonal adjustment factors 194.0 June 292 237 189 215 184 153 170 144 62 51 28 109 76 120 180 61 83 July Aug. Sept. Oct. Nov. Dec. 282 230 175 189 166 145 175 128 60 51 39 96 42 114 164 52 68 293 226 171 177 167 144 183 124 63 49 53 92 47 126 170 59 75 293 205 138 163 144 122 185 108 64 49 47 69 49 116 153 66 75 299 200 135 156 141 107 187 88 61 57 49 57 63 131 158 61 99 299 177 125 139 127 101 179 67 57 53 48 50 72 125 151 60 112 265 208 129 137 110 98 213 68 58 53 54 52 84 128 125 74 132 269 219 167 175 151 131 159 121 60 51 39 96 43 116 167 53 69 279 215 163 168 152 131 167 117 62 48 51 89 45 121 164 58 74 299 210 141 166 147 125 185 108 64 51 51 76 53 127 168 73 83 315 210 142 164 148 113 197 92 64 60 51 60 66 138 167 64 105 352 209 147 164 150 118 210 79 64 59 53 54 78 136 165 65 122 288 226 147 163 131 116 242 74 61 55 57 54 89 135 132 76 136 98 102 91 95 92 Year 97 278 212 180 171 149 122 163 134 64 55 43 75 72 113 157 71 88 P124 266 216 172 178 152 126 148 134 59 48 27 101 68 107 161 55 74 Pill 112 Preliminary. 830 FEDERAL RESERVE BULLETIN LOCOMOTIVE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May 434 298 221 269 243 147 144 222 76 49 29 42 64 54 133 138 57 102 477 240 212 279 251 159 156 229 85 51 26 42 64 62 157 135 50 103 494 213 221 286 242 155 186 236 100 52 23 50 68 73 171 120 52 99 495 219 219 276 215 143 222 243 95 55 21 59 70 80 180 95 61 98 535 242 188 283 203 148 242 240 84 52 23 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 434 298 225 274 251 155 151 234 80 52 30 44 71 60 147 138 57 102 487 245 216 279 251 159 161 236 87 52 28 44 67 65 160 132 49 101 495 213 221 286 238 152 183 232 98 51 23 49 67 71 168 122 53 101 510 225 225 285 222 147 229 232 90 52 20 56 66 79 184 100 65 103 546 247 192 289 207 151 235 233 81 50 22 66 60 89 185 82 75 102 Seasonal adjustment factors 1940 100 102 98 95 100 00 CM CO CD Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934_ _ _ 1935 1936 1937 1938 1939 1940 1941 92 189 82 75 102 June 566 270 201 298 190 165 240 233 83 45 25 76 57 99 200 73 92 July Aug. Sept. Oct. Nov. Dec. 605 260 201 301 207 152 260 200 77 39 30 84 41 107 198 58 101 590 206 172 286 217 147 256 182 66 37 30 91 46 108 199 51 103 573 191 179 275 217 148 242 171 63 31 32 88 48 113 204 42 98 558 213 182 281 183 135 240 141 54 32 41 87 58 119 205 42 92 524 256 203 275 158 128 226 132 50 32 41 84 65 123 185 49 95 526 276 225 314 147 131 224 129 53 32 37 83 67 137 187 52 102 565 243 188 286 197 145 247 191 73 37 29 82 39 104 192 57 98 622 216 181 286 207 110 244 186 67 38 31 92 46 109 197 50 102 604 201 185 283 207 141 235 167 62 32 34 94 50 115 208 43 100 575 219 187 290 187 138 245 148 57 33 41 87 58 119 205 44 97 524 256 203 290 166 135 240 141 53 33 41 84 65 127 191 50 98 101 98 95 97 532 240 202 285 206 147 220 197 74 42 30 71 59 97 184 78 82 478 251 204 285 154 138 233 132 53 32 37 83 66 128 175 49 95 103 Year 107 P108 550 262 195 290 185 158 228 222 79 43 24 73 55 96 193 71 88 P104 104 p Preliminary. SHIPBUILDING 1935-39 average = 100 July Aug. 84 106 78 100 112 79 70 38 60 66 103 120 96 118 162 86 72 72 82 91 73 100 99 68 59 46 58 65 100 106 98 127 76 68 75 84 84 70 95 100 65 50 47 59 66 100 112 89 126 84 79 77 78 100 71 92 109 76 61 39 55 63 89 113 98 111 156 85 78 75 79 99 73 95 106 75 66 37 57 63 99 115 92 114 156 90 75 75 81 98 72 98 105 76 58 40 59 66 98 111 96 123 164 97 71 74 84 94 75 101 103 73 59 42 62 59 99 110 97 126 pin 88 73 74 85 92 74 101 102 70 61 48 60 67 102108 100 130 104 104 105 98 88 83 81 83 104 73 94 111 77 62 41 57 65 93 117 102 115 162 Adjusted for seasonal variation 1923 77 1924 78 1925 75 1926 77 1927 96 1928 80 1929 83 107 1930 83 1931 1932 66 46 1933 1934 _ _ 52 61 1935 84 1936 101 1937 1938 108 1939 109 1940 149 1941 75 . 82 76 79 98 72 85 109 80 63 44 53 64 83 104 103 115 150 97 June 96 70 73 83 93 75 103 105 74 61 43 64 60 101 114 101 131 78 85 79 80 100 74 87 112 82 64 44 54 63 81 101 100 112 145 97 May 97 81 81 82 100 73 102 111 81 62 42 63 70 104 117 100 129 172 77 79 75 80 99 83 84 108 83 66 46 52 59 82 98 105 105 144 Seasonal adjustment factors 1940 Apr. 104 Sept. Oct. Nov. OS OSOO OOCO^J Mar. SoioS Without seasonal adjustment 1923 1924 _ _ 1925 1926 1927. _ 1928 1929 1930 1931 _ _ 1932 1933 1934 _ 1935 1936 1937 1938 1939 _ 1940 1941 Feb. 0rfa.i-1 Jan. Dec. 82 80 71 100 98 62 50 51 58 70 102 109 91 132 80 63 72 89 84 72 99 92 68 51 52 59 75 106 115 94 140 88 81 72 104 91 66 47 51 56 75 100 112 92 138 78 72 74 100 90 84 110 91 69 51 53 57 80 90 115 105 146 80 71 79 88 89 74 101 107 71 54 51 61 68 104 118 93 133 89 71 77 90 88 75 104 102 64 52 53 60 72 105 112 94 136 87 68 74 92 87 76 105 97 69 52 53 60 74 105 113 93 138 88 70 72 93 85 76 107 93 68 49 53 59 77 103 116 95 142 97 101 97 85 74 75 85 93 75 98 103 73 58 46 58 68 97 111 98 127 79 72 74 94 85 80 107 88 67 49 52 57 81 90 113 104 144 95 Year 101 v Preliminary. AUGUST 1940 831 PRODUCTION OF NONFERROUS METALS AND PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 _ 1924 1925 1926 ._ 1927 1928 1929 _. 1930 1931 , 1932 1933 1934 1935 1936 19371938 1939. _ 1940 1941 Feb. Mar. Apr. May 84 91 98 112 113 103 134 111 97 66 42 57 66 94 124 77 95 11 5 88 96 102 112 111 109 137 110 97 66 43 60 73 93 128 73 94 140 96 100 106 113 112 111 143 114 96 64 42 64 75 95 138 75 96 135 98 101 105 115 113 114 146 111 93 59 44 68 78 98 142 71 96 129 99 98 100 112 111 113 142 109 87 54 50 69 75 98 139 68 95 128 Adjusted for seasonal variation 1923 84 1924 91 1925 98 1926 111 1927 113 1928 104 1929 137 1930 114 1931 100 1932 68 1933 43 1934 58 1935 67 1936 96 1937 126 1938 _ 78 1939 96 1940 154 1941 87 95 101 111 110 108 137 110 98 66 43 60 73 94 130 74 95 142 92 96 103 111 110 109 140 112 94 63 41 62 73 93 135 73 94 132 95 97 102 112 110 111 142 108 90 58 43 66 75 94 137 68 93 124 97 96 99 111 110 112 140 107 86 53 49 68 73 96 136 67 93 126 June 94 94 100 109 107 117 136 105 81 51 61 69 73 100 134 65 96 July Sept. Aug. Oct. Nov. Year Dec. 89 87 99 108 102 115 133 105 76 43 74 64 72 99 123 67 97 86 86 101 112 104 119 132 101 77 41 83 60 77 11 0 122 76 108 84 86 106 114 106 11 2 136 104 76 41 82 58 83 110 123 85 129 84 90 109 114 109 127 138 103 76 46 77 58 91 116 119 98 147 87 91 112 117 107 134 133 102 72 47 68 60 95 121 105 105 157 87 92 111 11 1 105 132 119 101 69 45 61 61 94 121 86 100 156 92 90 103 113 106 119 137 107 78 45 76 66 76 104 129 70 102 89 89 104 115 107 122 136 104 79 42 85 62 80 105 127 79 112 85 87 108 115 107 122 136 104 76 41 84 58 84 110 123 85 128 84 90 108 113 108 125 135 101 74 45 77 57 89 113 116 96 144 86 90 111 115 106 131 129 101 70 46 67 58 93 118 102 102 153 90 93 104 113 108 118 136 106 83 52 60 62 79 104 124 80 114 88 93 112 113 107 134 120 102 70 46 61 62 95 123 87 101 159 P129 95 95 11 0 110 108 117 137 105 81 50 61 69 73 11 0 134 65 96 P128 Preliminary. NONFERROUS METAL SMELTING 1935-39 average = 100 Jan. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year seasonal adjustment 16 0 19 1 11 3 130 141 126 146 130 88 63 43 60 69 92 109 101 108 135 107 122 137 139 140 137 153 129 93 62 49 62 76 89 114 97 105 129 115 117 135 132 133 128 156 127 89 57 45 60 72 93 135 96 100 132 115 117 130 140 135 132 164 123 83 56 44 62 73 100 139 89 102 133 118 121 125 135 131 134 159 118 80 51 45 63 70 100 131 84 96 127 Adjusted for seasonal variation 1923 104 1924 117 1925 129 1926 128 1927 139 1928 125 1929 147 1930 132 1931__ 89 1932__ 64 1933 44 1934 . _ 60 1935 69 1936 92 1937 _ 109 1938 101 1939 108 1940 135 1941 103 117 131 131 133 130 147 125 89 60 48 60 75 89 114 97 105 129 11 1 113 130 131 133 128 154 125 88 56 45 59 71 92 133 94 99 130 112 115 128 136 131 129 159 120 82 54 44 61 72 97 133 86 98 127 117 120 124 134 129 133 158 117 80 51 45 62 70 99 131 84 96 127 . . . .. _ _ ' . „ 112 119 126 126 128 139 147 115 77 50 50 58 67 98 136 70 98 108 114 122 122 118 128 143 106 68 41 55 54 69 92 126 61 90 109 114 118 126 125 135 141 106 70 39 63 55 72 114 120 128 131 128 139 153 113 73 44 59 58 74 99 137 66 98 115 120 125 * 133 130 141 148 112 74 41 66 58 77 97 137 77 105 OO'* ©CON Without 1923 1924 1925 _ 1926 1927 1928___ 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 __ 1940 1941 Feb. 99 Ill 118 127 134 123 135 144 113 72 41 68 60 76 105 130 81 119 114 123 131 138 129 147 147 110 72 42 68 64 87 109 126 98 127 116 120 11 3 147 11 3 13 5 143 98 68 43 65 66 92 114 118 111 135 113 119 11 3 139 135 148 134 92 70 46 58 67 92 108 109 111 136 112 119 130 136 126 139 144 111 71 40 67 59 76 104 129 80 117 113 121 130 136 127 143 143 106 70 41 67 63 85 106 123 95 124 115 118 130 143 128 149 139 97 67 43 63 64 89 110 113 107 130 112 119 19 2 134 131 137 148 114 78 49 54 61 76 99 125 89 110 114 122 131 139 135 150 135 93 71 46 58 67 92 107 108 111 135 P125 113 121 128 128 129 141 148 117 77 50 50 58 68 99 137 71 98 P126 p Preliminary. 832 FEDERAL RESERVE BULLETIN COPPER SMELTING 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 _ 1925 1926 1927 . . 1928 1929 . 1930 1931 1932 ._ 1933 1934 1935 1936 . . 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 Feb. Mar. Apr. May HI 18 1 June 98 118 129 122 140 121 157 131 83 100 123 135 130 138 136 164 128 95 108 116 136 126 126 123 167 122 90 109 114 127 138 130 132 177 124 84 120 132 128 133 170 118 84 111 121 123 124 125 142 153 111 83 43 57 91 120 93 110 143 48 68 89 127 89 107 130 44 61 92 145 89 98 137 50 62 101 156 84 103 139 52 63 99 139 78 93 132 53 56 92 148 63 98 130 97 117 127 121 138 119 161 137 88 96 118 130 123 130 129 158 123 92 104 111 130 127 129 126 167 122 90 108 113 126 134 126 128 172 121 83 111 118 120 132 127 132 168 117 83 112 122 124 125 126 144 155 112 82 45 58 92 121 94 111 144 46 65 89 128 90 108 131 44 61 92 145 89 98 137 49 60 95 147 79 97 131 51 62 97 138 77 92 130 52 56 92 148 63 98 130 99 99 100 106 101 100 July Aug. Sept. Oct. Nov. Dec. 108 115 119 119 117 131 147 105 72 112 114 113 121 122 138 143 104 74 116 120 123 129 120 138 149 110 76 119 126 129 135 130 157 152 110 78 118 121 126 149 129 166 153 104 73 113 .117 123 135 134 161 140 93 77 45 48 59 80 136 50 87 52 43 59 83 145 71 55 50 66 110 138 81 53 50 89 115 128 111 48 52 92 122 114 120 39 53 90 111 98 lift 113 121 125 128 127 142 158 113 78 119 121 121 129 127 144 152 111 78 116 120 126 132 125 144 149 108 74 115 122 125 132 125 151 146 103 73 116 118 124 142 122 158 145 100 71 116 121 125 137 135 163 141 94 78 48 52 64 87 151 55 97 56 47 65 92 154 76 54 49 65 108 135 80 50 47 84 108 121 105 45 49 88 116 109 115 39 54 91 113 100 118 90 94 102 106 105 Year 110 119 125 130 128 140 156 113 81 46 43 49 68 99 133 87 113 98 NOTE: Estimated monthly figures January 1932 to June 1933 and August to December 1939 not available for publication. COPPER DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 . 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 _ _ 1936 1937 . ._ . _ 1938 1939 1940 1941 92 104 102 126 119 103 159 110 108 71 30 47 48 91 139 46 85 153 98 108 102 119 117 111 161 107 106 73 29 54 61 90 144 43 84 139 108 123 107 126 125 116 170 114 109 74 30 63 67 96 149 51 90 129 112 119 106 129 122 121 169 104 106 62 32 69 70 99 156 54 85 116 112 115 104 127 120 120 160 107 95 52 40 72 67 102 156 54 83 116 107 106 105 123 113 126 157 107 82 45 53 75 69 103 148 54 86 116 101 98 107 124 107 132 156 121 75 38 69 67 70 103 132 60 96 98 95 112 130 107 134 158 112 76 33 76 59 76 105 124 71 92 88 118 131 113 142 162 109 71 30 74 45 83 118 119 84 93 90 123 130 115 148 164 107 75 38 66 44 90 126 105 100 96 93 131 126 111 161 152 113 72 40 56 40 94 131 86 104 97 97 127 116 104 157 127 114 69 36 50 40 93 133 57 95 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 93 105 103 127 121 107 165 116 114 75 32 50 51 97 148 49 89 162 99 110 104 122 119 114 165 111 111 75 30 55 62 94 150 44 87 145 103 117 103 122 121 113 166 111 106 72 29 61 65 92 144 49 87 125 107 114 103 126 119 118 166 101 103 60 31 67 67 94 149 52 81 111 109 112 104 126 119 120 159 106 93 51 40 71 65 99 151 52 80 113 109 107 107 125 114 128 158 106 81 45 52 74 68 102 147 53 85 115 105 101 111 127 109 133 157 120 74. 37 68 66 71 104 134 61 97 100 97 114 130 108 137 161 112 76 32 77 58 77 106 125 72 94 90 119 131 111 140 162 110 73 30 76 45 83 116 117 83 93 90 122 128 112 144 159 105 73 37 65 43 88 124 103 99 95 92 128 124 108 156 144 110 70 38 54 40 93 130 ' 85 103 99 99 129 118 107 161 129 118 70 36 51 43 98 143 59 99 Seasonal adjustment factors 1940 95 97 104 105 103 101 99 99 102 102 101 Year 94 101 103 112 125 114 131 158 111 87 49 50 56 74 108 126 68 115 NOTE: Three month moving averages placed at last month. Estimated monthly figures August to December 1939 not available for publication. AUGUST 1940 833 LEAD SHIPMENTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 _ 1931 1932 1933 1934 1935 1936 1937 _ _ . _ 1938 1939_. _ _ __ _ 1940 1941 Adjusted for seasonal variation 1923 1924__ 1925 1926_ _ 1927 1928_ _ 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 156 155 99 74 54 73 81 97 122 83 94 121 153 158 91 70 50 70 83 89 122 81 89 101 160 157 88 70 47 72 77 84 129 78 94 100 161 157 86 67 52 70 83 88 135 70 92 106 158 142 84 65 59 71 80 87 135 64 93 109 148 131 84 58 70 70 79 88 121 68 92 113 144 119 90 54 86 69 74 87 115 81 96 149 118 93 57 92 72 79 97 115 90 100 161 120 95 62 88 81 89 109 125 94 119 165 115 88 70 78 84 93 123 118 97 136 165 114 84 66 75 84 100 130 103 103 154 159 103 77 63 73 82 102 129 86 97 142 157 154 97 73 53 73 80 95 119 82 93 119 155 160 92 70 50 71 84 89 122 83 91 102 159 157 88 70 47 73 78 84 128 78 93 100 160 156 86 67 52 69 81 87 133 69 90 104 160 143 85 66 60 72 81 88 137 64 94 110 154 137 89 62 74 74 83 93 128 72 97 119 153 127 95 58 92 75 81 95 125 87 103 154 122 96 59 97 76 83 103 121 95 105 157 117 93 60 87 79 87 107 124 94 117 159 111 85 67 74 79 89 118 113 94 130 156 108 79 62 71 78 93 121 96 96 144 156 101 75 61 71 79 98 123 82 93 136 102 98 100 102 99 95 93 95 101 105 107 Year 105 157 132 88 65 69 75 85 101 119 84 108 NOTE: Three month moving averages placed at last month. ZINC SHIPMENTS 1935-39 average = 100 1938 1939 1940 1941 _ _ _ Seasonal adjustment factors 1940 June July Aug. Sept. Oct. 78 90 109 118 108 110 117 77 52 44 90 57 98 115 107 93 146 81 93 112 120 107 114 111 76 50 44 78 62 103 121 90 97 154 101 105 99 97 100 112 104 108 119 93 72 49 34 69 85 93 120 61 97 122 106 98 99 106 102 108 125 92 69 45 38 74 87 91 123 58 97 115 104 94 98 107 104 109 127 88 65 42 46 74 86 95 128 59 94 115 102 87 96 108 104 112 125 88 62 39 64 76 82 102 129 60 94 122 96 80 98 111 108 114 118 85 63 36 86 74 79 105 128 73 99 88 80 100 113 109 114 116 82 63 35 100 65 82 107 124 82 107 85 84 105 114 110 112 116 80 58 40 99 58 90 110 117 90 128 103 102 100 95 93 92 99 102 CO 00 00 CO 105 92 90 102 113 107 111 117 85 63 43 64 67 87 106 115 74 113 104 77 56 38 94 55 88 108 114 88 126 78 90 109 118 107 108 113 74 50 43 87 56 98 116 107 94 148 93 93 99 114 105 107 117 92 73 52 36 68 80 98 122 59 95 126 Year 83 95 114 116 107 116 100 76 50 39 72 69 103 127 76 94 144 86 78 98 110 107 112 113 80 61 34 95 60 76 99 115 76 99 87 90 96 116 112 107 116 94 75 52 37 63 74 102 127 64 94 131 Dec. 94 102 162 91 77 93 106 105 114 117 84 62 35 84 70 74 97 118 68 92 85 85 106 115 109 125 59 98 116 98 83 92 104 102 111 124 88 62 39 63 75 79 97 123 57 90 117 81 100 125 60 97 128 Nov. 83 95 114 116 106 115 99 75 50 39 72 71 106 132 78 98 149 103 94 98 106 104 111 129 91 67 44 47 76 87 95 129 59 94 115 109 101 102 109 105 112 130 97 73 48 39 76 95 95 101 117 107 109 119 94 75 53 May CO 00 Apr. oo: Adjusted fo r seasonal variation 1923_ 1924 1925 1926 1927 1928 1929 _ 1930 1931 1932 _ 1933 1934 _ _ 1935 „_ _ 1936 Mar. 102 101 104 116 108 111 123 97 75 52 36 71 87 96 123 63 100 125 88 91 98 118 114 107 115 94 75 52 37 63 76 107 133 67 98 137 coos coco Without seasonal adjustment 1923 1924 _ _ _ _ 1925 1926 1927 _ . ._ _ _ 1928 1929 1930___ 1931 1932 1933 1934 1935 1936 1937-. 1938 1939 1940 1941 Feb. 113 121 106 112 109 75 49 44 77 64 :00 GO 00 Jan. NOTE: Three month moving averages placed at last month. 834 FEDERAL RESERVE BULLETIN TIN DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 95 1924 _ 97 1925 100 1926 ' 112 1927 _ 111 1928 91 1929 _ 135 1930 106 1931 . _ 123 1932 61 1933 56 1934 57 1935. 82 1936 __ 94 1937_ 116 1938 . ___ _ 92 1939 66 1940 . _ 169 1941 106 111 111 118 112 93 136 99 118 58 56 56 78 104 133 89 71 163 116 109 129 122 113 113 141 116 110 57 60 60 83 105 146 87 79 151 119 127 127 122 116 124 141 122 108 57 66 67 92 104 144 77 90 141 114 102 109 115 113 119 147 124 107 58 75 72 90 100 132 74 97 146 108 102 105 117 110 114 144 109 103 60 92 73 85 114 119 72 99 148 Adjusted for seasonal variation 1923 _ . . 97 1924 98 1925_ _ _ _ 101 1926 114 1927 113 1928 _ 93 1929 _ 137 1930 108 1931_ - _ 125 1932 _„ . . 63 1933_ . 58 1934 _ _ . _ 60 1935 86 1936 98 1937 123 1938 _ 98 1939 70 1940 180 1941 106 111 111 119 113 95 139 102 122 60 58 58 80 106 136 91 72 168 113 106 125 118 109 111 140 114 109 57 60 60 82 103 143 85 77 148 111 118 119 114 109 117 134 116 102 54 62 63 86 97 135 73 83 132 108 97 104 109 108 113 140 117 100 54 70 68 83 93 123 69 91 137 105 98 103 115 108 111 139 104 98 57 88 70 81 109 •113 69 94 141 98 102 107 107 Seasonal adjustment factors 1940 94 Apr. May June 105 Oct. Nov. Aug. Sept. 98 79 103 118 104 105 133 104 92 52 103 68 81 118 106 72 94 95 76 112 119 109 115 126 104 91 49 121 67 89 119 112 69 96 90 80 113 113 111 115 130 112 90 44 115 67 93 109 122 70 97 91 87 111 103 111 120 128 120 92 49 112 63 94 103 141 77 102 100 94 107 106 105 121 126 125 82 54 86 69 87 104 128 77 112 100 88 105 109 95 122 110 125 72 53 73 72 86 107 108 70 148 102 82 107 123 108 107 136 106 95 53 105 69 83 120 107 73 96 99 79 116 124 113 118 129 106 93 50 123 68 91 121 114 70 98 92 82 116 116 113 118 133 114 92 45 117 68 94 111 123 71 98 93 89 113 105 113 122 129 121 92 49 112 63 93 102 140 77 101 100 95 108 107 106 122 126 125 83 54 87 71 89 107 131 79 118 98 98 99 101 95 Year 103 90 108 112 98 125 113 128 74 55 76 77 91 114 114 74 159 93 July Dec. 103 96 111 115 109 113 133 114 99 54 85 66 87 107 125 77 66 NOTE: Three month moving averages placed at last month. PRODUCTION OF LUMBER AND PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 _ 1929_ 1930 1931 1932 1933 1934 1935 1936 1937. 1938 1939 . 1940 1941 _ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 128 130 142 135 133 130 135 111 73 48 42 56 61 86 97 72 91 98 126 142 147 149 143 141 135 119 80 50 43 64 71 86 103 78 91 101 143 143 148 153 143 145 146 124 84 52 42 68 73 94 113 86 94 107 146 148 147 152 137 145 151 123 86 54 48 69 77 99 121 81 100 109 150 144 149 151 142 140 150 120 88 53 59 67 72 106 127 83 105 114 151 138 147 150 144 142 153 111 84 51 74 64 77 109 128 86 106 P116 147 129 141 145 143 134 149 98 76 47 84 59 86 111 128 89 107 151 143 151 150 153 144 159 98 74 49 83 67 99 117 128 104 114 149 140 151 151 153 141 156 97 73 53 77 67 105 119 123 108 117 148 142 155 154 152 151 154 95 70 57 74 64 106 121 112 105 121 145 136 149 145 146 147 141 86 63 51 68 61 98 110 94 94 120 128 130 145 136 135 139 123 77 55 44 61 58 93 106 79 95 111 Adjusted for seasonal variation 1923 136 1924 139 1925 _ . 153 145 1926 144 1927 143 1928 . 154 1929 125 1930 84 1931 _ 54 1932 48 1933 64 1934 69 1935 _ . „ 99 1936 111 1937 81 1938 _ 106 1939 115 1940 1941 134 147 149 149 144 144 141 126 85 52 46 70 77 95 113 84 101 114 143 142 146 150 140 143 146 125 85 52 42 70 74 97 117 89 97 111 144 145 144 149 134 141 145 118 83 53 46 68 77 99 122 81 100 110 144 139 145 149 141 138 143 114 84 50 58 65 70 103 124 81 102 112 143 134 146 150 143 139 148 105 80 48 70 60 74 105 124 82 102 Pill 147 130 144 148 147 137 151 98 77 46 83 57 83 108 125 86 104 145 138 148 147 150 140 156 95 72 48 79 63 92 109 119 95 105 146 137 148 148 149 138 151 93 69 50 73 62 98 110 113 99 108 142 136 148 148 145 142 145 90 66 54 70 60 100 113 105 98 113 146 136 149 145 146 146 140 86 62 50 68 61 99 111 95 95 121 Year 143 139 148 148 144 142 146 105 76 51 68 64 85 105 113 90 106 142 141 156 144 142 148 136 85 59 48 68 63 102 114 85 103 121 ' Preliminary. AUGUST 1940 835 LUMBER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923_-_. 1924 1925 1926 1927 1928 1929 1930 1931 1932 1934 1935 1936 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924____ 1925 1926 1927 . ... 1928 1929 1930 1931 _. 1932 1933 1934 1935 .. 1936____ . . _ 1937 1939_. 1940_. Feb. Mar. Apr. May June July Aug. Sept. 145 152 164 145 138 137 140 110 73 41 42 59 58 87 86 71 90 93 141 166 168 164 150 150 137 124 79 44 41 65 69 85 92 76 87 167 168 170 169 150 157 153 133 85 49 42 72 70 97 107 88 91 104 173 176 171 171 143 162. 163 136 89 55 50 75 77 103 120 83 101 109 180 174 174 175 154 157 164 133 92 56 63 72 71 113 130 88 109 117 184 164 174 173 157 157 166 122 88 53 79 66 78 115 132 90 110 119 178 154 165 169 158 147 161 106 77 51 90 60 91 116 134 95 111 183 172 177 170 171 156 167 104 73 50 88 69 104 118 130 108 116 182 165 175 168 168 148 158 99 70 51 76 67 111 118 124 112 119 157 165 180 161 155 156 166 127 157 176 173 167 155 156 148 134 87 47 45 74 78 98 107 86 101 114 168 168 168 168 148 155 155 135 86 49 43 75 73 101 113 92 96 110 170 173 166 166 138 155 153 127 83 52 48 72 76 102 119 83 101 109 168 165 166 168 148 150 150 121 84 51 59 67 66 107 122 82 102 110 168 156 169 168 151 150 154 111 80 49 73 59 71 107 122 82 101 110 170 149 162 165 156 144 157 103 75 48 87 55 83 107 125 87 103 171 161 167 162 163 149 161 175 158 168 162 162 143 154 95 66 48 72 62 102 107 111 100 107 84 95 100 107 108 108 104 103 81 109 115 Seasonal adjustment factors 194.0 47 83 63 94 107 118 97 104 111 111 Oct. 176 163 173 168 162 156 150 93 64 52 70 61 108 116 109 106 119 157 166 162 156 150 148 91 62 51 103 109 103 99 112 Nov. Dec. 171 152 161 153 153 149 140 86 56 48 68 58 100 100 91 93 116 144 139 154 138 137 139 121 74 46 39 62 52 93 94 73 91 105 176 157 166 158 157 153 143 88 56 49 70 60 103 104 94 96 121 Year 172 162 177 156 152 156 142 87 53 46 73 60 108 109 83 105 122 164 153 151 152 110 74 49 64 65 86 105 111 92 106 106 FURNITURE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 _ _ 1934 1935... 1936 . 1937 1938 1939 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 99 94 106 116 123 117 124 112 74 61 42 49 66 84 118 75 92 109 99 104 112 124 128 126 130 110 81 61 49 62 74 88 124 82 100 113 104 102 112 125 131 123 132 105 84 57 40 60 78 90 125 83 100 113 101 101 108 121 125 116 129 97 81 53 43 58 77 90 124 76 96 108 100 94 108 111 121 111 125 96 81 46 53 57 74 92 120 74 96 108 97 94 104 112 122 115 131 92 76 45 63 60 76 99 122 79 100 96 87 101 106 117 112 128 83 73 39 70 57 76 101 117 78 99 97 94 108 116 123 122 144 88 75 49 73 63 89 116 124 96 110 96 98 111 122 126 129 150 92 79 55 79 66 95 121 122 102 115 101 108 124 131 135 141 157 98 81 67 81 70 101 130 119 105 125 102 107 127 131 134 141 142 88 76 56 69 67 94 130 100 98 125 100 113 128 131 131 136 127 81 73 54 60 69 93 130 92 103 123 Adjusted for seasonal variation 1923 1924 .. 1925 . 1926.. 1927 _ 1928 1929.. 1930..._ 1931 1932 1933__ 1934 1935 1936 1937..__ 1938 1939 . 1940 1941 100 95 107 117 124 120 132 121 81 67 46 54 71 90 127 80 99 117 95 100 107 119 124 123 129 111 82 61 49 62 75 89 125 82 100 113 100 98 108 120 126 121 131 105 84 57 41 60 77 89 124 82 99 112 100 100 107 120 126 118 131 99 83 54 44 58 78 91 127 78 99 111 103 97 111 117 127 117 132 100 84 48 56 60 77 97 127 79 102 115 101 98 109 118 129 120 136 95 79 46 65 62 79 103 127 82 103 108 98 113 119 130 124 140 90 80 43 77 62 83 108 125 84 106 102 99 114 122 128 125 147 90 77 49 73 62 86 112 121 93 107 99 102 115 124 126 127 144 88 • 74 52 75 63 90 115 116 97 109 96 103 117 123 127 128 139 87 72 59 72 63 92 119 109 96 114 97 101 120 122 125 132 133 82 72 53 65 64 91 125 97 94 121 93 100 101 97 94 93 103 105 109 104 99 100 112 120 126 124 135 95 78 54 60 61 83 106 117 87 107 93 106 120 123 125 132 124 79 71 52 58 67 89 125 89 99 118 Seasonal adjustment factors 1940 Year 104 P114 97 Preliminary. 836 FEDERAL RESERVE BULLETIN PRODUCTION OF STONE, CLAY, AND GLASS PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 ... . 1934 1935__. . 1936 1937 __ 1938 1939 . 1940 1941.. Feb. Mar. Apr. May June 68 71 73 78 79 80 88 72 55 45 36 47 51 61 81 59 79 90 74 76 79 83 87 83 89 75 59 42 37 51 54 61 94 57 81 83 80 85 91 90 102 92 94 88 70 45 39 56 61 73 105 69 95 101 91 93 105 101 11 1 109 112 102 89 52 43 67 73 97 126 85 107 114 97 97 108 115 116 123 121 119 11 0 56 55 74 84 117 136 100 117 128 95 96 109 118 117 128 125 120 100 61 68 76 89 118 134 101 127 91 93 97 101 107 106 114 104 82 58 48 67 69 80 129 80 114 113 87 92 99 99 113 104 109 107 85 54 45 66 70 85 124 83 114 120 88 90 11 0 99 111 108 11 1 11 0 88 52 42 67 72 96 125 85 107 115 90 90 99 105 106 11 1 108 103 86 48 48 65 74 102 120 87 102 112 88 89 100 107 103 112 109 100 83 51 59 65 77 102 118 87 110 Pill Aug. Sept. Oct. Nov. Dec. 92 95 110 118 116 121 122 113 93 55 78 74 88 116 129 102 128 95 101 117 121 122 129 129 113 89 54 76 71 85 128 134 106 127 92 98 113 119 118 127 126 110 82 57 63 72 85 127 127 109 130 91 100 111 119 112 121 120 100 75 58 57 66 88 126 120 117 137 90 95 105 109 105 116 108 84 63 51 54 63 85 117 103 110 16 2 76 79 86 87 90 97 83 62 49 39 48 57 75 96 78 94 115 85 88 101 107 105 110 110 98 80 48 69 65 78 103 117 91 114 84 88 103 106 105 11 1 111 96 77 46 67 62 76 113 118 93 113 84 90 102 108 105 112 11 1 95 72 50 58 65 77 114 114 97 116 83 92 103 109 103 110 109 90 68 53 53 61 81 114 107 104 123 87 93 13 0 108 104 115 107 84 63 52 54 62 83 114 100 105 120 Year 87 91 101 105 106 110 110 96 77 51 54 64 77 103 114 92 114 90 93 103 104 108 118 104 79 62 48 55 66 86 111 89 106 128 P128 Adjusted for seasonal variation 1923 87 1924. 91 1925 95 1926 99 1927 105 1928 _ _ 107 1929 118 1930. 11 0 1931 78 1932 . 63 1933 48 1934 64 1935 67 1936 81 1937 116 1938 82 1939 109 1940 123 1941 July Preliminary. CEMENT PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 1935 1936 1937 1938 . _ _ 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 88 97 98 87 91 108 109 94 73 56 33 42 35 40 73 50 59 69 11 0 102 101 95 90 104 104 100 72 47 34 51 37 41 71 48 67 60 109 115 122 115 127 13 1 110 124 91 54 41 58 48 59 93 65 90 88 130 134 158 142 11 6 154 157 155 128 63 48 75 70 98 119 91 11 1 115 143 152 11 7 183 185 11 9 179 191 155 76 69 95 91 123 129 115 124 140 11 4 155 176 13 9 197 200 192 197 11 6 91 89 11 0 100 130 128 120 137 13 4 140 155 173 189 192 193 191 189 154 85 95 90 89 127 128 121 140 143 167 182 188 203 207 206 197 150 87 91 87 80 139 132 122 137 150 166 182 189 200 204 197 184 138 94 64 88 82 141 128 11 2 136 148 164 177 184 190 194 185 159 119 88 56 74 83 138 126 128 139 144 150 16 5 162 165 172 161 127 93 74 53 66 81 125 106 116 16 2 Il l 115 118 19 1 133 135 124 94 66 47 39 49 64 99 78 89 105 Adjusted for seasonal variation 1923 134 1924 147 1925 148 1926 16 3 1927 145 1928 11 7 1929 13 7 1930 154 1931 122 1932 94 1933 56 1934 73 1935 63 1936 73 1937 133 1938 91 1939 107 1940 125 1941 146 147 149 146 143 165 166 164 123 79 58 86 64 72 128 86 120 106 133 140 11 5 145 164 13 5 153 172 127 74 57 81 65 79 125 87 11 2 117 129 13 3 156 145 165 19 5 162 159 132 65 49 76 71 98 119 91 11 1 115 125 134 150 157 159 165 154 159 63 57 78 75 11 0 105 94 11 0 115 122 133 150 11 6 11 6 164 16 5 156 16 2 70 68 76 76 102 11 0 96 108 13 1 122 136 150 11 6 162 162 160 155 124 68 77 73 72 103 103 98 113 122 139 11 5 154 163 165 11 6 154 118 69 73 70 66 114 108 100 112 128 11 4 152 157 164 166 160 149 11 1 76 52 72 68 118 107 11 0 114 127 11 4 13 5 158 164 167 19 5 19 3 104 77 49 65 73 120 108 110 120 133 143 152 19 5 162 19 6 19 5 128 94 75 53 65 79 122 102 112 11 2 140 146 150 11 5 168 11 7 19 5 125 89 64 53 65 82 124 97 112 11 3 56 75 100 122 126 124 122 120 116 104 Year 80 Seasonal adjustment factors 1940 AUGUST 1940 55 129 140 151 154 11 6 165 160 151 117 72 59 73 72 105 1S 0 99 114 837 COMMON AND FACE BRICK PRODUCTION 1935-39 average = 100 Feb. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 ... 1932 1933 1934_.__ _ 1935 1936 _ _ 1937 1938 . 1939 1940 1941 193 183 191 216 228 161 192 107 71 39 11 24 21 37 75 43 85 70 217 219 224 242 281 181 188 106 76 36 7 15 21 31 69 42 74 50 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 . _ _ 1936 1937 1938 . , 1939 1940 1941 241 228 239 270 304 215 259 158 109 64 19 43 39 65 129 73 142 119 241 243 249 269 312 218 247 152 113 64 12 30 42 61 134 81 138 96 Nov. Year Dec. Apr. May June 124 87 37 10 19 28 51 96 57 87 71 283 279 290 272 294 256 239 155 118 46 21 36 42 81 134 83 124 102 291 260 269 263 256 261 244 169 122 42 34 38 64 128 153 107 136 279 255 274 270 261 283 245 172 115 42 45 44 68 137 150 108 156 272 259 302 293 259 259 231 167 101 38 57 52 86 133 139 107 161 271 275 334 325 278 260 220 159 85 37 58 46 80 136 126 107 150 227 250 292 285 250 259 217 166 83 41 53 45 86 126 130 127 157 220 263 294 286 245 263 206 145 81 41 47 49 97 134 117 141 145 227 249 278 277 233 270 192 129 73 35 40 53 76 132 98 119 137 191 200 229 241 194 226 137 92 56 21 32 32 59 105 69 103 119 237 253 271 257 306 221 234 155 116 53 15 31 46 76 142 84 127 106 265 261 271 254 280 243 228 147 113 44 21 38 43 83 138 86 129 106 285 255 263 258 256 249 222 147 101 35 29 32 53 107 127 89 114 274 250 268 264 244 250 215 145 96 35 38 36 58 109 120 88 126 252 240 279 272 240 240 207 148 84 31 46 40 66 105 111 86 130 234 237 288 280 240 237 200 144 77 32 48 37 65 111 108 92 129 220 243 284 277 233 238 193 143 72 34 43 36 69 104 104 103 126 210 250 280 272 233 246 187 128 73 35 40 40 79 109 96 116 119 223 245 272 272 229 257 179 121 69 32 38 48 69 122 90 109 125 225 236 269 284 229 266 161 108 66 24 37 39 71 124 82 123 142 Mar. -1 to co to to to to Jan. July Aug. Sept. Oct. 242 245 271 269 257 241 209 141 89 38 35 38 61 103 113 95 128 COMMON BRICK PRODUCTION 1935-39 average = 100 Without seasonal adjustment 1923 1924 1925 1926 1927 1928_ ._. 1929 1930 1931 1932 1933 _ 1934 1935... 1936 1937 1938 1939 . 1940.._ 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933... 1934 1935 1936 1937 1938 1939 1940 1941 May Feb. Mar. Apr. 25 20 34 72 40 74 60 15 21 25 64 41 65 49 20 29 47 92 53 78 66 34 42 78 133 79 125 102 40 64 131 153 108 137 46 71 141 154 111 158 47 36 64 133 75 137 111 32 43 53 134 85 136 103 33 48 75 146 84 124 106 36 44 83 140 83 131 107 34 54 109 127 90 114 37 57 111 121 Jan. • July 838 H 48 63 95 120 Dec. 49 107 137 120 149 148 53 78 136 101 118 133 31 58 103 67 99 115 35 71 102 104 101 125 39 84 108 94 117 117 48 71 124 92 107 121 38 71 126 82 121 141 ISO 127 110 Sept. 54 91 135 140 102 167 46 84 134 122 106 153 44 88 126 136 132 162 124 41 69 106 111 80 132 37 69 109 105 91 131 127 127 117 88 Seasonal adjustment factors mo.... Nov. Aug. June Oct. FEDERAL RESERVE Year 38 63 103 113 95 126 82 BULLETIN FACE BRICK PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923-. — 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 1935 . . . . _ . 1936 1937 1938 1939 1940 _ 1941 Adjusted for seasonal variation 1923. 1924 1925 1926 . . . . 1927 1928. 1929 1930 1931 . . _ 1932 1933 1934 1935 1936 1937 1938 . 1939 1940 1941 Seasonal adjustment factors 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20 27 42 80 48 107 96 15 22 44 81 44 94 53 17 26 59 106 66 108 84 44 40 85 134 93 123 103 33 63 120 152 106 135 40 75 128 142 104 152 46 75 127 135 116 147 46 67 136 135 108 144 47 79 124 114 118 145 50 76 124 111 121 138 51 72 124 92 124 148 35 64 108 73 115 129 34 45 67 120 69 153 136 27 40 81 136 68 144 81 25 40 80 133 83 134 105 44 40 85 134 93 123 103 28 52 100 127 88 112 33 63 107 119 90 131 37 60 104 112 98 124 38 56 113 115 95 126 39 65 107 103 108 132 42 65 110 101 110 126 47 67 116 86 116 138 39 71 120 82 128 143 80 100 120 116 118 114 110 HO 107 Year 70 65 37 57 102 113 97 130 90 GLASS CONTAINER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 _ 1933 1934 1935 1936 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 _ 1927 1928 1929 1930 1931 1932 1933 1934 1935 . 1936 1937 1938 . 1939 1940 1941 Seasonal adjustment factors 1940 AUGUST 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 60 60 66 69 69 52 52 59 71 74 78 104 79 91 104 59 63 64 74 69 59 53 63 75 75 82 108 82 93 109 57 64 74 78 78 67 60 60 75 77 86 104 89 101 117 61 66 75 76 75 74 67 60 84 82 92 116 93 108 116 66 68 80 81 81 82 70 62 86 89 102 129 102 115 119 59 68 78 81 81 80 65 74 84 89 101 128 91 118 60 64 74 73 73 73 59 89 86 94 99 127 93 121 61 62 78 79 74 72 54 88 81 96 114 134 99 117 60 62 63 76 74 70 65 52 82 82 88 107 120 97 112 63 69 61 69 75 73 66 61 82 80 91 105 112 98 124 65 66 64 67 72 63 60 55 81 78 89 108 99 98 114 61 61 67 62 63 51 , 49 52 76 80 83 103 82 89 107 64 64 70 74 75 57 58 66 79 83 86 115 88 101 116 62 66 68 78 74 64 57 68 82 82 89 117 89 101 118 57 64 71 76 75 66 60 62 79 82 92 110 95 107 124 59 64 73 74 72 72 66 59 84 82 92 116 93 108 116 62 64 74 74 74 75 64 58 81 83 95 121 95 107 112 57 65 73 75 74 73 59 70 80 85 96 122 87 113 60 64 74 72 71 70 55 83 80 88 96 122 89 117 58 59 74 75 71 69 52 83 76 89 104 123 91 108 60 62 63 76 74 70 65 52 82 82 87 105 118 95 110 63 68 60 69 73 71 64 59 80 77 88 102 109 95 121 66 68 65. 70 75 66 62 57 83 77 88 107 98 97 112 66 65 72 70 76 62 58 60 82 86 89 111 88 96 115 90 92 100 107 105 104 109 102 103 101 Year 93 94 62 64 72 75 71 67 59 73 80 86 98 114 93 110 839 POLISHED PLATE GLASS PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 _ 1926 1927 1928 1929 1930 1931 1932 _ _. 1933 1934 . _ . _ 1935 1936._ _ 1937 1938 „ 1939 1940 1941 48 51 59 79 63 62 77 68 50 40 44 52 91 118 49 40 94 129 48 54 66 84 79 78 86 75 68 49 38 57 105 103 156 22 85 106 52 58 70 82 84 81 92 73 74 31 33 69 116 114 154 28 88 111 53 59 70 79 77 77 88 80 72 37 34 65 120 138 170 30 58 96 57 58 73 84 75 77 90 88 69 23 56 57 103 142 156 31 62 91 54 53 70 92 60 80 90 67 53 36 67 48 96 116 150 46 72 79 51 49 71 79 69 73 92 59 51 21 83 55 98 117 119 44 50 54 47 73 83 76 82 100 39 44 12 77 52 98 133 138 57 78 56 51 76 87 73 83 107 58 35 26 65 53 110 145 133 71 110 53 55 73 82 65 75 99 58 33 29 41 53 112 142 115 100 142 56 60 76 74 67 85 89 •54 28 35 30 50 116 101 101 104 127 54 55 68 54 56 77 62 35 43 31 46 64 118 52 69 98 149 Adjusted for seasonal variation 1923 1924 1925 1926 1927 _ 1928 1929 1930 1931 1932 _ 1933 1934___ _. _ • _ . _ _ 1935 . 1936 1937 " 1938 1939 1940 1941 50 54 63 83 70 69 86 75 55 44 46 54 93 119 48 38 90 122 49 55 67 80 76 74 82 71 64 47 36 54 105 108 165 23 90 112 50 55 66 78 78 75 86 68 69 29 31 64 108 109 147 27 84 105 52 58 69 77 76 76 87 69 61 32 30 57 107 126 159 29 58 96 54 55 69 80 71 73 86 84 66 22 53 54 98 135 156 31 62 91 54 53 70 92 60 80 90 65 52 35 68 52 104 124 153 47 73 80 52 50 72 80 70 74 94 60 52 22 87 58 103 130 148 67 76 54 47 73 83 73 78 95 43 49 14 81 55 104 140 146 68 95 53 48 73 83 69 79 102 57 37 27 69 53 110 145 133 71 110 52 54 72 80 64 74 97 57 33 31 43 56 112 135 104 87 124 56 60 76 74 67 85 89 54 28 35 30 50 116 101 101 91 112 60 62 75 65 70 97 78 43 47 33 49 67 124 51 64 85 124 105 95 105 100 100 98 66 82 100 115 m Year 120 Seasonal adjustment factors 190 53 54 70 80 70 78 89 63 52 31 51 56 107 119 127 55 92 PRODUCTION OF NONDURABLE MANUFACTURES 1935-39 average = 100 Jan. Mar. Apr. May June July Aug. 71 69 74 78 81 81 89 87 76 72 69 77 85 92 108 85 100 109 74 70 76 79 83 84 91 88 80 73 70 81 88 91 111 87 102 108 75 70 76 79 84 84 92 87 81 71 66 83 88 93 112 89 103 105 75 69 76 78 83 82 93 89 82 67 72 84 86 95 113 86 101 105 74 67 74 76 83 83 93 86 82 65 81 83 86 96 113 87 102 109 73 65 73 77 84 83 93 84 81 64 90 80 87 97 111 89 104 Pill 69 63 74 75 82 82 91 81 80 62 91 78 88 99 109 94 104 70 66 76 79 84 86 • 94 81 81 67 87 82 91 104 109 101 Adjusted for seasonal variation 1923 71 1924 70 1925 75 79 1926 82 1927 82 1928 90 1929 89 1930 1931 79 1932 73 1933 71 1934 80 1935 88 95 1936 111 1937 1938 88 104 1939 1940 113 1941 73 70 76 79 82 83 90 88 80 73 70 81 89 92 112 90 104 110 74 70 76 78 83 83 91 87 81 72 66 83 88 94 113 90 104 106 75 69 76 78 83 82 92 88 82 67 72 84 87 96 114 88 103 107 75 68 76 77 84 84 94 86 83 65 82 83 87 97 114 88 104 110 75 66 75 78 86 84 95 85 82 64 91 80 88 99 113 90 106 72 65 77 78 86 84 94 83 82 63 94 80 89 100 110 95 106 71 67 77 80 85 86 94 81 81 67 88 81 90 103 107 99 108 no Sept. Oct. Nov. Dec. 73 72 79 85 88 91 99 87 84 76 88 81 97 110 111 107 119 72 74 80 85 86 91 98 84 79 77 83 84 97 110 103 105 120 71 74 79 83 84 90 93 80 75 73 78 82 95 109 93 104 ,118 67 72 77 79 79 86 85 75 70 68 74 83 93 109 85 101 115 71 69 76 82 84 86 94 81 79 72 84 76 92 104 104 100 111 69 71 77 82 83 87 94 80 75 74 80 81 94 105 99 100 115 69 73 78 81 83 89 91 80 74 73 78 82 95 108 92 103 117 Year 72 68 74 79 82 82 90 89 79 73 71 78 86 96 111 87 104 118 OS CO OS Without seasonal adjustment 1923 1924.. 1925 1926 1927_. 1928 1929 1930 . 1931 1932 1933 1934 1935... 1936 1937 1938 1939 . 1940 1941 Feb. 83 85 93 84 79 70 79 81 90 100 106 95 108 Preliminary. 840 FEDERAL RESERVE BULLETIN PRODUCTION OF TEXTILES AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930. 1931.... . 1932 1933... 1934 1935 1936.... 1937 1938._. 1939 1940 .. 1941 _ 87 79 89 89 92 90 98 85 74 74 80 80 97 102 124 68 110 120 92 80 91 90 94 92 99 84 83 78 82 87 100 102 128 74 113 115 93 76 88 87 96 88 98 80 84 73 70 87 92 96 126 73 107 101 92 73 89 83 92 85 98 80 85 57 74 84 85 97 121 67 99 97 90 67 82 78 93 86 99 75 82 51 94 78 84 94 120 69 102 99 84 59 76 75 94 81 93 69 80 49 112 66 84 94 117 75 104 P99 75 57 75 71 87 74 87 63 80 53 112 66 85 96 104 84 106 74 60 75 75 88 79 89 60 80 69 100 67 89 104 102 98 109 80 71 80 87 93 85 94 68 83 86 93 55 96 109 97 102 116 78 81 86 91 95 93 99 74 76 92 85 76 102 111 87 102 123 81 84 88 92 96 96 94 76 74 87 80 78 104 116 75 107 131 73 83 87 91 86 91 80 70 68 79 69 85 101 122 65 107 126 Adjusted for seasonal variation JL923... 1924 1925 1926 1927 1928 1929 . 1930 . 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941. 83 75 85 84 87 86 94 82 72 72 78 78 94 100 121 66 107 117 86 75 85 84 87 86. 94 79 77 72 76 80 92 95 120 69 107 108 89 73 84 83 91 84 94 77 80 70 67 84 89 94 123 72 105 99 90 71 87 81 90 83 96 79 84 56 73 84 87 99 124 68 102 99 91 68 84 79 94 87 100 76 83 52 96 81 87 97 125 72 106 103 90 64 82 80 99 86 98 73 85 53 119 70 89 99 123 79 109 85 64 84 80 99 83 97 69 86 57 121 71 90 103 111 90 113 82 66 83 83 97 87 97 66 86 73 106 71 92 106 105 99 111 80 71 80 87 93 86 95 68 82 85 92 54 96 107 96 99 114 75 78 82 87 91 89 95 70 73 89 82 74 99 108 85 99 119 76 80 83 87 91 91 88 72 71 84 78 76 101 113 72 104 128 Year 72 82 86 90 87 92 82 71 70 81 71 86 101 122 65 106 126 83 72 84 84 92 87 94 74 79 71 88 76 .93 104 106 85 112 Preliminary. TEXTILE FABRIC PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . 1924 1925 1926 1927 1928 1929 _ . 1930 1931 _ 1932 1933 .. . . 1934 1935 . 1936 1937.... _. „ . 1938 1939 _ 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 91 82 93 94 97 96 105 92 80 80 82 81 98 102 125 69 109 115 96 84 95 96 100 99 106 91 89 83 83 89 100 102 130 74 111 111 96 79 93 93 102 95 106 87 89 78 73 90 93 96 127 74 106 99 96 76 94 89 99 92 105 87 91 61 77 87 88 97 122 68 99 95 93 68 87 82 100 92 106 79 87 55 98 81 88 94 120 70 100 97 86 61 80 79 100 87 100 73 83 53 116 68 86 94 116 75 100 77 59 79 75 93 79 93 67 84 56 114 68 86 97 102 84 101 77 62 80 80 93 85 96 64 83 72 103 69 90 105 102 96 106 83 75 85 92 99 91 102 73 87 91 96 57 97 111 98 100 115 81 85 90 96 101 100 107 80 81 96 87 80 104 113 88 101 121 83 88 93 97 102 103 100 83 80 91 81 81 106 118 76 108 128 75 86 91 95 92 96 86 76 74 81 69 86 101 124 66 107 121 Adjusted for seasonal variation 86 1923 79 1924 .. 88 1925 89 1926 92 1927 92 1928 100 1929 88 1930 78 1931 77 1932 80 1933 79 1934 95 1935 99 1936 122 1937 67 1938 106 1939 113 1940 1941 89 78 89 89 93 93 100 85 83 77 77 82 93 96 122 70 105 105 92 76 89 88 97 90 100 83 85 74 70 86 90 94 124 72 104 97 93 74 92 86 96 89 102 85 90 60 77 86 89 99 124 69 100 96 94 70 88 83 101 93 107 81 89 56 100 83 90 97 124 73 103 100 93 66 87 85 106 92 106 78 89 57 123 72 91 99 122 79 105 88 67 89 85 106 90 105 74 91 61 124 73 92 105 110 90 108 85 69 88 88 102 93 105 70 90 77 109 73 93 108 106 99 109 83 75 85 93 99 92 103 74 87 90 95 57 97 109 97 98 113 78 81 87 93 97 96 103 76 78 93 85 77 101 110 85 98 118 79 83 88 92 97 97 95 78 76 87 79 79 102 115 73 104 124 Year 86 75 88 89 98 93 101 79 84 75 90 78 95 105 106 86 110 75 86 91 95 93 99 88 77 75 83 71 87 100 124 66 106 121 Preliminary. AUGUST 1940 841 COTTON CONSUMPTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 _ _ ._ _ _ 1934 1935 . 1936 1937 1939.. 1940.. 1941.. Adjusted for seasonal variation 1923 1924___ 1925 _. . 1926 1927 1928 1929 1930 1931 1932 ._ __ 1933 1934 1935 1936 1937 1938 1940. 1941.. Seasonal adjustment factors 1940 105 100 104 107 110 105 115 99 79 80 84 87 94 101 127 79 107 124 Feb. Mar. Apr. May 107 85 106 103 113 98 113 94 91 67 90 95 83 102 127 77 106 110 107 73 97 95 113 99 115 83 84 60 107 89 80 97 125 76 103 109 97 64 87 91 116 92 107 74 80 57 123 66 74 97 119 77 101 107 85 61 83 83 107 81 96 67 78 52 113 66 68 101 106 86 100 107 73 97 95 113 99 115 83 84 105 69 93 98 122 97 112 78 84 60 129 70 77 102 125 81 106 112 71 97 96 124 93 109 75 86 58 125 73 76 112 118 96 111 95 90 110 95 107 110 115 107 116 96 84 84 86 93 94 99 130 83 110 123 108 87 103 107 117 100 113 91 100 75 77 81 83 90 97 122 76 103 120 100 104 98 107 89 78 78 80 86 87 93 121 78 103 115 101 82 97 101 110 95 107 86 81 78 79 90 83 91 122 81 102 108 102 81 101 98 107 93 107 90 86 64 85 91 124 74 103 107 80 97 125 76 103 109 104 107 106 103 100 84 95 88 96 130 85 108 114 June July Aug. Sept. Oct. Nov. Dec. 93 91 95 103 111 105 109 76 80 91 58 84 112 107 95 117 92 115 97 101 121 106 128 87 94 101 104 97 100 83 71 73 79 67 80 91 121 72 103 125 105 115 96 104 72 83 89 93 58 84 112 107 95 117 93 101 109 103 106 74 79 89 87 86 90 113 95 99 119 91 90 97 100 107 105 95 76 77 87 82 83 93 114 84 103 124 87 94 101 104 101 105 87 75 77 83 70 83 93 124 74 105 128 100 96 63 76 68 98 70 71 105 105 93 105 93 79 87 102 113 94 102 71 83 102 103 95 101 120 99 107 70 85 75 108 77 78 114 114 101 114 Year 96 95 102 105 113 110 97 83 96 100 111 98 105 80 81 75 93 81 84 106 111 88 110 RAYON DELIVERIES 1935-30 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927. 1928 1929..._ 1930 1931 1932__ 1933 1934__. 1935 1936 1937 1938 1939. 1940 1941 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 10 11 19 11 12 21 12 11 20 12 11 20 11 11 18 10 11 17 10 11 18 8 11 18 9 13 18 10 15 19 11 17 20 11 19 19 19 25 31 37 20 28 31 37 20 33 31 40 19 36 32 41 17 36 30 41 14 33 29 39 14 30 26 38 16 29 27 39 20 30 31 44 23 32 36 50 23 34 39 51 23 33 37 45 40 36 40 40 45 40 43 52 41 41 59 36 38 59 31 36 57 26 34 52 28 32 51 41 37 53 60 41 50 72 41 45 72 35 40 67 38 50 46 65 61 85 90 61 65 86 92 51 65 72 87 53 60 57 86 64 53 56 81 80 53 66 86 85 56 78 94 81 57 89 109 80 57 100 114 74 61 101 112 70 67 95 105 63 78 90 105 69 61 81 97 111 95 132 107 119 138 100 141 146 84 130 145 62 114 152 45 105 150 97 91 129 108 44 110 56 109 68 109 73 112 72 112 72 108 147 117 140 115 131 114 126 111 125 120 P130 Adjusted for seasonal variation 1923. 10 11 1924... 1925 19 1926 19 1927.... 24 1928 31 1929_ 37 1930_... 42 1931 38 1932. 41 1933 64 1934 61 1935. 84 1936... 91 1937 111 1938.__ 45 1939 110 1940 151 1941 Seasonal adjustment factors 1940 Feb. 98 10 11 11 10 11 10 11 11 11 12 11 12 9 13 9 14 9 15 10 16 18 19 18 18 18 17 19 15 20 16 19 21 19 22 19 22 19 23 27 31 37 41 44 39 57 60 83 92 112 57 119 143 31 30 38 40 49 38 48 63 71 90 115 72 121 138 33 30 39 39 56 35 54 62 61 93 117 79 123 136 34 29 40 38 59 33 72 61 65 92 125 81 124 141 35 30 41 38 62 29 93 60 74 96 123 79 131 34 30 42 37 58 32 97 61 83 96 115 95 134 20 18 33 31 44 36 56 43 86 58 85 101 100 108 129 32 32 45 36 51 56 74 53 88 99 87 123 127 31 34 47 38 46 66 67 55 90 100 74 116 130 31 35 46 37 43 68 66 65 90 101 58 108 146 32 36 44 36 41 68 63 78 91 107 46 106 152 98 95 93 89 98 107 115 111 104 32 42 11 18 20 19 10 13 19 19 31 99 P142 92 NOTE: Three month moving averages placed at last month. p Preliminary. 842 FEDERAL RESERVE BULLETIN SILK DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June Without seasonal adjustment 1923 1924 1925. 1926 1927 1928 1929 _ _ 1930 1931 1932 1933-. 1934 1935 . 1936 _ 1937 1938 . 1939 1940 1941 97 78 104 127 129 136 143 145 162 151 122 93 117 107 122 77 110 72 103 85 111 132 129 145 148 149 163 148 116 104 126 101 122 76 106 65 104 87 122 127 136 151 153 154 162 145 111 119 127 100 120 87 105 66 109 81 123 118 137 142 150 141 149 121 110 . 118 122 97 113 91 96 60 " 91 75 117 104 134 131 144 126 133 105 118 109 111 94 105 87 82 55 97 77 103 125 126 134 140 141 156 145 119 91 115 104 117 74 108 69 97 79 105 125 121 136 139 140 153 142 113 100 122 100 119 75 105 64 95 79 113 117 125 138 140 140 147 134 105 112 120 97 116 84 101 64 103 76 117 113 132 135 144 138 146 120 111 116 120 97 113 92 96 61 95 79 123 109 141 137 150 134 143 111 126 116 117 99 112 93 87 58 103 101 104 100 94 Aug. Sept. Oct. Nov. Dec. Year P51 Adjusted for seasonal variation 1923 1924_ 1925 1926 1927 _ 1928 1929 1930 1931 . _ 1932 1933 _ 1934 1935 1 36 1937 1938 1939 1940 1941 July Seasonal adjustment factors 194.0 86 72 112 104 128 128 141 106 121 96 133 99 102 90 102 86 74 77 76 113 105 122 125 139 103 121 101 134 94 99 89 95 86 70 84 78 118 114 120 128 147 104 121 122 128 91 103 99 90 92 75 85 92 121 122 129 134 155 129 134 145 110 93 116 113 92 100 88 82 97 126 132 135 140 160 149 148 160 93 107 124 122 97 103 99 76 103 126 136 139 141 155 169 155 150 88 112 125 124 99 110 101 72 99 126 129 132 136 144 166 148 131 83 119 113 118 83 107 84 94 79 122 113 139 139 155 123 142 110 147 110 114 99 112 95 81 P57 84 84 124 115 134 139 157 120 142 116 151 106 113 100 106 96 79 89 82 124 119 127 136 160 116 137 134 140 98 113 106 98 100 82 85 92 121 121 129 134 157 130 135 145 113 94 115 111 91 99 86 80 94 123 129 131 136 154 138 135 148 87 99 115 113 90 95 91 74 100 122 131 133 135 147 153 139 134 80 102 112 111 87 98 89 72 100 126 130 134 137 143 158 140 124 80 115 108 113 78 103 78 91 89 92 102 109 113 107 89 85 118 121 131 136 148 137 143 131 112 105 115 104 103 92 91 NOTE: Three month moving averages placed at last month. p Preliminary. WOOL TEXTILE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 . • . _ _ . 1925 1926. 1927 1928 1929 1930 1931 1932 1933 1934 1935 .. . 1936 1937 . 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 109 98 108 94 97 92 102 78 63 63 68 76 100 106 131 59 111 107 118 107 109 94 97 97 104 78 81 69 72 84 104 110 142 67 113 102 122 102 102 89 95 88 99 70 76 55 47 78 95 99 134 53 100 77 118 96 100 86 88 84 99 69 78 36 53 72 95 94 123 42 82 73 118 90 92 84 91 90 102 69 81 34 88 69 102 95 123 53 97 85 114 79 86 81 91 87 96 70 83 39 113 64 108 96 120 67 103 104 73 86 79 87 80 91 65 90 53 121 63 112 96 94 75 104 104 79 91 82 90 87 96 61 90 68 107 63 114 106 101 93 109 109 93 97 99 95 94 99 67 85 81 99 40 108 105 86 89 110 105 108 102 106 100 102 103 71 66 86 88 61 115 108 70 90 122 109 108 99 103 101 103 95 66 61 74 78 66 116 123 56 106 130 96 105 96 102 91 98 78 58 55 67 70 85 115 140 59 113 118 Adjusted for seasonal variation 107 1923 96 1924 106 1925 92 1926 95 1927 90 1928 100 1929 76 1930 62 1931 62 1932 66 1933 75 1934 99 1935 105 1936 129 1937 58 1938 109 1939 106 1940 1941 112 102 104 89 92 92 99 73 74 63 66 77 95 100 129 61 103 93 11 2 102 101 89 95 87 99 70 76 55 47 79 95 99 134 53 99 77 121 98 102 89 92 87 103 73 82 38 57 76 101 101 132 46 88 79 122 93 95 86 94 91 103 70 82 34 89 70 104 97 126 54 99 87 123 85 93 87 97 91 100 72 85 39 115 65 109 97 121 68 104 P87 117 82 96 88 97 88 100 67 90 53 122 64 113 98 97 77 107 110 84 97 87 95 92 11 0 63 92 68 107 62 11 1 103 98 90 106 106 90 94 96 93 92 97 66 85 81 99 40. Il l 108 88 92 113 97 99 94 97 92 94 95 66 63 84 86 61 116 110 72 92 125 102 100 92 96 93 96 89 64 61 74 79 67 118 124 57 107 132 Year 111 95 97 92 94 92 97 68 76 60 84 68 107 107 103. 76 10& 95 103 94 100 90 98 79 60 57 69 72 85 112 138 57 110 115 p Preliminary. AUGUST 1940 843 CARPET WOOL CONSUMPTION 1935-39 average = 100 Feb. Mar. Apr. May June Without seasonal adjustment 1923 1924 . . 1925 1926 . 1927 1928 1929 1930 1931 1932 1933. . „ 1934. 1935 _. 1936 1937 _ . 1938 1939 1940 1941 118 106 116 99 110 106 124 98 59 52 35 72 81 85 145 39 106 105 125 120 124 104 109 109 134 88 91 52 37 79 82 99 176 54 120 118 118 115 124 96 111 106 115 82 81 52 30 76 90 100 169 58 131 98 115 107 122 83 98 92 116 87 101 36 46 71 111 95 139 35 87 91 123 80 104 82 99 99 128 56 88 31 72 68 114 93 136 40 82 91* 110 66 85 76 93 98 111 50 79 33 114 78 114 96 135 46 84 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941. _ 112 100 109 94 103 100 117 92 56 50 34 72 83 90 152 41 112 111 114 109 113 94 100 100 122 80 84 48 34 73 75 91 162 50 110 108 112 108 117 91 105 100 110 79 78 50 29 73 87 93 154 51 117 87 115 107 122 85 102 96 121 88 103 37 47 73 113 96 145 38 92 97 125 81 105 83 100 100 129 58 92 32 75 71 119 97 142 42 85 95 Seasonal adjustment factors 194.0 95 109 112 n 96 July Aug. Sept. Oct. Nov. Dec. 45 81 25 106 66 126 115 116 80 128 124 88 98 101 93 106 125 57 71 50 114 42 105 130 103 89 124 121 111 93 102 103 112 140 69 73 65 102 60 108 130 55 94 122 126 110 96 104 111 122 130 65 60 55 74 51 98 140 39 108 129 103 110 84 110 98 117 85 39 46 44 61 57 86 160 38 105 107 122 76 99 85 91 118 127 48 87 26 111 66 120 108 110 76 121 122 86 96 99 93 108 128 58 73 51 117 43 107 129 101 88 121 117 108 90 99 98 106 127 62 66 58 91 55 103 129 55 95 124 118 103 90 98 104 114 122 62 58 54 74 52 100 143 40 110 132 106 102 99 98 Year 103 110 84 110 98 117 89 42 50 47 66 61 93 172 41 113 115 93 96 71 88 66 87 84 112 46 85 29 109 65 128 97 89 55 89 114 71 92 79 84 125 75 97 84 101 105 118 53 84 34 116 80 116 98 138 47 85 P86 111 82 103 77 101 98 128 50 88 30 114 67 130 99 90 57 90 98 98 »© Jan. 116 96 102 92 99 105 120 65 76 43 75 65 103 111 111 68 108 P84 Preliminary. APPAREL WOOL CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 19231924 1925 1926 1927. _ . _ _ 1928 1929 _. _ _ 1930 1931 . . _„ .. 1932 1933 1934 1935 1936 _ . 1937 1938 1939 1940 1941 118 100 100 88 91 81 96 77 67 67 75 71 107 114 118 46 96 105 133 109 101 97 100 97 98 80 76 72 75 76 94 121 133 56 105 99 134 96 86 88 101 81 94 69 76 54 46 70 88 99 132 47 96 80 126 85 81 86 88 73 90 68 88 36 59 58 104 81 117 46 71 63 125 77 71 80 91 80 91 71 90 31 100 53 120 85 115 59 97 82 113 62 73 77 90 73 84 72 93 40 111 47 113 98 106 74 108 102 61 77 85 87 69 83 70 107 63 120 44 118 97 86 86 104 92 80 89 82 94 75 95 67 103 86 102 45 126 113 101 105 112 100 92 96 104 97 90 94 77 100 102 101 31 115 111 91 94 120 95 106 104 109 99 98 101 77 73 93 99 60 141 103 66 91 126 100 104 100 102 93 95 83 67 75 84 93 80 132 123 57 112 126 95 95 97 91 76 84 72 62 63 78 74 87 115 143 53 112 107 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 . . 1933 1934 1935_. _ . 1936 1937 1938.._. ___. _ _ ... 193^ 1940. _ . 1941 117 99 99 87 90 80 95 76 67 67 75 71 109 116 121 47 98 107 122 100 93 89 92 89 90 74 70 66 69 70 87 112 123 52 97 92 134 96 86 88 101 81 94 69 76 54 46 69 87 98 131 47 95 80 134 90 86 91 94 77 96 73 94 38 63 62 111 86 124 49 76 68 136 83 78 87 98 84 94 73 93 32 101 53 120 85 115 59 97 82 132 72 85 89 102 80 92 75 97 41 116 49 118 98 106 74 108 117 70 88 96 97 78 92 74 109 64 122 45 123 102 90 91 110 95 83 93 86 98 78 99 69 103 86 102 44 123 108 97 101 108 94 86 89 97 91 84 89 74 96 99 99 31 115 111 91 94 120 82 91 89 94 85 84 87 70 70 92 98 59 140 108 69 95 131 90 94 90 92 84 88 79 65 73 83 92 80 130 122 56 111 125 94 94 96 93 80 89 76 66 67 79 74 87 113 139 51 109 104 Seasonal adjustment factors 1940 . 98 108 101 100 100 104 100 101 Year 103 94 95 96 111 89 90 91 92 83 90 71 85 67 87 60 113 107 98 78 104 p Preliminary. 844 FEDERAL RESERVE BULLETIN WOOLEN YARN PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 _ _ 1930__ 1931 1932___ 1933 1934 1935 _ 1936 1937 1938 1939 . 1940 ___ __ . 1941 100 96 106 87 86 93 101 74 58 63 68 78 104 114 130 61 99 100 108 106 108 86 90 97 102 75 83 70 71 93 110 113 138 74 99 97 112 106 106 87 93 91 102 70 72 53 49 88 94 101 127 54 80 76 116 100 104 87 91 90 102 72 69 35 61 87 88 99 120 43 74 73 111 98 100 86 97 97 102 73 74 36 91 81 98 105 121 52 88 86 Adjusted for seasonal variation 1923 1924 1925 _ .. - 1926 1927 _ _ 1928 1929 _ 1930 1931 . . 1932 1933 . > 1934 1935 1936 1937 1938 1939 „ 1940 1941 _ 102 98 108 89 88 93 102 75 59 63 68 77 103 113 128 60 98 99 106 104 106 84 88 95 99 71 76 64 65 85 101 104 127 68 90 89 109 104 104 85 91 90 102 71 72 54 50 91 97 104 131 56 82 78 113 98 102 87 93 92 104 73 72 36 64 90 93 105 127 46 78 78 111 98 100 86 97 97 102 73 74 36 91 81 98 105 121 52 88 86 101 109 97 94 100 100 Aug. Sept. Oct. Nov. Dec. Year P85 Seasonal adjustment factors 1940 July 101 82 93 82 93 91 94 64 77 47 124 83 117 110 100 79 102 105 86 93 80 94 91 96 59 80 71 111 84 121 119 107 98 102 106 101 98 97 99 100 96 67 78 83 100 53 118 112 92 91 104 100 108 100 106 100 109 99 67 63 88 81 76 123 111 78 89 111 104 107 95 98 98 103 86 65 56 74 72 77 124 122 56 98 113 93 105 92 93 92 97 76 55 48 64 67 92 120 140 57 100 105 108 88 100 87 98 96 99 66 78 47 124 83 117 110 100 79 102 111 91 98 84 99 96 101 61 82 71 110 83 118 114 103 94 98 103 98 95 94 96 97 93 65 76 82 100 54 119 113 93 92 105 94 101 93 99 93 102 92 63 60 86 81 77 126 113 80 91 113 101 104 92 95 96 100 83 64 55 75 74 78 127 125 57 100 115 95 107 94 95 94 99 77 57 51 68 69 92 120 140 57 100 105 100 104 99 98 98 100 106 91 96 85 97 94 101 75 74 35 114 78 110 105 120 66 95 105 99 99 90 94 96 96 68 69 60 84 81 111 113 104 75 98 P85 110 94 99 87 98 95 102 76 75 36 115 79 110 105 120 66 95 Preliminary. WORSTED YARN PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . _ 1924 1925 1926 1927 _ 1 1928 1929__ __ . 1930 1931 _ _ 1932 1933 1934 _ 1935 1936 ... 1937 1938 1939 . . 1940 1941 _ _ _ Feb. Mar. Apr. May June Oct. Nov. Dec. Aug. Sept. 108 58 73 79 83 68 83 77 114 68 130 44 104 85 85 80 103 101 70 88 90 92 82 97 76 107 80 111 38 98 98 85 95 107 106 88 94 106 98 87 98 82 102 100 99 31 102 98 71 91 119 108 108 104 111 104 96 102 87 67 102 94 51 115 109 69 98 150 108 106 99 109 103 99 90 71 70 81 81 68 120 126 59 124 151 94 102 98 109 89 92 80 71 67 77 68 99 115 140 65 139 123 July 112 93 106 99 103 90 96 76 72 71 78 71 106 92 129 60 123 101 116 104 101 104 100 98 96 83 76 69 79 71 104 99 131 56 116 97 125 97 87 92 94 82 93 69 78 50 45 61 88 87 125 41 107 72 123 86 83 87 85 75 92 62 80 38 49 56 92 86 118 46 93 72 123 77 72 80 85 77 94 71 93 33 101 56 102 83 118 62 115 90 Adjusted for seasonal variation 1923 _ _ 107 1924 88 .101 1925 . 94 1926 98 1927 _ . _ 87 1928 93 1929 74 1930 _ 70 1931 69 1932 76 1933 69 1934 103 1935 89 1936 125 1937 58 1938 . 119 1939 . 98 1940 1941 107 96 92 95 92 90 89 77 71 64 74 66 98 95 126 54 111 93 125 97 87 92 94 82 94 70 80 52 47 64 92 90 130 43 111 75 131 91 89 92 90 30 98 66 86 40 52 60 98 92 126 49 99 76 135 85 79 87 93 82 96 72 93 33 101 56 102 83 118 62 115 90 138 73 81 92 95 82 95 81 102 47 125 39 108 83 110 79 114 129 69 87 95 99 81 96 80 114 68 130 44 105 89 90 84 108 104 73 91 93 94 82 98 77 108 81 112 39 99 97 83 94 105 101 84 90 101 93 83 96 81 102 100 99 31 105 102 74 95 124 95 95 92 98 92 86 93 83 67 102 94 51 115 109 69 98 150 98 96 89 98 93 90 84 71 70 81 81 68 120 126 59 124 151 90 97 94 104 87 92 80 71 67 77 68 96 108 129 59 126 112 Seasonal adjustment factors 1940 104 96 94 100 100 95 102 96 100 100 Year 110 108 118 63 70 79 83 75 90 78 101 47 125 39 108 83 110 79 114 112 88 90 95 93 85 93 75 86 68 88 57 104 99 97 81 119 P93 p Preliminary. AUGUST 1940 845 WOOLEN AND WORSTED CLOTH PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . . " 1924 1925 1926 1927 1928 1929 _ -__ _ 1930 1931 1932 1933 _ _ 1934 1935 1936 1937 1938 __1939 1940 _ 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 109 96 109 97 99 88 96 72 62 63 75 81 102 117 130 71 120 118 119 102 107 91 94 89 97 72 78 76 87 90 113 114 135 76 123 102 126 98 98 87 89 80 93 63 75 60 54 83 102 102 128 57 98 71 117 93 99 85 81 81 95 64 71 35 52 72 90 98 121 42 83 68 118 97 93 84 85 86 95 70 75 35 83 72 95 98 123 53 103 80 118 84 88 80 88 83 91 71 79 39 107 64 102 96 123 70 111 108 76 86 80 82 74 83 66 83 57 119 64 104 90 101 75 114 102 79 90 79 86 78 85 60 90 76 103 63 108 95 98 91 105 107 91 96 95 91 87 91 61 85 80 90 35 103 91 80 86 101 103 105 106 103 96 95 92 64 62 83 79 57 104 97 74 83 114 109 109 102 104 98 97 94 64 57 76 78 60 114 114 63 99 134 97 107 101 104 91 96 76 62 57 72 75 86 125 131 68 113 134 Adjusted for seasonal variation 106 1923 1924 94 1925 _ _ _ . _ _ 106 94 1926 96 1927 1928 86 1929 _ _ 94 1930 71 61 1931 1932 62 1933 74 1934 78 1935 98 1936 111 1937 123 1938 67 1939 _ _ _ _ _ _ 113 111 1940 1941 _ _ _ _ _ 116 99 104 88 92 87 94 69 70 67 76 79 99 100 119 66 107 89 128 100 100 88 91 82 94 64 77 61 55 83 102 102 128 57 98 71 122 97 103 88 85 85 99 68 76 38 57 81 100 109 134 47 92 76 121 100 96 87 88 88 96 71 76 35 84 73 98 102 128 55 107 83 124 89 92 84 92 86 94 72 80 39 108 64 103 97 125 71 112 P84 120 84 96 89 91 82 92 66 83 57 119 64 105 92 104 77 117 111 86 98 86 93 84 89 62 90 75 101 62 106 93 96 90 103 105 89 94 93 89 85 89 61 85 80 90 36 109 95 85 91 107 94 97 97 95 88 87 86 61 61 83 81 59 108 101 77 86 118 99 99 93 95 89 88 85 62 57 76 79 61 115 115 63 100 135 100 90 96 99 97 95 96 99 11 1 95 98 91 90 86 91 66 73 63 84 69 105 103 104 76 112 92 102 96 99 86 93 75 62 58 74 78 85" 119 123 64 107 127 114 Year 106 Seasonal adjustment factors 1940 106 102 Preliminary. PRODUCTION OF LEATHER AND PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 _ _ _ _ _ _ 1933 1934 1935 1936 1937 1938 1939 1940 . 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 11 0 89 87 86 89 92 86 86 67 70 73 82 90 100 117 78 104 99 108 94 95 92 98 100 94 91 81 80 84 100 102 105 123 94 115 106 Il l 94 94 92 93 99 94 92 85 83 77 100 103 99 120 95 111 99 107 87 91 87 91 90 90 90 88 76 81 102 101 98 115 91 104 88 102 81 83 82 87 84 88 82 87 67 90 96 94 94 113 85 94 85 96 76 77 82 90 89 94 82 85 68 98 89 93 89 102 78 94 91 72 78 84 94 91 94 81 86 67 103 88 96 98 104 92 103 95 83 91 92 103 101 105 90 98 80 101 95 105 116 107 105 111 101 90 94 101 108 105 111 93 94 92 96 95 107 115 101 105 111 96 93 95 102 103 99 108 85 78 90 91 84 102 112 90 101 106 92 89 86 91 89 86 94 71 66 77 81 81 98 102 72 92 99 85 83 83 85 84 79 82 65 63 67 77 84 96 103 65 96 95 Adjusted for seasonal variation 1923 101 1924 90 89 1925 89 1926 92 1927 95 1928 93 1929 _ 1930 93 1931 73 1932 76 1933 79 1934 87 1935 93 102 1936 1937 . . _ ._. 119 1938 80 1939 106 1940 11 0 1941 103 90 91 88 94 96 91 88 78 76 78 93 94 98 113 87 106 98 106 90 90 88 90 95 91 90 82 79 73 94 97 94 113 89 104 93 106 86 90 87 92 91 91 89 86 74 79 99 97 95 111 88 101 85 105 84 88 88 93 91 94 86 91 70 92 99 97 96 115 87 96 87 102 82 82 88 94 92 97 85 88 70 101 93 100 97 112 85 103 P95 98 77 85 89 97 95 96 83 88 68 104 90 99 101 107 95 107 95 83 89 89 97 93 96 82 90 73 93 89 99 108 100 98 103 96 85 86 91 95 92 97 82 83 82 89 88 101 107 94 98 103 91 86 88 94 95 91 99 79 74 86 89 83 101 111 89 100 105 92 89 88 94 93 91 99 76 71 83 87 87 106 111 77 100 108 Year 89 89 89 93 94 92 95 75 74 77 87 91 105 113 71 105 105 99 86 88 90 94 93 95 84 82 76 88 91 99 103 102 93 104 Preliminary. 846 FEDERAL RESERVE BULLETIN LEATHER TANNING 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 . 1938 1939 1940 1941 Mar. Feb. Apr. May June July Aug. Sept. Oct. Nov. Dec. 123 112 106 108 114 114 98 100 80 77 79 94 98 106 116 80 106 102 131 117 116 112 119 119 103 104 88 82 85 106 108 107 120 91 117 104 126 108 107 106 104 111 96 104 86 79 75 96 103 99 110 82 100 91 127 98 101 105 103 106 97 99 91 75 74 100 103 102 113 78 104 86 123 91 96 101 103 97 93 95 89 67 81 94 102 98 114 76 95 86 118 91 93 99 108 102 104 97 91 67 94 94 104 96 107 79 96 117 89 91 101 107 101 103 98 93 72 101 92 101 98 102 86 97 116 95 101 103 112 104 106 98 97 72 97 90 104 106 101 89 96 122 101 99 109 116 113 111 101 94 78 96 95 108 102 98 90 102 114 104 106 115 115 108 114 97 87 79 93 91 108 108 93 94 104 112 101 101 109 106 96 107 87 78 78 96 94 114 111 83 95 104 113 105 106 109 112 99 105 86 72 77 96 99 110 113 76 104 102 Adjusted for seasonal variation 120 1923 1924 -_ 110 103 1925 . 106 1926 110 1927 111 1928 102 1929 104 1930 83 1931 1932 80 82 1933 _ 1934 95 1935 98 105 1936 .. 1937 115 1938 -. 80 1939 106 102 1940 . _ 1941 121 109 108 104 111 112 100 102 86 79 80 99 100 99 110 83 108 96 125 107 106 105 104 111 97 104 86 80 75 97 105 100 111 83 101 92 129 100 103 108 105 109 99 100 92 76 75 100 102 101 112 78 103 86 130 97 101 107 111 104 99 101 93 70 84 97 104 101 117 78 97 88 125 96 98 104 111 105 105 97 92 67 93 95 106 98 110 81 98 123 92 95 106 111 104 102 96 91 70 100 94 103 101 105 88 100 116 95 102 103 112 105 103 95 94 70 97 92 106 109 104 92 99 118 98 97 107 110 106 104 94 88 74 96 95 108 103 99 91 103 109 99 102 111 110 103 109 93 85 78 92 91 108 108 93 95 104 113 102 102 111 109 100 111 90 80 79 96 93 114 110 82 94 103 Year 114 105 105 109 111 102 107 90 75 79 96 98 108 111 75 102 101 120 101 102 107 110 106 103 97 87 75 89 95 105 104 103 87 102 PRODUCTION OF CATTLE HIDE LEATHERS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 . 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 . _ 1938 1939 1940 1941 119 112 102 99 105 99 91 89 68 73 72 88 98 104 123 78 108 105 127 117 116 103 112 106 91 90 73 75 76 103 108 109 125 91 120 111 125 108 107 95 101 99 84 89 71 72 68 93 100 102 114 83 100 95 128 101 107 94 102 96 84 87 79 67 70 96 99 101 114 79 101 86 123 93 102 91 99 87 81 81 77 59 76 91 100 95 116 79 93 85 118 94 97 93 104 93 88 82 79 57 81 91 97 88 104 78 92 119 91 96 96 103 94 85 80 77 59 84 85 92 94 97 83 95 115 96 106 99 101 90 88 78 80 56 81 86 98 104 97 90 100 118 102 100 107 105 97 95 82 78 71 85 91 101 101 97 96 107 110 104 108 114 100 .91 97 77 77 74 84 88 105 112 96 101 105 112 97 101 105 90 86 93 72 72 75 91 94 115 118 86 100 109 109 104 95 99 94 87 88 73 68 72 89 99 108 115 77 105 109 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 - _ . _ 1938 1939 1940 1941 119 112 102 99 104 98 90 89 68 73 72 87 97 103 122 77 107 104 119 110 108 96 104 100 87 87 70 71 71 94 98 98 113 82 108 100 125 108 107 95 101 99 84 89 71 72 68 93 99 101 113 82 99 94 128 101 107 94 102 96 84 87 79 67 70 96 99 101 114 79 101 86 130 97 107 95 104 92 85 85 81 62 78 93 102 97 118 80 95 87 122 96 100 95 104 93 88 82 79 57 81 93 101 93 109 82 97 120 92 97 97 104 95 86 81 78 61 89 91 99 101 104 89 102 115 96 106 99 102 92 90 80 81 59 85 90 103 110 102 95 105 114 99 98 104 100 92 90 78 75 70 86 92 102 102 98 97 108 105 100 104 110 98 89 95 76 76 73 83 87 104 111 95 100 104 113 98 102 107 94 89 95 73 72 73 88 91 110 113 82 96 105 114 109 99 103 97 90 89 74 70 72 89 97 105 113 75 103 107 Seasonal adjustment factors 194.0 . _ _ 101 111 101 100 98 95 93 95 99 101 104 Year 102 AUGUST 1940 118 102 99 101 94 89 82 75 67 79 91 101 105 104 88 102 847 PRODUCTION OF CALF AND KIP LEATHERS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 . _ 1925 1926 1927 1928 _.1929 1930 . 1931 1932 _. 1933 1934 1935 „ 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. 144 131 134 loo 127 139 92 95 86 68 77 85 97 104 94 81 120 95 153 141 133 120 130 141 104 104 93 82 87 89 103 96 104 101 134 91 135 124 116 114 105 126 107 101 84 79 78 79 100 84 92 94 111 79 132 103 99 120 101 109 105 98 93 79 79 93 97 93 103 81 115 79 134 96 78 110 112 102 104 103 100 71 93 90 101 91 97 79 103 86 121 106 82 110 109 99 115 100 100 83 122 99 126 104 98 90 107 134 117 96 120 137 110 135 127 119 106 131 105 122 107 99 117 102 142 138 100 113 142 124 144 130 120 103 121 98 115 106 92 112 96 161 134 101 120 143 134 138 118 103 108 107 98 117 96 85 102 103 Adjusted for seasonal variation 1923 136 1924 ... _> 123 1925 127 1926 115 1927 120 1928 131 109 1929 . ... 113 1930 102 1931 . . 81 1932 90 1933 - 93 1934 101 1935 106 1936 96 1937 83 1938 123 1939 97 1940 1941 . 143 132 124 112 121 132 111 111 98 85 90 90 103 94 98 95 126 86 138 126 119 117 108 131 114 112 95 89 87 89 112 92 98 100 118 84 147 115 110 133 112 121 116 108 101 86 86 97 98 94 104 82 116 80 155 111 91 128 130 118 116 109 105 75 98 95 106 96 103 83 109 91 140 122 95 126 126 112 121 105 102 83 113 92 117 97 96 88 105 136 118 97 122 135 103 116 106 99 88 109 91 109 98 90 106 93 135 132 95 108 134 113 117 105 97 88 108 93 110 101 88 107 92 136 149 122 124 93 93 120 112 133 130 118 117 115 119 106 101 81 89 95 93 96 101 98 95 106 116 100 97 81 87 107 104 105 - 108 94 99 95 102 110 105 Seasonal adjustment factors 1940 98 106 98 146 132 100 129 151 137 133 123 89 102 100 99 104 96 78 103 103 96 Nov. Dec. 136 139 102 121 142 101 117 95 69 86 97 93 101 92 73 104 96 137 128 ! 115 1 124 141 95 94 89 66 80 97 103 100 103 74 117 91 133 136 100 119 • 139 104 121 101 73 92 102 97 106 97 77 109 101 131 123 110 119 136 113 112 106 79 90 99 101 98 101 73 115 90 95 Year 139 124 105 119 128 118 116 107 94 87 98 94 107 99 91 98 106 102 PRODUCTION OF GOAT AND KID LEATHERS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 . 1929 1930 1931 _ 1932 1933 1934 _ 1935 1936 1937 1938 1939 _ _ 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 119 100 94 121 127 134 119 131 104 93 97 115 97 111 113 84 89 98 124 102 105 132 132 136 134 139 122 101 103 127 114 110 117 82 98 96 124 99 101 127 113 133 120 143 123 100 89 117 114 101 113 73 92 91 120 88 91 123 109 130 121 129 121 93 82 114 115 111 116 72 104 94 116 87 97 122 109 118 114 125 112 84 85 106 107 112 123 67 93 87 117 74 92 106 116 130 139 132 113 80 107 99 106 109 124 72 99 103 64 77 100 95 114 125 121 116 79 120 102 109 103 117 71 98 100 62 94 105 116 125 121 127 124 88 121 95 110 110 118 71 87 102 74 97 109 122 139 132 136 128 73 119 102 118 111 110 66 91 100 83 109 111 127 130 141 130 111 75 110 96 117 106 95 73 102 95 81 104 112 120 117 137 119 99 80 107 94 122 108 82 74 95 108 90 125 124 135 132 158 119 86 89 111 97 124 116 76 91 94 Adjusted for seasonal variation 1923 _ 114 1924 95 1925 _ _ _ . 90 115 1926 120 1927 130 1928.__ 125 1929 138 1930109 1931 96 1932._ 100 1933 . 118 1934 _-..._.. .._ 98 1935 1936 ___ . 1937 113 1938 84 1939 89 1940 98 1941 112 92 96 120 120 128 127 133 117 94 94 116 105 105 112 79 94 92 116 92 95 120 109 128 115 137 117 95 86 114 113 102 114 74 93 92 120 88 91 123 109 130 121 129 117 91 80 111 112 107 113 70 101 91 113 84 94 119 115 126 121 132 117 87 88 109 110 115 126 68 95 89 121 77 96 110 116 129 137 131 116 82 110 102 109 110 124 72 99 121 75 91 118 111 130 132 126 119 81 . 121 104 110 104 118 72 99 107 67 101 112 122 130 125 127 123 87 120 95 112 112 120 72 88 106 76 101 112 121 134 126 130 122 71 117 101 117 110 109 65 90 99 82 107 109 125 127 138 127 111 76 112 98 119 107 96 74 103 98 84 109 117 125 122 143 124 103 •84 111 98 127 112 84 76 98 102 85 118 117 127 124 149 119 86 90 113 98 121 114 74 90 92 99 98 99 97 Year m Seasonal adjustment factors 1940 848 100 104 99 103 98 100 101 FEDERAL RESERVE 110 84 99 116 118 128 130 129 113 86 103 105 112 110 109 74 94 102 BULLETIN SHOE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 __ 1927 1928 1929 1930 1931 1932 1933 1934_ 1935 1936_ . 1937 _ _ 1938 1939 1940 1941 Mar. Feb. Apr. May 89 77 77 74 75 79 79 77 59 65 69 75 85 96 117 77 103 97 96 81 84 81 86 89 87 82 76 78 83 96 97 104 125 96 113 107 102 85 86 83 87 92 91 85 85 85 79 102 103 100 126 103 118 104 96 81 85 77 84 80 85 84 86 77 85 103 99 96 116 101 104 89 90 75 76 71 77 76 84 72 86 68 95 98 90 91 112 92 94 84 Adjusted for seasonal variation 1923 90 1924 78 1925 80 1926 79 1927 _ 82 1928 86 1929 87 1930 85 1931 66 1932 74 1933 77 1934 82 1935 _____ 90 1936 100 1937 122 1938 80 1939 107 1940 101 1941 93 79 81 79 84 87 85 79 73 74 77 89 90 96 116 89 105 99 95 80 81 78 82 86 86 80 79 77 72 92 93 90 114 93 106 94 93 78 82 76 85 81 86 81 82 73 81 98 94 91 110 96 99 85 91 77 80 77 83 82 90 76 89 70 97 100 92 93 114 93 96 86 Seasonal adjustment factors 1940 108 111 105 98 96 June 84 68 68 72 80 81 87 72 81 68 11 0 86 86 84 99 77 93 July Aug. Sept. Oct. Nov. Dec. 76 62 70 74 86 85 87 70 81 63 104 85 93 98 105 97 108 83 75 84 86 97 97 103 84 99 85 103 98 107 122 111 116 11 2 89 84 90 96 102 100 110 89 95 102 96 94 107 123 102 115 116 85 86 88 94 95 93 103 77 72 98 90 79 99 114 87 105 107 81 82 78 81 78 80 86 60 58 76 71 72 87 96 64 90 97 70 71 71 72 70 68 68 51 57 59 63 73 87 96 58 90 91 85 69 78 79 89 89 91 73 85 66 107 88 95 101 108 100 111 83 75 82 80 88 86 91 74 87 75 91 86 95 108 98 103 107 83 77 80 82 86 84 92 74 79 87 85 84 96 110 91 103 104 81 79 79 84 86 84 93 70 67 92 87 77 97 112 86 103 105 80 81 79 84 83 85 91 66 66 86 82 83 102 111 74 105 112 76 79 80 84 85 86 87 65 73 76 80 87 104 114 69 107 108 97 113 112 102 86 Year 84 87 77 80 80 85 85 89 75 78 77 86 88 95 102 102 96 105 P88 90 74 74 79 85 85 91 76 85 72 106 92 95 96 112 88 105 PIOO 88 Preliminary. PRODUCTION OF MANUFACTURED FOOD PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925.__ 1926 1927 1928 1929 1930... 1931 1932 __ _ 1933 1934 1935. ._ 1936 1937 1938 1939 1940 1941 . Feb. Mar. Apr. May 69 74 75 77 77 79 88 92 87 76 75 77 77 83 91 90 94 100 70 75 75 75 77 81 88 91 84 74 73 75 78 80 93 88 91 99 73 75 74 77 79 83 88 89 82 72 71 77 77 84 94 88 94 100 74 74 75 77 80 82 93 95 85 76 79 79 80 85 96 90 96 101 77 77 79 82 85 87 96 97 87 79 84 85 85 93 99 95 104 108 Adjusted for seasonal variation 1923 78 1924 83 1925 _ 84 1926 87 .87 1927 90 1928 _ 97 1929 101 1930 95 1931 82 1932 81 1933 86 1934 87 1935 93 1936 -_ 103 1937 _ 100 1938 105 1939 112 1940 1941 79 84 85 86 88 91 98 101 94 82 81 85 88 91 105 101 104 113 81 82 83 87 88 92 99 100 93 82 80 '86 87 95 105 99 106 113 83 82 84 86 88 90 99 100 91 80 84 85 88 94 106 99 106 112 81 81 83 86 89 92 100 101 91 80 85 87 88 96 102 98 107 112 June 84 84 89 90 94 95 104 102 91 80 89 90 90 98 103 102 109 July Aug. Sept. Oct. Nov. Dec. 90 89 95 97 98 102 112 107 96 78 89 91 99 104 117 112 114 94 92 100 102 102 108 118 111 100 82 86 103 103 115 121 116 127 97 94 105 105 106 113 123 121 107 92 99 107 109 122 124 125 135 90 85 92 93 94 102 111 107 95 85 89 97 98 112 111 110 117 82 80 83 85 86 94 101 95 86 78 83 89 88 103 98 102 109 77 77 79 79 80 90 95 88 81 75 79 84 86 97 92 99 107 82 81 85 88 89 92 103 100 90 75 85 87 90 95 107 102 105 82 81 85 88 88 93 104 99 90 76 81 91 89 100 105 101 111 82 81 86 87 88 93 102 99 89 78 84 90 90 101 102 103 111 84 80 85 86 88 95 103 98 88 78 81 90 90 104 103 102 109 84 81 85 87 87 96 103 96 85 79 83 90 90 105 101 103 110 Year 82 81 85 87 88 93 101 100 90 79 83 88 89 98 103 101 108 83 83 87 86 88 99 103 94 84 79 84 89 91 103 98 105 112 P115 80 80 84 86 90 91 101 100 90 77 87 87 89 97 102 101 108 P114 p Preliminary. AUGUST 1940 849 WHEAT FLOUR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Without seasonal adjustment 1923 1924 1925 _ __ 1926 1927 _ 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 _ 1940 1941 112 111 121 110 108 113 116 111 108 99 99 102 98 101 100 98 103 101 115 110 112 100 107 112 116 113 106 95 94 102 99 104 98 98 100 99 113 103 91 97 103 111 107 109 102 95 100 94 94 96 95 97 100 97 103 95 83 92 100 104 100 106 99 96 113 91 92 92 97 91 100 94 98 96 87 92 104 101 106 103 95 92 100 93 89 90 90 92 97 95 85 100 95 97 102 91 108 105 90 91 100 88 89 92 89 99 98 92 102 104 109 116 105 104 109 110 115 95 101 89 86 110 98 103 102 117 121 114 127 111 118 124 120 113 102 76 98 91 107 101 103 107 132 134 127 137 130 134 131 129 118 115 92 112 114 106 112 117 136 132 134 126 130 129 132 123 121 117 110 96 104 111 103 110 112 110 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 _ . 1932 1933 1934 1935 _ 1936 1937 1938 1939 1940 1941 111 110 120 109 107 112 115 111 108 99 99 101 97 100 99 98 102 100 115 110 112 100 107 112 116 113 106 95 92 100 97 102 97 99 101 100 123 112 98 105 112 117 112 113 106 98 103 97 97 99 97 100 104 100 120 111 97 107 113 115 108 112 105 102 120 97 97 97 103 97 106 100 114 112 101 107 113 110 116 111 104 100 110 103 98 99 98 101 107 105 95 113 107 109 115 103 117 114 98 99 109 96 97 100 97 105 105 98 108 110 114 122 110 110 114 114 117 97 103 91 88 112 99 104 103 109 113 107 119 106 112 118 114 108 99 74 97 90 106 100 102 106 111 112 106 115 111 116 114 112 103 100 80 98 99 92 97 102 118 111 114 107 110 113 118 112 111 107 101 88 95 102 94 101 103 101 ill 112 110 111 112 114 111 111 120 103 95 96 96 98 101 103 97 Seasonal adjustment factors 1940 _ . 101 99 97 94 91 94 99 101 115 109 Dec. 104 121 122 120 121 121 121 115 116 125 107 99 100 100 102 222 105 108 109 108 110 112 108 105 95 98 89 92 87 96 95 98 98 Year 111 112 108 110 111 113 114 112 107 100 96 97 96 100 99 101 104 107 111 111 110 112 114 111 109 99 102 93 96 91 100 99 102 102 96 CANE SUGAR MELTINGS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 _ _ 1927 1928 _ 1929 1930 1931 _ . 1932 1933 1934 1935 1936 1937 1938 . . 1939 1940 . 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 84 81 84 114 82 97 99 104 74 82 70 65 104 100 80 78 80 79 129 133 133 142 115 96 122 106 97 82 73 82 98 106 99 96 79 93 150 137 169 145 148 134 150 , 128 105 90 92 90 103 127 163 76 118 95 142 128 164 136 150 126 146 135 116 93 109 85 110 114 138 95 124 98 139 124 133 137 143 110 121 131 104 104 115 90 115 110 114 99 80 95 118 143 151 144 146 119 138 124 122 105 112 112 113 110 110 111 96 96 152 140 141 146 ,132 138 150 137 119 116 97 117 101 126 128 120 83 137 138 136 130 ! 136 142 108 123 113 108 81 102 87 124 109 103 82 134 140 137 123 135 107 129 116 112 92 119 101 101 53 133 124 Ill 97 115 141 114 125 110 114 101 90 83 108 86 66 78 109 104 84 76 86 115 97 123 95 112 80 75 73 91 72 79 81 86 76 72 56 103 88 83 93 73 66 74 62 51 73 58 73 90 81 77 Adjusted for seasonal variation 1923 115 1924 111 115 1925 150 1926 107 1927_ 121 1928 124 1929 130 1930 _ 92 1931 102 1932 _ _ _ _ 88 1933 81 1934 126 1935 121 1936 96 1937 94 1938___ _ _ _ 97 1939 95 1940 1941 120 125 124 142 124 108 139 120 110 93 83 88 103 108 101 98 80 95 125 114 141 124 126 114 128 121 105 90 92 86 96 115 149 69 108 86 124 111 143 118 130 114 133 123 106 85 100 78 100 104 126 87 113 89 130 116 124 128 134 105 121 131 101 95 102 80 102 104 114 101 82 97 103 125 131 126 133 110 128 115 108 92 96 96 101 103 105 107 93 87 138 128 128 129 117 120 120 110 95 94 80 99 87 110 112 104 79 131 132 129 121 121 122 92 105 98 95 76 97 83 118 103 98 77 125 131 128 115 126 100 119 103 100 82 107 90 90 46 112 104 113 99 117 144 117 127 112 116 103 92 85 111 88 68 80 112 107 115 104 118 143 114 136 106 124 94 91 90 111 87 96 99 105 92 103 80 147 126 119 133 104 95 105 95 82 115 89 97 113 102 96 110 110 103 115 105 119 97 82 Year 80 Seasonal adjustment factors 1940 850 83 98 98 FEDERAL RESERVE 108 117 130 131 123 119 120 117 104 94 91 91 98 98 106 100 98 BULLETIN PRODUCTION OF MANUFACTURED DAIRY PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 _ _ 1938 1939 _ _ _ _ 1940 1941 _ _ _ _ _ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 45 51 55 60 62 63 64 68 65 61 58 57 60 61 72 76 78 85 53 58 62 67 70 72 75 73 70 64 62 66 68 77 82 89 91 98 69 74 84 82 88 84 96 93 90 78 73 80 84 91 102 110 105 115 95 97 107 113 115 115 124 126 113 103 102 113 112 131 138 139 146 153 128 127 144 133 140 136 154 145 135 116 125 129 134 149 162 157 161 174 123 125 133 138 139 142 154 141 127 106 110 125 138 146 155 151 151 11 0 110 116 117 114 126 129 114 102 95 100 107 120 128 140 144 140 80 79 95 89 96 91 99 93 88 76 83 85 90 106 106 106 113 63 62 63 66 71 70 75 69 68 58 63 70 69 84 78 86 85 47 47 53 53 56 56 62 59 59 52 52 58 57 68 67 73 75 45 43 51 49 51 54 57 57 56 51 52 51 55 63 65 68 73 Adjusted for seasonal variation 74 1923 1924 76 79 1925 1926 _ _ _ 85 85 1927 1928 _ _ 90 90 1929___ 94 1930 90 1931 82 1932 1933 80 1934 80 81 1935 1936 87 102 1937 _ . 105 1938 108 1939 1940 117 1941 _ _ 65 76 83 84 88 88 89 98 89 82 76 78 85 86 103 106 108 117 69 77 83 85 88 90 95 93 88 79 75 81 83 94 98 106 108 116 72 77 87 84 90 86 94 92 89 78 73 81 85 92 103 110 105 116 73 75 83 87 88 88 94 96 86 78 76 84 84 97 102 103 108 113 77 76 86 83 90 87 97 92 86 76 76 78 82 86 88 90 99 91 84 73 77 84 92 95 105 105 105 74 80 85 85 85 93 98 89 80 76 79 84 92 96 103 108 105 75 75 88 84 90 87 95 89 84 74 80 83 87 103 103 103 110 80 78 79 84 90 89 96 89 86 72 78 87 87 105 101 109 108 76 77 85 85 88 88 96 89 86 73 75 86 87 102 100 107 110 78 74 88 86 87 91 95 89 84 75 79 80 86 102 103 106 115 CO 00 00 00 OS 00 00 tO 44 46 47 54 53 57 57 59 60 56 56 55 54 57 65 67 71 76 Year 104 104 106 114 74 77 84 85 88 89 95 92 86 76 78 83 87 97 103 106 107 ICE CREAM PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 _ _ _ 1930 1931 1932 1933 1934 _ 1935 1936 1937 1938 1939 1940 1941 __ • _ 30 31 35 40 41 45 45 47 42 35 30 33 36 39 54 53 54 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 38 48 48 53 51 52 62 49 39 30 33 43 42 62 64 63 43 48 58 57 65 66 74 69 55 42 35 46 58 68 75 83 82 64 72 91 77 87 82 98 94 82 60 47 64 72 84 105 106 101 98 97 113 124 117 125 128 131 106 85 79 106 98 135 145 130 152 149 144 180 144 153 148 173 162 143 104 114 129 124 156 180 162 174 155 148 167 183 178 187 195 178 157 109 106 136 155 185 195 173 179 129 139 150 160 141 171 169 145 122 98 95 108 136 159 182 176 168 90 80 120 105 124 104 121 108 101 68 72 72 81 113 122 106 129 63 55 52 65 77 72 74 61 54 37 41 52 58 68 74 80 82 38 40 45 48 55 53 59 49 43 31 31 41 48 54 63 65 68 35 31 39 39 43 46 47 40 36 26 30 34 38 51 54 55 62 61 75 94 86 95 92 93 111 87 69 53 61 80 78 111 109 107 69 77 94 85 96 97 109 103 85 65 53 66 79 93 101 108 107 72 81 102 86 98 92 102 98 86 65 51 69 77 88 109 111 106 77 76 89 96 91 97 99 102 82 64 57 77 71 98 106 95 112 80 77 97 85 95 92 105 96 84 61 67 76 76 96 110 101 109 81 77 87 95 93 98 104 95 84 59 58 72 82 101 111 103 107 76 82 89 96 86 104 106 92 77 62 60 68 85 98 112 109 104 75 67 100 88 104 86 103 91 86 58 62 67 75 105 113 99 120 88 76 73 90 102 96 103 88 80 54 60 75 84 99 108 111 114 77 80 89 88 99 94 106 86 75 54 56 75 87 97 105 109 114 84 73 93 93 96 100 101 86 76 55 62 71 80 105 109 105 120 59 77 96 136 160 168 162 108 72 60 Year 52 77 77 92 91 95 96 103 96 83 61 59 71 79 97 109 105 110 _ _ _ Adjusted for seasonal variation 1923 77 1924_ 78 1925 85 89 1926 . 92 1927 97 1928 97 1929 102 1930 _ _ . _ _ 88 1931 71 1932 59 1933 _ _ 65 1934 72 1935 78 1936 108 1937 107 1938 108 1939 1940 1941 _ Seasonal adjustment factors 1940 AUGUST Feb. 1940 50 851 BUTTER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 _. . 1939 1940 1941 Adjusted for seasonal variation 1923 _. 1924 1925 _ 1926 . 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 _ _ 1938 1939 1940 1941 ' Seasonal adjustment factors 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 62 65 65 72 72 73 73 76 83 87 91 84 74 77 75 81 89 88 60 69 66 77 77 77 78 79 85 93 95 86 78 81 80 87 94 94 65 71 69 83 81 81 81 81 89 93 93 89 77 85 85 90 97 95 77 81 83 93 95 89 98 96 105 102 100 99 94 96 95 107 104 107 99 104 109 116 123 113 123 129 128 130 134 124 126 124 127 138 134 132 120 124 127 136 142 135 141 137 140 138 146 134 144 138 143 146 144 147 109 122 119 118 125 121 131 117 113 114 124 122 129 109 120 129 126 89 102 102 98 107 105 108 96 98 105 116 115 111 99 103 118 116 78 88 84 89 86 89 90 89 87 92 101 104 102 96 93 109 97 66 75 78 76 75 76 84 84 88 85 91 94 84 95 83 96 85 57 59 66 68 65 65 71 74 85 79 83 81 70 81 75 84 81 57 62 68 67 64 67 72 78 86 84 81 74 73 76 78 86 83 78 82 82 92 91 92 93 94 100 105 110 102 93 97 94 102 111 110 74 84 81 94 93 91 92 92 97 106 108 101 93 97 94 101 109 109 76 84 81 96 93 92 92 91 98 103 103 101 88 96 95 101 109 107 77 82 83 94 94 87 94 93 101 100 101 101 95 98 96 108 105 108 78 82 86 91 97 89 96 100 100 101 103 96 97 96 98 107 104 102 81 83 85 92 96 91 96 95 100 99 105 96 102 96 100 105 103 105 79 88 86 87 93 92 101 93 94 95 103 100 105 90 98 106 103 78 90 90 86 94 92 97 93 94 99 106 105 101 92 95 107 105 79 90 85 91 89 94 96 94 93 98 106 106 103 97 94 110 98 78 89 93 91 89 91 97 97 102 98 104 104 93 105 94 109 97 79 82 92 94 90 90 96 97 107 99 104 102 87 101 94 107 103 78 84 93 92 88 92 99 98 105 103 103 94 93 96 99 109 105 80 86 89 99 129 140 122 110 99 88 79 Year 79 78 85 86 91 93 91 96 95 99 101 105 101 97 97 96 106 104 CHEESE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 . 1927 1928 1929 _ 1930 1931 _. 1932 1933 1934 1935 1936 . _ _ 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 852 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 40 46 43 49 44 49 49 56 53 51 59 63 57 71 70 74 71 73 44 52 49 55 49 54 53 60 58 56 63 70 61 69 77 81 76 82 52 58 55 63 55 60 58 67 65 61 68 77 67 77 81 92 84 94 65 67 72 75 66 73 71 81 79 72 80 90 82 89 96 114 101 113 87 88 98 96 90 93 97 109 102 97 101 114 114 123 130 156 139 154 109 113 119 117 108 113 120 124 116 112 128 130 143 149 150 169 160 169 99 101 107 98 95 97 106 103 92 90 109 115 124 115 125 144 131 83 84 93 82 80 84 85 79 76 79 97 96 118 101 109 124 119 77 81 81 74 68 78 74 67 71 74 86 91 114 105 100 105 105 68 69 72 61 62 67 63 59 72 68 73 82 97 105 91 101 97 53 48 56 46 49 52 52 50 58 59 57 65 74 82 76 79 78 46 40 49 41 45 46 50 48 49 55 60 54 69 71 68 72 72 63 73 68 76 66 72 70 63 73 69 77 68 73 70 65 73 69 77 67 72 69 66 67 72 76 66 73 71 66 66 74 73 68 70 73 68 71 74 73 68 71 75 70 72 76 70 68 70 77 70 72 79 69 68 73 76 72 76 76 69 64 75 73 71 72 76 65 68 75 70 74 68 79 65 69 74 73 73 63 77 66 72 72 77 78 74 77 74 79 76 82 77 78 73 76 70 72 69 67 71 71 78 72 73 71 80 92 82 71 80 92 86 73 78 88 88 72 82 84 93 70 84 89 96 72 89 88 107 74 84 86 109 66 79 72 80 90 78 79 77 70 82 87 79 75 79 86 100 79 75 85 97 78 86 77 98 98 98 89 98 94 99 93 99 95 98 97 98 89 97 91 96 101 97 108 97 108 100 102 97 110 105 102 102 107 103 103 102 102 103 113 103 94 76 Year 70 103 99 102 104 97 104 112 103 115 118 104 116 118 105 117 110 104 110 112 102 72 78 82 97 132 154 129 69 71 75 71 68 72 73 75 74 73 82 87 94 97 98 109 103 FEDERAL RESERVE BULLETIN PRODUCTION OF CANNED AND DRIED MILK 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 _ 1925 _ 1926 1927 1928 1929 1930 1931 1932 1933 1934_ . 1935 . . 1936 1937 1938 1939 1940 1941 . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 45 42 45 52 50 56 59 64 68 62 65 60 64 67 77 80 83 97 68 66 68 71 79 81 95 91 90 88 93 87 99 104 113 124 118 133 79 81 86 85 100 97 120 111 106 106 112 107 126 133 142 162 151 161 91 89 91 99 111 113 137 118 107 110 120 119 140 147 152 162 154 173 74 78 77 77 84 85 109 96 80 86 95 104 111 114 123 131 126 59 56 63 58 69 69 84 76 65 76 83 95 93 103 * 100 111 111 55 53 53 52 53 63 68 66 59 68 75 83 81 105 90 96 101 53 49 52 46 48 52 61 70 64 62 67 75 64 101 77 81 89 44 39 41 40 41 44 53 64 57 56 51 61 55 78 62 70 82 42 40 45 42 44 50 57 66 57 58 55 56 61 72 69 74 85 57 58 60 60 63 72 73 78 84 76 55 59 59 62 65 73 74 76 81 75 60 58 60 61 68 69 81 78 77 75 56 58 61 60 71 69 86 80 76 76 59 58 59 62 69 70 86 81 73 76 58 61 60 61 68 70 92 83 69 74 80 78 87 92 100 106 110 123 81 77 88 92 100 110 104 118 80 77 90 94 100 112 105 112 81 79 91 95 99 108 104 117 80 85 90 93 100 108 103 62 60 60 62 63 75 81 79 71 77 82 86 84 110 95 104 110 64 58 61 62 64 69 80 87 79 77 79 78 90 87 100 105 109 126 59 56 63 58 69 69 86 79 67 78 81 91 89 100 97 108 107 62 57 61 63 65 71 83 83 76 74 80 78 85 89 101 105 109 128 111 •88 83 118 95 104 118 60 57 65 61 65 72 79 86 76 80 81 82 88 104 100 107 123 76 Seasonal adjustment factors 1940 . 51 55 55 61 64 72 73 75 80 74 77 74 81 86 95 104 108 120 59 55 59 64 61 69 73 79 84 77 Adjusted for seasonal variation 1923_ 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 . 1940 1941 47 48 49 54 56 64 65 69 75 67 67 64 74 71 85 89 93 107 85 98 113 1U U8 122 103 92 80 70 Year 69 80 90 76 120 96 102 73 59 58 60 61 66 71 82 81 76 76 80 82 87 99 99 107 108 MEAT PACKING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Without seasonal adjustment 1923 1924 1925 1926 . 1927 1928 . 1929 1930 . 1931. _ 1932 1933 . . 1934 1935 1936 1937 . 1938. 1939 „ 1940 1941 . . . 136 145 145 134 130 141 143 132 139 134 128 144 100 112 116 129 123 146 123 129 122 111 112 148 122 116 120 122 109 112 83 88 96 101 99 124 123 116 100 109 111 125 103 99 105 100 100 97 78 91 94 90 100 116 121 111 97 104 104 101 108 102 108 107 114 108 78 93 93 90 99 111 119 118 105 108 120 112 109 111 110 113 122 121 82 96 84 97 110 117 118 119 109 116 125 114 111 112 104 99 130 117 77 100 85 96 106 123 117 119 101 112 113 98 111 105 98 93 122 122 76 101 76 97 107 107 101 92 105 103 86 99 94 93 91 112 116 78 98 76 91 97 Adjusted for seasonal variation 1923 1924 1925 _ . . 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 . 1937. 1938 1939 1940 1941 116 124 123 113 110 116 117 109 115 112 107 123 88 98 101 111 106 124 118 124 117 109 109 137 114 109 112 116 109 115 87 92 101 105 103 129 128 122 105 114 117 131 113 109 115 110 110 106 85 100 103 99 110 128 133 122 107 114 115 110 117 110 114 112 120 114 82 98 98 96 105 117 122 121 107 110 122 114 111 113 112 113 122 121 82 96 84 97 110 117 115 116 106 114 122 114 112 113 106 101 133 120 79 103 87 98 109 126 121 122 104 117 119 103 118 112 104 99 130 129 79 107 80 102 114 124 117 105 121 119 100 116 109 107 107 132 129 86 111 85 105 113 AUGUST 1940 Sept. Oct. Nov. Dec. 10(9 99 99 107 123 138 82 104 90 102 110 120 108 110 104 100 105 110 105 107 105 107 126 92 115 99 107 113 140 133 116 114 112 123 121 114 116 109 130 134 99 132 106 120 131 146 154 129 124 123 142 130 124 134 116 129 125 104 131 114 123 148 122 114 108 116 106 104 118 105 107 117 136 141 83 107 93 108 118 127 113 115 108 105 112 116 108 110 108 107 124 90 113 98 106 113 131 124 109 107 105 115 114 106 108 101 117 120 90 118 95 107 116 Year 124 131 113 110 107 122 113 108 116 100 113 112 93 114 100 106 126 109 103 98 108 98 96 123 121 110 112 113 116 115 109 111 108 119 122 86 105 94 103 112 853 PORK AND LARD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 __ 1932 1933 . 1934 1935 1936 1937 1938 1939 1940 1941 182 196 191 168 164 195 196 176 193 180 171 182 97 119 121 154 149 187 163 176 157 132 132 212 167 153 159 164 137 125 84 83 101 106 109 154 165 154 110 126 134 172 128 118 127 122 121 99 71 90 95 86 108 140 153 139 104 115 121 122 132 121 125 129 141 119 72 89 91 87 109 124 148 145 116 119 142 135 134 134 126 141 151 139 75 93 74 95 121 135 150 154 131 130 156 142 140 139 120 115 165 129 68 99 73 95 117 148 147 147 103 124 136 112 136 121 107 106 148 119 63 97 60 93 114 124 110 92 113 112 90 113 100 92 104 126 87 57 82 55 86 98 120 103 96 99 96 94 120 99 105 119 142 95 54 82 71 92 108 138 108 109 96 100 121 126 111 118 122 108 107 69 107 92 108 120 182 157 132 119 125 155 154 145 148 134 161 139 87 145 114 135 157 204 206 155 145 159 202 178 160 180 158 160 136 103 150 133 154 193 Adjusted for seasonal variation 1923 1924 1925 1926 1927 _ _ 1928 1929 1930 1931 1932 1933 1934 _ 1935 1936 1937 1938 _ _ 1939 1940 _ 1941 144 156 148 128 123 146 146 131 144 136 131 140 74 91 93 119 114 144 146 157 140 118 118 183 143 131 137 145 129 121 83 83 101 106 109 154 168 157 112 128 137 176 139 132 141 135 134 110 79 100 106 95 120 156 170 154 116 128 135 136 146 133 135 136 149 125 76 94 96 91 115 131 152 149 120 122 147 139 138 138 129 141 151 139 75 93 74 95 121 135 142 145 123 122 149 140 140 139 122 119 170 133 71 102 76 98 120 152 153 153 108 132 147 123 149 135 119 118 164 133 70 108 67 103 126 157 139 116 143 142 116 145 131 122 138 169 115 76 109 73 114 130 154 132 123 127 123 121 150 123 131 149 177 119 68 103 89 115 135 164 129 130 115 119 142 145 126 133 136 116 114 74 114 98 115 127 172 148 126 113 119 146 143 132 133 120 138 116 73 121 95 113 131 159 161 122 115 127 161 141 127 143 126 127 108 80 116 103 119 149 Seasonal adjustment factors 19Jfi 130 100 90 95 90 75 80 120 Year 129 100 97 94 156 150 124 124 131 146 143 131 133 133 143 123 75 104 90 107 124 BEEF PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 _ 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 .. 95 101 107 105 102 89 93 90 84 87 84 108 105 105 107 103 97 104 89 88 90 95 96 85 79 78 78 77 81 102 83 92 90 95 87 95 86 84 93 96 92 80 82 79 82 77 78 96 81 92 92 94 92 93 94 87 95 99 93 82 86 81 90 83 84 98 79 99 94 93 90 99 98 98 100 105 103 93 86 88 96 82 94 105 85 102 92 98 100 101 92 88 91 109 99 90 84 86 87 80 95 108 83 104 96 97 96 102 93 96 105 109 96 86 89 91 91 80 98 127 86 110 90 102 103 96 98 96 102 99 84 86 88 95 76 101 150 97 120 96 95 98 106 110 106 125 105 100 100 100 91 92 107 189 109 128 106 112 115 110 116 120 121 105 91 98 99 95 85 107 141 116 125 106 105 107 106 118 107 118 106 94 91 82 83 82 101 134 113 120 98 105 106 95 110 111 110 89 84 85 88 86 7,3 98 118 106 113 96 92 104 Adjusted for seasonal variation 1923 1924 1925 _ 1926 ._ _ 1927 1928. 1929 1930 1931 1932 1933 1934 1935 1936 1937_-_ 1938 1939 1940 1941 93 99 105 104 101 88 92 90 84 87 84 108 105 105 107 103 97 104 98 97 100 105 107 94 88 87 87 86 90 114 92 103 100 105 97 106 95 93 104 106 103 89 90 86 90 84 86 105 89 101 101 103 101 102 103 95 103 108 101 88 92 85 95 87 90 105 85 106 101 100 96 106 98 98 100 105 103 93 86 88 96 82 94 105 85 102 92 98 100 101 95 91 94 112 101 92 85 88 89 82 97 110 84 107 98 99 98 101 96 97 106 110 97 86 88 90 90 80 97 126 85 109 89 101 102 97 100 99 105 102 86 88 88 93 73 98 145 96 117 95 94 97 98 101 98 113 93 88 88 88 81 82 95 168 98 114 95 100 103 97 103 106 108 95 83 89 90 87 78 99 129 106 114 97 96 98 97 107 98 107 96 86 87 80 81 80 98 129 109 116 93 100 101 94 109 110 110 90 85 86 88 87 74 99 119 106 113 96 92 104 Seasonal adjustment factors 1940 100 90 91 93 101 101 112 109 105 Year 100 854 100 98 97 100 102 108 99 88 88 88 88 81 94 122 95 110 97 99 99 FEDERAL RESERVE BULLETIN VEAL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923_ . 1924 1925 1926 _ _ 1927 1928 1929 1930 1931 1932 _ __ _ 1933 1934 1935 1936_ _ „ .__ 1937 1938_ . _ „ 1939 14 90 _ „_ „ 1941 67 74 76 86 79 73 70 72 72 71 71 92 103 97 108 91 83 85 59 64 76 77 77 71 62 65 71 69 65 90 80 89 91 83 80 76 60 66 83 79 80 66 71 69 73 72 70 96 90 89 104 89 83 82 65 79 81 82 78 74 76 78 84 77 80 99 95 95 107 91 88 85 74 86 86 85 88 82 75 77 83 78 88 114 97 97 114 99 98 93 70 79 86 91 82 74 69 72 82 77 86 118 94 102 114 93 90 92 77 83 94 88 74 75 74 76 71 66 84 161 95 103 109 96 95 82 78 93 82 81 76 73 77 75 71 84 198 97 116 119 96 88 79 95 94 95 81 84 87 82 85 81 89 208 108 127 128 106 102 85 95 104 96 85 81 79 83 79 79 97 143 112 129 120 106 106 80 87 92 93 83 80 77 69 75 79 90 120 108 115 107 102 100 67 83 88 81 71 66 69 75 74 64 85 109 104 108 93 84 82 Adjusted for seasonal variation 1923 1924__ ___ _ _ 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936_ 1937 1938. 1939 1940 1941 71 79 81 92 84 77 75 76 77 75 74 96 107 101 113 95 87 88 69 74 87 87 87 80 70 -73 79 78 73 11 0 91 101 104 94 91 86 64 71 89 85 86 71 76 74 78 78 75 11 0 95 94 110 93 87 87 69 84 87 87 82 75 74 75 80 75 79 100 96 96 108 92 89 86 71 83 83 82 85 79 73 74 80 75 85 109 93 93 110 95 94 89 70 79 87 92 83 74 70 72 81 76 85 117 93 101 113 92 89 91 74 80 91 86 72 75 73 76 72 67 85 163 96 105 110 97 96 79 77 91 80 80 75 73 77 74 70 83 196 97 114 118 95 88 70 84 84 85 73 75 77 74 77 73 81 189 98 116 117 96 93 75 83 92 86 77 74 73 77 73 73 89 11 3 102 117 109 96 96 75 82 86 87 77 75 74 68 74 78 88 117 106 112 105 100 98 73 89 94 87 76 71 74 80 78 67 89 115 109 114 98 89 87 96 88 95 99 104 101 99 101 110 110 102 Year 95 Seasonal adjustment factors 1940 72 81 88 86 80 75 74 75 77 74 82 129 99 106 110 94 91 LAMB AND MUTTON PRODUCTION 1935-39 average = 100 64 64 64 75 74 78 71 91 93 99 95 87 84 99 100 110 107 99 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 66 66 62 70 72 78 74 84 96 111 93 94 88 104 119 109 102 108 Seasonal adjustment factors 1940 105 1940 64 63 72 June July 62 64 67 64 66 70 79 88 92 89 90 84 Aug. Sept. Oct. Nov. Dec. 68 75 72 80 80 91 92 105 107 111 107 124 110 107 113 116 113 65 71 68 74 78 88 86 106 109 104 108 163 113 112 102 109 105 63 67 63 70 75 80 80 94 104 94 93 100 100 113 91 100 104 68 64 67 77 76 73 77 96 102 85 101 91 97 109 95 94 103 92 95 90 94 91 100 95 57 66 66 68 73 73 80 89 99 96 93 93 105 89 97 100 92 67 66 76 68 70 69 80 92 98 99 99 79 107 80 95 106 91 93 61 66 66 72 71 74 79 91 99 99 97 83 106 85 96 100 94 99 64 66 69 68 70 73 84 93 96 94 95 88 106 87 95 105 100 59 67 67 70 74 74 81 90 100 97 94 94 106 90 98 11 0 92 62 68 66 73 72 81 82 93 96 99 95 11 1 98 96 11 0 103 101 62 68 65 71 73 82 80 99 101 97 100 11 5 105 10,4 96 103 99 63 68 63 71 76 81 81 95 105 95 96 103 103 116 94 103 107 102 95 95 99 112 106 97 Year 69 66 68 79 77 74 79 98 104 86 103 95 102 115 100 99 109 95 69 69 96 92 92 95 84 97 98 87 97 103 94 67 57 69 68 64 64 76 94 99 100 100 83 103 87 91 100 91 95 65 79 91 96 97 99 80 109 82 97 109 93 95 64 64 64 74 73 76 71 92 95 11 0 96 89 86 11 0 101 110 107 99 64 59 69 78 70 72 72 100 96 95 99 87 100 11 0 90 100 106 97 70 61 73 72 67 67 78 94 99 100 100 83 103 88 93 103 94 98 100 97 97 COCO AUGUST 64 59 69 May 57 62 62 68 66 69 74 85 94 94 93 79 ooc 72 72 67 75 78 83 77 85 98 113 95 96 89 108 125 115 107 113 Apr. ooc Without seasonal adjustment 1923 _ 1924 1925 . 1926 1927 -— 1928 1929 1930 1931 1 1932 1933 1934 . _ _ „ „__ 1935 1936 1937 1938 1939 . „_ 1940 1941 Mar. 64 66 67 72 72 75 78 93 99 98 97 97 COO Feb. OS M OOOO Jan. 98 103 100 855 PRODUCTION OF OTHER MANUFACTURED FOODS 1935-39 average = 100 Without seasonal adjustment 1923 1924 1925 1926 _ 1927 1928 1929 1930 __ . 1931 1932 _. _. 1933 1934 1935 1936 1937 1938 1939_ 1940 1941 63 67 68 71 72 73 83 89 82 68 69 70 75 81 91 87 92 97 Seasonal adjustment factors 1940 88 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 66 69 70 72 73 76 85 88 79 67 65 73 76 82 93 87 93 98 66 67 69 71 73 77 89 92 80 69 71 74 79 82 94 87 93 98 66 67 69 72 73 78 89 90 80 69 74 76 80 87 96 89 98 102 73 71 76 78 81 85 95 94 83 70 77 80 85 91 99 95 103 P108 81 77 85 86 88 94 104 102 89 70 79 82 97 98 119 109 111 89 84 96 96 98 106 116 112 99 77 81 102 105 117 127 117 132 95 91 105 103 106 115 126 128 109 90 98 105 116 128 134 132 142 87 83 91 93 94 103 115 111 95 84 89 95 102 118 119 113 123 78 76 81 83 84 94 103 95 82 76 79 86 91 104 101 103 112 72 72 76 76 78 88 95 87 76 71 76 83 88 98 92 101 107 73 78 78 81 83 85 95 99 91 76 77 80 88 90 107 100 104 112 73 76 78 81 82 86 96 99 90 76 74 84 87 93 106 99 106 112 75 76 78 81 82 86 96 99 86 74 77 81 89 93 107 99 106 112 75 75 78 81 82 88 98 98 87 73 79 82 88 95 105 97 108 112 75 73 78 81 84 88 98 98 87 72 79 82 89 96 104 101 109 76 73 80 81 83 88 100 98 87 69 79 81 91 92 111 102 104 76 74 80 81 83 89 101 98 87 70 73 86 89 99 107 99 112 77 74 80 81 84 90 100 97 86 71 77 82 90 100 105 102 110 77 73 80 91 101 96 84 73 78 84 90 104 105 101 110 77 74 80 81 83 93 102 94 79 75 78 86 91 104 101 102 111 87 88 88 91 107 118 129 112 101 Year 76 77 80 81 83 95 101 92 78 75 80 86 92 • 102 96 105 111 64 68 69 71 72 74 85 88 79 67 68 70 77 80 94 T-H CO 00 00 Adjusted for seasonal variation 1923 71 1924_ 76 1925 77 1926 82 1927 83 84 1928 94 1929___ 1930 99 1931 93 1932 76 1933 _ . _ 76 1934 80 1935___ _ . 86 92 1936 1937 103 1938 99 1939_ _ 105 111 1940 1941 Feb. g£23 Jan. 75 74 80 81 83 89 99 98 86 73 77 83 89 97 105 101 108 P114 95 96 Preliminary. PRODUCTION OF ALCOHOLIC BEVERAGES 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 . 1930 1931 _ 1932 1933 _ _ 1934 1935 1936 1937 1938 1939 .. . 1940 1941 59 64 82 90 83 82 80 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929_._ 1930 1931 1932 1933 72 1934 79 1935. 102 1936 111 1937 101 1938 101 1939 98 1940 . 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 60 70 80 89 88 83 84 67 84 100 110 98 93 94 28 75 90 109 118 96 99 105 44 81 92 117 122 101 107 107 47 85 96 126 127 102 113 PllO 55 94 102 134 115 98 104 51 82 95 117 108 93 96 47 75 92 121 113 93 98 39 73 93 107 105 99 109 41 69 96 107 105 112 103 60 69 92 103 88 94 86 74 82 93 107 101 95 96 69 84 100 110 100 97 98 24 70 84 104 115 93 98 103 36 73 85 108 115 94 99 100 36 73 86 114 114 92 101 PlOl 42 77 87 117 103 92 97 44 76 90 116 106 92 96 48 75 93 115 105 90 96 46 77 95 111 102 96 106 50 77 98 109 100 102 98 Year 65 77 99 111 95 100 95 74 89 109 108 96 98 Preliminary. 856 FEDERAL RESERVE BULLETIN MALT LIQUOR PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 _. 1934 1935 „ _ _ 1936 1937. . 1938 1939_ 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1 9 3 4 •_ 1935 1936 . 1937 1938 _. 1939 1940 1941 Seasonal adjustment factors 1940 . _ _ Mar. Feb. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year • 55 63 73 83 81 82 82 60 68 69 87 90 86 82 69 88 97 106 105 94 95 42 84 98 108 119 108 105 111 66 97 99 120 126 115 120 117 71 106 104 132 140 120 136 126 80 116 117 148 139 116 127 73 99 107 126 128 112 114 65 78 91 117 116 98 99 50 69 78 85 83 78 92 44 61 73 80 82 84 83 48 59 73 81 76 77 81 73 83 98 108 102 103 103 75 87 89 111 106 101 96 69 89 98 107 106 98 99 36 74 88 99 109 99 96 102 54 81 84 104 109 98 102 99 55 84 83 106 109 94 106 99 58 84 85 107 107 94 103 61 83 90 106 109 96 98 67 79 92 108 107 96 98 63 82 93 106 104 98 112 61 84 95 102 103 103 102 67 79 95 106 99 99 104 80 85 96 109 118 128 1U 117 101 82 82 78 80 89 103 107 99 102 WHISKEY PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 „ 1924 1925 1926 1927 1928 1929 _ . 1930 1931 1932_ . 1933 1934 1935 1936 1937. 1938 1939 1940 1941__ . Feb. Mar. Apr. May June 61 118 156 110 86 73 77 68 122 165 151 73 73 81 69 112 170 149 64 69 86 65 117 176 143 59 59 84 58 118 176 124 36 44 67 44 98 136 134 70 56 58 53 103 136 95 66 56 59 59 106 144 131 62 60 65 63 102 155 135 59 63 78 62 112 168 136 59 59 84 61 125 185 131 45 55 84 188 Adjusted for seasonal variation 1923 1924 _ 1925 1926 1927 1928 1929 . 1930 1931 1932__._ „ ... . 1933 . _ 1934 1935 .. 1936 1937 1938 1939 1940 _ 1941 .. 49 110 152 150 93 73 • 77 130 123 110 100 80 July Aug. Sept. Oct. 7 64 109 149 59 32 30 9 61 100 142 52 31 32 15 73 114 148 67 40 41 20 84 124 155 62. 63 54 9 77 131 179 84 52 55 12 79 129 184 79 56 59 17 84 130 170 77 50 51 21 88 131 163 65 67 57 55 55 80 95 Nov. Dec. Year 29 87 145 153 79 84 71 1 38 104 155 166 75 86 66 70 120 160 101 62 57 30 89 148 156 69 68 57 35 97 143 154 65 75 57 >— 125 115 Seasonal adjustment factors 19$ AUGUST 1940 857 PRODUCTION OF OTHER DISTILLED SPIRITS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 _-. 1924 1925 1926 1927 1928 1929 1930 1931 1932 _ 1933 1934 1935 1936 1937 1938 - -1939 1940 1941 40 31 45 59 91 81 73 Adjusted for seasonal variation 1923 1924 1925 1926 1927 . 1928 1929 . _ 1930 1931 1932 1933 . 61 1934 48 1935 . _ _ _ 69 1936 90 1937 _ 140 1938 125 1939 112 1940 1941 Seasonal adjustment factors 194.0 65 Feb. Mar. Apr. 42 26 31 44 87 63 69 47 27 32 61 67 85 86 36 34 40 78 56 76 79 27 40 37 67 59 78 68 25 39 49 74 62 74 77 76 47 56 81 146 105 114 81 46 55 97 104 131 132 60 57 67 130 93 126 132 50 73 67 121 98 130 113 41 63 78 120 106 125 131 60 65 60 60 59 May June July Aug. Sept. 9 27 30 51 53 55 52 11 34 32 59 60 53 56 15 87 73 138 168 131 164 18 54 59 102 114 118 111 20 58 54 101 110 111 117 47 48 Oct. Nov. Dec. 36 110 191 214 334 331 318 69 85 204 127 264 354 182 66 58 134 83 112 186 110 11 63 53 101 123 96 120 14 44 76 83 126 125 120 33 40 97 60 126 169 87 47 41 96 63 89 150 88 187 265 210 Year w 51 72 76 114 127 111 PRODUCTION OF RECTIFIED SPIRITS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 - 1924 1925 1926 1927 1928 1929 1930 _ -. 1931 1932 1933 1934 1935 1936 1937 1938 1939 _ 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 _ 1927 1928 1929 1930 1931 1932 1933 1934 1935 . _ 1936 1937 1938 1939 1940 _ „_ 1941 Seasonal adjustment factors 1940 858 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 102 41 75 81 78 91 79 73 50 77 97 81 89 109 66 55 83 108 101 108 103 54 53 85 104 87 113 110 46 57 78 105 94 99 100 38 60 78 92 98 87 47 58 92 86 91 90 39 56 81 90 79 91 57 82 104 120 108 123 67 92 123 155 132 153 79 107 186 169 164 194 93 102 161 148 141 123 102 56 103 111 107 125 108 85 58 90 113 94 104 126 69 58 87 114 106 114 108 61 59 95 117 98 127 123 54 68 93 122 107 113 114 47 75 98 115 122 109 56 70 109 102 109 107 51 71 104 115 101 116 53 77 98 113 101 116 53 73 97 121 102 118 50 68 118 107 104 123 66 72 114 108 106 92 73 86 95 89 88 80 106 130 158 Year 133 84 78 FEDERAL RESERVE 63 68 102 113 105 113 BULLETIN PRODUCTION OF TOBACCO PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . . . 1924 1925 .. 1926 1927 1928 . 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941_ .-____ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 80 80 79 78 82 81 85 88 82 82 73 86 84 90 98 94 98 98 79 77 79 80 82 82 85 88 85 75 72 82 81 89 98 92 95 98 80 79 79 87 85 84 87 88 88 74 65 79 83 89 97 98 100 97 79 74 77 82 83 82 94 88 87 72 75 80 84 92 97 94 97 105 81 84 83 87 92 89 100 95 94 78 94 86 91 96 102 105 109 112 87 87 89 93 95 99 106 104 99 88 98 95 98 104 106 108 117 124 87 87 88 91 96 97 101 101 91 84 87 92 99 108 113 106 108 83 87 88 92 93 99 101 97 90 81 90 91 92 101 108 109 115 93 92 92 98 103 105 109 99 93 87 89 94 97 112 115 114 117 92 89 97 100 103 105 107 100 89 81 82 90 100 105 109 106 115 90 90 93 97 100 99 101 90 86 78 72 89 95 102 104 111 112 72 73 73 72 70 76 78 74 64 63 67 76 77 94 86 92 94 Adjusted for seasonal variation 1923 86 1924 85 84 1925 . 84 1926 89 1927 88 1928 ._ . 93 1929 93 1930 86 1931 86 1932 77 1933 .. 90 1934 88 1935 94 1936 103 1937 98 1938 103 1939 103 1940 .. 1941 85 83 85 87 89 89 93 95 90 80 76 87 87 96 105 98 101 106 84 83 83 92 90 90 93 94 93 78 69 84 88 94 102 104 106 103 84 81 83 89 90 88 100 93 91 76 79 85 89 98 102 99 103 111 83 85 84 87 92 89 99 94 93 77 93 86 90 95 101 104 108 83 84 85 88 89 92 97 95 90 80 88 87 91 96 98 101 108 115 84 84 85 88 91 93 96 95 86 78 82 85 92 100 105 98 100 80 84 84 88 89 95 97 93 86 77 86 87 89 98 104 105 110 84 83 84 88 92 94 97 89 84 79 82 86 89 103 105 105 107 84 80 86 89 91 94 97 92 84 77 78 85 96 101 105 101 111 84 84 86 90 92 93 95 88 84 77 70 88 93 100 101 108 110 Year 83 86 87 87 86 94 96 91 79 77 81 92 92 110 100 107 109 no 84 83 85 88 90 92 96 93 87 79 80 87 90 99 103 102 106 CIGAR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. 133 125 117 113 116 111 114 111 94 86 74 77 81 88 91 85 90 90 135 128 121 130 122 115 118 110 105 80 64 81 82 87 103 95 96 92 132 119 117 122 116 114 131 111 108 85 78 84 85 94 105 89 98 97 135 133 126 126 131 126 133 124 114 89 86 87 92 99 104 97 106 102 143 139 136 135 138 139 141 128 123 94 97 96 99 103 109 108 111 104 144 142 133 136 141 135 137 125 109 90 98 90 99 108 112 101 104 2222 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 150 138 132 123 139 123 124 121 107 104 87 95 91 94 107 97 102 107 146 138 130 127 132 126 130 126 106 98 84 88 92 100 104 98 104 103 145 138 130 140 132 127 131 122 116 89 71 89 91 96 112 103 105 100 144 132 129 136 129 126 140 117 113 89 82 88 90 99 110 93 103 102 140 138 130 130 134 127 133 124 114 90 86 88 93 100 105 98 107 104 139 135 132 130 131 140 137 129 132 136 130 132 120 105 86 95 87 95 104 107 97 100 136 136 129 132 128 132 132 118 106 87 93 92 92 101 100 101 105 141 135 129 131 135 134 132 113 98 87 92 90 94 101 103 101 103 Seasonal adjustment factors 1940 81 87 92 95 99 104 103 115 AUGUST 1940 115 88 91 90 93 96 102 101 103 98 107 157 150 143 148 155 154 152 129 111 99 105 103 107 OOOS CD OS 139 140 134 137 133 137 138 124 112 92 97 94 QF> Nov. Dec. 161 146 163 160 163 162 157 139 122 104 94 109 115 123 121 122 125 161 158 153 162 159 154 154 137 120 102 100 111 111 122 117 123 119 123 120 111 108 94 102 100 82 70 61 68 77 74 85 75 78 80 140 126 136 131 134 101 86 78 90 95 102 100 101 103 139 135 130 136 134 129 129 115 101 85 84 94 93 102 99 103 100 121 119 Year 11 4 135 131 132 132 129 131 118 106 89 86 91 93 11 0 104 100 103 137 135 130 132 117 131 130 108 92 80 90 100 96 110 98 101 104 SIS 132 120 113 103 115 101 100 98 87 86 71 77 75 76 87 79 82 86 OH C cone- Without seasonal adjustment 1923 _ _ 1924 1925 . 1926 1927 _. 1928 1929 1930 1931 _. . _ 1932 1933 1934 1935 1936 1937_ _ 1938 1939._ _. 1940 1941 Oct. 77 859 CIGARETTE PRODUCTION 1935-39 average = 100 Jan. 105 Mar. Apr. 38 38 46 51 54 59 66 69 72 60 64 75 76 86 101 37 40 47 55 58 62 66 70 73 61 57 69 78 84 92 37 40 45 52 60 59 72 71 71 58 64 73 80 89 91 98 102 99 96 98 111 39 42 49 58 61 65 71 75 79 65 62 74 84 90 99 106 110 107 40 43 49 56 65 63 77 77 76 62 68 78 86 95 98 103 105 119 94 93 93 94 96 103 Adjusted for seasonal variation 1923 __ 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940_ 1941 39 45 49 54 56 63 74 74 69 69 65 83 82 92 104 100 105 106 41 41 50 55 59 64 71 75 77 64 68 80 81 91 107 100 102 109 Seasonal adjustment factors 1940 101 May June July Aug. Sept. Oct. Nov. Dec. Year 102 45 50 56 63 65 74 86 92 86 79 93 92 97 105 107 46 49 56 61 66 76 80 89 78 76 76 89 98 108 117 42 48 53 60 67 76 80 81 73 69 80 85 88 103 113 46 49 56 63 70 76 84 79 76 73 76 86 88 112 116 45 47 51 62 65 71 80 79 66 64 69 77 91 97 106 42 45 53 57 63 67 72 66 64 59 53 76 86 94 100 35 41 47 47 52 60 64 65 55 56 62 73 77 99 92 41 45 51 57 62 67 76 76 72 66 71 80 86 97 103 OCOOS 39 46 50 54 56 64 74 75 70 70 66 84 83 93 222 Without seasonal adjustment 1923 _ 1924 - 1925 _ _-. 1926 1927 1928 1929 1930 1931 1932 __ _ 1933 1934 1935 1936 1937 _ 1938 1939 1940 1941 - Feb. 110 124 140 110 114 114 119 115 118 101 115 105 113 97 102 104 110 40 47 49 55 64 64 80 75 79 65 92 80 84 91 100 108 111 117 41 46 51 58 59 67 76 80 75 69 81 81 86 94 97 100 113 127 42 46 52 56 61 70 74 81 71 68 68 79 88 97 104 98 102 40 45 50 57 63 72 76 77 69 • 65 76 81 84 98 107 109 113 43 45 51 58 64 70 77 73 69 67 71 80 82 105 108 107 110 44 45 49 60 63 69 78 76 66 65 70 78 93 99 108 103 117 43 46 54 58 64 69 76 71 68 63 57 81 91 99 104 110 118 43 49 56 56 63 71 77 77 65 66 72 84 87 111 104 109 115 102 no 112 98 96 89 41 48 50 57 65 65 82 77 81 66 94 82 86 93 105 107 MANUFACTURED TOBACCO AND SNUFF PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 125 129 122 123 117 116 112 111 109 111 98 104 101 99 92 93 94 90 122 127 124 128 120 116 109 114 111 106 92 106 98 102 99 94 95 96 123 122 118 124 117 113 111 110 107 104 91 106 98 104 103 102 98 97 122 113 117 117 111 110 110 108 106 97 106 98 95 101 103 97 94 98 122 120 122 123 117 111 112 112 109 98 107 98 103 100 99 102 103 101 126 120 119 125 121 119 119 111 107 105 111 103 102 101 99 104 104 101 121 118 120 118 116 108 112 106 103 98 106 103 100 106 104 101 96 119 123 124 123 117 115 116 110 111 103 109 102 102 94 98 101 110 130 132 129 130 124 122 121 115 119 114 107 105 109 108 106 110 111 120 126 128 122 119 117 111 109 115 101 105 101 105 108 102 98 104 120 116 114 111 113 108 104 100 105 100 91 100 98 100 97 111 102 96 99 99 95 94 93 89 89 86 85 80 83 83 90 83 95 88 Adjusted for seasonal variation 1923 _ 1924 1925 1926 .. 1927 _ 1928 1929 1930 1931 1932 1933 1934 . .. 1935 1936 1937 1938 _ 1939 _._. 1940 1941 _ 124 127 121 122 116 115 111 110 108 110 97 103 100 100 95 96 97 93 120 123 121 124 116 113 106 110 108 103 91 106 99 103 100 95 96 97 120 121 117 122 116 112 110 109 106 103 90 105 97 102 101 100 96 95 126 116 121 120 114 113 112 109 107 98 107 99 96 102 104 98 95 99 121 119 121 122 116 110 111 111 108 97 106 97 102 99 98 101 102 100 123 118 117 121 116 114 114 107 103 101 107 100 100 99 97 102 101 99 121 118 120 119 117 109 114 107 104 99 106 102 98 103 102 99 94 116 119 121 120 113 112 113 107 108 100 106 99 100 93 97 100 109 119 121 119 119 114 112 111 106 110 104 99 97 101 100 98 102 103 114 120 122 116 115 112 108 107 113 99 103 99 103 106 100 96 102 122 119 119 116 118 113 108 104 109 104 93 101 99 101 98 112 103 120 123 120 116 114 114 108 108 105 103 97 102 99 105 95 108 100 97 99 101 102 102 101 108 102 99 88 S3 to Without seasonal adjustment 1923 1924 1925 1926 _ 1927 1928 1929 . 1930 1931— 1932 _ 1933 1934_ 1935 1936___; 1937 1938 1939 1940 1941 Year 120 120 115 112 110 108 107 102 100 101 100 102 99 100 100 Seasonal adjustment factors mo... 860 102 99 FEDERAL RESERVE BULLETIN PRODUCTION OF PAPER AND PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 ]925 1926 19271928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 58 59 64 70 72 71 82 83 72 70 59 71 80 85 111 83 102 120 60 63 67 73 77 79 86 88 79 72 63 75 84 89 116 90 107 116 60 64 68 73 76 79 87 86 77 71 62 78 86 89 117 91 109 114 61 64 67 72 75 81 86 86 79 68 67 78 84 93 120 89 108 119 60 59 64 72 73 78 85 81 79 64 76 73 82 96 118 88 104 126 60 57 63 72 72 79 87 81 77 60 88 75 84 96 113 88 104 56 53 63 70 71 75 81 74 74 57 93 69 81 95 109 96 104 57 58 66 73 73 79 86 76 76 60 89 72 86 101 110 101 111 57 61 67 76 75 81 90 78 77 66 89 78 92 107 108 105 125 58 63 71 78 77 80 89 78 73 70 80 79 94 108 101 109 136 56 64 72 74 74 82 85 75 69 63 73 75 89 107 85 104 133 54 61 66 67 70 79 76 67 61 56 69 73 85 109 75 100 128 Adjusted for seasonal variation 1923 59 1924 60 1925 64 1926 71 192773 1928 72 1929 . 83 1930 85 1931 73 1932 72 1933 60 1934 72 1935... 81 1936 87 114 1937 85 1938 ' 105 1939 123 19401941 58 60 65 70 74 75 83 84 76 69 61 73 82 87 113 88 105 114 58 62 65 70 73 77 84 83 75 68 60 76 84 87 113 89 106 110 59 62 65 70 73 78 84 83 77 66 66 76 82 91 117 87 106 116 60 59 64 72 73 78 85 81 78 64 76 73 82 96 119 88 104 126 61 58 64 73 72 79 87 81 77 60 89 76 85 97 114 89 105 60 56 66 74 75 79 85 78 78 60 98 72 86 99 114 100 108 58 59 67 75 74 80 87 77 77 61 90 73 87 102 111 102 112 57 60 67 75 73 79 87 75 74 64 86 75 89 103 105 102 121 57 62 69 76 75 78 86 76 71 68 77 76 90 104 97 105 131 55 64 72 74 74 82 85 75 69 64 74 75 90 108 86 105 134 Year 57 65 70 71 75 85 83 72 67 60 74 78 91 115 79 106 135 58 61 66 72 74 79 85 79 74 65 76 75 86 98 107 95 114 PAPER AND PULP PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 - . 1924 1925 . . 1926 . 1927 1928 1929 _ . 1930 1931 1932 1933 ... 1934 _ 1935 1936_ 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 65 66 71 78 79 81 89 89 77 74 60 73 81 87 113 83 103 122 67 69 73 80 82 84 90 92 83 75 64 76 86 90 118 91 108 118 67 70 75 81 83 86 92 92 81 73 65 78 87 90 117 92 109 114 68 71 74 80 82 87 93 92 83 70 67 79 85 94 121 89 108 120 68 67 70 79 78 86 92 86 82 66 75 74 82 96 119 88 104 127 69 65 70 80 80 84 92 85 80 61 88 76 85 97 114 87 103 62 59 69 76 76 80 86 78 78 57 92 68 81 94 110 95 101 64 64 71 79 79 84 90 79 78 61 90 72 85 100 111 101 109 65 67 72 82 81 84 92 80 78 66 89 77 91 105 108 104 121 65 70 75 82 82 86 93 81 75 7081 79 94 107 100 108 132 62 69 76 81 80 87 90 79 71 65 75 76 91 108 84 104 131 60 67 74 76 77 84 84 72 65 57 71 74 87 110 75 101 128 Adjusted for seasonal variation 1923. 64 1924 66 71 1925 77 1926 78 1927 81 1928 89 1929 90 1930 77 1931 74 1932 61 1933 74 1934 . . 82 1935 87 1936 114 1937 84 1938 _ 104 1939 123 1940 1941 65 67 71 78 79 82 88 89 80 72 62 74 83 87 113 88 104 114 64 67 72 77 80 82 88 89 78 71 63 76 84 87 113 89 105 110 66 69 71 77 79 84 89 89 80 68 65 77 83 91 117 86 105 116 68 66 69 79 78 85 91 85 81 65 75 74 82 97 120 88 104 127 69 65 70 80 80 84 92 85 80 61 88 76 86 98 116 89 104 67 63 73 81 81 85 91 82 82 60 98 72 86 99 116 100 107 66 66 72 81 81 86 92 81 79 62 92 74 87 102 112 102 110 65 67 72 82 81 84 92 79 77 65 88 75 89 103 106 102 119 64 70 74 81 81 85 92 80 73 69 79 77 91 104 97 105 128 62 69 76 81 81 87 90 79 71 65 76 76 91 109 85 105 132 Year 65 67 73 79 80 84 90 84 77 66 76 75 86 98 107 95 113 63 70 77 79 81 88 89 77 69 61 75 78 92 116 78 106 134 AUGUST 1940 861 PULP PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 . 1925 1926 _ . 1927 1928 1929 . 1930 ... _. 1931 1932 , . . 1933 _ _ 1934 1935.. _ 1936 1937. 1938 1939 1940... . 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 61 63 64 68 74 71 80 82 71 68 58 73 79 88 108 88 110 139 63 61 62 69 73 74 81 87 77 70 61 75 83 90 111 96 107 137 62 61 71 70 76 75 83 88 75 69 62 76 83 90 111 95 107 138 68 68 72 74 75 78 86 85 79 65 64 79 84 96 117 89 110 143 68 59 64 75 74 76 86 83 78 61 71 77 81 97 118 89 107 142 67 61 62 74 71 75 85 80 77 56 79 71 80 93 119 87 105 62 48 58 68 67 72 78 68 71 52 81 67 78 90 117 90 101 57 52 58 68 67 72 79 71 70 53 80 69 79 96 120 96 107 58 55 59 70 67 74 80 71 71 59 78 72 84 95 114 101 119 59 64 65 75 71 76 81 71 69 64 79 76 83 99 110 109 137 54 60 68 74 72 79 80 70 71 62 71 76 85 103 97 110 137 58 59 66 71 70 77 80 69 63 56 69 74 88 101 85 107 143 Adjusted for seasonal variation 1923 60 1924 62 1925 63 1926 67 1927 73 1928 71 1929 79 1930 82 1931 71 1932 68 1933 58 1934... 73 1935 78 1936 _ 87 1937.... 107 1938 88 1939 109 1940 138 1941 61 60 61 68 72 73 79 86 75 68 59 73 81 88 108 93 104 133 60 59 68 67 73 72 80 85 72 67 60 74 81 88 108 93 104 135 63 64 66 69 70 73 81 81 75 62 61 76 81 92 114 87 107 139 65 56 61 72 71 74 82 80 75 59 68 74 79 95 117 87 105 140 66 59 61 73 69 74 84 79 76 56 79 72 81 95 121 88 106 67 52 63 73 71 76 82 72 75 54 85 71 82 95 123 95 105 61 56 62 73 71 76 82 74 73 55 83 72 81 98 123 98 109 61 58 62 74 70 77 82 73 72 59 80 73 85 97 116 102 121 58 63 65 75 71 77 81 71. 68 64 78 76 83 99 110 108 136 54 60 68 74 72 79 80 70 71 62 70 76 84 102 96 109 137 Year 60 60 68 74 72 79 82 71 65 58 72 76 90 104 87 111 147 61 59 64 71 71 75 81 77 73 61 71 74 82 95 111 97 116 GROUNDWOOD PULP PRODUCTION 1935-39 average = 100 Mar. Apr. May Sept. Oct. Nov. Dec. 73 92 76 97 82 90 90 83 79 64 81 73 75 85 96 81 88 80 94 79 108 82 94 91 80 89 66 77 82 79 87 90 80 96 72 113 104 131 106 103 99 79 91 73 85 83 85 99 93 89 110 107 84 89 95 93 108 100 106 110 131 116 112 122 110 104 114 113 104 82 79 88 90 101 116 83 99 118 133 118 108 122 101 103 117 116 103 77 90 87 94 99 119 79 99 136 93 108 121 108 109 115 100 103 73 100 88 90 99 115 87 103 95 119 99 125 106 113 111 101 96 77 98 88 90 101 113 95 104 97 114 97 132 100 113 108 94 102 76 88 94 90 100 103 92 110 74 117 107 135 110 112 108 86 99 79 91 90 91 106 100 96 118 78 100 111 127 112 118 100 90 105 82 87 94 91 106 98 104 108 111 102 89 85 87 93 102 Year 118 101 117 117 111 116 108 94 94 76 86 94 99 108 95 102 116 104 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 . 1937 1938 1939 1940 1941 106 107 99 115 114 113 117 113 90 96 68 85 96 96 113 93 108 114 99 114 105 113 112 114 115 126 94 92 70 85 96 98 115 94 104 110 98 111 128 106 122 106 115 128 96 88 68 85 95 98 113 90 98 110 115 121 123 119 111 106 115 114 104 84 71 89 91 98 112 83 103 118 Seasonal adjustment factors 1940 104 104 107 112 OS 00 cow 159 141 136 148 132 123 134 132 122 96 92 103 102 97 112 118 141 148 150 145 136 128 135 133 121 98 83 103 105 112 125 93 115 132 Aug. 115 78 91 102 93 96 103 89 92 65 89 78 80 88 103 77 92 104 118 137 113 131 113 123 137 103 94 73 91 102 104 121 97 105 118 862 July 141 125 114 129 107 110 124 123 108 79 92 89 95 101 122 81 101 98 113 104 112 111 113 114 124 93 91 70 84 98 101 119 98 108 114 109 111 102 118 117 117 120 115 91 97 68 86 98 June 93 110 131 80 102 113 129 115 120 FEDERAL RESERVE 118 101 117 117 111 117 110 96 96 78 88 98 103 112 98 :00 Without seasonal adjustment 1923 1924 1925 1926 _ 1927 1928 . 1929 1930.. 1931 1932 1933 1934 1935_._ _ . 1936 1937 1938 1939 1940 1941 Feb. COO to to Jan. 107 112 110 121 110 110 112 107 99 82 82 89 93 101 110 91 105 BULLETIN SODA PULP PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926_ 1927 1928-.1929 1930-_ 1931 1932__ 1933 1934-__ 1935 1936_ 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 83 74 82 84 91 86 93 101 85 75 69 70 78 93 122 88 98 129 88 79 84 86 94 90 98 101 99 76 72 75 91 95 127 94 103 121 85 81 90 91 92 96 101 101 93 71 76 78 90 94 125 100 102 119 84 82 88 89 88 93 100 100 91 69 74 78 88 103 126 95 104 122 75 80 81 90 88 92 104 99 90 69 82 80 83 94 127 82 102 135 78 80 84 96 92 97 107 90 82 54 92 75 85 92 124 82 95 80 64 79 91 86 94 99 81 81 51 89 68 85 90 116 78 85 77 74 80 91 89 90 103 80 85 59 91 70 86 98 118 90 97 82 78 87 92 87 92 100 82 73 62 92 69 89 102 115 97 113 76 87 88 84 87 94 100 80 68 65 94 76 87' 104 102 97 129 75 84 88 85 90 92 98 83 67 61 80 73 88 109 89 100 131 70 78 81 86 87 93 99 82 72 52 74 68 90 117 80 97 140 Adjusted for seasonal variation 1923 84 1924_ 76 1925 84 1926 - _ . 85 1927 93 192888 1929 95 1930 102 1931 85 1932 75 1933 69 1934 71 1935-78 1936 93 1937.._ 122 1938 88 1939 _ 98 1940 129 1941 87 77 82 85 92 88 96 99 96 74 70 73 89 93 123 91 100 117 81 77 86 87 87 91 97 97 90 69 74 76 87 91 121 98 99 116 82 80 85 86 86 91 97 97 89 67 72 75 86 100 123 92 101 118 75 80 81 90 88 92 102 96 87 67 79 78 82 94 127 82 102 135 76 78 81 93 89 94 105 90 83 55 93 76 86 93 125 82 96 83 66 81 93 89 97 102 85 85 54 94 73 90 95 124 84 91 79 75 82 93 91 92 105 81 85 59 91 70 86 98 118 90 97 82 78 87 92 87 92 100 82 73 62 92 69 88 101 114 96 112 77 87 89 85 88 95 101 81 69 65 94 76 87 104 102 97 129 76 85 90 86 91 94 100 85 68 62 80 74 89 109 89 100 131 73 80 84 89 90 96 102 84 75 54 76 70 92 120 82 101 145 Seasonal adjustment factors 1940 103 103 103 100 99 94 100 101 100 100 Year 97 100 79 79 84 89 89 93 100 90 82 64 82 73 87 100 114 92 108 SULPHATE PULP PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 . __ 1926 1927 1928 1929 1930_ 1931 1932 1933 1934 ... 1935 1936 1937 . 1938 1939 1940— 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 13 16 17 22 27 30 40 41 41 48 46 61 63 78 93 88 123 161 13 14 18 23 27 32 42 48 49 53 46 61 66 78 94 99 129 158 14 13 19 23 28 34 42 47 44 51 46 61 67 77 93 100 130 154 14 14 18 24 28 36 44 47 51 46 50 59 65 77 101 98 131 162 16 10 15 23 28 35 44 45 52 42 54 56 64 83 103 104 115 146 17 12 18 25 29 36 44 43 51 42 68 52 69 83 103 104 119 15 14 18 24 28 36 42 41 50 42 69 54 67 81 110 124 127 14 13 20 23 29 37 44 45 49 42 76 55 71 87 118 124 133 13 14 21 24 29 39 45 45 48 50 71 57 73 86 115 128 141 14 16 23 27 29 40 43 46 49 60 69 62 70 88 106 137 159 14 14 22 26 28 39 42 42 50 51 54 60 72 92 84 129 157 16 17 21 27 27 38 39 40 42 45 54 56 72 87 71 127 167 Adjusted for seasonal variation 1923 14 1924 16 1925 . 17 1926 22 1927 27 1928 31 1929 40 1930 41 1931 42 1932 48 1933 46 1934 60 62 1935 1936 77 1937 92 1938 87 1939 122 160 1940 1941 13 14 18 22 27 32 41 46 48 51 45 60 64 76 91 97 125 153 13 13 19 23 27 33 42 46 44 50 45 60 65 76 92 98 128 151 14 14 17 23 27 35 43 46 49 45 49 58 65 77 101 98 131 162 16 10 15 23 28 35 44 45 52 42 54 56 64 83 103 104 115 146 17 12 18 25 28 36 44 43 51 43 68 53 70 84 104 105 121 15 14 18 24 29 37 43 42 51 43 70 55 68 83 112 126 130 14 13 20 23 29 37 44 45 49 42 76 55 71 87 118 124 133 13 14 21 24 29 39 45 45 48 50 71 57 73 86 115 128 141 14 16 22 26 28 39 42 45 48 58 68 61 69 86 104 135 156 15 14 22 26 28 39 43 43 50 51 54 60 72 92 84 129 157 103 102 100 100 99 98 100 100 102 100 15 14 19 24 28 36 43 44 48 48 59 58 68 83 99 114 135 16 18 22 28 28 40 41 43 45 48 58 60 76 91 75 133 176 Seasonal adjustment factors 1940 Year 95 AUGUST 1940 101 863 SULPHITE PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 _ 1926 1927.. 1928 1929.. 1930 _ 1931 1932 1933 1934.... 1935 1936... 1937 1938.. 1939 1940 _ . _ 75 81 83 82 89 81 91 94 80 70 61 78 83 90 111 86 103 134 82 76 76 85 89 86 92 98 85 73 65 81 87 94 117 94 93 134 79 74 82 85 90 86 92 97 81 73 65 82 87 93 116 91 93 139 79 80 81 85 86 86 93 91 82 66 65 85 89 101 123 82 96 138 76 64 74 86 84 85 92 88 78 61 72 81 85 101 123 79 101 145 79 71 71 86 83 86 93 89 82 57 79 77 81 99 128 78 100 75 59 73 84 81 82 89 77 77 53 84 72 82 97 126 77 89 80 62 74 85 83 86 91 81 77 55 80 76 84 104 130 85 99 79 67 73 85 85 86 94 82 79 61 80 79 91 101 121 90 113 86 77 78 91 86 89 97 84 74 64 80 82 89 107 120 99 134 72 74 82 88 85 90 93 79 74 63 74 81 91 108 106 101 135 68 70 78 85 83 85 92 75 65 57 73 80 94 103 90 98 134 Adjusted for seasonal variation 1923 . 1924 1925 1926 1927 1928 . 1929 1930 1931 1932 1933. 1934 1935. 1936 1937. 1938 1939 1940 1941 74 80 82 81 88 81 90 94 80 70 61 78 83 90 111 86 103 134 79 73 73 82 86 83 89 95 82 71 63 79 85 91 113 91 91 130 77 72 80 82 87 83 89 94 79 71 64 80 85 91 114 89 91 136 78 78 80 83 85 84 91 89 80 65 64 83 87 99 121 80 94 135 77 64 74 87 85 86 93 89 79 62 72 81 85 101 123 79 101 145 79 71 71 86 83 86 93 89 82 57 79 78 82 101 130 80 102 79 62 77 88 85 86 93 81 81 56 89 75 86 102 132 81 94 81 63 75 87 84 88 93 83 79 56 82 78 85 104 130 85 99 80 68 74 87 85 86 95 82 78 60 79 79 90 101 121 90 113 83 75 76 88 84 86 95 81 73 63 78 80 87 105 118 97 131 71 74 81 87 84 89 92 78 74 62 73 80 90 107 105 100 133 71 73 81 89 87 89 96 78 68 59 76 82 96 106 93 101 138 100 103 102 102 100 98 95 100 100 102 101 Year 97 Seasonal adjustment factors 78 71 77 86 85 86 92 86 78 63 73 79 87 100 118 88 107 PAPER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923.... 1924 1925 1926 1927 1928 1929 1930... 1931 1932.._ 1933 1934 1935 1936 1937 1938 . 1939 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 65 66 73 79 79 83 90 91 78 75 61 73 82 86 114 83 101 119 67 71 75 82 83 86 92 93 83 75 65 77 87 90 119 91 108 115 68 71 75 83 84 87 93 93 82 74 66 79 88 90 118 91 109 110 68 71 74 81 83 88 93 93 83 71 67 79 85 94 121 89 108 116 68 68 71 79 79 87 92 86 82 66 75 73 83 96 119 87 103 124 69 66 72 81 81 85 92 86 80 61 90 77 86 98 114 88 102 62 62 70 77 78 81 88 79 79 58 94 68 81 95 109 96 101 66 67 73 81 82 87 92 80 79 62 91 73 86 101 109 101 109 66 69 75 84 84 86 94 81 79 67 91 77 92 106 107 104 121 66 71 77 84 83 87 95 83 75 71 81 79 96 109 98 108 131 63 71 77 81 82 88 92 80 71 66 76 75 91 109 82 104 130 60 69 75 76 79 85 85 73 65 57 71 74 87 111 73 100 126 Adjusted for seasonal variation 1923. 65 1924.. 66 1925 72 1926. 79 1927.... 79 1928 . 83 1929 90 1930 91 1931.... 78 1932. 75 1933 61 1934. 74 1935 83 1936 87 1937... . 115 1938 84 1939 103 1940.. 121 1941 65 68 73 80 80 84 89 90 80 73 62 74 83 87 114 88 104 111 65 68 72 79 80 84 90 89 79 71 64 76 85 87 114 88 106 106 66 69 72 78 80 86 91 90 81 69 66 77 83 91 118 86 105 113 68 68 71 80 79 87 92 86 82 66 76 73 83 97 120 88 104 125 69 66 72 81 81 85 93 86 81 62 90 . 77 87 99 115 89 103 66 66 75 82 82 86 93 84 83 61 100 72 86 100 115 101 107 67 68 74 83 83 88 93 82 80 63 93 74 87 102 111 103 110 66 69 74 83 83 85 93 80 77 66 89 76 90 104 105 102 119 65 71 76 82 82 86 93 81 74 69 79 77 93 105 95 105 127 63 71 77 81 82 88 92 80 72 66 76 76 92 110 83 104 131 Year 63 72 79 79 83 90 90 78 70 61 76 79 92 117 77 105 132 864 FEDERAL RESERVE 66 68 74 81 81 86 92 85 78 67 77 75 87 99 107 95 113 BULLETIN PAPERBOARD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 _ _ 1924 1925 1926 1927 1928 1929 _ 1930 . 1931 1932 _ 1933 1934 1935 1936 1937 _ 1938 1939 > 1940 1941 _ _ _ 53 53 60 65 60 69 83 79 63 65 55 72 80 79 111 79 98 122 53 56 59 67 69 72 84 81 71 66 60 78 85 83 120 89 106 115 50 59 58 68 70 74 86 79 73 65 63 82 86 83 122 90 114 113 50 56 59 66 69 77 84 79 75 60 66 84 80 85 125 87 108 116 53 53 56 69 67 78 85 74 76 59 74 70 79 96 122 86 102 128 54 51 58 71 71 76 83 75 72 58 90 75 84 102 113 86 105 128 46 50 59 67 66 68 78 72 73 53 96 66 83 99 103 92 106 54 59 61 71 73 76 84 73 72 56 89 74 88 107 108 101 115 53 59 65 75 78 80 85 75 78 64 95 81 99 116 108 107 128 53 59 63 72 75 76 83 75 74 69 76 78 100 115 98 109 137 49 59 64 68 72 78 81 74 66 61 73 71 93 113 82 102 134 47 54 59 52 62 71 65 60 53 49 64 65 79 112 65 96 125 Adjusted for seasonal variation 1923 1924 1925 _ 1926 1927 _ 1928 1929 1930 1931 1932 _ _ . 1933 1934 1935 1936 1937 1938 . _. . 1939 1940 1941 53 53 60 65 60 70 84 80 65 66 56 74 83 83 116 83 102 127 52 55 57 65 67 70 81 78 69 64 58 76 82 81 116 87 103 112 49 58 57 66 68 71 83 77 71 63 60 79 83 80 117 86 109 109 50 56 59 66 68 75 82 77 73 59 65 82 78 83 123 85 106 114 53 53 56 69 67 78 85 74 76 59 75 72 81 98 125 88 104 131 54 51 58 71 71 76 83 75 72 58 90 75 84 102 113 86 105 128 49 54 63 72 71 73 83 75 77 56 101 69 87 105 108 96 112 53 58 60 70 72 75 83 73 72 56 89 74 88 107 107 100 114 50 56 61 71 73 75 79 70 73 60 89 76 92 108 102 101 120 51 58 62 70 72 73 80 72 70 65 71 74 94 109 92 103 129 49 59 63 67 71 77 80 73 65 61 73 71 93 113 82 102 134 53 61 66 59 71 82 75 70 61 57 73 75 90 126 73 108 140 Seasonal adjustment factors 1940 . . . 96 103 104 102 98 100 95 101 106 106 100 Year 89 51 56 60 68 69 74 82 74 71 61 75 75 86 100 106 94 114 FINE PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Oct. Nov. Aug. Sept. 93 107 97 81 63 110 66 84 99 103 81 86 65 68 84 87 89 100 107 92 82 64 104 64 89 102 102 90 96 73 73 85 90 95 98 109 94 84 73 99 74 88 103 95 93 114 71 78 92 91 98 101 115 97 83 75 92 78 94 115 88 101 123 67 76 92 92 93 102 110 89 78 67 80 75 95 115 71 99 125 66 75 91 90 98 100 105 75 77 58 86 79 99 121 69 110 120 71 75 87 94 88 97 105 113 96 90 66 87 88 102 130 76 100 112 73 84 90 101 93 106 117 121 107 92 71 87 95 114 133 81 100 106 73 82 92 97 95 107 118 122 107 90 75 84 100 103 130 83 99 102 76 84 89 98 102 110 119 118 99 78 65 79 93 113 127 85 106 108 70 78 84 94 96 103 114 107 94 74 85 71 95 108 118 82 96 113 69 75 84 89 93 101 114 102 90 62 105 77 94 105 105 76 92 Adjusted for seasonal variation 1923 _ 1924 1925 _ . 1926 1927 1928 . _ 1929 . . 1930 1931 1932 _ _ 1933 1934. . 1935 1936 1937 . _ 1938 . 1939 1940 1941 _ 71 75 87 94 88 97 105 113 94 87 64 85 86 100 128 75 99 111 68 79 85 94 87 99 108 112 98 85 65 80 88 105 123 76 94 100 68 77 86 92 90 100 109 112 98 83 69 77 93 96 122 78 92 95 70 78 82 90 95 102 110 110 93 74 62 75 88 106 118 78 97 99 69 76 83 92 94 101 112 105 92 73 83 70 93 105 114 80 94 110 69 75 84 89 93 101 114 102 90 62 105 77 94 107 107 78 94 70 72 87 94 93 100 115 104 88 69 121 73 92 109 113 89 94 69 72 89 93 95 106 114 98 87 68 111 68 94 108 109 96 102 75 75 87 93 98 101 113 97 86 75 102 77 93 108 100 98 120 71 78 92 91 98 101 115 97 83 75 92 78 94 115 88 101 123 69 79 94 94 96 105 114 92 82 71 85 79 99 120 74 102 129 Seasonal adjustment factors 1940 101 107 107 109 103 98 91 94 95 100 97 AUGUST 1940 Year 68 78 95 93 103 105 112 81 82 62 91 83 102 124 70 , 112 122 Without seasonal adjustment 1923 1924 1925 1926 1927 . 1928 1929 __ . 1930 1931 1932 __ _ 1933 1934 1935 1936 1937 _ 1938 1939 _ 1940 1941 65 67 81 87 • 86 Dec. 70 77 88 92 94 101 112 102 90 74 86 77 93 109 106 88 104 98 865 NEWSPRINT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 _ . _ 1934 _ 1935 _ 1936 1937 1938 _ 1939 _ 1940 . 1941 161 166 164 184 178 157 157 158 129 124 98 105 102 100 104 95 102 106 163 164 163 185 171 153 148 159 126 120 96 101 100 99 103 87 101 111 164 158 168 185 169 154 151 149 132 126 97 106 96 100 104 86 101 112 159 170 175 191 171 161 156 144 134 120 102 109 98 101 103 77 106 113 176 172 170 185 167 162 156 149 130 114 101 113 106 99 104 89 109 114 177 167 169 187 164 157 155 148 133 112 111 110 105 105 103 86 106 116 169 152 160 185 162 150 147 135 131 101 110 104 96 96 103 86 102 164 154 159 183 161 147 153 133 116 100 108 102 95 98 105 85 101 159 161 166 186 157 146 155 130 125 96 99 105 101 99 106 93 106 153 166 172 187 149 155 154 133 123 101 108 102 101 103 103 96 103 156 163 178 184 154 162 149 126 128 109 115 98 104 109 105 103 104 Adjusted for seasonal variation 1923 1924 1925 __ 1926 1927 1928 1929 . _ . . _ 1930 1931 _ _ 1932 1933 _ 1934 1935 1936 1937 1938 1939 1940 1941 158 163 160 180 174 154 154 155 128 123 98 105 102 100 104 95 102 106 163 164 163 185 171 153 149 160 127 121 97 102 101 100 104 88 102 112 164 158 168 185 169 154 151 149 132 126 97 106 96 100 104 86 101 112 155 165 170 185 166 156 153 142 132 118 100 109 98 101 103 77 106 113 172 175 166 169 168 167 185 182 163 164 156 159 153 153 146 147 129 131 113 • 111 100 110 112 109 104 105 104 99 102 103 88 85 108 105 115 113 174 156 165 190 168 155 151 139 133 103 112 106 98 98 105 88 104 171 160 166 190 167 153 158 137 119 103 111 105 98 101 109 88 104 162 164 169 189 160 149 158 133 128 99 101 105 101 99 106 93 106 154 167 173 189 150 156 154 133 123 101 108 102 101 103 103 96 103 154 161 177 183 152 161 148 125 124 106 112 95 101 106 102 100 101 162 159 178 176 155 156 152 129 122 104 109 108 103 104 103 99 105 100 99 100 100 101 98 97 100 100 103 Year 101 163 160 8! 157 157 154 130 123 105 111 109 104 105 104 100 106 164 163 169 185 163 155 153 141 128 111 104 105 101 101 104 90 103 Seasonal adjustment factors 101 PRINTING PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926 1927 __. _„ 1928 1929 1930 1931 1932 _ . _ 1933 1934 1935 1936 1937 1938 1939 1940 1941 75 76 81 86 95 90 93 106 90 74 64 66 81 90 114 92 104 119 78 79 86 92 95 96 96 107 93 77 71 69 86 89 116 98 112 119 80 82 89 93 94 98 100 107 88 78 68 74 88 94 114 100 109 114 79 83 87 92 87 96 101 111 88 74 65 75 89 100 122 97 106 119 76 81 83 87 83 92 98 99 87 73 69 80 85 93 122 89 107 127 79 80 81 88 88 90 100 96 85 66 79 77 82 89 120 87 101 71 73 79 80 84 89 97 86 79 59 83 68 78 89 113 89 96 79 76 82 86 87 92 99 87 80 62 82 71 80 89 112 97 107 74 79 82 90 86 91 108 88 76 64 82 70 83 95 111 100 117 75 83 83 90 87 93 111 83 74 67 78 76 89 101 102 104 135 72 84 85 91 89 93 108 82 75 66 78 75 87 103 95 105 131 68 81 84 93 87 93 104 85 77 65 74 76 89 111 90 99 131 Adjusted for seasonal variation 1923 1924 1925 1926 . 1927 1928 1929 1930 1931 1932 1933_ ___. _ 1934 _ 1935 . 1936 _ 1937 1938 1939 1940 1941 _ . _ 75 76 81 86 95 90 93 106 90 74 64 66 81 90 114 92 104 119 75 76 83 89 92 92 93 103 90 75 69 67 84 87 113 95 108 116 76 77 84 88 88 93 95 102 85 75 65 71 ' 84 90 110 96 104 109 76 80 83 88 84 93 97 107 85 71 63 73 86 96 117 93 102 115 76 81 83 87 83 92 98 98 86 71 68 79 84 92 120 87 104 124 79 80 81 88 88 90 100 96 85 66 79 77 84 91 122 89 103 75 78 84 85 89 95 103 92 84 62 88 72 83 95 120 95 102 80 78 84 88 89 93 102 90 82 64 85 73 82 92 116 100 111 75 81 84 91 88 93 109 88 77 65 83 71 84 96 112 101 118 76 84 83 91 88 94 112 84 75 67 78 76 88 100 101 102 133 73 85 86 92 89 94 109 83 75 66 79 76 87 104 96 106 132 69 83 85 95 89 95 106 87 79 67 76 78 90 112 91 100 132 Seasonal adjustment factors 1940 100 103 104 Wt 98 94 97 99 101 99 Year 99 866 104 FEDERAL RESERVE 76 80 83 89 88 93 101 95 83 69 74 73 85 96 111 96 112 BULLETIN TISSUE AND ABSORBENT PAPER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923- _ 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 ._ 1936 1937— 1938 1939 1940 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 41 41 48 54 54 59 67 65 70 74 59 65 80 72 104 91 106 116 42 45 51 55 57 63 71 68 68 68 64 73 83 89 116 105 115 124 48 46 52 54 58 61 71 65 68 62 61 75 84 85 108 98 113 106 50 47 50 52 58 61 72 67 76 54 67 79 89 89 108 90 116 121 49 46 47 53 56 62 71 63 72 60 71 74 76 93 111 88 105 123 49 46 47 52 52 62 72 69 73 60 80 76 89 90 103 97 114 41 43 48 51 52 56 71 61 75 51 79 72 75 88 102 108 115 40 46 51 55 57 67 77 65 82 62 87 79 87 103 103 106 116 43 47 52 56 58 67 76 65 74 66 89 84 94 105 99 110 128 45 50 53 56 62 68 77 76 66 68 81 79 94 98 98 118 137 43 48 49 53 59 67 69 72 63 64 71 78 85 104 85 106 136 40 46 49 52 57 64 65 62 59 55 66 78 84 102 79 93 135 Adjusted for seasonal variation 1923 41 1924 42 1925 49 1926 55 1927_ 54 1928 60 1929 68 1930 65 1931 71 1932_ . 77 1933 61 1934 67 1935 82 1936 75 1937 107 1938. 94 1939 110 1940-119 1941 41 43 49 53 55 61 68 65 65 65 62 70 80 85 112 101 111 119 47 45 50 53 57 59 70 64 67 61 60 74 83 85 107 97 111 105 49 46 49 51 57 60 71 65 74 53 ' 66 77 87 87 106 88 114 119 50 47 48 54 57 63 71 63 73 61 72 75 77 94 112 89 107 124 50 46 47 53 53 63 72 70 74 60 81 77 89 91 104 98 115 43 45 50 54 55 59 75 64 79 54 84 77 80 94 108 114 121 40 46 51 55 57 66 77 64 82 62 86 78 86 102 103 106 116 42 46 51 55 58 66 76 65 73 64 85 81 91 101 95 106 123 43 48 50 54 59 65 74 73 63 66 78 76 91 95 94 114 131 43 48 50 53 60 68 70 73 63 65 72 78 86 105 86 107 138 101 102 99 99 95 100 104 104 99 44 46 50 54 57 63 72 66 70 62 73 76 85 93 101 11 0 119 42 48 51 55 60 68 67 64 61 58 69 81 88 106 83 97 140 104 Year 96 Seasonal adjustment factors 1940. 97 WRAPPING PAPER PRODUCTION 1935-39 average = 100 Without seasonal adjustment 1923 1924 1925- _ 1926 1927 1928 1929.-. 1930 1931 1932.__ 1933 1934. 1935 19361937 1938- 1939 1940 Feb. Mar. Apr. May June Nov. Dec. 93 122 112 11 0 54 63 71 75 77 85 80 73 59 54 65 73 89 110 63 104 125 68 56 65 74 81 84 86 80 77 53 92 73 85 98 124 94 100 64 55 68 75 83 88 84 77 81 60 103 68 86 97 125 116 •104 60 59 69 79 81 89 84 77 77 62 98 69 86 100 117 113 107 63 63 66 76 81 81 84 75 72 65 88 71 89 105 109 106 117 61 61 72 77 81 84 80 78 69 71 80 • 76 93 106 96 109 123 60 62 71 76 80 85 83 78 65 63 69 77 92 107 70 16 0 127 98 97 99 101 103 100 Year 62 61 68 74 80 85 84 79 73 65 75 71 85 98 108 98 111 56 65 73 77 80 88 83 75 61 55 67 75 92 114 65 107 128 97 67 55 64 73 79 82 85 79 76 52 91 72 84 97 121 92 98 62 65 70 72 78 84 84 81 76 70 55 69 82 86 112 82 106 108 62 61 65 73 79 84 83 84 73 69 59 69 84 89 115 86 106 105 63 62 64 70 80 84 84 83 77 76 65 69 82 91 120 88 107 114 66 59 64 71 78 86 86 82 78 62 77 65 79 96 123 92 106 127 104 102 101 98 100 Oct. 61 63 -72 77 81 86 84 78 66 63 70 78 93 107 70 106 127 63 57 61 68 75 85 85 80 77 61 76 63 77 95 121 90 104 124 59 59 65 73 77 83 88 80 75 73 56 72 78 89 115 76 104 121 Sept. 63 63 74 79 83 86 83 80 71 73 83 78 96 109 99 112 126 64 64 66 71 81 85 84 84 78 77 66 70 83 92 121 89 108 115 63 66 72 73 80 85 86 83 79 73 57 72 85 89 116 85 Aug. 63 64 66 77 82 82 85 76 73 65 89 72 90 106 110 107 118 65 64 68 76 82 87 84 86 74 70 60 71 85 91 118 88 108 108 60 60 66 74 78 84 89 80 75 73 56 72 78 89 115 76 104 121 July 60 59 69 79 81 89 84 77 77 62 97 68 86 99 116 112 106 too Jan. 61 52 64 71 79 84 80 73 76 57 98 65 1Q4.1 Adjusted for seasonal variation 1923— 1924 1925 _ 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935. 1936 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 AUGUST 1940 867 PAPERBOARD CONTAINER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 39 38 40 46 50 43 58 60 50 58 54 61 74 80 106 83 102 114 41 42 48 51 59 57 69 70 65 62 60 69 76 84 108 87 104 110 39 45 45 48 52 57 66 64 61 60 51 78 82 87 116 89 109 113 40 42 44 46 53 58 63 63 63 59 69 74 79 90 117 88 107 115 35 38 44 48 54 54 61 63 67 60 79 71 79 93 114 90 104 123 35 34 42 47 47 59 69 66 65 57 90 73 81 94 105 90 110 127 38 34 44 50 53 57 61 60 61 56 97 71 83 96 104 98 113 49 53 50 58 69 63 71 56 84 73 88 106 105 104 119 35 40 50 56 53 66 76 68 72 67 89 84 97 114 110 112 142 37 40 53 59 57 59 70 64 67 70 73 81 94 109 106 113 154 36 46 55 53 53 63 65 60 58 57 65 72 85 104 90 103 141 34 42 44 42 47 60 49 46 47 50 61 70 79 105 75 98 126 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939_._ _ _ _ 1940 1941. . 41 40 42 49 53 46 62 65 53 63 58 66 77 85 112 87 107 120 38 39 44 47 55 53 64 64 60 58 58 69 78 86 111 89 106 112 39 44 44 47 51 56 65 63 60 59 50 77 80 85 114 88 107 111 40 42 44 46 53 58 63 63 63 59 69 74 79 90 117 88 107 115 36 39 45 49 55 55 62 64 67 60 80 72 80 94 115 91 105 125 37 36 45 50 49 60 68 66 64 57 91 74 82 94 106 91 111 128 39 35 45 51 55 59 63 62 63 58 101 73 85 98 106 100 115 34 37 48 53 50 57 68 62 70 55 83 72 87 105 104 103 118 34 38 47 52 49 61 68 61 65 60 79 75 88 103 100 102 129 34 38 49 55 54 56 66 60 62 65 69 75 87 101 98 104 142 35 46 54 52 52 63 65 61 59 58 66 73 87 106 92 105 144 37 46 48 47 52 70 60 56 57 59 69 76 86 114 81 107 138 95 98 102 100 99 99 98 101 no 108 98 92 Seasonal adjustment factors 194.0 CO CO Without seasonal adjustment 1923 _ 1924 1925 1926 1927 1928 _ _ 1929 1930. _ ._1931 1932 1933 1934 1935 _ 1936 1937 . . 1938 1939 1940 1941 Year 37 40 46 50 52 58 65 62 62 59 72 73 83 98 105 96 118 PRINTING AND PUBLISHING 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925.. _ . 1926 1927. 1928 1929 1930 1931 1932 1933 1934 1935 . 1936 .. 1937 .-. 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 72 74 79 88 95 93 98 102 90 79 68 72 85 91 108 94 97 106 74 78 84 93 96 97 101 107 93 81 71 76 89 92 112 97 103 109 77 81 87 94 96 101 106 106 95 83 69 81 93 99 113 100 104 111 79 84 87 96 98 101 106 111 95 80 71 84 93 103 119 99 106 113 75 81 85 92 92 97 104 103 93 78 72 85 90 100 119 94 103 118 76 81 81 91 93 94 105 99 89 73 77 83 88 96 114 90 100 68 71 76 81 86 87 94 86 80 64 76 73 79 89 104 87 90 72 72 79 84 86 90 96 86 80 65 76 75 80 91 104 90 98 72 78 83 93 93 95 111 92 83 70 80 80 89 100 110 98 111 76 83 88 97 95 99 113 92 85 74 81 85 94 107 109 105 122 75 84 90 95 94 102 110 91 84 72 81 84 94 113 100 104 119 72 81 87 95 94 98 106 89 83 70 78 84 97 111 98 100 120 Adjusted for seasonal variation 1923 73 1924 .. . 75 80 1925 .- _. 89 1926 96 1927 95 1928 . _ . , _ 99 1929 104 1930 91 1931.. 80 1932 69 1933 74 1934 87 1935 93 1936 111 1937. 97 1938 100 1939 109 1940 1941 73 76 82 92 94 95 99 105 91 80 70 75 88 91 111 96 102 108 74 78 83 90 92 96 101 101 91 80 66 78 89 95 109 96 100 106 74 79 82 91 92 95 100 105 90 76 67 80 88 98 113 94 100 108 74 80 83 90 91 96 102 100 90 76 70 82 87 97 115 91 100 115 76 81 81 91 93 94 105 99 89 73 77 82 88 97 115 90 101 75 77 83 90 95 96 103 95 89 70 83 81 88 98 114 96 100 77 77 85 91 92 97 104 94 87 70 82 81 87 99 112 97 105 74 79 84 94 94 96 111 92 83 70 81 80 90 100 110 98 111 74 81 86 95 92 97 110 90 83 71 79 82 91 103 105 101 118 73 83 88 93 93 100 107 89 83 71 80 83 92 110 98 102 117 Year 72 82 87 95 95 99 107 89 84 70 79 84 96 110 97 99 119 868 FEDERAL RESERVE 74 79 84 92 93 96 104 97 88 74 75 80 89 99 109 96 106 BULLETIN NEWSPRINT CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 68 72 77 89 95 96 102 98 90 84 71 79 89 91 103 96 91 93 71 77 81 94 97 97 106 106 93 85 72 83 92 95 108 97 95 99 74 81 85 96 99 104 112 106 101 88 70 89 97 105 113 100 99 107 79 85 87 101 108 105 110 111 101 86 77 93 97 107 116 102 105 108 74 82 87 98 102 103 110 107 99 84 75 90 95 107 115 98 99 110 74 81 80 93 98 98 110 102 92 79 75 89 93 103 109 92 99 107 66 68 72 83 88 85 91 86 82 69 69 78 80 89 94 84 85 65 68 76 83 84 88 94 86 80 67 70 79 81 92 95 83 88 71 76 83 96 100 100 113 96 89 75 79 89 95 104 109 97 105 77 83 93 104 103 105 115 102 96 80 84 93 100 113 116 106 110 77 84 95 100 100 112 111 100 94 79 84 93 102 122 105 103 106 76 81 90 96 101 103 108 92 89 74 82 92 104 111 105 100 109 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 _ _ _ _ 1939 1940 . 1941 71 74 80 92 98 99 105 101 92 87 73 82 92 96 109 101 96 98 71 77 81 94 97 97 106 106 93 85 72 83 93 96 109 98 96 100 71 78 82 92 95 99 107 101 96 84 66 84 93 100 109 96 95 103 72 78 80 93 101 98 103 104 95 80 72 87 90 100 109 95 98 101 71 78 83 94 99 99 106 103 95 80 72 86 91 103 110 94 95 106 74 81 80 93 98 98 110 102 92 79 75 88 92 102 108 91 98 106 75 77 82 94 100 97 104 98 93 78 78 90 92 102 108 96 97 74 77 86 94 96 101 107 98 91 77 79 90 92 105 108 94 99 72 78 85 97 100 100 113 96 89 75 79 89 95 104 108 96 104 73 78 88 98 97 99 108 96 91 76 80 88 95 106 109 99 103 73 80 90 95 96 107 106 95 90 75 80 89 97 116 100 98 101 76 80 89 95 100 103 108 92 89 74 82 91 102 108 103 98 107 Seasonal adjustment factors 1940... 95 99 104 107 104 101 87 88 101 107 105 102 73 78 84 94 98 100 107 99 92 79 76 87 94 103 107 OS OS Without seasonal adjustment 1923 1924 1925 1926 . 1927 1928 1929 1930 _ 1931 1932 _ 1933__: 1934 1935 1936 1937 _ 1938 1939 1940 1941 PRODUCTION OF PETROLEUM AND COAL PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 . 1926 1927 . 1928 1929 1930 1931 1932 1933 1934 1935 . 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Year Dec. 56 61 67 73 79 82 93 92 80 70 67 77 81 89 104 96 103 114 57 61 67 75 78 84 95 95 84 72 69 80 80 94 106 98 105 115 57 59 67 75 77 85 96 95 83 72 73 81 83 96 108 97 103 115 58 56 69 75 77 87 97 91 81 72 77 81 85 96 108 94 108 57 54 69 75 78 87 98 89 81 68 80 79 85 96 110 97 107 56 55 69 75 78 89 100 87 81 65 79 79 86 99 111 100 111 56 57 68 77 79 91 99 87 80 65 81 77 89 101 115 103 114 56 59 70 77 79 91 101 84 80 67 78 78 91 102 114 105 122 56 61 72 79 80 91 97 80 78 68 75 79 92 102 109 106 121 56 63 72 79 79 91 94 79 75 66 72 79 92 104 103 103 118 Adjusted for seasonal variation 55 1923 1924 57 66 1925 73 1926 79 1927 80 1928 94 1929 93 1930 79 1931 74 1932 69 1933 77 1934 81 1935 91 1936 105 1937 103 1938 106 1939 117 1940 1941 55 59 67 74 78 81 94 94 80 72 67 77 83 93 107 100 105 116 55 60 66 73 78 82 93 93 82 72 69 79 83 92 107 100 107 118 57 60 66 74 77 83 94 94 83 72 69 80 80 95 107 98 105 115 58 59 67 75 76 85 96 93 82 71 73 80 83 95 108 97 103 114 58 56 69 75 76 87 97 91 81 71 76 80 84 95 107 93 107 58 54 69 76 78 87 98 89 81 68 79 78 84 96 110 96 106 57 56 70 76 78 89 100 86 80 65 79 79 85 98 110 99 110 57 58 69 77 79 90 97 86 79 64 79 76 88 99 114 101 112 56 59 70 77 79 91 100 83 79 66 77 77 90 100 112 103 120 55 60 71 79 79 91 97 80 78 68 75 79 91 101 108 105 120 56 63 72 79 AUGUST 1940 1 56 59 69 76 78 87 96 89 80 69 74 79 85 97 108 100 110 too 55 60 68 74 79 81 93 93 79 71 67 76 82 92 105 99 103 115 CO 00 55 57 66 73 78 78 91 90 76 71 67 75 79 90 103 101 104 116 95 80 76 67 73 80 93 104 104 104 119 869 PETROLEUM REFINING 1935-39 average = 100 Jan. Without seasonal adjustment 1923 . -. 1924 1925 1926 _. _ 1927 1928 1929 1930 1931 1932 1933 1934 : 1935 1936 1937 1938 - _ 1939 •_ _. 1940 1941 Adjusted for seasonal variation 1923 1924 - _. _ . . 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 _ _ _. . _ 1937 1938 1939 1940 1941 _. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 45 49 57 63 72 72 85 84 74 73 69 75 79 89 99 105 106 112 45 51 60 64 72 75 86 88 76 73 69 76 82 91 101 102 104 113 45 52 59 65 72 75 85 87 78 71 70 75 80 88 99 99 104 113 46 54 60 67 71 78 88 90 83 75 72 79 80 93 102 102 108 114 46 54 61 68 70 79 89 90 82 76 75 79 83 94 104 102 109 113 47 52 64 68 71 81 90 87 81 76 78 80 86 94 105 98 111 46 50 64 68 72 82 91 85 82 72 80 81 86 95 107 102 108 46 52 64 68 72 85 94 84 83 69 79 81 87 96 107 104 112 46 53 62 69 74 86 93 85 82 68 81 79 90 98 112 106 114 47 53 62 70 74 86 95 82 82 70 78 80 92 99 114 107 121 48 55 63 72 75 85 91 78 80 71 76 81 92 99 111 107 118 48 56 62 72 74 85 89 78 77 68 72 81 91 100 106 104 115 45 49 58 64 73 74 88 88 78 76 45 51 60 64 72 76 87 89 78 74 70 77 83 92 103 104 106 115 45 52 59 65 72 76 87 89 80 74 72 78 83 91 103 103 108 117 45 53 60 66 70 78 87 89 82 74 72 79 80 93 102 102 108 114 46 53 60 67 69 79 88 88 81 75 75 79 83 93 104 101 108 113 46 52 63 67 70 81 89 87 80 75 78 79 85 93 104 98 110 46 51 64 68 72 82 90 85 82 71 78 80 85 94 106 101 107 46 52 64 69 72 84 92 83 82 68 78 80 86 95 106 103 111 47 53 62 69 73 85 90 84 80 67 79 77 88 96 110 104 112 47 53 63 70 74 85 94 80 80 69 77 78 90 97 111 105 118 47 54 62 71 75 85 91 78 79 70 76 80 91 98 109 106 117 Year 49 56 63 73 75 86 90 79 78 69 73 82 92 101 107 105 116 n 77 81 91 101 107 108 114 46 53 62 68 72 81 90 85 80 72 75 79 86 95 106 103 111 GASOLINE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 _ _ - _ 1930 1931 1932 1933 1934 1935 1936 _ _ . _ . _ 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 33 36 44 51 61 62 76 79 71 72 67 73 78 87 96 103 106 108 33 38 47 52 61 63 76 81 75 74 68 75 80 88 99 99 104 109 33 39 45 53 61 65 76 81 76 71 70 72 78 85 98 97 104 109 34 41 47 55 60 67. 79 85 82 76 73 78 79 91 101 102 108 111 33 41 48 56 59 68 80 85 85 77 76 76 83 92 103 103 109 111 35 40 51 57 60 70 81 83 83 77 80 79 87 95 104 101 112 33 39 51 56 62 73 83 82 83 73 81 81 90 96 106 105 111 34 40 51 57 62 75 85 82 85 72 81 82 89 98 108 107 114 34 41 49 58 63 77 85 83 84 70 83 79 91 100 113 108 116 35 40 50 58 64 76 88 80 84 73 79 80 92 101 113 109 120 33 41 50 60 65 75 85 75 81 73 75 81 92 98 109 109 119 35 42 49 61 63 75 82 75 78 69 70 79 90 98 104 105 114 Adjusted for seasonal variation 1923 33 1924 _ 36 1925 44 1926 52 62 1927 64 1928 79 1929. _ 83 1930 75 1931 77 1932 . 71 1933 77 1934 81 1935 ._ 91 1936 : 100 1937 107 1938 _ _ 111 1939 112 1940 1941 33 38 47 52 62 64 79 84 78 76 70 77 82 90 103 102 107 112 33 39 45 53 61 65 78 84 80 75 73 76 82 90 103 102 109 115 33 40 47 55 60 66 78 84 81 76 72 78 80 92 102 103 109 112 33 40 48 55 58 67 79 83 83 76 76 76 83 92 103 103 109 111 34 39 50 56 60 69 80 82 82 76 79 77 85 93 102 99 110 33 39 51 56 62 72 82 81 83 72 78 79 87 93 103 102 108 34 40 51 57 62 74 83 80 83 71 78 80 87 95 105 104 110 34 41 50 58 62 75 82 81 82 68 81 76 88 97 110 105 112 35 40 50 59 64 75 86 78 81 71 77 78 90 98 110 106 117 33 41 50 60 65 75 85 75 80 72 74 80 91 97 108 108 118 95 99 100 102 103 103 103 103 101 34 40 49 56 62 70 81 81 81 73 75 78 86 94 105 104 111 35 43 50 62 64 76 84 76 80 70 71 81 91 101 106 107 116 97 Year 98 Seasonal adjustment factors 1940 870 96 FEDERAL RESERVE BULLETIN FUEL OIL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 . 1925 1926 1927 __ 1928 1929 . 1930 1931 1932 19331934 1935- . 1936 1937 1938 1939 1940_ 1941 65 69 77 79 91 91 101 90 78 73 71 76 77 95 107 110 110 122 65 72 77 82 92 94 105 95 78 69 71 77 80 101 102 110 104 120 63 73 79 82 89 95 103 88 80 71 72 78 81 93 99 103 106 119 66 75 83 82 90 96 107 91 84 72 71 76 76 93 99 103 108 115 63 75 83 83 92 98 106 92 79 71 73 77 82 94 104 100 108 113 66 75 92 83 90 101 106 88 80 69 76 80 82 92 105 95 109 69 72 95 86 92 101 104 85 78 68 79 78 81 93 109 99 105 66 76 92 85 93 103 107 82 79 64 74 80 82 94 106 101 106 70 75 87 87 92 105 106 85 78 66 76 79 88 96 113 107 111 70 76 87 89 93 102 107 82 77 65 77 77 89 98 115 108 117 71 77 83 90 93 102 102 82 76 67 72 79 91 100 113 106 113 70 78 85 92 93 103 100 81 74 68 72 80 96 103 111 107 113 Adjusted for seasonal variation 1923 __ . 1924 1925 1926 1927 _ _ 1928 1929 1930 1931. 1932 1933 1934 _. _ . 1935 1936 . . 1937 _ 19381939 _ _ 1940 1941 . , . 66 71 78 81 93 93 103 92 79 73 70 75 77 94 104 107 106 119 65 72 77 82 92 94 105 95 78 69 71 76 80 100 101 108 103 119 64 74 80 83 90 96 104 89 80 71 72 78 81 94 101 105 108 121 65 75 83 81 89 96 106 90 83 71 71 78 78 95 101 105 110 117 63 75 83 83 92 98 106 92 79 71 73 77 82 94 104 100 108 113 66 75 92 83 90 101 106 88 80 69 76 80 82 93 106 96 110 69 72 95 86 92 101 104 85 78 68 79 79 83 95 111 101 107 65 75 91 85 92 102 106 81 79 66 76 81 84 96 108 103 108 69 74 86 86 91 104 105 84 77 65 75 78 87 95 112 106 110 70 76 87 89 93 102 107 82 77 65 77 77 89 97 114 107 116 71 77 83 90 93 102 102 82 76 67 72 78 90 100 112 105 112 70 78 85 92 93 103 100 81 74 68 72 79 94 101 109 105 111 103 101 98 98 99 98 98 101 101 101 Year 102 Seasonal adjustment factors 1940 100 67 75 85 85 91 99 105 87 78 69 74 78 84 96 107 104 109 LUBRICATING OIL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925_ 1926 1927 __ 1928 1929 _ 1930 19311932 1933 1934 1935 1936 — 1937 1938 1939 1940 1941-__ 76 83 91 98 95 98 108 106 90 77 67 81 81 85 98 103 93 122 75 88 98 100 96 107 102 111 83 78 66 76 85 87 111 101 103 122 80 89 104 97 101 106 108 115 84 72 65 79 83 93 106 99 98 123 82 88 97 102 100 115 110 121 88 73 71 88 88 102 116 96 102 125 92 92 96 105 97 114 111 117 83 75 78 95 88 102 116 96 105 123 87 88 95 102 98 114 111 111 79 87 70 84 86 95 113 90 107 82 77 92 104 98 104 108 111 86 72 72 81 81 97 110 97 101 77 79 81 99 98 101 106 116 109 85 58 74 79 88 98 107 95 113 82 98 101 106 108 109 104 82 63 78 80 90 98 111 100 109 77 85 96 102 102 110 106 94 83 63 78 79 91 97 118 97 132 87 86 100 104 94 105 97 92 82 63 90 80 93 101 112 96 125 86 92 100 99 103 110 102 92 75 60 81 86 91 102 108 88 128 Adjusted for seasonal variation 1923 1924. 1925 _ 1926 , 1927 1928 1929 1930 1931 - 1932 _ 1933 1934 1935 _ 1936 _ 1937 1938 1939 1940 1941 79 85 94 101 98 101 112 109 92 78 68 82 83 88 101 106 96 126 76 89 99 101 97 108 103 112 84 79 67 77 85 88 112 102 104 124 80 88 103 96 100 106 108 115 86 73 67 81 85 94 107 100 99 124 81 86 95 100 98 113 108 118 86 71 69 86 85 98 112 93 98 120 89 88 92 101 94 110 107 114 81 73 75 91 85 98 111 92 101 118 86 86 93 100 96 112 109 111 79 87 70 84 86 95 113 90 107 83 77 93 105 99 105 108 111 86 72 73 82 82 98 111 98 102 78 83 101 99 102 106 116 109 85 59 75 80 89 99 108 96 114 81 84 100 102 106 108 109 104 82 63 78 80 90 98 111 100 109 78 86 97 102 102 110 106 94 83 63 78 79 91 97 118 97 132 85 85 100 105 96 107 99 93 82 63 90 80 93 101 112 96 125 85 91 99 99 103 110 103 93 76 60 82 87 92 103 109 89 129 99 99 104 104 100 99 99 100 100 100 Year Seasonal adjustment factors 1940 AUGUST 1940 97 82 86 97 101 99 108 107 107 83 70 74 82 87 97 110 96 110 99 871 KEROSENE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 _ 1926 1927 1928 1929 1930 1931 1932 _ 1933 ... 1934 1935 1936 1937 _ 1938 1939 -_. 1940 1941 . Feb. Mar. Apr. May June July Sept. Aug. Oct. Nov. Dec. 96 98 112 97 97 94 87 85 68 72 83 86 95 90 112 107 108 102 90 95 107 100 94 96 92 92 67 65 78 83 101 90 102 19 0 109 121 86 90 99 105 91 90 84 90 70 67 74 87 99 90 98 110 112 125 85 95 94 99 90 97 85 87 67 74 79 91 85 97 96 107 114 123 86 90 91 99 89 97 90 82 64 78 79 86 85 88 101 107 112 126 84 86 90 98 85 95 94 79 67 69 82 83 87 86 100 103 107 85 88 87 93 85 93 83 75 70 69 81 82 80 85 104 93 102 84 92 85 98 84 101 93 75 70 66 78 83 83 82 109 94 110 90 99 92 102 92 97 90 75 64 68 79 84 88 87 105 105 114 87 105 97 97 93 98 98 74 70 66 76 93 95 89 109 101 117 103 109 99 105 95 97 94 70 75 75 79 94 96 94 115 106 111 106 110 101 103 92 91 91 68 71 78 81 91 88 104 110 109 111 Adjusted for seasonal variation 1923 1924 1925 1926 _. 1927 1928 1929 1930 1931 _. . _ 1932 1933 . 1934 1935 _ 1936 1937 1938 1939 1940 92 95 109 95 96 94 87 85 67 70 80 82 91 86 107 102 103 97 89 93 105 98 92 95 90 91 66 64 77 82 100 89 101 108 108 120 89 92 100 106 92 90 85 90 69 66 73 86 98 89 98 109 111 123 86 96 95 100 91 98 86 88 67 72 78 89 83 95 94 105 112 120 90 94 94 101 89 98 91 83 65 78 79 86 85 88 101 107 112 126 91 92 95 101 86 97 96 81 68 71 83 84 88 88 102 105 109 92 94 94 100 91 98 87 78 73 72 84 86 84 89 110 98 108 90 98 90 103 86 102 93 75 70 68 81 87 87 85 113 98 114 90 98 91 101 91 96 89 75 65 69 80 85 90 89 108 107 116 82 101 94 95 90 95 95 72 69 66 76 93 95 89 109 101 117 94 101 93 99 90 93 91 68 73 72 76 91 93 91 112 103 107 105 101 101 102 100 98 95 96 98 100 103 90 97 96 100 90 96 90 79 68 71 79 87 90 90 105 104 110 98 102 94 98 91 90 90 67 70 77 81 90 87 103 109 108 109 Seasonal adjustment factors 1940 Year 101 COKE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 . 1929 1930 1931 1932 1933 _ 1934 1935 1936 1937... . 1938 1939 1940 1941 114 108 117 134 120 119 134 124 90 61 52 72 81 96 129 80 96 138 Adjusted for seasonal variation • 112 1923 1924 107 1925 116 1926 ... 132 1927 119 1928 119 1929 . 134 1930 125 1931 91 1932 . 61 1933 52 1934 72 1935 81 1936 96 1937 128 1938 80 1939 96 1940 137 1941 . 872 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 119 114 119 138 123 122 139 131 94 62 54 81 89 98 132 80 98 125 123 116 117 128 126 125 142 129 95 60 49 87 84 94 134 77 98 120 128 108 112 125 123 124 141 129 94 56 49 86 79 103 133 72 85 118 127 93 106 123 120 125 144 125 90 50 55 91 80 108 133 65 68 122 125 82 104 122 117 123 145 120 81 46 66 89 77 110 123 61 91 131 123 76 101 122 114 118 143 111 74 44 80 68 73 107 131 62 96 119 78 102 121 114 120 143 106 70 42 84 66 79 112 134 71 104 118 85 108 123 115 124 141 102 69 46 80 65 84 115 135 79 116 Il l 94 114 125 114 129 141 100 69 50 74 67 88 120 119 89 133 107 98 127 126 110 130 136 94 68 52 71 68 93 123 98 97 141 106 110 131 120 111 132 127 90 64 52 71 70 98 128 83 96 140 114 109 115 132 119 119 135 128 91 60 52 116 110 111 122 120 120 137 125 92 60 48 86 83 93 132 76 97 118 125 106 110 122 121 121 138 127 92 55 50 86 79 104 134 73 85 119 131 95 108 125 120 125 145 126 90 50 56 92 80 109 136 66 68 123 129 84 106 124 118 124 146 121 81 46 67 89 77 110 125 61 91 132 130 79 104 127 117 121 148 114 76 45 82 70 75 125 81 105 125 117 124 148 108 72 43 85 66 80 113 136 71 104 121 86 110 125 116 125 142 104 70 46 81 65 84 116 136 79 116 110 93 114 124 114 129 139 99 68 50 74 67 88 120 119 88 133 106 98 126 125 110 130 136 94 68 52 70 68 93 123 97 97 140 Year 118 97 113 126 117 124 140 114 80 52 66 76 84 110 124 77 105 106 110 131 122 113 134 129 91 65 52 71 70 97 127 82 96 139 87 96 129 79 96 123 no 135 63 98 FEDERAL RESERVE BULLETIN BYPRODUCT COKE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 _ . 1932 1933_ _ _ _ 1934 1935_ „ _ 1936 19371938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 90 90 99 110 108 114 127 121 90 61 52 72 81 96 127 80 98 137 92 93 100 112 110 116 132 128 93 62 53 80 89 98 129 80 99 125 95 94 100 110 113 118 134 127 94 61 48 86 85 95 131 77 100 120 96 90 99 108 111 118 134 127 94 57 50 86 80 104 131 73 87 120 97 82 95 108 110 119 136 123 91 51 56 93 81 109 130 66 69 123 95 73 95 109 108 119 135 118 81 46 67 90 78 111 121 62 93 131 95 69 92 110 106 114 134 109 74 44 81 69 74 108 129 63 98 94 71 92 109 107 117 135 105 71 43 85 66 81 113 133 72 106 94 76 95 109 108 119 132 101 69 46 81 65 85 115 133 80 117 90 84 99 110 108 123 134 99 69 50 75 67 89 119 117 90 131 88 88 107 112 105 125 130 94 68 53 70 68 94 122 97 98 137 87 95 109 107 106 126 121 89 65 52 71 70 98 127 82 97 137 Adjusted for seasonal variation 1923 90 1924. _ 90 1925—_ 99 1926 110 1927— 108 1928 114 1929 128 1930 122 1931 91 1932 62 1933 52 1934 73 1935 _ „ . 82 1936 96 1937 127 1938 80 1939 98 1940 137 1941 90 91 99 110 108 114 129 125 91 61 52 79 88 97 127 79 98 124 92 91 97 107 109 115 130 123 93 60 48 85 84 94 129 77 99 119 95 89 98 106 109 116 131 124 92 56 50 86 80 104 131 73 87 120 97 82 95 108 110 119 136 123 91 51 56 93 81 109 130 66 69 123 95 73 95 109 108 119 135 118 81 46 67 90 78 111 121 62 93 131 97 70 94 112 108 116 137 111 76 45 83 71 76 111 131 64 100 96 73 94 111 109 119 138 107 72 43 85 66 81 113 133 72 106 95 77 96 111 109 120 134 102 70 47 81 65 85 115 133 80 117 90 84 99 110 108 123 133 98 69 50 75 67 89 119 117 90 131 88 88 107 112 105 125 130 94 68 53 70 68 94 122 97 98 137 89 97 111 110 108 128 124 91 65 52 71 70 98 127 82 97 137 101 101 100 100 100 98 100 100 100 100 Year 100 Seasonal adjustment factors 1940.. __—_.. 100 93 84 99 110 108 119 132 112 80 52 66 76 84 110 121 78 106 BEEHIVE COKE PRODUCTION 1935-39 average = 100 Nov. Feb. Mar. Apr. May June July Aug. Sept. Without seasonal adjustment 1923 1,138 1924 _ 876 1925 886 1926 ._ 1 112 1927 600 1928 285 1929 __ 368 1930 227 1931 103 1932— 55 1933 66 1934 _ . 79 1935 62 1936 95 1937 203 1938 85 1939 _ 58 1940 170 1941 1,283 993 897 1 224 623 308 380 224 116 56 73 107 73 111 237 82 58 120 1,346 1 059 790 898 654 328 425 214 98 52 72 119 74 76 255 68 50 100 1,475 851 633 792 594 298 373 222 71 35 40 57 48 63 229 54 15 76 1,407 578 526 714 480 276 459 193 62 29 37 47 39 60 242 42 18 76 1,402 455 468 654 442 230 500 200 57 26 41 46 45 65 204 37 39 116 1,315 353 416 634 370 216 479 158 50 25 58 40 33 77 211 32 36 1,150 342 475 606 357 212 431 125 46 25 56 32 39 89 192 34 32 1,141 412 588 661 348 248 418 124 51 29 50 44 43 114 188 40 57 993 479 762 699 319 308 361 126 67 42 38 55 63 159 167 45 198 881 516 991 693 289 316 329 128 67 51 76 72 74 174 125 50 269 Adjusted for seasonal variation 1923. 1 053 1924 811 1925 820 1926 1 029 1927 572 1928 272 1929 350 1930 _ _ 216 1931 95 1932... 49 1933 56 1934 68 1935— 53 1936 81 1937 . 174 1938 72 1939 50 1940 145 1941 1 116 863 780 1 064 551 273 337 198 97 44 55 79 54 83 175 61 43 89 1 141 897 669 761 554 278 361 181 83 43 58 95 59 61 204 54 40 80 1 432 1 618 664 826 605 614 794 768 516 577 290 290 362 : 483 203 222 75 69 36 39 44 50 62 63 52 54 70 80 255 323 56 60 23 17 84 101 1,612 523 538 751 496 259 561 225 64 30 50 57 55 79 248 45 47 142 1 547 415 489 746 435 254 563 186 58 30 69 49 40 93 255 39 44 1 353 403 559 713 420 255 520 150 57 31 70 41 49 112 240 43 40 1,254 453 647 711 375 267 450 133 57 34 60 53 52 137 227 48 69 964 465 740 678 310 299 351 122 65 41 37 54 62 154 162 44 192 816 478 918 642 268 293 305 119 61 46 69 • 65 67 158 114 45 244 135 125 75 82 83 80 83 103 110 Year 804 645 933 599 274 300 272 116 48 50 64 57 78 155 86 48 217 117 Jan. Seasonal adjustment factors 1940 AUGUST 1940 117 90 Oct. Dec. 884 710 1,026 629 287 314 286 126 54 59 75 67 91 182 100 56 253 1,201 637 704 774 447 278 401 172 70 40 56 64 57 106 196 52 89 873 PRODUCTION OF CHEMICALS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926_ 1927 _ _ 1928 1929. _. 1930 1931. _ 1932 1933. 1934 1935 1936 1937 __ 1938 _ 1939 1940 1941 Adjusted for seasonal variation 1923. 1924 1925 1926_ 1927 1928... 1929 1930 193r 1932 — . 1933 1934 _ . 1935 1936 1937 1938 _ 1939 1940 Seasonal adjustment factors 1940 Feb. Mar. Apr. 57 May 56 June Aug. Sept. Oct. Nov. Dec. 56 53 59 69 71 73 85 85 78 59 76 78 85 94 112 87 98 P112 57 52 60 66 68 75 87 84 76 56 80 79 85 94 109 86 97 56 52 61 67 70 76 88 83 75 56 79 80 87 98 112 93 97 59 55 63 71 72 80 90 84 76 66 81 82 92 105 117 100 108 60 57 68 73 74 84 93 85 78 71 84 86 96 108 116 102 116 58 59 70 73 74 85 93 84 74 71 82 84 94 108 110 99 113 59 60 70 73 76 87 91 82 72 71 82 85 94 108 102 100 114 59 55 61 72 74 60 55 63 69 71 79 91 88 80 59 84 83 90 100 116 92 104 59 55 64 71 73 80 91 86 78 59 81 83 90 101 115 96 100 59 56 64 72 73 81 91 85 76 66 80 81 91 103 115 98 106 59 56 66 71 73 82 91 82 75 68 80 82 92 104 111 98 111 67 57 69 71 73 83 90 82 72 70 81 82 92 105 108 97 111 94 97 102 104 102 Year 57 58 68 70 73 85 90 81 72 70 81 84 94 107 101 99 112 101 56 57 59 69 73 73 85 94 78 73 69 81 85 92 108 95 99 111 57 58 61 69 76 76 88 94 80 74 70 85 86 91 111 97 100 111 58 59 63 71 76 76 89 95 81 72 69 86 91 97 116 101 104 113 59 62 71 76 76 90 92 82 73 71 86 88 96 118 95 105 114 61 68 71 73 85 90 82 68 71 79 85 96 114 92 101 113 56 57 58 69 73 72 85 93 78 74 69 82 86 93 109 96 100 113 56 56 60 68 73 74 85 92 79 73 69 84 86 91 111 97 100 111 55 57 61 68 73 74 86 92 79 72 68 84 87 94 112 97 100 109 56 57 60 69 74 74 88 90 80 71 69 84 86 93 115 92 102 111 57 58 62 69 73 75 87 91 82 69 73 81 87 97 115 93 102 114 89 89 82 62 79 82 88 98 117 92 103 P118 99 100 104 108 99 95 57 July 77 57 56 63 70 73 78 89 87 78 68 76 83 89 99 112 96 104 Preliminary. PRODUCTION OF RUBBER PRODUCTS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924... 1925 1926 ._ . _. 1927 1928 1929 1930 1932 1933 1934 1935 1936 1937 1938 1939 .. 1940 1941 Adjusted for seasonal variation 1923 1924 1925. 1926 1927 1928 1929 1930 1931 .. . .. 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941. . _ 874 Feb. Mar. Apr. May June July Aug. 48 Sept. Oct. Nov. Dec. 72 67 73 86 82 94 108 88 71 73 53 84 103 105 122 70 109 122 79 63 82 86 86 94 114 87 77 77 52 97 103 85 127 62 106 117 86 68 81 80 88 94 115 88 80 65 39 104 95 92 118 68 110 116 74 64 82 82 96 92 119 97 81 64 62 104 98 112 118 67 107 114 86 61 89 80 94 99 123 99 96 73 99 97 91 115 124 71 101 117 61 55 86 74 89 99 114 88 92 94 115 93 86 116 116 72 108 115 45 54 86 73 82 101 104 72 77 71 120 77 79 106 99 81 107 69 88 88 84 104 93 76 69 51 97 72 84 106 94 87 112 48 77 83 89 77 113 94 65 60 56 86 75 90 108 104 94 124 50 73 73 80 76 100 84 64 53 52 72 68 88 109 90 98 128 52 74 79 75 75 99 74 62 58 54 68 80 98 122 79 113 129 57 67 72 68 70 85 61 52 50 41 69 87 96 112 63 110 118 70 66 71 84 81 91 104 85 68 71 51 81 98 101 118 69 106 119 75 60 78 81 81 88 106 81 71 70 48 88 94 82 123 63 108 119 85 67 80 79 87 90 107 82 75 62 37 99 93 94 120 68 110 116 71 60 78 78 91 88 109 88 73 58 55 93 89 104 116 68 108 115 82 59 84 76 90 90 107 84 82 63 89 89 86 108 117 71 101 117 60 54 85 73 86 96 107 77 79 80 103 86 84 113 113 72 108 115 45 55 87 74 82 101 102 71 75 69 122 83 84 113 106 81 107 45 65 83 83 80 104 94 78 73 57 107 80 90 114 99 87 112 47 75 81 87 75 110 96 70 65 60 93 81 95 113 102 93 122 52 77 77 85 81 108 93 73 61 60 83 79 97 114 93 98 128 56 80 85 81 81 108 85 72 67 60 74 85 99 118 77 110 126 Year 68 80 86 81 83 108 81 70 67 55 80 91 101 117 66 115 123 FEDERAL RESERVE 63 66 81 80 83 98 100 78 72 64 77 86 93 107 104 83 113 BULLETIN RUBBER CONSUMPTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924.... _ 1925 1926 1927.. _ 1928 1929 1930... 1931 1932 1933 1934 _ 1935 1936 1937 . 1938 1939 1940 1941 _ 68 81 78 90 103 86 69 72 53 84 102 106 122 71 110 123 Adjusted for seasonal variation 1923 _. 1924___. 1925 66 1926. 79 1927 76 1928.... _ 86 1929. 99 1930..-.. 82 1931 66 1932 _ _ 69 1933. _ _ 50 1934 80 1935 98 1936... _ 101 1937 118 1938 69 1939 107 1940 120 1941 Seasonal adjustment factors 1940 103 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 77 81 81 87 109 84 74 75 52 96 102 85 127 62 106 117 76 74 82 88 109 86 77 64 38 102 94 93 117 69 111 116 77 77 90 86 114 94 78 62 60 103 97 113 118 67 107 114 83 74 88 92 118 95 92 71 97 96 91 115 124 72 101 116 81 68 83 93 108 84 88 90 112 91 85 116 116 72 108 114 81 68 77 95 100 70 73 69 118 77 79 105 100 81 107 83 82 79 97 90 73 66 50 95 72 83 105 94 87 112 78 83 72 106 91 63 58 55 84 75 89 107 104 94 124 69 76 72 93 82 62 51 51 71 68 88 108 90 98 129 75 72 71 95 73 62 58 54 67 80 98 122 80 114 131 67 63 65 80 59 51 49 41 68. 86 96 111 64 109 119 73 77 77 81 101 79 69 68 47 87 93 82 123 64 108 120 76 74 82 84 102 80 72 61 36 98 92 95 119 69 111 116 73 73 86 82 104 85 71 56 54 92 89 103 115 68 108 115 80 71 84 84 102 81 78 62 88 89 85 107 116 72 101 116 80 67 80 90 102 74 76 77 101 86 83 112 113 72 108 114 81 68 77 94 98 69 72 68 121 83 85 113 107 81 107 77 77 75 97 91 76 71 55 106 80 90 113 101 87 112 76 81 70 104 94 68 62 59 91 80 95 113 102 93 121 72 80 76 100 91 71 59 59 81 78 97 114 93 98 129 81 77 77 102 83 70 66 59 72 84 99 118 77 111 127 100 99 100 100 100 100 102 100 103 60 61 76 75 78 92 96 76 70 63 76 86 92 108 104 83 113 81 76 79 102 79 67 66 54 78 90 101 117 67 115 125 98 Year 95 TIRE AND TUBE PRODUCTION 1935.39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 . 1932 1933. 1934 1935 . ... 1936 . _ 1937 _ 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 100 102 117 127 120 129 144 104 86 84 53 88 104 101 120 65 106 110 112 109 129 130 127 154 162 114 99 92 58 107 109 87 127 55 106 114 121 111 127 126 142 155 165 114 106 80 45 118 102 81 125 59 109 117 117 105 128 127 152 150 169 129 112 82 76 113 101 107 126 63 106 115 115 99 136 127 150 157 174 133 135 90 117 11 0 94 114 128 64 99 11 2 96 89 130 127 143 158 166 122 129 128 138 102 96 122 116 67 111 126 67 85 133 119 125 156 138 91 111 86 140 80 79 114 98 82 112 75 110 139 141 130 168 122 99 94 67 110 77 90 116 88 89 118 76 123 129 144 119 175 114 82 77 61 98 78 96 116 100 94 125 76 124 109 124 113 160 103 80 67 59 79 72 89 113 91 101 121 82 117 114 105 109 143 83 68 62 54 72 79 100 120 71 100 114 84 111 117 107 107 135 75 66 60 46 74 93 96 116 61 113 109 Adjusted for seasonal variation 101 1923 104 1924 119 1925 129 1926 123 1927 134 1928 150 1929 108 1930 90 1931 1932 88 56 1933 91 1934 104 1935 101 1936 120 1937 65 1938 106 1939 110 1940 1941 104 101 120 121 118 143 150 106 92 85 54 99 101 87 127 55 106 114 111 102 117 116 130 142 152 105 98 74 40 109 94 81 125 59 109 117 110 99 122 120 142 140 152 113 98 71 66 101 91 106 126 63 106 115 19 0 94 129 120 140 143 150 111 112 76 11 0 94 91 114 128 64 99 11 2 94 87 128 123 137 148 148 101 105 104 118 91 89 117 116 69 111 126 71 90 141 127 131 160 139 90 101 78 126 80 79 114 98 82 112 72 106 134 136 126 164 120 98 95 71 116 82 91 116 88 89 118 74 120 125 140 117 172 113 90 87 70 109 84 96 116 100, 94 < 125 81 131 115 131 121 172 111 91 80 70 94 85 96 118 91 101 121 91 129 126 119 123 167 104 89 82 70 91 90 100 120 71 100 114 Year 93 107 126 125 128 153 135 100 95 77 88 92 96 109 104 79 111 96 127 134 123 125 165 101 90 83 60 90 99 99 117 61 113 109 AUGUST 1940 875 PNEUMATIC TIRE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 . 1926 _ 1927 1928.. 1929 1930 1931 1932 1933 1934 1935. 1936 1937 1938.. 1939. 1940 . _ Adjusted for seasonal variation 1923 1924 1925 1926. _ 1927. 1928 _ 1929 1930 1932 1933 1934 1935 .. 1936 1937 1938 1939 1940. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 95 98 110 107 104 122 115 106 120 112 100 122 111 94 130 92 83 123 63 78 125 69 100 130 69 112 119 69 113 101 76 108 105 79 104 109 118 118 127 144 102 86 84 54 89 104 121 127 151 161 113 99 92 58 108 109 119 137 152 164 113 106 80 45 117 103 122 147 147 168 129 113 82 76 113 102 122 146 154 174 133 135 91 118 101 94 124 141 156 166 122 129 129 139 103 97 115 124 154 138 91 110 88 139 79 80 134 126 163 121 97 91 68 109 76 90 136 115 173 111 80 75 60 97 77 94 119 111 160 101 78 66 60 78 71 87 103 107 144 82 67 62 55 72 79 99 104 105 136 73 64 60 46 75 94 96 100 119 86 126 79 123 106 125 113 128 122 116 114 98 114 87 114 100 112 91 119 71 116 62 65 108 55 107 59 110 64 107 64 101 70 112 83 114 89 119 94 126 101 122 100 115 114 111 112 116 118 115 122 Year 127 96 99 99 96 106 98 105 94 104 88 89 81 67 82 67 97 68 111 74 122 86 121 113 110 114 121 120 133 127 118 108 118 112 117 140 149 105 92 85 54 100 101 86 126 55 107 109 126 140 150 104 97 74 41 107 94 79 123 59 110 114 137 137 152 112 98 71 66 100 92 106 125 64 107 114 137 141 150 109 111 76 102 93 91 113 128 64 101 119 135 146 149 101 104 104 118 91 89 118 116 70 112 122 129 158 138 89 98 78 124 79 80 114 98 83 114 131 125 162 120 96 94 72 116 81 91 114 87 89 119 134 114 171 111 89 88 70 110 83 94 114 100 94 126 128 120 172 108 89 80 72 94 86 95 116 91 101 122 116 120 166 103 89 82 71 91 90 99 119 71 100 115 116 118 115 122 127 100 100 100 100 100 100 100 100 100 100 100 92 96 109 104 80 112 120 122 164 98 89 84 61 91 98 98 116 62 114 111 112 88 125 119 120 131 150 106 89 88 56 92 104 100 119 65 108 134 99 95 78 91 120 111 88 100 118 120 125 152 100 1Q4.1 Seasonal adjustment factors 1940 INNER TUBE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 ._. 1928 1929 1930 1931 1932 1933 1934 . 1935 1936 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 _. 1931 1932__ 1933. 1934 1935 1936 1937 1938 19391940 _ 1941 Seasonal adjustment factors 1940 876 Feb. Mar. Apr. May June 126 124 154 173 133 136 146 110 88 86 52 84 101 108 126 62 101 101 140 135 165 178 129 172 165 121 102 95 58 106 108 92 133 58 99 104 152 137 167 161 165 169 171 120 106 80 43 123 102 89 133 58 102 108 141 128 163 156 180 166 171 131 110 79 73 117 101 114 134 56 100 109 137 122 170 156 168 171 171 135 135 85 112 103 92 119 130 58 89 112 117 116 166 147 150 170 166 123 128 126 130 101 90 119 112 66 100 113 131 129 161 . 180 140 144 155 117 93 90 54 86 102 108 126 62 101 101 135 130 159 169 122 160 154 113 94 87 53 97 100 92 133 58 99 104 141 127 155 149 152 157 158 111 98 74 40 114 95 89 133 58 102 108 140 127 162 152 169 154 155 119 100 71 66 107 92 111 134 56 100 109 137 122 169 152 158 156 152 118 118 74 101 97 89 118 130 58 89 112 100 100 100 100 100 July 87 Aug. Sept. Oct. Nov. Dec. 123 176 140 134 166 138 94 116 75 143 87 77 117 100 76 102 109 163 186 177 148 191 128 117 108 63 113 83 92 124 93 91 108 116 183 181 189 141 189 135 95 86 65 98 85 107 127 101 95 116 118 180 154 151 123 159 114 90 72 53 84 73 100 127 94 99 118 115 163 163 121 119 139 90 71 64 50 71 78 102 123 72 100 112 112 150 167 123 121 132 87 73 62 43 67 91 100 121 54 108 98 121 121 173 149 147 160 149 107 109 108 115 94 87 117 112 66 100 113 94 132 189 150 142 171 140 93 113 73 140 87 77 117 100 76 102 103 154 173 164 137 177 119 108 104 63 113 83 92 124 93 91 108 107 169 167 175 130 175 130 95 86 65 98 85 107 127 101 95 116 118 180 154 151 129 171 126 102 82 60 95 83 100 127 94 99 118 118 " 168 172 137 141 172 116 92 82 62 87 92 105 124 72 100 112 100 100 100 100 100 122 123 164 183 139 141 165 114 96 81 57 84 104 107 124 54 108 98 100 Year 100 FEDERAL RESERVE 144 168 156 143 163 140 107 98 75 87 94 97 116 107 77 103 BULLETIN PRODUCTION OF MINERALS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928.. . 1929 1930 1931 1932 1933 1934 1935 1936 . .. _ 1937 1938 1939 _ 1940 1941 _ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 90 92 93 84 104 93 105 98 79 69 66 78 84 94 102 100 102 115 87 92 87 85 105 91 107 96 77 69 70 80 86 98 107 97 102 112 89 85 82 90 103 90 93 85 77 70 69 82 84 87 112 94 99 110 91 77 85 87 90 87 98 87 78 67 61 76 76 91 105 91 89 111 100 86 97 94 100 97 108 97 80 62 74 80 83 96 115 89 97 118 105 88 97 101 100 97 107 98 83 59 78 81 90 97 115 89 103 P121 108 88 99 103 96 97 111 96 83 60 84 80 82 98 115 93 106 108 89 104 106 104 103 113 95 79 63 88 78 83 101 120 98 93 101 96 92 110 104 107 119 95 79 68 87 82 89 106 121 101 121 106 96 92 114 104 114 118 97 85 73 82 82 95 110 119 104 129 101 92 92 114 97 109 106 88 79 71 78 78 91 109 109 104 123 86 87 83 105 90 98 101 81 75 66 75 79 92 105 104 102 111 Adjusted for seasonal variation 1923-. 92 1924 94 94 1925.- . 85 1926 106 1927 95 1928-_. 108 1929 103 1930 82 1931 70 1932 66 1933 _ 78 1934 84 1935 95 1936 105 1937 103 1938.. 103 1939 118 1940.. 1941 93 98 91 89 107 94 110 100 80 69 69 79 85 98 109 98 102 114 97 92 89 98 113 98 103 94 83 73 72 85 87 91 120 97 103 117 103 86 ' 94 98 99 96 108 96 83 69 65 80 80 98 112 95 92 119 101 86 96 96 100 98 107 96 82 63 75 81 83 96 112 90 96 118 100 86 95 99 99 96 106 95 83 60 79 80 91 97 114 92 105 103 86 97 100 95 96 109 93 82 61 84 80 82 99 113 94 107 102 85 99 101 100 99 108 91 76 64 87 78 83 99 115 97 91 93 90 86 102 97 100 110 89 74 67 82 79 85 100 115 98 114 98 90 85 105 96 102 107 89 78 69 76 78 90 102 112 98 119 98 89 87 108 95 105 103 87 79 69 77 78 91 106 109 102 120 Year 91 90 86 109 94 102 106 85 77 65 76 80 93 108 107 102 114 98 89 92 99 100 99 107 93 80 66 76 80 86 99 112 97 106 P121 p Preliminary. PRODUCTION OF FUELS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925... _ _ 1926 1927 1928 1929 __. . 1930 1931 _ _ 1932 1933 1934 1935 1936 1937 1938 1939 1940 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 92 95 95 85 107 95 108 103 84 74 72 84 91 99 107 105 106 120 89 94 87 85 108 93 109 100 81 75 77 86 92 104 112 101 106 116 91 87 82 91 107 92 93 88 81 77 76 89 90 91 118 99 104 114 94 77 82 88 89 88 95 90 82 72 67 81 80 95 105 94 90 113 94 79 88 88 93 92 97 91 83 67 80 83 84 94 106 91 96 113 96 80 88 91 92 87 96 90 82 63 85 82 91 92 106 90 100 98 80 90 92 87 87 100 88 82 64 87 80 81 93 104 93 103 99 82 96 96 96 94 103 88 76 67 90 79 82 96 109 97 87 91 90 83 101 97 98 110 89 78 74 86 83 87 100 114 101 114 99 91 84 106 99 107 112 94 86 78 82 84 95 105 115 103 11 2 97 90 88 113 97 106 103 90 84 78 82 83 94 108 110 105 120 88 88 84 108 92 100 105 86 80 72 80 84 96 110 108 105 114 90 90 90 80 102 91 13 0 100 82 90 95 87 84 104 90 105 97 94 89 84 94 111 96 97 91 84 79 76 90 91 91 119 99 104 114 101 82 88 95 95 93 101 95 85 74 69 84 82 98 107 96 90 116 98 82 92 92 97 96 102 94 84 68 81 85 86 96 107 91 96 115 97 82 92 95 95 92 102 93 85 65 86 84 94 96 111 94 104 99 82 93 96 91 92 105 92 85 66 90 83 84 98 109 97 108 98 81 96 96 97 95 105 90 89 87 80 98 94 96 106 87 76 73 86 82 86 99 113 100 113 95 94 86 81 105 93 101 98 86 82 75 80 81 93 105 109 104 118 Year 87 87 81 105 90 97 103 85 80 70 79 83 95 107 107 103 113 73 71 79 7 3 74 82 88 96 104 103 104 117 83 87 99 107 97 102 112 78 69 93 82 84 98 110 99 89 87 80 100 93 98 103 88 81 75 80 81 92 101 112 100 117 94 86 87 95 97 95 103 91 82 72 80 83 89 99 109 99 105 P118 p Preliminary. AUGUST 1940 877 BITUMINOUS COAL PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924. 1925 1926 — 1927... 1928 1929 _ 1930 1932 1933.. 1934 1935.. 1936..._ 1937 1938____ 1939 1940 1941 _ _ Adjusted for seasonal variation 1923 1924 1925. 1926 1927. 1928 1929 1930 1931 1932 1933 1934 _ 1935 1936 1937 1938 _. _ _ 1939 1940 _ Feb. Mar. Apr. May 152 154 151 162 172 137 153 147 114 86 85 99 109 119 127 97 111 132 140 147 125 149 170 130 154 129 102 88 90 105 113 128 137 90 111 121 138 122 111 130 171 127 119 107 101 93 70 110 115 94 148 78 102 104 139 92 101 119 103 102 113 108 86 62 62 78 67 94 80 67 31 101 139 94 107 117 107 108 119 106 87 57 66 80 79 88 92 66 53 103 138 135 131 141 150 119 134 130 102 77 76 89 98 107 114 87 100 119 140 147 122 143 157 120 143 119 95 80 79 90 97 110 117 77 95 103 144 127 115 136 178 133 123 112 105 97 72 114 120 98 154 81 106 109 165 109 120 142 123 121 134 129 102 73 73 93 80 112 95 80 37 120 152 106 121 133 121 123 135 121 98 66 77 94 93 103 108 78 62 122 111 117 June July 144 Aug. Sept. Oct. Nov. Year Dec. 91 65 98 78 75 99 101 83 100 151 129 141 147 126 132 144 119 98 81 91 89 81 116 121 101 118 145 138 151 160 130 146 149 127 103 98 90 94 109 125 122 106 137 139 140 164 183 126 148 144 127 99 99 97 96 106 141 115 115 135 127 137 155 169 122 136 145 119 90 93 93 100 110 137 111 110 117 151 107 129 142 115 126 136 116 99 62 101 87 76 109 108 83 103 148 107 135 142 125 127 135 114 97 69 105 85 82 108 110 90 108 146 124 136 141 122 127 137 113 93 77 88 86 78 111 117 97 114 132 125 137 146 118 131 134 114 92 87 80 84 97 112 109 94 123 128 124 141 158 111 131 128 113 88 87 86 85 94 124 101 101 119 92 104 112 114 142 122 131 144 130 126 135 118 96 78 84 90 94 110 112 88 99 120 127 143 155 112 124 133 109 82 84 84 90 99 124 100 99 106 88 139 97 109 123 108 108 119 105 87 53 75 77 93 88 95 68 83 111 99 116 128 103 113 122 104 89 56 91 76 67 96 95 73 90 148 106 132 136 118 119 127 107 PIOO 148 106 124 140 123 123 136 119 99 60 86 87 107 102 110 79 97 P117 10/11 Seasonal adjustment factors 1940 96 84 85 86 Preliminary. ANTHRACITE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 1924 1925 1926___ _ 1927_ 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939.. . 1940 _ 1941 _ 195 176 165 4 155 133 161 160 141 94 91 139 132 121 101 118 119 128 188 176 173 51 147 133 162 155 136 98 108 150 118 169 93 92 105 86 202 181 157 192 133 119 111 103 109 106 100 141 74 70 105 94 80 86 195 158 173 194 168 168 147 116 136 135 72 119 113 113 161 75 133 89 192 172 189 190 189 182 139 135 119 79 68 119 117 121 104 105 117 90 194 178 174 203 165 119 116 122 104 59 90 95 136 98 106 102 82 P104 193 173 190 191 119 104 110 128 90 73 88 81 80 89 63 61 70 191 158 206 187 169 149 126 141 99 77 97 79 68 80 66 60 85 71 176 1 199 157 147 162 125 104 99 119 98 102 92 87 80 115 195 171 2 205 175 192 183 172 150 126 112 108 94 105 115 99 118 187 170 4 183 170 181 144 134 107 107 119 103 85 112 110 94 99 179 164 5 171 137 145 175 138 107 117 105 111 110 113 109 104 93 Adjusted for seasonal variation 1923 1924 . 1925 1926 _. 1927 1928 _ 1929 . 1930 1931 1932 1933. 1934 1935 1936 1937 _ 1938 1939 1940 1941 203 184 172 4 158 133 155 151 131 85 81 121 114 105 87 102 103 111 196 182 177 52 147 130 155 143 126 91 98 136 107 153 84 84 96 78 204 184 164 209 151 140 135 126 128 113 97 137 72 68 102 91 78 84 197 159 173 192 160 157 138 109 127 126 67 111 106 106 150 70 124 83 192 172 189 190 189 182 139 135 119 79 66 111 106 110 94 95 107 82 192 177 172 201 166 135 135 142 121 68 101 105 148 107 115 111 89 191 171 188 195 138 127 137 161 113 91 110 104 103 115 81 79 90 189 156 204 185 168 147 127 146 109 90 120 102 91 108 90 81 115 69 173 1 195 154 144 159 127 106 101 121 101 106 96 91 84 120 186 163 2 188 147 149 142 133 116 102 103 102 89 99 109 94 112 184 167 4 179 166 178 141 131 105 105 117 101 83 109 108 92 97 183 168 5 173 137 142 168 130 101 111 99 105 104 106 103 98 88 116 no 108 107 no 106 102 Year 106 'F Seasonal adjustment factors 1940 _. 183 172 121 165 157 147 144 136 117 98 97 112 102 107 101 90 101 P113 92 78 n 96 p Preliminary. 878 FEDERAL RESERVE BULLETIN CRUDE PETROLEUM PRODUCTION 1935-39 average — 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 . 1930 1931 _ _ 1932 1933 1934 _._ _ 1935 1936 _ _ _ 1937 1938 - _ 1939 1940 1941 Feb. Mar. Apr. May 53 58 61 60 72 73 83 80 66 67 66 72 79 89 99 107 103 114 54 60 61 61 76 74 84 83 67 67 68 73 81 88 104 106 104 117 57 61 62 61 76 75 83 79 70 68 76 76 82 91 107 107 107 121 61 62 65 63 76 75 84 81 76 71 68 79 82 94 109 107 110 121 63 62 69 63 77 76 85 81 77 69 87 80 83 95 112 99 111 119 Adjusted for seasonal variation 1923 . . 54 1924 59 1925 . 63 1926 62 1927 75 1928 76 1929 86 1930 83 1931 69 1932 69 1933 _ _ 68 1934 75 1935 81 1936 91 1937 101 1938 109 1939 105 1940 ... 116 1941 55 61 62 62 77 74 85 84 69 69 70 74 82 89 105 107 105 118 58 61 62 62 77 76 84 79 71 69 76 75 81 90 106 106 106 120 61 62 65 63 76 75 84 80 74 69 67 77 80 92 107 105 108 118 62 62 69 63 77 75 84 79 75 67 85 78 81 92 108 97 108 116 101 102 10S Seasonal adjustment factors 1940 98 99 June 65 62 70 64 78 76 87 80 78 68 88 83 86 94 110 98 109 July Aug. Sept. Oct. Nov. Dec. 66 62 68 66 79 76 92 77 79 67 86 82 86 93 111 104 112 67 63 68 67 79 78 93 75 68 67 86 80 86 96 116 107 81 68 63 68 68 79 80 91 74 67 68 81 79 88 95 114 102 112 68 61 65 70 78 80 89 73 74 66 77 77 89 96 112 102 115 68 59 64 73 77 79 82 71 76 66 73 75 90 95 108 102 116 60 58 62 73 75 80 81 67 74 59 73 75 90 98 107 103 116 65 61 67 64 78 75 90 76 76 65 83 79 85 93 111 104 112 65 62 67 66 78 77 91 75 68 66 85 79 85 94 113 104 79 67 62 67 67 77 78 89 73 67 68 81 79 88 95 114 102 112 68 61 65 70 77 80 88 73 74 67 77 78 90 97 113 103 116 69 60 65 73 78 80 83 71 77 67 74 78 93 98 112 106 120 62 60 64 75 78 82 84 70 77 61 76 78 92 100 110 105 118 100 103 100 99 97 Year 98 63 61 65 66 77 77 86 77 73 67 77 78 85 94 109 104 108 P119 63 61 69 63 77 74 85 78 76 66 85 80 84 93 110 98 109 P119 100 Preliminary. PRODUCTION OF METALS 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 ... 1925 1926 1927 1928 . 1929 1930 1931 1932 1933 1934 . 1935 1936 1937. . . 1938 1939 1940 1941 Feb. Mar. Apr. May June 66 70 78 76 78 73 80 69 54 39 30 41 45 61 73 73 78 89 65 74 79 79 78 74 84 70 54 35 30 40 50 63 76 73 80 89 70 70 76 77 74 73 84 67 52 31 33 42 48 65 80 68 70 87 72 77 98 77 91 72 113 67 52 32 30 43 50 67 107 70 81 95 139 136 155 135 148 125 177 131 65 32 36 62 76 106 167 77 101 149 106 117 116 120 125 111 135 116 81 47 37 60 68 90 119 99 100 130 114 112 116 11 2 121 113 138 112 77 40 44 61 66 92 125 91 96 134 110 109 128 116 126 106 153 104 71 37 43 59 67 93 145 86 106 135 118 112 122 118 119 110 11 4 106 67 34 40 59 68 96 141 79 98 135 117 108 118 11 2 116 121 132 106 69 35 38 59 71 100 135 78 106 P141 Aug. Sept. Oct. Nov. Dec. 171 140 157 171 153 159 181 143 90 30 63 78 90 129 177 96 125 167 135 154 178 156 164 181 140 92 38 78 71 91 133 189 99 132 161 136 151 176 145 166 176 130 88 38 94 77 101 141 163 103 160 149 129 143 169 138 162 158 115 76 43 78 69 100 144 146 109 177 120 96 119 119 95 125 118 78 49 35 51 47 75 113 102 98 11 4 70 74 76 79 74 81 74 55 46 32 44 49 68 7'6 78 82 93 122 107 119 125 114 119 134 102 65 29 47 59 72 101 136 82 102 120 106 116 127 115 121 11 3 98 65 35 51 56 73 101 144 84 105 118 107 117 130 113 124 130 97 62 32 58 57 75 107 124 85 121 117 108 117 130 112 126 129 95 60 36 56 57 78 109 117 86 128 124 105 121 16 2 107 130 129 94 60 35 57 56 81 112 113 92 131 Year 118 112 117 129 112 131 122 88 62 34 57 61 83 112 111 95 124 118 107 120 125 116 120 134 11 0 67 35 50 58 73 102 127 86 113 P167 Adjusted for seasonal variation 1923 . . . . 107 1924 117 1925 115 1926 117 1927 128 1928 112 1929 132 1930. 119 1931 84 1932 54 1933 35 1934 60 1935 63 1936 86 1937 115 1938 105 1939 97 1940 127 1941 July 163 145 155 162 157 164 181 149 85 35 38 75 83 121 168 81 117 v Preliminary. AUGUST 1940 879 IRON ORE SHIPMENTS 1935-39 average = 100 Jan. Feb. Mar. Without, seasonal adjustment 1923 1924 1925 1926 1927 . . . 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Apr. May June July Aug. Sept. Oct. Nov. 76 196 193 244 179 228 157 280 288 230 241 266 257 271 309 316 221 259 303 261 272 324 302 196 251 314 258 271 317 276 187 223 292 219 265 290 238 164 206 274 197 248 234 150 62 129 120 61 129 120 3 5 1 3 205 52 3 26 262 115 7 39 260 150 19 104 162 91 27 133 60 13 8 24 135 129 200 307 86 169 288 134 135 217 325 99 191 197 127 19 167 12 1 114 8 2 14 77 103 148 295 35 106 213 242 149 21 150 122 140 218 317 98 204 104 146 227 278 100 239 78 135 214 193 106 270 15 47 114 43 45 165 116 116 158 118 155 104 201 114 65 14 41 54 66 88 244 55 79 151 130 118 144 125 138 110 171 125 56 6 38 62 70 104 187 34 85 153 146 113 126 138 129 136 158 129 64 6 34 66 69 108 161 47 98 155 151 107 129 147 128 134 160 121 63 9 48 59 68 110 161 49 102 151 102 129 153 127 134 159 113 63 9 62 56 70 113 162 50 108 152 105 129 159 126 145 160 108 58 9 69 51 71 114 147 50 119 148 104 131 162 125 147 153 107 52 12 65 47 72 114 121 54 133 166 96 144 150 102 150 159 113 51 12 55 50 73 131 106 51 155 20 64 47 Adjusted for seasonal variation 1923 126 1924 144 1925 115 1926 126 1927 153 119 1928 154 1929 . . 146 1930 1931 91 1932 45 14 1933 1934 66 1935 58 1936 79 1937 142 1938--. . 107 1939 60 1940 132 1941 129 136 118 130 149 120 159 141 82 34 21 68 58 86 151 88 68 143 133 127 123 135 145 121 162 135 74 24 31 66 60 93 159 70 77 153 Dec. Year 148 107 135 146 128 135 163 116 59 9 54 56 71 112 156 48 112 149 114 124 154 118 151 150 104 54 11 58 59 73 133 125 53 122 NOTE: The method of seasonal adjustment for this series, and the factors used may be obtained from the Division of Research and Statistics. COPPER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 1925 1926 1927 _ _ _ 1928 1929 _ 1930 1931 1932 1933 1934 _ _ 1935 1936 _ 1937 1938 L 1939 • 1940 Mar. Apr. May June 106 126 141 134 144 129 163 128 91 107 133 144 142 145 136 177 124 99 115 123 141 143 131 133 177 116 92 115 129 138 143 139 136 185 118 91 118 124 133 139 135 139 176 114 86 122 125 136 139 136 143 161 111 87 36 47 85 121 99 111 144 44 61 86 134 95 110 142 40 52 90 135 89 99 144 42 52 98 136 88 102 150 33 54 82 141 78 97 141 31 51 88 150 69 100 139 103 128 139 137 139 131 172 120 97 111 120 137 140 130 133 179 117 93 113 126 135 140 136 133 182 116 89 120 125 135 140 135 139 176 114 86 122 125 136 139 136 143 161 111 87 42 58 84 131 93 108 140 40 53 89 132 87 97 141 40 50 94 130 84 98 144 33 54 83 142 78 98 143 33 54 89 153 70 102 142 102 102 104 99 98 Adjusted for seasonal variation 105 1923 125 1924 140 1925 134 1926 145 1927 132 1928 168 1929 132 1930 94 1931 1932 1933 _1934 37 48 1935 87 1936 123 1937 _ __ 101 1938 . 113 1939 147 1940 1941 Seasonal adjustment factors 1940 Feb. 98 July Aug. Sept. Oct. Nov. Dec. 119 122 129 136 124 139 150 102 72 124 126 129 136 127 145 149 106 74 121 125 132 142 129 153 155 110 75 125 130 134 142 130 163 156 106 76 125 133 132 146 133 167 148 104 80 122 128 131 137 127 162 141 92 81 35 37 52 79 144 52 91 33 37 54 86 152 73 36 42 64 118 141 86 33 40 76 121 139 108 36 43 84 125 122 122 33 44 86 116 108 122 124 128 135 142 130 148 161 110 78 128 130 133 140 131 150 154 109 76 124 127 135 143 129 151 152 108 73 123 129 133 140 128 159 151 104 75 122 131 129 142 129 162 144 100 77 126 132 135 141 131 165 140 91 80 37 39 55 88 162 59 103 35 39 57 91 161 78 35 41 62 115 137 83 32 40 74 117 134 104 35 41 81 121 117 117 33 44 85 113 105 118 89 94 103 104 104 Year 103 118 127 135 140 133 146 161 111 83 38 34 39 61 98 135 90 116 NOTE: Estimated monthly figures Jan. 1932-June 1933 and August to December 1939 not available for publication 880 FEDERAL RESERVE BULLETIN LEAD PRODUCTION 1935-39 average = 100 Jan. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 143 137 177 171 171 169 163 145 127 95 68 77 84 89 108 104 114 114 144 150 189 186 173 175 171 164 119 94 75 74 85 91 108 103 106 116 156 142 174 177 177 158 173 174 115 78 73 74 78 89 125 106 96 115 151 150 176 177 188 150 180 154 109 77 56 75 85 92 118 100 96 119 174 163 173 173 172 163 176 150 108 71 53 78 74 92 113 93 102 122 137 152 178 167 166 169 167 149 102 77 55 68 72 100 130 86 101 129 143 164 162 148 149 166 134 91 63 54 68 78 103 118 76 95 130 155 161 171 171 162 165 138 101 62 66 79 90 95 117 79 106 130 161 180 177 159 163 171 151 104 64 82 83 89 97 128 86 111 136 165 176 176 160 168 177 140 99 63 90 76 84 94 128 85 109 132 160 182 178 178 174 162 121 89 66 91 73 98 97 128 109 116 126 155 182 176 173 163 161 122 87 77 83 77 96 97 123 109 118 Adjusted for seasonal variation 1923 146 1924 140 1925 179 1926 173 1927 _ . 171 1928 169 1929_ . 163 1930 143 1931 123 1932 91 1933 66 1934 75 1935 _ 82 1936 89 1937 108 1938 „_ 104 1939 114 1940 114 1941 137 143 180 178 165 166 166 161 117 92 74 74 85 91 108 103 106 116 156 142 174 177 177 158 173 174 115 79 74 75 80 91 128 108 98 117 149 149 175 176 186 148 178 153 107 77 55 74 84 91 117 99 95 118 169 158 171 171 171 162 174 148 110 73 55 79 75 94 115 95 104 124 138 154 180 169 168 171 169 151 103 78 55 69 73 101 132 87 102 138 154 176 174 159 160 178 145 98 68 58 73 84 111 126 82 102 132 158 164 175 174 165 168 141 103 63 68 81 92 97 120 80 108 128 157 177 174 158 161 166 145 100 61 79 80 86 93 123 83 107 135 163 175 174 159 165 171 136 96 62 89 76 86 s-gSoT Without seasonal adjustment 1923. 1924 _ 1925 1926 1927 _ __ 1928-— _ 1929 1930 . 1931 1932 1933 1934 1935___ __ . 1936 1937_ 1938 1939 _ . _ _ 1940__ 1941 Feb. 130 157 179 175 175 172 162 123 90 67 90 71 94 92 121 102 109 128 158 183 178 174 165 163 124 87 76 81 74 91 92 118 103 112 Seasonal adjustment factors 1940 100 98 101 98 99 98 98 98 106 Year 105 100 m QK 141 153 176 174 170 164 169 145 104 74 71 75 84 95 120 94 106 ZINC PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 1924 _ -_ _ 1925 1926 --1927 1928 1929 1930 _. 1931 1932 1933 1934 1935 __ _. 1936 1937 1938 1939 1940 1941 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 110 110 121 137 133 125 123 115 76 53 50 78 86 90 97 106 102 135 114 111 120 127 132 130 128 112 75 52 51 79 85 98 123 101 105 134 113 108 118 129 124 129 132 106 70 49 51 74 85 103 125 91 103 131 110 111 116 125 120 125 133 103 60 43 50 72 80 104 128 87 98 123 103 105 111 116 120 122 126 104 56 39 58 60 83 108 121 74 95 118 100 100 111 113 111 119 126 93 50 34 72 57 81 105 114 70 92 97 97 112 121 114 122 129 95 50 32 78 61 82 101 112 75 95 94 98 114 126 115 119 125 97 51 32 80 64 87 101 120 77 101 98 99 118 128 117 117 126 95 50 35 82 80 85 107 122 85 116 107 103 122 133 119 121 116 77 49 39 78 84 90 109 118 97 128 108 111 125 133 122 118 110 76 51 43 74 83 94 109 119 105 134 Adjusted for seasonal variation 103 1923 _ 110 1924 112 1925 126 1926 129 1927 120 1928 116 1929 118 1930 74 1931 1932 _ _ 51 43 1933 75 1934 80 1935 95 1936 91 1937 111 1938 -_ _ 101 1939 130 1940 1941 104 104 115 131 126 119 118 109 72 51 48 75 83 88 95 104 100 133 107 105 113 120 124 123 121 105 71 49 48 74 81 94 108 109 114 123 119 123 132 103 60 43 50 72 80 104 128 87 98 123 108 109 115 120 122 125 128 106 57 40 59 62 85 110 124 75 96 120 106 105 117 120 118 126 134 99 53 36 76 61 87 112 121 75 98 103 104 119 127 119 127 135 99 52 33 81 64 87 106 118 79 100 99 104 120 132 120 123 127 99 52 32 81 66 89 104 124 80 104 101 102 121 132 121 120 128 95 50 35 82 80 85 107 122 85 116 108 104 123 134 120 122 118 78 50 39 79 84 89 108 117 96 127 106 109 123 130 121 118 111 77 51 44 75 83 92 106 116 102 130 127 109 104 113 124 120 124 127 102 67 47 50 71 82 100 121 89 100 127 Seasonal adjustment factors 1940 102 105 103 100 98 94 95 97 100 101 103 AUGUST 1940 102 Oco £ OOS 00 108 116 117 132 133 122 118 121 75 52 44 77 81 97 93 113 103 133 Year 105 106 117 126 121 123 124 99 59 42 64 72 85 103 116 90 106 881 GOLD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 - 55 44 67 72 91 110 101 107 118 - _ 51 56 66 64 77 86 96 108 114 54 47 57 66 80 83 98 107 109 44 65 60 68 80 87 86 90 103 46 52 65 65 80 76 90 119 109 51 61 49 51 58 56 67 ___ 54 65 72 67 58 72 46 71 73 88 94 102 115 121 75 91 95 106 116 119 76 89 99 101 109 124 75 92 89 105 135 124 76 95 116 106 113 124 85 94 110 100 113 n 92 83 88 95 55 38 62 77 84 94 80 91 32 47 74 85 105 108 127 119 64 42 59 82 112 141 118 114 70 79 89 98 105 106 123 141 76 70 85 94 118 133 120 163 63 74 68 85 108 121 135 130 62 80 78 100 91 97 113 119 61 38 68 54 65 57 55 42 69 53 74 47 66 61 70 60 72 68 66 70 69 79 98 101 118 111 80 99 125 109 106 82 96 97 109 125 81 96 106 96 130 83 94 105 117 113 88 94 100 113 119 107 108 US 125 115 100 56 57 69 80 95 104 107 116 P112 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 __ _ _ ._ Seasonal adjustment factors 1940 _ P141 80 p Preliminary. SILVER PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 106 96 113 106 107 102 103 98 71 46 40 42 56 90 111 107 96 100 107 130 115 115 113 98 109 117 72 39 36 43 77 111 113 115 120 123 125 114 101 106 105 109 107 103 72 38 53 57 61 109 113 118 104 118 140 100 117 105 100 99 115 98 60 48 40 51 55 107 115 107 113 130 140 116 107 104 99 94 104 88 57 41 32 47 55 98 108 99 76 120 108 104 116 110 105 105 106 84 52 52 26 49 51 112 116 99 116 123 101 110 96 99 80 93 73 45 40 32 38 69 95 140 93 66 109 111 101 108 106 98 103 79 50 48 31 43 65 97 153 115 87 104 117 103 103 99 87 98 80 45 40 41 38 75 117 123 108 109 103 116 95 105 102 89 105 78 45 42 37 43 82 131 100 112 100 Ill 119 104 101 106 101 123 79 45 46 40 42 81 118 142 61 108 105 116 101 116 103 108 94 76 48 36 32 60 76 127 117 95 117 Adjusted for seasonal variation 108 1923 97 1924 114 1925 107 1926 108 1927 103 1928 104 1929 98 1930 72 1931 - --47 1932 : 41 1933 42 1934 56 1935 91 1936 112 1937 __ 108 1938 97 1939 - 101 1940 1941 - 102 124 110 109 108 96 106 115 71 39 36 42 75 108 110 112 116 120 125 114 101 106 105 108 105 100 70 37 51 55 58 105 108 113 100 113 140 100 117 105 100 99 115 98 60 47 39 50 54 105 113 105 111 127 143 119 109 106 101 96 106 90 58 43 33 49 58 102 113 103 79 125 105 101 113 107 102 102 103 83 52 52 26 49 51 112 116 99 116 132 109 118 103 107 86 100 78 48 43 34 41 74 102 150 100 71 109 111 101 107 104 95 100 76 48 46 30 42 63 94 148 111 84 103 116 102 104 102 88 100 82 45 41 41 39 77 119 125 110 111 104 117 96 106 103 90 105 78 45 42 36 42 81 129 98 109 98 109 117 102 99 104 99 120 78 44 45 39 42 82 119 143 62 109 105 116 101 114 102 107 93 75 48 35 32 59 75 125 116 94 116 103 104 102 Year 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 __ _ _ ___ Seasonal adjustment factors 1940 -. 882 115 112 107 106 103 98 105 88 55 43 37 46 67 109 121 102 101 99 96 100 93 103 98 102 99 101 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 884 Gold production 885 Gold movements • 885-886 International capital transactions of the United States 887-891 Central banks 892-895 Bank for International Settlements. 896 Money rates 896 Discount rates of central b a n k s . . . 897 Commercial banks Foreign exchange rates 897-898 ... 899 Price movements: Wholesale prices 900 Retail food prices and cost of living 901 Security prices 901 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. 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. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. AUGUST 1940 883 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Switzerland Netherlands Total i United United BelStates King- France gium dom End of month 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1939—June July August September. October November. December. 1940—January... February. _ March April May June 21,051 21,604 22,630 23,964 25,468 25, 270 25,492 26,097 25, 234 25, 303 25, 513 25, 702 25,907 26,197 25, 695 '25, 937 '26,191 26, 942 1,584 1,648 2,584 10,125 11,258 12, 760 14, 512 16,110 16,238 16, 646 16, 932 17,091 17, 358 17,644 17, 931 18,177 18, 433 18, 770 19, 209 19, 963 5,445 4,395 2,995 2,564 2,435 2,690 2,574 2,574 2,714 2,714 2,714 2,714 2,714 1,067 1,162 1,162 1 1 1 1 1 1 1 1 1 1 2,714 2,714 2,000 2,000 2,000 /2,000 590 611 632 597 581 540 573 614 615 611 608 609 /609 /609 /609 /609 /609 /609 Argentina National B.I.S. Bank 624 454 655 648 573 438 490 930 995 800 769 769 752 754 700 690 690 690 690 650 /650 /650 Brazil 403 444 501 469 431 428 427 431 449 449 453 466 466 472 482 2 403 403 '403 595 585 585 579 559 547 535 525 519 514 501 41 42 42 44 45 /45 British India Bulgaria Canada 275 275 275 274 274 274 274 274 274 274 274 274 274 274 274 274 /274 /274 19 19 20 24 24 24 24 24 24 24 24 24 24 24 24 24 /24 /24 134 189 188 184 192 213 212 218 218 212 213 214 211 213 211 212 5 Chile 29 29 29 30 30 30 30 30 30 30 30 30 30 30 30 /30 Other countries—Continued E n d of month Czecho- DenCoslolombia vakia mark 19 16 19 16 24 20 21 20 21 21 21 21 23 24 23 23 23 /23 1934—Dec. _ 1935—Dec.. _ 1936—Dec. . 1937—Dec.. 1938—Dec... 1939—June.. July... Aug... Sept... Oct.... Nov.Dec... 1940—Jan.... Feb... MarApr. .. May.. June.. 112 112 91 92 83 62 60 60 58 57 56 56 56 56 56 56 56 /56 Egypt 60 54 54 53 53 53 53 53 53 53 53 53 53 53 53 53 53 /53 Germany 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 /55 Greece Hungary Italy Japan 40 34 26 24 27 31 30 28 28 28 28 28 28 28 28 28 28 /28 23 23 25 25 37 24 24 24 24 24 24 24 24 24 24 24 24 /24 518 270 208 210 193 /193 /193 /193 /193 /193 /193 144 /144 /144 137 /137 /137 /137 394 425 463 261 164 164 164 164 164 164 164 164 164 164 164 164 164 /164 32 33 27 28 29 /29 /29 /29 /29 /29 /29 /29 /29 /29 /29 /29 /29 /29 End of month 1934—Dec 1935—Dec 1936—Dec 1937—Dec 1938—Dec 1939—June July Aug Sept Oct Nov Dec 69 _ 1940—Jan Feb Mar Apr May June 104 109 114 120 133 184 212 203 189 220 Spain 740 735 /718 /718 /525 Sweden Tur- Uruguay Yugoslavia 159 185 240 244 321 137 137 148 149 150 151 152 219 219 222 234 243 254 249 /525 /525 /525 /525 /525 /525 /525 346 348 355 357 332 333 308 152 153 153 154 /154 /154 253 268 272 279 298 '298 /525 /525 /525 /525 /525 /525 258 218 173 179 189 /189 Other countries 3 161 168 183 185 143 134 135 136 131 156 156 151 68 68 /68 /68 /68 61 61 62 64 /64 137 147 149 '151 '151 151 r p Preliminary. Revised. / Figure carried forward from last previous official report, as indicated by last previous unfootnoted figure except in the case of Spain and Germany; Spanish figures officially reported on Aug. 1, 1936, and April 30, 1938, and last official German report dated June 15, 1939. 1 Totals do not include Government gold reserves shown in separate section at end of table, or other central reserves which are unreported or which are too minor to be included. Among unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands stabilization funds, and certain German holdings. Totals may include some figures which are preliminary or carried forward from previous report dates (see footnote / ) . 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. 3 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from latest report date (see footnote -0. NOTE.—For back figures and description of table see footnotes to table in BULLETIN for December 1937, p. 1262, and August 1936, p. 667; also see BULLETIN for July 1936, pp. 544-547, and June 1933, pp. 368-372. For details regarding special transfers of gold by central banks to Government exchange funds, and vice versa, see notes to section at end of table and notes to tables on central banks, pp. 892-895. 884 Norway Peru 23 44 46 24 29 25 23 23 23 23 61 84 98 82 94 19 20 20 20 20 90 28 29 29 30 32 34 32 23 23 23 23 23 23 23 107 107 107 107 103 103 94 19 19 20 20 19 19 20 90 90 90 100 100 /100 27 23 25 27 28 31 23 23 23 23 /23 84 84 /84 /84 /84 /84 20 20 19 /19 /19 Poland 84 75 83 85 84 84 /84 /84 Government gold reserves1 not included in previous figures Other countries—Continued Portu- Ruma- South gal Africa New Zealand Mexico Java United End of month United King- France States dom 1934—Dec. _ _ 1935—Dec. __ 1936—Dec.. _ 1937—Dec _ _ 1938—Mar.._ June.. Sept— Oct.— Nov.._ Dec.._ 1939—Jan.. _ _ Feb... Mar... Apr 31 53 2 934 3 1,395 1,489 81 "62 """759" 80 154 May.. June _ _ Sept... Dec.._ 1940—Mar. .. Belgium 85 164 156 145 5 1, 732 * 103 130 331 381 465 559 455 477 44 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 Figure for Mar. 1937, first date reported. 3 Figure for Sept. 1937. 4 First date reported. & Transfers in 1939: from Bank to Account, $1,648,000,000 on Jan. 6, and $1,162,000,000 on Sept. 6; from Account to Bank, $26,000,000 on Mar. 1, and $94,000,000 on July 12. FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Year or month Estimated world production outside U.S.S.R. 1929_. 1930.. 1931.. 1932.. 1933.. 382, 532 401,088 426,424 458,102 469, 257 1933_. 1934.. 1935.. 1936.. 1937.. 1938_. 1939.. 794,498 823,003 882, 533 971, 514 1,041, 576 1,132,856 1,206,047 Production reported monthlyAfrica Total Rhodesia South Africa $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$£0.67 215,242 11, 607 4,297 2,390 45, 651 39,862 13,463 2,823 683 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 224,863 11,193 5,524 3,224 49, 527 55, 687 12,866 4,016 442 238, 931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 227,673 13, 335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 $1=15-5/21 grains of gold 9/10 fine; i. e.t an ounce of fine gold=$S5 6,148 89,467 103, 224 22,297 10, 438 5,094 696,218 385,474 22, 578 6,549 108,191 104,023 23,135 12,045 8,350 707,288 366, 795 24,264 ,251 7,159 126,325 114,971 23,858 11, 515 751,979 377,090 25, 477 ,018 7,386 152, 509 131,181 26,465 13,632 833,088 396, 768 28,053 8,018 168,159 143, 367 29, 591 15, 478 9,544 892, 535 410, 710 28,296 8,470 178,143 165,379 32,306 18,225 10,290 957, 212 425,649 28, 532 8,759 196, 391 178, 225 32,300 19,951 11, 376 1, 019, 469 448, 753 28,009 '79,885 '83, 572 '83, 697 '87, 246 '91, 511 '90, 026 '90, 985 '87, 468 '85,044 35, 613 37,970 37,065 37,952 38, 494 37,817 38,459 38, 600 38, 534 2,252 2,355 2,369 2,395 2,431 2,442 2,452 2,425 104,651 605 067 P104,139 *>106, 300 1940—January. _ _ February.. March April May Other Belgian United ColomChile Congo States i Canada Mexico bia 352, 237 365, 258 386, 293 413,459 411, 208 '99, 572 '102,883 '107, 348 '106, 959 '107, 229 '103, 618 '101, 380 1939—April May June July August September.. October November.. December. _ North and South America West Africa 88, 793 P81, 362 P88, 075 *>87, 770 P89, 547 39, 777 38, 575 40,162 40,879 41, 742 2,384 345 v2, 372 P2, 454 P2, 450 '94,661 P97, P104, 2,349 2,323 2,277 2,395 2,379 2,432 2,479 2,497 2,589 '15, 412 '15, 319 '14,611 '16,250 '16,947 '19, 728 '21, 785 '17, 512 '15, 936 14,238 15,133 15, 287 15,402 15, 722 14, 752 15,144 14,818 15,151 Austra- British lia India 8,712 9,553 12,134 14, 563 16,873 7,508 6,785 6,815 6,782 6,919 28, 568 30, 559 31, 240 40,118 46,982 54, 264 56,182 11,715 11, 223 11,468 11, 663 11, 607 11,284 11,008 1,794 3,216 3,638 6,519 2,302 1,832 2,333 1,209 16,972 14,853 13,317 14,188 16,217 '15,045 16,408 14,652 16, 500 15, 488 P2, Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $35 per fine ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $185,000,000; 1937, $180,000,000; 1938 (preliminary), $184,000,000. p Preliminary. ' Revised. i Includes Philippine Islands production received in United States. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1939, p. 106; and 1936, pp. 108-109. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Year or month 1934 1 1935 1936 1937 1938 1939 1939 Apr May June..... July Aug Sept Oct Nov Dec 1940 Jan Feb Mar Apr May June Total net imports or net exports Net imports from or net exports (—) to: United Kingdom BelFrance gium Netherlands Sweden 384,925 302, 667 128,196 177,805 163,738 162,450 10,182 18, 556 10,417 236, 391 23,906 21, 321 201,422 459, 827 35, 268 249,851 43, 567 435,132 62, 042 40 1,162, 975 128,003 241, 603 84,603 41, 651 974 Canada PhilipMex- Colom- pine Aus- South bia 30,270 13,667 39,966 38,482 36,472 33, 610 16,944 10,899 11,911 18, 397 10, 557 23, 239 44, 564 40,449 55,081 45, 554 22, 640 1 2,990 8,781 5,113 31, 526 19,743 55, 680 7,665 1,649 2,284 12,066 2,050 5,644 17,191 3,280 5,628 15,196 4,150 34, 299 3,956 653 1,482 120,837 9,940 1,794 3,445 2,990 65,067 5,119 308, 773 3,972 2,114 2,117 2,107 2,123 2,120 2,102 30,415 16, »,601 16,181 32,448 282 65, 991 3,273 39,654 9,431 3, 671 1,208 13,931 28,907 32, 617 11, 452 2,138 2,550 2,006 2,215 2,396 2,331 4,182 1,131,994 499,870 260,223 8,902 94,348 3 227,185 1,739,019 315,727 934,243 1,116, 584 174,093 573, 671 3,351 71,006 1, 585, 503 891, 531 -13,710 90,859 6,461 1, 973, 5691,208,728 81,135 15,488 163,049 60, 3, 574,151 1,826,403 3, 798 165,122 341, 618 28, 7: 605, 797 429,404 240,430 278, 636 259, 921 326,074 69, 726 167, 980 451,172 Switzerland 12,402 86,829 968 95,171 7,511 72,648 54,452 111, 480 1,363 76, 315 612, 949 52, 716 46,866 249,858 54,96: 281,182 716, 685 Islands tralia Africa Japan 12 12,038 1,029 65 15,335 3,498 8 21, 513 23; 280 181 246,464 25, 427 34,713 401 168,740 27,880 39, 35, 636 74, 250 22,862 165,605 2,117 2,116 2,179 2,594 3,843 3,022 2,775 3,947 3,188 2, 643 2,646 4,844 100 41 5,295 50 5,677 50 5,034 52 5, 689 11 5,474 8,420 2,142 10,449 12, 505 6,472 3 3 2,116 2,111 2,113 2,130 3,360 1,896 4,137 3,376 2,405 3,895 6,155 4,241 7,409 3,374 5,177 6,603 20,297 18,872 24, 503 28, 798 31,477 23,091 British India All other countries 76,820 32,304 75,268 46,989 77,892 39, 735 50, 762 2 29,998 16,159 67, 975 50,956 »102,404 5,528 4,944 * 6, 972 10,931 3,390 3,866 14,093 2,244 3,023 10, 938 2,760 6,365 10,931 9,259 4,460 16,425 4,065 s 8, 541 12,497 2,703 • 15,870 9,487 10,138 16, 662 7,592 » 22,812 20,101 37, 680 9,743 s 31,698 4,919 6,722 » 31,001 5,797 11,813 10 21,493 4,710 3,139 11 27,866 4,743 4,317 12 18,423 3,399 2,377 "25,197 1 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. * Includes $4,503,000 from Argentina. 5 Includes $5,157,000 from Hong Kong. 6 Includes $6,363,000 from Italy; $4,087,000 from Hong Kong. 7 Includes $6,414,000 from Norway; $5,586,000 from Italy. s Includes $19,527,000 from Norway; $5,452,000 from Hong Kong. 9 Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy. 10 Includes $11,760,000 from Italy. " Includes $16,108,000 from Italy; $5,984,000 from Hungary. 12 Includes $8,248,000 from Italy. 13 Includes $13,673,000 from Yugoslavia. NOTE.—For gross import and export figures and for additional countries see table on p. 792. 2 AUGUST 1940 885 Gold Movements—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or month 1934 1935 1936 1937 1938 _. Total net imports or net exports United States 716,269 -497,166 369, 722 -435, 502 1,169,931 -276,830 420,427 -834,009 -285; " ~ -1,050,395 GerFrance many1 89, 580 24,119 -73,132 -261,143 -210,171 -96, 508 -66, 726 -20,811 -6,137 -10,529 -997 -93, 660 -5,726 -360,016 685 -308, 528 69,604 -105,220 -66 -97,371 758 1939—Jan.. Feb.. Mar. Apr.. May. June. July. AugJ -36, 514 -148,005 -259, 984 -121, 188 -294,077 -51, 591 -147,33! -318, 511 -50,814 -3 -160,218 -68 -306,839 -183 -357, 518 -1,431 -287, 76f -262 -127,293 -412 -182,145 -330 -223, 370 2,691 57 47 6,164 14, 358 4,077 6,00,r 2,057 56, 764 -12,037 23, 212 - 5 , 750 -258 -10,041 120,075 - 7 , - ' " 535 33,982 -2,328 - 5 , 245 9,990 -33 211 -253 11 396 779 88 23,477 1,039 29 176,451 19,164 4,018 2,008 49,004 -38 41" 22,968 8,856 19 -1 -7,491 -11,275 1 5,672 5,613 16,866 5,665 5,649 335, 253 404,295 181,602 488,814 128,421 464,837 66, 330 333, 750 55, 744 2,024 2,490 2,102 2,839 705 155 528 681 736 5,631 9,929 3,725 40,623 6,581 31, 516 6,418 3,035 31,192 10, 356 3,023 -4,750 16,831 4,204 -20, 792 6,530 4,260 618 2, 1,815 531 7,358 5,671 3,451 5,559 12, 656 45, 394 52,636 38,423 49,120 1938—July... 1,468 Aug.... -6,864 Sept... -36, 626 Oct.._. -16,134 Nov.__ -10,129 Dec—. - 3 , 765 -8,837 -1,338 9,024 1,454 913 -12,784 -45,955 647 -54,858 -9,127 -1,714 -51,608 11,940 -1,128 76, 620 -88, 524 -105,104 -2 -2 -7 -1,140 228 1939—Jan.... 33 - 3 , 786 Feb... -11,940 - 2 , 1 1 2 -21 -763 Mar1,547 9,999 - 3 7 , 332 -10,786 Apr.... 9, 967 -162,645 -54,266 -104, 650 May... - 5 , 807 8,059 -2,329 -5,419 June.-. 93 - 2 8 4 -10,696 - 8 , 589 July... 7,765 - 2 , 856 1,033 00 Aug.... 5,275 2 4,334 00 Sept... - 2 , 730 -1,506 -1,030 00 Oct... - 2 , 855 -888 44 00 Nov... -15,187 - 3 , 880 85 00 Dec... -3, 9r - 3 , 4 7 3 304 00 00 -29, 235 18,397 19,431 2,580 -181,725 -13,940 25,542 342 39,305 14, 531 51, 299 4,600 -45,061 27, 739 -657 6,553 -74, 375 -1,067 11,314 25,125 -13,431 -2,953 31,466 -18,039 16,128 -14,071 10,464 - 8 , 382 15, 940 418 907 -616 13 33 -1,854 -139 549 24 -1,990 -4,805 -1,609 269 -1,153 -1,929 -541 -907 -1,338 All other countries 1,374 304 151 -1,101 1,41 4 -1,148 4,805 -47,875 2,975 4-145,856 911 2,388 697 3,078 4,606 6-114, 284 - 7 , 673 -5,407 -11,429 -16,521 -11,151 -10,498 -22, 763 -21, 980 -4,671 2,831 1,017 1,511 - 3 , 790 -1 go -437 - 3 , 793 -1,138 -4,966 421 -920 —312 -1,955 1,353 1,603 1,347 704 399 3,762 1,847 3,618 73) 394 -425 32,921 1,504 153 - 3 , 318 -14,393 - 4 , 618 British India Net imports from or net exports (—) to: Total Total net net imports imports or net or net United Neth- GerBelexports1 exports United King- France ergium Italy lands many1 () () States dom -46,065 -230, 788 122, 278 -56,946 -1,245 -220, 229 Switzerland Sweden -9,123 2 88, 228 62,397 14,126 53,465 32, 754 -50,661 37, 708 28,067 -10,129 22,079 -81 -16,596 -55,032 20, 761 -89,371 -78,029 4,922 Switzerland -90,920 42,969 -1,868 -3, 718 -35, 224 ") 1940—Jan.__ 41, 790 37, 981 26, 723 24,165 27,831 28,104 Germany 1934 1935 1936 1937 1938 1939 South Africa, Other Nether- U.S.S.R. Austra- Rho- British British desia, India counlands lia West tries Africa 348,190 121,017 -13,585 32, 575 142,137 -4,726 -17,476 10, 796 931 756, 215 23,292 -15,133 -21,215 541,187 46,147 -21,993 -16,572 199,965 33,173 348,000 -46, 463 115, 540 1938—June. July. Aug.. Sept. Oct.. Nov. Dec. Year or month Belgium -6,041 -1,283 117 -158 -117 -166 -142 -37 -2 -149 -213 -1,509 -864 -73 6 2 -91 -1 -5 -9 -44 1 556 -576 10,819 19, 585 -8 10,800 2,815 -25 - 4 , 583 - 6 , 255 -1,662 -43 -9,607 - 2 , 990 -16,461 -32, 745 -25,191 All other countries Increase in India: Total Gold net In In imports produc- Ingold In or net tion in dian earmark- private exports India ed for rehold() serves foreign account 1,543 -230, 720 9 2, 812-161,872 o 26, 368-121,066 10,609 -61, 723 -4,989 -54,696 1,546 -79, 495 11, 223 173 11,468 11, 663 11, 607 -41 11, 284 _____ 11,009 3,962 222 -10,988 3,824 -6, 267 342 - 7 , 0 8 2 -957 924 1,884 -10,251 2,551 -56 3 —7, 661 - 2 , 279 -265 994 31 211 -2,884 -438 -209 -125 -1,274 -7 - 3 , 288 -15 -97 -5,113 -860 -14,830 -2,431 - 2 , 573 - 3 , 394 - 4 , 202 -239 -1,138 -2,049 -76 -3,116 - 2 4 4 -10,264 -171 - 5 , 274 -204 -887 - 5 , 213 -11 -243 1,617 2,965 -12,365 - 7 , 691 -2 - 2 , 743 121 2,812 -20, 517 940 863 938 912 937 910 936 923 -10,034 -6,121 -8 -8,611 1,909 5,690 - 7 , 0 3 6 4,479 - 3 , 270 954 961 949 959 933 -2, 294 -1,581 -8,327 -3,876 -718 725 355 1,234 89 1,463 1,473 -709 (13) -25,082 903 925 -219,670 -150,398 -109,403 -50,075 12, 078 -55,490 50,913 12 119,396 9 11,423 -10,608 7,749 -10,174 -8,984 4,812 5,197 - 7 , 6 7 9 -5,104 5,749 -6,888 942 -10,270 2,512 -10,421 4,563 -15,994 31 - 6 , 8 1 9 12-19,592 12—24,191 1 Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 3 Includes $67,655,000 exported to Central and South America, excluding British countries. 4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. 6 No figures published since August 1939. • Includes net exports to Canada of $115,515,000. 7 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. »Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. i° Includes net import of $26,555,000 from Czecho-Slovakia. 11 No figures published since June 1939. 13 May include a net increase or decrease in gold earmarked for foreign account, not reported separately since November 1939. 2 1 No figures published since December 1939. NOTE.—SwitZetland.—In some cases annual aggregates of official monthly figures differ somewhat fro m revised official totals published for year as a whole. 886 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO 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, through- Total Total Central bank funds in N. Y. Decrease in U. S. banking funds abroad Other Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. 31.. 1936—Dec. 30.. 1937—Dec. 29_. 1,412.5 2,608.4 3,410.3 603.3 930.5 1.168.5 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 12.9 47.5 1938-Sept. 2 8 . . Oct. 2 6 . . . Nov. 3 0 . . Dec. 28_... 3,452.9 3,672. 2 3, 709. 2 3,779.2 1,161.2 1,298.9 1.392.1 1,432. 7 168.0 205.3 220.1 216.3 1,093.6 1.172.1 1,216. 5 477.2 496.3 472.7 478.1 625.0 638.4 598.4 610.0 1,125. 4 1,182.4 1,194.4 1,210.9 64.1 56.2 51.5 47.6 1939—Apr. Apr. Apr. Apr. 5... 12.. 19.. 26.. 4,241.8 4,317. 6 4,402.9 4,479. 6 1.759.6 1,819.8 1,892. 9 1,934.4 251.3 278.6 243.8 240.9 1,508.3 1,541. 2 1,649.0 1, 693. 5 572.0 582.2 587.5 611.8 652.6 652.9 655.3 657.5 1.191.7 1.193.8 1,194.3 1.202.9 65.9 68.9 72.9 73.0 May May May May May 3... 10.. 17.. 24_. 31_. 4, 523. 7 4,544. 5 4,567.6 4,570 0 4, 570.8 2,019.6 2,030.7 2,042.8 2,046. 3 2.041. 5 245.9 264.5 292.8 299.1 302.1 1,773.6 1.766.2 1,750.0 1, 747.3 1,739. 5 596.1 591.3 597.3 596.0 599.8 621.8 637.1 642.3 644.1 647.6 1,211.9 1,210.2 1,211.8 1,209. 3 1.209.2 74 4 75.3 73.4 74.2 72.7 June 7... June 14.. June 21.. June 28.. 4,550.0 4, 555. 9 4, 584. 2 4, 593.6 2,008. 2 2.019.8 2,031.7 2,048.3 327.8 364.4 364.5 361.8 1,680.4 1,655. 5 1,667. 3 1,686. 5 601.3 593.7 608.7 607.5 658.4 661.5 664.3 664.5 1.210.6 1.208.3 1,205. 6 1,199. 3 71.6 72.6 73.8 74.0 July July July July 5... 12_. 19.. 26.. 4,611.6 4, 588. 9 4, 591. 0 4, 613. 4 2.049.7 2.031.2 2.042. 5 2,066. 2 306.9 293.6 288.6 301.2 1,742.9 1,737. 5 1,753.9 1,765.0 608.0 607.9 604.5 606.9 678.5 677.1 677.0 678.0 1.199.3 1.194.4 1,185.0 1.180.0 76.1 78.4 81.9 82.3 Aug. Aug. Aug. Aug. Aug. 2... 9... 16.. 23.. 30.. 4. 635.1 4, 662. 7 4, 709. 8 4,827. 9 4,863. 3 2.093.9 2,139.1 2,182. 2 2,287. 3 2,334. 2 327.1 323.2 305.5 352.5 371.6 1,766.8 1.815.8 1,876.7 1.934.9 1,962.6 596.8 609.9 622.8 633.0 620.6 680.2 652.8 654.5 656.9 657.8 1.182.2 1.176.5 1,164.9 1.165.1 1.165.7 82.1 84.5 85.4 85.5 85.0 4,882. 3 4, 940. 3 4,976. 0 4,955. 4 2,341. 5 2,389. 3 2,434.6 2,412. 4 409.0 464.7 510.7 485.1 1,932. 5 1,924. 6 1,923.9 1.927. 3 623.5 621.7 612.5 618.4 661.7 668.9 674.4 676.9 1.171.3 1.181.3 1.173.4 1,164.4 84.2 79.2 81.1 83.1 Sept. Sept. Sept. Sept. 6.. 13. 20. 27. Oct. Oct. Oct. Oct. 4... n._ 18_. 25.. 4, 896. g 4,872.8 4,871.2 4,882.0 2, 386. 5 2, 370. 6 2, 360. 6 2,384. 7 483.6 462.8 441.6 442.9 1,902 9 1,907,. 7 1,919.0 1,941.9 594.6 598.1 601.7 601.0 685.2 686.7 687.3 1,150. 2 1,144. 4 1,141. 7 1.130.6 80.9 716 80.5 78.5 Nov. Nov. Nov. Nov. Nov. 1.. 8.. 15. 22. 29. 4,858. 6 4.825.0 4, 862. 7 4.822. 9 4,875. 6 2, 366. 9 2,341. 6 2, 362. 4 2, 329. 3 2, 377.4 494.8 490.3 481.6 433.9 435.9 1.872.0 1,851. 3 1,880. 8 1,895. 3 1,941. 5 597.3 618.8 615. 3 622.0 688.7 690.4 693.2 694.3 695.4 1,123.7 1,115.9 1,109. 2 1,107.1 1,103. 7 79.8 79.9 79.2 76.9 77.1 Dec. Dec. Dec. Dec. 6__. 13.. 20.. 27.. 4,867. 6 4,860. 0 4.904.8 4,893. 0 2, 366. 9 2, 366. 6 2. 398. 5 2, 383. 5 430. 9 413.3 441.0 430.0 1.936.1 1.953.3 1,957. 5 1, 953. 5 626.8 619.7 619.6 612.8 700.7 711.8 720.1 1,098. 9 1,096. 5 1,096. 8 1,098. 5 75.9 76.5 78.1 78.1 1940—Jan. Jan. Jan. Jan. Jan. 3... 10._ 17__ 24.. 31- 4,880.4 4, 919. 8 4,921.9 4, 942. 3 4, 918. 0 2, 321.8 2, 360. 2 2, 368. 4 2, 384.2 2,368. 5 433.5 445.2 435. 2 456.1 449.6 1,888. 3 1, 9-15. 0 1, 933. 2 1, 928. 2 1, 918.9 650.4 644.5 636.1 640.1 626.1 725.7 731.7 733.7 736.1 738.0 1,102. 6 1,102. 3 1,100. 6 1.099.0 1.098.1 79.9 81.0 83.1 82.8 87.3 Feb. Feb. Feb. Feb. 7__. 14.. 21.. 28.. 4,911.7 4, 929. 4 4, 902.1 4, 930.1 2, 363. 4 2, 380.8 2, 343.1 2, 365.4 427.8 452.0 409.9 432.9 1,935. 1, 928. 1, 933. 1, 932. 6 7 3 5 623.3 621.5 627.0 627.7 741.0 743.3 745.5 748.7 1,097.4 1, 097. 8 1,099.1 1,102.0 86.7 86.0 87.4 86.3 Mar. Mar. Mar. Mar. 6.. 13. 20. 27. 4,905. 8 4.928.1 4,972. 7 4, 988. 8 2, 323. 7 2, 348. 0 2, 386. 6 2,409. 6 395.3 404.3 423.8 431.2 1.928. 4 1.943.8 ' 1, 962. 8 1,978. 4 638.5 633.5 638.7 636.9 752.4 755.2 757.2 758.1 1,103.4 1,102. 2 1,100. 6 1.097.8 87.8 89.2 89.4 86.5 Apr. Apr. Apr. Apr. 3... 10.. 17.. 24.. 5,002.1 4, 987. 6 5.021.9 5,064.1 2,426.0 2,407. 7 2,425. 2 2,453. 5 426.1 414.4 419.4 409.0 1.999.9 1,993. 3 2,005.8 2,044. 5 631.6 634.1 644.9 659.0 761.6 762.4 764.7 767.2 1,094.8 1.095. 5 1,098. 4 1.096. 9 88.1 87.9 88.6 87.5 M a y 1__. 5,048. 6 2, 449. 4 398.5 2, 050. 9 643.4 771.1 1,097.0 87.6 NOTE.—Statistics reported by banks, bankers, brokers, a r d 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. AUGUST 1940 887 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland 1935—Dec. 31 1936—Dec. 30 1937—Dec 29 1938—Dec. 28 1,412. 5 2,608.4 3,410.3 3,779.2 554.9 829.3 993.7 1,186.1 210.2 299.5 281.7 339.5 114.5 229.7 311.9 324.6 130.4 335.5 607.5 554.0 36.6 83.1 123.9 140.7 24.0 45.6 22.1 33.0 130.0 228.5 312.2 463.8 1,200.6 2,051. 3 2,653.0 3,041.7 150.5 106.3 157.2 70.9 201.2 410.6 389.5 128.3 184.0 224.6 156.8 12.7 21.4 15.9 34.1 1939—Aug. 30 Sept. 27 Oct. 25 Nov. 29 Dec. 27 4,863.3 4,955.4 4, 882.0 4,875. 6 4,893.0 1,326.3 1,368.1 1,301.4 1,157. 2 1,117.3 473.4 459. 6 430.9 453.1 442.3 412.1 448.4 446.8 457.8 469.9 647.2 671.1 686.5 719.1 759.1 148.8 151.1 159.1 162.9 163.3 26.1 32.9 48.0 55.8 55.9 665.1 686.0 710.3 725.3 753.8 3,699.1 3,817.2 3,783.1 3, 731. 2 3,761. 5 291.8 260.9 239.0 263.2 229.2 536.1 528.0 522.2 504.0 505.9 259.4 276.4 260.2 287.3 299.4 76.9 72.9 77.5 89.9 96.9 1940—Jan. 31 Feb. 28 Mar. 27 4,918.0 4, 930.1 4,988. 8 1,029. 3 1,006. 4 961.8 471.2 468.1 463.0 466.1 469.0 466.0 798.3 826.3 855.4 166.3 166.0 167.3 61.7 60.8 68.5 811.3 838.1 863.7 3,804.2 3, 834. 8 3,845. 6 226.6 224.2 231.0 503.9 507.8 527.1 297.3 285.7 315.2 86.1 77.5 69.9 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 5,002.1 4, 987. 6 5,021.9 5,064.1 5,048. 6 982.6 953.0 962.6 964.7 946.4 468.3 465.5 467.7 468.9 461.5 469.5 469.0 477.5 486.5 482.5 857.8 855.7 853.2 879.8 881.8 167.5 166.7 168.1 166.9 168.1 83.7 77.8 80.7 87.8 85.6 865.8 871.2 865.4 859.6 866.0 3,895.1 3, 858.8 3,875.1 3,914.1 3, 892. 0 212.1 222.5 221.0 218.2 225.4 520.7 523.4 535.0 535.3 539.2 304.0 311.9 317.0 325.7 320.2 70.1 71.0 73.7 70.8 71.7 Germany Italy Other Europe Latin Total Europe Canada America (2) Asiai All other i TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Latin Total Europe Canada America Asiai All other i 31. 30. 29. 28. 603.3 930.5 1,168. 5 1,432.7 128.6 163.5 189.3 366.7 129.6 144.2 111.8 158.8 55.7 65.9 76.3 84.4 72.4 109.8 288.4 203.7 2.7 9.6 -9.8 7.3 23.0 6.9 3.8 60.7 79.7 109.4 203.0 453.5 588.9 791.7 1,010. 6 46.0 86.8 76.3 135.1 33.5 149.3 166.3 134.0 58.8 90.4 126.2 132.7 11.5 15.2 8.0 20.4 1939—Aug. 30. Sept. 27. Oct. 25__ Nov. 29. Dec. 27. 2,334. 2 2, 412. 4 2,384.7 2, 377. 4 2,383. 5 522.3 584.5 558.5 429.4 396.2 283.7 263.8 227.8 244.1 231.6 144.8 172.0 172.0 180.7 190.8 270.0 286.2 293.8 320.4 352.0 -18.5 -21.9 -20.0 -18.4 -22.2 -7.4 -1.6 12.8 16.7 16.7 384.1 399.5 428.7 446.9 473.1 1, 579.0 1,682. 5 1, 673. 5 1, 620.0 1,638.2 256.1 225.2 209.0 227.4 185.0 268.9 262.0 258.1 240.0 243.6 172.8 188.5 186.4 218.5 238.9 57.5 54.3 57.6 71.4 77.8 1940—Jan. 31.. Feb. 28. Mar. 27. 2, 368. 5 2, 365.4 2,409. 6 332.3 304.4 271.2 258.5 256.4 252.9 186.3 186.2 184.6 381.8 397.3 418.0 -20.5 -21.2 -20.5 24.9 25.7 35.5 522.1 546.6 570.9 1,685.4 1,695. 4 1, 712. 5 166.8 168.5 173.1 231.2 233.6 251.0 226.2 217.4 230.4 58.9 50.4 42.6 Apr. 3__ Apr. 10. Apr. 17. Apr. 24. May 1 . . 2,426. 0 2,407. 7 2, 425. 2 2,453. 5 2,449. 4 289.1 260.7 273. 2 271.5 254.4 258.6 256.7 258.3 259.0 254.6 185.7 186.0 197.2 200.5 199.1 418.5 412.3 408.1 434.6 433.9 -21.2 -21.7 -21.9 -21.5 -21.2 50.5 45.0 48.9 54.5 52.5 571.8 575.6 570.4 562.5 569.2 1, 753.1 1, 714. 6 1, 734.3 1, 761.1 1, 742. 7 150.0 161.6 152.4 148.5 155.2 244.5 249.1 262.8 264.6 269.0 236.3 239.4 229.7 236.4 238.9 42.2 42.9 45.9 42.9 43.6 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. o TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Latin Total Europe Canada America Asia* All other i 31. 30. 29, 28. 361.4 431.5 449.1 478.1 208.8 178.0 207.4 204.5 48.1 62.0 65.3 65.5 -.4 -3.3 -4.4 -6.9 1.6 2.7 2.6 2.6 29.7 66.0 105.1 140.3 13.7 16.3 6.5 13.9 8.8 22.0 26.9 33.0 310.2 343.7 409.3 453.0 -4.6 36.9 -21.7 20.1 24.9 51.6 66.8 37.3 30.4 18.7 -65.0 -1.6 -4.4 -8.7 -7.2 1939—Aug. 30. Sept. 27. Oct. 25.. Nov. 29. Dec. 27. 620.6 618.4 601.0 622.0 612.8 225.2 226.1 227.7 245.6 247.8 70.0 70.0 70.2 73.3 73.8 8.4 9.1 9.3 12.0 12.0 5.6 5.2 4.2 3.4 3.1 158.2 164.1 170.5 172.7 177.2 14.6 15.1 15.4 17.8 16.3 35.1 38.2 31.3 27.8 26.8 517.2 527.7 528.6 552.6 557.0 52.3 46.6 45.2 52.7 50.0 61.9 57.4 54.0 52.0 48.5 -5.7 -6.4 -20.0 -26.7 -34.3 -5.0 -6.9 -6.7 -8.5 -8.4 1940—Jan. 31_. Feb. 28. Mar. 27. 626.1 627.7 636.9 236.0 247.4 245.1 73.5 73.4 72.9 11.4 12.9 3.0 2.6 1.7 178.9 179.4 180.3 13.5 11.7 10.0 30.5 30.4 546.7 557.8 550.2 56.2 52.1 53.6 55.8 56.2 56.5 -32.0 -37.7 -22.8 -.6 -.7 -.6 631. 6 634.1 644.9 659.0 643.4 252.4 255.3 252.2 255.4 255.4 73.8 72.8 72.9 73.0 70.3 11.9 10.1 7.3 13.1 10.7 1.9 2.3 2.3 1.6 1.7 181.1 180.8 182.4 181.0 181.8 10.3 9.8 8.9 10.3 10.0 31.2 32.0 30.2 31.6 31.2 562.6 563.1 556.3 566.0 561.0 54.1 53.6 59.2 60.2 59.2 55.3 53.0 51.4 53.0 51.6 -40.0 -35.8 -21.9 -20.0 -28.4 -.4 .2 -.1 -.2 -.1 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. Apr. 3_. Apr. 10. Apr. 17. Apr. 24. May 1__ 'Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 888 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE 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 France Netherlands Switzerland Germany Italy Other Europe Latin Total Europe Canada America Asiai All other 1 1935—Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 125.2 316.2 583.2 610.0 67.8 116.1 136.8 129.1 6.8 7.4 18.2 22.8 26.2 10.4 21.2 27.3 -1.2 13.7 30.4 37.1 13.3 22.5 26.6 33.1 46.1 87.9 115.2 165.9 143.1 278.3 366.4 439.1 -39.7 10.5 -38.9 12.7 15.7 175.0 166.3 7.9 13.5 20.5 17.0 24.5 33.8 1.1 3.5 6.8 9.7 1939—Aug. 30 Sept. 27 Oct. 25 Nov. 29 Dec. 27 _ 657.8 676.9 687.3 695.4 720.1 127.4 124.9 124.8 124.3 125.6 28.3 33.8 41.1 41.7 42.1 29.7 29.7 29.4 29.2 29.4 43.2 43.4 43.3 43.3 44.8 36.4 36.4 36.4 36.5 36.6 24.4 24.8 24.9 26.1 27.6 181.8 183.1 185.0 186.5 188.6 471.2 476.0 485.0 487.6 494.6 -41.5 -29.5 -29.7 -26.7 -11.5 178.8 180.4 181.1 182.3 183.0 38.8 39.3 39.8 40.8 42.8 10.5 10.7 11.1 11.4 11.3 1940—Jan. 31 Feb. 28 Mar. 27 738.0 748.7 758.1 126.2 129.0 130.7 42.5 42.6 42.7 29.6 30.2 31.4 46.0 47.7 48.8 36.5 36.4 36.3 27.8 27.9 27.7 190.6 191.7 192.7 499.1 505.5 510.3 -.2 1.7 4.0 184.5 185.6 186.8 43.2 44.2 45.2 11.3 11.6 11.7 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 761.6 762.4 764.7 767.2 771.1 130.9 130.9 131.0 131.6 132.0 42.6 42.7 42.7 42.7 42.8 31.3 31.3 31.2 31.2 31.1 49.0 49.2 49.4 49.8 50.0 36.3 36.3 36.3 36.2 36.2 27.6 27.6 27.5 27.5 27.7 192.9 193.1 193.5 194.0 194.0 510.8 511.0 511.6 513.1 513.8 6.4 6.6 7.9 8.4 10.3 187.5 187.7 187.9 188.2 189.4 45.3 45.4 45.4 45.6 45.6 11.8 11.8 11.9 12.1 12.1 Latin Total Europe Canada America Asia* 2.9 9.4 1.7 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners United Kingdom France Netherlands Switzer land Germany 316.7 917.4 1,162.0 1,210.9 149.8 367.7 448.7 472.6 23.4 64.7 70.3 76.5 50.5 157.6 213.8 212.9 55.1 200.2 275.3 301.7 -5.4 -7.5 -17.4 -22.7 -3.3 -4.9 -5.4 12.9 38.5 55.7 56.6 286.2 818.0 1,041.6 1,092.3 1939—Aug. 30 Sept. 27. Oct. 25 Nov. 29 Dec. 27 1,165. 7 1,164.4 1,130.6 1,103. 7 1,098.5 433.5 408.4 369.8 338.2 328.2 72.2 73.7 72.9 74.9 76.3 220.6 228.2 227.0 226.2 227.1 313.4 320.9 329.1 336.3 342.8 -27.1 -27.4 -27.6 -28.0 -28.2 -5.7 -5.5 -5.4 -4.9 -4.9 56.7 58.3 59.4 59.1 60.1 1,063. 6 1,056. 7 1,025.1 1,001.8 1,001.4 1940—Jan. 31 Feb. 28 Mar. 27 1,098.1 1,102. 0 1, 097. 8 315.7 306.5 295.6 77.1 76.8 75.7 229.4 230.4 231.2 349.2 359.7 367.2 -28.3 -28.4 -28.7 -4.7 -4.7 -4.9 62.4 63.4 64.2 1,000.8 1,003.8 1,000. 4 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 1,094.8 1,095. 5 1,088. 4 1,096. 9 1,097.0 291.2 286.7 287.3 287.5 286.1 75.9 76.2 76.0 76.3 76.2 231.5 231.5 231.7 231.4 231.4 368.1 371.2 372.4 372.6 375.0 -28.7 -28.7 -28.7 -28.7 -28.7 -4.9 -4.9 -4.9 -4.9 -4.9 64.5 65.5 65.4 65.7 65.7 997.5 997.5 999.3 999.9 1,000. 6 From Jan. 2, 1935, through— Total 1935—Dec. 31 1936—Dec. 30 _ 1937—Dec. 29 1938—Dec. 28. _ Italy Other Europe -.1 . All other i 2.8 3.7 32.6 37.6 27.8 15.5 18.2 23.4 21.4 44.1 54.7 56.4 9.8 11.0 13.0 -3.1 24.7 26.1 27.0 28.6 29.8 50.6 58.5 59.2 58.7 56.1 13.7 14.1 13.9 13.8 14.3 -5.9 -7.5 -8.0 30.6 31.5 31.6 58.2 59.8 59.5 14.6 14.4 14.4 -8.3 -8.8 -8.5 -8.0 -8.5 32.1 32.4 32.2 29.5 29.5 59.1 60.1 61.2 61.2 61.1 14.4 14.3 14.3 14.3 14.2 8.9 5.3 .7 2.6 7.1 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzer land Germany Italy Other Europe Total Latin Europe Canada America Asiai All other i 1935—Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 6.0 12.9 47.5 47.6 4.0 11.5 13.2 2.4 10.4 11.5 12.6 1.3 -.9 5.0 6.8 2.5 9.1 10.8 8.8 -.2 -.7 -.2 .1 .3 .1 .2 1.4 .4 5.0 5.3 7.6 22.6 44.0 46.7 —4.5 -7.6 3.5 2.6 1.0 -4.2 -.5 -.9 2.9 2.1 .5 —1.0 -.9 1939—Aug. 30 Sept. 27 Oct. 25 Nov. 29 Dec. 27 85.0 83.1 78.5 77.1 78.1 17.8 24.2 20.7 19.6 19.5 19.1 18.4 19.0 19.0 18.5 8.6 9.4 9.0 9.6 10.7 15.0 15.3 16.1 15.7 16.4 -.2 -.1 -.1 -.2 .2 .2 .2 .1 .1 7.4 7.0 6.0 5.0 5.2 68.0 74.3 70.9 69.1 70.2 11.9 9.7 9.2 9.0 8.9 1.9 2.1 2.0 1.1 1.1 3.0 -3.6 -5.2 -4.0 -4.0 .3 .7 1.5 1.8 2,0 1940—Jan. 31 Feb. 28 Mar. 27 87.3 86.3 86.5 19.1 19.1 19.2 9.4 9.2 9.1 18.3 19.1 19.7 -.2 -.2 -.2 .2 .2 .2 5.8 5.9 5.5 72.2 72.3 72.2 9.7 9.3 8.3 1.7 .9 1.3 1.7 2.0 2.9 2.0 1.9 1.8 88.1 87.9 88.6 87.5 87.6 18.9 19.3 18.9 18.6 18.5 19.6 19.0 18.7 17.4 17.2 17.9 17.9 17.7 9.0 10.2 10.0 10.2 10.2 20.2 20.6 21.0 21.2 21.3 .2 .2 .2 .2 .2 5.5 5.0 5.8 5.8 5.9 71.2 72.5 73.7 74.0 73.9 10.0 9.5 10.0 9.2 9.2 1.3 1.3 .6 -.1 -.3 3.4 2.8 2.6 2.6 3.0 2.2 1.8 1.7 1.8 1.8 Apr. Apr. Apr. Apr. May 3 10 17 24 1 _ .2 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 For explanation see BULLETIN for May 1937, pp. 395-396. a Inflow less than $50,000. 4 Outflow less than $50,000. AUGUST 1940 889 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM UABILITIES TO FOREIGNERS, BY COUNTRIES Date Total United Kingdom Netherlands France Switzerland 105.2 222.2 66.0 78.0 11.5 Germany- Italy Latin Other Total Europe Europe Canada America Asia* All other l Reported by Banks in New York City 241.8 216.8 148.3 98.2 86.1 91.9 188.2 130.8 103.3 121.7 96.7 106.6 49.0 38.2 69.0 43.5 42.7 60.3 31.0 37.5 21.6 12.6 10.9 11.9 227.1 232.9 103.3 99.3 117.4 122.8 125.1 130.1 12.0 12.0 51.2 55.1 68.1 107.5 256.2 428.4 460.6 686.3 106.5 132.4 144.3 145.3 137.4 145.7 155.4 156.3 120.5 115.7 144.9 188.9 15.0 16.8 17.7 23.4 18.7 25.3 29.2 41.7 118.3 123.1 128.8 126.3 643.1 828.2 858.3 814.3 144.2 160.6 170.7 186.1 189.3 207.4 200.5 263.9 183.1 208.2 210.2 200.2 17.5 21.7 19.8 27.1 53.9 '40.3 48.7 39.0 36.6 23.0 27.5 25.7 140.8 177.9 223.4 156.0 804.7 1, 296. 9 1, 475. 9 1,017.1 210.0 190.1 219.3 175.6 441.0 448.8 353.8 280.9 204.6 210.4 229.9 236.0 22.5 27.4 25.8 20.0 236.7 173.8 191.0 217.4 25.7 27.3 17.6 19.9 14.9 18.2 17.2 22.6 135.7 121.9 232.8 249.9 835.8 709.4 1,015.0 1, 237.8 186.4 173.5 190.8 235.2 257.9 261.7 285.0 254.9 219.5 194.4 207.9 243.7 21.3 18.4 33.7 32.4 103.4 119.4 143.9 154.9 137.1 146.0 153.8 158.7 186.0 186.0 194.7 204.7 226.8 238.4 247.1 244.2 238.4 240.8 248.8 283.6 299.9 307.4 334.1 365.6 16.8 16.7 18.7 13.9 15.7 15.1 13.8 11.1 7.5 18.4 13.0 14.8 13.1 14.3 12.2 12.8 11.4 17.1 31.6 35.5 35.5 269.1 257.7 314.7 365.3 370.5 366.9 379.6 431.0 446.4 475.6 493.8 520.0 1,253.6 1,306.8 1,432. 7 1, 609. 3 1,629. 3 1, 672. 7 1, 660. 4 1,806. 2 1,909. 7 1,900. 7 1,847. 2 1,865.4 205.3 223.2 236.6 267.0 309.4 291.7 293.6 356.2 325.3 309.2 327.6 285.1 250.0 264.6 300.7 330.6 371.7 363.0 375.5 389.8 383.0 379.0 361.0 364.5 247.2 258.5 250.9 251.4 253.8 242.5 253.6 283.7 299.5 352.4 384.5 404.9 36.4 35.9 43.3 47.3 48.6 49.7 54.4 69.4 66.2 69.6 83.4 89.7 290.6 288.5 285.0 200.3 200.1 198.5 395.5 411.0 431.6 9.1 8.4 9.1 43.7 44.5 54.3 569.0 593.5 617.8 1,912.6 1,922. 6 1, 939. 7 266.9 268.7 273.2 352.2 354.6 372.0 392.1 383.4 396.4 70.9 62.4 54.5 290.7 288.8 290.4 291.1 286.7 199.7 199.9 211.2 214.4 213.1 432.2 425.9 421.8 448.2 447.6 8.4 7.9 7.8 8.1 8.5 69.3 63.8 67.7 73.3 71.3 618.7 622.5 617.3 609.4 616.1 1,980. 3 1, 941. 8 1, 961. 5 1, 988. 3 1,969.9 250.1 261.7 252.5 248.6 255.3 365.5 370.1 383.8 385.6 389.9 402.3 405.4 395.7 402.3 404.9 54.1 54.9 57.9 54.9 55.6 1929—Dec. 31.. 1930—Dec. 31 _. 1931—Dec. 3 0 1932—Dec. 28.. 1933—Dec. 27.. 1934—Nov. 28«. 2, 672. 7 2, 335.0 1,303. 5 745.6 392.0 466.7 301.5 214.5 104.9 169.7 48.9 59.1 923.7 799.4 549.2 71.1 27.0 32.7 99.1 122.2 44.6 11.9 1934—Dec. 5 K. 1935—Jan. 2..„ 584.8 597.0 79.6 76.9 36.1 33.9 13.5 12.9 12.1 13.7 28.4 29.9 16.8 18.8 40.6 46.8 1935—Mar. 27.. June 26_. Sept. 25.. Dec. 31.. 635. 6 839.0 922.9 1,200. 2 92.4 153.2 162.4 205.5 38.1 98.4 84.1 163.5 18.8 43.9 51.2 68.6 16.0 35.4 50.7 86.1 25.3 25.3 27.4 29.0 14.3 16.9 16.5 26.1 1936—Mar. 25.. June 24.. Sept. 30.. Dec. 3 0 - 1,177. 2 1,426. 2 1,459. 6 1,491.6 186.6 270.5 293.7 235.7 145.8 157.8 163.2 176.3 65.8 102.8 76.8 78.8 86.3 128.3 147.3 123.5 21.6 20.6 19.2 32.0 1937—Mar. 31.. June 30— Sept. 29.. Dec. 29.. 1, 682. 7 2,173. 6 2, 304.8 1, 729. 6 226.9 373.1 385.8 261.5 173.0 206.2 197.3 143.9 60.4 145.0 167.6 89.1 113.1 331.4 425.5 302.1 1938—Mar. 30.. June 29.. Sept. 28. Dec. 28.. 1, 521.0 1,357. 4 1, 732. 4 2,003. 9 248.1 217.4 308.5 438.8 126.3 102.2 165.6 190.9 48.5 48.6 82.2 98.4 1939—Jan. 25... Feb. 22.. Mar. 29.. April 26. May 31. June 28. July 26.. Aug. 30. Sept. 27Oct. 25.. Nov. 29. Dec. 27.. 1,992. 6 2,089.0 2, 264. 2 2, 505. 6 2, 612. 7 2,619. 5 2,637. 4 2,905. 4 2, 983. 6 3,010. 9 3,003. 6 3,009.7 419.2 445.2 473.9 548.9 578.0 607.4 567.5 594.5 656.7 630.6 501.6 468.4 199.9 216.5 219.5 269.0 275.3 284.4 284.2 315.9 295.9 259.9 276.3 263.7 1940—Jan. 31.. Feb. 2 8 Mar. 27. 2, 994.7 2,991.6 3,035.8 404.5 376.6 343.4 Apr. 3— Apr. 10. Apr. 17. Apr. 24. May 1 . . 3,052. 3 3,033. 9 3,051. 4 3,079. 7 3,075. 6 361.3 332.9 345.4 343.7 326.6 8.0 12.7 204.5 161.0 41.1 32.9 17.5 25.8 9.7 157.4 111.2 33.2 39.8 11.7 14.3 371.3 2,162.8 281.3 1,911.7 122.2 961.2 66.2 469.6 31.1 155.7 41.7 196.0 Reported by Banks in United States 7.8 9.6 11.3 Additional Detail Available from January 3,1940 * 5 European countries Date Total Bel- Dengium mark 6 Latin American countries Fin- Nor- Sweland way den Total Argentina Brazil Chile Cuba Mexico 4 Asiatic countries Panama Total China and C. Z. Hong Japan Philippine Kong Islands 1940—Jan. 3 . . Jan.31. Feb. 28. Mar. 27 407.1 448.1 458.8 482.1 159.2 166.2 176.6 179.2 28.1 28.7 27.2 29.9 21.4 23.8 23.7 25.2 56.3 67.0 69.4 68.4 142.2 162.4 161.9 179.4 250.7 259.3 263.7 279.0 57.7 66.5 68.7 68.1 36.4 31.8 30.0 34.9 26.8 24.4 24.7 23.4 37.0 38.3 38.3 44.3 58.8 62.1 65.2 68.8 34.0 36.2 36.7 39.4 323.9 332.1 325.3 332.9 165.4 171.9 176.3 177.6 71.4 72.2 68.5 75.4 58.0 58.0 50.8 47.1 29.1 30.0 29.7 32.8 Apr. 3. . Apr. 10. Apr. 17_ Apr. 24. May 1. 475.1 470.7 466.8 457.1 460:2 184.3 182.0 184.0 184.0 183.7 28.7 26.6 26.0 23.8 23.0 25.0 24.8 25.5 26.9 27.2 68.4 71.2 70.0 67.6 67.5 168.6 166.1 161.3 154.7 158.9 275.4 277.2 290.8 292.6 297.1 63.5 66.1 73.9 76.4 80.6 35.3 36.2 38.3 36.9 35.0 24.7 23.9 24.1 23.7 23.4 43.2 43.9 43.7 45.6 46.4 68.4 67.9 68.8 67.6 67.2 40.2 39.2 41.9 42.5 44.5 342.1 346.0 335.1 339.2 348.5 175.9 176.7 176.6 180.2 180.7 75.2 75.3 76.9 77.5 81.1 59.1 62.1 48.9 48.2 54.7 32.0 31.8 32.6 33.3 32.0 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All2 other". Last report date on old basis. 3 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 August 12, 1936, January 5, 1938, and October 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). 890 FEDERAL RESERVE BULLETIN 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, BY COUNTRIES Date Total United Kingdom France Netherlands Switzerland Germany Other Europe Italy Total Latin Europe Canada America Asiai All other i Reported by Banks in New York City 864.3 713.1 651.0 569.5 58.1 42.2 32.3 84.4 136.5 155.2 159.7 124.4 41.8 24.0 49.7 46.2 2.6 3.5 6.2 2.6 81.3 80.0 749.5 743.2 91.2 96.3 170.7 174.6 118.1 117.4 23.2 24.6 21.0 13.5 75.7 79.1 65.9 71.2 591.6 457.9 461.0 433.0 100.8 108.2 77.9 100.9 169.9 165.0 153.0 154.5 90.3 88.8 64.3 80.1 8.3 8.5 10.0 9.3 9.1 10.1 198.6 187.0 160.6 165.1 12.6 12.7 11.0 10.9 64.8 57.8 52.0 57.8 413. 5 384.4 407.6 392.1 78.7 78.0 49.1 59.4 158.7 144.0 126.6 141.1 74.3 73.9 54.4 67.2 11.2 11.4 10.2 12.9 4.9 3.5 4.2 5.5 162.2 143.9 132.0 126.1 13.0 14.8 16.8 20.8 58.1 55.2 52.8 52.9 370.7 319.9 311.3 326.5 71.7 87.8 82.5 118.0 135.3 132.0 107.0 114.4 100.0 83.6 71.7 78.9 15.5 14.5 13.5 17.2 23.5 25.2 22.6 25.5 4.8 5.9 4.4 5.4 112.0 102.6 99.1 90.9 18.1 16.1 17.0 13.3 51.0 49.0 46.3 46.7 341.4 356. 4 322.7 282.8 93.3 87.6 84.0 65.7 113.5 116.6 94.2 99.2 104.1 126.4 113.6 162.6 17.4 13.8 12.4 15.7 23.8 22.4 20.1 17.9 18.7 19.7 21.7 10.3 88.6 84.0 81.4 79.4 79.2 77.4 74.7 73.0 67.1 60.7 58.5 53.9 14.4 13.3 16.4 13.5 11.9 9.6 9.3 6.6 6.6 4.5 4.2 3.6 3.6 3.4 4.5 3.2 2.5 2.9 3.9 4.7 4.9 10.9 43.9 48.0 48.8 44.7 41.1 39.9 39.1 44.7 41.6 48.5 52.0 53.0 282.4 266.3 267.1 235.0 220.4 217.0 210.3 218.6 208.1 207.2 183.1 178.7 52.4 49.0 46.3 48.0 49.4 54.0 52.7 44.0 49.7 51.1 43.6 46.3 95.7 98.3 99.5 94.9 111.1 110.3 111.8 104.1 108.5 112.0 114.0 117.5 157.9 140.4 125.7 103.6 110.6 100.5 108.7 103.3 104.0 172.6 179.3 186.9 14.8 15.0 14.9 10.9 12.8 14.8 13.6 13.5 15.4 15.2 17.0 16.9 5.3 5.4 5.8 7.2 5.7 8.9 5.1 5.5 6.3 52.3 51.8 50.8 13.7 15.5 17.3 49.5 49.3 49.4 189.1 177.9 185.6 40.1 44.2 42.7 110.2 109.8 109.5 184.6 190.3 175.4 9.1 9.2 9.1 4.9 6.0 5.8 5.8 8.4 6.7 8.5 6.2 5.8 5.7 6.5 6.4 50.1 50.3 48.8 50.2 49.4 16.9 17.4 18.3 16.9 17.2 48.6 47.8 49.6 48.2 48.6 173.2 172.6 179.5 169.8 174.7 42.2 42.7 37.0 36.1 37.1 110.7 113.0 114.5 112.9 114.3 192.6 188.4 174.5 172.6 181.0 8.3 8.5 8.7 8.6 1931—Dec. 30.-.. 1932—Dec. 28 — 1933—Dec. 2 7 — 1934—Nov. 28 * _ 1,103.3 937.9 898.8 827.1 166.2 87.3 192.5 201.3 29.5 62.9 66.9 94.1 20.9 13.0 18.4 15.9 12.6 1934—Dec. 5 *__ 1935—Jan. 2_.__ 1,137.8 1,139.9 266.4 296.9 108.2 80.5 19.2 18.6 8.3 8.2 239.6 231.7 26.5 27.2 1935—Mar. 27. _. June 26... Sept. 25... Dec. 31... 962.5 829.2 765.2 778.6 192.2 88.8 87.3 88.1 53.9 32.0 62.7 32.5 14.5 13.4 16.5 19.0 5.7 6.3 7.8 6.6 226.5 213.8 199.9 202.0 1936—Mar. 25— June 24... Sept. 30._ Dec. 30— 736.3 691.6 647.9 672.6 82.7 77.3 75.8 114.1 26.5 23.9 81.5 16.8 22.9 21.2 21.5 21.9 5.4 4.5 5.2 5.4 1937—Mar. 31.. June 30— Sept. 29.. Dec. 29— 693.1 637.7 586.0 655.0 99.7 75.6 75.3 84.8 15.8 13.2 11.1 13.5 17.1 13.7 19.1 23.0 1938—Mar. 30.. June 29— Sept. 28._ Dec. 28... 669.7 700.8 626.9 626.0 120.6 141.4 121.9 87.7 11.4 16.2 11.4 13.3 1933—Jan. 25— Feb. 22... Mar. 29.. April 26.. May 31.. June 28._. July 26... Aug. 30.. Sept. 2 7 Oct. 25... Nov. 29— Dec. 27... 603.2 569.1 553.6 492.3 504.3 496.6 497.2 483.5 485.7 558.1 537.1 546.3 98.5 82.0 83.0 64.2 55.4 55.4 55.2 66.9 66.0 64.5 46.5 44.4 8.7 1940—Jan. 31 — Feb. 28... Mar. 27._ 533.0 531.4 522.2 56.2 44.7 47.0 Apr. 3 . . . . Apr. 10.. Apr. 17.. Apr. 24.. May 1 . . . 527.5 525.0 514.2 500.0 515.7 39.7 36.8 39.9 36.7 36.8 467.2 434.9 260.9 178.8 6.2 12.3 8.5 18.7 11.8 16.7 10.7 149.2 97.0 83.2 60.2 Reported by Banks in United States 12.4 13.8 11.7 10.7 10.7 7.3 8.7 8.7 8.6 5.4 5.0 11.4 5.5 8.0 9.5 9.3 12.6 12.2 11.8 9.4 Additional Detail Available from January 3,1940 * 5 European countries Date 6 Latin American countries Den- FinBelTotal gium mark land Nor- Sweway den Total Argentina Brazil Chile Cuba 4 Asiatic countries Mexico Panama and C. Z. Philip- Total China Hong Japan pine Kong Islands 1940—Jan. 3 . . Jan.31. Feb. 28. Mar. 27 23.4 22.2 20.4 19.7 6.5 7.2 7.4 8.1 3.2 3.7 2.9 2.2 1.4 1.2 .8 .8 3.6 3.7 4.0 3.9 8.7 6.5 5.4 4.7 76.1 71.5 69.9 70.1 16.8 12.9 12.0 12.2 32.2 31.2 31.8 31.6 9.7 9.6 9.7 9.4 10.5 10.4 11.1 11.2 5.9 6.5 4.4 4.7 1.0 .9 .9 1.0 152.5 161.9 168.0 165.4 22.0 22.5 25.4 25.7 1.9 1.6 3.2 1.5 102.1 111.2 111.2 109.6 26.4 26.6 28.2 28.6 Apr. 3.. Apr. 10. Apr. 17. Apr. 24. May 1. 19.4 18.3 20.2 18.3 17.6 7.9 7.9 8.2 8.4 8.1 2.2 1.5 1.4 1.4 1.4 .8 1.0 2.4 1.0 1.0 4.0 3.7 3.8 3.6 3.4 4.5 4.2 4.3 3.9 3.7 71.4 73.3 73.2 72. S 73.9 12.5 13.6 14.0 12.4 12.4 33.0 33.2 33.5 34.5 34.4 9.4 9.6 9.4 9.6 9.7 10.7 10.9 10.4 10.2 11.2 4.7 4.9 4.9 5.0 5.0 1.1 1.1 1.1 1.2 1.2 182.6 178.6 164.2 161.7 169.8 26.1 25.8 25.2 24.3 23.9 1.7 1.7 1.5 1.4 1.8 125.9 122.7 109.0 108.1 115.6 28.9 28.4 28.5 28.0 28.5 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All2 other". Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings 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 August 12, 1936, and October 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). AUGUST 1940 891 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue dept. Gold* Other assets 2 Discounts and advances Securities 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 51.7 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 28.5 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 90.7 6.2 8.0 6.8 8.0 6.4 2.5 4.6 4.5 4.3 3.1 2.8 6.1 4.9 2.9 4.7 Cash reserves Coin Notes 1929—Dec. 25 _. 1930—Dec. 3 1 . . 1931—Dec. 30.. 1932—Dec. 28.. 1933—Dec. 27.. 1934—Dec. 26.. 1935—Dec. 25.. 1936—Dec. 30.. 1937—Dec. 29.. 1938—Dec. 28.. 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 326.4 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 230.0 1939—April 26.. May 31.. June 28.. July 26... Aug. 30.. Sept. 27.. Oct. 25... Nov. 29.. Dec. 27.. 3 226. 2 226.2 226.4 3 246.4 263.0 3.1 .2 .2 .2 300.0 300.0 300.0 300.0 300.0 580.0 580.0 580.0 580.0 1.1 1.0 37.1 26.4 27.4 35.5 33.5 38.3 53.0 51.6 25.6 580.0 580.0 580.0 580.0 580.0 630.0 1.0 1.1 1.0 1.4 1.5 52.5 49.0 37.1 43.1 23.4 28.1 1940—Jan. 31— Feb. 28.. Mar. 27.. Apr. 24.. May 29.. June 26... .2 .2 .2 .2 .2 .2 Liabilities of banking department Assets of banking department .2 1.0 .5 Note circulation Deposits Bankers' Public 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 71.0 132.4 126.4 102.4 101.2 89.1 72.1 160.6 120.6 101.0 8.8 6.6 7.7 8.9 22.2 129.5 140.7 136.7 128.0 137.8 144.2 127.7 132.1 176.1 489.1 499.8 499.0 510.9 529.5 541.8 527.1 528.7 554.6 143.9 149.4 157.2 153.5 171.6 174.6 527.7 531.2 543.1 537.1 556.9 602.2 Other Other liabilities 12.1 12.1 11.4 15.9 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 91.4 82.4 101.4 91.4 90.1 107.1 116.8 103.5 117.3 27.0 38.3 15.4 26.0 31.1 19.8 12.6 27.8 29.7 37.6 37.1 37.0 36.7 39.0 40.5 39 2 40^2 42.0 17.7 17.8 17.9 18.1 18.2 18.3 17.7 17.8 17.9 98.1 99.4 98.0 103.4 94.9 82.7 39.7 45.7 43.1 40.7 36.1 58.0 44.3 38.9 42.2 40.6 50.5 50.3 18.0 18.1 18.2 17.7 17.8 17.9 9.9 Liabilities Assets Deposits Domestic bills Loans on— AdForvances Other Short(Figures in millions of francs) Gold 4 eign to Other Note liabiliexterm GovOther assets circula- GovernOpen Spetion change market6 cial8 Other ern- 7 Govern- securiOther ties ment ment ment se- ties curities Bank of France 1929—Dec. 27. 1930—Dec. 26. 1931—Dec. 30. 1932—Dec. 30. 1933—Dec. 29. 1934—Dec. 28. 1935—Dec. 27. 1936—Dec. 30. 1937—Dec. 30_ 1938—Dec. 29_ 41,668 25,942 53, 578 26,179 68,863 21, 111 83,017 4,484 77,098 1,158 82,124 963 66, 296 1,328 60,359 1,460 58, 933 911 87, 265 821 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 5,580 7,422 1,379 652 1,797 8,624 8,429 7,389 3,438 4,739 3,971 9,712 8,465 17, 698 10,066 31,909 7,880 20, 627 573 715 675 443 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,583 3,781 3,612 5,603 6,609 8,545 9,196 8,251 8,288 7,879 8,344 7,277 14, 442 68, 571 76,436 85, 725 85,028 82,613 83, 412 81,150 89,342 93,837 110, 935 11,737 12,624 5,898 2,311 2,322 3,718 2,862 2,089 3,461 5,061 7,850 11, 698 22,183 20,072 13,414 15, 359 8,716 13, 655 19,326 25, 595 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 2,718 3,332 3,362 3,401 3,471 3,461 3,805 3,661 3,576 3,581 3,482 14, 558 14, 452 14, 264 14, 753 14,458 16,016 16,482 17,100 17, 769 16, 438 119, 748 124, 666 121, 391 122, 611 123, 239 142, 359 144, 562 144, 379 149,370 151, 322 3,955 3,755 4,573 5,188 5,468 3,304 2,342 2,004 1,953 1,914 16, 702 17, 255 17, 570 16,909 16,058 18,038 18,022 14,790 12, 392 14, 751 2,726 2,649 3,020 2,816 2,781 2,708 2,926 3,006 3,346 2,925 3,444 3,403 3,376 3,411 3,716 15, 963 16, 917 15, 970 15, 666 16, 694 151, 738 156,150 156,032 156, 285 170, 853 1,834 1,203 1,154 1,171 1,046 14, 965 17,128 14, 262 14, 681 25, 782 3,259 3,156 3,014 3,038 2,811 1939—Mar. 30. April 27 May 25. June 29_ July 27. Aug. 31. Sept. 28. Oct. 26. Nov. 30. Dec. 28_ 87, 266 8 92,266 92, 266 92, 266 92, 266 97, 266 97, 266 97, 266 97, 266 97, 267 758 756 754 722 722 218 212 85 120 112 8,631 8,609 8,164 8,074 8,316 9,396 9,734 10,038 10, 565 11, 273 2,054 2,165 2,276 2,279 2,275 1,708 1,958 2,007 1,626 2,345 5,733 6,012 4,774 5,009 5,000 15,009 14,830 8,298 5,206 5,149 20, 627 20, 577 20,577 20, 577 20, 577 20, 577 22, 777 25,473 30, 473 34, 673 172 127 78 374 472 2,412 930 336 454 174 1940—Jan. 25.. Feb. 29. Mar. 28. Apr. 25. M a y 30. 97, 268 97, 275 8 84,614 84, 615 84, 616 111 109 111 112 102 11, 861 12, 505 42,645 42, 694 44,083 2, 235 5,011 1,810 4,630 1,870 5,005 1,781 5,769 1,889 14, 473 35, 673 40, 523 20, 550 20,900 32,600 465 320 228 2,320 1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). 2 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12,1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 4 By decree of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. Increment of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government granted under authority of the decree of Nov. 12, 1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938. For 5 further details see BULLETIN for November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29. Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28, 1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Stabilization Fund on Mar. 7, 1940. 6 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14,1938, as modified by Convention of Nov. 12,1938; Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939; and Convention 8of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France; on Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund. NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. 892 FEDERAL RESERVE BULLETIN Central Banks—Continued Assets Reichsbank (Figures in millions of reichsmarks) Reserves of gold and Bills (and checks), foreign exchange 31 31 31 31 30 31 31 31 31 31 1 9 3 9 _ j u n e 30. July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 3 0 . . . Dec. 30 _ Securities including Treasury bills Security loans 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 8,244 251 256 245 176 183 146 84 74 60 45 77 77 77 77 77 77 78 8,159 8,461 10, 272 10,105 9,358 10,148 11, 392 77 77 78 78 77 77 11,143 11,825 12, 242 12,188 12, 569 12, 611 Total reserves 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec. 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. Liabilities Goldi 2,687 2,685 1,156 920 396 84 88 72 76 76 . 1940—Jan. 31 Feb. 29 Mar. 30 Apr. 30 M a y 31 June 30 2,283 2,216 984 806 386 79 82 66 71 71 Eligible as note cover Other Other assets Note circula- Deposits tion Other liabilities 259 445 349 221 106 557 92 102 161 398 322 319 315 303 286 298 656 638 1,065 1,114 735 827 853 765 861 1,621 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 755 652 755 540 640 984 1,032 1,012 1,059 1,527 736 822 1,338 1,313 836 1,001 923 953 970 1,091 48 36 60 24 35 36 30 930 925 1,013 1,324 1,440 997 804 274 289 296 393 366 365 393 1,658 1,652 1,964 1,963 2,375 2,257 2,498 8,731 8,989 10, 907 10,995 10,820 10,974 11, 798 1,281 1,294 1,480 1,602 1,520 1,574 2,018 1,132 1,157 1,294 1,287 1,312 1,332 1,378 33 37 31 31 31 374 172 144 221 142 401 367 394 364 363 2,487 2,380 2,557 2,651 2,135 11, 505 11,877 12,176 12,480 12, 594 12, 785 1,628 1,559 1,760 1,714 1,470 1,382 1,422 1,509 1,338 1,253 i Not shown separately on Reichsbank statement after June 15, 1939.* NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank [Figures as of last report date of month] National Bank of Albania (thousands of francs): Gold Foreign assets Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchangeNegotiable Government bonds 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 Bank of Belgian Congo (millions of Belgian francs): Gold Foreign (gold) exchange Loans and discounts Other assets Note circulation Deposits Other liabilities 1939 1940 June May Apr. June (Mar.)i 7,567 65,135 10, 315 7,829 28, 419 46,830 15, 598 7,568 26,856 4,555 7 595 20, 716 12, 579 13,278 1,224 178 198 195 1,176 434 107 7 18 53 1,224 84 271 204 1,128 428 143 2 32 51 16,082 45,300 16,030 40, 504 3,151 44,886 34,835 38 203 114, 294 52, 525 1,397 19,075 16, 582 52,756 84, 231 47, 530 (Jan.)i 171 5 617 526 421 735 164 171 412 532 390 591 134 June Discounts Loans Other assets Note circulation Demand deposits—Treasury Other Other liabilities Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad June 3,929 314 48 473 4,442 37 161 122 95, 265 61,242 112, 860 68 868 145,138 51,809 430 628 401 417 4,363 13,316 127,997 28, 397 401,306 301,455 354, 741 245,606 169,159 69 035 Foreign exchange Loans and discounts Securities—Government Other Other assets... _ Note circulation Deposits (mil2,006 4 1,800 1,110 3,393 2,030 4,526 3,421 2,396 Net foreign exchange in reserve Foreign exchange Loans and discounts Government debt Other assets Note circulation Deposits _ Other liabilities _ Bank of Canada (thousands of Canadian dollars): Gold 2 Sterling and United States exchange _ Canadian Gov't. securities: 2 years or less __ . Over 2 years ._ Other assets Note circulation Deposits—Chartered banks Dominion Government Other Other liabilities Apr. 4,614 991 69 512 5,880 1 182 124 May National Bank of Belgium (millions of belgas): Gold and foreign exchange Other liabilities National Bank of Bulgaria lions of leva): Gold 1939 1940 Central Bank [Figures as of last report date of month] 2,006 757 975 3,417 1,310 2,891 ' 3, 239 2,336 225, 773 205,736 12,601 417,421 93,995 23,074 230, 373 238, 305 52, 719 7,532 18,163 42, 695 33,652 101, 507 110, 773 107, 574 51,192 12,054 6,327 221,192 165,922 213, 912 204,082 32,165 21,891 8,295 4,673 14,037 11,112 1 Latest month for which report is available for this institution. 2 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, p p . 677-678). AUGUST 1940 893 Central Banks—Continued Central bank [Figures as of last report date of month] Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to government Other loans and discounts Other assets Note circulation. DepositsBank Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold.... Foreign exchange Loans and discounts... Government loans and securitiesOther assets Note circulation Deposits Other liabilities ___ National Bank of Bohemia and Moravia (millions of koruny): Gold Foreign exchange Discounts.. Loans Other assets Note circulation ___ Demand deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange Clearing accounts (net) Discounts Loans—To Government agencies Other Securities _. 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 2 (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 _ 1939 1940 June May Apr. 146 116 750 356 50 1,031 146 101 750 363 52 1,009 146 35 754 269 35 143 78 165 148 90 164 123 105 144 3,912 21,864 40,186 3,306 21,128 35, 853 5,999 19,855 29, 781 53, 785 53, 679 29,869 53,485 52,973 26, 570 30,019 57, 364 38, 204 33,105 1,596 728 445 542 6,566 5,601 839 3,437 1,596 739 362 535 7,480 5,522 1,335 3,856 1,763 771 2,129 919 3,716 6,418 839 2,041 117 9 71 34 155 315 190 116 703 165 138 117 9 117 38 107 422 188 118 707 154 138 19 130 155 180 109 446 166 197 June (Mar.) 1 35,642 39, 421 59, 557 19, 907 62,828 30, 941 21, 337 10, 309 50,092 18,123 64, 314 38, 813 14, 818 6,544 2,729 8,141 6,545 2,095 5,657 30, 608 25,196 6,995 8,401 25,489 20, 712 2,392 3,261 18,076 15,468 9,060 8,454 (Mar.): 13, 228 13, 208 5,8D4 6,479 1,546 709 5,132 4,858 990 1,171 16, 268 14, 669 1940 Central bank [Figures as of last report date of month] June Central Reserve Bank of El Salvador—Cont. Deposits Other liabilities Bank of Estonia (thousands of krooni) : Gold Foreign exchange (net) — Loans and discounts — Other assets Note circulation Demand deposits Other liabilities Bank of Finland (millions of markkaa): Gold _. Foreign assets , Loans and discounts Domestic securities Other assets Note circulation _ Deposits—Treasury . Other Other liabilities Bank of Greece (millions of drachmas) : Gold and foreign exchange (net)_. Loans and discounts.— Government obligations Other assets Note circulation Deposits _ _ Other liabilities.. National Bank of Hungary (millions of pengo): Gold Foreign exchange reserve Discounts Loans—To Treasury Other.. Other assets Note circulation Demand deposits Certificates of indebtedness Other liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad._. Sterling securities Indian Gov't. securities Rupee coin Note circulation Banking department: Notes of issue d e p a r t m e n t . . Balances abroad Treasury bills discounted— Loans to Government Investments Other assets Deposits. Other liabilities Bank of Japan (millions of yen): Gold Special foreign exchange f u n d . . . Discounts Loans—Government Other Government bonds Other assets Note circulation Deposits—Government Other Other liabilities May June 6,463 3,876 40,903 4,303 48,851 34,084 62, 726 34,039 31, 376 Apr. 8,233 3,616 40,901 4,278 48,252 30,818 64,690 29,204 30,356 (Oct. 1939)i 1,180 2,085 2,059 328 343 3,378 40,892 8,910 27,059 44, 507 51,116 30,622 39,631 553 2,064 4,430 4,225 14, 692 13,366 4,105 4,105 2,751 2,465 11,004 9,861 13,056 12,480 1,820 1,917 1,128 2,640 1,244 331 142 2,200 90 1,088 2,106 3,565 10, 570 4,257 1,860 8,002 10, 543 1,706 124 63 539 343 18 327 976 120 94 225 124 94 438 327 12 366 885 178 99 199 444 1,165 384 534 2,396 444 595 374 695 1,846 130 244 3 1 84 16 361 116 262 85 3 7 73 12 329 111 501 300 527 3 118 2,726 437 3,405 699 115 392 501 300 428 3 51 1,776 414 2,342 535 238 358 124 59 647 343 36 333 1,040 186 94 222 501 300 462 3 60 2,652 436 3,186 745 169 314 1 Latest month for which report is available for this institution. * Items for issue and banking departments consolidated. 894 FEDERAL RESERVE BULLETIN Central Banks—Continued Central bank [Figures as of last report date of month] B a n k of J a v a (millions of guilders): Gold F o r e i g n bills ___-._ Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Latvia (millions of lats): Gold Foreign exchange reserve Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Lithuania (millions of litu): Gold __ Foreign exchange Loans and discounts Other assets Note circulation Deposits 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 Norway (millions of kroner): Gold Foreign assets Total domestic credits and securities Discounts Loans Securities Other assets Note circulation Demand deposits—GovernmentOther Other liabilities 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): Gold Other reserves (net) Non-reserve exchange Loans and discounts Government debt Other assets 1940 June May 1939 Apr. June 147 16 72 123 221 109 28 147 20 70 119 206 123 27 117 15 61 97 195 72 25 72 30 212 46 104 202 55 71 27 220 46 107 194 64 93 40 147 53 84 208 40 60 18 178 62 176 106 37 57 15 168 62 171 93 37 62 9 120 37 156 42 31 1 160 12 1 10 226 71 1,166 25 228 59 1 175 22 2 10 214 68 998 27 420 46 2,802 13, 848 2,802 5,601 22, 778 2,958 377 17,945 22, 351 2,467 16, 926 3,768 415 15, 467 12,123 1,922 (Feb.) 1 186 99 236 157 440 (2) (2) 579 12 94 (2) 271 112 37 123 60 475 37 121 92 (Mar.)i £0,053 49,043 21,132 25 659 106,116 94,097 3,541 5,067 124, 498 113,197 40, 757 44 421 17,113 14, 721 921 496 358 457 1,033 1,349 921 563 287 , 439 1,033 1,290 920 462 200 419 1,036 1,218 Central bank [Figures as of last report date of month] Bank of Portugal—Cont. Note circulation Other sight liabilities. _. Other liabilities National Bank of Rumania (millions of lei): Gold Special exchange accounts _ _ _ _ Loans and discounts Special loans 3 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 Note circulation Deposits Other liabilities Bank of Sweden (millions of kronor): Gold 4 Foreign assets (net) __ Domestic loans and investmentsOther assets Note circulation D e m a n d deposits ______ Other liabilities Swiss National Bank (millions of francs): Gold Foreign exchange Discounts Loans _ _ Other assets Note circulation Other sight liabilities. Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): Gold Foreign Exchange—Free In clearing accounts Loans and discounts Securities Other assets Note circulation Deposits _ _ _ _ _ Other liabilities Bank of the Republic of Uruguay (thousands of pesos): Issue department: Gold and silver Note circulation _ _ Banking department: GoldNotes and coin Loans and discounts Other assets Deposits Other liabilities _ National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Government debt National defense bills Other assets Note circulation _ __ Other sight liabilities Other liabilities _ 1940 June 1939 May Apr. June 2,424 1,161 1,030 2,320 1,209 1,003 2,096 1,169 990 21,029 6,903 22,520 1,024 10,036 15, 785 49,844 10,004 17, 445 18, 756 4,422 13,615 1,534 10,169 12, 662 38,683 10, 524 11, 951 36,172 8,150 294 24, 695 21,309 42,638 5,364 33,822 8,200 214 22, 575 18,922 41,874 4,015 26,638 7,666 813 16, 541 19,156 28, 651 3,850 416 432 969 851 1,467 179 1,021 395 453 881 821 1, 537 375 638 762 583 226 515 1,059 »-863 164 2,168 361 185 144 224 2,246 565 271 2,124 259 270 82 657 2,031 720 642 2,471 271 66 31 681 1,729 1,147 644 109,904 60 29,788 262,704 196,221 33,386 327, 869 163, 780 140,413 109, 497 36 28,499 259, 399 196,153 41, 919 316,869 178, 406 140, 228 36,906 11 4,135 140, 915 192,880 35, 450 229, 521 61, 509 119, 267 (Mar.)* 86, 235 96,360 86,235 91, 072 21, 454 20, 462 45, 753 47, 916 109,824 107, 262 129,767 98, 347 99,061 87,187 207, 737 186, 799 2,162 585 1,984 3,073 3,196 3,428 11, 755 1,842 832 2,069 870 1,802 3,073 2,261 3,402 10, 764 1, 777 935 1,920 507 1,825 2,230 3,156 7,177 1,724 736 ' Revised. Latest month for which report is available for this institution. Figures not yet available. Agricultural and urban loans in process of liquidation. * Gold revalued May 31, 1940 at 0.2053 grams fine gold per franc. 1 2 3 AUGUST 1940 895 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 1] 1940 1939 1940 1939 Assets Liabilities Apr. 30 May 31 May 31 M a y 31 Apr. 30 M a y 31 28,913 28,215 64,732 Demand deposits (gold) 12,010 12, 588 13,205 46,086 16,382 33,465 16,852 6,756 16, 275 Rediscountable bills and acceptances (at cost) Time funds at interest.. _. Sundry bills and investments Other assets Short-term deposits (various currencies): Central banks for own account Other 33,133 2,316 21,863 2,925 109,214 5,418 143,843 21, 774 211,335 162,415 21,963 195,075 219,950 34, 464 232, 208 Long-term deposits: Special accounts.. 229,001 229,644 255,128 Other liabilities 194, 268 193, 398 193, 415 Total assets Total liabilities 470, 728 460, 419 576, 379 470, 728 Gold in bars Cash on hand and on current account with banks Sight funds at interest _ 2,396 2,434 460, 419 1,995 576, 379 i See BULLETIN for December 1936, p . 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] Month Treasury Bankers' acceptances bills, 3 3 months months Netherlands (Amsterdam) Germany (Berlin) United Kingdom (London) Bankers' Day-to-day allowance money on deposits Private discount rate 1 Money for Day-to-day 1 month money 1 Private discount rate Money for 1 month 7.90 3.74 6.74 5.70 4.93 4.57 3.16 2.67 2.78 3.06 2.71 5.30 1.89 1.05 .39 2.18 .78 4.42 3.92 .15 .13 .49 5.30 1.93 1.07 1.00 2.06 1.00 3.83 3.95 1.00 .50 .75 2.75 2.65 2.63 2.23 2.19 2.39 1.90 1.75 2.25 2.24 2.41 2.75 2.50 2.50 2.50 2.03 2.08 2.16 1.85 1.58 1.35 1.68 3 2.20 2.64 2.50 2.49 2.75 3 3.21 1929—June 1930—June 1931—June 1932—June 1933—June 1934—June 1935—June 1936—June 1937—June 1938—June 1939—June 5.32 2.31 2.09 1.05 .50 .91 .71 .78 .68 .59 .75 5.35 2.30 2.10 .85 .40 .85 .64 .78 .68 .59 .76 4.23 1.93 1.64 .99 .62 .92 .75 .75 .79 .75 .77 7.50 3.58 6.05 4.75 3.87 3.76 3.00 2.88 2.88 2.88 2.79 1939—October... November December. 1.88 1.96 1.23 1.77 1.18 1.24 1.71 1.00 1.03 1940—January... February.. March April May June 1.10 1.04 1.03 1.03 1.03 1.03 1.09 1.02 1.02 1.03 1.02 1.02 1.02 1.00 .99 1.00 1.00 1.00 Switzerland Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Private discount rate 4.80 7.05 5.76 5.50 4.67 2.93 2.74 2.63 2.88 2.50 Hungary Sweden (Stockholm) Japan (Tokyo) Month Prime commercial paper Day-to-day Loans3up to money months 1929—May 1930—May 1931—May 1932—May 1933—May 1934—May 1935—May 1936—May 1937—May 1938—May 1939—May 3.34 2.44 1.12 1.50 1.50 1.50 2.39 2.25 1.00 1.00 1.00 3.96 2.87 2.20 3.21 2.41 1.93 2.12 1.38 1.00 (4) 3.99 3.49 2.36 1.28 1.50 1.76 2.60 2.56 5.60 3.93 2.62 1.94 1939—September October.. _ November December. 1.25 1.25 1.25 1.25 3.22 3.19 3.11 3.11 2.70 2.34 2.12 2.12 1.25 1.25 1.25 1.25 1.41 2.94 2.68 2.12 1.94 1.89 2.00 3-5 3-5 3-5 3-5 3.29 3.10 2.19 4.56 2.19 2.43 2.40 2.73 2.69 2.40 2.37 . 3-5 1940—January _._ February.. March April May Call Discounted money bills overnight a oo 5.81 5.25 5.52 4.00 3.00 3.50 4.78 4.50 5.00 5.00 3-5 5.48-5. 66 5.48 5.29-5.48 6.20-6. 57 5.11-5.84 5.26 5.11 4.93 4.75 4.56 4.47 8 8 (6) i Beginning February 1940 figures are those published in the League of Nations Monthly Bulletin of Statistics. * No figures available since August 1939. 3 Figures are for period May 1-9, inclusive; no quotations available M a y 10-31. 4 Insufficient quotations available. 5 No figures available since July 1939. 6 No figures available since June 1939. NOTE.—For explanation of table see BULLETIN for December 1939, p . 1144; September 1938, p . 757; May 1930, p . 318; November 1929, p. 736; July 1929, p. 503; April 1927, p . 289; and November 1926, pp. 794-796. 896 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank o— f Date effective Central bank o— f In effect June 30, 1936 July 7. . . . July 10.. _ Sept. 9 Sept. 25 Oct. 2 Oct. 9__ Oct. 16 Oct. 20 Nov. 26... _ Dec. 3 Jan. 28, 1937-. „ June 15 July 7 __ Aug. 4 -__ Sept. 3 Nov. 13 M a y 10, 1938M a y 13 May 30 Sept. 28 Oct. 27 Nov. 25 Jan. 4, 1939 Apr. 17 M a y 11 July 6 Aug. 24 __ Aug. 29 Sept. 28 Oct. 26— Jan. 25, 1940 . Apr. 9__ In effect July 29, 1940— 2 4 4 2 3 3.29 2 3 2 5 3 IK 2 2 3 4 VA 2 3 2 3 3 4 Denmark Ecuador El Salvador. Estonia _ Finland 2V2 4 6 5 4 2 Bulgaria Canada Chile Colombia Czechoslovakia. _ 2 2 Rate July 29 Albania Argentina-.. Belgium Bolivia British India United Ger- Bel- Neth- Switz- Japan King- France many gium ererdom lands land 7 3 6 2 3 4 2 Central bank of— Rate July 29 Japan _ Java __ Latvia _ Lithuania—. Mexico 3.29 3 5 6 3 Date effective Mar. Mar. Jan. Aug. Nov. 21, 1940 1, 1936 25, 1940 9, 1938 28, 1935 Date effective Apr. Jan. Feb. July Mar. 15, 1935 Netherlands 3 11, 1935 New Zealand 16, 1936 3 18, 1933 Norway 3 Peru 6 Jan. 1, 1936 Portugal.. 4-4^ Aug. Mar. Dec. July May May Mar. Oct. Dec. 22, 1940 26, 1938 30, 1939 1, 1935 3, 1934 4, 1939 9, 1940 4, 1937 29, 1935 18, 1936 Turkey United Kingdom U. S. S. R Yugoslavia- Aug. 29, 1939 Sept. 6, 1939 May 13, 1940 May 20, 1932 Aug. 11, 1937 May 5, 1938 May 15, 1933 i Mar. 29,1939 May 17, 1940 Nov. 26, 1936 Rumania South Africa Spain _ 4 Sweden Switzerland.. Jan. Apr. Jan. Aug. May 7, 1936 14, 1937 17, 1940 15, 1939 1, 1937 2M 2 France Germany Greece Hungary Italy 4 3 4 3 3 2 2 2 VA 2 2 2 - 6 4 2 4 July 2 4 5 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 1, 1938 i Not officially confirmed. Changes since June 30: none. 3 IK 3.29 COMMERCIAL BANKS Liabilities Assets United Kingdom i Money at Cash call and Bills dis(Figures in millions of pounds sterling) reserves short counted notice Securities Loans to customers Other assets Deposits Total Demand * Time 2 Other liabilities 10 London clearing banks 1930—December 1931—December 1932—December 1933—December 1934—December 1935—December 1936—December 1937—j) ecember 1938—December 1939—December . __ _ -__ 208 _ _ 184 207 213 216 221 236 236 235 264 144 322 119 127 119 151 159 187 155 150 167 246 408 311 255 322 316 295 244 323 285 933 297 472 565 594 605 630 605 606 580 905 778 740 759 784 864 954 940 981 240 222 208 237 247 231 238 242 250 280 1,876 1,737 1,983 1,941 1,971 2,091 2 238 2,250 2,172 2,350 992 847 868 991 1,015 1,044 1,140 846 963 900 910 924 254 237 216 244 251 231 232 237 254 245 11 London clearing banks 3 1936—December 1937—December 1938—December 1939—April May . June July August September October November December . 244 244 243 195 163 160 322 300 250 660 635 635 890 984 971 249 256 263 2,315 2,330 2,254 1,288 1,284 1,256 1,012 1,026 997 245 252 269 229 236 235 235 _ _ 145 144 150 155 611 605 600 597 997 992 993 986 256 258 257 251 270 242 290 1,185 1,194 1,232 1,241 1,239 1,272 1,299 1,303 1,398 970 973 987 999 1,007 1,006 1,028 1,042 1,043 267 990 2,155 2,167 2,219 2,240 2,245 2,278 2,327 2,345 2,441 267 259 273 260 260 295 2,410 2,366 2,363 2,354 2,413 2,469 1,373 1,347 1,355 1,351 1,036 1,019 1,008 1,003 261 258 260 261 261 264 268 256 146 159 184 201 249 278 279 236 289 245 274 _ 142 174 353 334 611 609 242 247 249 254 257 270 154 149 142 153 144 166 388 353 336 338 409 384 610 609 611 618 633 636 233 _ 1940—January February March— April May . . June __ __ _ . 148 599 603 605 1,016 1,020 1,000 1,015 1,010 1,007 1,014 991 972 983 276 271 268 265 263 273 266 272 248 256 1 Averages of weekly figures through August 1939; beginning September 1939figuresrefer to one week near end of month. 2 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. 3 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. AUGUST 1940 897 Commercial Banks—Continued (4 large banks. End of month figures in millions of francs) Cash 1930—-December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1939—March April May June July August September. October... November. December. 1940—January... February.. March 2,419 11,311 9,007 5,870 5,836 3,739 3,100 3,403 3,756 3,604 3,522 5,148 3,538 3,464 6,357 5,062 4,534 4,171 4,599 4,066 4,293 4,110 Due from Bills discounted banks 4,675 2,168 1,766 1,416 1,421 2,484 2,975 4,116 4,060 3,519 3,745 3,769 3,857 3,580 3,718 3,862 3,698 3,714 3,765 4,080 3,993 3,920 20,448 18,441 22,014 19,848 18,304 16,141 17,582 18,249 21,435 23,945 25,667 25,102 25,263 25,717 18,784 20,888 23,170 25, 649 29, 546 29,808 30,810 34,123 Deposits Other assets Loans 10,743 9,274 7,850 8,309 8,159 8,025 7,631 7,624 7,592 6,654 6,414 7,061 6,538 6,850 7,353 7,710 7,809 7,907 7,546 7,756 7,579 7,499 Total 2,361 2,130 1,749 1,827 1,717 1,900 1,957 2,134 1,940 1,310 1,353 1,409 1,472 1,532 1,674 1,735 1,936 2,068 2,440 1,745 1,849 1,961 Demand 36,681 38, 245 37, 759 32,635 30,943 27, 553 28,484 30, 348 33, 578 34, 793 36,368 38,120 36,231 36,650 33,293 34,642 36,285 38,423 42,443 42,850 43, 737 46, 608 Time 35,284 37,023 36,491 31,773 30,039 26,859 27,955 29, 748 33,042 34,127 35,700 37,444 35,547 35,991 34,048 35,675 37,835 41,872 42,302 43,195 46,064 Assets Germany 1 Cash (5 large banks. End of month figures reserves in millions of reichsmarks) 1930—November _ _ 1931—November.. 1932—November.. 1933—November.. 1934—November.. 1935—November.. 1936—November.. 1937—November.. 1938—August September.. October November.. 1939—January February... March April May June 2 Liabilities Assets France 191 173 143 131 115 139 137 148 199 270 179 195 184 175 219 189 237 214 2,453 1,431 1,631 1,702 2,037 2,162 2,567 3,205 3,589 3,384 3,620 3,643 3,934 3,888 3,904 4,364 4,537 4,108 1,397 1,222 1,268 862 904 694 529 600 537 667 667 676 684 659 626 594 610 588 571 548 542 544 921 576 295 273 193 337 473 661 721 541 558 519 486 430 455 427 534 631 844 938 1,034 1,105 7,416 5,377 4,570 3,731 3,331 2,884 2,729 2,628 2,731 2,817 2,743 2,685 2,708 2,798 2,833 2,761 2,772 2,988 Securities 482 807 938 860 874 1,027 1,112 1,020 1,098 1,097 1,183 1,406 1,178 1,145 1,112 1,082 1,073 1,080 Other assets 1,127 991 1,003 851 812 844 876 895 893 895 902 901 891 852 Deposits (10 chartered banks. End of month figures in millions of Canadian dollars) Total 9,091 6,062 6,161 5,754 5,816 5,376 5,751 6,264 6,933 6,915 7,031 7,234 7,334 7,377 7,458 7,745 7,981 7,793 Demand 3,857 3,252 2,958 2,624 2,731 2,435 2,661 2,912 3,219 3,311 3,373 3,531 3,619 3,576 3, 693 3,870 3, 996 3,793 Time 5, 233 2,810 3,203 3,130 3,085 2,941 3,090 3,352 3,714 3,603 3,658 3,703 3,716 3,801 3,765 3,875 3,985 3,999 1,986 1,328 1,146 661 485 686 579 513 416 424 422 420 414 410 401 398 396 390 1930—December .. 1931—December.. 1932—December.. 1933—December. . 1934—December.. 1935—December.. 1936—December.. 1937—December.. 1938—December. . 1939—May June.. July August September.. October November.. December.. 1940—January February... March April.. May. Security loans abroad and net SecuriOther ties due Security loans from loans and dis- foreign counts banks 207 201 211 197 228 228 240 255 263 266 255 266 265 279 304 295 292 290 273 265 281 1,828 2,341 1,550 1,481 1,432 1,449 1,334 1,335 1,368 1,400 1,427 1,438 1,436 1,427 1,418 1,414 1,385 1,342 Liabilities Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash 4,357 4,503 4,331 4,362 4,301 4,399 4,289 4,517 4,484 3,697 3,775 3,849 3,951 4,063 4,138 4,190 4,328 4,455 4,609 3,667 3,753 3,901 Credits Other obtained liabilifrom ties banks Assets Canada Other liabilities Liabilities Due from Bills dis- Loans banks counted 1,483 817 583 471 393 316 269 299 255 295 261 270 285 307 308 271 292 306 Own acceptances 205 135 103 106 103 83 114 76 65 55 53 51 49 51 53 56 53 48 57 52 54 44 1,275 1,253 1,104 1,036 977 945 791 862 940 963 957 947 957 1,020 1,083 1,102 1,088 1,073 1,104 1,115 1,072 1,063 171 146 155 134 155 141 161 102 166 217 226 202 245 214 209 157 132 134 140 166 180 194 604 694 778 861 967 1,155 1,384 1,411 1,463 1,505 1,525 1,520 1,507 1,502 1,662 1,665 1,646 1,654 1,638 1,599 1,592 1,617 Other assets Note circulation Total 602 510 439 432 449 485 507 510 474 452 494 468 461 475 474 475 490 466 476 451 488 475 133 129 115 121 124 111 103 96 88 85 2,115 2,058 1,916 1,920 2,035 2,180 2,303 2,335 2,500 2,524 2,542 2,520 2,524 2, 583 2,837 2,809 2,774 2,755 2,772 2,724 2,743 2,785 Demand 538 563 628 694 755 752 840 846 862 822 822 891 1,128 1,074 1,033 1,005 1,113 1,063 1,071 1,142 Time 1,426 1,360 1,378 1,357 1,407 1,486 1,548 1,583 1,660 1,678 1,680 1,697 1,702 1,692 1,709 1,735 1,741 1,751 1, 659 1,661 1,672 1,643 Other liabilities 816 752 7«0 725 718 745 790 785 782 850 875 849 873 862 858 851 842 827 829 836 840 818 1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (see BULLETIN for June 1935, p. 389). 2 No figures available since June 1939. NOTE.—For other back figures and explanation of tables see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641—646. 898 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] Year or month Argentina (peso) 1933.. 1934.. 1935._ 19361937- Australia Canada (dollar) Brazil (milreis) British India Official Free (rupee) Bulgaria (lev) 337.07 400.95 388.86 395.94 393. 94 389. 55 353. 38 72.801 33. 579 32. 659 33.137 32.959 32. 597 17.900 23. 287 18.424 16. 917 16.876 16.894 16.852 7. 9630 8.4268 8. 2947 8. 5681 5. 8788 8. 6437 6.1983 5.8438 6.0027 5.1248 31. 816 37.879 36.964 37. 523 37.326 36. 592 33.279 1.0039 .2852 2951 . 2958 . . 2846 . 2424 .2111 91.959 7. 6787 101.006 10.1452 99.493 5.0833 99.913 5.1240 100.004 5.1697 4.0000 99.419 5.1716 4.0000 96.018 5.1727 4.0000 17.008 16.991 16. 968 17.028 16. 729 16. 490 16. 577 6.0586 6.0571 6.0579 6.0594 6.0575 6. 0580 6.0576 5.1737 5. 0555 5.0236 5. 0162 5.0503 5. 0322 5.0263 34.924 34. 905 34. 407 29.928 30. 296 30.127 30.032 1. 2077 1. 2126 1.2111 99.773 99.835 99.494 91. 255 89.331 87. 755 87.615 5.1737 5.1703 5.1691 5.1776 5.1713 5.1714 5.1705 4.0000 13.434 57.169 4. 0000 10. 637 57.036 4.0000 7.163 57.061 4.0000 57.068 4.0000 7.638 57.151 4.0000 8.353 57. 206 4.0000 7.487 57.022 16. 834 16.859 16.980 16. 801 16. 736 6.0562 6. 0569 6.0574 6. 0576 6.0488 6. 0527 5.0132 5. 0237 5.0269 5.0291 5.0232 5.0329 30.140 30.163 30.179 30.198 30.120 30.106 88.018 86. 654 82.883 84. 238 80.970 80.072 5.1670 5.1655 5.1650 5.1649 5.1670 5.1678 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 Official Free 1939 30. 850 1939—June July Aug Sept Oct Nov Dec 31.217 31. 211 31.116 29. 770 29. 772 29. 773 373.12 373.03 367.32 318. 38 319. 51 312. 66 313.13 1940—Jan Feb Mar April May June 29. 772 29.773 29. 773 29. 773 29. 773 29. 773 315.82 315. 79 299. 50 280.90 260.80 287.04 322.80 322.80 322.80 Official 90.909 90.909 90.909 90.909 DenEgypt mark (krone) (pound) Finland (markka) 1933.. 1934.. 1935.. 1936.. 1937.. 1938.. 1939.. 19.071 22. 500 21. 883 22.189 22. 069 21. 825 20. 346 434. 39 516.85 502. 60 509.68 506. 92 501. 30 478.83 1.8708 2. 2277 2.1627 2.1903 5.0313 6.5688 6. 6013 6.1141 2.1811 4.0460 2.1567 2. 8781 1. 9948 2. 5103 30. 518 39. 375 40. 258 40. 297 40. 204 40.164 40.061 .7233 .9402 .9386 .9289 . 9055 .8958 .8153 29. 452 38. 716 48. 217 31. 711 30. 694 30. 457 27. 454 22.360 29. 575 29. 602 29. 558 19. 779 19. 727 19. 238 1939—JuneJuly... Aug.— Sept... Oct.... Nov... Dec— 20. 900 20. 896 20. 834 19. 317 19. 291 19. 294 19.297 480.10 480.00 472. 41 432. 04 2.0559 2. 0547 2.0456 2. 6493 2. 6488 2. 6137 1. 9000 2.2651 1.8943 2. 2736 1. 8964 2. 2246 1.8136 2. 2269 40.105 40.113 39. 859 39. 864 40.092 40.127 40. 097 .8565 .8576 .8520 .7575 .7345 .7244 .7157 1940—Jan.... Feb.MarApril.. May.. June.. 19. 304 19.310 19. 311 19. 307 1.8156 1. 7078 1. 5252 1. 7743 1.8961 1.9776 40.118 40.117 40.114 40.115 40.025 39.965 .7155 .7176 .7007 .6546 .6270 .6529 Year or month Year or month China Czecho(yuan- Colom- slovakia bia Shang- (peso) (koruna) Export hai) Belgium (belga) (pound) Poland (zloty) Ger- Greece Hong HunFrance many (drach- Kong gary (reichs- ma) (dollar) (pengo) (franc) mark) 2. 2461 2. 2459 2.1296 1.9980 1.8516 2. 0052 Free Chile (peso) Official 28. 598 81. 697 34.094 61. 780 36. 571 56.011 29. 751 57.083 29. 606 56. 726 21.360 55.953 11.879 57.061 7.833 7.012 6.409 5.992 5.083 5.760 3.8232 4. 2424 4.1642 4.0078 3.4930 3. 4674 3.4252 57. 205 57. 264 57.130 56.990 57.046 57. 220 Italy (lira) Japan (yen) NetherNew Mexico lands Zealand Norway (peso) (guilder) (pound) (krone) 6. 7094 8. 5617 8. 2471 7. 2916 5. 2607 5. 2605 5.1959 25. 646 29. 715 28. 707 29.022 28. 791 28.451 25. 963 28.103 27. 742 27. 778 27. 760 27. 750 22.122 19.303 51. 721 67.383 67. 715 64. 481 55.045 55.009 53.335 340.00 402.46 391. 26 398.92 396.91 392.35 354.82 21.429 25.316 24.627 24.974 24. 840 24. 566 23.226 28. 916 28. 703 28.213 24.863 25.030 24.491 24.482 19. 577 5. 2604 27. 284 19. 576 5. 2605 27. 279 19. 576 5. 2515 26. 870 5.1445 23.459 5.0465 23. 510 17. 602 5.0444 23. 440 17. 600 5.0452 23.441 19. 753 17.133 16.800 19.023 20.151 20.497 18.185 53.167 53. 278 53. 484 53.182 53.115 53.080 53.107 374.60 374. 49 368.82 319. 75 320.81 313. 96 315.03 23. 524 23. 520 23. 376 22.655 22. 697 22. 703 22. 701 24. 629 24. 572 23. 247 21.834 20. 288 22.388 17. 586 5.0470 17. 605 5.0467 17. 592 5.0470 17. 586 5.0452 17. 582 5.0426 17. 591 5.0361 16. 663 16. 654 16. 652 16. 656 16. 654 18. 365 53. 208 53.137 53.101 53.082 53.079 317.09 317.06 300. 72 282.05 261. 87 288.19 22. 22. 22. 22. 23. 438 23.438 23. 438 23. 438 23. 438 23. 432 706 709 712 707 United Kingdom Uruguay (peso) Straits (pound) YugoPortu- Ruma- South Spain Settle- Swe- Switzer- Turkey slavia gal Africa den land nia ments Con- Non-con- (dinar) (escudo) (leu) (pound) (peseta) (dollar) (krona) (franc) (pound) Official Free trolled trolled 14. 414 18.846 18. 882 18. 875 18. 923 18. 860 18.835 1939—June. _ JulyAug.— Sept... Oct.... Nov... Dec... 3. 9165 4. 6089 4. 4575 4. 5130 4.4792 4.4267 4.0375 .7795 1.0006 .9277 .7382 .7294 .7325 .7111 414.98 498. 29 484. 66 491. 65 489. 62 484.16 440.17 10. 719 13. 615 13. 678 12.314 6.053 5.600 10.148 49. 232 59.005 57.173 58. 258 57. 973 56.917 51. 736 22.032 25.982 25. 271 25. 626 25.487 25.197 23.991 24.836 32. 366 32.497 30.189 22.938 22.871 22. 525 60.440 79.047 80.312 80. 357 80.130 80.109 423. 68 503. 93 490.18 497.09 494. 40 488.94 443. 54 60. 336 79. 956 80. 251 79. 874 79.072 64. 370 62.011 36. 789 18.812 18.808 18. 754 1934.. 1935.. 1936_. 1937.. 1938.. 1939.. 4. 2484 4. 2506 4. 2234 3. 6564 3.6444 3. 6067 3. 6044 .7042 .7035 .7043 463.32 463. 28 456.10 394. 57 396.12 397.15 397. 41 11. 023 11.023 11.000 10.492 10.148 10.039 9.950 54. 509 54. 785 53.996 46. 712 47.017 46. 246 46.102 24.107 24.114 24.002 23. 763 23. 792 23. 798 23. 796 22. 546 22. 550 22. 573 22. 576 22.433 22. 428 22.422 80.101 80.021 80. 022 79.500 468.24 61. 609 468.15 61. 600 461.07 60. 659 399. 51 401.05 392.47 65. 830 393.01 65. 830 35. 620 35. 818 35. 698 38.180 39.022 37.063 36.457 2.2649 2. 2657 397. 86 398.00 398. 00 398.00 398. 00 398.00 9.950 9.950 9.814 9.144 9.130 9.130 46.484 46.483 46. 750 47.136 47.119 47.114 23.806 23. 807 23. 816 23. 691 23. 791 23.804 22.419 22.418 22. 417 22.418 22. 253 22. 461 396. 39 396. 34 375. 91 352. 59 327. 36 360.16 36,360 37.466 38.839 39.090 38. 603 37. 714 2. 2595 2. 2560 2. 2485 2. 2444 2. 2473 2. 2441 3. 6259 3. 6228 3.4985 3.4090 3. 2650 3. 5969 1940—Jan.... Feb... Mar... April.. MayJune— .7088 .7055 403. 50 403. 50 403.50 403. 50 65.830 65. 830 65. 830 65.830 65. 830 65.830 1.7607 2. 2719 2. 2837 2. 2965 2.3060 2.3115 2. 2716 2. 2674 2. 2744 2. 2729 NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Belgium—since May 9; Brazil—Sept. 1; Bulgaria—since Aug. 29; Canada—official rate Mar. 1-21, first reported in addition to free rate beginning Mar. 22; Denmark—Aug. 26-31 and since April 8; Egypt—since Sept. 1; Finland—Aug. 26-Sept. 1 and Sept. 3-5; France—since June 15; Hungary—Aug. 26-Nov. 8 and Jan. 27-Feb. 8; Netherlands—since May 9; Norway—Aug. 26-29 and since April 8; Poland—since Aug. 25; Rumania— Aug. 26-Nov. 5 and since Jan. 31; Spain—Mar. 30-Apr. 1; Turkey—Aug. 25-28 and since Sept. 1; United Kingdom—official rate Mar. 1-24, first reported in addition to free rate beginning Mar. 25; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28; Yugoslavia —Aug. 26-Nov. 5. Official rate for Australia first reported in addition to free rate beginning Apr. 1. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong Kong, Japan, and Straits Settlements; Nov., D e c , Jan., and Feb.—British India, Germany, and Yugoslavia; D e c , Jan., and Feb.—Finland; Mar.—Finland, Germany, and Yugoslavia; Apr.—New Zealand; Apr., May, and June—Germany, Sweden, and Yugoslavia; June—Italy. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the bases of quotation, see BULLETIN for September 1939, p. 831; March 1939, p . 236; and March 1938, p. 244. AUGUST 1940 899 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Switzerland (July 1914 =100) Netherlands (1926-30 =100) United States Canada United Kingdom France Germany Italy (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1926 100 100 i 124 695 134 237 106 144 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 95 86 73 65 66 75 80 81 86 79 77 96 87 72 67 67 72 72 75 85 79 75 100 88 86 86 88 89 94 109 101 103 627 554 500 427 398 376 338 411 581 653 137 125 111 97 93 98 102 104 106 106 107 95 85 75 70 63 62 68 76 89 95 220 181 153 161 180 178 186 198 238 251 278 100 90 76 65 63 63 62 64 76 72 74 141 126 110 96 91 90 90 96 111 107 111 76 76 74 73 98 98 684 683 107 107 70 70 107 107 107 107 107 108 97 98 270 270 678 674 270 272 288 293 300 314 70 71 75 81 84 85 107 106 107 107 117 120 123 125 320 317 86 88 312 88 Year or month ___•_-_ _ 1939—May June July August September October . . . November December 75 75 79 79 79 79 98 98 106 111 119 122 79 79 83 83 78 1940—January February March April May June 73 72 78 79 80 82 83 125 128 '129 132 134 P135 79 78 83 82 82 78 (3) (3) (3) 96 (2) (2) (2) (2) w (2) w 108 108 (3) (3) Japan (October 1900=100) 109 314 312 128 13C 132 134 135 308 r * Preliminary. Revised. Approximate figure, derived from old index (1913=100). No figures available since July 1939. No figures available since August 1939. 1 2 3 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom (1930=100) United States (1926=100) Year or month Farm products Foods Other commodities Foods Farm IndusIndus- Agricultural and food trial trial products products products products 1926 100 100 100 581 1929 19301931 1932 1933. 1934 1935 1936. 1937 1938 1939 105 88 65 48 51 65 79 81 86 69 65 100 91 75 61 61 71 84 92 85 75 70 71 78 78 80 85 82 81 579 526 542 482 420 393 327 426 562 641 _ _._. 1939—May ^. June July August September. October.... November. December. 1940—January February . March..... April May June 64 62 63 61 69 67 67 100 83 85 87 92 102 97 Germany (1913=100) France (1913=100) 100 87 85 87 90 90 96 112 104 106 793 579 464 361 348 397 598 663 132 130 150 130 113 104 91 87 96 102 105 105 106 108 125 113 132 120 103 89 88 91 92 94 96 94 95 157 150 136 118 113 116 119 121 125 126 126 94 91 92 92 94 94 95 95 95 96 97 97 126 126 126 126 126 126 126 127 81 80 80 80 82 84 84 84 92 92 91 90 101 109 114 118 101 101 102 102 108 111 121 124 652 643 629 616 0) CO CO CO 108 109 109 109 108 108 108 108 122 126 124 126 128 P130 127 129 131 135 136 CO 0 108 108 110 ! 0) Industrial raw Indusand semi- trial finished finished products products 129 84 66 Provisions CO 0) CO CO CO coco 127 127 128 8 CO Revised. v Preliminary. i No figures available since August 1939. Sources—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159. r 900 FEDERAL RESERVE BULLETIN Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] EngGer- Nether- SwitzUnited States i land France many lands erland July 1935July 19131911June 1939=100 1914=100 1914=100 1914=100 1913=100 1914=100 Year or month United EngGer- Nether- SwitzStates i land France many lands erland 1935July 19131911June 1939=100 1914=100 1930=100 1914=100 1913=100 1914=100 Year or month 161 554 146 161 160 1926 170 142 168 162 1929 1930 1931 1932 1933.. 1934 1935 . 1936 1937 1938 1939 611 614 611 536 491 481 423 470 601 702 156 146 131 116 101 105 98 95 154 145 131 126 120 122 125 130 139 141 141 162 150 136 119 120 124 118 120 127 130 156 152 141 125 117 115 114 120 130 130 132 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 164 158 148 144 140 141 143 147 154 156 158 154 147 136 121 118 121 123 125 125 126 126 168 161 151 141 139 140 136 2 132 161 158 150 138 131 129 128 130 137 137 138 1939-May June July August September October November December. 94 94 94 94 98 98 97 95 134 134 139 137 138 154 157 157 738 739 741 749 130 132 132 131 133 136 138 138 1939-May June July August September October November December. 1940-January... February. _ March April May June 95 97 96 96 97 98 157 161 161 158 159 158 139 139 140 142 143 1940-January February. March April May June (4) ( 122 122 122 123 123 124 125 125 122 122 122 123 124 124 126 130 124 124 128 133 136 137 138 140 ? — . . 98 99 103 101 99 99 101 100 100 100 97 91 87 83 78 86 102 117 153 153 156 155 155 165 169 173 123 (3) 174 177 179 178 180 181 333C 100 3SS 1926 137 139 140 126 127 127 127 126 126 126 126 136 137 139 143 144 146 127 127 129 146 148 137 137 138 137 138 140 142 142 144 145 145 147 148 1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau of Labor Statistics. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 3 No figures available since May 1939. 4 No figures available since August 1939. Sources—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or month United States (average price) i England France (December 1921=100) (1913=100) Common stocks Germany (average price) 139 Number of issues.. 60 1926 97.6 110.0 98.1 99.3 90.9 69.5 73.4 84.5 88.6 97.5 93.4 78.9 81.6 110.2 111.8 108.4 113.2 119.7 127.5 129.9 131.2 124.6 121.3 112.3 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 75.1 77.3 81.4 83.3 3 83.4 3 67.1 82.5 90.7 95.3 95.8 98.7 99.9 99.0 1939—May June July August September.. October November... December... 80.2 81.4 81.6 81.0 80.9 82.9 83.0 82.1 113.5 113.5 112.5 110.9 106.9 109.5 112.3 112.4 85.1 84.0 84.3 82.9 1940—January February March April May June 82.4 82.2 82.1 82.5 79.4 78.5 117.6 119.9 119.8 119.4 116.8 113.4 Netherlands 2 57.4 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 (1926=100) .- _ 87 36 United States England France Germany Netherlands (1930=100) 100 420 278 300 329 100.0 100.0 100.0 100.0 100.0 104.3 104.1 94.8 105.3 113. 4 107.8 109.1 * 101. 8 105.9 90.9 190.3 149.8 94.7 48.6 63.0 72.4 78.3 111.0 111.8 83.3 89.2 119.5 102.6 78.9 67.9 78.6 85.7 86.3 97.0 96.3 80.8 75.9 217.6 187.6 132.2 105.2 99.6 83.3 79.7 77.2 97.4 89.7 122.8 100.2 3 78.0 3 50.3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 99.0 99.0 99.0 99.0 98.9 98.9 99.0 99.0 98.0 96.3 94.4 92.6 79.6 80.3 80.9 77.2 83.1 86.0 86.1 86.3 92.4 95.3 94.2 91.8 77.0 76.6 75.8 75.3 72.0 74.9 76.0 75.7 103.0 98.3 100.4 94.0 94.1 92.5 91.7 93.2 92.8 92.3 94.5 97.8 89.3 91.6 89.3 88.6 92.1 87.7 85.8 84.3 99.1 99.6 99.9 100.2 100.7 77.9 76.7 76.4 92.7 91.5 91.5 92.9 83.0 73.3 75.7 77.1 77.9 77.4 73.1 64.9 101.0 103.1 106.6 109.3 112.2 85.4 84.7 85.7 8 i I 100 70 46 52 55 55 66 104 96 90 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 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 January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December. 4 New index. See note 2. 6 No figures available since August 1939. 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. AUGUST 1940 901 Publication* Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY Foreign Exchange Rates (for previous day) WEEKLY Monday: Condition of Reporting Member Banks in 101 Leading Cities Bank Debits Tuesday: Money Rates—Open-Market Rates in New York City Wednesday: Weekly Review of Periodicals Thursday: Condition of Federal Reserve Banks Condition of Reporting Member Banks in New York City and Chicago (Also a part of statement of Condition of Reporting Member Banks in 101 Leading Cities released on following Monday) Friday: Department Store Sales BOOKS AND PAMPHLETS THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. Obtainable in cloth binding at 50 cents a copy and in paper cover without charge. 128 pages. A set of FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS has been pub- lished by the Board and is for sale to the public at 50 cents a copy. Data available as of June 14, 1940, are plotted on the latest edition. The FEDERAL RESERVE ACT AS AMENDED to October 1, 1935, with mimeographed supplements showing amendments to date, has been printed by the Board and will be supplied without charge. DIGEST OF RULINGS—from 1914 to October 1, 1937. Digests of rulings of Board; compilation showing textual changes made in the Federal Reserve Act; digests of court decisions and opinions of the Attorney General involving a construction of the Federal Reserve Act; and digests of court decisions involving Federal Reserve Banks. Price $1.25 per copy. 683 pages. PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report of the Board of Governors of the Federal Reserve System. 33 MONTHLY Federal Reserve Bulletin—released about the 4th pages. MONETARY MEASURES AND OBJECTIVES. Three stateof the month (subscription price $2.00 per annum, single copies 20 cents; outside of the ments by the Board on objectives of monetary policy, United States, Canada, Mexico, and the insular on proposals to maintain prices at fixed levels through possessions, annual subscription $2.60, single monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages. copies 25 cents) Federal Reserve Inter-District Collection System July 1937, April 1939, and May 1939. (Par List)—including list of State bank memTHE HISTORY OF RESERVE REQUIREMENTS FOR bers. Semi-annual issues, January-July, and BANKS IN THE UNITED STATES. Legislation, designamonthly supplements—released about 7th of the tion of reserve cities, and changes in the reserve posimonth tion of banks. 20 pages. November 1938. National Summary of Business Conditions—reSUPPLY AND USE OF MEMBER BANK RESERVE leased about the 16th of the month FUNDS. analysis of sources of Business Indexes—released about the 16th of the ber bank Explanation ofand uses to which such memreserve funds funds month are by Federal Bank Debits—released between the 6th and 12th ury put as indicated pages. JulyReserve and Treasstatements. 31 1935. of the month ANALYSES OF THE BANKING STRUCTURE?—As of Foreign Exchange Rates—released about the 1st December 31, 1935. Number, deposits, and loans and of the month Money Rates—released about the 3rd of the month investments of banks classified by size of bank and town and by other factors. 33 pages. QUARTERLY THE GOLD PROBLEM TODAY, by E. A. Goldenweiser Member Bank Call Report (3 or 4 times a year —reprint of article, 4 pages, January 1940. depending upon number of calls for condition THE PAR COLLECTION SYSTEM OF THE FEDERAL reports) RESERVE BANKS, by George B. Vest—reprint of List of Stocks Registered on National Securities article, 8 pages, February 1940. Exchanges. Issued annually in February with THE BANKS AND IDLE MONEY, by Woodlief Thomas quarterly supplements (subscription price 25 —reprint of article, 9 pages, March 1940. cents for the List and three supplements; five or CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, more copies on one order, 20 cents per copy; fifty or more copies on one order, 15 cents per copy.) by E. A. Goldenweiser—reprint of article, 5 pages. May 1940. ANNUALLY Bank Debits—released ordinarily in February Annual Report (covers calendar year) 902 OWNERSHIP AND UTILIZATION OF THE MONETARY GOLD STOCK—Reprint of article, 3 pages, May and June 1940. FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE CHESTER C. DAVIS ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations Statistics C. E. CAGLE, Assistant Chief, Division of Examinations L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent EDWARD FEDERAL ADVISORY COUNCIL FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman Boston District GEORGE L. HARRISON, CHESTER C. DAVIS WILLIAM A. DAY ERNEST G. DRAPER JOHN K. MCKEE ROBERT S. PARKER RONALD RANSOM GEORGE J. SCHALLER JOHN S. SINCLAIR M. S. SZYMCZAK New York District Philadelphia District Vice Chairman Vice President Cleveland District Richmond District Atlanta District Chicago District S. E. RAGLAND JOHN CROSBY JOHN EVANS R. E. HARDING PAUL S. DICK President Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel AUGUST 1940 B. G. HUNTINGTON ROBERT M. HANES RYBURN G. CLAY EDWARD E. BROWN St. Louis District Minneapolis District Kansas City District Dallas District San Francisco District CHESTER MORRILL, E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market THOMAS M. STEELB LEON FRASER HOWARD A. LOEB Account WALTER LICHTENSTEIN, Secretary 903 CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f Chairman and Federal Reserve Agent Deputy Chairman President First Vice President Vice Presidents Boston Frederic H. Curtiss... Henry S. Dennison Roy A. Young... __. William W. Paddock William Willett 1 New York Owen D. Young George L. Harrison Allan Sproul Ray M. Gidney L. Werner Knoke Walter S. Logan Leslie R. Rounds Robert G. Rouse John H. Williams Beardsley Ruml Frank J. Drinnen .__ _ W. John Davis Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair TTrnp«t P1 TTill Clarence A. Mcllhenny Cleveland George C. Brainard.-. Reynold E. Klages.... Matthew J Fleming Richmond Robert Lassiter Frank J. Zurlinden William H. Fletcher William F. Taylor 2 George H. Wagner John G. Fry George H. Keesee 1 William G. Wysor Hugh Leach JohnS. Walden, Jr Joe Frank Porter Robert S. Parker William S. McLarin, Jr. . Malcolm H. Bryan Harry F. Conniff Frank J. Lewis George J. Schaller Howard P. Preston.. James H. Dillard William H. Snyder 2 Clifford S. Young Olin M. Attebery Clarence M. Stewart * Atlanta __ Frank H. Neely Chicago Robert E. Wood St. Louis William T. Nardin.___ Oscar G. Johnston William McC Martin F. Guy Hitt Minneapolis Walter C. Coffey John N Peyton Oliver S. Powell Roger B. Shepard Kansas City... Robert B. C aid well . . John J. Thomas George H. Hamilton Dallas Jay Taylor. __ Robert R. Gilbert St. George Holden William A. Day Ernest W. Swanson Harry I. Ziemer 2 Carroll A. Worthington.. James W. Helm 2 Harold G. Leedy James H Merritt San Francisco.. Raymond C. Force Ethan B. Stroud '_. Ira Clerk Robert B. Coleman William J. Evans Walter 0. Ford 1 Cecil E. Earhart 1 "William T T TTala V Richard B. West 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f Managing Director New York: Buffalo Branch Robert M. O'Hara Cleveland: Benedict J. Lazar Cincinnati Branch... _ . Percy A. Brown Pittsburgh Branch __ Richmond: W. Robert Milford Baltimore Branch Charlotte Branch.__ _ . William T. Clements _ Atlanta: Paul L. T. Beavers Birmingham Branch George S. Vardeman, Jr. Jacksonville Branch _. Joel B. Fort, Jr. Nashville Branch.. _._ New Orleans Branch . Lewis M. Clark Chicago: Detroit Branch __ _ St. Louis: Arthur F. Bailey Little Rock Branch.. _ Louisville Branch _ Charles A. Schacht _ William H. Glasgow Memphis Branch 904 Federal Reserve Bank o— f Minneapolis: Helena Branch _ __ Kansas City: Denver Branch. . Oklahoma City Branch Omaha Branch ______ Dallas: El Paso Branch Houston Branch _ San Antonio Branch __ _ San Francisco: Los Angeles Branch.__ . .._ Portland Branch. Salt Lake City Branch Seattle Branch. . _ _. Managing Director Robert E. Towle Joseph E. Olson Cyrus E. Daniel Lloyd H. Earhart Joseph L. Hermann William D. Gentry Miers Crump W. Norman Ambrose David L. Davis Winnie L. Partner Clarence R. Shaw FEDERAL RESERVE BULLETIN FEDERAL RESERVE DISTRICTS MINNEAPOLISj S.DAK. BOUNDARIES OF FEDERAL RESERVE DISTRICTS M M ® • O j V BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY This map incorporates recent intra-district transfers of territory described on page 778*
@FedFRASER