Full text of Federal Reserve Bulletin : February 1942
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FEDERAL RESERVE BULLETIN FEBRUARY 1942 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ^CONTENTSPAGE Review of the Month—Treasury Finance and the New Budget 95-101 From a Legal Standpoint: Executive Officers' Loans iox Consumer Credit 102.-101 Censorship Government Contracts War Production Board Foreign Funds Control 103-105 105-108 108-109 109-113 Current Events 114 Directors of Federal Reserve Banks and Branches 115-114 National Summary of Business Conditions 12.5-12.6 Financial, Industrial, Commercial Statistics, U. S. (See p. 117 for list of t a b l e s ) . . . . 117-170 Changes in Number of Banks and Branches in the United States 171 Earnings and Expenses of Federal Reserve Banks during 1941 172.-173 International Financial Statistics (See p. 175 for list of tables) 175-191 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 191 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 193 Map of Federal Reserve Districts 194 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System It is sent to member banks without charge. The subscription price in the United States and its possessions Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Hon duras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama,Paraguay,Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy, Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months, Whiter I.jnJscjpt, a mural painting by Jessie Hall Mayer in the United States Post Office, Canton, Missouri, executed under the direction of the Section of Fine Arts, Federal Works Agency. river. The mural shows a hillside farm and the town of Canton lying below beside the Canton is a farming center in a region whose natural beauty is typical ot the Middle West. It lies on the Mississippi in .Northeastern Missouri, k is In the Eighth Federal Reserve District, which is served bv the Federal Reserve Bank of St. Louis. FEDERAL RESERVE BULLETIN VOLUME X8 February 1942 NUMBER 2- TREASURY FINANCE AND THE NEW BUDGET Government expenditures, which were doubled in 1941 as compared with 1940, will show further great expansion in the next two years. This was made clear in the Budget Message presented by the President to the Congress, when it convened in January i94x. Amounts provided for war expenditures are far in excess of any previously known. Treasury receipts increased considerably last year, as the result of rising national income and the imposition of new and higher taxes, and further increases are expected, but the growth—actual and expected—is not as large as that in expenditures. Consequently, the public debt will continue to increase rapidly. Direct and guaranteed obligations of the Government in the hands of the public increased by about 11 billion dollars in the calendar year 1941, compared with an increase of 2.5 billion in 1940. Special efforts were made in 1941 to sell Government securities to investors other than banks. In 1940 and the early months of 1941 about two-thirds of the increase in privately-held direct and guaranteed Government debt was accounted for by the growth of bank portfolios, whereas in the latter half of 1941 holdings of investors other than banks absorbed about fourfifths of the increase in the privately-held debt. In 1941 the Treasury discontinued the issuance of tax-exempt securities. Prices of outstanding Government securities rose FEBRUARY 1941 to new high levels in the course of the year, but declined after the entry of this country into the war, and were slightly lower at the close of 1941 than at the end of 1940. THE WAR BUDGET The Budget submitted on January 7, 1942., contains revised estimates for the current fiscal year and the first estimates for the fiscal year 1943. It was pointed out in the Budget Message that these estimates are tentative, since the details of a war program are subject to constant change. Defense expenditures are estimated at X4 billion dollars for the current fiscal year and at about 53 billion for the fiscal year 1943. These figures exclude defense expenditures to be financed by the Reconstruction Finance Corporation and other Goverment corporations. Total budget expenditures, including those for the civil functions of the Government, are estimated at about 31 billion in the current fiscal year and 59 billion in the fiscal year 1943. Expenditures and receipts of the Government for recent years with budget estimates for the coming year are shown in the table on the following page. Under the present Federal tax laws, net budget receipts are expected to total iz billion dollars and about 16 billion in the two fiscal years, 1942. and 1943. This would leave deficits of 19 billion in the current fiscal year and 42. billion in 1943, com- 95 REVIEW OF THE MONTH trust funds are estimated under present law at 2. billion dollars in the fiscal year i94x and at 2..8 billion in the fiscal year 1943. Budget expenditures In the Budget Message, the President recomBudmended additional social security contribuNet reget ceipts deficit Nations of 2. billion dollars in the fiscal year tional Total de1943 to cover outlays in future years under fense an expanded social security program. As a consequence of the investment of 1940 1,607 Jan.-June 2,911 916 4,518 trust funds and the retirement of guaranteed 2,216 5,141 1,767 2,925 July-Dec... obligations, the increase in the total Jan .-June... 2,887 4,313 7,570 4.683 July-Dec.... 8,214 11,483 7,317 4,166 amount of privately-held direct and guar1942 anteed Government securities may be as Jan .-June .. 15,783 19,093 7,778 11,315 much as 9 billion dollars less than the inFiscal years ending June 30: 6,080 12,711 7,607 5,103 1941 crease in the gross debt estimated for the 23,997 30,576 11,944 18,632 19422 52,786 58,928 3 23,487 35,441 fiscal years i94x and 1943. Some of the in1943 Figures do not include net social security employment taxes, creased debt will be provided for by the sale which are appropriated directly to the Federal old-age and survivors insurance trust fund and are invested in special issues of Government of nonmarketable issues, such as savings securities. As estimated in President's Budget Message. Includes 7 billion dollars of receipts from proposed tax legislation. bonds and tax anticipation notes, reducing further the amounts that will need to be pared with 5 billion in the year ending raised by sales of securities in the open June 30, 1941. The President recommends market. new tax legislation to yield 7 billion dollars The Budget gives no estimates of receipts in the fiscal year 1943, which would reduce from sales of savings bonds and tax notes. the deficit in that year to 35 billion. In the first six months of the current fiscal The gross direct debt of the Federal year, net sales of savings bonds amounted Government will increase by larger amounts to 1.8 billion dollars, and the rate of sales than these deficits in budget accounts, be- has been increasing in recent months. cause net expenditures by Government Net sales of tax notes amounted to 2.-5 corporations will be met by direct debt billion dollars in the past half year. Most issues and because maturing and called of these notes will be redeemed through the guaranteed securities will be replaced by payment of taxes in the current calendar direct securities. These transactions will year, but sales of the new tax notes will result in further increases in the direct probably be larger, so that there will be debt of about 3 billion dollars and 4 billion, some increase in the outstanding amount. respectively, in the two fiscal years. The BUDGET EXPENDITURES gross direct debt, therefore, is estimated to increase by almost -TL billion dollars in the Estimated expenditures of 59 billion current fiscal year and by 40 billion in dollars for the fiscal year 1943 are nearly 1943 to a total of n o billion on June 30, double the estimate of 31 billion dollars for the fiscal year 1942. and almost five Treasury investment of social security times as large as the actual outlays of and other trust funds, however, will ab- 13 billion in the fiscal year 1941, the first sorb a part of this increase in the public year under the emergency defense program. debt. Investments in special issues for In each of the fiscal years 1939 and 1940, TREASURY FINANCIAL OPERATIONS, 1940-43 [In millions of dollars] 1 2 2 1 2 8 96 FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH total budget expenditures amounted to about 9 billion dollars. As shown in the table below, all of the large increases in expenditures estimated for the fiscal years 1942. and 1943 are for the war program. During the first six months of the current fiscal year, July to December 1941, national defense expenditures amounted to 8.z billion dollars and were larger than in the full fiscal year 1941. As shown in the chart, these expenditures have risen rapidly NATIONAL DEFENSE EXPENDITURES 20*00 / with the total declining in the fiscal year 1943. Outlays for interest on the public debt are scheduled to increase substantially from 1.1 billion dollars in 1941 to 1.8 billion in 1943. Certain other expenditures of a fixed nature will increase somewhat. These increases will be more than offset, however, by estimated reductions in 1943 for the Works Projects Administration, the Civilian Conservation Corps and National Youth Administration, and the agricultural adjustment program. BUDGET EXPENDITURES [In millions of dollars] - Fiscal years ending June 30 - 1941 1942 (Actual) (Est.) - National defense Interest on debt Agricultural adjustment program Works Projects Administration Civilian Conservation Corps and National Youth Administration Social Security Board Veterans Administration Repayment of surplus funds by Government corporation (credit) All other J TOTAL - / I WAR DEP1 / ^ - 6,080 1,111 877 1,285 23,997 1,250 821 875 52,786 1,750 701 465 394 423 553 235 440 565 100 515 568 329 2,317 2,393 2,043 12,711 30,576 58,928 / - A / BUDGET RECEIPTS NAVY DEPT / ALL 01rHER_ 1940 1941 Treasury daily statement basis from about 800 million dollars last June to over 1,800 million in December. In the next six months, according to Budget estimates, they will average z.6 billion dollars a month, or nearly double the average of 1.4 billion in the period from July to December. In the fiscal year 1943, the estimates indicate average monthly expenditures for war purposes of 4.4 billion dollars. These amounts exclude defense expenditures by Government corporations. Expenditures for the civil functions of the Government will show varying trends, FEBRUARY Total expenditures 1943 (Est.) 1941 Net budget receipts are estimated at 11.9 billion dollars for the current fiscal year and, including proposed new taxes of 7 billion dollars, budget receipts will increase to £3.5 billion in the fiscal year 1943. These amounts compare with actual receipts of 7.6 billion dollars in the fiscal year 1941 and 5.4 billion in the fiscal year 1940. In the current fiscal year, income tax receipts are estimated to increase by 3.7 billion dollars, about half of which will be in taxes on individual current incomes and the remainder will be in corporation taxes, including those on excess profits. Income tax receipts in the latter half of this fiscal year will be nearly three times as large as those in the first half, because 97 REVIEW OF THE MONTH collections from now on will be based upon increased incomes of the calendar year 1941 and will include for the first time the additional taxes imposed by the Revenue Act of 1941. For the fiscal year 1943, income tax receipts are estimated to increase further by 4.2. billion dollars under present tax legislation. Miscellaneous internal revenue receipts are estimated to increase by 900 million dollars in the current fiscal year and by an additional 300 million in the fiscal year 1943 under present tax legislation. A large part of the increase in these receipts during the current fiscal year will be due to the new taxes and increased rates imposed by the Revenue Act of 1941. Although total miscellaneous internal revenue receipts are expected to increase in the fiscal year 1943, collections from certain of the manufacturers' excise taxes are expected to decline because of military allocations and curtailed supplies available for civilian purchase. BUDGET RECEIPTS [In millions of dollars] Fiscal years ending June 30 1941 (Actual) Total net receipts1 Details of receipts: Income taxes—total Corporation, current Excess profits taxes Individual, current Miscellaneous internal revenue—total ^Return of surplus funds of Government corporations 7,607 3,470 1,649 192 1,314 2,967 1942 (Est.) 1943 (Est.) 11,944 216,487 7,147 2,509 1,258 3,070 3.863 11,316 3,462 2,742 4,793 4,206 319 1 Figures do not include social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust2 fund and are invested in special issues of Government securities. Excluding proposed new taxes of 7 billion dollars. RECENT CHANGES IN THE PUBLIC DEBT During the calendar year 1941, the direct interest-bearing debt increased by 13 billion dollars. Of this increase, 9.1 billion occurred during the second half of the year, July to December. This reflected an in- crease of 3.8 billion dollars in marketable issues and 4.4 billion in nonmarketable issues, with less than a billion in special issues, as shown in the table. INTEREST-BEARING DIRECT AND GUARANTEED SECURITIES [In millions of dollars] Outstanding, Dec. 31, 1941 Treasury bonds Treasury notes Treasury bills Postal savings and pre-war bonds Marketable public issues—total U. S. savings bonds Tax anticipation notes Depositary bonds Adjusted service bonds Nonmarketable public issues—total Special issues Total direct securities Guaranteed securities Change since 1941 Dec. 31, 1940 +3,152 +299 +399 +5,407 -181 +692 +3,849 +1,826 +2,471 +64 June 30, 33,367 5,997 2,002 196 41,562 6,140 2,471 64 233 8,907 6,982 57,451 +4,352 +862 +9,064 +5,917 +2,945 +2,471 +64 -16 +5,463 +1,612 +12,993 6,317 -43 +416 —8 Most of the increase in the open-market debt from July to December was in Treasury bonds of 1967-72. and of 1951-55. The outstanding amount of bills was increased by 400 million dollars. Notes increased by 300 million dollars through refunding operations. Guaranteed securities showed little net change, as an increase in July was about balanced by a refunding and redemption in November. The operations in November were in accordance with the new policy of replacing outstanding guaranteed issues by direct securities and of supplying the needs of Government corporations and agencies directly by the Treasury instead of by sales of guaranteed securities to the public. Treasury open-market financing in January of this year was limited to refunding operations. Two issues of Federal Farm Mortgage Corporation bonds, an issue of Reconstruction Finance Corporation notes, and an issue of Treasury notes were refinanced by an issue of 2. per cent Treasury bonds of 1949-51. Exchanges totaled about 1 billion dollars. FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH During the six months ended December 31, net receipts from the sale of savings bonds amounted to 1.8 billion dollars. Sales of savings bonds increased from £30 million dollars in November to 530 million in December and increased further to more than 1,000 million in January 1942.. The increase in January reflects to some extent purchases of the full amount which any one investor is permitted to buy during the calendar year. Defense savings bonds, which have been on sale since May 1, 1941, include three series. Series E bonds, which replaced the former savings bonds, are issued on a discount basis. They mature in 10 years and yield z.9 per cent if held to maturity. They may be purchased only by individuals in an amount not in excess of $5,000 maturity value in any one calendar year. Series F and G bonds may be purchased by investors other than commercial banks in an amount of not more than $50,000 issue price in any one calendar year for the two issues combined. Both of these issues mature in iz years. The Series F bonds are issued on a discount basis and yield about z.53 per cent if held to maturity. Series G bonds are issued at par, pay interest semi-annually, and yield 2..50 per cent if held to maturity. During the six months ended December 31, net receipts from the sale of tax anticipation notes amounted to z.5 billion dollars. The largest sales of these issues were in August, the first month of issue. In January sales of tax notes amounted to Z38 million dollars, compared with sales of 34Z million in December. Tax anticipation notes were first put on sale on August 1, 1941, and include two types: Series A, designed for the relatively small tax payer, and Series B, designed for the large tax payer. The Series A notes yield about 1.9Z FEBRUARY 194Z per cent a year, and their use for tax purposes is limited to $i,zoo principal amount for any one tax payer in any one tax year. The Series B notes yield about 0.48 per cent a year and may be used in unlimited amounts to meet tax liabilities. Notes issued during the period from August to December were sold at par in August and at par and accrued interest in each subsequent month. The notes sold during this period may be used in payment of income taxes after January 1, 1942.. In 194Z similar issues of notes are being offered. The terms are the same as for the earlier issues, except that the notes may be used for estate and gift tax payments as well as for income tax payments and that defense savings stamps will be accepted at their face value in lieu of cash as payment for notes. DISTRIBUTION OF THE GOVERNMENT DEBT In the second half of 1941 a considerably larger part of the increase in the Government debt was financed outside the commercial banking system. It is estimated that in this period commercial banks increased their holdings of Government securities by 1.7 billion dollars, somewhat less than the increase of 2..3 billion for the first half of the year. The total privately-held direct and guaranteed Government debt, on the other hand, showed a much greater increase in the latter half of 1941 than in the first half—7.9 billion dollars compared with 3.5 billion, as shown in the table on the following page. Insurance companies purchased about 1,000 million dollars of Government securities in the latter half of 1941, compared with only 100 million in the first half of the year. A considerable part of their purchases was in the Treasury bonds of 1967-7Z, which were issued in the latter part of the year. Mutual savings banks also increased their 99 REVIEW OF THE MONTH holdings in the second half of the year, and other investors added substantially to their holdings, largely in nonmarketable savings bonds and tax notes. Changes in holdings by commercial banks, savings banks, and insurance companies, shown in the following table, are estimated from figures compiled by the Treasury Department in a survey of the ownership of Government securities for the end of December, which will be published in a forthcoming Treasury Bulletin. O W N E R S H I P OF U N I T E D STATES GOVERNMENT SECURITIES, D I R E C T AND F U L L Y G U A R A N T E E D notes increased, while holdings of long bonds showed little change, despite the increase in the outstanding amount of such issues, and holdings of bills declined. At banks outside of New York City, the principal increase in holdings was in bonds of intermediate and long term. GOVERNMENT SECURITY MARKET Prices of United States Government bonds, following a temporary sharp decline at the beginning of 1941, rose generally during most of last year to a new high level at the beginning of November. After the YIELDS ON GOVERNMENT SECURITIES [Estimated; in millions of dollars] Holdings Dec. 31, 1941 Federal agencies and Trust Funds: Special issues Public issues Federal Reserve Banks Privately held—total Commercial banks Mutual savings banks Insurance companies Other investors: Marketable issues Nonmarketable issues Total interest-bearing securities outstanding Change since June 30, 1941 Dec. 31, 1940 6,982 2,563 2,254 +862 +203 +70 +1,612 +313 +70 51,969 21,800 3,700 7,900 +7,886 +1,700 +300 +1,000 +11,413 +4,000 +500 +1,100 9,900 8,600 +500 +4,300 +300 +5,400 63,768 +9,021 +13,408 Note: Estimates of amounts privately held, by types of holders, are preliminary and are rounded to nearest 100 million dollars. The increase in commercial bank holdings of Government securities during the latter half of 1941 was at banks outside New York City, while in the previous six-month period the increase was largest at banks in New York City. In the first half of the year, |Ncw York City banks added 1.2. billion dollars to their holdings, and other commercial banks added about 1.1 billion. In the second half of 1941, New York City banks made little change in their holdings, while other commercial banks added an estimated 1.7 billion dollars to their holdings. At New York City banks, according to the Treasury survey, holdings of short and intermediate bonds and of 100 1.00 Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury ")le Treasury ;notes, and partially tax-exempt notes, 3- to 5-year taxabL d i t on allable after 12 years, andd average idiscount Treasury bonds due or callable 91-day Treasury bills (taxexempt (tax-exempt through February 1941,, new issues of 91day and taxable thereafter) offered within week. For weeks ending January 7,1939 to January 24, 1942. entry of the United States into the war there was a decline in bond prices, but in January prices advanced somewhat from the lows reached toward the end of December. Prices of short-term Government securities declined in October and November, as short-term interest rates hardened reflecting a decline in the excess reserves of banks. The yield on the 1960-65 bonds, the longest maturity issue of outstanding partially tax-exempt bonds, reached a new record low of 1.95 per cent on November 1. The previous low yield was z. ox per cent in FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH June 1941. At the end of 1941, the yield 3- to 5-year taxable notes increased from on this issue had increased to 2.| per cent, 5/8 of 1 per cent in September to 1 per cent about the same as at the end of 1940. The in December. Total holdings in the Federal Reserve yield on the new taxable 1^67-72. bonds, which were first issued in October, was 2-32. System Account were increased in December per cent in November and rose to xj per 1941 by 70 million dollars, representing cent at the end of December. Short-term net purchases of about 60 million dollars of rates began to firm in September. The Treasury bonds and 10 million of Treasury rate on new issues of taxable Treasury bills bills. These purchases were made shortly increased to 3/10 of 1 per cent. Yields on after this country's entrance into the war. FEBRUARY 1941 101 FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Executive Officers' Loans Report of Loan From Another Bank Which Existed at Time of Admission to Federal Reserve System The Board's attention has been directed to a statement in the report of examination of a member bank that the executive officers of the bank have not filed with the board of directors statements of their existing indebtedness to other banks for the reason that the "officers' loans from other banks existed at the time of admission to the System". Section 2.2.(g) of the Federal Reserve Act provides in part that "If any executive officer of any member bank borrow from or if he be or become indebted to any bank other than a member bank of which he is an executive officer, he shall make a written report to the board of directors of the member bank". In view of this language, the Board is of the opinion that the indebtedness of the executive officers of the bank in question should be reported to its board of directors, notwithstanding that the loans existed at the time of the admission of the bank to the Federal Reserve System. In this connection attention is called to the position the Board has previously taken that the indebtedness of an executive officer to another bank incurred prior to the time he became an executive officer should be reported to the board of directors. the following interpretations of Regulation W relating to consumer credit: PLUMBING AND SANITARY FIXTURES—PIPING, ETC. Interpretation No. 120 of Regulation W The classification "Plumbing and sanitary fixtures designed for household use" does not include piping or other plumbing supplies not a part of such fixtures, although these items may fall within the classification of materials and services referred to in Group E-i of Part 1 of the Supplement. It is to be noted, however, that for purposes of determining the maximum amount of credit, the bona fide cash purchase price of the fixtures includes the cost of accessories such as faucets, cabinets, or shower attachments installed with the fixtures. Also included in the bona fide cash purchase price of the fixtures is the cost of installation of the fixtures and accessories but not the cost of installation of separate piping and fittings. WATER PUMPS—WINDMILLS Interpretation No. 121 of Regulation W The classification "Water pumps designed for household use" includes windmills designed for pumping water to a tank from which the water is piped for various uses. The windmill is the principal part of the pumping mechanism in these cases and therefore is included even though purchased separately. Consumer Credit Interpretations of Regulation W Since the publication of the January 194Z Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued IO2. GROUP E—FENCES Interpretation No. 122 of Regulation W Group E-i of the Supplement includes materials and services used in erecting a new fence FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT or in replacing or repairing an existing fence on any property on which there is an existing structure. LOAN TO MAKE DOWN PAYMENT PROHIBITED Interpretation No. 123 of Regulation W The words "down payment" in section 5(f) of Regulation W refer to the down payment required by the Regulation. Accordingly, if a seller asks for a larger down payment than is required by the Regulation, section 5(f) would not prevent a bank or other lender from lending the purchaser the difference between the down payment required by the Regulation and the down payment required by the seller. SAME TRANSACTION CANNOT BE BOTH SALE CREDIT AND LOAN CREDIT Interpretation No. 124 of Regulation W Interpretation W-16 dealt with a case in which a dealer sells a listed article but does not take a note from the customer payable to the dealer, and instead, according to arrangements with a bank, takes a note payable to the bank. W-16 stated that the transaction constitutes an extension of instalment sale credit within the meaning of section z(d) of Regulation W. The Board has recently been asked whether the transaction also constitutes an extension of instalment loan credit, in which event a "Statement of Borrower" would have to be taken in connection with the transaction. It is the view of the Board that such a transaction does not constitute an extension of instalment loan credit since, under section 2.(e) of the Regulation, instalment loan credit includes only specified transactions "other than instalment sale credit". It is to be noted, of course, that the definition of instalment sale credit in section x(d) is by its terms confined to transactions involving a listed article, and that accordingly if the article involved were unlisted, the transaction might, as indicated in the last paragraph of W-119, be an extension of instalment loan credit. FEBRUARY 1941 Censorship Executive Order Establishing Office of Censorship There is set forth below the text of an Executive Order issued by the President on December 19, 1941, providing for the establishment of the Office of Censorship and prescribing its functions and duties. EXECUTIVE ORDER N O . 8985 ESTABLISHING THE OFFICE OF CENSORSHIP AND PRESCRIBING ITS FUNCTIONS AND DUTIES By virtue of the authority vested in me by the Constitution and the statutes of the United States, and particularly by section 303, Title III of the act of December 18,1941, Public Law 354, 77th Congress, 1st Session, and deeming that the public safety demands it, I hereby order as follows : 1. There is hereby established the Office of Censorship, at the head of which shall be a Director of Censorship. The Director of Censorship shall cause to be censored, in his absolute discretion, communications by mail, cable, radio, or other means of transmission passing between the United States and any foreign country or which may be carried by any vessel or other means of transportation touching at any port, place, or Territory of the United States and bound to or from any foreign country, in accordance with such rules and regulations as the President shall from time to time prescribe. The establishment of rules and regulations in addition to the provisions of this order shall not be a condition to the exercise of the powers herein granted or the censorship by this order directed. The scope of this order shall include all foreign countries except such as may hereafter be expressly excluded by regulation. z. There is hereby created a Censorship Policy Board, which shall consist of the Vice-President of the United States, the Secretary of the Treasury, the Secretary of War, the Attorney General, the Postmaster General, the Secretary of the Navy, the Director of the Office of Government 103 FROM A LEGAL STANDPOINT Reports, and the Director of the Office of Facts and Figures. The Postmaster General shall act as Chairman of the Board. The Censorship Policy Board shall advise the Director of Censorship with respect to policy and the coordination and integration of the censorship herein directed. 3. The Director of Censorship shall establish a Censorship Operating Board, which shall consist of representatives of such departments and agencies of the Government as the Director shall specify. Each representative shall be designated by the head of the department or agency which he represents. The Censorship Operating Board shall, under the supervision of the Director, perform such duties with respect to operations as the Director shall determine. 4. The Director of Censorship is authorized to take all such measures as may be necessary or expedient to administer the powers hereby conferred, and, in addition to the utilization of existing personnel of any department or agency available therefor, to employ, or authorize the employment of, such additional personnel as he may deem requisite. 5. As used in this order the term "United States" shall be construed to include the Territories and possessions of the United States, including the Philippine Islands. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, Washington, D. C , December 19, 1941. Designation of Authority to Issue Licenses and Exemptions Section 3(c) of the Trading with the Enemy Act of October 6,1917, prohibits communication by any means with an enemy or an ally of an enemy unless the communication is licensed or exempted. By an Executive Order dated October i i , 1917, published at page 860 of the 1917 Federal Reserve BULLETIN, the authority to issue licenses and exemptions was conferred by the President upon the Secretary of the Treasury and the latter was authorized to designate other agencies to carry out the authority with respect to licensing and exemptions vested in him. On 104 December 14, 1941, the Secretary of the Treasury signed a designation vesting in the Office of Censorship the authority to issue licenses and exemptions in connection with communications with an enemy or an ally of an enemy and this designation was approved by the President on December z6, 1941. The designation of authority by the Secretary of the Treasury is as follows: Procedure for administering the duties imposed upon the Secretary of the Treasury by Articles XI and XIII of Executive Order No. 2jzg-A9 dated October 12, ig IJ, under the Trading with the Enemy Act, Act of October 6, 1917. Treasury Department December X4, 1941 To officers of the Treasury Department concerned: and others By virtue of the authority vested in the Secretary of the Treasury by Executive Order No. 2.72.9-A, dated October 12., 1917, I hereby adopt the following administrative procedure deemed necessary and proper for the executive administration of Article XI, vested by said Executive Order in the Secretary of the Treasury; such administrative procedure to remain in effect unless and until modified or superseded by direction of the Secretary of the Treasury. (1) I hereby designate the Office of Censorship to act as the agency of the Secretary of the Treasury to administer the authority vested in the Secretary of the Treasury relative to the sending, taking, or transmitting, or attempting to send, take, or transmit, out of the United States, and to issue licenses and exemptions under such regulations or conditions as the said Office may from time to time prescribe, to send, take, or transmit out of the United States, any letter, or other writing, book, map, plan, or other paper, picture, or any telegram, cablegram, or wireless message, or other form of communication intended for or to be delivered, directly or indirectly, to an enemy or ally of enemy. All applications for such licenses shall be made to the Office of Censorship in the form prescribed by it. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT (x) I hereby designate the Bureau of Customs in the Department of the Treasury to administer and to issue licenses (except licenses to send, take, or transmit out of the United States any letter, writing, or tangible form of communication intended for or to be delivered,- directly or indirectly, to an enemy or ally of enemy) in respect of the authority vested in the Secretary of the Treasury under Article XI of said Executive Order relative to sending, or taking out of, or bringing into, or attempting to send, take out of, or bring into, the United States any letter or other writing or tangible form of communication except in the regular course of the mail. (Signed) H. MORGENTHAU, JR. Secretary of the Treasury Approved, December 1.6, 1941 The White House. (Signed) FRANKLIN D. ROOSEVELT Government Contracts The successful prosecution of the war requires an all-out industrial mobilization of the United States in order that the materials necessary to win the war may be produced in the shortest possible time. To accomplish this objective it is necessary that the Departments of War and the Navy and the United States Maritime Commission cooperate to the fullest possible degree with the Office of Production Management in the endeavor to make available for the production of war material all the industrial resources of the Country. It is expected that in the exercise of the powers hereinafter granted, these Agencies and the Office of Production Management will work together to bring about the conversion of manufacturing industries to war production, including the surveying of the war potential of industries, plant by plant; the spreading of war orders; the conversion of facilities; the assurance of efficient and speedy production; the development and use of subcontracting to the fullest extent and the conservation of strategic materials. Executive Order Dealing with War Contracts There is set forth below the text of an ExecuTITLE 1 tive Order issued by the President on December 2-7, 1941, authorizing the War and Navy De1. By virtue of the authority in me vested by partments and the United States Maritime the Act of Congress, entitled "An Act to Commission to perform the functions and expedite the prosecution of the War effort," exercise the powers described in Title II of the approved December 18, 1941, (hereinafter called Act of December 18, 1941, known as the First "the Act") and as President of the United War Powers Act, pertaining to Government States and Commander-In-Chief of the Army contracts. and Navy of the United States, and deeming The President on January 14, 1942., issued an that such action will facilitate the prosecution Executive Order extending the provisions of the of the war, I do hereby order that the War Order of December 2.7, 1941, to contracts of Department, the Navy Department, and the certain other listed Departments and Agencies of United States Maritime Commission be and they the Government. This Order is also set forth hereby respectively are authorized within the below. limits of the amounts appropriated therefor to EXECUTIVE ORDER NO. 9001 enter into contracts and into amendments or Authorising the War Department, the Navy De- modifications of contracts heretofore or herepartment, and the United States Maritime Com- after made, and to make advance, progress, mission to Perform the Functions and Exercise the and other payments thereon, without regard Powers Described in Title II of an Act Approved to the provisions of law relating to the making, December 18, 1941, Entitled ' 'An Act to Expedite performance, amendment, or modification of the Prosecution of the War Effort,'' and Prescribing contracts. The authority herein conferred may Regulations for the Exercise of Such Functions be exercised by the Secretary of War, the Secretary of the Navy, or the United States and Powers FEBRUARY 1941 105 FROM A LEGAL STANDPOINT Maritime Commission respectively or in their discretion and by their direction respectively may also be exercised through any other officer or officers or civilian officials of the War or the Navy Departments or the United States Maritime Commission. The Secretary of War, the Secretary of the Navy, or the United States Maritime Commission may confer upon any officer or officers of their respective departments, or civilian officials thereof, the power to make further delegations of such powers within the War and the Navy Departments, and the United States Maritime Commission. x. The contracts hereby authorized to be made include agreements of all kinds (whether in the form of letters of intent, purchase orders, or otherwise) for all types and kinds of things and services necessary, appropriate or convenient for the prosecution of war, or for the invention, development, or production of, or research concerning any such things, including but not limited to, aircraft, buildings, vessels, arms, armament, equipment, or supplies of any kind, or any portion thereof, including plans, spare parts and equipment therefor, materials, supplies, facilities, utilities, machinery, machine tools, and any other equipment, without any restriction of any kind, either as to type, character, location or form. 3. The War Department, the Navy Department, and the United States Maritime Commission may by agreement modify or amend or settle claims under contracts heretofore or hereafter made, may make advance, progress, and other payments upon such contracts of any percentum of the contract price, and may enter into agreements with contractors and/or obligors, modifying or releasing accrued obligations of any sort, including accrued liquidated damages or liability under surety or other bonds, whenever, in the judgment of the War Department, the Navy Department, or the United States Maritime Commission respectively the prosecution of the war is thereby facilitated. Amendments and modifications of contracts may be with or without consideration and may be utilized to accomplish the same things as 106 any original contract could have accomplished hereunder, irrespective of the time or circumstances of the making of or the form of the contract amended or modified, or of the amending or modifying contract, and irrespective of rights which may have accrued under the contract, or the amendments or modifications thereof. 4. Advertising, competitive bidding, and bid, payment, performance or other bonds or other forms of security, need not be required. TITLE II Pursuant to Title II of the Act and for the protection of the interests of the United States, I do hereby prescribe the following regulations for the exercise of the authority herein conferred upon the War Department, the Navy Department, and the United States Maritime Commission. 1. All contracts and all purchases made pursuant to the Act and this Executive Order shall be reported to the President of the United States. Such reports shall be made at least quarter-annually, provided, however, that purchases or contracts of less than $100,000 may be consolidated in such reports with other such purchases and need not be separately set forth. In case the War Department, the Navy Department, or the United States Maritime Commission shall deem any purchase or contract to be restricted, confidential, or secret in its nature by reason of its subject matter, or for other reasons affecting the public interest, such purchases or contracts shall not be included with those described in the report just mentioned, but shall be included in a separate report containing such restricted, confidential, or secret purchases or contracts. The Secretary of War, the Secretary of the Navy, and the United States Maritime Commission shall make public so much of such reports (other than those reports covering restricted, confidential, or secret contracts or purchases) as they shall respectively deem to be compatible with the public interest. 2.. Notwithstanding anything in the Act or this Executive Order the War Department, the FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT Navy Department, and the United States Maritime Commission shall not discriminate in any act performed thereunder against any person on the ground of race, creed, color or national origin, and all contracts shall be deemed to incorporate by reference a provision that the contractor and any subcontractors thereunder shall not so discriminate. 3. No claim against the United States arising under any purchase or contract made under the authority of the Act shall be assigned except in accordance with the Assignment of Claims Act, 1940 (Public No. 811, 76th Congress, approved October 9, 1940). 4. Advance payments shall be made hereunder only after careful scrutiny to determine that such payments will promote the national interest and under such regulations to that end as the Secretary of War, the Secretary of the Navy, or the United States Maritime Commission may prescribe. 5. Every contract entered into pursuant to this order shall contain a warranty by the contractor in substantially the following terms: The contractor warrants that he has not employed any person to solicit or secure this contract upon any agreement for a commission, percentage, brokerage, or contingent fee. Breach of this warranty shall give the Government the right to annul the contract, or, in its discretion, to deduct from the contract price or consideration the amount of such commission, percentage, brokerage, or contingent fees. This warranty shall not apply to commissions payable by contractors upon contracts or sales secured or made through bona fide established commercial or selling agencies maintained by the contractor for the purpose of securing business. 6. Nothing herein shall be construed to authorize the cost-plus-a-percentage-of-cost system of contracting. 7. Nothing herein shall be construed to authorize any contracts in violation of existing law relating to limitation of profits, or the payment of a fee in excess of such limitation as FEBRUARY 1941 may be specifically set forth in the act appropriating the funds obligated by a contract. In the absence of such limitation, the fixed fee to be paid the Contractor as a result of any costplus-a-fixed-fee contract entered into under the authority of this Order shall not exceed seven per centum of the estimated cost of the contract (exclusive of the fee as determined by the Secretary of War, the Secretary of the Navy, or the United States Maritime Commission, as the case may be). 8. No contract or modification or amendment thereof shall be exempt from the provisions of the Walsh-Healey Act (49 Stat. 2.03 6) because of being entered into without advertising or competitive bidding, and the provisions of such act, the Davis-Bacon Act, as amended (49 Stat. i o n ) , the Copeland Act, as amended (48 Stat. 948), and the Eight Hour Law, as amended by the Act of September 9, 1940 (Public No. 781, 76th Congress) if otherwise applicable shall apply to contracts made and performed under the authority of this Order. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, December 2.7, 1941. EXECUTIVE ORDER N O . 90213 Extension of the Provisions of Executive Order No. goo 1 of December 27, 1941, to Contracts of the Treasury Department, the Department of Agriculture, the Federal Works Agency, The Panama Canal, the Government Printing Office, and the National Advisory Committee for Aeronautics By virtue of the authority vested in me by the act of Congress entitled "An Act to expedite the prosecution of the war effort" approved December 18, 1941, and as President of the United States, and deeming that such action will facilitate the prosecution of the war, I hereby extend the provisions of Executive Order No. 9001 of December 2.7, 1941 to the Treasury Department, the Department of Agriculture, The Panama Canal, the Federal Works Agency, the Government Printing Office, the National Advisory Committee for Aeronautics, and such other agencies as I may from time to time 107 FROM A LEGAL STANDPOINT designate, with respect to all contracts made or to be made by such agencies; and subject to the limitations and regulations contained in such Executive Order, I hereby authorize the Secretary of the Treasury, the Secretary of Agriculture, the Governor of The) Panama Canal, the Administrator of the Federal Works Agency, the Public Printer, the Chairman of the National Advisory Committee for^Aeronautics, and the heads of such other agencies as may be designated, and such officers, employees, and agencies as each of them may designate, to perform and exercise, as to their respective agencies, all of the functions and powers vested in and granted to the Secretary of War, the Secretary of the Navy, and the Chairman of the United States Maritime Commission by such Executive Order. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, January 14, 1942.. War Production Board Executive Order Establishing War Production Board There is set forth below the text of an Executive Order issued by the President on January 16, 1942., providing for the establishment of the War Production Board. The President on the same day appointed Donald Nelson as Chairman of this Board. EXECUTIVE ORDER NO. 902.4 Establishing the War Production Board in the Executive Office of the President and Defining its Functions and Duties By virtue of the authority vested in me by the Constitution and statutes of the United States, as President of the United States and Commander in Chief of the Army and Navy, and in order to define further the functions and duties of the Office for Emergency Management with respect to the state of war declared to exist by Joint Resolutions of the Congress, approved December 8, 1941, and December 11, 1941, respectively, and for the purpose of assuring the most 108 effective prosecution of war procurement and production, it is hereby ordered as follows: 1. There is established within the Office for Emergency Management of the Executive Office of the President a War Production Board, hereinafter referred to as the Board. The Board shall consist of a Chairman, to be appointed by the President, the Secretary of War, the Secretary of the Navy, the Federal Loan Administrator, the Director General and the Associate Director General of the Office of Production Management, the Administrator of the Office of Price Administration, the Chairman of the Board of Economic Warfare, and the Special Assistant to the President supervising the defense aid program. x. The Chairman of the War Production Board, with the advice and assistance of the members of the Board, shall: a. Exercise general direction over the war procurement and production program. b. Determine the policies, plans, procedures, and methods of the several Federal departments, establishments, and agencies in respect to war procurement and production, including purchasing, contracting, specifications, and construction; and including conversion, requisitioning, plant expansion, and the financing thereof; and issue such directives in respect thereto as he may deem necessary or appropriate. c. Perform the functions and exercise the powers vested in the Supply Priorities and Allocations Board by Executive Order No. 8875 of August x8, 1941. d. Supervise the Office of Production Management in the performance of its responsibilities and duties, and direct such changes in its organization as he may deem necessary. e. Report from time to time to the President on the progress of war procurement and production; and perform such other duties as the President may direct. 3. Federal departments, establishments, and agencies shall comply with the policies, plans, methods, and procedures in respect to war procurement and production as determined by the Chairman; and shall furnish to the ChairFEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT man such information relating to war procurement and production as he may deem necessary for the performance of his duties. 4. The Army and Navy Munitions Board shall report to the President through the Chairman of the War Production Board. 5. The Chairman may exercise the powers, authority, and discretion conferred upon him by this Order through such officials or agencies and in such manner as he may determine; and his decisions shall be final. 6. The Chairman is further authorized within the limits of such funds as may be allocated or appropriated to the Board to employ necessary personnel and make provision for necessary supplies, facilities, and services. 7. The Supply Priorities and Allocations Board, established by the Executive Order of August x8, 1941, is hereby abolished, and its personnel, records, and property transferred to the Board. The Executive Orders No. 862.9 of January 7, 1941, No. 8875 of August z8, 1941, No. 8891 of September 4, 1941, No. 8942- of November 19, 1941, No. 9001 of December 2.7, 1941, and No. 9013 of January 14, 1942., are hereby amended accordingly, and any provisions of these or other pertinent Executive Orders conflicting with this Order are hereby superseded. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, January 16, 1942. Foreign Funds Control Executive Order on Transfers of Property of Foreign Countries and Their Nationals The Executive Order of April 10, 1940, as amended, providing that transfers of credit, foreign exchange transactions, the export or earmarking of coin, bullion or currency, or other similar operations, by persons or institutions in the United States which involve property of any countries of continental Europe and of China, Japan and Thailand, or any nationals thereof, shall be subject to license by the Secretary of the Treasury, was amended on December 2.6, 1941, so as to extend to Hong Kong. The Order also provides for the automatic freezing of the assets FEBRUARY 1941 of any other territory in case it should be occupied or overrun by the military, naval or other forces of the Axis. EXECUTIVE ODER N O . 8998 Amendment of Executive Order No. 8389 of April 10, 1940, as Amended By virtue of the authority vested in me by Sections 3(a) and 5(b) of the Trading with the Enemy Act of October 6, 1917 (40 Stat. 415), as amended by Title III of the First War Powers Act, 1941 (Public No. 354, 77th Congress), 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, in the following respects: (1) By changing the period at the end of subdivision (1) of section 3 of such Order to a semi-colon and adding the following new subdivision thereafter: (m) June 14, 1941— Hong Kong. (2.) By amending paragraph B of section 5 of such Order to read as follows: B. The term "United States" means the United States and any place subject to the jurisdiction thereof, and the term "continental United States'* means the states of the United States, the District of Columbia, and the Territory of Alaska; •provided, however, that for the purposes of this Order the term "United States" shall not be deemed to include any territory included within the term "foreign country" as defined in paragraph D of this section. (3) By substituting the following in lieu of subdivision (iii) of paragraph D of section 5: (iii) Any territory which on or since the effective date of this Order is controlled or occupied by the military, naval or police forces or other authority of such foreign country; (iv) Any person to the extent that such person is, or has been, or to the extent that 109 FROM A LEGAL STANDPOINT there is reasonable cause to believe that such person is, or has been, since such effective date, acting or purporting to act directly or indirectly for the benefit or on behalf of any of the foregoing. Hong Kong shall be deemed to be a foreign country within the meaning of this subdivision. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, December z6, 1941. General Ruling, General Licenses and Public Circulars Issued by the Secretary of the Treasury Since the publication of certain General Licenses and Public Circulars on pages 16-18 of the January 1942. Federal Reserve BULLETIN, the following General Ruling, General Licenses and Public Circulars have been issued by the Office of the Secretary of the Treasury under the authority of the Executive Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto relating to transactions in foreign exchange, etc.: Treasury Department, Office of the Secretary January 14, 1942. GENERAL RULING NO. 10 Under Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc. (1) The acquisition, disposition or transfer of, or other dealing in, or with respect to, any of the following is hereby prohibited except as authorized by license expressly referring to this general ruling: (a) Any Philippine paper currency; (b) Any security issued by, or the obligation of, either the Government of the Commonwealth of the Philippines, including political subdivisions thereof, or any corporation or other organization organized under the laws of the Philippine Islands, unless Form TFEL-i has been previously attached to such security by, or under the direction of, the Treasury Department. Form TFEL-i will be attached to any security referred to herein if presented to any Federal Reserve Bank on or before February 1, 1941, accompanied by a description thereof on Form TFR-10. Subsequent to February 1, 1941, Form no TFEL-a will be attached to such securities only in the discretion of the Secretary of the Treasury and only upon the filing of appropriate application with a Federal Reserve Bank tracing the ownership of such security since January 1, 1941 and satisfactorily explaining the reasons the security was not presented to a Federal Reserve Bank on or before February 1, 1942., for the attachment of Form TFEL-i. Such form will be attached to stamped securities of the type referred to in section 2.A(i) of the Order only pursuant to existing procedure relating to stamped securities. ( i ) Except as authorized by license expressly referring to this general ruling: (a) All Philippine paper currency held within the United States is hereby required to be deposited on or before February 1, 1942., in a blocked currency account with either a domestic bank or with the New York office of the Philippine National Bank. (h) The bank of deposit shall hold such currency for the account, or pursuant to the instructions, of the depositor. (c) On or before February 15, i94x, every bank holding any blocked currency accounts shall file a report on Form TFR-no in triplicate with the appropriate Federal Reserve Bank. As used in this general ruling and in any other rulings, licenses, instructions, etc., the term "blocked currency account" shall mean an account from which no payments, transfers, or withdrawals may be made, and no other transaction or dealing may be effected with respect thereto, except pursuant to a license expressly referring to such account. (3) Philippine paper currency which prior to January 1, 1942. was of recognized special value to collectors of rare and unusual currency, or which is held as part of any collection of rare and unusual currency, is hereby excluded from the provisions of this general ruling. By direction of the President. ^ E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary December 2.6, 1941 GENERAL LICENSE N O . 78 Under Executive Order No. 8389, April 10, 1940^ as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* A general license is hereby granted licensing any transaction which is prohibited by the Order solely by reason of the Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT fact that it involves property in which Hong Kong, or any national thereof, has at any time prior to December 2.5, 1941, but not on or since December 15,1941, had any interest. This general license shall not be deemed to authorize any transaction, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Hong Kong, or any national thereof, or (11) such transaction involves property in which Hong Kong, or any national thereof, has at any time on or since December 25, 1941, had any interest. D. W. BELL Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 5, GENERAL LICENSE NO. 79 Under Executive Order No. 8389, April 10, 1940, 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 payments from blocked accounts of the Philippine Islands, or any national thereof, of checks and drafts drawn or issued prior to January 1, 1942 and to accept and pay and debit to such accounts drafts drawn prior to January 1, 1942., under letters of credit; provided, that each banking institution making any payment or debit authorized by this general license shall file promptly with the appropriate Federal Reserve Bank weekly reports showing the details of such transactions. This license shall expire at the close of business on February 1, 1942.. E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 5, 1942. GENERAL LICENSE N O . 80 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exhange, Etc.* (1) A general license is hereby granted licensing as a generally licensed national any individual who is a citizen of the Commonwealth of the Philippine Islands and residing only in the United States or in the generally licensed trade area, as defined in General License No. 53. (2.) Reports on Form TFR-300 are not required to be filed with respect to the property interests of any individuals licensed herein as generally licensed nationals. E. H. FOLEY, JR. Acting Secretary of the Treasury * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. FEBRUARY 1941 Treasury Department, Office of the Secretary January 5, 1942 GENERAL LICENSE N O . 81 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* A general license is hereby granted licensing as generally licensed nationals: (a) the New York office of the Philippine National Bank; and (b) the offices within the United States and the generally licensed trade area, as defined in General License No. 53, of the Hong Kong and Shanghai Banking Corporation. E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 5, 1942. GENERAL LICENSE NO. 82. Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc* The Government of the Commonwealth of the Philippine Islands, the United States High Commissioner to the Philippine Islands, and all officers of the United States Government within the Philippine Islands, are hereby licensed as generally licensed nationals; and all persons to the extent that they are acting for and on behalf of the foregoing are hereby licensed as generally licensed nationals. The term' 'generally licensed national" as applied to the Government of the Commonwealth of the Philippine Islands shall mean that such government may be regarded as though the Philippine Islands were not a blocked country. E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 14, 1942. GENERAL LICENSE NO. 83 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* A general license is hereby granted authorizing the detachment of coupons from securities of the type referred to in General Ruling No. 10, the presentation of such coupons for collection, and the performance of such other acts and efFect* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. i n FROM A LEGAL ing of such other transactions as may be necessarily incident to such collection, notwithstanding the fact that Treasury Department Form TFEL-i may not have been previously attached to the securities from which such coupons are detached. This general license shall not be deemed to authorize any transaction prohibited by reason of any provision (or ruling or regulation thereunder) of the Order other than General Ruling No. 10. This license shall expire at the close of business on February i, 1942.. E . H . FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 14, 1942. AMENDMENT OF GENERAL LICENSE N O . 68A Under Executive Order No. 8389, April io> 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* Paragraphs (3) and (4) of General License No. 68A are hereby amended to read as follows: "(3) A report on Series J of Form TFR-300 shall be filed with the appropriate Federal Reserve Bank on or before February 15, 1941, with respect to the property interests of every person licensed herein as a generally licensed national if the total value of the property interests to be reported is $1,000 or more. "(4) Every business enterprise licensed herein as a generally licensed national shall also file with the appropriate Federal Reserve Bank on or before February 15, 1941, an affidavit setting forth the information required by Form TFBE-i, if the total value of all property interests of such business enterprise is in excess of $5,000." E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January zo, 1941 AMENDMENT OF GENERAL LICENSE N O . 41A Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc. Paragraph CO of General License No. 42.A is hereby amended to read as follows: " ( 0 Every person licensed herein as a generally licensed national shall file with the appropriate Federal Reserve Bank a report under oath in triplicate setting forth CO the name, address and nationality of such person; (b) a * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. IIX STANDPOINT statement that such person is licensed as a generally licensed national under this general license; and (c) a statement that such person has filed a report on Form TFR-300 or that such person was not required to file such report because the total value of all property interests of such person to be reported was less than $1,000. Such report shall be filed on or before February 15, 1942., or within thirty days after the date upon which such person avails himself of the privileges of this general license, whichever is later. Any person not complying with this reporting requirement is not authorized to engage in any transaction under this general license." E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary December 2.6, 1941 PUBLIC CIRCULAR N O . 10 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* 1. General License No. 57 is hereby revoked. 2.. The offices within Hong Kong and occupied China of banks named in Schedule A of General License No. 58, shall, as of the date hereof, cease to be appointed banks, and, as of the date hereof, such offices shall also cease to be generally licensed nationals within the meaning of General Licenses Nos. 59, 60, or 61, and such general licenses are to such extent hereby revoked. 3. General License No. 13 is hereby amended in the following respects: Ca) The word "Hong Kong" is deleted from subdivision Ca) of paragraph (1) thereof; and Cb)The words "Hong Kong" and "Penang" are deleted from subdivision (V) of paragraph CO thereof. 4. Subparagraph CO of paragraph C3) of General License No. 53 is hereby amended in the following respects: CO A semicolon is substituted for the period at the end of item CO thereof; and CO The following proviso to all of the provisions of subparagraph Ca) is added at the end thereof: lt Provided, however, that the term 'generally licensed trade area' shall not include any territory which is controlled or occupied by the military, naval or police forces or other authority of Japan, Germany, or Italy, or allies thereof." D. W. BELL Acting Secretary of the Treasury • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26,1941; Regulations, April 10,1940, as amended June 14, 1941, and July 26, 1941. FEDERAL RESERVE BULLETIN FROM A LEGAL Treasury Department, Office of the SecretaryJanuary 5, 194Z PUBLIC CIRCULAR N O . I I Under Executive Order No. 8389, April 10, 1940, as Amended', and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* (1) Attention is directed to the fact that pursuant to Executive Order No. 8998, the provisions of Executive Order No. 8389, as amended, have been automatically extended to the Philippine Islands to the same extent as the provisions of the Order apply to any other blocked country. (2.) For the purpose of administering the Order and complying with the provisions thereof, the Philippine Islands shall be deemed to be a foreign country separately designated in the Order and specifically named in Section 3 thereof. The effective date of the Order as applied to the Philippine Islands shall be deemed to be January 1,1941. The definition of the term "national" as applied to the Philippine Islands shall be that specified in paragraph E of Section 5 of the Order. (3) Reports on Form TFR-300 shall be filed with respect to all property subject to the jurisdiction of the United States in which the Philippine Islands or any national thereof has any interest. Details concerning this requirement and information regarding the dates as of which reports are to be filed will be the subject of a future Public Circular. (4) General License No. 13 is hereby amended by the deletion of the word "Manila" from subdivision (a) of paragraph (1) thereof. (5) General Licenses Nos. 63 and 65 are hereby revoked. (6) Subdivision (b) of paragraph (6) of General License No. 75 is hereby amended to read as follows: "(b) the term 'designated agent of the Central Bank of China' shall mean the Bank of China." (7) Attention is directed to the fact that as used in the Order, and Regulations, licenses and other documents issued thereunder, the term "United States" does not include the Philippine Islands and does not include any other territory controlled or occupied by the military, naval, or police forces or other authority of any blocked country. (8) All general licenses, specific licenses, and authorizations of whatsoever character issued pursuant to the Order on or before January 1, 1942. by the United States High Commissioner to the Philippine Islands are hereby revoked. E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 14, 1942. PUBLIC CIRCULAR N O . I I Under Executive Order No. 8389, April JO, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* STANDPOINT List of Certain Blocked Nationals" promulgated pursuant to the Proclamation of July 17, 1941, contains the names of persons within Portugal, Spain, Sweden, Switzerland and Turkey. Attention is directed to the fact that these persons, as well as all other persons whose names appear on "The Proclaimed List of Certain Blocked Nationals," shall be treated for all purposes as though they were nationals of Germany or Italy. Accordingly, General Licenses Nos. 49, 50, 52., and 70, relating respectively to Sweden, Switzerland, Spain and Portugal, as well as all other licenses which do not authorize transactions by, on behalf of, or for the benefit of nationals of Germany or Italy, do not authorize transactions by, on behalf of, or for the benefit of persons whose names appear on such list. The mere fact that the name of a particular individual or concern is not contained on this list shall not be construed to mean that such individual or concern is not a national of Germany or Italy or to authorize transactions in which any national of Germany or Italy may have an interest. E. H. FOLEY, JR. Acting Secretary of the Treasury Treasury Department, Office of the Secretary January 16, 1942. PUBLIC CIRCULAR N O . 4A Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, etc.* This 10 page Circular, containing instructions for the preparation of reports on Form TFR-300, Series J, by certain nationals of Japan of all foreign-owned property subject to the jurisdiction of the United States, is published on pages 383-388 of the Federal Register for January io, 1941. Copies may be obtained from any Federal Reserve Bank, the Governor of any territory or possession of the United States, or the Secretary of the Treasury, Washington, D. C. Treasury Department, Office of the Secretary January 2.0, 1^2. PUBLIC CIRCULAR N O . 13 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* General Licenses Nos. 13, 14, 15, 19, 2.1 and 2.7 are hereby amended by deleting the final paragraph of each such general license. E. H. FOLEY, JR. Acting Secretary of the Treasury Supplement N o . 7, January 14, 1942., to " T h e Proclaimed * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. FEBRUARY 1941 • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as ammended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 113 CURRENT EVENTS Confirmation of Board Member's Reappointment On January 15, 1941, the reappointment by the President of Mr. Ronald Ransom as a member of the Board of Governors was confirmed by the Senate. Mr. Ransom has served as a member of the Board since February 3, 1936, and his new appointment is for a term of fourteen years from February 1, 1942.. Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period December 16,1941, to January 15, 1942., inclusive. Illinois Dongola—The First State Bank of Dongola Iowa Meeting of the Chairmen of the Federal Reserve Banks Ogden—City State Bank Michigan The Chairmen of the Federal Reserve Banks met with the Board of Governors in Washington on January x6, 1942.. Allegan—Allegan State Bank Missouri Montrose—Montrose Savings Bank Vienna—The Maries County Bank Appointment of Assistant Director of Research Mr. Walter R. Stark of Hingham, Massachusetts, has been appointed assistant director of the Board's Division of Research and Statistics on a temporary basis. Mr. Stark, who in the past has been on the staff of the Board and of the United States Treasury, and in recent years has been in private business in Boston, will assume his new duties on February 16. 114 Pennsylvania Reading—City Bank and Trust Company of Reading Virginia Coeburn—The Farmers Exchange Coeburn Bank of Wisconsin Lake Mills—Bank of Lake Mills FEDERAL RESERVE BULLETIN DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES F OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. District No. 1—Boston Term Expires Dec. 31 Class A: Leon A. Dodge Lewis S. Reed Allan Forbes Class B: Edward J. Frost Ralph E. Flanders Philip R. Allen I President, First National Bank, Damariscotta, Me 942President, Citizens and Mfg. National Bank, Waterbury, X Conn 943 President, State Street Tr. Co., Boston, Mass 1944 Vice President, Treasurer, and Director, William Filene's Sons Co., Boston, Mass 1941 President, Jones & Lamson Machine Co., Springfield, Vt 1943 Director, Bird & Son, Inc., E. Walpole, Mass 1944 Class C: Henry S. Dennison2 President, Dennison Mfg., Co., Framingham, Mass Henry I. Harriman Director, New England Power Association, Boston, Mass.. . . Albert M. Creighton 1 . . .Director, Boston Woven Hose and Rubber Co., Boston, Mass. i94x 1943 1944 District No. 2—New York Class A: Neil H. Dorrance Leon Fraser William J. Field 1 Chairman. FEBRUARY 1942. 2 President, First National Bank & Trust Co., Camden, N. Y. President, First National Bank, New York, N. Y President, Commercial Trust Co., Jersey City, N. J 1941 1943 1944 Deputy Chairman. 115 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: Vacancy Donaldson Brown Vice President, General Motors Corp., New York, N. Y Frederick E. Williamson, President, New York Central Railroad, New York, N. Y 1942. 1943 1944 Class C: Edmund E. Day2 Randolph E. Paul Beardsley Ruml 1 President, Cornell University, Ithaca, N. Y Lord, Day & Lord, New York, N. Y Treasurer, R. H. Macy & Co., Inc., New York, N. Y 1941 1943 1944 Appointed by Federal Reserve R. B. Wiltse George F. Rand Raymond N. Ball Robert R. Dew Buffalo Branch Bank: Managing Director, Buffalo, N. Y President, The Marine Trust Co., Buffalo, N. Y President, Lincoln-Alliance Bank & Tr. Co., Rochester, N. Y. President, Dunkirk Trust Co., Dunkirk, N. Y Appointed by Board of Governors: Gilbert A. Prole Genesee Farm Supply Company, Batavia, N. Y Howard Kellogg President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y M. B. Folsom Treasurer, Eastman Kodak Co., Rochester, N. Y I 9429421943 1944 I 1942. 1943 1944 District No. 3—Philadelphia Class A: George W. Reily... John B. Henning Howard A. Loeb Class B: W. D. Kerlin C. Frederick C. Stout Harry L. Cannon I President, Harrisburg National Bank, Harrisburg, Pa 942President, Wyoming National Bank, Tunkhannock, Pa 1943 Chairman, Tradesmens National Bank and Trust Co., Philadelphia, Pa 1944 Secretary & Treasurer, Camden Forge Co., Camden, N. J President, John R. Evans & Company, Camden, N. J President, H. P. Cannon & Son, Inc., Bridgeville, Del 1941 1943 J 944 Class C: Thomas B. McCabe 1 .... President, Scott Paper Company, Chester, Pa 1941. Warren F. Whittier 2 Farmer, dairyman and cattle breeder, Douglassville, Pa 1943 Winfield W. Riefler Professor of Economics, Institute for Advanced Study, Princeton, N. J 1944 District No. 4—Cleveland Class A: Ben R. Conner H. B. McDowell F. F. Brooks Class B: T. E. Millsop R. P. Wright G. D. Crabbs Class C: R. E. Klages2 Geo. C. Brainard1 Walter H. Lloyd 1 Chairman. 2 116 .President, First National Bank, Ada, Ohio President, McDowell National Bank, Sharon, Pa President, First National Bank, Pittsburgh, Pa President, Weirton Steel Co., Weirton, W. Va Secretary-Treasurer, Reed Mfg. Co., Erie, Pa Chairman, Philip Carey Mfg. Co., Lockland, Ohio 1941 1943 1944 1942. 1943 , . 1944 President, Columbus Auto Parts Co., Columbus, Ohio President, General Fireproofing Co., Youngstown, Ohio. .. . Editor, The Ohio Farmer, Cleveland, Ohio I 9421943 I 944 Deputy Chairman. FEDERAL RESERVE BULLETIN DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Cincinnati Branch Appointed by Federal Reserve Bank: B. J. Lazar John J. Rowe Buckner Woodford I Managing Director, Cincinnati, Ohio 942L President, Fifth Third Union Trust Co., Cincinnati, Ohio. .. . 1942. Vice President and Cashier, Bourbon-Agricultural Bank and Trust Co., Paris, Ky 1943 Appointed by Board of Governors: Frank A. Brown Francis H. Bird Farmer, Chillicothe, Ohio 1941 Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio 1943 Pittsburgh Branch Appointed by Federal Reserve Bank: P. A. Brown E. B. Harshaw Clarance Stanley I Managing Director, Pittsburgh, Pa 942Vice President and Cashier, Grove City National Bank, Grove City, Pa I94X President, Union Trust Company, Pittsburgh, Pa 1943 Appointed by Board of Governors: Geo. T. Ladd Robert E. Doherty President, United Engineering & Foundry Co., Pittsburgh, Pa. President, Carnegie Institute of Technology, Pittsburgh, Pa. I94X 1943 District No. 5—Richmond Class A: Charles E. Rieman. J. C. Braswell J. A. Sydenstricker Class B: Chas. C. Reed John H. Hanna Edwin Malloy President, Western National Bank, Baltimore, Md 1942. President, Planters National Bank & Trust Co., Rocky Mount, N. C 1943 Cashier, First National Bank, Marlinton, W. Va 1944 Vice President & General Manager, Williams & Reed, Inc., Richmond, Va Chairman, Capital Transit Company, Washington, D. C President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1941 1943 1944 Class C: W. G. Wysor2 General Manager, Southern States Cooperative, Inc., RichI mond, Va 9421 Robt. Lassiter Chairman, Mooresville Cotton Mills, Mooresville, N. C 1943 Charles P. McCormick. .President, McCormick & Co., Inc., Baltimore, Md *944 Baltimore Branch Appointed by Federal Reserve Bank: W. R. Milford James C Fenhagen James Dixon George W. Reed Managing Director, Baltimore, Md Vice Chairman, Baltimore National Bank, Baltimore, Md. President, Easton National Bank of Maryland, Easton, Md... President, National Marine Bank, Baltimore, Md 1941 1942. 1943 1944 Appointed by Board of Governors: Jos. D. Baker, Jr W. Frank Roberts W. Frank Thomas 1 Chairman. 2 FEBRUARY 1941 Secretary and Treasurer, Standard Lime and Stone Co., Baltimore, Md 1941 President, Standard Gas Equipment Corp., Baltimore, Md.. . 1943 Construction Engineer and Real Estate Management, Westminster, Md 1944 Deputy Chairman. 117 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Charlotte Branch Appointed by Federal Reserve Bank: W. T. Clements Managing Director, Charlotte, N. C I94X B. M. Edwards President, Sonth Carolina National Bank, Charleston, S. C... 1941 T. E. Hemby Executive Vice President, American Trust Co., Charlotte, N . C . . 1943 J. Gerald Cowan Vice President, Wachovia Bk. & Tr. Co., Asheville, N. C.. . . 1944 Appointed by Board of Governors: D. W. Watkins Director of Extension, Clemson College, Clemson, S. C 194Z Geo. M. Wright President, Republic Cotton Mills, Great Falls, S. C 1943 Chas. L. Creech, Sr Chairman, B. F. Huntley Furniture Co., Winston-Salem, N. C. 1944 District No. 6—Atlanta Class A: Thos. K. Glenn W. D. Cook Geo. J. White Class B: J. A. McCrary Fitzgerald Hall Ernest T. George Class C: J. F. Porter2 Rufus C. Harris. Frank H. Neely1 Chairman, Trust Company of Georgia, Atlanta, Ga 1941. Executive Vice President, First National Bank, Meridian, Miss.. 1943 I President, First National Bank, Mount Dora, Fla 944 Vice President and Treasurer, J. B. McCrary Company, Inc., I Atlanta, Ga 942President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn 1943 President and Chairman, Seaboard Refining Company, Ltd., I New Orleans, La 944 President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tennessee President, Tulane University, New Orleans, La Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga I 9421943 1944 Birmingham Branch Appointed by Federal Reserve Bank: I P. L. T. Beavers Managing Director, Birmingham, Ala 942I John C. Persons President, First National Bank, Birmingham, Ala 942L John S. Coleman President, Birmingham Trust & Savings Company, Birmingham, Ala 1943 I Gordon D. Palmer President, First National Bank, Tuscaloosa, Ala 944 Appointed by Board of Governors: I Howard Gray Farmer, New Market, Ala 942Ed. L. Norton Executive Vice President, Munger Realty Company, Birmingham, Ala 1943 I Donald Comer Chairman, Avondale Mills, Birmingham, Ala 944 Jacksonville Branch Appointed by Federal Reserve Bank: I Geo. S. Vardeman, Jr... .Managing Director, Jacksonville, Fla 942B. C. Teed Executive First Vice President, First National Bank, Palm I Beach, Fla 942J. C. McCrocklin Executive Vice President, First National Bank, Tarpon Springs, Florida , 1943 J. L. Dart Vice President and Cashier, Florida National Bank, JacksonI ville, Fla 944 1 Chairman. 118 2 D eputy Chairman. FEDERAL RESERVE BULLETIN DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: Howard Phillips F. D. Jackson Walter J. Matherly Secretary-Treasurer, Dr. P. Phillips & Sons, Inc., Orlando, Fla. 1942. President and General Manager, Jackson Grain Company, Tampa, Fla 1943 Dean, College of Business Administration, University of Florida, Gainesville, Fla 1944 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr F. M. Farris Geo. Neal Bass E. B. Maupin Managing Director, Nashville, Tenn 1941 President, Third National Bank, Nashville, Tenn 1942. Cashier, First National Bank of Franklin County, Decherd, Tenn 1943 Cashier, Peoples National Bank, Shelbyville, Tenn 1944 Appointed by Board of Governors: W. E. McEwen E. W. Palmer Clyde B. Austin Director, County Farm Bureau, Williamsport, Tenn President, Kingsport Press, Inc., Kingsport, Tenn President, The Austin Company, Inc., Greeneville, Tenn 1941 1943 1944 New Orleans Branch Appointed by Federal Reserve Bank: E. P. Paris E. E. Soulier O. G. Lucas J. F. McRae Managing President, President, President, Director, New Orleans, La First National Bank, Lafayette, La National Bank of Commerce, New Orleans, La.. . Merchants National Bank, Mobile, Ala I 9429421943 1944 I Appointed by Board of Governors: H. G. Chalkley, Jr E. F. Billington Alexander Fitz-Hugh President and General Manager, Sweet Lake Land & Oil I Company, Inc., Lake Charles, La 942Vice President, Soule Steam Feed Works, Meridian, Miss 1943 President, P. P. Williams Company, Vicksburg, Miss 1944 District No. 7—Chicago Class A: Walker J. Cummings. .. .Chairman, Continental Illinois National Bank and Trust Company, Chicago, 111 Edward R. Estberg Chairman, Waukesha National Bank, Waukesha, Wis Frank D. Williams President, First Capital National Bank, Iowa City, Iowa. .. . Class B.Max W. Babb Chairman, Allis-Chalmers Mfg. Co., Milwaukee, Wis Charles B. Van Dusen.. .Director, S. S. Kresge Co., Detroit, Mich Nicholas H. Noyes Vice President & Treasurer, Eli Lilly and Company, Indianapolis, Ind Class C: W. W. Waymack F. J. Lewis1 Simeon E. Leland2 1 Chairman. FEBRUARY 1942 2 1941 1943 1944 1941 1943 I 944 Vice President and Editor, Des Moines Register & Tribune, Des Moines, la 1942 Chairman, F. J. Lewis Mfg. Co., Chicago, 111 1943 Chairman, Department of Economics, University of Chicago, Chicago, Illinois 1944 Deputy Chairman. 119 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Detroit Branch Appointed by Federal Reserve Bank: H. J. Chalfont Managing Director, Detroit, Mich James E. Davidson President, Peoples Com. & Sav. Bank, Bay City, Mich Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich Joseph M. Dodge President, The Detroit Bank, Detroit, Mich I 941 9421943 1944 I Appointed by Board of Governors: I H. L. Pierson President, Detroit Harvester Co., Detroit, Mich 942C. W. A very. President & Chairman, Murray Corporation of America, Detroit, Mich 1943 L. Whitney Watkins. .. .Farmer, Manchester, Mich 1944 District No. 8—St. Louis Class A: Max B. Nahm G. R. Corlis Sidney Maestre Vice President, Citizens National Bank, Bowling Green, Kentucky 1947. Cashier, Anna National Bank, Anna, 111 1943 President, Mississippi Valley Trust Company, St. Louis, Mo. 1944 Class B: J. W. Harris H. H. Tucker John R. Stanley Chairman, Harris-Langenberg Hat Co., St. Louis, Mo 1942. President, Fones Bros. Hardware Co., Little Rock, Ark 1943 Secretary-Treasurer, Stanley Clothing Co., Evansville, Ind.. . 1944 Class C: Wm. T. Nardin 1 2 Oscar G. Johnston Douglas W. Brooks Vice President and General Manager, Pet Milk Co., St. Louis, Mo President, Delta and Pine Land Co., Scott, Miss President, The Newburger Co., Memphis, Tenn Little Rock Branch Appointed by Federal Reserve Bank: A. F. Bailey Managing Director, Little Rock, Ark James H. Penick President, W. B. Worthen Co., Bankers, Little Rock, Ark... . Arthur E. McLean President, Commercial National Bank, Little Rock, Ark Paul R. McCoy .Chairman, Peoples National Bank, Stuttgart, Ark I 9421943 1944 I 942I94X 1943 I 944 Appointed by Board of Governors: R. E. Short Farmer, Brinkley, Ark I. N. Barnett, Jr Manager, Barnett Bros. Mercantile Company, Batesville, Ark. S. M. Brooks President, Brooks Advertising Agency, Little Rock, Ark 1941 1943 *944 Louisville Branch Appointed by Federal Reserve Bank: C. A. Schacht. . Managing Director, Louisville, Ky J. O. Sanders President, First National Bank, Huntingburg, Ind Phil E. Chappell President, Planters Bank & Tr. Co., Hopkinsville, Ky Ralph C. Gifford President, First National Bank, Louisville, Ky 1942. 1941 1943 1944 Appointed by Board of Governors: G. O. Boomer Vice President, Girdler Corporation, Louisville, Ky Perry B. Gaines Farmer, Carrollton, Ky E. J. O'Brien Jr President, E. J. O'Brien & Co., Louisville, Ky 1 Chairman. 2 I2.O I 9421943 1944 Deputy Chairman. FEDERAL RESERVE BULLETIN DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 51 Memphis Branch Appointed by Federal Reserve Bank: W. H. Glasgow V. J. Alexander B. A. Lynch Oliver Benton Managing Director, Memphis, Tenn President, Union Planters National Bank and Trust Company, Memphis, Tenn .President, Farmers Bank & Trust Co., Blytheville, Ark President, National Bank of Commerce, Jackson, Tenn Appointed by y Board of f Governors: J P. P Norfleet N f l P JJ. , Sledge g & Norfleet,, Memphis, p , Tenn President, ranch C o t t o n pplanter l a n t e r aand n d gginner, i n n e r , PPecan e c a n PPoint, oint, A rk R. C. B Branch Cotton Ark J Holmes H l S h d P s i d President, e n t , Jno. J n o . H. H . Sherard S h e r a r d & Son., S o n . , Sherard, S h d Miss Mi J. Sherard 1942. 1941 1943 I 944 94 1942. 1943 1943 1944 District No. 9—Minneapolis Class A: F. D. McCartney S. S. Ford J. R. McKnight Vice President, First National Bank, Oakes, N. D 1941 President, Northwestern National Bank & Trust Co., Minneapolis, Minn 1943 President, Pierre National Bank, Pierre, S. D 1944 Class B: Albert P. Funk Homer P. Clark J. E. O'Connell President, LaCrosse Rubber Mills Co., LaCrosse, Wis Chairman, West Publishing Co., St. Paul, Minn President, Eddy's Bakeries, Inc., Helena, Mont 1941 1943 1944 Class C: W. C. Coffey1 W. D. Cochran Roger B. Shepard2 President, University of Minnesota, Minneapolis, Minn W. D. Cochran Freight Lines, Iron Mountain, Mich President, Finch, Van Slyck & McConville, St. Paul, Minn.. . I 9421943 1944 Helena Branch Appointed by Federal Reserve Bank: R. E. Towle P. B. McClintock Peter Pauly I :. .Managing Director, Helena, Mont 942I Cashier, Farmers National Bank, Chinook, Mont 942President, Deer Lodge Bank and Trust Co., Deer Lodge, Mont.. . 1943 Appointed by Board of Governors: Alex Cunningham H. D. Myrick Vice President and Treasurer, Western Life Insurance Co., Helena, Mont Farmer, Square Butte, Mont I 9421943 District No. 10—Kansas City Class A.: Thomas A. Dines M. A. Limbocker William L. Bunten Class B: Willard D. Hosford J. M. Bernardin L. E. Phillips 1 Chairman. FEBRUARY 2 President, United States National Bank, Denver, Colo President & Chairman, Citizens National Bank, Emporia, Kans Vice President and Cashier, Goodland State Bank, Goodland, Kans I 942- 1943 1944 Vice President and General Manager, John Deere Plow Co., Omaha, Neb 1942. Vice President, Burk Lumber Company, Dawson, N. M 1943 Phillips Petroleum Company, Bartlesville, Okla 1944 Deputy Chairman. DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Clarence Roberts R. B. Caldwell1 Robert L. Mehornay2 Editor, The Farmer-Stockman, Oklahoma City, Okla 1942. McCune, Caldwell, Downing and Noble, Kansas City, Mo... . 1943 President, North-Mehornay Furniture Company, Kansas City, Mo 1944 Denver Branch Appointed by Federal Reserve Bank: Jos. E. Olson Roblin H. Davis W. C. Kurtz Harold Kountze Managing Director, Denver, Colo 1942. President, Denver National Bank, Denver, Colo I94X President & General Manager, Independent Lumber Company, Grand Junction, Colo 1943 X President, Colorado National Bank, Denver, Colo 944 Appointed by Board of Governors: Wilson McCarthy M. E. Noonen J. B. Grant President, Denver & Salt Lake Railway Co., Denver, Colo Sheep rancher, Kremmling, Colo Lewis and Grant, Denver, Colo Oklahoma City Branch 1941 1943 1944 Appointed by Federal Reserve Bank: G. H. Pipkin A. E. Stephenson D. M. Tyler Hugh L. Harrell Managing Director, Oklahoma City, Okla 1942. President, Central National Bank, Enid, Okla 194Z First Vice President, Dewey Portland Cement Co., Dewey, Okla 1943 Vice President, First Nat. Bk. & Tr. Co., Oklahoma City, I Okla 944 Appointed by Board of Governors: Lloyd Noble Phil C. Ferguson Neil R. Johnson President, Noble Drilling Corp., Tulsa, Okla Stockman, Woodward, Okla Rancher and farmer, Norman, Okla Omaha Branch 1942. 1943 I 944 Appointed by Federal Reserve Bank: L. H. Earhart Thomas L. Davis Geo. A. Bible George W. Holmes Managing Director, Omaha, Neb President, First National Bank, Omaha, Neb President, First National Bank, Rawlins, Wyo President, First National Bank, Lincoln, Neb I94X I 94i 1943 1944 Appointed by Board of Governors: H. L. Dempster W. H. Schellberg Leonard E. H u m President, Dempster Mill Mfg. Co., Beatrice, Neb President, Union Stock Yards Company, Omaha, Neb President, Fairmont Creamery Company, Omaha, Neb 1942. 1943 1944 District N o . 11—Dallas Class A: Ed. H. Winton Frank Turner J. E. Woods Class B: J. R. Milam Geo. A. Hill, Jr E. L. Kurth 1 Chairman. 112. 2 Executive Vice President, Continental National Bank, Fort Worth, Texas 1^2. President, First National Bank, Decatur, Tex 1943 President, Teague National Bank, Teague, Tex 1944 President, Cooper Company, Inc., Waco, Tex I94X President, Houston Oil Company of Texas, Houston, Tex 1943 Vice President and General Manager, Angelina County Lumber Company, Keltys, Tex 1944 Deputy Chairman. FEDERAL RESERVE BULLETIN DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Jay Taylor1 J. B. Cozzo2 Dolph Briscoe Rafter O Cattle Company, Amarillo, Tex Womack and Cozzo, Dallas, Texas Stock raiser, Uvalde, Tex El Paso Branch I 9421943 1944 Appointed by Federal Reserve Bank: J. L. Hermann H. A. Jacobs R. W. McAfee J. E. Moore Managing Director, El Paso, Tex Vice President, El Paso National Bank, El Paso, Tex Vice President, State National Bank, El Paso, Tex .Vice President, First National Bank, Roswell, N. M Appointed by Board of Governors: 4 R. E. Sherman Jack B. Martin F. M. Hayner President, Leavell and Sherman, Inc., El Paso, Tex President, Arizona Ice & Cold Storage Co., Tucson, Ariz President, Las Cruces Lumber Co., Las Cruces, N. M Houston Branch Appointed by Federal Reserve Bank: W. D. Gentry.'. P. B. Doty W. N. Greer J. W. McCullough Managing Director, Houston, Tex ; . .. . President, First National Bank, Beaumont, Tex President, Citizens State Bank, Houston, Tex President, Hutchings-Sealy National Bank, Galveston, Tex.. . Appointed by Board of Governors: Sam Taub George G. Chance H. Renfert J. N. Taub & Sons, Houston, Tex Farmer, Bryan, Tex Renfert-Helmbrecht Co., Galveston, Tex 194Z 1941 1943 1944 I 9421943 1944 I 9429421943 1944 I I 9421943 I 944 San Antonio Branch Appointed by Federal Reserve Bank: M. Crump E. J. Miller J. A. Walker T. C. Frost, Jr Managing Director, San Antonio, Tex President, South Texas National Bank, San Antonio, Tex Vice President, Del Rio National Bank, Del Rio, Tex Vice President, Frost National Bank, San Antonio, Tex I 942I^TL 1943 1944 Appointed by Board of Governors: Edwin F. Flato Vacancy J. M. Odom President, Corpus Christi Hardware Company, Corpus Christi, Tex General Contractor, Austin, Tex i94i 1943 1944 District N o . 12—San Francisco Class A: Carroll F. Byrd C. K. Mclntosh Reno Odlin Class B.Reese H. Taylor Elmer H. Cox Wm. G. Volkmann 1 Chairman. FEBRUARY 1941 2 Chairman & Executive Vice President, First National Bank, Willows, Calif 1941 Chairman, Bank of California, N. A., San Francisco, California 1943 President, Puget Sound National Bank, Tacoma, Wash 1944 President, Union Oil Company of California, Los Angeles, Calif President, Madera Sugar Pine Company, San Francisco, Calif.. Partner, A. Schilling and Co., San Francisco, Calif 1941 1943 1944 Deputy Chairman. 12.3 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Vacancy St. George Holden2 Henry F. Grady 1 I94X 1943 St. George Holden Realty Company, San Francisco, Calif.. . . President, American President Lines, Ltd., San Francisco, Calif 1944 Los Angeles Branch Appointed by Federal Reserve Bank: W. N. Ambrose H. D. Ivey F. E. Snedecor Managing Director, Los Angeles, Calif 1941 President, Citizens National Trust & Savings Bank, Los Angeles, Calif 1942. President, First National Bank, Corona, Calif 1943 Appointed by Board of Governors: W. S. Rosecrans C. V. Newman Property management & investments, Los Angeles, Calif President, Calavo Growers of California, Los Angeles, Calif... I 9%71943 Portland Branch Appointed by Federal Reserve Bank: D. L. Davis Managing Director, Portland, Ore • N. A. Davis Vice President, Baker-Boyer National Bank, Walla Walla, Wash Paul S. Dick President, United States National Bank, Portland, Ore Appointed by Board of Governors: A. E. Engbretson George T. Gerlinger President, Engbretson Seed Company, Astoria, Ore President, Willamette Valley Lumber Company, Portland, Ore I 942- I 9421943 I 942- 1943 Salt Lake City Branch Appointed by Federal Reserve Bank: W. L. Partner Orval W. Adams Frederick P. Champ Managing Director, Salt Lake City, Utah Executive Vice President, Utah State National Bank, Salt Lake City, Utah President, Cache Valley Banking Company, Logan, Utah 1941 I 9421943 Appointed by Board of Governors: R. C. Rich Herbert S. Auerbach Livestock and farming, Burley, Idaho President and General Manager, Auerbach Company, Salt Lake City, Utah I94X 1943 Seattle Branch Appointed by Federal Reserve Bank: C. R. Shaw Fred L. Stanton Andrew Price Managing Director, Seattle, Wash President, Washington Trust Co., Spokane, Wash President, National Bank of Commerce, Seattle, Wash Appointed by Board of Governors: Fred Nelsen Charles F. Larrabee 1 Chairman. I2_4 2 Farmer and dairyman, Seattle, Wash Vice President, Pacific American Fisheries, Inc., Bellingham, Wash I 9429421943 I I 942- 1943 Deputy Chairman. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled January ig and released for publication January 21. Figures shown on charts may differ from preliminary figures used in text. Industrial activity declined less than seasonally in December and the first half of January, retail trade continued in large volume, and prices of many commodities rose further. PRODUCTION In December total volume of industrial output declined less than is usual at this season and the Board's adjusted index rose further to 168 per cent of the 193 5-1939 average. In the armament industries output continued to advance and at machinery plants activity rose sharply, following little change in November. Output of materials, such as iron and steel and nonferrous metals, continued at peak levels and lumber production showed less than the usual seasonal decrease. Automobile production declined sharply in the latter half of December, following announcement of sharp reductions in passenger car quotas, but early in January quotas for that month were increased and output rose considerably. Sales of new automobiles to civilians were halted at the beginning of January pending the establishment of a rationing system. Textile production declined somewhat in December owing to a reduction in activity at cotton mills from the record level reached in November. Output of wool and rayon textiles was sustained at about capacity. Output of manufactured food products and shoe production showed about the customary seasonal declines. Coal output decreased somewhat in December, while petroleum production and mining of nonferrous metals were maintained at the high November rate. Value of construction contracts awarded in December declined less than is usual at this time of year, according to figures of the F. W. Dodge Corporation. Awards for public projects showed little change, while those for residential construction declined less than seasonally following a considerable reduction in November. DISTRIBUTION Volume of retail trade, which had been large during most of the autumn, increased less than seasonally in December. This reflected to some extent a temporary slackening in sales around INDUSTRIAL PRODUCTION WHOLESALE PRICES 180 170 160 / 50 / / 40 30 V fV 20 10 \ \ / 00 j 90 / 80 70 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of physical volume of production, adjusted for seasonal variation, 1935-1939 average = 100. By months, January 1935 to December 1941. FEBRUARY 1941 1935 1936 1937 1938 1939 1940 1941 Bureau of Labor statistics' indexes, 1926 = 100. "Other" includes commodities other than farm products and foods. By weeks, January 5, 1935 to week ending January 17, 1942. NATIONAL SUMMARY OF BUSINESS CONDITIONS the middle of the month following this country's entry into the war. In the first half of January sales at department stores showed less than the customary sharp reduction from the Christmas buying peak and were at a level substantially higher in comparison with a year ago than that prevailing in other recent months. Freight-car loadings of most products decreased by less than the customary seasonal amount in December. Coal shipments declined considerably in the latter part of the month but then increased sharply in the first half of January. Shipments of miscellaneous freight, which includes most manufactured products, were maintained in large volume for this season of the year. COMMODITY PRICES Wholesale commodity prices increased sharply when this country entered the war early in December and then showed little change during the latter half of the month. In the first half of January prices again advanced, the principal increases being in agricultural commodities and chemicals. Federal action to impose maximum prices was accelerated with the outbreak of war and applied on a wider scale to industrial products. Ceilings were extended to products in later stages of production and distribution and in most instances covered consumers' goods. Certain of the actions, like those relating to rubber and wool products, were associated with new Federal production restrictions. In this period also there were advances in a number of price ceilings established earlier. BANK CREDIT Total loans and investments of banks in leading cities, which had advanced sharply during the first half of December, have subsequently shown little further change. Treasury financing in the middle of December and heavy currency withdrawals during the holiday season absorbed close to 700 million dollars of excess reserves during the month. About 500 million of this was recovered in the first half of January, as the result of a decline in Treasury deposits at the Reserve Banks and a return of currency from circulation. Recent changes in excess reserves have been almost entirely at banks outside of New York City. UNITED STATES GOVERNMENT SECURITY PRICES Prices of Government securities were steady in the first half of January, following a decline in December after the entry of the United States into the war. MONEY RATES IN NEW YORK CITY FREIGHT-CAR LOADINGS POINTS IN TOTAL INDE1 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of total loadings of revenue freight, adjusted for seasonal variation, 1935-1939 average = 100. Sub-groups shown are expressed in terms of points in the total index. By months, January 1935 to December 1941. 12.6 Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury notes, Treasury bonds callable after 12 years, and average discount on new issues of Treasury bills offered within week. For weeks ending January 5, 1935 to January 24, 1942. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 119 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 130 Federal Reserve Bank statistics 131-135 Reserve position of member banks; deposits in larger and smaller centers 136 Money in circulation 137 Gold stock and gold movements; bank suspensions; bank debits All banks in the United States, number, deposits, loans and investments 138 139 Condition of all member banks 140-141 Weekly reporting member banks 141-145 Commercial paper, bankers' acceptances, and brokers' balances 146 Money rates and bond yields 147 Security markets 148 Treasury Governmental finance corporations 149-151 and credit agencies; Postal Savings System 152.-154 Business indexes 155-165 Department store statistics 166 Wholesale prices 167 Current statistics for Federal Reserve chart book Changes in number of banks and branches in the United States Earnings and expenses of Federal Reserve Banks during 1941 168-170 171 171-173 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in tne United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or 01 the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. 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. FEBRUARY 1941 12-7 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 24 24 22 10 1936 1937 1938 1939 1940 1941 1942 Latestfiguresfor January 21. See page 129. 1x8 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Bills discounted Total Monthy averages of daily figures: 1940—Oct Nov Dec. 1941—Oct Nov.. Dec 5 4 4 8 6 5 End of month figures: 1940—Oct. 31 Nov 30. Dec. 31 1941—Oct. 31 Nov. 29 Dec. 31 Wednesday figures: 1941—Mar. 5 Mar. 12 Mar. 19 Mar. 26 Date Gold stock Treasury cur- Money cirrency inculaouttion standing Treasury deTreas- posits with ury Fedcash eral holdReings serve Banks Member }">Anlz" rPQPrvp I-/ClfXX.l\. X C9vl VW Nonmember deposits Other Federal Reserve accounts Total Ex 2 cess^ balances All 1 MaMaturing turing other with- after in 5 5 years years Total 2,381 2,261 2,188 2,184 2,184 2,219 1,102 1,045 1,038 934 908 915 1,280 1,215 1,149 1,250 1,277 1,304 67 79 113 130 121 180 2,454 2,344 2,305 2,322 2,311 2,404 21,393 21,662 21,890 22,779 22,786 22,759 3,051 3,065 3,079 3,208 3,225 3,239 8,226 8,415 8,688 10,270 10,496 10,985 2,257 2,194 2,201 2,220 2,194 2,189 477 348 338 525 669 592 1,624 1,710 1,715 1,905 1,774 1,530 270 275 283 292 290 293 14,043 14,131 14,049 13,097 12,900 12,812 6,864 6,830 6,646 5,001 3,611 3,390 4 4 3 6 6 3 2,333 2,199 2,184 2,184 2,184 2,254 1,074 1,023 1,048 908 908 917 1,259 1,177 1,136 1,277 1,277 1,337 76 101 88 119 122 104 2,412 2,304 2,274 2,309 2,312 2,361 21,506 21,801 21,995 22,800 22,785 22,737 3,059 3,072 3,087 3,219 3,231 3,247 8,300 8,522 8,732 10,364 10,640 11,160 2,188 2,187 2,213 2,207 2,188 2,215 349 250 368 987 429 867 1,661 1,726 1,732 1,899 1,644 1,360 271 277 284 290 288 291 14,208 14,215 14,026 12,580 13,140 12,450 6,960 6,849 6,615 4,557 3,828 3,085 2 1 1 1 2,184 2,184 2,184 2,184 1,048 1,048 984 984 1,136 1,136 1,201 1,201 51 59 73 35 2,237 2,244 2,259 2,221 22,237 22,318 22,335 22,359 3,103 3,106 3,104 3,108 8,805 8,811 8,826 8,842 2,192 2,196 2,208 2,230 391 421 913 906 1,772 1,748 1,721 1,788 280 280 289 288 14,136 14,211 13,741 13,633 6,435 6,483 6,106 6,011 Apr. 2. Apr. 9 Apr. 16 Apr. 23 Apr. 30 1 5 1 2 2 2,184 2,184 2,184 2,184 2,184 955 955 1,008 1,008 1,008 1,230 1,230 1,177 1,177 1,177 59 46 100 53 48 2,244 2,235 2,286 2,239 2,234 22,384 22,413 22,421 22,482 22,506 3,110 3,113 3,116 3,118 3,122 8,944 8,993 8,989 8,992 9,071 2,251 2,272 2,269 2,299 2,283 1,045 813 534 947 865 1,704 1,740 1,763 1,808 1,830 288 288 289 289 288 13,506 13,656 13,979 13,506 13,524 5,941 6,027 6,264 5,760 5,771 May May May May 7. 14 21 28 1 2 2 4 2,184 2,184 2,184 2,184 1,008 1,008 1,008 1,008 1,177 1,177 1,177 1,177 43 53 50 43 2,229 2,239 2,237 2,231 22,525 22,538 22,565 22,573 3,125 3,129 3,131 3,133 9,151 9,155 9,186 9,294 2,292 2,283 2,280 2,221 804 762 477 462 1,905 1,961 1,972 1,926 288 287 286 286 13,440 13,458 13,732 13,749 5,711 5,689 5,855 5,824 June 4 June 11 June 18 June 25 July 2 2 2 2 2 2,184 2,184 2,184 2,184 951 951 951 951 1,234 1,234 1,234 1,234 54 63 55 63 2,240 2,249 2,241 2,249 22,579 22,593 22,612 22,620 3,136 3,138 3,142 3,148 9,394 9,393 9,433 9,490 2,229 2,240 2,258 2,275 993 941 1,024 1,081 1,852 1,809 1,855 1,891 285 285 295 295 13,201 13,312 13,131 12,985 5,407 5,488 5,314 5,145 July July July July 9 16 23 30 3 3 2 3 5 2,184 2,184 2,184 2,184 2,184 951 951 951 951 951 1,234 1,234 1,234 1,234 1,234 86 61 108 61 56 2,273 2,249 2,294 2,248 2,245 22,627 22,640 22,655 22,664 22,673 3,150 3,152 3,157 3,161 3,163 9,704 9,695 9,645 9,634 9,697 2,276 2,291 2,309 2,320 2,330 837 1,039 849 954 921 1,820 1,756 1,792 1,759 1,748 289 289 288 288 288 13,125 12,971 13,223 13,117 13,097 5,265 5,124 5,336 5,181 5,155 Aug. Aug. Aug. Aug. 6 13 20 27 5 10 8 10 2,184 2,184 2,184 2,184 951 951 951 951 1,234 1,234 1,234 1,234 41 53 80 87 2,231 2,247 2,272 2,281 22,682 22,703 22,710 22,716 3,169 3,172 3,178 3,178 9,795 9,792 9,840 9,899 2,345 2,361 2,377 2,378 839 919 785 772 1,865 1,816 1,835 1,843 287 287 285 285 12,951 12,948 13,037 12,998 5,018 5,027 5,058 4,994 Sept. Sept. Sept. Sept. 3 10 17 24 12 14 11 12 2,184 2,184 2,184 2,184 951 951 951 951 1,234 1,234 1,234 1,234 45 58 121 83 2,241 2,255 2,316 2,279 22,722 22,733 22, 741 22,749 3,180 3,185 3,188 3,194 10,034 10,036 10,046 10,070 2,400 2,397 2,408 2,350 708 456 334 379 1,834 1,843 1,836 1,856 284 283 293 293 12,884 13,158 13,328 13,273 4,857 5,111 5,249 5,202 Oct. Oct. Oct. Oct. Oct. 1 8 15 22 29 11 11 8 4 5 2,184 2,184 2,184 2,184 2,184 951 951 951 908 908 1,234 1,234 1,234 1,277 1,277 49 70 121 103 61 2,244 2,265 2,313 2,291 2,250 22,761 22,772 22,778 22,786 22,796 3,196 3,203 3,207 3,214 3,219 10,183 10,237 10,283 10,278 10,307 2,259 2,241 2,222 2,195 2,209 309 304 259 977 915 1,918 1,877 1,920 1,800 1,910 292 291 292 292 292 13,240 13,290 13,321 12,749 12,632 5,193 5,209 5,234 4,655 4,602 Nov. Nov. Nov. Nov. 5 12 19 26 6 6 5 6 2,184 2,184 2,184 2,184 908 908 908 908 1,277 1,277 1,277 1,277 57 118 94 2,247 2,263 2,307 2,284 22,788 22,793 22,778 22,781 3,221 3,222 3,228 3,230 10,421 10,472 10,535 10,567 2,195 2,213 2,184 2,195 933 807 598 440 1,821 1,790 1,764 1,678 291 290 290 288 12,594 12,707 12,942 13,126 3,409 3,540 3,692 3,799 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31 6 4 5 7 3 2,184 2,196 2,240 2,243 2,254 908 918 917 917 917 1,277 1,278 1,322 1,326 1,337 100 85 188 249 104 2,289 2,286 2,433 2,499 2,361 22,770 22,774 22,747 22,750 22,737 3,233 3,236 3,238 3,244 3,247 10,717 10,834 11,023 11,224 11,160 2,180 2,185 2,193 2,195 2,215 321 157 925 908 867 1,609 1,614 1,483 1,422 1,360 288 287 297 297 291 13,178 13,219 12,497 12,447 12,450 3,860 3,842 3,085 3,056 3,085 4 4 3 2,254 2,254 2,250 917 917 827 1,337 1,337 1,423 128 133 130 2,386 2,390 2,383 22,742 22,740 22,750 3,248 3,252 3,255 11,109 11,062 11,077 2,220 2,224 2,204 663 419 284 1,376 1,395 1,387 291 291 291 12,717 12,992 13,145 3,385 3,561 3,584 1942—Jan. 7 Jan.14 Jan.21 72 • Includes industrial advances and bills bought, shown separately in subsequent tables. * End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. FEBRUARY 1941 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 Rate an. 30 In effect beginningSept. Aug. Sept. May Aug. Sept. Sept. Sept. Aug. Sept. Sept. Sept. Boston New York Philadelphia... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City... Dallas San Francisco. 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 All other In effect beginning- Rate Jan. 30 Sept. Aug. Sept. May Aug. Aug. Aug. Sept. Aug. Sept. Aug. Sept. 1,1939 27, 1937 4, 1937 11, 1935 27, 1937 16, 1939 1, 1939 21, 1939 24, 1937 16, 1939 16, 1939 3, 1937 To banks 1, 1939 27, 1937 4, 1937 11, 1935 27, 1937 21, 1937 21, 1937 2, 1937 24, 1937 3, 1937 31, 1937 3, 1937 Rate Jan. 30 In effect beginning- To others In effect beginning— Rate Jan. 30 Sept. 2, 1937 Oct. 10, 1935 Sept. 4, 1937 Oct. 19, 1935 Sept. 10, 1937 Aug. 21, 1937 Aug. 21, 1937 Sept. 2, 1937 Aug. 24, 1937 Sept. 3, 1937 Aug. 31, 1937 Sept. 17, 1937 In effect beginning- Rate Jan. 30 Apr. Feb. Sept. May Feb. Apr. Oct. Feb. Oct. Apr. Apr. Oct. Sept. 1, 193? 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 29, 1938 8, 1934 1, 1939 11, 1935 19, 1934 23, 1938 16, 1933 23, 1935 8, 1938 16, 1938 16, 1938 19, 1933 1 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. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate in effect on Jan.30 Maturity 1-15 days 1 .... 16-30 days.... 31-45 days.... 46-60 days.... 61-90 days.... 91-120 days... 121-180 days. FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES Rates in effect Jan. 30 on advances and commitments under Section 13b of the Federal Reserve Act Previous rate In effect beginning— Oct. 20, 1933 do. do do do do do [Per cent per annum except as indicated by footnote6] Federal Reserve Bank Advances direct to industrial or commercial organizations 1 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] Aug. 16, M a r . 1, 19361937F e b . 28, A p r . 30, 1937 1937 Classes of deposits and banks Mayl, 1937Apr. 15, 19382 Apr. 16, 1938Oct. 31, 1941 Effective Nov. 1, 19412 26 20 14 22^ 12M 26 20 14 SH 6 On n e t d e m a n d deposits: 1 22^ Central reserve c i t y . . . Reserve city 15 Country On time deposits: All member banks 4H \iy2 , 17H 12 5 1 See footnote t o t a b l e on p . 136 for explanation of m e t h o d of computing net demand deposits. 2 Percentages in this column are double t h e s t a t u t o r y requirements, which were in effect J u n e 21,1917-Aug. 15,1936. MARGIN REQUIREMENTS^ Apr. 1, 1936Oct. 31, 1937 3K-6 4-6 3^-6 3^-5 4-6 4-6 3-6 Commitments to make advances On remaining1 portion 3 2-3 3H m © (?) 2 ® (5)4 4-6 3-6 (2) 3-6 4 4-6 4-5 4 1-2 ( )3 1-2 4 K-2 3K-5H 3-6 (6)1 3-6 1K-2 4-6 3-6 (6)1 1 4 4-6 4 4-6 3-4 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may charge same rate as charged borrower by financing institution, if 2lower than rate shown. Same as rate charged borrower by financing institution. * One per cent less than rate charged borrower by financing institution. One per cent less than rate charged borrower by financing institution with minimum of three per cent (see note x ). One-half of one per cent less than rate chargedx borrower by financing institution with minimum of four per cent (see note ) . 6 Minimum charge one-fourth of one per cent. 5 5 « (2) 3 55 Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Per cent per annum] Nov. 1, 1937 Nov. 1,1933 to Jan. 31,1935 and after 40 5 40 percentage 01 its market value at the time ot the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 2 Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 130 On portion for which institution is 1 obligated MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in accordance with Securities Exchange Act of 1934 [Per cent of market value] 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 . . . . Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Advances to or in participation with financing institutions Savings deposits Postal savings deposits... Other time deposits payable in: 6 months or more 90 days to 6 months.. Less than 90 days Feb. 1,1935 to Dec. 31,1935 In effect beginning Jan.1,1936 2Y2 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. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 Jan.21 Jan.14 1941 Jan. 7 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. 1940 Nov. Dec. Assets Gold certificates on hand and 20,523,015 20 ,488,015 20,490,017 20, 490,015 20,515, due from U. S. Treasury 1,516,016 ',551,015 20,553,016 20,490,015 20 ,553,019 19,750,781 13,436 13,668 15,496 15,496 13,437 13,669 15,352 13,668 9,692 Redemption fund—F. R. notes. 14,586 14,688 260,678 236,263 337,653 231,589 260,678 253,331 Other cash 353,083 275,109 296,423 223,766 213,759 Total reserves 20,889,535 20,839,104 20,800,109 20,764,361 20,743,465 20,754,368 20,797,956 20,804,775 20,764,361 20,821,846 20,035,582 Bills discounted: For member banks For nonmember banks, etc. 3,203 1,968 947 3,582 4,120 Total bills discounted . 3,582 4,120 2,955 7,069 4,060 5,567 2,955 2,915 Industrial advances U. S. Government securities: Direct Bonds Notes Bills Guaranteed 9,512 9,619 9,504 9,710 9,772 9,799 9,504 7,538 2,955 7,069 4,060 5,304 5,567 2,955 1,548,005 1,462,205 1,462,205 1,462,205 1,450,867 1,447,470 1,402,200 1,402,200 1,462,205 1,402,200 1,280,000 777,300 777,300 777,300 777,300 777,300 777,300 692,500 777,300 777,300 777,300 899,500 10,370 10,370 10,370 10,370 12,370 6,000 10,370 10,370 4,600 4,600 4,600 " " 4 , 6 0 0 4,600 4,600 3,600 4,600 4,600 4,600 4,600 Total U. S. Government securities, direct and guaranteed 2,250,105 2,254,475 2,254,475 2,254,475 2,243,137 2,239,740 2,196,470 2,184,100 2,254,475 2,184,100 2,184,100 Other Reserve Bank credit outstanding 93,842 75,437 178,440 120,522 122,815 239,372 93,842 79,666 118,261 112,539 89,576 Total Reserve Bank credit outstanding 2,383,251 2,390,384 2,386,475 2,360,776 2,499,288 2,285,739 2,289,042 2,360,776 2,312,332 2,274,219 Liabilities F. R. notes in actual circulation . 8,198,916 8,170,584 8,178,757 8,V192,169 8,202,083 7,838,397 7,730,137 8,192,169 7,669,255 5,930,997 Deposits: Member bank — reserve 13,145,468 12,991,582 12,716,754 12,450,333 12,446,867 12,497,269 13,219,388 13,178,056 12,450,333 13,139,701 14,025,633 account U. S. Treasurer—general 925,258 867,493 157,141 418,609 907,665 867,493 429,454 284,180 663,254 account 320,557 368,481 852,905 808,967 935,053 1,007,931 754,816 774,062 774,062 1,014,985 1,132,909 787,364 Foreign 729,779 629,780 613,028 678,698 640,156 586,170 588,184 586,170 629,316 Other deposits 601,253 656,951 599,544 Total deposits 14,816,378 14,805,163 14,755,556 14,678,058 14,776,527 14,905,212 14,990,280 15,107,797 14,678,058 15,213,456 16,126,567 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.8 90.7 90.7 90.3 90.6 91.1 91.1 90.8 91.0 90.8 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months 6 months to 1 year 1 year to 2 years 2 years to 5 years Bills discounted: Dec. 31 Jan 7 Jan.14 Jan.21 2,955 4 120 3*582 3,203 1,878 3 127 2,624 2,310 55 31 108 110 136 219 653 511 125 122 32 48 435 125 37 67 318 Industrial advances: Dec. 31 Jan.7 Jan.14 Jan 21 9,504 9 619 9,512 9,421 3,116 3,042 3,133 3,166 378 471 162 695 142 221 1,224 1,262 1,161 1,250 1,289 1,340 1,337 1,347 1,541 1,554 1,560 1,576 1,323 1,363 1,370 1,364 97,000 97,000 97,000 97,000 247,200 247,200 247,200 247,200 477,000 477,000 477,000 477,000 U. S. Government securities, direct and guaranteed: Dec 31 Jan 7 Jan.14 Jan.21 FEBRUARY 1941 2 254 475 2,254,475 2,254,475 2,250,105 1,000 1,000 1,000 600 321 195 215 95,170 6,000 462 156 182 95,170 95,170 271 Over 5 years 56 1,337,105 1,337,105 1,337,105 1,422,905 131 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond St. Louis Minne- Kansas Dallas apolis City 551,394 3,423,782 550,029 3,429,729 552,983 3,478,727 530,747 3,430,421 632,041 633,243 638,654 622,307 394,665 392,345 390,079 367,540 557,610 534,018 549,843 546,159 Atlanta Chicago San Francisco Assets Gold certificates on hand and due from U. S. Treasury: Dec. 31 Jan. 7 Jan. 14 Jan. 21 20,490,015 20,490,017 20,488,015 20,523,015 Redemption Fund—Federal Reserve notes: Dec. 31 Jan. 7 i Jan. 14 Jan. 21 790,447 793,826 808,474 784,729 414,284 1,547,779 392,355 1,586,215 394,571 1,617,710 393,578 1,599,926 13,668 13,669 13,436 13,437 4,143 4,143 4,039 4,039 1,047 1,047 1,625 1,625 892 893 735 735 919 919 791 792 1,437 1,437 1,395 1,395 451 451 385 385 1,122 1,122 962 962 643 643 609 609 401 401 387 387 754 754 727 727 566 566 543 543 1,293 1,293 1,238 1,238 260,678 296,423 337,653 353,083 25,589 28,847 31,533 32,201 46,842 54,678 64,646 65,850 19,345 22,830 24,413 26,825 23,521 23,342 31,238 28,688 14,393 16,393 15,743 20,688 17,035 23,309 23,818 27,302 38,858 44,871 53,281 56,554 17,602 21,970 22,100 23,250 5,418 5,550 6,266 6,387 11,759 13,349 15,799 15,250 13,784 14,233 16,401 15,560 26,532 27,051 32,415 34,528 20,764,361 20,800,109 20,839,104 20,889,535 ,192,039 ,231,918 ,238,908 ,245,775 8,212,096 1,244,523 1,651,653 8,187,345 1,235,298 1,660,395 8,099,415 1,226,396 1,651,275 8,301,303 1,204,840 1,656,445 806,277 811,656 825,612 806,812 568,880 3,463,762 573,789 3,475,722 577,186 3,532,970 558,434 3,487,937 650,286 655,856 661,363 646,166 400,484 398,296 396,732 374,314 570,123 548,121 566,369 562,136 428,634 1,575,604 407,154 1,614,559 411,515 1,651,363 409,681 1,635,692 1,768 1,991 2,518 2,234 260 570 630 250 105 105 90 105 '46 Other cash: Dec. 31... Jan. 7.... Jan. 14... Jan. 21... Total reserves: Dec. 31 Jan. 7 Jan. 14 Jan. 21 ,162,307 8,164,207 1,224,286 1,627,213 ,198,928 8,131,620 1,211,575 1,636,134 ,203,336 8,033, 144 1,201,248 1,619,246 ,209,535 8,233,828 1,177,280 1,626,965 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 31 Jan. 7 Jan. 14 Jan. 21 Other bills discounted: Dec. 31 Jan. 7 Jan. 14 Jan. 21 615 520 900 795 624 657 749 787 1,187 2,129 1,064 100 75 75 150 20 87 87 101 101 969 1,814 700 637 Total bills discounted: Dec. 31 Jan. 7 Jan. 14 Jan. 21 2,955 4,120 3,582 3,203 260 570 630 250 690 585 940 810 674 707 819 857 187 162 176 251 20 Industrial advances: Dec. 31 Jan. 7 Jan. 14 Jan. 21 9,504 9,619 9,512 9,421 1,883 1,879 1,879 1,871 1,098 1,098 1,098 1,098 3,468 3,517 3,503 3,557 233 278 280 281 765 765 764 762 477 527 514 498 306 298 289 301 300 300 200 100 514 496 523 499 U. S. Government securities, direct and guaranteed: Bonds: Dec. 31 Jan. 7 Jan. 14 Jan. 21 50 35 118 118 953 1,919 790 742 15 109 98 95 109 98 95 103 '46 244 246 247 246 124 123 123 122 15 1,466,805 1,466,805 1,466,805 1,551,605 113,230 107,926 107,926 114,167 385,294 404,959 404,959 428,328 115,799 115,841 115,841 122,526 145,193 145,076 145,076 153,461 89,615 87,666 87,666 92,757 62,241 62,391 62,391 65,999 198,906 178,434 178,434 188,778 73,695 69,282 69,282 73,292 43,272 44,291 44,291 46,849 62,593 67,075 67,075 70,945 51,197 57,154 57,154 60,460 125,770 126,710 126,710 134,043 Notes: Dec. Jan. Jan. Jan. 31... 7 14... 21.... 777,300 777,300 777,300 692,500 60,005 57,193 57,193 50,954 204,178 214,597 214,597 191,168 61,364 61,388 61,388 54,686 76,943 76,880 76,880 68,491 47,488 46,458 46,458 41,398 32,983 33,063 33,063 29,457 105,406 94,557 94,557 84,253 39,053 36,713 36,713 32,711 22,931 23,471 23,471 20,910 33,168 35,546 35,546 31,664 27,131 30,287 30,287 26,983 66,650 67,147 67,147 59,825 Bills: Dec. Jan. Jan. Jan. 31.... 7 14... 21.... 10,370 10,370 10,370 6,000 800 763 763 44: 2,724 2,863 2,863 1,656 819 819 819 474 1,026 1,026 1,026 594 634 620 620 359 440 441 441 255 1,406 1,261 1,261 730 521 490 490 283 306 313 313 181 443 474 474 274 362 404 404 234 889 896 896 518 FEDERAL RESERVE BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco A ss ets—Continued Total U. S. Government securities, direct and guaranteed: Dec. 31 Jan. 7 Jan. 14 Jan. 21 2,254,475 2,254,475 2,254,475 2,250,105 174,035 165,882 165,882 165,563 592,196 622,419 622,419 621,152 177,982 178,048 178,048 177,686 223,162 222,982 222,982 222,546 137,737 134,744 134,744 134,514 95,664 95,895 95,895 95,711 305,718 274,252 274,252 273,761 113,269 106,485 106,485 106,286 66,509 96,204 68,075 103,095 68,075 103,095 67,940 102,883 78,690 87,845 87,845 87,677 193,309 194,753 194,753 194,386 Total bills and securities: Dec. 31 Jan. 7 Jan. 14 Jan. 21 2,266,934 2,268,214 2,267,569 2,262,729 176,178 168,331 168,391 167,684 593,984 624,102 624,457 623,060 182,124 182,272 182,370 182,100 223,582 223,422 223,438 223,078 138,502 135,509 135,508 135,296 96,155 96,436 96,423 96,221 306,042 274,565 274,541 274,062 113,569 106,785 106,685 106,386 67,073 97,249 68,606 105,106 68,716 103,977 68,557 103,711 79,043 88,189 88,187 88,026 193,433 194,891 194,876 194,548 36,287 39,414 37,217 34,036 774 1,233 1,298 815 4,493 3,716 3,034 2,979 2,700 2,088 1,425 1,184 2,087 2,161 2,385 1,944 8,760 10,244 11,198 11,275 4,110 5,335 4,084 3,037 3,449 3,192 3,443 2,787 2,430 3,248 1,625 2,632 651 1,197 1,233 415 2,071 2,362 2,954 1,926 1,367 1,136 1,006 1,086 3,395 3,502 3,532 3,956 1,200,724 998,458 1,210,160 1,127,981 116,237 95,950 116,608 107,423 316,326 220,362 285,575 253,549 84,370 72,392 82,403 74,243 149,177 116,612 155,972 133,597 83,669 80,621 85,514 100,191 42,290 40,945 46,678 53,134 180,907 149,912 193,875 163,303 49,586 51,697 56,607 55,839 26,571 25,739 25,977 25,771 47,535 42,468 42,735 42,489 37,094 38,290 41,828 49,660 66,962 63,470 76,388 68,782 Bank premises: Dec. 31 Jan. 7 Jan. 14 Jan. 21 40,767 40,761 40,792 40,785 2,778 2,778 2,778 2,778 10,507 10,507 10,507 10,507 4,866 4,866 4,866 4,866 4,439 4,439 4,439 4,429 2,982 2,982 3,008 3,013 ,948 ,948 ,949 ,948 2,971 2,971 2,971 2,971 2,155 2,155 2,155 2,154 2,880 2,874 2,874 2,874 1,137 1,137 1,141 1,141 2,766 2,766 2,766 2,766 ''Other "assets: Dec. 31 Jan. 7 Jan. 14 Jan. 21 43,724 44,028 45,434 45,116 3,127 3,050 3,114 3,143 11,148 11,926 12,393 12,267 4,061 3,495 3,806 3,541 4,613 4,753 4,875 4,896 2,751 2,778 2,918 2,868 ,797 ,813 ,811 ,848 5,466 5,091 5,159 5,203 2,027 1,950 2,008 2,002 1,783 1,951 2,014 1,997 1,509 1,687 1,693 1,724 4,083 4,170 4,271 4,248 715,182 3,962,603 720,268 3,911,459 728,133 4,012,965 714,624 3,936,269 820,054 821,692 830,444 815,180 497,426 496,540 495,368 471,774 721,642 702,883 720,924 715,134 548,785 1,846,247 537," 594 1,883,362 545,371 1,933,200 551,319 1,909,996 Due from foreign banks: Dec. 31 Jan. 7 Jan. 14 Jan. 21 Federal Reserve notes of other banks: Dec. 31 Jan. 7 Jan. 14 Jan. 21 .„ Uncollected items: Dec. 31 Jan. 7 , Jan. 14 Jan. 21 Totallassets: Dec. 31 Jan. 7 Jan. 14 Jan. 21 24,352,844 1,491,186 9,148,572 1,522,649 24,191,031 1,503,263 9,057,"" 976 1,500,416 24,440,323 1,531,100 9,035,399 1,501,271 24,400,229 1,527,621 9,203,683 ,470, 779 2!,035,555 1,042,943 2!,011,786 1,043,792 2!,042,388 1,063,760 21,024,393 1,059,457 Liabilities Reserve notes in circulation: 31 7 14 21 8,192,169 8,178,757 8,170,584 8,198,916 671,656 2,110,650 667,071 2,099,932 662,536 2,098,241 666, 778 2,104,940 575,036 573,740 573,987 574,811 778,072 776,907 778,692 781,948 431,489 427,089 426,199 424,743 278,564 1,719,536 279,654 1,720,497 276,930 1,721,440 276,088 1,730,693 322,068 321,278 321,366 322,576 206,510 207,617 207,958 209,712 263,578 264,868 264,146 265,439 135,271 134,221 132,974 133,571 Deposits: Member bank—reserve account: Dec. 31 Jan. 7 Jan. 14 Jan. 21 12,450,333 12,716,754 12,991,582 13,145,468 568,846 5,639,629 631,801 5,688,053 653,473 5,707,268 675," 775 5,938,356 661,703 673,942 679,604 668,442 919,517 945,211 970,138 975,973 451,776 460,316 464,685 460,941 322,452 1,762,132 335,021 1,796,797 338,"520 " 1,925,861 329,812 1,880,251 363,642 372,709 381,902 374,595 178,535 185,754 190,554 185,650 344,996 345,109 359,817 357,067 306,697 930,408 302,050 979,991 311,540 1,008,220 309,707 988,899 U. S. Treasurer—general account: Dec. 31 Jan. 7 Jan. 14 Jan. 21 867,493 663,25418,609 284,180 73,578 59,614 35,175 26,760 72,247 64,907 35,413 24,485 23,729 27,087 35,202 22,035 39,646 30,553 24,105 17,131 52,460 47,771 39,104 20,305 35,850 22,077 21,617 20,181 Federal actual Dec. Jan. Jan. Jan. FEBRUARY 80,782 42,821 31,621 16,837 220,654 184,551 69,482 31,308 28,685 23,205 23,666 18,867 156,906 104,871 48,647 32,165 36,989 28,371 25,776 23,915 699,739 705,883 706,115 707,617 45,967 27,426 28,801 30,191 X 33 Federal Reserve Banks—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas apolis City San Francisco Liabilities—Continued Deposits—Continued: Foreign: Dec. 31 Jan. 7 Jan. 14 Jan. 21 774,062 787,364 754,816 729,779 29,543 31,087 29,526 28,181 306,991 313,219 300,161 295,184 74,057 74,990 70,969 67,845 70,240 71,124 68,012 65,018 32,829 33,243 32,527 31,095 26,722 27,058 25,874 24,735 91,617 92,771 90,190 86,219 22,904 23,193 22,178 21,201 16,796 17,008 16,264 15,548 22,141 22,420 21,439 20,495 22,141 22,420 21,439 20,495 58,081 58,831 56,237 53,763 Other deposits: Dec. 31 Jan. 7 Jan. 14 Jan. 21 586,170 588,184 640,156 656,951 9,527 19,070 22,339 19,797 475,283 465,351 489,809 504,733 12,391 11,398 27,289 25,091 16,902 16,794 17,529 17,742 6,106 5,636 5,773 5,852 5,123 5,223 5,285 3,559 3,496 3,377 4,032 3,909 12,594 14,027 14,679 15,591 10,815 10,588 10,540 11,095 1,929 1,721 1,526 2,571 1,312 4,333 3,035 2,826 30,692 30,666 38,320 44,185 Total deposits: Dec. 31 Jan. 7 Jan. 14 Jan. 21 14,678,058 14,755,556 14,805,163 14,816,378 821,729 1,078,906 819,944 1,098,036 813,037 1,091,092 788,138 1,083,218 514,440 526,282 538,187 519,923 382,982 2,014,151 390,507 1,997,816 393,345 2,068,730 376,973 2,002,544 438,786 440,482 442,864 428,518 258,606 261,121 256,462 232,598 404,916 391,327 404,399 400,314 90,557 72,066 79,278 73,217 143,848 101,957 137,643 124,325 80,625 73,995 82,909 98,320 39,91: 36,283 43,987 47,704 180,340 144,457 173,988 154,257 47,312 48,041 54,283 52,174 22,554 18,021 21,149 19,686 41,734 35,230 40,898 37,923 34,806 34,607 38,983 49,190 53,615 52,779 67,739 57,562 840 230 528 166 173 255 330 254 246 268 303 284 44 137 162 149 165 250 350 304 84 102 117 97 44 71 106 78 72 97 119 108 5 51 38 54 Deferred Dec. Jan. Jan. Jan. 688,698 6,642,557 724,779 6,651,17 736,959 6,566,720 740,590 6,769,581 availability items 31 7 14 21 1,106,929 880,244 1,087,39: 1,007,506 104,811 85,042 105,362 93,234 Other liabilities, including accrued dividends: Dec. 31 Jan. 7 Jan. 14 Jan. 21 2,195 2,55( 3,17$ 3,32. 34' 71. 578 1,349 Total liabilities: Dec. 31 Jan. 7 Jan. 14 Jan. 21 266,815 177,766 241,173 199,914 23,979,35! 1,465,51 23,817,10: 1,477,60^ 24,066,318 1,505,43. 24,026,123 1,501,95 9,020,16^ 8,929,20: 8,906,61. 9,074,87 1,488,16: 1,465.98C 1,466.83C 1,436,33: 2,000,999 1,026,800 1,977,155 1,027,634 2,007,757 1,047,598 1,989,745 1,043,270 701,502 502 3,914,192 706,581 3,863,020 714,424 3,964,508 700,914 3,887,798 808,198 809,847 818,582 803,312 487,754 486,861 485,686 462,093 710,272 691,496 709,549 703,754 367,139 1,065,148 357,174 1,096,914 361,790 1,131,578 356,943 1,117,038 537,288 1,818,507 5 2 6 099 , " 1,855,627 533,866 1,905,470 539,""" 812 1,882,271 Capital accounts Capital paid in: Dec. 31 Jan. 7 Jan. 14 Jan. 21 142,180 142,687 142,78C 142,872 9,403 9,403 9,403 9,404 51,806 52,187 52,188 52,198 11,923 11,87: 11,875 11,882 14.64C 14,73: 14,736 14,753 5,709 5,720 5,726 5,738 4,880 4,884 4,905 4,909 15,613 15,665 15,693 15,708 4,417 4,412 4,42' 4,445 3,003 3,012 3,016 3,017 4,600 4,606 4,608 4,616 4,359 4,362 4,372 4,375 11,827 11,827 11,827 11,827 Surplus (section 7): Dec. 31 Jan. 7 Jan. 14 Jan. 21 157,50: 157,50: 157,50: 157,50: 10,94! 10,94! 10,94! 10,94- 56,65 56,65 56,65 56,65: 15,17 15,17 15,17 15,17 14,345 14,346 14,346 14,346 5,236 5,236 5,236 5,236 5,725 5,725 5,725 5,725 22,925 22,925 22,925 22,925 4,966 4,966 4,966 4,966 3,152 3,152 3,152 3,152 3,613 3,613 3,613 3,613 3,976 3,976 3,976 3,976 10,792 10,792 10,792 10,792 Surplus (section 13b): Dec. 31 Jan. 7 Jan. 14 •. Jan. 21 26,78C 26,78C 26.78C 26.78C 2,872,87' 2,874 2,874 7,071 7,O7i 7,O7i 7,071 4,39; 4,393 4,39, 4,39; 1,007 1,007 1,00' 1,007 3,244 3,244 3,244 3,244 713 713 713 713 1,429 1,429 1,429 1,429 529 529 529 529 1,000 1,000 1,000 1,000 1,137 1,137 1,137 1,137 1,263 1,263 1,263 1,263 2,121 2,121 2,121 2,121 Other capital accounts: Dec. 31 Jan. 7 Jan. 14 Jan. 21 47,03: 46,95. 46,94. 46,95: 2,448 2,432 2,439 2,443 12.88C 12,86(r 12,87 12,893 3,000 2,994 2,998 3,001 4,564 4,547 4,542 4,542 1,954 1,958 1,956 1,969 2,362 2,365 2,366 2,363 i,444 1,420 1,410 1,409 1,944 1,938 1,940 1,928 2,517 2,515 2,514 2,512 2,020 2,031 2,017 2,014 1,899 1,894 1,894 1,893 3,000 2,995 2,990 2,985 Total liabilities and capital accounts: Dec.31 24,352,844 ,491,18i 9,148,572 1,522,649 2,035,555 Jan. 7 24,191,03 1,503,263 9,057,976 1,500,416 2,011,786 Jan. 14 24,440,323 1,531,100 9,035,399 1,501,271 2,042,388 Jan. 21 24,400,22S 1,527,62 9,203,683 1,470,779 2,024,393 1,042,943 1,043,79: 1,063,760 1,059,457 715,18: 3,962,603 720,268 3,911,459 728,133 4,012,965 714, 624 3,936,269 820,054 821,692 830,444 815,180 1,874 1,874 1,874 1,874 1,226 1,226 1,194 1,140 Commitments to make industrial advances: Dec. 31 Jan. 7 Jan. 14 Jan. 21. 14,59! 14,83' 14,42 14,27 139 139 13' 137 460 450 426 394 2,617 2,806 2,910 2,838 1,043 1,04: 1,07: 1,074 857 856 83. 860 1,767 1,720 1,700 1,700 497,426 496,540 495,368 471,774 721,642 702,883 720,924 715,134 548, 785 1,846,247 537,594 ,883,362 545,371 1,933,200 551,319 1,909,996 1,500 1,500 1,500 1,500 3,063 3,170 2,744 2,735 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications under consideration Applications received Applications approved Advances outstanding 1 (amount) Date (last Wednesday of each month) Number 1934—Dec. 26 1935—June 26 Dec. 31 4 1936—June 24 Dec. 30 1937—Mar. 31 .... June 30 Sept. 29 . . . Dec. 29 1938—Mar. 30 June 29 Sept. 28 Dec. 28 1939—Mar. 29 June 28 Sept. 27 Dec. 27 1940—Mar. 27 June 26 Sept. 25 Dec. 31 4 1941—Jan. 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 25 July 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1942—Jan. 21.& 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 9,249 9,308 9,366 9,418 9,476 9,512 9,556 9,609 9,633 9,659 9,682 9,719 9,793 9,817 9,855 9,891 9,912 9,950 9,974 10,007 10,027 Amount Number 146 972 237,581 293 084 314,471 328,998 333 300 339,509 341,842 350,551 358,936 369,853 378 974 387,49G 392 230 395,499 402,305 405,225 410,192 413,646 417,260 431,236 435,474 442,712 448,506 444,985 455,868 458, 092 471, 035 481,255 498, 017 504,144 506,320 510,443 511,934 Amount Number Amount 2,955 11,349 2 823 1,880 1,245 1,322 1,263 800 550 1,299 476 146 247 344 255 370 41 199 33 10 222 1,929 600 823 35 1,725 35 145 70 2,220 5 375 150 125 984 1,646 1 993 2,183 2,280 2 323 2,361 2,381 2,406 2,464 2,566 2 617 2,653 2 683 2,721 2,752 2,781 2,814 2,838 2,865 2,908 2,923 2,945 2,959 2,987 3,046 3,067 3,096 3,120 3,132 3,161 3,179 3,202 3,217 49,634 88,778 124,493 133,343 139,829 141 545 145,758 146,724 150,987 154,918 161,158 168 380 175 013 177 895 179,778 185,234 188 222 192,665 195,739 198,966 212,510 214 800 223,226 228 732 225, 849 234 714 238, 505 248 867 258,154 267,606 274,739 276,499 279,860 281,109 71 68 28 12 5 9 10 1 7 19 8 8 5 14 5 2 2 7 2 1 2 4 1 3 2 5 2 3 2 3 1 3 4 3 13,589 27,518 32,493 30,484 25,526 23,059 23,019 21,415 20,216 19,371 18,444 17 567 17,345 15 798 15,255 14,454 13,683 12,723 10,988 10,778 9,152 9 483 9,451 9,526 9,157 9,639 10,549 10,761 10,359 9,808 10,612 10,836 10,337 10,150 CommitApproved ments outbut not standing completed (amount) (amount) 8,225 20,579 27,649 24,454 20,959 18,611 16,331 14,880 12,780 13,110 13,649 13 597 14,161 12 647 11,175 10,517 9,220 8,224 8,762 8,078 5,226 5,207 5,066 7,315 8,464 12,342 13, 072 11,697 12,928 13,551 13,238 14,735 14,597 14,277 20,966 11,248 11,548 9,381 8,226 7,898 1,470 537 3,369 3,419 3,084 5,737 1,946 1,975 2,067 1,938 2,659 2,471 2,195 2,315 13,954 12,325 20,424 19,986 13,035 14,134 8,090 11,626 11,520 10,251 12,317 9,774 8,294 7,777 Repaid, expired, or withdrawn by applicant, etc. (amount) Participations outstanding 3 (amount) 5,558 24,900 44,025 61,425 77,910 85,210 97,663 102,588 107,384 111,193 117,555 122,447 128,839 135,004 139,281 146,156 151,679 158,110 162,612 167,046 177,792 179,021 179,569 180,989 183,646 186,062 192,783 202,287 208,279 216,258 219, 598 221,421 227,032 229,473 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,825 8,426 9,032 12,722 12,471 12,000 12,169 10,981 11,137 11,182 10,749 6,386 8,764 8,716 10,916 11,547 12,537 14,011 12,496 15,068 17,738 18,974 19,733 19,600 19,432 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $712,000, Jan. 21, 1942. 45 Tuesday. Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Notes: Issued to F. R. Bank by F. R. agent: Dec. 31 Jan. 7 Jan. 14 Jan. 21 Held by Federal Reserve Bank: Dec. 31 Jan. 7 Jan. 14 Jan. 21 In actual circulation :1 Dec. 31 Jan. 7 Jan. 14 Jan. 21 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 31 Jan. 7 Jan. 14 . Jan. 21 Eligible paper: Dec. 31 Jan. 7 Jan. 14 Jan. 21 Total collateral: Dec. Jan. Jan. Jan. 1 31 7 14 21 • St. Louis Minne- Kansas Dallas City apolis San Francisco 341,354 341,692 341,923 341,833 213,129 212,763 213,631 215,463 274,221 273,798 274,550 276,585 149,933 149,571 148,131 149,478 780,266 783,209 786,303 784,285 43,892 44,295 47,836 44,881 19,286 20,414 20,557 19,257 6,619 5,146 5,673 5,751 10,643 8,930 10,404 11,146 14,662 15,350 15,157 15,907 80,527 77,326 80,188 76,668 431,489 427,089 426,199 424,743 278,564 1,719,536 279,654 1,720,497 276,930 1,721,440 276,088 1 ,730,693 322,068 321,278 321,366 322,576 206,510 207,617 207,958 209,712 263,578 264,868 264,146 265,439 135,271 134,221 132,974 133,571 699,739 705,883 706,115 707,617 475,000 475,000 475,000 475,000 310,000 310,000 310,000 310,000 ,780,000 ,780,000 ,780,000 ,800,000 350,000 350,000 350,000 360,000 214,000 214,000 217,000 217,000 275,000 275,000 280,000 280,000 156,000 156,000 154,500 154,500 794,000 794,000 804,000 804,000 50 35 118 118 943 1,909 779 731 214,050 214,035 217,118 217,118 275,943 276,909 280,779 280,731 156,000 156,000 154,500 154,500 794,000 794,000 804,000 804,000 Phila- Clevedelphia land Richmond Atlanta Chicago 602,134 601,843 600,358 602,142 811,693 812,453 811,291 812,697 461,916 461,939 463,681 463,004 99,468 116,850 120,532 117,849 27,098 28,103 26,371 27,331 33,621 35,546 32,599 30,749 30,427 34,850 37,482 38,261 ,192,169 ,178,757 ,170,584 ,198,916 671, 656 2 ,110,650 667, 071 2 ,099,932 662, 536 2 ,098,241 666,778 2,104,940 575,036 573,740 573,987 574,811 778,072 776,907 778,692 781,948 724,000 734,000 760,500 790,500 720,000 2 ,220,000 720,000 2,230,000 720,000 2 ,240,000 720,000 2,240,000 615,000 615,000 615,000 615,000 815,000 815,000 815,000 815,000 New York Total Boston ,611,926 ,623,423 ,629,228 ,647,111 700, 116 2 ,210,118 701,420 2 ,216,782 699,846 2 ,218,773 701, ,222,789 419,757 444,666 458,644 448,195 2,567 3,756 3,191 2,696 726,567 737,756 763,691 793,196 28,460 34,349 37,310 34,886 690 585 915 810 624 657 749 787 720,260 2 ,220,690 720,570 2 ,230,585 720,630 2,240,915 720,250 2,240,810 615,624 615,657 615,749 615,787 260 570 630 250 815,000 815,000 815,000 815,000 475,000 475,000 475,000 475,000 303, 618 1,763,428 303,161 1,764,792 301,465 1,769,276 301,597 1,775,574 25,054 23,507 24,535 25,509 310,000 310,000 310,000 310,000 ,780,000 ,780,000 ,780,000 ,800,000 350,000 350,000 350,000 360,000 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks. FEBRUARY I94X 135 RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1941 [Averages of daily figures. In millions of dollars] Reserves with Federal Reserve Banks Gross Net dedeTime mand mand dedeposits de 1 ."i posits posits Classes of banks and districts Required All member banks 48,411 39,887 12,493 Central reserve city banks: New York 818 16,640 15,786 Chicago 492 3,621 3,147 Held 9,422 12,812 3,390 4,153 848 5,142 1,143 989 295 1,408 288 1,695 1,260 236 1,432 80 148 212 257 56 299 347 66 497 90 10 198 Cleveland district Richmond district Atlanta district 2,426 1,150 1,073 1,972 905 778 724 234 178 438 195 166 736 313 199 298 118 33 Chicago district St. Louis district.. Minneapolis district 1,922 1,210 514 1,404 938 405 705 173 82 323 198 86 478 262 100 155 64 14 Kansas City district 1,312 Dallas district 1,029 San Francisco district ... 3,246 932 684 2,658 153 132 2,078 196 145 656 252 190 877 56 46 221 17,273 13,602 4,898 3,014 4,317 1,303 Country banks: Boston district New York district. Philadelphia district 1,232 1,872 913 922 1,449 647 557 1,488 869 162 292 143 259 462 222 96 170 79 Cleveland district Richmond district Atlanta district 927 912 798 621 551 492 741 398 258 131 101 84 231 158 123 99 57 39 Chicago district St. Louis district Minneapolis district 301 581 449 835 361 292 857 261 282 168 66 58 280 99 83 111 . 33 25 Kansas City district Dallas district San Francisco district... 607 774 513 379 480 324 160 105 310 63 73 64 90 116 88 27 43 24 10,878 7,352 6,284 1,406 2,210 804 'Total All member 1 banks Excess Reserve city banks: Boston district New York district Philadelphia district Total MEMBER B A N K RESERVE BALANCES B Y CLASSES O F B A N K S [Averages of daily figures. In millions of dollars] 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 on p. 130 for percentages of deposits required to be held as reserves. Total reserves held: 1940—December 1941—January February March April May June July August September October November December Week ending (Friday): 1941—Dec. 12 Dec. 19 Dec. 26 1942—Jan. 2 Jan. 9 Jan. 16 , Excess reserves: 1940—December ,.. 1941—January February March April May June July August September October November December Weekending (Friday): 1941—Dec. 12 Dec. 19 Dec. 26 1942—Jan. 2 Jan. 9 Jan. 16 Central reserve city banks New York Chicago Reserve city banks banks 1 1,815 1,913 1,898 1,928 1,912 1,965 1,914 1,927 1,978 2,076 2,149 2,213 2,210 Coun- 14,049 14,339 13,996 13,979 13,600 13,650 13,201 13,120 13,004 13,184 13,097 12,900 12,812 6,997 7,135 6,807 6,924 6,518 6,243 5,958 5,875 5,600 5,554 5,314 5,053 5,142 1,142 L,051 L,033 1,144 1,144 L,120 1,140 L.218 1,243 1,210 1,143 4,096 4,240 4,258 4,197 4,204 4,298 4,184 4,198 4,287 4,335 4,391 4,424 4,317 13,218 12,773 12,433 12,479 12,701 12,967 5,218 5,147 5,038 5., 091 5,160 5,183 L,244 L.117 L,063 L044 1,029 1,115 4,498 4,307 4,179 4,133 4,261 4,401 2,259 2,202 2,152 2,211 2,252 2,269 6,646 6,832 6,422 6,304 5,883 5,831 5,351 5,193 5,017 5,116 5,001 3,611 3,390 3,443 3,505 3,166 3,203 2,812 2,514 2,238 2,150 1,898 1,834 1,626 476 381 347 252 295 434 424 388 403 478 512 367 295 1,887 2,016 2,004 1,923 1,885 1,949 1,820 1,789 1,824 1,836 1,845 1,456 1,303 840 930 906 927 891 933 870 866 892 968 1,017 844 804 3,785 3,312 3,020 3,098 3,304 *>3,494 1,060 379 272 229 211 199 260 1,479 1,279 1,164 1,133 1,257 1,366 866 794 733 789 822 931 966 945 989 967 893 965 1,026 1,029 p 1 Preliminary. Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS [Averages of daily figures. In millions of dollars] f Member banks in larger centers (places over 15,000) All member banks Federal Reserve district Dec. New York Philadelphia Cleveland Richmond Atlanta . „.,... ,..„...., .„ ... . . . . ».,.....-.„ St Louis Minneapolis Kansas City Dallas San Francisco Total 1 . 2,640 18,800 2,608 3,353 2,062 1,871 6,844 1,791 963 , .... Time Gross demand Nov. 2,666 18,628 2,607 3,286 2,033 1,810 6,692 1,757 955 Dec. 637 Gross demand Nov. 649 2,455 1,081 1,464 2,510 1,106 1,484 632 436 642 440 2,054 2,070 434 364 438 365 Dec. 2,480 11,776 2,275 3,001 1,786 1,680 12,741 1,443 748 Nov. 2,503 11,776 2,277 2,944 1,760 1,631 12,680 1,416 Time Dec. 1,864 1,742 3,675 313 237 2,388 324 238 2,367 1,504 1,379 3,592 1,463 1,330 3,511 48,411 47,715 12,493 12,633 ^24,405 124,035 Gross demand Nov. 517 526 11,117 11,131 622 640 1,115 1,132 425 350 435 354 11,219 11,234 305 196 310 197 743 1,919 1,803 3,759 Member banks in smaller centers (places under 15,000) 203 190 2,282 1 8,541 213 191 2,262 X 8,624 Dec. 160 384 333 351 276 190 482 348 215 Nov. Time Dec. 163 388 330 341 273 180 468 340 212 119 520 459 349 207 86 342 128 167 167 164 105 3,746 3,674 414 425 401 412 110 47 2,641 Nov. 123 528 466 351 208 86 344 129 168 111 47 105 2,666 Excluding central reserve city banks, for which figures for latest month are shown in table above. 136 FEDERAL RESERVE BULLETIN K I N D S OF MONEY I N CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Gold certificates Silver dollars Silver certificates 8,522 8,732 65 65 49 50 1,658 1,667 8,593 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 64 64 64 63 63 63 63 62 62 62 61 61 50 50 51 51 52 53 54 55 56 57 59 60 1,595 1,635 1,651 1,654 1,697 1,714 1,691 1,723 1,724 1,715 1,737 1,733 Total 1940—November. December.. 1941—January February March April May June July August September.... October November December Treasury notes of 1890 : ', : Subsidiary silver coin Minor coin United States notes Federal Reserve notes Federal Reserve Bank notes National bank notes 407 412 183 185 275 290 5,705 5,883 21 21 159 157 403 406 413 418 426 434 438 445 455 463 474 481 183 184 186 189 191 194 196 199 202 205 208 209 278 278 277 274 286 300 307 313 314 317 321 313 5,842 5,985 6,106 6,247 6,468 6,684 6,813 7,027 7,181 7,378 7,615 8,138 21 21 21 21 20 20 20 20 20 20 20 19 156 155 154 153 152 150 149 148 147 146 145 144 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY D E N O M I N A T I O N S , A N D C O I N I N C I R C U L A T I O N [Outside Treasury and Federal Reserve Banks. In millions of dollars] E n d of month 1940—November . . . . December 1941—January February March April May June July August September October November December Total in circulation 1 Total Coin $1^ $2 $5 $10 $20 Total $50 $100 $500 8,522 8,732 6,098 6,247 639 648 591 610 38 39 L,107 1,129 1,977 2,021 1,748 1,800 2,426 2,489 523 538 11,089 ]L,112 225 227 512 523 26 30 51 60 3 4 8,593 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 6,094 6,243 6,342 6,430 6,683 6,890 6,992 7,237 7,378 7,537 7,769 8,120 635 641 650 658 669 681 688 700 713 725 738 751 577 582 590 595 615 625 626 641 658 663 675 695 37 38 38 39 40 41 40 42 42 41 43 44 L.091 L,116 1,132 1,135 L, 176 ,207 1,215 ,257 ,270 ,287 1,318 L.355 1,973 2,041 2,074 2,112 2,211 2,289 2,334 2,430 2,469 2,527 2,610 2,731 1,781 1,826 1,858 1,892 1,972 2,047 2,090 2,169 2,227 2,293 2,383 2,545 2,502 2,541 2,583 2,642 2,675 2,725 2,742 2,760 2,787 2,830 2,874 3,044 540 551 560 573 587 607 615 630 645 658 674 724 1,126 1,144 L,163 L,197 L,218 1,244 1,257 L,274 1,293 L,316 1,343 L.433 230 232 238 241 242 244 244 244 243 245 248 261 530 535 543 550 546 548 544 543 537 539 538 556 24 24 24 25 24 24 24 24 24 25 24 24 52 55 56 56 57 57 58 46 46 47 47 46 4 4 1 2 2 2 3 3 3 3 4 4 Coin and small denomination currency2 Large denomination currency 2 Unassorted 2 $1,000 $5,000 $10,000 1 T o t a l of amounts of coin and paper currency shown by denominations less unassorted currency i n Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by t h e T r e a s u r y as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). 2 TREASURY CURRENCY O U T S T A N D I N G [Held by Treasury and Federal Reserve Banks and in circulation, millions of dollars] In End of month Total Silver dollars and silver bullion1 1940—November.. December.. 3,072 3,087 1,937 1,945 419 425 187 189 347 347 22 22 160 159 1941—January February... March April May June July August September. October.... November December . . 3,097 3,102 3,109 3,122 3,134 3,149 3,166 3,181 3,198 3,219 3,231 3,247 1,953 1,959 1,965 1,971 1,977 1,983 1,991 1,998 2,006 2,013 2,017 2,023 427 428 429 434 440 447' 455 462 469 482 489 497 191 192 193 194 196 199 202 204 207 210 212 215 347 347 347 347 347 347 347 347 347 347 347 347 22 21 21 21 21 21 20 20 20 20 20 20 158 156 155 154 153 152 151 150 149 148 146 146 SubsidiMinor United ary States silver coin notes coin Federal Reserve Bank notes National bank notes 1 Includes silver held against silver certificates amounting to $1,943,000,000 on Dec. 31,1941 and $1,871,000,000 on D e c . 31, 1940. FEBRUARY SHIPMENTS A N D RECEIPTS OF U N I T E D STATES PAPER CURRENCY |[By selected banks and financial institutions in New York City. In millions of dollars ] Year or month 1937 1938 1939 1940 1941 1941—January February March . April May June July August September October November December 1 Shipments to Europe Receipts from Europe Net shipments 21.5 33.1 110.2 17.7 .3 47.6 34.4 9.8 .7 .5 100.3 17.0 .2 .1 (*) «•• Net receipts 26.1 1.3 fa (l Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, p p . 7-8. .2 .1 /iy 1 (W ) (i\ (i\ H .2 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] 1941 Ear- marked DomesNet gold gold: de- tic gold import crease producor intion1 crease (—) Gold stock at end of period Increase in gold stock 8,238 10,125 12,760 14,512 17,644 21,995 22,737 4,202.5 1,887.2 1,132.5 1,502.5 1,751.5 3,132.0 4,351.2 741.8 1,133.9 1,739.0 1,116.6 1,585.5 1,973.6 3,574.2 4,744.5 1940—July August September... October November December.... 20,463 20,913 21,244 21,506 21,801 21,995 499.4 450.2 331.6 261.1 295.2 194.0 520.0 351.6 334.1 326.0 330.1 137.2 -55.1 67.0 36.6 -117.9 -39.5 1941—January February March. April May 22,116 22,232 22,367 22,506 22,575 22,624 22,675 22,719 22,761 22,800 22,785 22,737 121.7 115.4 135.4 138.5 69.1 49.2 50.5 44.7 41.5 38.8 -14.4 -48.8 234.2 108.6 118.6 172.0 34.8 30.7 37.0 37.0 65.7 40.4 50.4 -52.8 -46.2 Period 19342 1935 1936 1937 1938 1939 1940 1941 3 11,258 3 June July August September... October November December.... 82.6 .2 —85.9 —200.4 —333.5 —534.4 —644.7 -407.7 (4) (4) 7.4 .2 -10.5 —3.8 4.0 —27.7 -31.2 -46.8 -32.2 -60.9 5-99.7 92.9 110.7 131.6 143.9 148.6 161.7 170.2 167.8 16.2 12.5 13.5 19.2 16.6 16.3 13.5 12.6 12.0 12.8 12.6 14.4 13.6 12.4 17.8 15.7 18.0 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 177, adjusted to exclude Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 4 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. 5 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 2,215.4 million dollars on December 31,1941. NOTE.—For back figures see Annual Report for 1937 (table 29). From or to— Total, all banks National Number of banks suspended: 1934 1935 1936 1937 1938 1939 1940 1941 57 34 44 59 55 42 22 8 1 4 1 4 1 4 1 4 Deposits of suspended banks3 (in thousands of dollars): 1934 1935 1936 1937 1938 1939 1940 1941 36,937 10,015 11,306 19,723 13,012 34,998 5,943 3,726 40 5,313 507 7,379 36 1,341 256 3,144 Insured2 Philippine Islands South Africa All other countries 2 1 3 48 8 3 6 6 10 3 1 1,708 211 24,629 1,912 3,763 10,207 10,156 11,721 6,589 5,341 503 34,985 939 592 480 1,044 2,439 346 79 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time 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. Back figures.—See Annual Report for 1937 (table 76). 138 Jan.-Nov. Exports 3 Imports Exports 3 24 34 378 1,747 121 5,615 24,921 6,336 939 55 5,551 16,074 1,020 960 3,616 31,459 391 714 15,526 9,987 77 66 10 10 814 177 94 323 7,627 22,211 2,822 8 441 4,212 18 8 5 441 22 2,110 2,107 218 436 227 91 253 583 608 75 5,980 156 986 6,151 63,779 2,364 3,583 8,954 77 652 314 2,327 25 855 3,697 i,832 40 473 50,382 Total 899 37,178 292,703 4,255 3,143 200 140 8 40,444 3 929,545 63 1 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 2 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. 3 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. Back figures.—See table, p. 177, and Annual Report for 1937 (tables 31 and 32). BANK DEBITS Debits to deposit accounts except interbank accounts [In millions of dollars] .Not insured 8 22 40 47 47 25 18 3 Imports 1 Portugal Sweden Switzerland United Kingdom U. S. S. R Canada Mexico Central America West Indies and Bermuda Argentina Bolivia Brazil Chile Colombia Ecuador Peru Venezuela British Guiana Australia New Zealand British Oceania British India Netherlands Indies China and Hong Kong Nonmember banks State Exports 3 France BANK SUSPENSIONS1 Member banks Oct. Nov.2 Imports Year and month 1929 1936 1937 1938 1939 1940 1941 1940—November. December.. 1941—January... February.. March April May June July August.... September. October... November. December.. Total, all reporting centers New York City 982,531 461,889 469,463 405,929 423,932 445,863 537,398 603,089 208,936 197,836 168,778 171,382 171,582 197,724 331,938 219,670 235,206 204,745 218,298 236,952 293,775 47,504 33,283 36,421 32,406 34,252 37,329 45,899 14,952 18,626 15.147 13,268 17,402 15,657 16,124 17,282 16,288 15,079 15,654 19.148 16,077 20,598 20,819 24,327 22,498 19,457 23,586 23,074 23,795 24,853 24,660 24,033 24,310 27,315 25,075 31,118 3,317 3,721 3,488 3,057 3,570 3,505 3,746 3,807 3,861 3,745 3,907 4,411 3,930 4,873 39,088 46,673 41,133' 35,783 44,558 42,237 43,665 45,942 44,808 42,856 43,870 50,875 45,081 56,589 133 140 other other 1 reporting centers centers2 1 National series, for which bank debit figures are available beginning with 1919. 2 Except that 1929 figure is for 128 centers only. Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are available for distribution and will be furnished upon request. FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1 NUMBER OF BANKS [In millions of dollars] Member banks 2 Nonmember banks Total National State Other Mutual nonsavings membanks ber banks Total Call date 1929—June 29 Dec. 31 25,110 24,630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 15,792 15,499 1933—June 30. Dec. 30 14,519 15,011 5,606 6,011 4,897 5,154 576 579 8,337 8,421 1936—June 30 Dec. 31 15,752 15,628 6,400 6,376 5,368 5,325 709 857 1,032 1,051 566 565 8,786 8,687 1937—June 30. Dec. 31 15,527 15,393 6,357 6,341 5,293 5,260 1,064 1,081 564 563 8,606 8,489 1938—June 30 Dec. 31 15,287 15,206 6,338 6,338 5,242 5,224 1,096 1,114 563 556 8,386 8,312 1939—June 30. Dec. 30 15,082 15,037 6,330 6,362 5,203 5,187 1,127 1,175 553 552 8,199 8,123 1940—June 29 Dec. 31 14,953 14,895 6,398 6,486 5,164 5,144 1,234 1,342 551 551 8,004 7,858 1941—Apr. 4 June 30 Sept. 24 Dec. 31? 14,871 14,855 14,852 6,528 6,556 6,596 6,619 5,138 5,130 5,125 5,117 1,390 1,426 1,471 1,502 550 547 546 7,793 7,752 7,710 Member banks 2 Nonmember banks Total National State Other Mutual nonsavings membanks ber banks 53,852 55,289 32,284 33,865 19,411 20,290 12,873 13,575 8,983 8,916 12,584 12,508 1933—June 30 Dec. 30 37,998 38,505 23,338 23,771 14,772 15,386 8,566 8,385 9,713 9,708 4,946 5,026 1936—June 30 Dec. 31 51,335 53,701 34,098 35,893 21,986 23,107 12,112 12,786 10,060 10,143 7,173 7,666 1937—June 30 Dec. 31 53,287 52,440 35,440 34,810 22,926 22,655 12,514 12,155 10,213 10,257 7,635 7,373 1938—June 30 Dec. 31 52,195 54,054 34,745 36,211 22,553 23,497 12,193 12,714 10,296 10,365 1939—June 30 Dec. 30 38,027 39,930 24,534 25,661 13,493 14,269 10,521 10,613 1940—June 29 Dec. 31 55,992 58,344 60,582 65,021 7,153 7,478 7,444 7,801 42,039 46,007 26,931 29,214 15,108 310, 631 16, 793 10, 658 37,912 8,356 1941—Apr. 4 June 30 Sept. 24. 65,211 67,172 68,449 46,179 48,076 49,160 29,467 30,684 31,500 16,712 17,392 17,660 8,347 8,456 8,646 All banks Call date 1929—June 29 Dec. 31 , 10,684 10,641 10,643 *For footnotes see table below. For footnotes see table below. LOANS A N D INVESTMENTS [In millions of dollars] Nonmember banks Member banks2 All banks Mutual savings banks Call date Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 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 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 1937—June 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. 314 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 1939—June 30 Dec. 30 49,616 50,885 21,318 22,169 28,299 28,716 32,603 33,941 13,141 13,962 19,462 19,979 10,342 10,314 4,931 4,961 5,411 5,353 6,671 6,630 3,245 3,246 3,425 3,384 1940—June 29 Dec. 31 51,335 54,188 22,341 23,741 28,995 30,448 34,451 37,126 13,969 15,321 20,482 21,805 310,188 10,248 4,926 4,959 5,262 5,289 36,696 6,815 3,445 3,461 3,251 3,353 1941—Apr. 4 June 30 Sept. 24 Dec. 31 p 56,147 57,945 59,305 24,322 25,312 26,196 31,825 32,633 33,109 38,983 40,659 41,943 43,557 15,878 16,729 17,546 18,064 23,104 23,930 24,397 25,493 10,276 10,314 10,357 4,954 4,955 4,958 5,322 5,360 5,399 6,889 6,972 7,005 3,490 3,628 3,692 3,399 3,344 3,313 p Preliminary figures. 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some, call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 19*38, were approximately $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). FEBRUARY 1942. 139 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Call date 1 Investments 1 u. s . Loan s for purchasing or carrying securities Total loans m and investments Total 1 35,934 24,786 30,721 32,070 32,603 33,941 34,451 37,126 40,659 41,943 43,557 26,150 12,858 12,938 13,208 13,141 13,962 13,969 15,321 16,729 17,546 18,064 8,774 7,133 8,013 8,335 8,688 9,339 9,829 10,910 12,493 12,930 12,894 6,683 3,424 3,172 3,262 2,988 3,296 3,014 3,384 3,778 3,939 4,071 Commer- Agri- Open Real Loans Other cial cul- marto estate 4 To and ket turbanks loans loans 2 indus- al paper brok- To 2 ers trial othand deal- ers ers Government obligations Obligations of States Other and Guar- politi- securities ancal Bills 5 Notes Bonds teed subdivisions Direct Total Total Total—All Member Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 3 0 . . . . . Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246 . . . Dec. 3 1 P New York City7 1929—Dec. 31 1 9 3 3 _ j u n e 30 1938—June 30. . . Dec. 3 1 . . . . . . 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 246 Dec. 3 1 P . . . . '4^737' 4,783 5,386 5,538 6,204 7,270 1,456 1,474 1,768 1,801 2,025 2,405 9,784 3,863 249 11,928 6,887 1,113 17,783 12,343 316 18,863 3,222 286 19,462 3,777 441 19,979 4,328 563 20,482 4,722 797 21,805 5,823 652 23,930 8,078 1,127 24,397 8,338 25,493 9,529 520 3,094 2,049 3,725 3,653 6,246 3,389 7,208 2,720 7,786 2,223 8,398 2,543 8,261 2,594 9,091 2,631 10,481 583 595 492 442 420 455 450 456 537 2,463 7,685 3,191 953 3,752 2,372 701 2,614 2,613 973 775 2,716 736 2,828 731 790 700 2,957 668 3,069 447 642 652 3,228 575 635 3,365 714 330 120 125 58 56 42 43 44 11,515 4,857 6,397 2,728 2,796 2,888 3,020 3,230 3,565 6 6 3 195 364 141 138 128 120 103 100 97 1,257 759 556 787 555 611 320 465 422 2,145 1,044 717 220 215 188 188 190 186 169 157 132 121 130 133 137 130 129 322 162 85 99 41 44 32 25 33 2,595 937 1,541 436 440 425 426 443 503 2,091 3,709 4,840 5,072 5,700 6,043 6,815 7,527 8,715 8,991 8,823 1,112 2,551 3,740 3,857 4,483 4,772 5,486 6,044 7,268 7,331 7,265 58 638 222 158 168 315 421 207 577 166 987 1,358 1,142 908 797 1,092 1,245 1,526 889 926 1,451 1,663 2,284 2,385 2,650 2,977 3,415 251 61 29 43 39 41 23 42 36 533 251 21 30 10 12 12 13 16 19 20 88 30 17 19 6 8 5 5 19 69 15 16 15 17 16 17 21 535 237 361 62 59 60 62 84 101 309 610 1,281 1,430 L,5O7 ,536 ,602 1,681 L,861 L.655 L.8O6 116 384 981 1,114 L, 175 L,203 1,258 L,307 L,483 1,304 .4-30 3 206 12 59 185 153 254 297 417 19 82 313 291 234 176 161 145 125 94 97 535 655 621 701 710 752 803 207 234 221 176 263 175 168 126 163 149 138 155 156 153 202 3,679 1,678 2,369 1,081 1,116 1,168 1,224 1,307 1,457 2,944 4,011 6,298 6,691 6,751 6,943 6,795 7,081 7,515 7,727 8,246 1,368 2,483 4,658 5,018 4,991 5,194 4,947 5,204 5,700 5,914 6,467 165 91 681 205 69 1,268 57 1,224 78 1,014 819 63 87 839 103 771 606 73 4,439 3,598 5,364 5,669 5,504 5,456 5,270 5,517 5,839 6,024 6,618 1,267 1,469 2,964 3,233 3,127 3,159 3,030 3,269 3,627 3,789 4^367 "712' 788 730 736 865 738 5 5 7 1,393 1,744 2," 128' 2,143 2,340 2,448 2,831 2,554 3,144 2,692 3,121 2,888 3,486 3,013 3,839 2,984 4,243 3,161 3,089 4,528 3,297 3,296 3,192 3,131 2,959 2,873 2,970 2,867 2,899 2,875 222 478 394 517 480 579 634 695 651 819 729 758 680 707 698 736 693 695 788 796 841 830 96 87 140 141 154 162 177 188 190 175 182 96 138 159 176 179 170 167 186 188 176 193 448 598 732 808 895 890 981 984 979 975 957 1,128 930 908 866 866 860 868 893 836 838 821 627 581 878 982 1,025 1,061 1,097 1,146 1,165 1 191 1,221 2.546 ,549 L,522 L.453 L,351 1,236 1,144 1,102 1,047 ,044 1,030 '769' 894 1,123 1,275 1,324 1,615 1,751 1,920 City of Chicago7 1929—Dec. 31 1,757 1933_june30 1,287 1938—J un e 30. 1,806 Dec. 31 1,969 1939—June 30 2,052 Dec. 30 2,105 1940—June 29 2,205 Dec. 31 2,377 1941—June 30 2,707 Sept. 246 2,573 p Dec. $l .'.'.'. 2,760 Reserve City Banks 1929—Dec. 31 12,029 1933—June 30 8,492 1938—June 30.. 11,150 11,654 Dec. 31 1939—June 30 11,756 Dec. 30 12,272 1940—June 29 12,160 Dec. 31 13,013 1941—June 30 14,013 Sept. 246... 14,588 Dec. 31p.... 15,349 1,448 677 525 539 544 569 603 696 846 918 954 319 329 365 417 476 609 9,084 4,482 4,853 4,963 5,004 5,329 5,365 5,931 6,498 6,861 7,103 1,914 1,884 2,100 2,134 2,436 2,879 109 70 71 66 61 54 55 664 2,775 1,538 108 1,340 1,131 95 998 1,201 242 1,230 119 115 221 1,284 222 1,335 119 87 210 1,372 115 207 1,436 198 1,477 100 ""i 258 99 26 20 12 9 6 15 9 i22 109 135 172 134 112 138 159 1,112 1,597 718 2,603 740 2,997 3,010 889 3,339 972 3,052 969 3,281 1,049 3,858 1,162 1,246 Country Banks 1929—Dec. 31 13,375 1933—June 30 7,873 1938—June 30 9,752 Dec. 31 10,113 1939—June 30 10,109 Dec. 30 10,224 1940—June 29 10,257 Dec. 31 10,826 1941—June 30 11,446 Sept. 246. 11,852 Dec. 31p.... 12,554 v 1 8,936 4,275 4,388 4,444 4,605 4,768 4,987 5,309 5,607 5,828 5,936 1,048 1,095 1,151 1,187 1,267 1,377 483 531 495 546 590 555 201 35 173 138 140 163 174 187 216 291 2,231 1,462 25 1,117 1,055 790 1,269 21 25 243 1,353 22 229 1,402 20 224 1,477 17 208 1,544 21 201 1,644 195 1,739 17 45 38 9 5 5 4 3 3 3 4,705 2,005 2,126 1,149 1,180 1,234 1,308 1,397 1,504 97 64 13 11 11 31 36 45 60 171 299 715 732 563 431 451 433 374 999 1,106 1,657 1,893 1,870 1,972 1,849 2,081 2,404 579 597 683 725 695 710 788 919 Preliminary. Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, p p . 22-23, and BULLETIN for April, 1939, icn o/:^ 191 T> : : T ic\ min J_I._:I~J _I :n *.: -.--.'l-i-i- T J T-» 1 _ J A I _ I separately on some dates, and the total 6 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. ^Includes Treasury certificates of indebtedness through 1934. ® Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). I4O FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Reserves with Federa Reserve Banks Oemand deposits except interbank Cash in vault Demand Indideviduals States posits partner and adships, politica justed 2 and cor subdivisions porations Balances with dor\n mestic banks 1 j Certi fied and officers' check etc. 3 Time deposits, except interbank IndiTT <? vidual U. o partne ships Govern- and co porament tions States and polit Posta savical ings 4 subdi vision Interbank deposits Domestic banks Demand Time Foreign bank Borrowings Capita accounts Call date Total—All Member Banks 2,374 2,235 8,004 8,694 10,011 11,604 13,751 13,992 12,959 13,246 827 846 3,517 4,104 4,975 5,915 7,072 7,057 5,857 5,534 558 405 712 746 712 841 789 991 999 1,061 68 46 65 68 61 89 88 102 136 96 2,168 2,008 4,084 4,240 4,674 5,506 5,751 6,185 6,293 6 6,562 179 101 119 109 112 125 119 122 *131 6 114 16,647 12,089 20,893 22,293 23,587 25,681 27,877 30,429 32,678 33,822 4,750 4,358 6,698 7,168 8,012 8,899 10,235 11,062 11,619 11,506 17,526 11,830 19,816 21,119 22,448 24,604 26,397 29,576 31,429 32,149 5,847 4,676 6,900 7,273 8,281 9,030 10,283 11,357 11,895 11,595 1,335 1,087 2,314 2,386 2,532 2,321 2,529 2,724 2,940 3,090 128 96 273 280 288 251 258 370 319 300 1,681 657 662 547 790 563 475 913 738 730 1,180 461 367 195 472 178 147 471 306 342 143 806 543 790 694 743 711 616 619 781 20 332 123 139 84 74 67 48 32 135 12,267 7,803 10,874 10,846 11,063 11,215 11,459 11,687 11,898 11,980 1,112 671 694 652 653 693 732 768 778 810 595 300 454 462 441 432 410 435 397 382 33 4 32 36 46 43 29 51 27 29 169 232 936 884 897 993 1,187 1,051 1,062 1,278 13 34 31 35 26 42 39 42 41 39 133 203 208 235 235 283 242 319 262 6271 957 912 1,523 1,688 1,666 1,739 1,898 1,941 2,205 2,228 1,041 870 1,386 1,597 1,565 1,676 1,782 1,905 2,109 2,112 42 87 221 181 197 167 199 174 213 228 32 16 23 29 22 24 17 27 33 29 8 46 86 83 60 80 79 90 95 95 332 358 443 452 471 483 489 496 480 469 58 1 16 9 17 10 15 8 17 22 751 705 2,289 2,354 2,735 3,118 3,759 4,027 4,125 4,359 156 122 300 321 318 348 334 396 385 425 947 1,002 1,951 .1,940 2,210 2,485 2,679 2,741 2,793 6 2,885 5,229 3,764 6,934 7,214 7,654 8,176 8,774 9,581 10,480 11,060 5,547 3,708 6,668 7,034 7,331 8,002 8,372 9,468 10,142 10,637 423 349 812 796 917 813 956 995 1,139 1,221 300 108 146 170 160 190 147 228 209 190 76 312 266 424 415 435 422 327 341 383 4,433 2,941 4,238 4,233 4,320 4,362 4,422 4,506 4,590 4,591 371 208 262 269 233 240 219 226 211 186 627 452 1,263 1,353 1,403 1,578 1,733 1,857 1,914 2,075 321 203 316 322 307 363 328 452 437 501 908 702 1,806 1,956 2,117 2,614 2,711 3,002 3,106 6 3,293 5,711 3,054 5,738 6,224 6,255 6,866 6,969 7,845 8,374 9,028 5,091 2,576 4,863 5,215 5,272 5,896 5,960 6,846 7,282 7,805 742 555 1,008 1,128 1,130 1,090 1,115 1,184 1,269 L.341 169 72 126 154 135 172 164 187 190 169 39 116 68 143 136 154 143 151 151 168 6,390 3,833 5,499 5,509 5,619 5,677 5,816 5,917 6,049 6,110 133 86 144 147 145 140 147 150 143 145 122 788 83 61 59 51 59 56 55 50 18 110 3,517 3,057 6,096 6,510 7,097 8,507 8,852 9,581 9,610 6 10,176 95 89 135 132 142 144 134 135 138 6 140 1,198 1,255 2,514 2,687 2,992 3,542 3,840 4,032 3,948 6 4,040 40 22 698 146 331 511 607 759 703 706 688 6 628 597 128 291 442 524 695 650 646 623 6 563 879 191 11 6 5 3 3 3 3 13 179 8 "io"' 6,709 4,837 5,368 5,424 5,496 5,522 5,608 5,698 5,800 5,852 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 2,105 1,582 1,587 1,593 1,586 1,592 1,599 1,615 1,625 1,635 New York City* 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 City of Chicago5 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 310 259 688 658 746 879 949 997 1,010 6 l,081 19 33 2 6 9 12 9 7 8 8 6 8 41 316 204 249 257 270 250 260 270 279 279 41 388 31 17 19 14 18 19 19 19 1,604 1,315 2,514 2,719 2,920 3,516 3,526 3,919 4,000 6 4,324 30 59 113 108 115 117 105 106 108 6 108 64 15 32 57 69 53 44 51 55 6 55 292 16 2,029 1,533 1,753 1,777 1,812 1,828 1,873 1,904 1,940 1,948 61 285 52 44 40 35 37 33 31 30 405 228 380 446 439 571 538 633 652 6 732 6 7 22 23 26 26 29 29 3 1 2 2 2 2 2 2 2 62 367 167 11 6 5 3 3 3 3 3 2,258 1,517 1,778 1,798 1,828 1,851 1,876 1,909 1,956 1,990 2 6 3 5 5 5 30 c6 32 Reserve City Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—June 30 Sept. 24 Country Banks 929—Dec. 31 933—June 30 938—June 30 Dec. 31 939—June 30 Dec. 30 940—June 29 Dec. 31 941—June 30 Sept. 24 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent t h a t they were then reported in "Other assets." Since Oct. 25, 1933, in d u d e s time balances with domestic banks which on that date amounted to $69,000,000 and which prior to t h a t time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. ^Partly estimated. Back figures—-See Annual Report for 1937 (tables 52-58). FEBRUARY 1941 141 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS A N D INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Investments Loans Date or month Total—101 Cities 1940—December 1941—August September October November December 1941—Oct. 29 Commercial, Open indus- martrial, ket and agri- paper cultural Total loans # and investments Total 25,388 28,942 29,171 29,368 29,621 30,053 9,309 10,661 10,937 11,152 11,277 11,371 4,993 6,149 6,321 6,525 6,610 6,709 303 400 395 412 425 429 Loans for purchasing or carrying securities U. S. Government obligations •Real Loans Other estate to To loans banks loans brokers To and others dealers 534 453 536 521 542 542 463 438 437 432 431 425 1,229 1,253 1,258 1,260 1,259 1,259 Total Total Bills Notes Bonds Guaranteed 734 1,069 903 811 874 956 2,019 2,266 2,287 2,251 2,552 2,540 2,734 3,312 3,319 3,330 2,925 2,950 40 41 42 39 39 41 1,747 1,927 1,948 1,963 1,971 1,966 16,079 18,281 18,234 18,216 18,344 18,682 12,438 14,578 14,467 14,457 14,667 15,021 6,951 7,931 7,958 8,065 8,316 8,575 Other securities 3,641 3,703 3,767 3,759 3,677 3,661 29,582 11,203 6,554 419 531 431 1,265 37 1,966 18,379 14,648 797 2,244 8t277 3,330 3,731 Nov. Nov. Nov. Nov. 5 12 19 26 29,523 29,611 29,656 29,693 11,238 11,317 11,285 11,266 6,572 6,633 6,632 6,602 418 428 426 427 550 554 527 536 436 430 428 428 1,256 1,261 1,260 1,259 42 41 36 39 1,964 1,970 1,976 1,975 18,285 18,294 18,371 18,427 14,606 14,632 14,696 14,735 815 832 898 950 2,563 2,564 2,554 2,526 8,305 8,307 8,317 8,338 2,923 2,929 2,927 2,921 3,679 3,662 3,675 3,692 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31 29,691 29,891 30,306 30,293 30,085 11,259 11,357 11,429 11,442 11,370 6,593 6,675 6,769 6,784 r 6,722 428 425 433 434 423 548 550 544 532 r 535 427 430 425 422 422 1,256 1,262 1,258 1,261 r l,259 38 43 45 43 35 1,969 1,972 1,955 1,966 r l,974 18,432 18,534 18,877 18,851 18,715 14,782 14,883 15,219 15,173 15,049 990 971 976 959 883 2,528 2,566 2,540 2,531 2,535 8,342 8,395 8,750 8,723 8,667 2,922 2,951 2,953 2,960 2,964 3,650 3,651 3,658 3,678 3,666 1942—Jan. 7 14 21 30,132 30,233 30,211 11,322 11,308 11,199 6,722 6,728 6,721 422 426 427 521 518 444 412 407 •406 1,255 1,252 1,248 50 48 36 1,940 1,929 1,917 18,810 18,925 19,012 15,145 15,259 15,339 957 1,047 1,147 2,535 2,530 2,396 8,687 8,704 9,087 2,966 2,978 2,709 3,665 3,666 3,673 New York City 1940—December.... 1941—August September... October November... December 10,165 12,082 12,222 12,266 12,189 12,220 3,074 3,534 3,655 3,726 3,780 3,796 1,901 2,367 2,426 2,523 2,552 2,577 90 85 77 79 84 87 381 326 396 376 392 379 168 161 159 152 153 151 115 110 108 107 106 104 26 33 33 30 32 36 393 452 456 459 461 462 7,091 8,548 8,567 8,540 8,409 8,424 5,755 7,082 7,021 7,001 6,955 6,976 285 602 495 442 414 365 1,082 ,438 ,447 ,418 ,602 ,564 2,824 3,188 3,221 3,265 3,336 3,425 1,564 1,854 1,858 1,876 1,603 1,622 1,336 1,466 1,546 1,539 1,454 1,448 12,268 3,750 2,527 390 152 107 29 8,518 7,005 384 ,431 3,310 1,880 1,513 Nov. Nov. Nov. Nov. 5 12 19 26 12,195 12,225 12,184 12,151 3,770 3,801 3,780 3,768 2,536 2,565 2,562 2,545 82 84 84 86 401 403 381 384 152 151 153 153 107 107 107 104 34 33 31 31 458 458 462 465 8,425 8,424 8,404 8,383 6,967 6,980 6,953 6,918 401 419 425 410 ,619 ,621 ,598 ,572 3,347 3,333 3,324 3,339 1,600 1,607 1,606 1,597 1,458 1,444 1,451 1,465 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31 12,132 12,220 12,314 12,275 12,159 3,772 3,799 3,816 3,819 3,772 2,542 2,566 2,601 2,605 2,573 87 87 88 87 85 391 388 379 373 364 153 152 150 148 150 104 103 104 104 104 32 37 39 39 31 463 466 455 463 465 8,360 8,421 8,498 8,456 8,387 6,920 6,981 7,055 7,001 6,924 404 408 371 335 309 ,571 ,570 ,568 ,557 ,554 3,340 3,378 3,496 3,478 3,433 1,605 1,625 1,620 1,631 1,628 1,440 1,440 1,443 1,455 1,463 1942—Jan. 7 14 21 12,225 12,269 12,161 3,778 3,784 3,725 2,578 2,593 2,599 84 82 80 362 360 307 146 145 145 104 102 102 45 44 32 459 458 460 8,447 8,485 8,436 6,983 7,016 6,972 365 384 414 ,551 ,550 ,498 3,442 3,454 3,600 1,625 1,628 1,460 1,464 1,469 1,464 Outside New York City 1940—December... 1941—August September... October November... December 15,223 16,860 16,949 17,102 17,432 17,833 6,235 7,127 7,282 7,426 7,497 7,575 3,092 3,782 3,895 4,002 4,058 4,132 213 315 318 333 341 342 153 127 140 145 150 163 295 277 278 280 278 274 1,114 1,143 1,150 1,153 1,153 1,155 ,354 ,475 ,492 504 ,510 ,504 9,733 9,667 9,676 9,935 10,258 6,683 7,496 7,446 7,456 7,712 8,045 449 467 408 369 460 591 937 828 840 833 950 976 4,127 4,743 4,737 4,800 4,980 5,150 1,170 1,458 1,461 1,454 1,322 1,328 2,305 2,237 2,221 2,220 2,223 2,213 1941—Oct. 29 1941—Oct. 29 17,314 7,453 4,027 337 141 279 1,158 503 9,861 7,643 413 813 4,967 1,450 2,218 Nov.5 Nov. 12 Nov. 19 Nov. 26 17,328 17,386 17,472 17,542 7,468 7,516 7,505 7,498 4,036 4,068 4,070 4,057 336 344 342 341 149 151 146 152 284 279 275 275 1,149 1,154 1,153 1,155 506 512 514 510 9,860 9,870 9,967 10,044 7,639 7,652 7,743 7,817 414 413 473 540 944 943 956 954 4,958 4,974 4,993 4,999 1,323 1,322 1,321 1,324 2,221 2,218 2,224 2,227 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31 17,559 17,671 17,992 18,018 17,926 7,487 7,558 7,613 7,623 7,598 4,051 4,109 4,168 r 4,179 r 4,149 341 338 345 347 338 157 162 165 159 r 171 274 278 275 274 272 1,152 1,159 1,154 1,157 1,155 506 506 ,500 ,503 ,509 10,072 10,113 10,379 10,395 10,328 7,862 7,902 8,164 8,172 8,125 586 563 605 624 574 957 996 972 974 981 5,002 5,017 5,254 5,245 5,234 1,317 1,326 1,333 1,329 1,336 2,210 2,211 2,215 2,223 2,203 1942—Jan. 7 14 21 17,907 17,964 18,050 7,544 7,524 7,474 4,144 4,135 4,122 338 344 347 159 158 137 266 262 261 1,151 1,150 1,146 481 471 457 10,363 10,440 10,576 8,162 8,243 8,367 592 663 733 984 980 5,245 5,250 5,487 1,341 1,350 1,249 2,201 2,197 2,209 r Revised. 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 figure 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. 14Z FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Reserves with Cash Fedin eral vault Reserve Banks 11,824 10,646 10,742 10,597 10,273 10,171 556 547 556 555 564 574 DeBalmand ances dewith posits domestic ad- 1 banks justed 3,361 3,476 3,575 3,543 3,328 3,313 Individuals, partnerand corporations Time deposits, except interbank Interbank deposits States Certiand fied U.S. polit- and Govical offiernsub- cers' ment divi- checks sions etc. IndiDomestic vidbanks, uals, States and part- polit- Postal nerical savhip . subings2 Deand diviTime cormand porations Foreign banks Borrowings as- Date or month accounts 22,299 24,343 24,404 24,391 24.168 24,142 22,098 23,789 23,890 24,021 23,890 23,997 1,505 1,798 1,829 1,863 1,822 1,715 560 467 493 563 581 599 433 530 596 510 705 1,165 5,189 5,274 5,271 5,280 5,290 5,188 210 158 156 156 153 182 25 22 21 21 21 23 8,809 9,075 9,402 9,485 9,178 9,090 113 111 114 112 110 109 674 639 624 635 647 660 3,824 3,883 3,885 3,895 3,915 3,921 Total 101 Cities 1940—December 1941—August September October November December 1941—Oct. 29 10,215 568 3,449 24,258 23,662 1,889 519 653 5,285 153 21 9,245 112 640 3,896 10,058 10,140 10,361 10,534 550 588 543 574 3,276 3,361 3,342 3,335 23,876 24,151 24,192 24,452 23,394 24,134 24,052 23,979 1,904 1,853 1,708 1,822 557 507 725 534 658 658 726 777 5,298 5,292 5,295 5,275 152 156 154 151 21 21 20 22 9,145 9,167 9,263 9,139 110 110 111 111 642 643 643 660 3,914 3,915 3,912 3,918 Nov. Nov. Nov Nov. 10,575 10,603 9,972 9,880 9,825 554 595 600 564 555 3,344 3,288 3,389 3,288 3,255 24,324 24,682 24,060 23,994 23,650 23,814 24,241 24,059 23,878 23,993 1,780 1,726 1,690 1,658 1,721 560 569 595 545 727 774 ,345 ,403 ,475 5,232 5,209 5,177 5,149 5,172 155 192 194 195 173 23 23 23 23 23 9,294 9,173 9,120 8,928 8,934 111 111 109 655 658 659 671 656 3,927 3,924 3,926 3,916 3,913 Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 10,053 10,285 10,507 568 571 539 3,190 3,364 3,366 23,884 24.169 24,426 23,384 24,046 24,132 1,651 1,620 1,712 520 563 535 ,492 ,580 ,547 5,130 5,097 5,072 186 181 179 22 23 23 8,938 9,174 9,137 106 100 99 650 646 642 3,922 3,916 3,912 1942—-Jan. 7 Jan. 14 Jan. 21 6,683 5,316 5,285 5,039 4,776 4,890 96 88 86 82 85 10,351 10,910 10,888 10,600 10,310 10,245 10,489 10,995 10,983 10,782 10,491 10,458 326 299 299 306 313 340 251 264 314 325 316 29 62 111 197 342 626 677 740 738 739 742 713 43 24 24 25 24 23 3,825 3,797 3,883 3,878 3,650 3,587 616 577 561 574 586 597 1,507 1,518 1,519 1,521 1,530 1,534 New York City 1940—December 1941—August September October November December 4,755 84 10,357 10,452 305 283 331 738 25 3,747 578 1,520 1941—Oct. 29 4,623 4,644 4,833 5,006 85 88 81 84 10,162 10,248 10,320 10,511 10,327 10,507 10.627 10,503 324 289 272 368 338 268 405 287 336 336 340 357 744 740 747 738 25 25 23 23 3,664 3,636 580 582 584 598 1,530 1,531 1,531 1,530 Nov. Nov. Nov. Nov. 5 12 19 26 5,021 4,981 4,816 4,788 4,843 79 91 99 89 81 10,370 10,524 10,127 10,164 10,040 10,419 10.628 10,338 10,354 10,549 308 295 275 265 299 286 301 313 288 393 404 378 739 777 831 724 714 712 708 708 22 23 23 22 22 3,648 3,621 3,474 3,486 591 598 597 606 593 1,537 1,533 1,535 1,529 1,535 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31 4,862 4,878 5,118 82 83 76 10,165 10,172 10,361 10,216 10,403 10,524 256 210 240 279 310 290 842 853 819 724 715 706 22 21 24 3,428 3,507 3,476 588 583 577 1,534 1,533 1,533 1942—Jan. -Jan. 7 Jan. 14 Jan. 21 5,141 5,330 ! 5,457 5,558 5,497 5,281 460 459 470 473 479 486 3,276 3,389 3,487 3,453 3,237 3,222 11,948 13,433 13,516 13,791 13,858 13,897 11,609 12,794 12,907 13,239 13,399 13,539 1,179 1,499 1,530 1,557 1,509 1,427 220 216 229 249 256 283 404 468 485 313 363 539 4,512 4,534 4,533 4,541 4,548 4,475 167 134 132 131 129 159 25 22 21 21 21 23 4,984 5,278 5,519 5,607 5,528 5,503 113 111 114 112 110 109 58 62 63 61 61 63 2,317 2,365 2,366 2,374 2,385 2,387 Outside New York City 1940—December 1941—August September October November December 5,460 484 3,357 13,901 13,210 1,584 236 322 4,547 128 21 5,498 112 2,376 1941—Oct. 29 5,435 5,496 5,528 5,528 465 500 462 490 3,185 3,271 3,249 3,246 13,714 13,903 13,872 13,941 13,067 13,627 13,425 13,476 1,580 1,564 1,436 1,454 219 239 320 247 322 322 386 420 4,554 4,552 4,548 4,537 127 131 131 128 21 21 20 22 5,481 5,531 5,576 5,528 110 110 111 111 62 61 59 62 2,384 2,384 2,381 2,388 Nov. Nov. Nov. Nov. 5,554 5,622 5,156 5,092 4,982 475 504 501 475 474 3,255 3,200 3,297 3,195 3,163 13,954 14,158 13,933 13,830 13,610 13,395 13,613 13,721 13,524 13,444 1,472 1,431 1,415 1,393 1,422 274 268 282 257 334 422 396 606 626 644 4,508 4,495 4,465 4,441 4,464 133 169 171 173 151 23 23 23 23 23 5,588 5,525 5,499 5,454 5,448 111 111 109 108 106 64 60 62 65 63 2,390 2,391 2,391 2,387 2,378 Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 5,191 5,407 5,389 486 3,097 3,268 3,276 13,719 13,997 14,065 13,168 13,643 13,608 1,395 1,410 1,472 241 253 245 650 727 728 4,406 4,382 4,366 164 160 155 22 23 23 5,510 5,667 5,661 106 100 99 62 63 65 2,388 2,383 2,379 1942—-Jan. 7 Jan. 14 Jan. 21 1 2 3,687 3,611 3,706 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. FEBRUARY 5 12 19 26 5 12 19 26 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS A N D INVESTMENTS [In millions of dollars] Investments Loans Federal Reserve district and date (1941-42) Boston (6 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 New York (8 cities)* Dec 31 Jan. 7 Jan.14 Jan. 21 Philadelphia (4 cities) Dec. 31. . . Jan. 7 Jan. 14 . . Jan 21 Cleveland (10 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Richmond (12 cities) Dec. 31 . Jan. 7 Jan. 14 Jan. 21 Atlanta (8 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Chicago (12 cities)* Dec. 31 Jan. 7 Jan. 14 Jan. 21. St. Louis (5 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Minneapolis (8 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Kansas City (12 cities) Dec. 31 Jan. 7 . Jan. 14 ..... Jan. 21 ,.„. Dallas (9 cities) Dec. 31 ,.„. Jan. 7 Jan. 14 Jan. 21 „„..,. „.„ „„. San Francisco (7 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 „. City of Chicago* D e c . 31 . Jan. 7 Jan. 14 Jan. 21 . ... Total loans and investments Total Commercial, industrial, and agricultural Open market paper u.s>. Government obligations Loans for purchasing or carrying securities To brokers and dealers Real Loans Other estate to loans banks loans Total To others Bills 55 48 50 49 Other securities Notes Bonds Guaranteed 46 46 46 42 435 435 435 452 62 62 62 55 108 112 112 119 1,505 1,491 1,495 1,501 799 788 790 784 433 432 433 430 102 102 105 107 25 18 17 12 14 14 15 76 76 76 76 1 1 1 147 145 144 144 706 703 705 717 598 591 593 598 13,206 13,275 13,324 13,229 4,189 4,192 4,199 4,136 2,735 2,739 2,751 2,756 100 99 98 95 368 366 364 311 194 190 189 188 192 191 190 190 31 45 44 32 569 562 563 564 9,017 9,083 9,125 9,093 7,408 7,474 7,512 7,483 324 382 402 444 1,624 1,621 1,620 1,566 3,725 3,738 3,756 3,918 1,735 1,733 1,734 1,555 1,609 1,609 1,613 1,610 1,407 1,407 1,411 1,412 554 551 554 549 292 291 292 289 40 41 42 42 29 26 27 26 31 32 33 33 51 50 50 49 111 111 110 110 853 856 857 863 588 589 590 596 19 21 21 21 29 29 29 27 433 433 434 444 107 106 106 104 265 267 267 267 2,357 2,353 2,352 2,356 884 880 873 872 428 425 421 420 32 18 17 16 15 17 17 17 185 185 185 184 204 203 202 203 1,473 1,473 1,479 1,484 1,205 1,203 1,209 1,213 25 25 25 22 206 206 202 182 794 793 794 832 180 179 188 177 268 270 270 271 907 907 909 342 336 336 161 18 19 19 4 92 90 89 337 165 4 12 580 515 8 8 10 92 92 95 292 293 291 917 565 571 573 499 505 508 19 4 4 13 12 12 79 325 107 112 112 66 66 65 821 820 813 827 427 421 418 417 224 228 233 233 8 7 7 5 6 12 12 8 8 36 36 34 34 2 2 2 2 138 129 129 127 394 399 395 410 284 290 286 301 31 33 32 32 52 52 52 51 140 142 139 159 61 63 63 59 110 109 109 109 4,216 4,226 4,290 4,329 1,432 1,433 1,432 1,410 958 964 960 956 44 44 44 45 S3 55 60 45 59 58 58 57 145 145 145 145 1 172 167 165 162 2,784 2,793 2,858 2,919 2,215 2,227 2,295 2,355 266 279 347 408 263 265 257 241 1,375 1,372 1,376 1,418 311 311 315 288 569 566 563 564 939 939 939 940 462 462 460 460 284 286 285 284 23 23 24 24 5 5 4 4 10 10 10 11 60 59 59 59 80 78 77 77 477 477 479 480 363 364 366 368 17 17 17 18 43 43 45 42 231 232 232 244 72 72 72 64 114 113 113 112 517 513 512 511 274 274 273 273 149 150 151 151 2 2 2 2 2 2 1 2 6 6 6 6 16 16 16 16 99 98 97 96 243 239 239 238 202 200 200 199 11 11 11 11 16 16 16 15 142 140 140 143 33 33 33 30 41 39 39 39 865 863 854 858 467 462 463 463 300 297 298 297 27 27 27 28 4 4 4 4 11 10 10 10 33 33 33 33 92 91 91 91 398 401 391 395 272 277 269 274 20 23 18 18 49 50 51 42 121 121 117 136 82 83 83 78 126 124 122 121 687 685 374 366 256 255 2 2 679 673 313 319 254 251 r9 7 69 66 363 357 252 258 316 35 38 65 64 33 32 39 42 316 254 254 2,658 2,653 2,655 2,658 1,166 1,157 1,147 1,141 201 200 197 194 1,492 L.496 1,508 1,517 1,163 1,167 1,177 1,183 2,767 2,776 2,841 2,877 950 952 953 935 87 84 83 81 1,817 1,824 1,888 L 942 1,440 1,447 1,513 1,568 r 158 159 r 32 32 32 - 15 Total 17 r 1 r 54 53 53 52 16 14 22 22 2 7 5 13 13 22 22 502 497 491 489 25 24 24 24 11 10 9 10 38 37 37 36 389 389 389 388 717 722 720 720 22 22 21 19 48 50 56 41 52 51 /50 50 23 23 23 24 2 1 85 ....... 1 1 r r 1 9 102 65 138 138 40 40 61 61 43 41 139 141 39 40 62 62 72 72 81 83 76 73 74 68 841 850 851 875 174 172 171 157 329 329 331 334 256 267 336 396 153 154 151 143 911 908 909 924 120 118 117 105 377 377 375 374 * 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. 144 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits except interbank Reserves with Federal Reserve Banks Cash in vault DeBalances mand dewith posits doad- 1 mestic banks justed Individuals, partnerships, and corporations 1,457 1,439 • 1,475 1,494 96 94 95 Time deposits, except interbank States Certiand fied U.S. polit- and Govical offiern-2 subcers' ment divi- checks sions etc. 353 364 365 219 1,070 1,085 1,074 1,063 30 29 28 31 7 7 7 7 3,563 3,509 3,587 3,556 12 11 11 11 31 31 223 199 199 198 2 2 2 2 438 432 31 31 450 444 13 13 7 7 6 60 60 61 58 717 714 709 706 16 14 15 15 511 518 523 518 33 33 32 32 1 1 1 2 45 46 46 46 199 199 199 199 2 3 2 2 3 2 3 3 403 406 411 414 5 74 20 14 13 20 89 11 8 7 6 58 60 60 61 190 3 3 4 3 3 3 3 3 405 168 170 243 244 979 970 3 3 3 3 27 3 3 3 529 140 182 1,445 1,473 1,496 1,524 97 27 16 5,033 5,068 5,077 5,333 107 112 111 103 254 236 246 231 10,913 11,044 11,068 11,280 11,270 10,909 11,109 11,230 504 465 441 499 420 300 336 312 866 878 889 856 450 469 26 28 204 195 195 200 1,261 1,246 1,256 1,250 20 15 27 25 1,213 1,255 1,249 1,254 87 85 472 466 85 84 14 12 703 726 748 759 57 58 60 57 332 333 346 338 1,781 1,796 1,832 1,847 1,835 1,778 1,847 1,858 105 108 101 101 40 31 33 33 284 293 293 287 29 30 31 29 238 235 246 251 699 705 715 715 688 681 703 700 74 73 71 192 18 228 529 534 19 19 232 257 541 555 524 549 85 85 31 26 30 16 16 16 220 220 219 187 186 198 18 263 551 551 88 1,383 1,412 1,541 1,512 88 89 90 83 628 607 645 625 3,368 3,357 3,447 3,463 3,272 3,174 3,324 3,293 380 352 354 376 63 51 55 51 257 263 271 268 15 15 15 15 206 211 211 221 633 632 631 631 656 639 659 652 61 61 60 61 9 7 10 9 28 28 26 186 185 184 183 108 116 119 115 8 8 9 8 96 95 102 105 368 370 376 372 345 338 345 338 62 60 62 63 9 8 8 8 2 1 1 1 110 109 109 108 246 242 261 15 16 17 268 277 308 620 639 667 618 617 656 86 92 91 23 35 12 12 31 32 138 134 133 2 2 2 186 963 959 3 481 492 502 514 1 1 1 1 1 1 1 1 187 189 194 196 2 3 3 3 497 488 503 6 334 326 332 335 94 11 31 133 2 564 580 609 608 71 71 69 66 38 15 12 15 44 42 37 36 124 123 123 123 8 8 7 7 1 1 1 1 557 585 602 33 33 318 298 318 321 1,479 1,462 1,508 1,501 1,493 1,459 1,514 1,503 106 105 43 33 123 129 1,016 1,005 999 995 114 110 307 302 299 287 2,237 2,218 2,248 2,261 2,175 2,129 2 201 2,187 233 34 27 28 26 127 481 127 200 201 476 205 472 469 103 102 102 101 5 6 6 2 2 2 2 655 200 198 411 416 510 373 377 386 384 1,027 1,061 1 122 1,094 1 1 1 1 429 429 64 64 64 64 112 1 1 1 92 92 92 92 20 19 391 399 19 19 399 397 8 283 8 8 8 284 279 280 1 22 21 99 111 112 112 6 6 6 22 22 99 99 99 100 100 99 * See note on preceding page. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. T . S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. 395 432 432 602 610 625 619 44 395 10 9 9 9 669 44 43 41 395 396 9 9 9 9 288 290 304 309 1,024 1,031 1,127 1,089 216 216 216 216 1,389 1,426 1,505 1,474 320 593 6 6 6 4 4 4 4 16 103 118 250 1,660 1,659 1,658 1,658 429 15 15 15 14 136 141 24 594 590 585 578 251 251 250 99 190 , 187 194 192 33 31 363 1 1 1 1 Capital accounts 2 2 2 2 255 106 109 21 21 22 Borrowings 3 3 3 3 1 1 1 1 34 31 Foreign banks 1 1 1 1 144 145 143 207 206 Domestic Indibanks viduals, States and part- politPostal nerships, ical • s a v i5 subings' and Dedivicormand Time pora- sions tions 1 1 1 1 422 485 501 195 181 186 Interbank deposits Federal Reserve district and date (1941-42) Boston (6 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 New York (8 cities)* Dec. 31 Jan. 7 Jan. 14 Jan. 21 Philadelphia (4 cities] Dec. 31 Jan. 7 Jan. 14 Jan. 21 Cleveland (10 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Richmond (12 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Atlanta (8 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Chicago (12 cities)* Dec. 31 Jan. 7 Jan. 14 Jan. 21 St. Louis (5 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Minneapolis (8 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 Kansas City (12 cities) * Dec. 31 • Jan. 7 Jan. 14 Jan. 21 Dallas (9 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 San Francisco (7 cities) Dec. 31 Jan. 7 Jan. 14 Jan. 21 City of Chicago* Dec. 31 Jan. 7 Jan. 14 Jan. 21 COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES O U T S T A N D I N G [In millions of dollars] Dollar acceptances outstanding Commercial paper outstanding 1 End of month Based on Held by Accepting banks Total outstanding Total Own bills Bills bought Others 2 Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between points in United States Foreign countries 1940—September October... November. December. 251 252 232 218 177 187 197 209 142 149 159 167 100 96 99 100 42 53 60 67 35 38 38 42 80 91 98 109 22 20 20 18 11 11 9 10 35 37 41 44 28 28 29 27 1941—January... February.. March April May June July August September October... November. December. 232 241 263 275 295 299 330 354 371 378 387 375 213 212 217 220 215 213 210 197 177 185 194 194 168 164 170 170 164 161 161 148 131 138 144 146 103 99 107 105 105 101 106 100 85 90 93 92 65 65 63 66 60 59 55 47 46 47 51 54 45 48 47 49 51 52 49 50 46 47 50 49 115 119 120 126 125 123 121 114 105 109 116 116 16 18 24 25 24 24 22 21 13 12 14 15 11 7 8 7 3 3 3 3 4 4 5 4 44 42 41 38 41 43 47 49 45 48 48 48 26 26 25 23 22 20 16 11 9 11 12 11 1 As reported by dealers; includes some finance company paper sold in open market. None held by Federal Reserve Banks. Back figurel—See Annual Report for 1937 (table 70). 2 CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING.MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Credit balances Debit balances Debit Debit Customers' balances in balances in debit partners' firm balances investment investment (net) 1 and trading and trading accounts accounts End of month Customers' credit balances 1 Cash on hand and in banks Money borrowed 2 Free Other credit balances Other (net) In partners' In firm investment investment and trading and trading accounts accounts In capital accounts (net) 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936—June December 1,267 1,395 67 64 164 164 219 249 985 1,048 276 342 86 103 24 30 14 12 420 424 1,489 985 55 34 161 108 214 232 1,217 688 266 278 92 85 25 26 13 10 397 355 1938_june December 774 991 27 32 88 106 215 190 495 754 258 247 89 60 22 22 11 5 298 305 1939—June December 834 906 25 16 73 78 178 207 570 637 230 266 70 69 21 23 6 7 ' 280 277 1940—June December 653 677 12 12 58 99 223 204 376 427 267 281 62 54 22 22 5 5 269 247 1941—January February March April May June July August September October November December 661 634 633 606 622 616 628 628 633 628 625 600 11 11 9 10 10 11 10 10 10 9 9 8 73 78 81 86 102 89 87 160 83 102 100 86 207 199 199 199 185 186 189 189 196 186 195 211 399 375 387 368 403 395 388 460 396 414 409 368 275 267 268 265 262 255 266 262 260 255 264 289 54 53 56 60 61 65 70 72 78 74 72 63 22 22 21 20 17 17 17 16 16 16 15 17 6 6 6 8 7 7 8 7 8 7 8 5 238 237 231 227 223 222 221 221 219 217 217 213 1937—June December ^. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. T h e article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p. 196, and (for data in* detail) Annual Report for 1937 (table 69). I46 FEDERAL RESERVE BULLETIJ OPEN-MARKET RATES IN NEW YORK CITY [Per cent per annum] Prevailing1 rate o n Year, month, or week Average rate on—• Prime Stock Prime bankexU.S. comchange Treas„..> call ury mercial ers paper, accept- loan remonth 4 to 6 ances, 90 newbills 3 months days als* 1939 average 1940 average 1941 average .59 .56 .54 .44 .44 .44 1.00 1.00 1.00 1940—Nov Dec 1941—Jan Feb Mar. April May June July Aug Sept Oct Nov Dec .56 .56 .44 .44 1.00 1.00 .56 .56 .56 .56 .56 .56 .50 .50 .50 .50 .50 .56 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 % 1.00 1.00 1.00 1.00 Week ending: Jan. 3 Jan.10 Jan.17 Jan. 24 b V2- A He Vs Average yield on 3-to-5 year U. S. Treasury notes Tax exempt Taxable .023 .014 .103 .59 .50 .46 .76 IS (4) .34 .35 .65 .034 .089 .092 .082 .089 .097 .108 .055 .049 .242 .298 .43 .55 .50 .52 .44 .38 .37 .33 .34 .41 .57 .64 .76 .81 .84 ..81 .72 .68 .67 .62 .62 .72 .90 1.02 .304 .119 .196 .231 .58 .48 .46 .46 1.02 .99 .97 .94 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 3 New issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. Bills in week of January 3 mature in 71 days. 4 Rate negative. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request. COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] 1934 average 1 ... ... ... „. „. „. ... .„ 1935 average 1 ,. ... „.... . „ . . . . . 1936 average 1 ,. ... „.......... „. 1937 average 1 ,.... .„., 1938 average 1 1939 average 1940 average 1941 average.. .„ „..». Monthly figures1 1938—June July August September October November December ............ 1939—January February „...... Quarterly figures 1939—March June September December ^ ^.». ^..... 1940—March June September December . 1941—March June September December Total 19 cities New York City 7 other Northern and Eastern cities 11 Southern and Western cities 3.45 2.93 2.68 2.59 2.53 2.78 2.63 2.54 2.45 1.76 1.72 1.73 1.69 2.07 2.04 1.97 3.71 3.39 3.04 2.88 2.75 2.87 2.56 2.55 4.32 3.76 3.40 3.25 3.26 3.51 3.38 3.19 2.56 2.57 2.52 2.53 2.57 2.49 2.60 2.64 2.52 1.70 1.70 1.67 1.70 1.70 1.70 1.70 1.73 1.70 2.78 2.78 2.71 2.74 2.90 2.68 2.95 2.97 2.69 3.31 3.35 3.28 3.26 3.21 I 3.20! 3.23 3.32 3.26 2.95 2.91 2.68 2.59 2.65 2.59 2.68 2.59 2.58 2.55 2.60 r 2.4l 2.13 2.15 2.04 1.96 2.03 2.00 2.14 2.00 2.06 1.95 1.98 1.88 3.05 3.05 2.78 2.59 2.67 2.49 2.56 2.53 2.53 2.58 2.62 r 2.45 3.77 3.62 3.31 3.32 3.35 3.38 3.43 3.36 3.25 3.23 3.29 2.99 r 1 Revised. Prior to March 1939figureswere reported monthly on a basis not strictly comparable with the current quarterly series. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate [Moody's)5 T T ; _ VI Year, month, or week U. S. Government2 Municipal3 Higngrade corporate 4 By ratings Aaa Number of issues 1939 average 1940 average 1941 average 1940—December 1941—January February March April May . . J une July August September October November December................ Week ending: Jan 10 Jan 17 Jan. 24 Aa A Baa Industrial Railroad Public utility 5 120 30 30 30 30 40 40 40 2.36 2.21 1.95 2.76 2.50 2.10 2.92 2.77 2.67 3.77 3.55 3.34 3.01 2.84 2.77 3.22 3.02 2.94 3.89 3.57 3.30 4.96 4.75 4.33 3.30 3.10 2.95 4.53 4.30 3.95 3.48 3.25 3.11 1.89 1.99 2.10 2.01 1.96 1.92 1.91 1.90 1.94 1.94 1.88 1.85 1.97 2.07 2.16 2.27 2.28 2.20 2.14 2.08 2.03 2.00 1.99 1.91 1.90 2.25 2.59 2.57 2.71 2.73 2.76 2.75 2.70 2.66 2.65 2.64 2.61 2.57 2.68 3.36 3.36 3.40 3.39 3.39 3.37 3.34 3.30 3.29 3.30 3.27 3.26 3.35 2.71 2.75 2.78 2.80 2.82 2.81 2.77 2.74 2.74 2.75 2.73 2.72 2.80 2.92 2.95 3.00 3.01 3.04 2.99 2.95 2.90 2.90 2.91 2.87 2.86 2.95 3.36 3.36 3.38 3.37 3.38 3.34 3.31 3.26 3.24 3.24 3.21 3.19 3.27 4.45 4.38 4.42 4.38 4.33 4.32 4.31 4.28 4.27 4.30 4.28 4.28 4.38 2.93 2.96 3.00 3.02 3.06 3.02 2.96 2.90 2.90 2.88 2.85 2.85 2.94 4.03 3.96 4.00 3.98 3.96 3.95 3.95 3.92 3.92 3.95 3.93 3.91 3.99 3.13 3.17 3.19 3.17 3.16 3.13 3.10 3.07 3.06 3.07 3.05 3.04 3.12 2.01 1.99 2.00 2.01 2.37 2.37 2.29 2.28 2.72 2.72 2.75 2.78 3.39 3.35 3.34 3.34 2.86 2.83 2.83 2.83 2.98 2.96 2.96 2.96 3.32 3.30 3.30 3.30 4.41 4.31 4.28 4.28 2.99 2.97 2.97 2.97 4.02 3.95 3.92 3.92 3.16 3.13 3.13 3.13 2-6 „„ By groups Total 1 2 3 4 5 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years. Standard and Poor's Corporation. U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. FEBRUARY 1941 147 SECURITY MARKETS 1 Stock prices 6 Bond prices Corporate 4 Year, month, or week U.S. Gov- Municernipal 3 ment'4 2-6 Number of issues 1939 average 1940 average 1941 average 105.2 107.2 111.0 1940—December 1941—January February March April May June July August September October November December Week ending: Dec. 27 Jan. 3 Jan. 10 Jan. 17 Jan. 24 c 1 2 15 Medium and lower-grade Highgrade Total C c 15 Industrial Industrial Railroad Public utility 15 402 354 20 28 78.1 83.8 86.9 99.3 103.5 106.1 167.5 169.2 171.9 94 95 75 99 88 88 80 71 96 80 71 81 102.8 103.0 101.7 102.2 103.1 102.4 103.3 104.8 104.9 105.1 105.3 105.9 105.0 86.2 89.0 87.1 88.4 89.5 89.4 87.9 87.8 86.8 84.5 85.0 84.9 82.4 105.3 105.6 103.8 104.6 106.0 106.2 106.3 1Q7.1 107.3 107.2 107.2 107.4 104.7 16.4 17.9 17.5 19.3 20.7 21.0 21.6 23.9 24.9 24.4 25.1 24.8 21.9 176.2 177.9 172.9 171.5 170.8 168.9 168.9 173.1 174.3 173.4 172.1 170.5 168.7 85 85 80 85 85 79 70 73 70 91 91 87 80 78 80 77 71 71 71 71 74 74 87 83 79 82 82 81 104.4 105.3 105.8 106.3 107.4 81.2 83.3 86.0 87.1 87.4 103.6 104.0 104.1 103.6 103.9 20.7 21.5 22.8 23.7 25.1 168.3 166.7 165.9. 166.3 166.7 96.4 97.5 98.6 99.0 99.6 124.5 123.5 123.5 125.1 125.3 Total 15 116.5 117.0 117.8 117.4 117.4 109.9 110.1 110.4 110.2 110.1 c Pre " ferredE5 13.8 14.0 21.9 98.1 99.2 97.5 98.4 99.5 99.3 99.2 99.9 99.6 98.0 99.2 99.4 97.4 129.3 127.8 125.6 125.4 126.8 128.2 129.5 130.4 131.0 131.2 133.0 133.4 125.9 DePublic faulted utility 20 117.7 117.7 116.7 116.9 116.8 117.0 117.7 118.7 118.5 118.1 118.8 119.2 117.5 111.8 110.4 108.8 110.1 110.8 111.4 111.5 111.7 111.1 111.1 112.0 112.4 110.7 c 10 89.5 94.8 98.9 116.3 121.2 129.0 Railroad c 50 91.2 97.3 103.9 113.8 115.9 117.8 Volume of trading 7 (in thousands of shares) Common (index, 1935-39 = 100) 20 77 77 80 83 83 80 84 84 85 82 73 70 81 79 79 74 68 61 75 66 69 71 73 73 72 73 75 75 59 61 67 70 62 65 67 66 72 73 69 65 84 80 77 72 977 767 629 814 564 444 440 495 420 463 757 473 599 557 792 1,542 1,552 1,894 673 551 491 Correction. Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis *5 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] For new capital Year or month 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1940—Dec 1941—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Total (new Total and (do : re- mestic fund- and ing) for- Total eign) 1,751 1,063 2,160 4,699 6,214 3,937 4,449 5,842 4,804 5,505 197 720 386 ,457 ,972 ,138 ,360 ,289 ,956 ,826 1,165 708 1,386 1,409 1,949 2,094 2,325 2,239 1,954 2,825 613 421 362 406 920 406 881 612 471 273 299 238 216 191 95 92 182 745 107 519 296 360 65 132 110 121 191 95 92 182 745 107 519 296 360 65 132 110 121 For refunding Domestic Domestic State and municipal Federal agen-1 cies 762 77 483 64 803 405 855 150 735 22 712 157 971 481 931 924 757 461 516 1,272 129 40 37 86 60 37 59 40 33 31 29 21 42 0 2 8 9 645 5 370 212 0 0 0 0 20 Corporate Total 325 161 178 404 1,192 1,225 873 383 For " Bonds and Stocks notes Total (domestic and foreign) Total 498 283 State and municipal Federal agencies1 93 26 317 987 353 281 665 1,537 344 698 14 31 17 11 28 28 223 216 25 27 35 32 25 1,037 305 40 144 334 839 817 807 287 601 869 20 120 35 69 352 408 67 97 135 168 32 12 0 48 23 44 35 50 2 1 554 343 774 3,242 4,242 1,799 2,089 3,553 2,848 2,679 3,216 4,123 1,680 2,061 3,465 2,848 2,675 87 37 136 365 382 191 129 195 478 433 62 53 47 87 39 64 90 44 327 34 103 89 59 46 51 40 56 29 61 77 30 324 22 50 83 46 16 2 6 31 10 3 14 13 4 12 54 6 13 0 0 0 0 422 325 270 223 175 299 362 316 110 209 167 127 95 422 325 270 219 175 299 362 316 110 209 167 127 95 73 23 26 93 40 74 26 14 11 20 35 53 18 736 3 765 Corporate For- Bonds Total and Stocks notes 319 219 312 1,545 315 187 312 1,782 3,187 856 1,236 1,596 1,834 1,419 4 32 0 81 200 352 31 137 193 126 119 119 28 88 0 4 335 271 227 115 107 197 113 86 74 161 97 42 52 292 269 210 84 107 162 108 76 73 156 96 29 50 43 3 17 32 0 35 5 11 2 6 1 13 2 0 0 0 4 0 0 0 0 0 0 0 0 0 1,864 3,387 1,209 1,267 1,733 2,026 56 60 9 26 1 2 3 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. 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. Back figures.—See Annual Report for 1937 (table 78). 148 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues 1 End of month Total gross debt .Total interest bearing debt Total 6 18,852 6 21,834 6 Treas- Treasury ury bills notes Nonmarketable public issues Postal Treas- savings ury 2 and Total 3 bonds prewar bonds AdU . S . Treas- justed savury servings tax ice bonds notes bonds 1932—June 1933—June 1934—June 1935—June 1936—June 1937—June 1938—June 1939—June 1940—June 19,487 22,539 27,053 28,701 33,779 36,425 37,165 40,440 42,968 19,161 22,158 26,480 27,645 32,989 35,800 36,576 39,886 42,376 26,084 26,950 31,102 33,054 32,344 33,965 34,436 616 954 1,404 2.053 2,354 2,303 1,154 1,308 1,302 1,261 4,548 6,653 10,023 11,381 10,617 9,147 7,243 6,383 13,460 13,417 15,679 14,019 17,168 19,936 21,846 25,218 26,555 790 806 831 855 200 198 197 196 196 62 1,261 1,188 1,556 2,151 3,166 62 316 800 1,238 1,868 2,905 1940—Dec 1941—Jan Feb Mar Apr May June July.. . Aug Sept Oct Nov Dec 45,025 45,877 46,090 47,173 47,231 47,721 48,961 49,513 50,921 51,346 53,584 55,040 57,938 44,458 35,645 45,320 36,276 45,535 36,275 46,581 37,054 46,673 37,075 47,160 37,075 48,387 37,713 48,965 37,713 50,371 37,667 50,791 37,368 53,040 38,869 54,536 39,677 57,451 41,562 1,310 1,307 1,306 1,604 1,603 1,603 1,603 ,603 ,604 ,305 ,404 ,703 ,002 6,178 27,960 6,813 27,960 6,813 27,960 5,722 29,532 5,721 29,554 5,721 29,554 5,698 30,215 5,698 30,215 5,698 30,169 5,698 30,169 5,509 31,759 6,012 31,765 5,997 33,367 196 196 196 196 196 196 196 196 196 196 196 196 196 3,444 3,619 3,727 3,844 3,891 4,251 4,555 4,929 6,234 6,765 7,507 8,052 8,907 3,195 3,371 3,480 3,599 3,647 4,008 4,314 4,649 4,908 1^037 5,132 1,343 5,394 1,818 5,620 2,136 6,140 2,471 Special issues Total Social security 4 Noninterest bearing debt Other 5 Matured Other 60 66 54 231 169 119 141 142 205 266 315 518 825 620 506 447 411 386 189 181 180 220 186 190 205 180 184 190 179 141 125 377 376 374 372 372 370 369 368 367 365 364 363 362 945 389 319 283 261 309 323 396 633 626 1,558 2,676 3,770 4,775 19 579 1,601 2,511 3,528 309 323 396 633 607 979 1,075 1,258 1,247 249 248 247 245 244 243 241 239 237 236 235 234 233 5,370 5,426 5,534 5,683 5,707 5,834 6,120 6,324 6,470 6,658 6,664 6,806 6,982 4,047 4,066 4,174 4,324 4,354 4,485 4,728 4,811 4,941 5,126 5,196 5,344 5,559 1,322 1,359 1,359 1,359 1,353 1,349 1,392 1,512 1,528 1,532 1,468 1,463 1,423 Including amounts held by Government agencies and trust funds which aggregated $2,225,000,000 on Nov. 30, and $2,285,000,000 (preliminary) on Dec.2 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks. Including Liberty bonds. 3 Beginning with July 1941 includes depositary bonds not shown separately which amounted to $64,000,000 on Dec. 31. 4 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees 1 retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation. 6 Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES* [In millions of dollars] Interest-bearing End of month Total amount outstanding 2 Total Federal Farm Mortgage Corporation Home Owners' Loan Corporation Reconstruction Finance Corporation Commodity Credit Corporation U.S. Housing Authority Federal Housing Administration Noninterest bearing matured debt 2 1934—June December 1935_june December 681 3,063 312 980 134 1,834 235 249 4,123 4,494 1,226 1,387 2,647 2,855 250 252 1936—Tune December 4,718 4,662 1,422 1,422 3,044 2,988 252 252 1937—June December 4 665 4,645 1,422 1,410 2,987 2,937 255 297 1938—June December 4,853 4,992 1,410 1,388 2,937 2,888 299 509 206 206 1939—June December 5,704 5,450 5,621 1,379 1,269 2,928 2,731 820 1.096 206 407 114 114 3 4 S3 1940—June December 5,529 5,917 5,498 5,901 1,269 1,269 2,603 2,600 1,096 1,097 407 696 114 226 8 13 31 15 1941—January February March April May June July August September October November December 5,915 5,914 5,916 6,560 6,371 6,370 6,939 6,937 6,937 6,938 6,324 6,324 5,901 5,901 5,905 6,550 6,359 6,360 6,930 6,928 6,929 6,930 6,316 6,317 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 2,600 2,600 2,600 2,600 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 1,097 1,097 L,O97 1,741 L,741 .741 2,101 2,101 2,101 2,101 1,802 1,802 696 696 696 696 696 696 907 905 905 905 701 701 226 226 226 12 13 16 17 17 17 17 17 18 18 21 21 14 13 11 1 /3\ 3 H 1 226 226 226 226 226 226 226 114 114 10 12 11 10 9 9 8 8 7 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. 2 3 Figures on matured debt were not published prior to September 1939. Less than $500,000. FEBRUARY 1942. 149 MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT A N D FULLY GUARANTEED, DECEMBER 3 1 , 1941 [In millions of dollars] Fully guaranteed securities maturing Direct securities maturing Bonds Maturing or callable Treasury bills Treasury notes 3,002 8,473 7,613 17,403 5,070 2,002 1,001 4,996 41,562 2,002 5,997 1942—Before Apr. 1 Apr. l - J u n e 3 0 July 1-Sept. 30 Oct. 1-Dec. 31 2,428 2,002 426 342 232 342 232 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1958 1959 1960 1961 1963 1964 1965 1967 1972 1,396 1,849 3,191 2,038 2,384 1,489 821 1,689 1,230 2,454 2,932 3,709 2,048 1,170 1,449 982 2,611 50 919 1,396 1,849 1,249 503 Total Within 1 year 1 to 5 years 5 to 10 years 10 to 20 y e a r s . . . Over 20 years Total Treasury '3A6Q 7,585 17,252 5,070 33,367 1,941 1,519 2,370 1,487 819 1,687 1,223 2,436 2,904 3,687 2,013 1,170 1,449 982 2 611 Pre-war and Postal Savings (3) 17 28 152 Treasury bonds due or callable 1 Total 2 Total fully guarFederal Home Recon- Comanteed U.S. Farm Owners' struc- modity securition Housing Mortties Loan Credit gage Corpor- Finance Corpor- Author- due or Corpor- ation Corpor- ation ity callable 1 ation ation "&, 509" 12,318 9,875 2,666 1,245 2,586 1,590 779 95 835 33,367 6,295 1,269 (3) 650 340 " (3) 276 320 196 8 16 14 2 2 2 7 18 27 22 35 1,855 2,555 1,755 2,344 1,460 3,361 2,278 1,186 4,033 1,024 725 681 2,611 2,431 919 340 701 114 2,121 4,174 1,802 701 114 6,295 95 2,409 614 1,561 412 '"875' 310 650 276 320 1,151 320 324 571 289 "iii" 412 614 2,394 1,167 755 755 835 906 896 875 755 779 835 779 779 1,485 50 919 95 1,485 95 1,485 2,666 2,666 1 2 3 2,666 Securities not callable prior to maturity are shown as of date of maturity. Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on December 31. Less than $500,000. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED [In millions of dollars] Privately held 1 Held by Federal agencies and trust funds End of month % Total interestbearing securities Special issues Public issues Held by Federal Reserve Banks Other investors 2 Total Member banks Other commercial banks Mutual savings banks Insurance companies Marketable issues2 1932—June...... 1933—June 1934—June 1935—June 19,161 22,158 27,161 31,768 309 323 396 633 261 366 1,055 1,365 1,784 1,998 2,432 2,433 16,807 19,471 23,278 27,337 5,628 6,887 9,413 11,429 590 590 890 1,290 680 720 970 1,540 800 1,000 1,500 2,600 9,100 10,300 10,500 10,400 1936—June December, 1937—June December 1938—June December. 1939—June December. 1940—June December, 1941—June December. 37,707 38,362 40,465 41,353 41,428 43,891 45,336 47,067 47,874 50,360 54,747 63,768 626 632 1,558 2,227 2,676 3,156 3,770 4,231 4,775 5,370 6,120 6,982 1,703 1,820 2,036 2,049 2,123 2,198 2,138 2,323 3 2,292 3 2,250 3 2,360 3 2,563 2,430 2,430 2,526 2,564 2,564 2,564 2,551 2,484 2,466 2,184 2,184 2,254 32,948 33,480 34,345 34,513 34,065 35,973 36,877 38,029 38,341 40,556 44,083 51,969 13,671 13,545 12,689 12,371 12,343 13,222 13,777 14,328 14,722 15,823 18,078 P 19,529 1,600 1,710 1,870 1,790 1,700 1,850 1,920 1,970 1,830 1,940 2,020 ?2,30O 2,050 2,330 2,390 2,450 2,690 2,880 3,040 3,100 3,110 3,220 3,430 p 3,7OO 3,900 4,500 5,000 5,200 r 5,5OO r 5,800 r 5,900 r 6,300 r 6,500 r 6,800 r 6,900 p 7,900 10,500 10,500 11,300 11,500 r 10,400 r 10,600 r 10,300 r 10,100 r 9,300 r 9,600 r 9,400 2*9,900 Nonmarketable issues ioo* 1,200 900 1,100 1,200 1,400 1,600 1,900 2,200 2,900 3,200 4,300 y 8,600 p Preliminary. r Reyised. 1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance companies and other investors have been rounded to nearest 100 millions. 2 Holdings of insurance companies included with "Other investors" prior to 1932. 3 Excluding holdings of production credit associations and joint stock land banks. NOTE.—For end of June figures 1916-1931, see BULLETIN for July 1941, p. 664. 150 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Trust accounts etc.,2 Excess excess of re- of receipts ceipts Expenditures (excl. debt retirements) Receipts Increase or decrease during period Income taxes Miscella- Social neous secur- All interother ity nal reve- taxes nue NaTotal Net Intertional re- 1 est reon deceipts ceipts debt fense Agricultural Adjustment Program Un- Transem- fers to All ploy- trust other acment coun relief etc. 1ts 1938 1939 1940 1941 2,640 2,189 2,125 3,470 2,279 2,232 2,345 2,967 755 740 838 932 567 507 617 900 6,242 5,668 5,925 8,269 5,855 5,165 5,387 7,607 926 941 1,041 1,111 1,029 1,206 1,657 6,080 362 787 1,002 877 1,914 2,595 1,919 1,741 220 182 226 325 2,788 7,239 2,996 8,707 3,153 8,998 2,577 12,711 -1,384 -3,542 -3,611 -5,103 +306 +890 +136 -148 +740 -338 +622 +3,275 -947 +2,528 +742 +5,994 6 months ending Dec. 1940 Dec. 1941 1,041 1,824 1,516 1,901 418 529 261 325 3,236 4,579 2,925 4,166 1,767 8,214 495 346 870 666 199 253 1,319 5,141 1,479 11,483 -2,216 +197 -7,317 -733 +38 +2,057 +927 +8,977 1940—Dec 429 231 34 46 741 740 491 525 219 470 105 155 1941—Jan Feb Mar Apr May June July Aug Sept Oct. Nov Dec 63 104 1,208 75 63 916 84 59 780 68 66 767 210 204 273 244 254 265 268 269 261 314 436 353 47 193 34 43 165 32 48 173 37 49 181 41 52 172 52 240 58 64 56 54 58 57 47 53 372 674 1,567 602 541 1,277 456 554 1,136 489 730 1,214 340 541 1,566 565 394 1,276 413 397 1,135 445 564 1,212 25 21 150 73 12 339 25 9 169 75 15 232 569 584 748 763 837 812 960 1,124 1,320 1,527 1,437 1,847 95 87 90 61 27 22 44 27 32 58 72 113 146 138 159 148 145 135 132 106 108 109 95 115 Period (+)or (+)or Total 1 exexpenditures penditures () () General fund bal- 2 ance Gross debt3 Fiscal year ending: June June June June 26 29 23 28 12 10 169 14 6 45 10 9 218 1,172 -432 251 217 229 242 108 211 268 250 238 269 229 226 1,111 1,075 1,399 1,315 1,141 1,528 1,598 1,529 1,874 2,083 1,858 2,542 -771 -534 +167 -750 -747 -252 -1,185 -1,133 -739 -1,637 -1,294 -1,329 Net expenditures in checking accounts of Government agencies Unemployment trust fund All other Total Increment on gold Seigniorage Period InNet vestreceipts ments Benefit payments Receipts ReconstrucIn- Other tion exvest- pendiFinance ments tures Corporation +752 +111 +852 +97 +15 +213 -324 -3 -236 +1,014 +1,083 +58 -290 +403 +490 -521 -264 +729 +1,241! -259 +551; -34 +599 +274 +1,408! -2 +425 , -607 -293 +376 +2,238 -225 -322 +1,456 -484 -328 +1,241 +2,898 Details of general fund balance (end of period) Details of trust accounts, etc. Old-age insurance trust fund and railroad retirement account -209 Com- United modity States All Credit Hous- other Corpor- ing Auation thority ExReceipts penditures Working Fiscal year ending: June June June June 1938 1939 1940 1941 6 months ending: Dec. 1940 .. Dec. 1941 ... 550 639 703 844 461 516 573 637 85 120 129 186 763 838 959 1,114 560 395 443 563 191 442 514 555 *658 *234 80 *184 136 10 58 *60 17 121 *12 *186 174 *41 414 440 458 674 327 324 358 622 2,216 2,838 1,891 2,633 142 142 143 143 446 536 585 605 1,628 2,160 1,163 lr885 387 492 284 372 85 112 572 609 235 459 338 148 78 736 *72 59 *9 137 *124 *133 311 431 36 258 374 1,928 3,560 143 143 597 615 1,188 2,802 44 1,928 143 597 1,188 r 58 50 62 r 58 44 r 93 138 46 51 56 41 42 2,025 1,701 2,715 2,425 1,904 2,633 2,599 2,873 2,266 2,641 2,319 3,560 143 143 143 143 143 143 143 143 143 143 143 143 599 601 602 603 604 605 607 610 611 613 614 615 1,283 957 1,970 1,679 1,157 1,885 1,848 2,120 1,511 1,885 1,562 2,802 1940—Dec. 1941—Jan Feb Mar Apr May.... June July.... Aug Sept.... Oct Nov Dec 42 152 11 46 148 58 89 157 1 75 166 3 r 1 151 15 51 *10 *5 160 *10 15 16 17 17 17 17 18 18 18 19 19 20 78 149 28 69 167 51 82 176 24 74 192 60 *6 224 24 *16 185 11 •21 189 • 9 1 33 29 113 *10 40 137 19 60 146 59 168 26 41 43 37 35 30 31 29 25 24 20 21 29 16 160 64 *406 82 87 *280 166 98 277 334 142 12 7 37 33 57 *16 *221 34 13 •17 221 28 32 *8 25 24 31 27 *22 10 9 20 109 11 r* r 43 *30 *56 *12 241 *18 *11 *42 *27 *8 *5 •41 46 42 58 r 67 55 96 162 54 53 63 45 54 r Revised. Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see page 47. * For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts. NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054. FEBRUARY 1941 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1941 1940 Nov. Assets Loans and preferred stock: Loans to financial institutions Preferred stock, etc Loans to railroads Home and housing mortgage loans Farm mortgage loans Other agricultural loans All other loans Total loans and preferred stock Cash U. S. Govt. direct securities Securities of Government corporations and credit agencies: Fully guaranteed by U. S Other1 Accounts and other receivables Business property Property held for sale . Other assets Total assets other than interagency2 Liabilities Bonds, notes, and debentures: Fully guaranteed by U. S Other1 . . Other liabilities Total liabilities other than interagency2 Excess of assets over liabilities, excluding interagency transactions U. S. Govt. interests Privately owned interests 2 2 1 8 Dec. 469 730 S1S 387 508 772 291 680 549 600 485 736 S16 2 ,390 2 ,500 757 1 298 8 682 533 701 Jan. 445 7?0 S?3 2 ,424 2 ,481 728 1 309 8 ,639 580 793 Feb. Mar. 425 711 S18 2 ,395 2 ,485 727 1 352 8 ,614 595 736 2 2 1 8 Apr. 409 706 S?3 406 475 776 386 681 620 7S6 400 703 573 2 427 2 467 867 1, 409 8, 796 771 771 June May 397 70^ SOS 2, 436 2, 458 830 1, 472 8, 800 464 780 July 417 608 SOS 2, 445 2, 448 779 1, 511 804 8, 376 80? 408 693 497 2,413 2,437 754 1,553 8,756 771 824 Aug. 407 669 497 2,413 2,426 726 1,690 8,826 594 844 Oct. Sept. 409 666 407 2, 427 2, 411 717 1, 738 864 8, 523 S46 2 2 1 9 128 123 123 123 126 125 122 124 128 127 127 18 'M 18 17 20 22 17 17 7 SO 540 S08 SS? S'M 401 S13 SS1 707 671 sss 636 653 608 623 664 602 601 671 599 600 593 1, 710 1 1 113 1 141 1 190 1 206 1, 245 1, 297 1, 392 1, 497 1,567 1,625 423 435 214 338 211 517 310 210 563 251 359 12 518 12 500 12 645 12 676 12, 909 13, 282 13, 108 13, 277 13,853 13,882 14, 076 14 409 665 484 413 396 709 957 033 489 80S 5 917 1 30 S 1, 214 8, 526 5 915 1 380 1, 294 8 599 5 914 1 386 1, 292 8 592 5, 916 1, 300 1, 391 8, 696 6, 560 1, 38S 1, 432 9, 377 6, 371 1, 492 9, 297 6, 370 6,939 6,937 6, 937 6, 938 1 416 1 431 1, 443 1 442 1,445 1, 859 1, 952 1, 604 1,761 1,741 9, 417 10,142 10,123 10, 231 10, 306 3, 939 ,3 S?6 413 3, 974 .3 SSO 4 046 •1 6?0 417 4 084 3 666 418 4, 213 3, 70? 421 3, 906 3, 484 422 3, 811 3, 388 423 3, 860 3, 436 424 3,711 3,286 425 3,759 3,333 426 408 664 483 2 ,401 2 380 732 1 ,933 9,001 502 006 120 115 70 810 7S1 698 689 805 1 879 701 592 452 14 580 5 919 1 4?? 1, 237 8, 579 415 Nov. 6 1 1 9 324 303 974 690 4, 146 4 889 3 718 4 459 430 428 3, 845 3 418 427 1 2 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30,1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Assets Total loans and preferred stock Reconstruction Finance Corporation National defense corporations Home mortgage and housing agencies: Home Owners' Loan Corporation Federal home loan banks RFC Mortgage Company Federal National Mortgage Association United States Housing Authority Farm credit agencies: Federal Farm Mortgage Corporation Federal land banks Federal intermediate credit banks Banks for cooperatives Production cridit corporations Regional agricultural credit corporations Commodity Credit Corporation Farm Credit Administration Farm Security Administration 1,772 52 c? 1,969 187 72 205 329 217 37 52 14 7 604 1,776 230 109 62 7 198 252 464 18 55 24 15 Insurance agencies: Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation. Federal Housing Administration Export-Import Bank of Washington Tennessee Valley Authority U S Maritime Commission Rural Electrification Administration Public Works Administration Other Total 1 2 Cash U.S. Govt. direct securities 50 138 30 319 86 91 9,001 C1) 16 3 22 Guaranteed securities 51 149 36 29 55 3 16 5 15 3 17 458 24 38 14 502 6 906 Liabilities Bonds, notes, and debentures Accounts and Property Business held for other Guarreceiv- property sale anteed by Other ables United States 28 117 10 3 101 115 6 1 2 4 3 3 292 2,416 127 6 C1) 150 C1) 31 i"" 17 751 1,802 1 1 47 172 3 ±2 13 36 3 33 48 7 22 7 46 622 114 9 57 1,269 <*> 76 85 2n/:e 234 1 I) C1) 812 701 1 .......... ft1 26 10 21 8 436 49 67 698 2 1 1,879 6,324 13 1,393 Less than $500,000. Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation. I52- FEDERAL RESERVE BULLETIN RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding at end of month. I n millions of dollars] 1940 Dec. Loans to financial institutions . . . . t Loans on preferred stock of banks and insurance companies Preferred stock, capital notes, and debentures Loans to railroads (including receivers) Loans for self-liquidating projects Loans to industrial and commercial businesses: For national defense Other Loan to Great Britain Loans to drainage, levee, and irrigation districts.. Other loans .. Securities purchased from Public Works Administratio n Total loans and investments, other than interagency Preferred stock of, and loans to Export-Import Bank Loans to Rural Electrification Administration Capital stock of, and loans to RFC Mortgage Company . . Capital stock of, and loans to Federal National Mortgage Association Loans to Tennessee Valley Authority Capital stock of, and loans to national defense companies* Loans to Farm Security Administration Capital stock of Federal Home Loan Banks Total loans and investments 1 1941 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 172 166 162 158 154 149 145 139 134 131 127 124 118 53 452 474 36 50 447 482 37 49 442 482 35 49 437 487 35 49 434 487 36 48 432 470 37 48 429 470 37 48 425 462 81 48 410 461 81 48 407 461 81 48 405 448 81 48 404 448 51 48 401 462 51 7 121 9 119 11 117 17 115 21 114 61 113 65 111 70 109 71 108 100 77 5 82 106 93 100 101 103 106 110 125 299 299 345 117 117 117 116 114 1,613 1,640 1,798 1,772 1,833 174 195 174 202 174 207 174 211 174 214 83 5 83 5 83 5 83 5 76 5 74 5 79 5 116 114 113 113 113 111 122 79 5 120 1,519 1,512 1,499 1,499 1,488 1,503 1,511 1,538 99 146 174 152 174 157 174 164 174 168 174 175 174 182 174 * 190 77 5 74 5 74 5 73 5 67 68 68 69 71 71 73 75 76 77 80 79 79 90 8 93 8 96 8 99 8 99 8 101 8 102 8 103 8 105 8 107 8 109 8 112 8 45 63 28 18 83 33 125 121 60 125 168 81 125 219 97 125 282 116 125 327 89 125 380 96 125 527 101 125 643 110 125 111 8 727 117 125 2,003 2,089 2,244 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 721 133 125 3,400 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Short-term credit Farm mortgage loans End of year or month Total Federal land banks Land Bank Commissioner Total Total 1 Federal intermediate credit2 banks Production credit associations Loans to cooperatives Emergency crop and drought relief loans Total 3 Banks for cooperatives Agricultural Marketing Act revolving fund 1934 1935 1936 1937 1938 1939 2,964 3,321 3,363 3,335 3,211 3,058 2,533 2,867 2,901 2,848 2,735 2,596 1,916 2,072 2,064 2.035 1,982 L,905 795 837 813 753 691 358 337 367 364 364 47 41 40 34 33 56 61 94 105 138 148 154 111 173 165 173 171 168 117 97 125 120 112 99 28 50 70 88 87 76 55 44 54 31 24 21 1940—November December 2,986 2,973 2,508 2,500 1,856 L,851 652 648 383 381 34 34 173 172 170 168 96 93 77 75 17 16 1941—January February March April May June July August September October November December 2,964 2,970 2,976 2,982 2,988 2,988 2,986 2,975 2,954 2,924 2,906 2,891 2,489 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,395 2,380 2,361 1,844 1,842 1,836 1,830 1,824 1,818 1,811 L,804 1,795 L, 786 1,776 1,764 645 643 640 637 634 630 626 622 616 610 604 382 393 413 431 440 450 453 450 431 410 398 174 182 195 207 215 221 224 221 208 194 187 597 397 35 36 37 39 40 42 44 45 43 39 38 167 169 175 179 179 179 179 177 174 170 167 92 91 88 85 90 90 96 99 111 119 128 75 74 70 68 74 74 80 83 94 101 109 113 16 16 16 16 16 16 16 16 16 16 17 17 1 617 315 39 188 165 133 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $226,000,000 in December 1941. These loans and discounts are included in the columns for the institutions concerned. 3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935, FEBRUARY 1941 P O S T A L S A V I N G S SYSTEM [In millions of dollars] FEDERAL HOME MORTGAGE AND HOUSING AGENCIES LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Home Owners' Loan Corporation End of month FedFederal RFC eral savings Mortgage Home and ComLoan loan Banks 1 associ-2 pany ations 1933—June 1 217 2,379 2 658 2,897 2,945 2 765 2 556 2,398 2,265 2 169 2,081 2 038 2,013 1 956 47 85 85 87 79 103 119 145 167 200 196 199 169 181 157 201 1,942 J.029 1,914 I 900 1,885 1,870 1,855 1,841 1,825 ,809 1,794 1,777 171 157 146 142 145 170 168 173 178 184 187 219 132 Dec 1934—June Dec 1935—June Dec 1936—julle Dec 1937__j une Dec 1938—June Dec. 1939—June Dec. 1940—June Dec. 1941_jan Feb. Mar Apr. May June July Aug Sept Oct Nov Dec Federal National Mortgage Association Assets United States Housing Authority 1934—j un e Dec. 1935__jUne 81 186 348 474 587 742 854 948 ,034 1,136 1,271 1,405 1,546 ,564 ,579 ,600* ,628 ,658 ,688 718 1,751 1,775 1,803 1,816 C3) Depositors balances 1 Total End of month . .. Dec 1936—June Dec 1937—June Dec. 193g_june 6 18 36 49 68 41 54 57 57 60 67 38 80 125 147 163 181 10 13 32 68 123 87 186 68 68 69 70 70 65 67 69 70 73 72 72 185 187 190 190 192 194 196 198 200 203 205 207 228 211 233 266 288 316 296 306 332 328 329 367 1 Loans and discounts to member institutions of the Federal Home Loan Bank System. 2 Federal Home Loan Bank Board estimates for all Federal savings and loan associations which are private institutions chartered and supervised by3 the Federal Home Loan Bank Board. Not available. Dec 1939—June Dec 1940—June Dec.. . 1941—Jan. Feb. . . Mar. Apr. May June July Aug Sept. Oct Nov Dec. m# Cash in depository banks 1,198 1,207 1,205 1,201 1,232 1,260 1,268 1,270 1,252 1,252 1,262 1,279 1,293 1,304 1,225 1,237 1,236 1,237 1,265 1,296 1,307 1,308 1,290 1,291 1,304 1,319 1,337 1,348 695 540 385 287 203 145 136 130 1,314 1,318 1,320 1,317 1,310 1,304 1,307 1,309 1,311 1,317 1,323 p l,314 1,356 1,361 1,364 1,362 1,359 1,356 1,359 1,365 1,366 1,377 1,388 34 33 31 30 115 86 68 53 43 36 30 30 29 28 28 27 27 U. S. Government securities Total Direct Cash reserve Guar- iunds, an- etc. 2 teed 453 597 777 853 418 467 630 706 35 130 147 147 76 100 74 98 95 967 800 1,058 1,100 1,097 1,103 1,132 1,157 1,192 1,224 1,224 167 891 933 930 167 167 167 936 167 965 1,011 1.046 ,078 1,078 167 146 146 146 146 69 "88 1,239 1,245 1,259 1,259 1,254 1,251 1,251 1,250 1,250 1,250 1,250 ,093 1,098 1,113 1,113 1,108 1,104 L,104 .104 1,104 1,104 1,104 146 146 146 146 84 83 74 73 146 75 75 93 71 80 73 73 78 74 146 146 146 146 146 80 86 89 100 146 111 f1 Preliminary. Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, pp. 501-502, LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION! INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO BY CLASSES OF INSTITUTIONS1 [In millions of dollars] [In millions of dollars] Year or month Total Property improvement ( 1934 1935 1936 1937 1938 1939 1940 1941 T 30 320 557 495 694 954 1,026 1,186 30 224 246 60 160 208 251 262 1940—Dec 104 1941—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 102 84 84 75 89 105 105 91 107 125 107 112 . . . New small home construction (Title I) Home mortgages (Title II) 25 26 21 94 309 424 473 669 736 877 24 2 78 20 2 1 r2 2 r* 3 3 r l 2 2 1 2 79 61 62 60 65 75 82 70 73 85 77 88 r19 17 r ll 22 r 26 20 18 31 34 24 18 ....... Mortgages on Derental fense and housgroup ing housing (Title (Title VI) II) 2 2 11 48 51 13 13 * 2 3 2 1 * * * * 2 r 2 13 r • 1 1 2 4 5 End of month 1936—Dec 1937—Dec 1938—Mar June Sept Dec 1939—Mar June Sept Dec 1940—Mar June Sept Dec 1941—Mar June Sept Total 365 771 856 933 1.049 1,199 1,349 1,478 1,622 1,793 1,949 2,075 2,232 2,409 2,598 2,755 2,942 Commercial banks SavMuings Insur- Fedtual ance eral Other 3 and savcom- agenloan ings associ- panies, cies2 banks ations 228 431 472 509 565 634 699 759 824 903 971 1,026 1,093 1,162 1,247 1,318 r l,400 r 8 27 26 28 32 38 44 50 57 71 90 100 112 130 146 157 171 56 110 119 127 137 149 159 167 178 192 201 208 216 224 230 237 246 41 118 146 165 187 212 241 271 302 341 393 432 480 542 606 668 722 5 32 42 44 56 77 114 137 148 153 171 182 190 201 210 221 225 27 53 51 60 72 89 92 94 113 133 123 127 141 150 159 154 178 r 1 Revised. Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 2 r The RFC Mortgage Company, the Federal National Mortgage AssociaRevised. 1 and the United States Housing Corporation. Figures represent gross insurance written during the period and do not tion, 3 Including mortgage companies, finance companies, industrial banks, take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. * Less than $500,000. FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year and month Income payments (value) 1 1935-39 = 100 Manufactures Total Durable Adjusted 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 . 1934 1935 1936 1937 1938 1939 1940 1941 Construction contracts awarded (value) 3 1923-25 = 100 Industrial production (physical volume) 2 * 1935-39 = 100 AdAdUnadjusted justed justed 122.3 110.9 94.3 73.2 69.5 80.2 87.2 101.2 107.2 98.9 105 5 112.5 132.9 Minerals Nondurable Total Residential All other Employment4 DepartWholeFreight- ment sale store car Cost of comsales loadliving 4 modity 4 (valings* rolls 4 1935-39 prices 1923-25 1935-39 u e d 6 = 100 1926 Factory = 100 = 100 1923-25 = 100 1923-25 = 100 = 100 Factory Nonagricultural 5 1935-39 = 100 Ad- Unad- UnadAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed 62 72 75 58 73 88 82 90 96 95 99 110 91 75 58 69 75 87 103 113 89 108 123 84 93 53 81 103 95 107 114 107 117 132 98 67 41 54 65 83 108 122 78 109 138 60 57 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 108 113 71 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 P125 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 P89 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 167! i 100.3 91.6 82.2 82.9 90.1 93.8 99.8 105.0 98.6 102.8 106.4 P115.6 Adjusted Unadjusted Unadjusted 98.0 106.7 107.1 117.2 75.6 82.0 81.2 90.7 103.8 102.9 96.4 96.0 101.1 99.8 104.2 101.7 102.4 99.5 103.5 99.7 106.0 110.4 92.4 89.4 78.1 67.8 66.3 46.7 73.4 50.1 64.5 85.7 74.1 91.3 85.8 99.0 108.6 102.5 78.5 90.9 92.2 99.9 107.5 105.4 P127.6 P148.7 120 129 110 121 142 139 146 152 147 148 152 131 105 78 82 89 92 107 111 89 101 109 _ 130 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 90 94 ~ 110 138.6 154.4 97.6 96.7 100.6 98 1 103.5 100 0 95.4 96.7 95.3 86.4 73.0 64.8 65 9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 124.5 143 2 127.7 119 7 121.9 * 122 2 125 4 126 4 124 0 122.6 122 5 119.4 108 7 97.6 92 4 95.7 98.1 99 1 102.7 100 8 99.4 100.2 105.2 100.2 1938 101.4 101 99 97 104 102 96 57 128 100.7 96.7 96.2 88.1 96 88 77.0 101 101 101 97 98 103 105 106 114 121 124 125 97 99 100 98 99 102 102 106 119 126 126 122 97 97 96 93 93 99 102 108 118 129 134 138 104 104 104 103 104 106 106 108 111 115 117 117 103 101 104 91 97 104 107 92 114 119 120 114 86 73 69 67 63 63 67 73 73 76 83 86 55 58 55 58 55 58 62 67 68 68 61 60 111 85 80 74 68 67 71 78 76 82 101 107 100.8 101.0 101.2 100.5 101.1 102.2 102.6 103.0 103.7 105.0 105.7 106.3 96.8 Tune July August September. . . October November December 101.3 101.9 103.0 101.8 103.6 104.8 104.6 106.5 107.8 109.1 109.9 111.2 96.8 96.7 96.6 96.3 97.3 98.4 99.0 100.8 104.8 107.0 108.2 94.5 96.1 97.0 96.9 95.9 96.4 96.6 99.5 103.7 107.3 107.5 107.8 84.7 87.1 88.8 86.8 86.3 87.9 85.8 91.2 95.4 103.2 103.2 105.4 98 95 94 87 90 97 99 101 111 114 114 110 88 88 88 88 87 86 87 88 90 92 93 95 76.9 76.9 76.7 76.2 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 1940 January February.... March April May.....'.... June July August September. . . October November December 110.6 110.1 108.8 109.1 110.1 110.2 111.7 113.3 114.6 115.8 116.6 119.0 122 116 113 112 116 122 122 124 127 130 134 139 117 113 112 112 117 121 120 124 132 136 136 136 134 124 118 116 123 133 136 143 151 155 157 164 113 110 107 107 110 114 113 112 112 117 120 124 118 114 117 119 117 119 119 114 117 113 118 118 75 63 62 64 64 74 85 90 93 95 111 115 53 56 57 62 64 69 82 82 85 87 90 93 68 66 66 65 77 91 98 101 103 130 136 105.6 104.9 104.7 104.0 104.5 105.0 105.4 106.3 106.9 108.1 109.7 111.5 107.6 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 105.0 105.0 104.4 103.2 102.5 103.1 103.2 107.4 111.4 113.8 114.7 116.2 99.8 99.3 99.8 97.9 97.8 99.5 98.2 105.5 111.6 116.2 116.4 122.4 111 105 100 103 106 111 110 112 112 110 116 119 92 90 89 89 89 91 92 98 97 94 100 101 79.4 78.7 78.4 78.6 78.4 77.5 77.7 77.4 78.0 78.7 79.6 80.0 166.4" 121.3 123.1 124.0 125.1 128.6 131.5 133.1 136.7 139.1 r 140.9 r 143.0 148.3 140 144 147 144 154 159 160 160 161 163 166 135 140 144 144 155 160 159 162 167 167 167 3*164 171 176 180 180 190 195 199 199 203 207 209 *>214 123 126 128 131 135 139 138 139 137 138 143 P142 119 118 125 95 126 132 131 132 131 130 131 103 99 94 103 101 117 139 152 161 145 138 84 76 74 80 88 101 115 112 105 87 74 117 118 109 121 111 129 158 184 206 192 189 111.8 118.3 115.5 112.5 118.6 117.8 112.3 119.4 119.9 112.5 122.0 122.6 114.0 124.9 124.9 115.4 128.7 127.9 117.1 133.3 1 3 0 . 6 r 117.7 133.3 133.1 117.5 132.3 135.2 r 118.0 132.7 135.4 134.3 134.7 119.2 P119.6 P134.6 P134.0 120.7 126.8 131.2 134.7 144.1 152.2 152.7 158.1 162.6 r 166.8 165.2 P 169.8 122 124 126 112 135 139 138 139 130 127 135 137 101 103 103 104 105 104 115 134 116 105 116 111 80.8 80.6 81.5 83.2 84.9 87.1 88.8 90.3 91.8 92.4 92.5 93.6 100.8 100.8 101.2 102.2 102.9 104.6 105.3 106.2 108.1 109.4 110.2 110.5 170 e e C December 1939 January February.... March April May 77 99.1 98.6 100.6 99.8 100.5 100.2 100.1 100.7 1941 January . . . February.... March April May . . June July August September. . . October November December 1942 January e p 2 164 219 e m 142 r e e 1 140 e 137 e 95.7 Preliminary. * Average per working day. Revised. Estimated. Department of Commerce series on value of payments to individuals. For indexes by groups or industries, see pp. 156-159, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.. J Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 164. The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 160-163 for employment and payrolls and p. 167 for prices. 5 6 Excludes military and naval forces. For sales comparisons by cities and by departments see p. 166 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533. 4 FEBRUARY INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 1941 Industry Nov. 1 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 134 139 140 144 147 144 154 159 160 160 161 163 166 p Manufactures—Total1 137 142 144 148 151 153 160 164 165 166 166 169 172 p 157 120 164 124 171 123 176 126 180 128 180 131 190 135 195 139 199 138 199 139 203 137 207 138 209 143 PH2 171 174 179 179 184 181 184 184 185 185 192 191 191 196 173 177 164 263 173 181 166 283 177 186 172 291 176 187 171 300 178 193 177 305 170 193 172 340 175 196 174 355 179 196 173 359 181 197 174 365 182 198 172 382 185 207 179 405 184 206 178 410 184 207 190 212 181 432 Machinery 152 164 168 177 185 194 206 214 216 224 227 231 Transportation Equipment2 171 177 190 203 207 196 228 243 255 241 600 635 685 741 768 818 876 930 997 125 134 166 162 226 125 129 172 175 263 134 144 178 189 282 143 152 182 204 307 142 143 178 216 335 124 122 196 237 353 152 151 218 256 381 161 148 233 280 428 168 154 233 307 467 155 162 167 173 179 183 189 184 135 135 147 179 145 144 112 137 135 152 190 158 146 115 137 133 153 201 161 149 119 142 140 158 209 165 148 130 142 136 163 219 172 146 143 147 145 164 221 186 147 147 148 144 170 231 205 144 147 127 132 137 135 128 132 128 125 133 128 139 132 139 129 125 132 Stone, Clay and Glass Products 130 140 154 158 Cement Common and face brick. . Common brick. Face brick Glass containers Polished plate glass 140 135 136 132 114 113 155 147 147 148 119 117 181 123 137 135 140 138 132 139 146 140 128 160 131 152 140 135 142 156 74 145 131 163 132 157 149 107 Durable Nondurable Iron and Steel Pig iron Steel Open hearth and Bessemer Electric ... Aircraft Automobile bodies, parts, and assembly Automobile factory sales. Railroad cars Locomotives Shipbuilding (private yards) Nonferrous Metals and Products Nonferrous metal smelting Copper smelting Zinc smelting Copper deliveries Lead shipments Zinc shipments Tin consumption 3 Lumber and Products Lumber Furniture Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Silk deliveries Wool textiles Carpet wool consumption.... Apparel wool consumption.... Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products. . Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid l e a t h e r s . . . . Shoes Manufactured Food Products Wheat flour Cane sugar meltings Manufactured dairy products Ice cream Butter Cheese Canned and dried milk r 245 r 269 168 175 176 425 229 p 275 280 * 1,204 1,290 141 93 236 306 485 134 74 249 r 319 r 560 146 110 279 335 r 634 142 123 263 338 639 188 186 190 r 183 188 144 136 170 222 210 144 141 142 131 173 234 200 142 155 145 135 175 221 199 143 161 145 135 175 225 209 146 166 147 137 r 177 210 150 r 139 r 180 219 143 153 147 155 132 135 141 140 136 135 135 128 139 122 152 125 155 131 161 134 r 152 129 r 149 129 146 128 148 p 150 142 141 150 151 154 156 158 161 H66 183 156 139 134 138 143 148 154 159 164 191 131 139 148 142 155 152 146 158 133 163 120 168 102 168 105 165 135 135 142 154 138 143 146 150 157 156 155 154 151 150 156 133 144 156 69 136 119 149 125 150 142 140 152 148 67 149 143 165 134 163 153 143 156 150 71 152 146 179 135 163 154 146 160 158 74 152 139 171 140 166 156 152 164 169 71 165 148 196 153 178 167 151 160 173 73 163 149 190 151 178 165 151 162 173 157 126 177 153 174 160 149 160 - 170 56 166 148 181 162 179 166 145 156 168 34 169 142 205 163 185 169 143 161 172 10 164 133 199 157 185 164 148 167 179 15 166 133 201 156 184 170 109 107 108 114 114 123 130 129 121 120 124 133 100 110 92 82 112 102 113 86 86 113 102 115 88 79 110 103 112 92 87 112 113 119 112 97 115 109 118 97 96 117 118 129 99 105 126 121 131 98 113 136 124 136 93 116 132 123 140 103 97 120 124 135 101 115 117 129 138 107 121 122 133 144 106 125 133 2*130 117 121 117 120 121 123 123 127 126 132 129 131 140 vm 99 136 117 122 106 117 126 104 122 125 131 110 118 138 98 105 107 127 132 118 124 129 105 122 125 129 118 131 124 110 123 135 144 119 138 135 110 119 129 134 117 134 139 107 129 124 130 111 121 132 103 102 126 129 113 128 141 98 129 127 124 109 134 165 99 111 130 101 112 133 103 139 137 109 109 145 183 108 148 197 105 163 224 104 176 77 124 131 138 119 123 136 77 1,113 1,340 85 * * * p 188 150 182 * 146 p 137 150 67 p 151 155 ^178 * 2*169 P208 *172 r v Revised. Preliminary. *1 Included in total and group indexes but not available for publication separately. Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. 2 Includes shipbuilding in Government yards not available for publication separately. 3 Includes also lead production shown under "Minerals." 156 FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers Df the Board of Governors. 1935-39 average = 100J 1940 1941 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 133 159 106 102 110 116 134 165 107 97 109 120 114 121 110 86 112 117 126 145 109 94 112 119 134 159 110 91 111 120 126 143 110 96 108 122 132 147 120 97 109 122 124 134 120 91 101 129 125 132 123 96 110 128 134 149 124 94 105 135 126 139 118 101 99 132 133 148 123 108 103 r 135 135 148 124 114 111 144 142 161 127 98 117 p U2 101 Manufactured Food Products—Continued Meat packing Pork and lard Beef. Veal L a m b and mutton Other manufactured foods 105 108 104 107 114 122 130 128 131 129 lt)9 116 94 77 86 131 105 85 85 r 106 105 78 112 126 106 81 132 131 100 80 132 130 102 82 140 137 106 90 129 170 107 94 154 206 115 108 206 190 110 93 206 219 118 94 262 170 127 107 178 138 110 81 139 120 123 91 121 102 113 114 113 116 117 120 119 118 114 118 121 128 132 129 103 119 106 108 121 101 111 118 101 110 125 96 109 127 97 117 127 101 109 131 100 106 131 97 106 123 97 109 129 96 104 137 99 112 144 104 115 149 106 139 136 95 125 130 129 128 132 134 142 145 C 146 147 144 r 146 152 124 150 123 113 186 143 120 132 114 109 114 120 114 131 159 119 142 200 148 127 143 114 109 117 131 120 129 153 119 128 190 144 126 138 110 113 119 132 120 128 153 122 129 193 144 124 134 110 115 123 125 119 133 160 119 137 199 153 129 138 114 115 126 133 124 136 149 175 121 151 216 170 145 154 134 114 149 144 140 c 114 131 132 129 145 162 120 141 203 155 142 158 127 114 138 137 139 150 167 122 149 203 163 C 148 170 140 112 149 142 138 152 172 128 151 215 164 149 161 147 113 150 143 139 149 170 129 140 210 163 145 158 152 107 146 130 136 150 171 130 145 210 166 r 147 158 147 110 149 r 140 138 158 183 141 167 221 176 155 167 161 110 156 154 140 110 112 111 114 116 118 122 128 127 129 125 127 133 P135 106 107 103 105 106 106 107 106 106 109 105 105 111 115 Petroleum and Coal Products 118 120 122 122 123 121 125 127 128 130 132 133 135 Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke Byproduct coke Beehive coke 114 112 116 115 123 147 143 281 116 115 120 107 130 149 143 378 117 117 120 112 120 150 143 367 117 118 122 104 123 152 145 398 118 120 121 105 113 154 145 434 119 120 120 118 117 133 134 69 122 124 119 118 115 148 141 386 123 123 122 134 104 154 145 435 124 123 124 133 108 154 146 429 126 126 127 132 116 154 146 453 128 130 124 130 119 152 144 425 129 131 129 129 121 153 145 437 133 134 129 137 123 153 145 410 ^482 Chemicals 117 121 123 124 125 133 136 144 146 145 146 147 Rubber products 132 144 141 153 155 158 162 192 153 130 • 131 134 149 * P153 • 133 116 118 107 U1 117 118 115 143 123 124 121 156 128 128 127 158 134 135 132 161 131 132 130 164 144 144 145 196 152 151 155 156 126 126 125 132 117 118 110 134 108 108 103 137 103 104 94 * 103 104 102 118 118 119 118 125 95 126 132 131 132 131 130 131 114 114 113 121 86 121 129 127 129 128 127 128 P126 112 97 115 115 108 114 117 98 114 114 102 113 149 102 112 22 149 80 114 153 126 120 146 137 119 147 162 119 139 127 124 127 116 128 125 97 132 *>124 *88 P131 148 147 148 148 148 150 *>152 192 143 113 120 131 127 186 145 116 123 129 129 187 148 116 125 131 128 189 153 116 126 125 126 191 148 118 125 126 127 200 152 127 r 130 199 * 122 134 Alcoholic Beverages 96 Malt liquor Whiskey Other distilled spirits Rectified spirits Tobacco Products Cigars Cigarettes. . Manufactured tobacco and snuff Paper and Paper Products1 Paper and pulp Pulp Groundwood pulp. . Soda pulp ... Sulphate pulp Sulphite pulp Paper Paperboard Fine paper Newsprint production Printing paper.. Tissue and absorbent paper.. Wrapping paper... Printing and Publishing2. . Newsprint consumption Rubber consumption Tires and tubes Pneumatic tires Inner tubes Minerals—Total . . 113 Fuels Bituminous coal Anthracite Crude petroleum . . . Metals Iron ore shipments Copper Lead Zinc Gold Silver r r 161 121 135 199 156 132 143 115 71 113 149 r 199 152 119 133 120 129 r 152 r 151 r 195 159 115 127 131 122 r 198 155 117 136 125 128 r 150 2O5 156 114 125 120 124 r 148 r 144 r 202 155 116 131 114 129 r 192 154 120 135 113 116 r 145 181 151 119 134 129 108 r 186 106 * 67 67 64 *>130 p c Revised. Preliminary. Corrected. *1 Included in total and group indexes but not available for publication separately. Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when ngures were last reported 2 Includes also printing paper production shown under "Paper." ^^ nnr. nnn NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. FEBRUARY 1941 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average == 1001 1941L 1940 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 136 136 135 140 144 144 155 160 159 162 167 139 140 139 144 149 153 160 165 164 167 172 161 121 164 121 166 118 171 122 178 126 182 198 138 196 138 199 ISO 192 135 172 174 179 179 184 181 184 184 173 178 166 265 173 181 166 283 177 186 172 291 176 187 171 300 178 193 177 305 170 193 172 340 175 196 174 355 179 196 173 359 Machinery 152 164 168 177 185 194 206 Transportation Equipment 185 188 193 207 214 206 229 600 635 685 741 768 818 143 161 153 157 219 138 152 172 175 263 138 151 178 189 282 148 161 182 204 307 150 160 178 216 335 136 139 196 237 353 Nonferrous Metals and Products 158 162 166 173 179 Nonferrous metal smelting** Copper smelting Zinc smelting Copper deliveries Lead shipments Zinc shipments Tin consumption 137 139 147 181 155 147 112 138 135 152 188 165 147 112 137 133 153 200 166 149 114 142 140 158 209 165 148 130 126 121 116 123 130 114 133 136 145 147 149 141 115 129 Industrial Production—Total* Manufactures—Total* Durable 1 Nondurable ,..-.«..„., „.,...*.....«...« Pig iron Steel Open hearth and Bessemer Electric Aircraft Automobile bodies, parts, and assembly Automobile factory sales Railroad cars Locomotives Shipbuilding (private yards) Furniture Stone, Clay and Glass Products Cement Common and face brick Common brick Face brick Glass containers Polished plate glass „ Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Silk deliveries . Wool textiles Carpet wool consumption Apparel wool consumption... Woolen yarn Worsted yarn. Woolen and worsted cloth.... Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Shoes Manufactured Food Products Wheat flour •..-.«„« Cane sugar meltings Manufactured dairy products...«..... Ice cream Butter Cheese . .. . . . Canned and dried milk Oct. Nov. Dec. 167 167 P164 173 172 mi 142 206 145 210 r 143 209 143 2>211 185 185 192 191 191 196 181 197 174 365 182 198 172 382 185 207 179 405 184 206 178 410 184 207 176 425 190 212 181 432 214 216 224 P243 244 229 221 876 930 997 1,113 152 164 218 256 381 161 164 233 280 428 135 134 233 307 467 120 47 236 r 306 485 184 190 185 188 186 189 142 136 163 219 172 146 146 147 145 164 221 186 147 151 148 144 170 231 205 144 153 144 136 170 222 210 144 148 141 131 173 234 200 142 154 145 135 175 221 199 143 159 145 135 175 225 209 146 159 119 123 130 134 140 144 113 123 115 129 118 133 128 135 130 143 135 150 142 149 125 no 112 125 142 164 172 124 125 120 133 111 141 100 102 117 139 163 174 110 144 120 131 130 141 135 142 159 142 136 140 138 143 147 150 133 139 151 87 139 126 162 129 152 139 136 142 154 79 145 131 163 132 157 149 133 144 154 72 136 119 149 125 150 142 140 152 148 68 149 143 165 134 163 153 143 156 150 74 152 146 179 135 163 154 146 160 158 73 152 139 171 140 166 156 r r 227 231 229 269 280 1,204 1,290 1 340 134 74 249 r 3l9 r 560 146 110 279 335 r 634 142 123 263 338 639 P r r 245 r r r 183 147 137 177 210 * 143 151 • 122 85 * * 188 P188 151 139 r 180 219 * 147 155 150 * 182 * * 146 151 r 148 145 134 P127 148 157 144 156 138 159 124 154 p 166 172 174 176 167 P145 177 181 184 185 171 153 163 149 i60 96 172 109 166 120 173 117 170 120 154 80 157 155 155 154 151 150 156 V 152 164 169 66 165 148 196 153 178 167 150 160 173 66 163 149 190 151 178 165 150 162 173 69 157 126 177 153 174 160 148 160 170 50 166 148 181 162 179 166 145 156 168 32 169 142 205 163 185 169 143 161 172 10 164 133 199 157 185 164 148 167 179 15 166 133 201 156 184 170 P143 155 r 151 112 151 * *>169 P153 n&s nn 98 99 104 117 122 118 120 119 125 129 128 126 123 P120 101 114 87 79 96 104 115 88 95 103 116 87 79 106 112 125 97 91 121 112 121 105 96 128 110 118 96 99 123 115 126 94 103 124 118 125 100 113 119 120 127 102 115 128 120 133 108 95 135 123 - 134 99 116 131 129 139 103 120 124 135 150 101 121 115 ^109 116 115 104 104 107 112 ,119 128 137 152 158 142 139 P132 103 112 80 73 84 89 88 100 98 79 68 87 82 95 99 103 84 69 95 89 103 104 105 92 78 101 96 110 102 135 105 99 105 107 121 103 135 134 138 118 133 152 100 117 175 182 151 177 200 101 132 188 208 155 186 195 102 117 181 216 137 165 172 99 136 167 200 120 151 169 114 132 132 110 109 106 107 114 94 104 * 108 150 168 95 139 158 83 124 156 82 123 87 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. * Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately. *3 Includes shipbuilding in Government yards not available for publication separately. Includes also lead production shown under "Minerals." 158 FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 151 191 111 104 107 117 159 212 107 92 104 115 133 157 110 83 118 103 122 145 98 83 112 103 122 143 100 86 107 105 119 135 102 95 105 107 132 147 120 101 111 111 121 130 118 92 96 123 119 119 125 95 104 137 116 112 126 95 104 159 119 111 132 111 111 170 134 139 134 119 109 r 151 152 178 130 116 108 146 165 208 127 93 111 2*136 Dec. Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton Other manufactured foods.. 'Alcoholic Beverages Malt liquor Whiskey Other distilled spirits.. Rectified spirits Tobacco Products.. Cigars Cigarettes Manufactured tobacco and snuff.. Paper and Paper Products!. Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard Fine paper Newsprint production Printing paper Tissue and absorbent paper Wrapping paper Printing and Publishing2 87 94 100 108 120 129 131 122 137 137 118 106 82 98 105 r 141 84 104 73 92 90 106 79 113 96 98 86 124 111 91 84 122 124 90 77 149 137 75 91 165 142 59 97 160 128 51 99 171 120 75 359 180 104 102 472 180 90 101 292 190 96 104 150 135 115 98 108 108 110 113 121 128 123 122, 132 133 134 110 123 114 105 83 108 89 90 119 98 96 118 95 100 119 99 111 118 100 108 133 100 113 144 99 111 138 99 113 136 96 120 146 107 135 141 106 137 143 105 107 121 83 124 123 126 131 136 137 141 143 C 139 146 149 151 151 124 151 126 113 186 144 120 132 110 112 113 119 114 124 154 124 138 190 144 120 127 112 110 116 126 116 128 154 124 128 192 144 124 132 111 113 119 128 120 133 159 127 133 199 148 129 138 118 113 126 130 124 137 164 128 141 203 156 133 144 122 115 132 134 126 140 165 136 139 199 159 136 146 126 114 136 135 130 145 165 133 141 203 155 142 155 130 115 140 136 136 147 173 124 150 214 167 143 154 131 115 146 143 137 C 143 159 109 141 199 155 c 140 C 154 128 109 140 135 133 150 170 109 151 215 164 147 163 139 110 145 143 138 151 168 112 142 210 163 148 167 144 107 145 136 138 155 •173 121 145 214 169 r 152 167 147 110 150 r 145 143 158 184 144 167 221 178 154 167 156 113 154 152 140 104 77 96 181 r 208 r r 166 * 107 * 112 112 109 115 121 124 126 127 116 121 125 131 135 P136 Newsprint consumption... 111 109 98 104 110 113 111 107 92 96 106 112 117 117 Petroleum and Coal Products.. 119 119 120 120 119 120 126 128 129 131 134 135 136 Petroleum refining Gasoline Fuel oil Lubricating oil... Kerosene Coke Byproduct coke... Beehive coke 115 113 117 115 126 148 143 309 115 112 122 106 131 149 143 378 115 113 123 108 126 150 143 367 115 114 123 103 124 152 145 398 114 114 118 104 115 154 145 434 119 118 117 122 119 133 134 69 122 124 119 122 115 148 141 386 124 126 121 134 102 154 145 435 125 127 122 131 103 154 146 429 128 130 124 131 111 154 146 453 131 134 125 130 117 152 144 425 132 134 130 129 121 153 145 437 134 135 130 137 126 153 145 410 P482 Chemicals 120 122 122 124 129 136 135 138 139 142 148 151 151 P154 Rubber Products. 135 137 145 151 155 157 162 192 153 130 131 134 138 116 118 107 140 117 118 115 148 123 124 121 153 128 128 127 158 134 135 132 160 131 132 130 164 144 144 145 196 152 151 155 156 126 126 125 132 117 118 110 134 108 108 103 137 103 104 94 103 104 102 67 67 64 Minerals—Total. 119 113 113 114 116 96 in 131 130 134 137 Fuels 115 116 117 118 121 87 118 123 121 125 129 131 130 P128 128 98 111 127 115 111 130 114 111 134 112 112 143 105 114 18 76 116 126 88 118 132 116 120 128 107 119 135 120 122 144 122 124 142 123 127 143 99 128 P13& P94 146 98 95 93 92 148 181 181 184 187 182 '180 164 P100 151 116 125 111 131 210 156 121 133 106 130 323 159 117 127 113 121 326 152 116 136 116 123 344 147 110 125 115 122 335 152 116 131 125 126 311 152 120 135 131 117 281 156 119 134 151 107 231 157 128 r 130 124 134 Rubber consumption. Tires and tubes Pneumatic tires... Inner tubes Bituminous coal.. Anthracite Crude petroleum. Metals., Iron ore shipments.. Copper Lead Zinc Gold Silver 162 147 114 120 148 128 146 118 123 133 129 145 116 125 125 129 155 116 126 112 129 r 138 135 P124 r r p c Revised. Preliminary. Corrected. * Included in t o t a l a n d group indexes b u t n o t available for publication s e p a r a t e l y . 1 Includes also paperboard container production which h a s been carried forward on t h e basis of seasonal changes since J u l y 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. FEBRUARY 1941 FACTORY EMPLOYMENT, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1940 1941 Industry and group Nov. TotaV. Durable goodsi Nondurable goodsi Dec Jan. Feb. Mar. Apr. May June July Aug. 118.9 127 128 89 110 83 109 94 190 100 100 86 103 111 201 122.4 130 135 89 110 88 113 98 196 103 108 91 104 116 207 124.8 133 139 88 110 90 113 99 194 106 113 96 109 121 206 125.5 133 145 92 108 94 114 98 201 106 106 100 112 126 126.2 133 151 92 110 96 116 100 202 107 106 100 113 128 208 128.3 136 153 93 114 100 115 101 204 109 107 101 113 133 203 132.0 140 160 94 117 102 116 102 214 111 110 103 122 135 207 136.0 145 166 95 122 105 118 102 220 114 114 104 129 139 214 Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products.. Machine tools Radios and phonographs Textile machinery Typewriters 130.9 140 134 120 211 110 265 142 83 128 136.0 143 137 126 218 114 275 150 86 130 141.2 147 137 131 237 118 286 155 89 131 144.2 140 140 137 239 120 296 165 92 110 148.1 126 146 142 243 124 304 178 95 134 155.8 158 151 147 245 129 315 189 98 138 161.6 166 150 153 259 134 326 197 101 143 167.3 173.0 177.7 175 182 170 168 170 163 164 r 168 159 275 ' 294 315 143 146 139 349 366 337 191 187 184 107 108 104 155 157 150 Nonferrous Metals and Products Aluminuml Brass, bronze, and copper Clocks and watches Jewelry Lighting equipment Silverware and plated ware Smelting and refining Lumber and Products Furniture. Lumber, millwork Lumber, sawmills Stone, Clay and Glass Products Brick, tile, and terra cotta Cement Glass Marble, granite, and slate Pottery... Textiles and Products Fabrics Carpets and rugs Cotton goods Cotton small wares ; Dyeing and finishing textiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk and rayon goods Woolen and worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets and allied garments Men's furnishings Millinery Shirts and collars Leather and Manufactures Boots and shoes Leather Oct. Nov. 114.2 116.6 118.3 118.6 119.4 122.0 124. 128. 133.3 133.3 r132.3 132. 134. 114.6 117.6 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143. 113.8 115.7 115.6 115.2 115.9 118.0 120 123.7 126.3 125.5 123.8 123.6 125. Iron and Steel and Products Blast furnaces, steel works, etc Bolts, nuts, washers, and rivets Cast-iron pipe Cutlery and edge tools Forgings Hardware Plumbers' supplies Stamped and enameled ware Steam and hot-water heating Stoves Structural and ornamental metal work. Tin cans and tinware Tools Wirework Transportation Equipment Aircraft Automobiles Cars, electric- and steam-railroad Locomotives Shipbuilding Sept. 143.9 145.6 150.4 152.9 154.1 158.7 164.6 4,447 4,731 5,089 5,398 5,509 5,813 6,121 127 123 123 123 124 125 128 70 64 75 71 70 74 67 52 40 49 51 54 58 44 204 268 244 262 285 301 220 126.3 214 162 101 98 105 75 94 129.4 218 168 102 101 106 76 96 133.3 229 173 107 102 110 77 135.1 224 176 109 105 112 79 100 73.6 93 71 66 75.2 96 72 67 76.3 97 74 68 75.5 98 72 67 136.2 220 179 111 107 110 79 101 93.3 91 85 93.2 91 86 196.1 7,160 149 89 67 387 144.1 230 190 121 115 115 84 102 147.8 240 193 125 120 118 94 103 139. 149 172 97 128 113 117 100 231 125 109 106 132 147 217 r 138. 148 170 98 129 115 115 99 225 125 r 105 107 127 145 203 177.8 179.3 181 180 173 175 168 r 168 323 348 147 148 355 360 183 179 110 110 158 160 138. 148 169 101 130 114 113 98 225 123 104 107 138 146 202 139.5 150 171 99 134 116 115 97 220 124 108 107 137 148 198 181.2 172 177 169 371 149 365 194 110 159 183.3 167 178 193.1 r 195.2 T 204.5 208.8 7,897 8,779 9,459 9,799 139 - 128 129 127 r 88 98 100 100 70 r 73 74 77 398 440 490 532 147.9 r144.i 246 244 195 194 121 110 119 r 110 118 119 87 85 105 103 142.9 238 191 114 105 119 84 100 150 * 206 110 159 202.4 143.2 74.0 74.2 74.6 75.9 78.9 78.4 77.3 76.3 76.9 98 101 104 106 108 107 103 104 101 71 70 69 71 75 76 75 75 76 65 64 65 65 68 68 68 67 67 78.3 105 75 68 90.4 94.6 92.9 92.3 68 74 75 71 76 76 75 75 117 116 120 118 46 47 46 46 105 108 108 108 105.3 107.2 107.3 107.1 107.6 98.8 98.7 97.7 99.1 100.4 82 83 82 85 84 99 101 97 99 100 90 94 87 92 93 132 136 129 132 134 85 83 84 83 83 144 142 141 144 142 74 68 71 69 69 77 78 76 81 78 149 143 151 144 141 64 66 65 63 64 98 102 99 98 98 118.0 121.9 122.0 120.5 119.3 115 110 109 114 111 170 164 168 166 166 114 114 114 114 113 116 118 118 116 118 82 78 68 69 76 126 125 117 122 131 94.3 93 85 140.7 234 182 118 113 112 82 102 174.2 6,522 132 81 61 341 140.2 150 173 94 130 112 116 103 231 126 115 107 132 146 198 134.6 144.0 125.7 141. < 240 191 110 106 114 82 99 65 74 117 45 100 93.8 92 84 138.9 229 181 115 111 112 81 101 139.1 149 169 95 130 112 105 102 228 123 121 105 131 142 218 Dec. 94.3 92 92.3 70 74 121 45 109 109. 103.3 86 103 97 138 80 141 71 79 141 69 109 119.8 114 159 114 119 78 128 95.5 93 90 92.1 69 73 122 45 109 112.9 105.9 89 106 103 141 83 144 76 81 155 74 109 124.0 122 161 116 121 73 131 93.7 69 74 124 44 116 116.1 109.0 90 111 107 144 86 146 81 79 163 75 110 127.0 124 170 119 124 68 133 98.6 73 77 131 43 126 120.0 111.1 89 113 110 149 86 149 85 90 162 72 112 135.0 124 193 119 137 75 135 98.4 74 78 130 42 123 117.1 109.6 91 115 110 143 79 144 83 88 161 67 108 128.8 120 176 122 137 79 135 98.7 74 79 130 43 122 114.7 107.2 91 112 110 140 77 135 78 88 158 61 112 126.6 119 171 123 135 77 134 96.8 101.0 98 94 95 90 100.2 97 97 97.9 94 96 98.0 94 r 107 113 111 82 100 100.9 76 83 133 45 121 113.1 104.9 90 110 109 130 78 132 78 87 147 61 110 126.7 125 167 122 120 68 132 101.7 77 85 132 46 121 112.9 104.2 90 109 109 134 76 133 80 85 148 60 107 127.7 128 168 111 114 69 135 99.6 104.2 96 101 98 97 103.5 101 97 98.9 73 79 131 45 122 112.7 105.2 90 111 108 135 78 133 77 87 147 60 109 124.7 120 165 111 128 75 131 * Included in total and group indexes but not available for publication separately. 1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569. NOTE.—Figures for December 1941 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. 160 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 1941 Industry and group Aug. Sept. Oct. Nov. Dec. 140.7 152 303 102 164 90 78 83 126 91 103 146.8 152 311 105 200 96 78 * 83 127 98 98 147.2 152 316 105 186 96 79 83 133 137 99 62.0 64.1 54 54 63 65 65.0 54 66 66.5 57 68 124.7 139 129 107 116 126.0 140 129 107 120 144.5 145.4 146.3 129 129 127 150.6 184 93 95 88 144 141 141 * 118 124 115 144 145 144 320 324 323 94 96 94 147.5 129 151.9 187 93 146 * 115 144 319 95 110.3 80 87 187 109.7 78 85 189 Nov. Dec Jan. Feb. Mar. Apr. May June July 132 A 144 281 102 152 90 78 81 114 102 95 135.6 144 285 101 157 91 78 81 121 145 97 133.3 143 281 98 149 89 78 80 112 240 92 131.0 145 279 99 144 88 77 81 111 144 89 131.3 146 278 102 139 91 78 79 113 111 97 132.5 148 277 105 140 92 79 82 114 97 103 135.0 149 287 107 147 89 78 79 119 99 102 137.3 151 286 105 156 90 80 78 121 93 101 138.4 149 289 102 161 97 79 78 123 89 94 140.9 152 298 104 169 100 77 79 124 76 93 63.4 55 65 64.7 57 66 66.3 57 68 64.9 54 66 64.0 54 65 65.0 54 66 65.8 54 67 65.8 53 68 65.7 53 67 64.4 53 66 Paper and Printing Boxes, paper Paper and pulp ; Book and job printing Newspaper and periodical printing . . . 116.8 120 116 101 118 117.3 122 116 102 117 117.1 123 116 103 116 117.2 122 117 101 116 118.5 125 119 103 117 119.8 129 120 104 117 121.2 132 123 104 117 122.9 139 125 104 117 124.8 142 126 108 117 125.1 124.4 143 141 128 * 128 106 105 118 117 Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum refining Chemicals. Cottonseed oil, cake and meal Druggists' preparations Explosives Fertilizers Paints and varnishes Rayon and allied products Soap 123.9 120 124.9 147 101 113 * 107 127 311 82 125.3 120 126.6 151 102 113 126.8 120 128.5 154 102 116 * 104 130 310 88 128.1 120 130.0 157 100 118 * 103 130 306 90 129.0 121 131.1 161 94 119 * 95 134 308 89 133.6 121 136.6 163 110 122 136.9 123 140.4 168 106 129 * 118 136 330 93 140.7 125 144.7 172 107 132 143.0 127 146.9 173 109 136 * 129 145 326 98 145.2 127 149.5 179 101 138 Rubber Products Rubber boots and shoes Rubber tires and inner tubes Rubber goods, other 93.6 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0 78 74 82 69 67 60 82 69 64 83 86 82 75 79 78 87 80 77 192 160 179 176 174 171 194 177 167 Food and Kindred Products Baking Beverages Butter Canning and preserving Confectionery Flour Ice cream Slaughtering and meat packing Sugar, beet Sugar refining, cane Tobacco Manufactures Tobacco and snuff Cigars and cigarettes r 103 128 314 87 112 135 324 91 124 140 337 94 138.6 151 294 102 155 91 79 r 78 125 98 103 124.9 138 128 108 117 r 148.7 r149.4 r 181 180 r r 124 148 328 99 113.3 111.6 75 78 79 86 87 87 196 189 200 Revised. * Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Year and month Total non-agricultural employment 1 2 Employees in nonagricultural establishments Total 2 Manufacturing* Mining TransporConstruc- tation and public tion utilities Trade* Financial, service, and miscellaneous Government 2 Military and naval forces3 SEASONALLY ADJUSTED 1940—December 37,972 31,829 11,160 837 1,974 3,064 6,770 4,144 3,880 884 1941—January February March April . . May Tune 38,097 38,314 38,263 38,329 38,824 39,296 39,903 40,100 40,013 40,185 40,596 40,753 31,954 32,171 32,120 32,186 32,681 33,153 33,760 33,957 33,870 34,042 34,453 34,610 11,297 11,335 11,413 11,636 11,886 12,221 12,605 12,614 12,545 12,592 12,728 12,753 849 846 855 572 877 889 914 923 908 892 892 891 2,014 2.132 ,933 ,859 ,698 ,644 ,668 ,666 ,683 ,776 ,924 5,092 3,077 3,087 3,105 3,133 3,192 3,220 3,264 3,302 3,303 3,292 3,310 3,313 6,630 6,662 6,677 6,803 6,781 6,865 6,944 7,027 6,968 6,989 7,043 7,009 4,151 4,158 4,162 4,166 4,188 4,204 4,242 4,246 4,241 4,251 4,266 4,270 3,936 3,951 3,975 4,017 4,059 4,110 4,123 4,179 4,222 4,250 4,290 4,282 958 1,145 1,343 r 1,546 r 1,662 r 1.740 r 1,857 r 1,944 1,992 r 2,014 1940—December 38,161 32,018 11,127 855 ,720 3,039 7,247 4,099 3,931 884 1941—January February March April Mav June July August September October November December 37,142 37,448 37 761 38,228 38 902 39,475 39,908 40,292 40,710 40,777 40,749 40,940 30,999 31,305 31,618 32,085 32,759 33,332 33,765 34,149 34,567 34,634 34,606 34,797 11,075 11,273 11 457 11,684 11,886 12,154 12,391 12,595 12,777 12,799 12,756 12,703 852 854 ,623 ,678 ,631 ,775 ,782 ,816 ,895 ,921 ,936 ,960 ,961 ,820 3,012 3,028 3,056 3,113 3,185 3,239 3,290 3,326 3,367 3,365 3,322 3,287 6,487 6,491 6,578 6,792 6,753 6,861 6,837 6,897 7,008 7,070 7,146 7,503 4,063 4,075 4,097 4,174 4,235 4,260 4,300 4,300 4,325 4,256 4,229 4,223 3,887 3,906 3,935 3,983 4,049 4,126 4,164 4,210 4,248 4,269 4,281 4,345 July August September October November December r UNADJUSTED 864 564 869 876 888 900 906 915 911 907 958 ,145 ,343 ,546 ,662 ,740 ,857 ,944 ,992 .014 I I * Adjusted to Census of Manufactures through 1939. r Revised. t1N o t available for publication. Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. 3 Adjustment for seasonal variation in the figures for military and naval forces has]been discontinued and this change has been carried back to October 1940. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for December 1941 are preliminary. Back figures, adjusted for seasonal variation, may be oLtained from the Division of Research and Statistics. FEBRUARY 1942. 161 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] Factory employment Industry and group Total Durable goods1 Nondurable goods 1 ... 1941 1940 Nov. 1 Factory payrolls Dec. Aug. Sept. Oct. 1941 1940 Nov. Dec. Nov. Dec. Oct. Sept. Aug. Nov. Dec. r r 114.7 116.2 133.1 135.2 135.4 134.7 134.0 116.4 122.4 158.1 r162.6 166.8 165.2 169.8 115.5 117.7 138.7 142.1 144.0 144.6 143.9 125.1 131.7 -177.6 183.3 r 191.3 190.3 195.9 113.8 114.8 127.7 128.7 127.1 125.3 124.6 106.6 112.1 136.3 139.5 139.2 137.2 140.6 Iron and Steel and Products Blast furnaces, steel works, etc Bolts, nuts, washers and rivets Cast-iron pipe Cutlery and edge tools Forgings Hardware Plumbers' supplies Stamped and enameled ware Steam and hot-water heating Stoves Structural and ornamental metal work . Tin cans and tinware Tools Wirework 119.3 127 128 86 112 84 109 94 190 102 106 87 100 112 204 121.6 130 135 87 110 89 113 97 196 103 104 90 99 117 207 139.9 149 171 96 127 111 113 103 225 125 117 110 145 143 190 140.5 149 171 98 128 113 116 99 228 127 116 r 110 145 144 208 139.4 148 170 98 132 114 115 100 227 128 r 114 r 109 130 146 205 138.8 148 169 98 133 114 113 98 225 125 110 108 135 147 204 138.6 149 171 98 134 117 115 97 220 124 105 106 131 150 198 125.8 135 162 89 108 107 122 90 209 103 101 79 104 125 235 133.0 142 178 97 114 120 128 95 225 105 100 86 113 137 242 172.0 183 257 112 148 170 146 107 286 148 127 125 185 190 248 r 170.6 178 246 116 150 r 176 149 106 291 155 128 r 124 188 197 272 r 173.1 181 256 119 r 158 r 182 152 115 296 158 r 129 127 157 202 277 172.0 175.7 183 186 253 264 118 122 161 166 180 195 153 148 107 109 288 296 150 161 115 114 122 116 166 172 205 209 261 280 Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products.. Machine tools Radios and phonographs , Textile machinery „„ Typewriters ».„.«.« 131.2 137 134 121 201 110 266 159 83 131 136.1 143 135 126 211 114 276 159 86 132 176.5 172 170 167 315 146 352 202 108 156 178.6 180.1 171 170 173 175 169 r 169 r 325 340 147 148 357 362 r 212 218 109 109 161 158 181.4 168 177 169 353 149 367 218 109 162 183.3 167 177 * 149.3 160 144 145 275 115 355 156 80 166 163.0 171 148 158 303 127 394 164 91 147 243.4 228 223 240 546 186 553 234 136 222 248.2 230 230 241 r 573 188 578 254 141 233 r 255.3 224 223 242 676 191 599 267 141 236 145.8 149.8 4,402 4,684 130 130 62 66 41 43 204 221 172.0 7,897 111 89 70 388 r 190.9 r203.2 210.3 205.9 166.0 169.4 8,516 9,175 9,702 * 5,013 5,370 124 129 130 116 151 145 95 97 97 * 54 62 72 75 * 43 48 77 r 443 r495 532 * 238 288 224.4 10,303 139 94 93 615 r 146.5 rr147.3 243 242 194 193 111 118 120 121 r 119 r123 86 87 103 101 145.7 145.0 141.7 149.6 182.6 243 * 270 277 346 191 * 202 219 274 116 112 122 120 156 120 116 94 97 113 120 115 100 102 119 87 86 83 87 94 100 101 96 103 118 r Transportation Equipment „ .r Aircraft. ; Automobiles Cars, electric- and steam-railroad Locomotives Shipbuilding »... Nonferrous Metals and Products.. Aluminum1 , Brass, bronze and copper..., Clocks and watches Jewelry Lighting equipment Silverware and plated ware. Smelting and refining 129.9 218 162 107 110 110 80 95 131.2 218 168 106 104 110 79 97 145.5 241 193 118 118 112 85 104 74.4 97 71 66 73.7 97 72 65 81.0 108 78 71 Stone, Clay and Glass Products Brick, tile and terra cotta Cement Glass Marble, granite and slate ............ Pottery 88.6 65 74 117 46 102 Textiles and Products „... „.... „. „...... Fabrics .............,. Carpets and rugs „ .„ „. .„.... Cotton goods Cotton small wares Dyeing and finishing textiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk and rayon goods Woolen and worsted goods Wearing apparel „. Clothing, men's Clothing, women's Corsets and allied garments Men's furnishings Millinery Shirts and collars 105.5 98.7 82 98 87 132 82 145 73 77 150 65 99 116.2 105 165 113 128 61 121 Lumber and Products Furniture Lumber, millwork... Lumber, sawmills r 150 • 219 110 162 255.7 232 233 245 r 6l6 195 r 596 262 142 233 270.3 218 231 * * 201 * 286 150 235 252.6 r282.0 287.8 288.4 11,146 12,302 13,205 * 159 r177 176 151 101 115 112 r 99 103 106 r r 704 803 827 * 185.5 r185.7 355 355 271 r268 149 161 121 r 122 r 138 136 104 103 118 120 181.5 365 261 155 116 124 102 121 191.7 * * 150 123 126 101 122 87.7 120 72 72 70.9 90 58 61 71.5 93 60 60 92.3 90.8 r r92.4 116 118 121 75 73 75 80 78 78 86.5 119 71 70 88.7 65 72 117 45 106 101.3 101.8 r102.1 101.5 99.8 82.1 79 79 78 76 54 74 84 84 82 83 81 73 130 130 132 133 131 132 45 46 47 46 45 32 119 121 124 124 97 123 85.7 57 72 138 33 102 104.2 105.4 r109.4 77 76 76 94 94 93 155 161 174 36 37 37 124 125 131 106.1 107.1 73 72 92 90 169 173 35 35 128 132 107.0 100.4 82 101 90 134 84 146 71 77 148 65 101 117.2 108 164 113 123 61 122 115.4 106.9 91 110 106 136 82 142 81 86 161 68 109 129.6 123 176 119 128 80 134 97.6 95.6 76 98 92 121 82 160 62 74 130 54 96 95.6 86 126 123 133 42 115 119.3 114.4 93 126 123 133 91 154 77 91 157 64 119 121.7 114 154 139 144 75 141 118.1 118.7 94 135 128 132 76 160 77 97 140 60 125 109.5 109 126 149 157 40 156 80.4 108 76 70 115.5 106.3 91 110 108 136 79 136 83 88 161 63 111 r 131.3 124 178 123 132 85 136 79.7 77.8 76.8 107 108 107 77 76 74 69 66 66 114.7 106.2 91 111 109 135 78 135 83 88 151 62 110 r 129.0 r 123 173 112 134 77 137 113.2 105.9 90 111 109 133 76 135 80 88 146 61 109 124.8 121 164 121 130 61 137 112.7 106.0 90 111 109 136 75 135 77 85 147 61 111 122.7 120 162 110 121 61 135 92.2 90.8 73 92 87 114 73 160 64 73 130 52 89 89.4 76 120 121 140 41 111 123.4 122.3 118.0 120.1 97 94 130 136 128 128 136 136 80 75 151 161 81 80 96 99 157 148 62 62 129 127 r 126.3 r119.1 115 113 162 145 151 143 157 167 84 60 147 157 121.5 123.1 95 138 130 142 82 164 73 98 147 62 134 110.9 111 132 135 135 40 153 r Revised. * Included in total and group indexes but not available for publication separately. Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 1 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 payrolls Factory employment Industry and group Leather and M anufactures Boots and shoes Leather Food and Kindred Products Baking Beverages . ... Butter Canning and preserving. . Confectionery Flour Ice cream . . . Slaughtering and meat packing Sugar, beet. . Sugar refining, cane Dec. Aug. Sept. Oct. Nov. r 1941 1940 1941 1940 Nov. Dec. Nov. 104.7 101.6 100.5 101 109 95 114 93 116 88 118 100 122 165.5 155 430 170.1 157 402 100 359 115 162.9 158 381 157.6 160 351 156.5 157 360 90.6 98.5 96.7 99.5 68.5 95 97 95 97 92 98 78.5 98 95 96 98 63 83 73 90 132.6 146 263 130.5 144 261 159.3 153 328 162.7 154 315 152.4 155 303 145.7 154 291 140.8 152 289 128.8 138 302 132.5 138 300 99 96 103 101 79 78 70 71 116 277 94 125 235 94 111 106 102 103 304 91 322 102 218 106 162 110 78 95 122 64 95 81 84 80 78 124 91 104 79 73 126 245 103 130 265 97 101 123 106 79 71 138 222 97 82 84 101 100 93 104 72 61 73 61 119 288 84 106.8 Oct. 88 86 123 102 96.9 Sept. 84 84 98.9 Dec. Aug. 87.0 101.1 Nov. Dec. 137 263 85 105 325 101 93 81 84 173 126 83 67 88 71 77 146 95 103 143 68 100 97 97 244 122 154 308 90 151 229 94 95 128 123 89 67 168 247 96 66.8 56 68 65.6 57 67 65.8 52 68 63.9 54 65 67.3 54 69 68.4 55 70 67.5 57 69 66.4 67 66 67.4 70 67 70.0 68 70 70.4 69 70 75.6 71 76 77.1 72 78 76.4 76 76 Paper and Printing Boxes, paper Paper and pulp. Book and job printing Newspaper and periodical printing.... 118.2 126 116 103 118 119.5 125 116 105 r 120 123.9 142 128 106 115 124.9 145 128 105 117 126.5 147 128 108 118 126.6 147 129 108 118 128.3 145 129 110 122 115.4 144 124 90 112 120.8 145 129 98 116 130.9 182 163 99 110 133.3 188 163 99 114 135.9 195 165 103 115 137.4 194 167 105 116 143.7 193 169 109 129 Chemicals, Petroleum, and Coal Products... Petroleum refining Other than petroleum refining Chemicals . . . Cottonseed oil, cake and meal Druggists' preparations Explosives Fertilizers . . . Paints and varnishes Rayon and allied products . Soap 125.3 121 126.4 148 133 116 125.7 120 127.1 150 129 116 141.9 128 145.3 180 71 136 146.4 129 150.7 182 r 114 143 148.1 129 152.7 183 r 135 146 147.7 129 152.3 185 123 148 147.9 129 152.4 187 117 149 139.4 133 141.2 182 129 131 143.9 139 145.4 188 129 131 179.9 159 186.3 247 65 165 186.7 166 192.9 r 251 r 114 176 190.8 168 194.2 168 202.3 265 133 189 198.7 175 206.1 271 127 184 106 Tobacco Manufactures Tobacco and snuff Cigars and cigarettes Rubber Products . Rubber boots and shoes Rubber tires and inner tubes Rubber goods, other 90 110 126 315 85 145 329 97 144 327 98 97.5 67 77 167 111.8 111.5 77 87 193 92 95 126 315 85 94.4 61 75 163 r 79 87 193 104 101 144 325 98 143 323 97 142 321 93 77 136 331 100 139 334 106 172 368 135 lll.6 111.5 110.4 102.0 111.1 138.8 80 82 81 66 81 102 104 87 190 85 189 96 174 116 228 107 r 234 r 86 r 193 81 90 163 r r 197.9 r 261 r 144 183 112 91 1 134.8 99 103 172 386 139 174 386 142 170 374 140 r 141.0 138.1 110 107 118 229 112 234 104 174 391 134 136.6 107 108 238 r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for December 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Industry and group Total .... Durable goods Iron and Steel and Products Machinery . . Transportation Equipment Nonferrous Metals and Products Lumber and Products. Stone Clay and Glass Products. Nondurable goods Textiles and Products Fabrics . . . . .. . . Wearing apparel Leather and Manufactures Food and Kindred Products Tobacco Manufactures Paper and Printing Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum refining.... Rubber Products r Average hourly earnings (cents per hour) 1941 1940 1941 1940 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. July Aug. Sept. Oct. Nov. 39.3 38.6 40.3 41.0 40.9 41.1 40.3 67.3 67 8 74.4 74.5 75.8 77.0 78.1 41.0 40.2 41.5 42.6 42.3 42.9 41.8 73.9 74.4 82.6 83.0 84.3 85.3 86.5 39.9 42.4 41.6 42.0 40.7 38.1 39.6 42.0 40.4 41.4 38 9 37.1 39.9 44.6 41.2 42.0 39.9 37.4 41.4 45.1 r 41.8 43.0 41.8 38.5 40.7 45.1 41.7 43.1 41.1 38.2 41.5 45.4 43.0 42.7 41.5 39.2 40.9 44.6 41.4 41.6 39 5 37.8 77.8 74.9 89.8 71.2 52.4 67.1 78.1 75.2 90.2 72.7 52 6 67.1 86.2 83.6 98.8 80.3 57.7 72.0 87.1 84.4 98.8 80.8 58.8 72.1 87.5 85.0 100.3 82.1 59.0 73.6 87.7 86.1 101.9 82.2 59.8 74.4 88.6 86.8 104.2 83.1 60 2 74.9 37.6 37.1 39.0 39.4 39.5 39.1 38.6 60.9 61.3 65.7 65.8 66.8 68.0 68.8 35.9 37.3 33.4 34.8 40.0 37.6 38.7 35.5 36.8 33.0 33.0 39.3 37.2 38.4 37.4 38.5 35.4 38.7 40.9 37.3 39.6 38.1 38.9 36.4 39.2 41.0 37.2 40.1 38.3 39.1 36.7 38.0 41.6 38.3 40.1 37.6 38.8 35.4 37.8 40.9 38.7 40.3 37.1 38.4 34.4 36.4 40.2 38.5 40.4 50.9 48.7 55.2 55.7 61.0 48.4 79.2 50.4 48 7 53.9 55.5 63 2 48.6 79.3 55.0 53.4 58.2 60.9 66.2 52.3 82.5 55.4 53.3 59.6 61.5 65.8 52.0 82.4 56.9 55.1 60.2 63.0 65.7 52.5 83.0 58.1 56.6 61.0 63.2 67.9 52.7 83.5 57.9 56.7 60.2 64.1 §9.5 53.2 84.3 39.3 36.4 40.2 38.0 38.8 35.7 39.8 37.9 40.0 37.4 40.8 39.2 40.0 38.0 40.6 39.4 39.9 37.2 40.7 38.5 40.2 36.9 41.1 39.1 39.9 36.6 40.9 39.3 75.7 96.3 68.7 77.4 76.5 96.6 69.6 78.1 83.8 103.0 77.7 84.5 83.7 102.5 78.0 86.1 84.5 108.3 77.6 85.9 85.0 109.7 77.9 86.5 87.4 111.1 80.5 87.8 Nov. r Revised. FEBRUARY 1941 163 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.] Residential building Total Month January February March April May June July August September October November December Factories Commercial Educational 1940 1941 1940 1941 1940 1941 1940 1941 1940 196.2 200.6 272.2 300.5 328.9 324.7 398.7 414.9 347.7 383.1 380.3 456.2 305.2 270.4 479.9 406.7 548.7 539.1 577.4 760.2 623.3 606.3 458.6 431.6 77.4 74.9 121.7 135.4 145.9 135.3 140.4 153.0 152.4 148.5 152.8 159.3 111.3 116.5 147.9 166.5 201.3 205.6 205.0 231.5 175.7 171.8 116.5 104.3 12.9 15.4 21.8 23.5 23.2 15.2 49.5 39.6 38.0 47.1 79.0 77.3 55.9 37.8 121.8 66.2 81.1 102.3 109.8 135.7 113.5 118.6 122.7 116.1 15.9 20.2 23.1 24.0 26.1 33.1 38.9 28.6 27.1 29.4 24.9 27.1 26.9 20.9 33.1 36.2 50.8 35.7 37.2 69.8 51.9 48.6 29.3 30.7 17.4 15.3 14.3 16.5 14.4 442.4 1,181.5 318.3 471.2 4,004.0 6,007.5 1,596.9 1,953.8 Year 1 Nonresidential building 1 1941 11.6 Other 1940 1941 1940 1941 24.2 23.5 36.1 29.7 53.5 49.0 54.5 69.4 44.7 88.5 33.6 15.3 66.3 55.2 76.7 76.3 92.8 97.5 119.3 142.8 94.0 98.2 79.1 114.3 75.1 63.9 130.6 96.9 144.9 133.0 151.7 242.0 229.3 165.0 149.2 156.3 9.8 8.2 18.6 13.9 8.5 8.9 7.3 8.8 17.7 26.9 19.6 24.0 25.6 29.4 34.1 36.6 26.4 41.2 35.9 69.3 147.2 140.9 386.7 6.1 8.1 9.3 7.9 10.4 11.2 17.1 13.5 19.1 11.7 Public works and public utilities 1 1 522.1 1,112.4 1,738.0 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Public ownership 1 Total Private ownership1 Month January February March April May June July . . . 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 215 140 199 235 216 233 295 243 188 231 270 244 318 322 281 207 202 198 209 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 354 196 201 272 301 329 325 399 415 348 383 380 456 305 270 480 407 549 539 577 760 623 606 459 149 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 98 171 160 203 179 279 148 111 128 160 135 128 137 158 144 92 93 82 95 103 112 147 205 195 144 175 195 258 124 105 269 184 267 314 348 520 403 371 298 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 68 132 123 139 143 142 142 141 154 123 110 104 109 173 170 174 161 163 154 179 170 156 129 104 119 177 197 217 177 194 220 204 209 186 198 181 166 211 223 281 225 229 240 220 235 161 275 August September October November December 234 226 208 200 1,334 1,152 1,705 1,708 1,802 2,675 2,913 3,197 3,551 4,004 Year 144 J 225 1,341 1,761 1,492 1,842 2,202 l B ackfigures.—SeeBULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] 1941 1940 Federal Reserve district Dec. Nov. Dec. 42,981 63,205 33,366 r 29,931 r 39,627 65,915 17,709 Cleveland Richmond Atlanta. 34,206 64,541 56,486 r 36,245 r 58,153 r 28,851 101,104 62,880 Chicago St. Louis Minneapolis 47,779 35,153 5,412 r 66,410 r 23,394 r 25,308 47,943 30,952 5,973 41,146 28,464 14,014 41,221 458,620 456,189 Boston New York Philadelphia Kansas City Dallas ... .... Total (11 districts) r Revised. 164 . 18,620 29,877 431,626 64,845 27,802 56,922 r COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] Number Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 1941 Liabilities 1940 Dec. Nov. Dec. 67 343 65 44 28 32 114 25 21 42 19 98 73 307 59 45 17 29 117 34 15 56 15 75 898 842 1941 1940 Dec. Nov. Dec. 89 409 86 43 41 33 167 40 17 39 26 96 2,116 4,289 613 434 151 328 #r852 224 292 447 213 1,510 689 3,234 1,030 316 136 310 1,397 426 81 407 256 915 863 5,091 642 1,425 884 363 1,214 727 147 271 380 1,302 1,086 13,469 9,197 13,309 New series. Includes cases of discontinuances where loss to creditors was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, Inc. FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] 1 Merchandise imports2 Merchandise exports Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January February March .... 223 233 257 289 262 275 213 219 268 370 347 351 325 303 357 240 278 307 171 163 173 178 158 190 242 200 217 229 234 268 -18 -45 -51 118 99 102 35 61 77 128 147 134 96 69 89 April June 269 290 265 274 257 233 231 249 236 323 324 350 387 385 330 287 285 286 160 148 146 186 202 179 212 211 211 287 297 280 -18 5 -21 115 109 87 45 47 57 111 112 138 100 88 50 July August September 268 277 297 228 231 246 230 250 289 317 351 295 r 364 r 460 425 265 246 233 141 166 168 169 176 182 232 221 195 278 283 263 3 31 63 87 65 79 61 74 107 84 130 101 October November December 333 315 323 278 252 269 332 292 368 344 328 322 3666 P492 224 223 209 178 176 171 215 235 247 207 224 253 304 P2S1 108 92 115 100 76 98 117 57 121 137 104 69 265 1,134 859 1,396 151 1,036 738 1,327 Year 3,349 3,094 3,177 4,021 Jan.—Nov 3,026 2,825 2,809 3,699 *>4,492 3,084 1,960 2,318 2,625 2,875 1,789 2,071 2,372 p 3,002 r r 86 178 162 3362 ^1,490 p 1 2 3 r Preliminary. Revised. Including both domestic and foreign merchandise. i General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1935-39 average=100] Forest Total Coal Coke Grain Livestock products 1940 1941 ANNUAL ] 109 130 111 123 137 168 101 112 96 91 114 139 Mis- cel- chanOre lanedise ous 147 183 110 136 SEASONALLY ADJUSTED 1940—Nov Dec 116 119 109 107 150 153 98 96 98 96 131 133 181 165 120 125 1941—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 122 124 126 112 135 139 138 139 130 127 135 137 109 113 128 45 138 156 150 158 133 121 121 111 145 149 168 137 182 189 200 199 176 165 159 167 102 102 113 113 124 126 112 103 111 97 118 124 88 93 93 93 91 88 83 84 84 95 93 101 138 133 127 130 130 136 149 152 138 140 146 145 180 181 192 266 266 152 156 155 149 204 204 246 130 131 128 130 136 139 140 141 135 133 144 149 122 112 121 121 159 167 96 87 124 92 129 119 145 46 125 116 113 115 120 108 131 136 138 140 145 144 141 128 124 129 132 38 117 131 127 139 140 138 135 125 174 183 175 120 167 170 172 167 172 165 168 182 90 85 97 96 107 123 163 125 122 104 115 113 84 75 74 82 82 69 70 80 111 146 117 97 124 128 127 130 135 141 149 160 149 147 143 129 45 45 50 203 276 265 283 271 261 232 199 69 115 118 124 131 138 141 139 141 150 151 150 138 UNADJUSTED 1940—Nov Dec 1941—Jan Feb Mar Apr May June July Aug.... Sept Oct Nov Dec r Revised. Mer- REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS 1 [In millions of dollars] l.c.l. 96 SEASONALLY ADJUSTED* 100 1940—Oct Nov Dec 97 1941—Jan.. Feb.. 99 Mar. 99 101 June. 100 July.. 102 Aug.. 102 Sept.. 102 Oct... 100 Nov.. 99 97 97 UNADJUSTED 99 1940—Oct 100 Nov Dec Total railway operating revenues 363 379 401 Total railway expenses Net railway operating 311 311 316 r 389 402 417 382 439 474 471 485 464 453 476 316 319 334 323 346 363 370 377 379 403 403 73 84 83 59 93 110 100 108 85 49 73 414 375 382 326 304 303 r r 52 68 85 72 79 . Net income r9 25 43 32 43 41 17 50 68 58 65 42 11 43 31 51 98 1941—Jan 315 62 377 20 Feb 300 95 58 358 15 336 Mar 81 416 35 322 94 53 Apr 375 7 354 98 89 442 May 43 362 101 93 455 June 53 379 103 106 485 July 64 382 102 111 494 Aug 66 385 101 104 489 59 Sept 424 99 94 518 54 Oct 388 99 69 457 *>30 Nov 102 r 101 Revised. p Preliminary. 101 * Derived from Interstate Commerce Commission data. 1 96 Excludes switching and terminal companies. Does not include retroactive increases in wage payments, made in December 1941. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. adings. Basi tion of American Railroads. Total index compiled by combining with weights derived from revenue data of the Interstate Commerce Commission. FEBRUARY 1941 165 DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS Index numbers based on value figures; 1923-25 average = 100 Seasonally adjus ted SALES BY DEPARTMENTS Percentage change from corresponding period of preceding year Unadjusted December 1941 Department 1940 1938 1938 1939 90 88 86 83 88 88 88 88 92 90 89 89 101 103 103 104 70 70 80 82 87 86 89 91 83 83 87 88 85 86 87 88 90 92 93 95 1941 1939 1940 1941 SALES Jan ..,.„ Feb ...„„... Mar Apr. May June July Aug Sept. Oct. . Nov. Dec 79 71 71 86 69 69 82 88 86 86 82 93 106 105 104 80 79 87 83 89 87 105 100 92 98 115 134 58 65 60 69 64 77 106 97 94 100 101 116 105 116 111 91 92 99 156 97 99 106 168 105 101 114 179 125 112 r 133 197 85 90 94 110 64 70 75 76 76 73 Year ... 77 79 STOCKS 71 70 70 69 69 68 Jan Feb. Mar Apr May June July • Aug. Sept Oct. Nov Dec 68 71 70 69 68 67 67 68 68 67 66 67 71 73 74 74 74 77 63 67 71 71 71 65 60 65 69 69 68 64 61 68 71 71 70 64 67 67 68 82 61 60 61 73 67 67 67 67 67 68 69 69 70 71 72 87 92 97 95 65 70 74 78 65 71 77 82 66 73 79 83 92 62 64 66 84 95 108 110 *>86 68 68 69 83 71 68 66 71 Year .. + NET SALES—entire store. Main Store Basement Store Women's, girls', and infants' apparel and accessories 1 Main store Women's and misses' coats and suits... Women's and misses' dresses Blouses, skirts, sportswear, sweaters, knit apparel Juniors' and girls' wear Aprons, housedresses, uniforms Women's underwear, slips, negligees Infants' wear Women's and children's shoes Furs Basement* Men's 'and boys' wear Main store1 Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings.. Basement2 Home furnishings 1 Main store Furniture, beds, mattresses, springs.... Domestic floor coverings Draperies, curtains, upholstery Major appliances (refrigerators, washers, stoves, etc.) Domestics, blankets, comforters, linens, towels Basement (including domestics, blankets, linens, towels)2 1939-1940 1938-1939 Dec. 10 17 24 31 Jan. 7 14 21 28 181 Dec. 9 221 16 214 23 73 30 79 Jan. 6 83 13 80 20 76 27 1940-1941 188 235 242 79 82 86 83 79 +22 +9 Jan - ,?::: ...99 ...90 18... ...89 25... +12 +12 +15 +13 +10 +12 +18 +17 -13 +n +12 +9 +16 +11 +18 +16 +14 +14 +17 +12 +10 +15 +11 +14 +16 +18 +16 +16 +24 +23 +23 +16 +16 +18 +23 Shoes (basement only). +13 +13 +13 +12 +13 +10 +22 +22 +32 +17 +20 +24 +25 +20 +11 +10 +9 +11 +7 1941-1942 10.. ..130 17.. ..131 24.. ..119 +18 +10 +10 Main store Basement Dec. 7. ...197 Dec. 6... .215 13.. ..236 14.. ...232 21. ....258 20.. ..277 28 27.. ..174 124 Jan. 3....107 ...85 +15 +15 +13 +12 +11 Piece goods (dress and coat yard goods, all materials) WEEKLY INDEX OF SALES Weeks ending on dates shown. 1935-39 average = 100 Year 1941 * Based on reports from 236 stores. Reports of total sales from a larger number of stores, including many stores not reporting sales by departments, showed an increase of 15 per cent for December and 17 per cent for1 the year of 1941, as indicated in the table below. Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise, SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding period of preceding year Dec. Nov. Year 1941 1941 1941 United States... Boston New Haven Portland Boston Springfield Providence New York: Bridgeport Newark Albany Binghamton Buffalo Elmira Niagara Falls New York City.. Poughkeepsie Rochester Syracuse Philadelphia Trenton Lancaster Philadelphia Reading Wilkes-Barre York Cleveland Akron Cincinnati Cleveland . . . . Columbus Toledo r +15 +14 +15 +28 +8 +19 --17 —10 --17 --11 --12 --18 --20 --35 +31 +7 +15 --16 --20 --16 --13 --22 --15 +21 +19 +21 +17 +21 +13 +20 +14 +15 +11 +17 Cleveland (cont'd) +12 +16 Youngstown Erie +14 +16 Pittsburgh +22 Wheeling +12 +18 +20 Richmond Washington +12 +18 +6 +13 Baltimore Winston-Salem... +25 +22 +12 Charleston, S. C. Lynch burg +14 +24 Norfolk Richmond +23 +24 Charleston.W.Va. +20 +34 Huntington +35 +19 +25 +10 Atlanta^ Birmingham +2 +14 Montgomery +10 +16 +14 +21 Jacksonville +20 +16 Tampa Atlanta +12 +15 Macon +10 +19 Baton Rouge +23 +16 New Orleans +10 +18 Jackson +12 +17 Chattanooga +19 +17 +18 +20 Knoxville Nashville +14 +28 +20 +16 'hicago +11 +22 Chicago +15 +16 Peoria +8 +17 Fort Wayne +12 Vs +16 +24 +13 +17 +18 +17 +19 +8 +27 +15 +28 +14 +18 +13 +16 +35 +15 +16 +14 +13 +24 +15 +14 +23 +11 +28 +13 +28 +16 +17 +15 +4 +37 +16 +39 +10 +11 +10 +16 +34 + 15 +15 '+20 "+15 +15 +23 --26 +24 --18 +20 --13 +19 --14 +9 --10 --14 +28 ?6 ? +19 +23 +26 +16 +23 +20 +20 +20 +12 +35 +15 +38 +14 +22 +19 +18 +26 +15 +25 +20 +17 +25 +14 +16 +22 +23 +20 +19 +16 +10 +14 +27 Dec. Nov. Year 1941 1941 Dec. Nov. Year 1941 1941 1941 Dec. Nov. Year 1941 1941 1941 Chicago (cont'd) Indianapolis... Des Moines— Sioux City Detroit Flint Grand Rapids.. Lansing Milwaukee St. Louis Fort Smith Little Rock.... Quincy Evansville Louisville St. Louis Springfield.... Memphis Minneapolis Kansas City Denver Hutchinson Topeka Wichita Joplin Kansas City... St. Joseph Omaha Oklahoma City Tulsa Dallas , Shreveport Dallas (cont'd) +12 +6 +16 +18 +11 +19 Dallas +18 +15 +19 +22 +14 +13 Fort Worth +17 +16 +16 +13 +8 +11 Houston +23 +19 +24 +14 + +21 San Antonio +15 +15 +18 +16 San Francisco +28 +17 +29 +15 Phoenix +13 +5 +6 +22 Baker sfield....... +11 +13 +11 +18 +18 +21 Fresno +31 +37 +20 +15 +21 Long Beach +30 +12 +16 +36 +15 +20 Los Angeles +12 +18 +16 +24 Oakland and Berkeley +14 +17 +14 +19 +4 +14 +16 +8 +14 Sacramento +14 +15 +14 +15 +21 +31 San Diego.... +21 +23 +32 +20 +14 +17 San Francisco.... - 3 +4 +11 +33 San Jose +26 +4 +8 +6 +23 +12 +21 Santa Rosa... +14 +18 +13 +15 +19 +11 Stockton +16 +16 +11 +17 +5 +15 Vallejo and Napa +37 +35 +41 +14 +6 +16 Boise and +23 +17 +14 +16 . +8 +16 Nampa +29 +22 +23 +8 +8 +10 Portland Salt Lake City.. +20 +13 +19 - 3 +23 +25 +23 +11 +15 Bellingham +13 +15 Everett +24 +30 +27 +8 Seattle +28 +32 +30 -4 +14 Spokane +15 +8 +16 +22 +15 +20 +17 +32 Tacoma +15 +13 - 1 +4 +26 +11 +17 Walla Walla +18 +18 +14 +9 Yakima +17 +13 +23 +31 +21 4 l it tfo Vs Revised. 166 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All commodities Farm products Foods 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 71.3 82.7 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 76.2 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99.4 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.6 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 82.0 1940-November... December 79.6 80.0 68.2 69.7 72.5 73.5 84.1 84.1 102.3 102.3 74.5 74.8 71.9 71.7 97.6 97.6 98.9 99.3 77.5 77.7 88.6 88.9 77.5 77.3 1941—January February.... March April May June July August September... October November... December 80.8 80.6 81.5 83.2 84.9 87.1 88.8 90.3 91.8 92.4 92.5 93.6 71.6 70.3 71.6 74.4 76.4 82.1 85.8 87.4 91.0 90.0 90.6 94.7 73.7 73.5 75.2 77.9 79.5 83.1 84.7 87.2 89.5 88.9 89.3 90.5 84.3 84.4 84.9 85.9 87.4 88.6 89.7 90.8 91.6 93.4 93.5 93.7 102.4 101.6 102.6 103.9 106.4 107.8 109.4 110.2 111.3 112.6 114.1 114.8 75.2 76.4 78.4 81.0 83.0 84.5 86.2 88.3 89.7 90.9 91.1 91.8 72.1 72.1 72.0 72.9 75.6 77.9 78.5 79.0 79.2 79.6 78.8 78.4 97.7 97.6 97.7 97.9 98.1 98.3 98.5 98.6 98.6 103.1 103.3 103.3 99.6 99.3 99.5 100.1 100.4 101.0 103.1 105.5 106.4 107.3 107.5 107.8 78.6 78.5 79.8 81.8 83.6 83.8 85.2 86.0 87.4 89.7 89.8 91.3 89.0 89.1 89.5 90.4 91.4 93.1 94.4 95.4 97.2 99.5 100.6 101.1 77.1 76.9 77.6 78.6 79.6 80.6 82.0 83.7 85.1 86.4 87.3 87.6 Week ending 1941—September 27 October 4 . . . . October 11... October 18... October 25... November 1.. November 8.. November 15. November 22. November 29. December 6.. December 13. December 20. December 27. 1942—January 3 . . . . January 10... January 17... January 24... 91.2 91.6 91.6 91.7 91.2 91.6 91.7 92.3 92.2 92.3 92.2 93.1 94.0 93.8 94.3 95.0 95.6 95.5 89.9 90.3 90.5 89.8 88.1 89.5 89.6 90.7 90.3 91.1 90.8 92.8 96.0 95.5 96.9 98.8 100.8 100.3 87.6 89.7 89.2 88.4 87.5 88.2 88.8 89.6 89.5 89.2 88.7 90.4 91.6 91.2 91.9 92.5 94.1 93.6 92.0 92.1 92.3 93.1 93.0 93.1 93.1 93.6 93.6 93.7 93.7 93.8 93.9 93.9 94.1 94.3 94.4 94.5 112.3 112.4 112.6 113.2 113.2 114.1 114.1 114.1 114.9 115.4 115.4 115.4 115.5 115.6 115.7 115.7 115.6 115.7 89.6 89.9 90.1 90.2 90.3 90.3 90.4 90.5 90.4 90.6 90.7 91.0 91.4 91.5 91.6 92.4 92.6 92.7 80.1 80.1 79.9 80.0 79.9 79.9 79.7 79.6 79.4 79.4 79.2 79.0 79.0 79.0 79.0 78.9 78.9 78.9 98.7 98.7 98.6 102.2 102.2 102.2 102.2 103.4 103.4 103.3 103.3 103.4 103.4 103.4 103.4 103.5 103.5 103.6 106.6 106.6 107.1 106.9 107.0 107.3 107.1 107.1 107.4 107.4 107.4 107.8 107.5 108.1 108.3 108.9 109.1 109.5 88.1 89.7 89.8 89.7 89.6 89.8 89.8 89.5 89.5 89.7 89.7 91.5 91.7 91.7 95.1 95.3 95.6 96.5 98.3 98.5 99.7 99.9 99.9 100.0 100.1 101.6 101.7 101.9 101.9 102.3 102.3 102.3 102.5 102.4 102.7 102.7 85.1 85.0 85.9 85.6 85.5 85.5 85.9 87.2 87.1 87.1 87.2 87.5 87.5 87.4 87.5 87.7 87.9 88.1 Year, month, or week Subgroups ChemiHouseHides and Textile Fuel and Metals Building cals and furnishleather products lighting and metal materials allied materials products products products ing goods 1941 1940 Dec. Farm Products: Grains Livestock and poultry Other farm products Foods: Dairy products Cereal products Fruits and vegetables Meats Other foods Hides and Leather Products: Shoes Hides and skins Leather Other leather products Textile Products: Clothing Cotton goods Hosiery and underwear Silk Rayon Woolen and worsted goods Other textile products Fuel and Lighting Materials: Anthracite Bituminous coal Coke Electricity Gas Petroleum products Total Miscellaneous 1941 Subgroups Sept. Oct. Nov. Dec. 67.0 72.7 68.1 85.3 101.1 86.0 81.4 94.5 88.9 84.3 90.6 91.7 91.0 97.4 93.4 84.2 74.3 61.2 77.0 67.0 93.3 85.8 70.7 99.4 86.5 95.2 86.4 75.8 93.6 85.8 96.3 85.9 77.9 90.8 89.0 95.5 89.3 73.8 95.3 89.2 107.2 99.3 94.1 99.7 117.1 112.1 100.0 106.3 118.8 113.1 100.9 106.8 120.5 114.0 101.1 111.5 120.7 115.9 101.3 112.8 85.5 74.9 60.7 42.5 29.5 89.0 74.6 96.1 104.2 64.4 97.8 105.2 66.6 97.9 105.4 67.0 98.4 107.5 67.0 29.8 101.4 95.0 30.3 102.3 95.6 30.3 102.6 96.0 30.3 102.7 96.2 80.9 100.4 113.6 73.4 78.2 49.5 84.5 107.2 122.2 66.7 81.7 61.7 85.3 108.1 122.2 66.2 78.9 61.7 85.3 108.2 122.2 85.3 108.0 122.2 77.5 60.4 59.8 Metals and Metal Products: Agricultural implements... Farm machinery Iron and steel Motor vehicles Nonferrous metals Plumbing and heating Building Materials: Brick and tile Cement Lumber Paint and paint materials.. Plumbing and heating Structural steel Other building materials... Chemicals and Allied Products: Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers Oils and fats Housefurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous Dec. Sept. Oct. Nov. Dec. 92.6 93.9 95.4 100.3 83.4 80.5 93.4 94.4 96.9 100.4 84.4 87.1 93.8 94.8 97.0 112.3 84.6 87.8 96.3 97.4 97.1 112.3 84.8 87.9 96.4 97.5 97.0 112.4 84.8 89.1 91.1 90.9 118.8 85.4 80.5 107.3 94.5 95.7 92.2 129.1 94.7 87.1 107.3 100.2 96.6 92.7 129.5 96.0 87.8 107.3 101.5 96.6 93.1 128.7 95.3 87.9 107.3 103.2 96.7 93.4 129.4 96.5 89.1 107.3 102.5 85.4 96.2 70.0 74.3 42.4 88.2 104.4 76.6 77.1 91.3 88.4 124.1 77.3 77.5 93.4 88.3 123.2 77.3 79.6 92.9 88.6 123.0 77.8 81.2 101.9 95.1 82.2 102.1 92.2 104.4 94.4 105.2 95.8 105.6 96.6 58.3 90.1 93.1 42.7 82.8 60.8 126.2 101.7 47.1 91.0 65.5 112.9 101.9 46.6 92.1 67.4 120.7 102.2 46.3 92.2 67.4 124.4 102.5 46.3 92.4 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). FEBRUARY 1942 167 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK" ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart book WEEKLY F I G U R E S i 1941 Dec. Dec. Jan. 24 31 7 3 5 5 5 5 3 3 3,11 3 3 3 3 9 9 9 9 9 16 16 16 16 17 17 17 17 17 MONEY RATES, ETC. Treasury bills (new issues) Treasury notes 2 3 U. S. Gov't bonds Corporate Aaa bonds Corporate Baa bonds. Stock prices (1935-1939 = 100): Total Industrial Railroad Public utility Volume of trading (mill, shares) 21 21 21,29 29 29 31 31 31 31 31 BUSINESS CONDITIONS Wholesale prices: All commodities (1926=100): Total Farm 4products Other ....... Basic commodities (Aug. 1939 = 100), total 12 foodstuffs ..-. 16 industrial materials ,. „. .„ Steel production (per cent of capacity) Automobile production (thous. cars).,.. Freight-car loadings (thous. cars): Total Miscellaneous ,. m # Electric power production (mill. kw. hrs.)... Department store sales (1935-1939 = 100) F.H.A. home mortgages, new constr. (thous.) 168 Chart book page Jan. 21 MONTHLY FIGURES 1941 Oct. Nov. Dec In billions of dollars RESERVES AND CURRENCY MEMBER BANKS Total, 101 cities: Loans and investments Balances due to domestic banks Demand deposits adjusted Time deposits New York City: Commercial loans Brokers' loans U. S. Gov't obligations 100 cities outside New York: Commercial loans U. S. Gov't obligations Jan. 14 In billions of dollars RESERVES AND CURRENCY Reserve Bank credit, total U. S. Gov't securities, by maturities, total Within 1 yr Within5yrs After 5 yrs Gold stock Treasury currency Money in circulation Treasury cash holdings Treasury deposits Nonmember deposits Member bank reserves6 Excess reserves—total New York City Chicago... Reserve city banks Country banks 6 1942 35 35 35 36 36 36 44 44 45 45 46 46 47 2.36 2.39 2.39 2.38 Reserve Bank credit, total U. S. Gov't securities 2.24 2.25 2.25 2.25 2.25 Bills discounted .19 .19 .19 .19 .10 Gold stock .92 .92 .92 .92 .83 Money in circulation 1.33 1.34 1.34 1.34 1.42 Treasury cash 22.75 22.74 22.74 22.74 22.75 Treasury deposits 3.24 3.25 3.25 3.25 3.26 Reserve balances 11.22 11.16 11.11 11.06 11.08 Required reserves 2.20 2.22 2.22 2.22 2.20 Excess reserves .91 .87 .66 .42 .28 Money in circulation, total 1.42 1.36 1.38 1.40 1.39 Coins and bills under $50 12.45 12.45 12.72 12.99 13.15 Bills of $50 and over 3.02 3.10 3.30 '3.49 '3.59 TREASURY FINANCE .89 .96 1.03 1.03 1.14 .23 .20 .25 U. S. Government debt: .21 .26 Direct obligations, total 1.16 1.13 1.26 1.37 1.38 Bonds .73 .82 P. 84 P.S2 .79 Notes Bills Special issues 30.29 30.09 30.13 30.23 30.21 Guaranteed obligations 9.04 9.04 9.04 9.27 9.24 23.99 23.65 23.88 24.17 24.43 5.35 5.35 5.32 5.28 5.25 MONEY RATES, ETC. F. R. Bank discount 2.61 2.57 2.58 2.59 2.60 rate, N . Y .37 .36 .31 Treasury bills (new issues) .36 .36 7.00 6.92 6.98 7.02 6.97 Treasury notes 2 U. S. Gov't bonds 3 4.18 r4.15 4.14 4.14 Commercial paper 8.17 8.13 8.16 8.24 8.37 Corporate Aaa bonds Corporate Baa bonds Per cent per annum 2.50 ,.. 2, 7 „ 7 ,. 7 2 2 2 2 2, 8 8 8 10 10 10 19 19 19 19 19 19 2.32 2.18 2.31 2.18 2.40 2.22 .01 22.78 10.27 2.22 22.79 10.50 2.19 22.76 .53 .67 13.10 8.10 5.00 10.36 7.54 2.83 12.90 9.29 3.61 10.64 7.77 2.87 10.99 2.19 .59 12.81 9.42 3.39 11.16 8.12 3.04 53.04 37.65 7.33 1.40 6.66 6.94 54.54 37.88 8.15 1.70 6.81 6.32 57.45 40.00 8.47 2.00 6.98 6.32 .01 .01 Per cent per annum 23 23 23 29 25 25, 29 , 29 1.00 0.049 0.41 1.88 1.00 0.242 0.57 1.85 1.00 0.298 2.73 4.28 2.72 4.28 2.80 4.38 .50 .50 0.64 1.97 .56 In unit indicated .310 .304 .119 .196 .231 0.64 .58 .48 .46 .46 Stock prices (1935-1939=100): 2.02 2 .01 1 .99 2.00 2.01 80.4 Total „ 31 77.4 71.8 2.84 2 .86 2 .83 2.83 2.83 81.6 Industrial „ 31 78.6 73.8 4.41 4 .41 4.31 4.28 4.28 70.3 Railroad „ 31 68.4 61.0 78.5 Public utility ,. 31 74.5 66.2 In unit indicated .56 Volume of trading (mill, shares)... 31 .79 1.54 . Brokers' balances (mill, dollars): Credit extended customers.... 33 628 625 600 Money borrowed S3 414 368 69.3 71.1 73.2 73.3 71.6 409 Customers' free credit 71.6 73.0 74.8 75.0 73.2 balances 33 255 264 58.7 61.3 66.9 69.5 68.8 61.9 65.2 67.4 66.4 65.0 BUSINESS CONDITIONS .49 Wholesale prices: 1.55 1.89 .67 .55 All commodities (1926 = 100): Total 5 35, 65 92.4 92.5 93.6 Farm 4 products 35 90.0 90.6 94.7 Other 35 93.4 93.5 93.7 93.8 94.3 95.0 95.6 95.5 Industrial commodities 95.5 96.9 98.8 100.8 100.3 (Aug. 1939 = 100): 93.9 94.1 94.3 94.4 94.5 Total 37 117.9 117.9 118.5 114.3 Finished .•••.-•• 37 114.4 114.4 158.7 160.6 162.2 164.0 164.2 Raw and semifinished 37 125.2 125.1 126.6 172.8 176.3 179.5 180.6 180.3 148.8 149.6 150.2 152.3 153.0 Cost of living (1935-39 = 100): All items 39 109.4 110.2 110.5 Rent 39 107.5 107.9 108.2 93.4 96.1 96.4 97.8 97.7 Clothing 39 112.8 114.4 114.8 24.6 18.5 60.2 75.6 79.9 Food 39 111.6 113.1 113.1 606.5 676.5 737.2 811.2 817.8 6 280.3 312.5 318.3 355.3 370.4 Estimated. p Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the r 3,234 3,289 3,473 3,450 3,440 Wednesday included in the weekly period. 2 Tax-exempt issues only. 174 107 130 119 * Partially tax-exempt issues only. 131 4 Other than farm products and foods. 5 2.24 2.24 3.32 3.49 4.75 Estimate for January is shown on page 155. * Copies of this Chart Book may be obtained at a price of 50 cents each. FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart MONTHLY FIGURES (cont.) Industrial production: Total (1935-39 = 100)... „. .„ „. .„ . . 4 1 , 42 Durable manufactures 41 Iron and steel „„ 42 Machinery, etc „.«.„..». 42 Other durable ,..„.„.„ 42 Nondurable manufactures......... .„ 41 Textiles and leather ,.... 42 Paper and printing 42 Foods, liquors, and tobacco . . . 42 Other nondurable 42 Minerals .41, 42 New orders, shipments, and inventories: New orders, total (Jan. 1939 =100). 43 Durable 43 Nondurable 43 Shipments, total (Jan. 1939 = 100). 43 Durable 43 Nondurable ,. 43 Inventories, total (1939 = 100) „.... 43 Durable *.... 43 Nondurable ...„.«..„ 43 Freight-car loadings:i 2 3 Total (1935-39 = 100) 57 Coal 57 Miscellaneous 57 Allother 57 163 78.5 21.1 41.7 r 15.8 64.6 19.7 12.7 18.3 13.9 r 19.7 166 79.2 21.0 42.1 16.0 66.9 20.5 13.4 19.0 14.1 19.9 193 239 163 203 240 172 148 166 133 212 265 179 203 242 168 153 170 127 25.7 73.0 28.7 135 25.8 78.8 30.2 P168 P81.3 P21.6 P43.4 PJ5 3 P66.5 *>20.0 2*13.6 #18.9 P14.0 *>19.8 Wholesale prices: Canada «.«..*.. Germany Japan Sweden Switzerland United Kingdom, _«...,.,,_ 65 65 65 65 65 65 166.8 134 7 165 2 51 77 0 78 1 51 59 59 41 1 105 97 40.3 116 95 93.8 94.0 142.4 139.8 H33.9 124.8 125.3 Foreign exchange rates: Argentina (peso) Canada (dollar) Japan (yen)5 Switzerland (franc)6 United Kingdom (pound)....... ,*, ,„ 67 67 66 66 67 29.77 88.78 29.77 88.60 29.77 87.39 403.29 403.42 403.50 Aug. 137 23.5 81.7 31.8 2*134.0 169.8 p 111 92 47 47 Private, total „ ™ 47 1- and 2-family dwellings „ . 47 47 Other v-~Construction contracts awarded. Total ,..„„.«. 49 Residential .„ „. „ „. 49 Other ^ „. .„ „ « 49 Nonagricultural employment* (mill, persons): Total .«-.«« 50 Manufacturing and mining. . . . . . . . . 50 Trade „...„.«. 50 Government 50 Transportation and utilities......... 50 Construction 1 ....,..„.„«. 50 Income payments: Total .„..„.„„..„.„.» 54 Salaries and wages. „. .*.......«.. .„ «. 54 Other. ; ...,.«..„«..„„.« 54 Cash farm income: Total ....„.„.„ 55 Crops ,....«. Livestock and products «....«. Gov't payments „..„.» Exports and imports: Exports ....,.„..,..««. Imports Excess of exports FEBRUARY 1942. 55 55 55 61 61 61 161 36 124 112 13 126 18 108 105 3 131 21 110 102 9 594 159 434 564 136 428 P477 40.19 13.48 6.99 4.25 3.29 1.78 40.60 13.62 7.04 4.29 3.31 1.92 P40.75 7,906 r 8,024 »-5,229 '•5,275 r 2,677 r 2,749 8,321 5,470 2,851 r 1,485 786 656 1,301 611 622 68 666 304 r 362 P492 P281 431 Oct. 15.70 15. 74 15.78 5.89 3.80 1.99 r 5.12 r 4.69 5 3 1 r 5. r 4. 92 83 99 28 54 5.91 3.83 1.99 5.64 4.22 3 . 77 35 3." 41 3.77 .36 3.40 3.74 .35 3.39 1941 Apr.- „.« Sept. In billions of dollars Increase in U. S. gold StOckt* Total ..»«.„.„ 63 Net capital inflow: Total 62, 63 Inflow of foreign capital 62 Return of domestic capital 62 Merchandise export surplus 63 Other factors „ 63 Short-term foreign liabilities and assets of banks: Due to foreigners .,..;. 64 Due from foreigners „.... „. 64 Net due to foreigners,,,,,_, ,^ ,*, „ ,„ 64 In millions of dollars Residential contracts awarded: 1 Total Public *>125.8 In cents per unit of joreign currency 137 135 .4 51, 53 51, 53 1926 = 100 INTERNATIONAL FINANCE 1941 1923-25=100 Factory employment Factory payrolls. Oct. I Nov. I Dec. MONTHLY FIGURES (cont.) In unit indicated 12 Average hourly earnings (cents per hour) Average hours worked (hours per week) Department store sales 3 Department store stocks 1 book page Oct. | Nov. | Dec. BUSINESS CONDITIONS (cont.) 1941 Chart 1941 book page June OctDec. In billions of dollars QUARTERLY FIGURES Cash income and outgo of U. S. Treas.t Cash income „ Cash outgo Excess of cash outgo Domestic corporation security issues: Total .„ New ..„.„.„„. Refunding . . . . , , „ , „ ,„ ,„ July- 18 18 18 2 .62 4 .46 1 .84 2 .55 5 .31 32 32 32 .61 .19 .42 .41 .32 25 27 2.55 1.95 2.60 1.98 27 27 2.58 3.23 2.62 3.29 2 .76 .73 2.86 7.19 4.33 .44 .25 .19 n!oi n. 09 Bank rates on customers' loans: Total, 19 cities New York City 7 other Northern and Eastern cities 11 Southern and Western cities 2.41 1.88 2.45 2.99 PI,230 p 1 2 3 4 5 6 7 Preliminary. r Revised. Adjusted for seasonal variation. In points in total index. Estimate for January is shown on p . 155. Three-month moving average, adjusted for seasonal variation. No rate certified since July 25, 1941. No rate certified since June 14, 1941. Cumulated from Jan. 31, 1934. 169 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued [In billions of dollars] Chart book page 1939 1940 Mar. 29 June 30 Oct. 2 Dec. 30 59.11 26.04 26.56 5.63 48.93 21.15 27.78 60.95 27.35 26.80 6.01 49.62 21.32 28.30 62.87 29.09 26.81 6.19 49.95 21.63 28.32 64.10 29.79 27.06 6.40 50.88 22.17 28.71 C1) 19.05 19.46 14 14 14 14 10.69 10.95 2.83 2.55 2.94 .19 13.14 5.99 .56 .91 2.83 2.85 1941 Dec. 31 Apr. 4 June 72.43 36.10 27.90 7.78 56.15 24.32 31.83 74.15 '76.09 37.32 '38.65 27.88 P27.93 8.20 P8.56 57.95 59.31 25.31 26.20 32.63 33.11 Sept. 24 Dec. Mar. 26 June 29 64.88 30.54 27.28 6.23 51.14 22.19 28.95 66.96 31.96 27.47 6.70 51.34 22.34 29.00 70.75 34.94 27.74 7.32 54.19 23.74 30.45 19.61 19.98 20.22 20.48 21.81 23.10 23.93 24.40 10.89 2.92 2.76 02 11.18 11.31 3.14 3.11 2.69 2.91 2.77 .19 13.96 6.57 13.94 .61 .88 2.96 2.94 11.60 3.12 2.89 2.70 .17 13.97 6.72 .32 .80 3.07 12.34 13.50 3.49 3.49 3.01 3.21 2 2.80 .17 () 15.32 15.88 7.52 .47 .83 3.23 3.27 14.24 3.84 2.98 2.72 .15 16.73 8.55 .42 .79 3.37 3.61 14.09 4.24 3.16 47.87 50.36 54.75 63.77 2.25 2.29 4.77 5.37 2.47 2.18 16.55 17.76 3.11 3.22 r 6.50 r 46.80 "12.20 '412.80 2.36 6.12 2.18 20.10 3.43 r 6.90 13.70 2.56 6.98 2.25 '21.80 ^3.70 ^7.90 '18.50 30 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency Demand deposits adjusted Time deposits Currency outside banks Loans and investments, total Loans Investments MEMBER BANKS Investments, total .... U. S. Government obligations: Direct Guaranteed State and local government obligations Other domestic securities Foreign securities Loans, total Commercial loans (incl. open-market paper) Street loans (brokers' loans) Other security loans 3 Real estate loans All other loans SEMI-ANNUAL FIGURES ft IS 15 15 15 C1) 2.66 2.56 2.96 .18 13.05 5.96 .67 .90 2.75 2.77 8 () 13.47 I 2 3.06 32 () 8 8 17 I| OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding — Amount held by: U. S. Government agencies and trust funds: Public issues Special issues Federal Reserve Banks Commercial banks Mutual savings banks Insurance companies Other investors r p 3 C1) 45.34 47.07 20 20 20 20 20 20 20 2.14 3.77 2.55 15.70 3.04 r 5.90 r 12.20 2.32 4.23 2.48 16.30 3.10 46.30 r 412.30 r Revised. Preliminary. * Series not shown in Chart Book. 2 Figures available for June and December dates only. Includes only loans made for the purpose of purchasing or carrying securities. 4 Partly estimated. 170 FEDERAL RESERVE BULLETIN CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Nonmember banks Member banks Total National State Other than mutual savings and private banks Insured Number of Banks (Head Offices) December December December December December December December December December December December December December December December December December December 31 1933 31, 1934 31, 1935 31, 1936 31, 1937 31, 1938 31, 1939 31, 1940 31, 1941 . ... . Number of Branches 31 1933 31, 1934 31 1935 31, 1936 31, 1937 31 1938 31, 1939 31, 1940 31, 1941, total In head-office cities Outside head-office cities Analysis of Bank Changes During 1941 Number of banks on December 31, 1940 Increases in number of banks: Primary organizations (new banks)6 Decreases in number of banks: Suspensions Voluntary liquidations? Consolidations, absorptions, etc Unclassified . Inter-class bank changes: Conversions— State into national National into State Private into State Federal Reserve membership—8 Admissions of State banks Withdrawals of State banks Federal deposit insurance—9 Admissions of State banks Withdrawals of State banks Net increase or decrease in number of banks Number of banks on December 31, 1941 15,029 16,063 15,869 15,667 15,387 15,194 15,034 14,895 14,824 5,154 5,462 5,886 5,325 5,260 5,224 5,187 5,144 5,117 857 980 1,001 1,051 1,081 1,114 1,175 1,342 * 1,502 2,911 3,133 3,284 3,399 3,540 3,580 3,629 3,666 3,698 1,121 1,243 1,329 1,398 1,485 1,499 1,518 1,539 1,564 960 981 952 981 994 992 1,002 1,002 1,015 1 726 1 972 880 14,895 5,144 +53 +7 +1 -4 -6 -22 -2 -1 —8 -43 —63 — 10 Net increase or decrease in number of branches Number of branches on December 31, 1941 ' +6 —8 782 233 1,342 —4 Privatel Not insured 2 8,341 1,108 7,693 1,046 7,728 1,004 7,588 960 7,449 917 7,316 887 7,171 851 6,951 799 6,809 579 579 98 241 570 565 563 555 551 551 138 134 74 68 63 56 3 545 4 52 125 126 128 128 128 135 132 135 3 135 5 5 5 5 * 5 5 6 6 46 11 35 113 22 1 5 6,951 851 551 56 +32 +13 -3 -16 -29 —2 —1 -17 -7 —8 27 00 5 778 828 848 891 908 927 940 932 42 39 37 41 44 44 46 135 797 -3 -2 -1 —2 +2 +6 +1 *+169 —5 —162 +5 —1 —4 +29 —29 —3 +1 -71 -27 +160 -142 -52 -6 -4 14,824 5,117 1,502 6,809 799 545 52 3,666 1,539 1,002 940 44 135 6 +51 +19 +15 +3 +7 +6 +23 +6 -1 -37 -1 -10 -8 -16 Analysis of Branch Changes During 1941 Number of branches on December 31, 1940 Increases in number of branches: De novo branches Banks converted into branches Decreases in number of branches: Voluntary liquidation of parent bank Otherwise discontinued Interclass branch changes: From national to State From State to national From nonmember to State member From uninsured to insured nonmember 684 m Mutual savings —2 +20 —20 +9 +1 -2 -1 +2 +28 -28 +2 -2 +32 +25 +13 -8 +2 3,698 1,564 1,015 932 46 135 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 49 insured and 496 uninsured; number of branches comprises 32 insured and 103 uninsured. Thefiguresbeginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 51 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks.^ 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 89 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. * Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the Federal Reserve System. Backfigures.—SeeAnnual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. FEBRUARY 194Z 171 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1941 New York Philadelphia1 Cleveland Richmond $1,516 $55 934 40,151,501 2 963,907 53,846 399,319 3,286 90,270 22,576 683,071 $27,779 11,197,274 62,822 7,103 119,674 $4,325 3,179,419 138,284 1,086 21,048 $2,364 4 031,178 14,709 10,350 65,293 $655 2,281,196 47,030 9,678 25,788 $479 1,706,262 7,605 2,796 8,258 41,380,095 3, 045,131 11,414,652 3,344,162 4 123,894 2,364,347 1 ,725,400 2,271,315 21,066,352 1,136,930 66,087 136,664 16,139 129,810 273,496 63,701 30,395 7,271 950 497,272 5,330,013 288,775 183,835 1 799,898 94,162 12,319 7,998 1,081 147,470 1,098,241 61,874 1 ,107,909 12,637 876 124,211 1,445,372 77,986 7,067 8,940 1,050 403,628 4,487,685 540,975 1,455,582 294,520 197 042 1,498,243 1,189,978 423,413 204,322 169,236 671,390 763,632 23,302 502,260 24,818 142,951 46,674 11,835 141,705 55,832 31,583 5,001 1,500 40,543 55,185 53,550 771,173 105,115 346,046 52,578 30,342 483,387 222,772 82,652 37,125 20,386 92,065 95,453 29,552 333,009 35,053 102,045 23,313 16,417 77,617 126,532 28,563 28,172 811 122,927 87,236 35,444 422,594 50,440 117,411 25,659 14,606 136,938 147,840 47,267 17,193 74,274 109,082 56,250 29,500 378,579 31,300 75,196 28,229 11,594 71,343 80,411 25,207 4,393 18,257 40,055 36,296 588,812 8,522,224 2,675,873 3 354,291 2,146,695 Total Boston Atlanta Current Earnings Discounted bills 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 & 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 3-rid equipment . All other ? 7 142,612 60,924 17 15,225 903 7,983 767 33,538 266,379 48,222 77,232 17,862 15,140 62,081 42,549 35,273 8,527 644 28,719 61,564 ,025,320 Total operating expenses Less reimbursements for certain fiscal agency and other expenses 36,993,133 8,457,586 448,290 1,761,546 392,723 462,972 350,411 751,123 Net operating expenses 28,535,547 2, 140,522 6,760,678 2,283,150 2 891,319 1,796,284 1 ,274,197 Assessment for expenses of Board of Governors Federal Reserve currency: Original cost Cost of redemption Total current expenses ? 1,839,541 131,552 653,498 178,866 168,821 79,084 63,664 2 397 298 190,764 225,728 12,535 524,955 35,629 170,747 12,934 281,493 18,802 193,115 17,464 127,183 14,051 32,963,150 2, 510,337 7,974,760 2,645,697 3 360,435 2,085,947 1 ,479,095 41,380,095 32,963,150 3, 045,131 2, 510,337 11,414,652 7,974,760 3,344,162 2,645,697 4 123,894 3 360,435 2,364,347 2,085,947 1 ,725,400 1,479,095 8,416,945 534,794 3,439,892 698,465 763,459 278,400 246,305 1,327,171 147,627 96,645 17,187 386,051 9,099 110,404 13,810 132,273 50 69,594 8,261 56,036 70,652 1,474,798 113,832 395,150 124,214 132,323 77,855 126,688 97 540 600,357 56,265 39,254 49,812 479,889 3,056 12,474 1 23,600 15,735 4,141 3,242 11,157 7,784 25,190 754,162 40,673 532,757 768 2 12,443 23,519 29,331 720,636 73,159 -137,607 123,446 144,766 54,336 97,357 9,137,581 607,953 3,302,285 821,911 908,225 332,736 343,662 141 465 8,429,936 —4,333 570,513 3 134 561,233 3,097,873 81,360 713,446 15,458 869,942 13 808 330,180 289,109 43,586 204,412 27,105 22,825 157,065 064 10, 905,746 43,586 570,513 -132,696 56,446,989 204,412 15,144,298 27,105 157,502,881 10, 949,332 56,651,401 15,171,403 Profit and Loss Current earnings (above) Current expenses (above) Current net earnings Additions to current net earnings: Profits on sales of U. S. Govt. securities All other Total additions Deductions from current net earnings: Losses and allowances for losses on industrial advances (net) Charge-offs and special depreciation on bank premises... All other Total deductions....-.. ...,.„..= , Net additions.... .„ .„.» „..,..,....., Net earnings T. ....„„..,.... Paid U S Treasury (sec. 13b) Dividends paid Transferred to surplus (sec. 13b) Transferred to surplus (sec. 7) . „.... Surplus (sec 7), January 1 Addition, as above Transferred to reserves for contingencies Surplus (sec. 7), December 31 .... 1,419 -11,252 54,553 14 ,322,790 5,247,219 — 11,252 ,724,628 54,553 -54,553 14 ,345,615 5,235,967 22,825 5 ,724,628 1 Net recoveries. 2 Net additions. FEDERAL RESERVE BULLETIN Earnings and Expenses of Federal Reserve Banks During 1941—Continued Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Current Earnings $1,236 4,884,837 17,323 4,955 180,744 $1,243 1,935,696 3,015 4,179 21,763 $2,649 1,191,362 20,791 $9,772 1,908,346 8,504 $3,375 1,548,048 12,147 8,019 155,410 12,770 $541 3,323,976 13,243 45,699 41,728 5,089,095 1,965,896 1,223,237 2,082,480 1,576,614 3,425,187 416 448 274 Discounted bills U. S. Government securities Industrial advances ^' Commitments to make industrial advances All other Total current earnings Current Expenses 227,034 1,741,205 99,368 4,047 16,362 3,350 110,669 711,159 39,823 9,667 10,067 1,397 167,253 1,198,782 67,184 2,179 19,753 1,490 130,535 1,283,641 61,399 28,301 213,495 42,293 87,542 7,859 15,246 52,501 52,009 28,644 9,546 3,491 27,572 49,176 25,809 161,837 23,432 57,204 8,741 13,841 66,923 29,578 19,806 15,369 24,224 254,971 45,691 69,782 10,688 18,854 94,583 178,767 19,034 15,805 25,645 215,669 39,861 67,488 10,232 14,138 33,717 90,219 31,902 11,910 990 25 390 26,629 47,571 30,138 43,205 27,660 55,317 39,522 401,101 54,339 114,221 29,937 17,692 95,662 82,515 26,928 29,498 46,812 60,275 70,973 4,771,817 1,992,784 1,380,512 2,262,408 2,111,556 3,160,841 1,189,924 548,115 395,104 564,111 871,414 3,581,893 1,444,669 985,408 1,698,297 1,240,142 721,853 2,438,988 221,803 55,265 40,615 52,576 53,913 139,884 393,103 30,735 100,715 8,722 44,141 5,265 57,635 8,468 62,678 7,597 215,805 18,562 4,227,534 1,609,371 1,075,429 1,816,976 1,364,330 2,813,239 5,089,095 4,227,534 1,965,896 1,609,371 1,223,237 1,075,429 2,082,480 1,816,976 1,576,614 1,364,330 3,425,187 2,813,239 861,561 356,525 147,808 265,504 212,284 611,948 234,966 2,954,422 156,816 175,648 1,122,214 64,918 9,198 1,530 10,816 1,350 55,241 566,618 40,411 198,464 32,748 17,337 181,786 80,954 46,554 21,783 1,656 65,725 105,406 202 163 24 10,414 1,395 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 & 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 Profit and Loss 147,895 1,166 60,214 313 40,889 17,230 64,578 1,520 51,077 3,549 111,515 4,790 149,061 60,527 58,119 66,098 54,626 116,305 1 14,000 120,468 4,854 7,794 2,809 31 385 2 13,843 120,777 7,663 31 8,179 16,750 162,904 -60,250 50,456 66,067 46,447 99,555 1,024,465 296,275 198,264 331,571 258,731 711,503 27,215 896,766 490 258,762 -3,832 41,345 179,790 17,984 271,913 -501 60,159 22,824,268 100,484 4,924,976 41,345 3,152,420 17,984 -17,984 3,612,681 60,159 -60,159 22,924,752 4,966,321 3,152,420 3,612,681 100^484 ' FEBRUARY 1941 Current net earnings Additions to current net earnings: Profits on sales of U. S. Govt. securities All other Total additions Deductions from current net earnings: Losses and allowances for losses on industrial advances (net) 16,024 Charge-offs and special depreciation on bank premises All other 726" 309 157 Current earnings (above) Current expenses (above) Total deductions Net additions Net earnings Paid U. S. Treasury (sec. 13b) Dividends paid Transferred to surplus (sec. 13b) Transferred to surplus (sec. 7) 257^158 703^764 1^573 3,974,490 1,573 10,784,559 7,739 Surplus (sec. 7), January 1 Addition, as above Transferred to reserves for contingencies 3,976,063 10,792,298 Surplus (sec. 7), December 31 7 i 739 INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 176 Gold production 177 Gold movements 177 International capital transactions of the United States 178-182. Central banks 183-186 Money rates in foreign countries 187 Commercial banks 188 Foreign exchange rates 189 Price movements: Wholesale prices 190 Retail food prices and cost of living 191 Security prices 191 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. FEBRUARY 1941 I 75 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States Argentina 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 11,258 12,760 14,512 17,644 21,995 501 469 431 466 2353 632 597 581 609 3 734 25 32 32 40 51 275 274 274 274 274 20 24 24 24 24 1941—Jan... Feb... Mar.., Apr... May.. June.. July.. Aug... Sept.. Oct... Nov. . Dec... 22,116 22,232 22,367 22,506 22,575 22,624 22,675 22,719 22,761 22,800 22,785 22,737 353 353 353 353 353 353 353 352 352 354 354 734 734 734 51 55 56 57 58 62 63 65 66 68 274 274 274 274 274 274 274 274 274 24 24 24 24 24 End of month Belgium Brazil British India Hungary Iran (Persia) Italy Japan 1936—Dec... 1937—Dec... 1938—Dec... 1939—Dec... 1940—Dec... 25 25 37 24 24 25 25 26 26 26 208 210 193 144 U37 1941—Jan... Feb... Mar.. Apr... May.. June., July.. 24 24 24 24 24 24 24 24 24 24 26 End of month Sept.. Oct... Nov. , Dec... End of month Sweden Turkey Colombia Czechoslovakia Denmark Egypt 188 184 192 214 4 7 29 30 30 30 30 19 16 24 21 17 91 92 83 56 58 54 53 53 53 52 55 55 55 55 52 2,995 2,564 2,430 2,709 2,000 7 8 6 7 8 6 7 11 6 6 30 30 30 30 30 30 30 30 30 30 30 20 18 18 17 16 18 18 17 17 17 17 16 59 59 59 59 59 61 51 49 48 48 48 47 45 45 44 44 52 52 52 52 52 52 52 52 52 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Peru Poland Portugal Rumania 20 21 20 20 20 75 83 85 NetherNew lands Zealand Java Mexico 463 261 164 164 164 60 79 80 90 140 46 24 29 32 47 491 933 998 692 617 23 23 23 23 23 164 164 152 171 178 174 174 173 173 193 201 200 50 52 54 56 58 59 60 59 57 54 52 47 616 614 614 572 572 573 573 573 573 23 23 23 23 23 23 23 23 23 23 23 6 Switzerland Chile BulCanada garia United Kingdom Uruguay Venezuela Yugoslavia B.I.S. Norway 82 94 94 184 20 20 20 21 20 20 20 20 21 Other countries 7 1941—-Jan Feb Mar. Apr May June July Aug Sept Oct Nov Dec 240 244 321 308 160 165 171 172 174 180 192 189 191 191 192 657 650 701 549 502 520 524 527 528 530 528 533 525 543 560 26 29 29 29 87 87 89 95 96 96 95 93 2,584 2,689 2,690 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 77 74 69 68 90 95 97 100 105 108 108 108 108 106 102 59 52 52 52 929 35 37 40 40 40 40 40 41 41 41 41 41 48 51 57 59 82 83 83 11 5 14 7 12 13 13 13 12 9 10 9 9 9 183 185 142 149 145 145 145 145 145 145 144 144 144 146 146 146 146 1 Figures relate to last official report dates for the respective countries, as follows: Germany —June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31,1939. 2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. 3 Change from previous December due largely to inclusion of gold formerly not reported. 4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance. 5 Figures for D e c 1936 and D e c 1937 are those officially reported on Aug. 1, 1936, and Apr. 30 1938, respectively. 6 Beginning Mar. 29, 1941, gold reserves no longer reported separately. 7 These countries a r e : Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For description of table and back figures see BULLETIN for September 1940, p p . 925-934 and p p . 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p . 926 in that issue. 176 Germany Greece 27 28 29 29 24 27 28 28 28 28 28 South Africa 68 69 69 69 59 114 120 133 152 158 203 189 220 249 367 59 59 158 158 158 171 172 175 178 178 179 376 388 401 413 418 427 431 436 450 422 400 Spain 5 5 718 525 Government gold reserves 1 n o t included i n previous figures End of month 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. France 1937—June . . . United States 169 1938—Mar.... June.. . Sept.... Dec. . . . 1939—Mar. . . . May June... Sept.... Dec 1940—Mar. . . . June... Sept.... Dec . . . 1941—Mar. . . . June... Sept.... United Kingdom France2 3 934 4 1,395 1,489 115 81 62 44 ""&6" 154 85 164 156 145 86 105 48 88 89 24 Belgium "759 1,732 331 559 477 44 17 17 17 17 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 For complete monthly series from Oct. 1938May 1939, see BULLETIN for February 1941, p. 170. 3 Figure for end of Mar. 1937, first date reported. 4 Figure for end of Sept. 1937. NOTE.—For details regarding special geld transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. FEDERAL RESERVE BULLETIN GOLD PRODUCTION OUTSIDE Uc S. S. R . fin thousands of dollarsl Year or month 1934 1935 1936 1937 1938 1939 1940 Estimated world productioni outside U.S.S.R. 1 ! Production reported monthly Africa 823,003 882,533 971,514 1,041,576 1,136,360 "1,208,705 "1,279,455 1940—Oct Nov Dec 1941—Jan Feb Mar Apr May June July Aug Sept Oct Nov Total South Africa 708,453 752,847 833,895 893,384 958,770 1,020,297 1,094,264 366,795 377,090 396,768 410,710 425,649 448,753 491,628 98,231 42,362 93,010 41,620 92,384 41,188 90,964 42,335 84,564 39,608 90,018 42,075 89,039 41,357 88,599 42,716 #89,382 • 41,186 2*93,238 43,093 p 92,117 42,458 P 94,150 42,135 ^93,958 43,061 P 92,648 41,807 113,330 108,080 107,800 106,015 100,450 106,365 105,525 105,140 105,875 109,970 108,780 Rhodesia North and South America I West I Belgian 1 Africa2 | Congo3 $1 = 15ii 24,264 25,477 28,053 28,296 28,532 28,009 29,155 grains of 12,153 13,625 16,295 20,784 24,670 28,564 32,163 2,477 2,404 2,433 2,326 2,237 2,318 2,355 2,355 2,353 2,319 2,329 p 2,352 P 2,348 p/ 2,348 2,709 2,687 2,668 2,618 2,566 2,696 2 2,580 2,615 '2,615 '2,615 '2,615 '2,615 '2,615 '2,615 gold i® 6,549 7,159 7,386 8,018 8,470 8,759 3 8,862 United I n A 5 •««• • States 4 | C a n a d * M e x i c o Other Colom-1 ^1-i INicara- Austra-1 British bia 1 C h l l e I gua6 Ha I India 7 fine; i.e., an ounce of fine gold = $35 108,191 104,023 23,135 12,045 126,325 114,971 23,858 11,515 152,509 131,181 26,465 13,632 168,159 143,367 29,591 15,478 178,143 165,379 32,306 18,225 196,391 178,303 29,426 19,951 210,109 185,890 30,878 22,117 22,004 19,952 19,694 16,646 15,408 16,023 16,413 16,022 16,468 18,537 17,487 20,881 18,855 19,813 16,386 15,775 15,780 15,199 14,446 15,629 15,384 15,721 15,890 15,983 16,353 15,578 16,141 15,499 2,337 1,905 2,221 2,945 2,670 2,702 2,491 1,448 2,845 2,485 2,579 '2,579 '2,579 '2,579 8,350 9,251 9,018 9,544 10,290 11,376 11,999 1,166 868 807 848 1,557 3,506 5,429 30,559 31,240 40,118 46,982 54,264 56,182 55,878 11,223 11,468 11,663 11,607 11,284 11,078 10,157 1,121 929 879 784 695 1,313 896 528 1,023 628 860 504 703 '703 427 489 532 591 474 492 553 485 445 '445 '445 '445 '445 '445 5,638 4,592 4,333 4,544 3,812 4,040 4,133 4,136 3,939 4,185 4,376 4,271 '4,271 '4,271 945 980 840 805 840 805 700 840 875 875 805 840 '840 1,789 1,713 1,675 2,137 1,844 1,891 2,071 1,872 1,777 2,072 1,739 1,984 2,098 1,726 but data of percentage changes d a basis for estimating annual 35 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. A ivxiiuuiaijr • x^^"\Mc**ri ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint.. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning April 1941, figures are for Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year4 Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. J Figures for Canada beginning January 1941 are subject to official revision. Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Year or month Total net imports United Kingdom Belgium France Netherlands Switzerland Sweden Canada Mexico PhilipColompine bia Islands Aus<tralia South Africa Japan British India All other countries Net imports from or net exports - ) to: 19341 1935 1936 1937 1938 1939 1940 1 131,994 499,870 260,223 8,902 94,348 1,739,019 315,727 934,243 3 227,185 1,116,584 174,093 573,671 3,351 71,006 2 1,585,503 891,531 -13,710 90,859 6,461 6 1,973,569 1,208,728 81,135 15,488 163,049 60,146 3,574,151 1,826,403 3,798 165,122 341,618 28,715 4,744,472 633,083 241,778 977 63,260 161,489 1940 Nov Dec 1941 Jan Feb Mar Apr 330,107 137,176 936 99 234,242 108,609 118,567 171,992 37 1,218 817 21 1,746 32,304 46,989 39,735 29,998 2 67,975 3 102,404 4 388,468 12,186 13,262 2,170 7,446 27,580 12,805 6,085 4,501 30,270 13,667 39,966 38,482 36,472 33,610 29,880 16,944 10,899 11,911 18,397 10,557 23,239 23,999 262,718 80,389 545 347 2,814 3,283 3,268 14,441 14,994 6,240 1,751 46,876 81,529 95,619 20,216 1,147 814 866 1,147 3,168 11 2,232 2,934 3,185 2,772 3,984 3,587 11,136 149,735 6,738 96 6,262 2,788 4,720 132,261 3,046 313 7 1 4 76,820 1,029 12 12,038 75,268 3,498 65 15,335 77,892 21,513 23,280 8 25,427 34,713 181 246,464 50,762 27,880 39,162 401 168,740 16,159 35,636 74,250 22,862 165,605 50,956 38,627 103,777 184,756 111,739 49,989 12,402 86,829 968 95,171 7,511 72,648 54,452 111,480 1,363 76,315 86,987 612,949 90,320 2,622,330 563 337 5 6,062 15,093 2,951 6,793 Gross imports from: 6 May June July Aug Sept Oct Nov .7 1 2 3 34,830 30,712 37,041 36,973 65,702 40,440 50,374 2 474 542 79 250 55 121 1 16,309 17,521 19,228 10,845 42,563 16,074 24,921 969 800 1,088 843 495 1,020 6,336 2,794 7 2,128 2,230 2,488 2,107 2,110 3,384 2,114 4,972 5,098 3,107 3,143 1,832 4,194 4,593 5,199 6,742 2,064 6,151 5,980 3,594 69 88 137 3,694 200 40 131 1,995 "2,'327" 3,589 5,009 3,811 59,011 5 ll,045 5 9,366 5 9,041 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. Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R . t $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000. 6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination. 7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics. NOTE.—For gross import and export figures and for additional countries see table on p. 138. FEBRUARY 1941 177 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.1 Other Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936} 1936—Dec. 30 1937—Dec. 29 1,412.5 2,608.4 3,410.3 930.5 1,168.5 603.3 9.8 81.1 243.9 593.5 849.4 924.6 361.4 431.5 449.1 125.2 316.2 583.2 316.7 917.4 1,162.0 6.0 12.9 47.5 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939) 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 1940—Mar. (Apr. 3) June (July 3) Sept (Oct. 2) 3,207.2 3,045.8 3,472.0 3,844.5 4,197.6 4,659.2 5,035.3 5,021.2 5,115.9 5,440.7 5,748.1 949.8 786.2 1,180.2 1,425.4 1,747.6 2,111.8 2,479.5 2,430.8 2,539.0 2,830.1 3,092.8 149.9 125.9 187.0 238.5 311.4 425.3 552.1 542.5 539.1 922.3 1,112.3 799.9 660.4 993.2 1,186.9 1,436.2 1,686.5 1,927.3 1,888.3 1,999.9 1,907.8 1,980.5 434.4 403.3 477.2 510.1 550.5 607.5 618.4 650.4 631.6 684.1 773.6 618.5 643.1 625.0 641.8 646.7 664.5 676.9 725.7 761.6 785.6 793.1 1,150.4 1,155.3 1,125.4 1,219.7 1,188.9 1,201.4 1,177.3 1,133.7 1,095.0 1,042.1 987.0 54.2 57.8 64.1 47.6 63.9 74.0 83.1 80.6 88.7 98.9 101.6 Nov. Nov. Nov. Nov. 6 13 20 27 5,745.0 5,734.7 5,786.9 5,780.7 3,137.0 3,141.9 3,199.3 3,194.0 1,190.7 1,195.5 1,248.7 1,231.6 ,946.3 ,946.4 ,950.6 ,962.5 762.3 751.5 752.3 764.0 795.4 795.9 797.9 798.2 950.3 946.0 936.0 924.5 100.0 99.4 101.4 100.0 Dec. Dec. Dec. Dec. 1941—Jan. 4 11 18 25 1 5,758.0 5,718.2 5,763.7 5,733.0 5,727.6 3,177.8 3,146.5 3,182.1 3,160.9 3,159.0 1,209.1 1,186.3 1,209.7 1,182.4 1,200.8 ,968.7 ,960.2 ,972.4 ,978.5 ,958.3 763.0 757.6 771.1 771.6 775.1 800.2 801.3 802.9 802.8 803.8 917.4 913.5 907.5 896.3 888.7 99.6 99.3 100.2 101.3 100.9 Jan. 8 Jan.15 Jan. 22 Jan. 29 5,704.0 5,781.3 5,747.5 5,694.5 3,152.9 3,257.6 3,255.2 3,215.9 1,198.8 1,301.3 1,303.3 1,288.2 ,954.1 ,956.4 ,951.9 ,927.7 804.6 806.4 807.6 808.1 869.4 843.3 827.8 811.9 101.3 101.7 99.8 Feb.5 Feb. 12 Feb. 19 Feb. 26 5,644.3 5,609.9 5,563.8 5,564.5 3,175.9 3,156.9 3,108.1 3,102.6 1,269.0 1,255.0 1,228.8 1,243.4 ,906.9 ,901.8 ,879.4 ,859.2 775.8 in.2 . 757.1 759.9 763.1 754.6 764.6 776.1 809.0 810.5 811.5 812.7 799.3 792.1 783.1 775.8 97.0 95.9 96.5 97.2 Mar.5 Mar. 12 Mar. 19 Mar. 26 Apr. 2 5,560.8 5,592.9 5,598.8 5,567.0 5,526.5 3,128.1 3,188.0 3,202.4 3,185.2 3,148.8 1,249.6 1,300.1 1,346.2 1,325.6 1,307.7 ,878.5 ,887.9 ,856.2 ,859.6 ,841.0 764.9 752.1 756.2 755.4 767.4 814.0 814.1 814.8 815.8 812.7 757.3 741.9 726.9 714.7 701.8 96.6 96.9 98.4 95.8 95.9 Apr. 9 Apr. 16 Apr. 23 Apr. 30 5,647.5 5,678.3 5,666.3 5,652.5 3,273.6 3,299.2 3,279.2 3,257.3 1,416.6 1,434.7 1,424.0 1,406.4 ,857.0 ,864.5 ,855.2 ,850.9 766.4 772.4 785.0 798.9 815.6 816.2 816.7 815.7 694.7 691.9 686.8 682.4 97.1 98.7 98.5 98.2 May May May May 7 14 21 28 5,639.1 5,602.2 5,627.8 5,635.8 3,243.5 3,224.2 3,252.0 3,266.4 1,400.4 1,414.8 1,421.2 1,417.5 ,843.1 ,809.4 ,830.9 ,848.9 791.6 792.4 794.6 794.9 832.9 833.5 834.5 835.4 673.8 655.2 649.6 641.6 97.2 96.8 97.0 97.5 June 4 June 11 June 18 June 25 July 2 5,608 9 5,602.7 5,627.8 5,620.7 5,575.4 3,235.2 3,226.9 3,249.3 3,240.9 3,193.3 1,418.6 1,401.3 1,407.9 1,410.3 1,375.1 ,816.6 ,825.6 ,841.4 ,830.7 ,818.2 803.6 811.6 815.7 817.8 818.6 836.3 832.6 831.6 833.1 834.1 637.1 634.4 634.4 632.4 631.2 96.8 97.2 96.7 96.5 98.2 July July July July 9 16 23 30 5,584.6 5,561.8 5,534.0 5,506.9 3,194.6 3,171.5 3,153.6 3,141.4 1,366.2 1,362.8 1,342.7 1,320.3 ,828.4 ,808.7 ,810.9 ,821.1 826.2 826.2 819.4 803.5 835.5 837.8 838.3 838.9 630.0 628.2 624.8 623.6 98.3 98.2 97.9 99.5 Aug. 6 Aug. 13 Aug. 20 • Aug. 27 Sept. 3 5,556.1 5,535.8 5,521.2 5,467.2 5,478.3 3,185.5 3,166.9 3,156.2 3,105.5 3,113.2 1,378.9 1,369.7 1,374.2 1,318.1 1,313.3 ,806.6 ,797.3 ,782.0 ,787.4 ,799.9 807.3 805.7 803.7 801.8 805.6 839.7 841.0 842.0 841.4 841.7 624.8 623.1 619.7 617.3 616.5 98.8 99.1 99.6 101.0 101.2 Sept. 10 Sept. 17 Sept. 24 Oct. 1 5,448.3 5,397.3 5,422.7 5,510.3 3,073.2 3,022.1 3,050.9 3,139.5 1,292.0 1,262.4 1,255.2 1,321.7 ,781.1 ,759.7 ,795.6 ,817.7 814.9 814.8 810.1 805.3 842.0 841.8 839.8 841.1 617.0 618.2 622.1 623.5 101.2 100.5 99.9 100.9 5,494.3 5,478.1 5,460.2 5,503.2 3,123.0 3,108.0 3,091.1 3,138.3 1,309.3 1,337.2 1,291.6 1,334.1 ,813.7 ,770.8 ,799.5 ,804.2 804.6 802.1 803.4 797.7 841.7 843.3 843.2 845.2 623.9 623.2 621.2 621.3 Oct. Oct. Oct. Oct. 8 15 22 29 ,.,..,.. ... 101.1 101.5 101.3 100.6 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 178 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Total United Kingdom France 1,412.5 2,608.4 3,410.3 3,844.5 5,021.2 5,727.6 554.9 829.3 993.7 1,183.8 1,101.3 865.2 210.2 299.5 281.7 339.6 468.7 670.3 114.5 229.7 311.9 328.6 470.3 455.6 5,694.5 5,564.5 5,526.5 5,652.5 5,635.8 5,575.4 5,506.9 5,478.3 . . . . 5,510.3 866.4 771.7 716.7 789.4 760.6 696.1 650.1 636.9 694.0 667.4 667.7 665.4 668.6 670.2 670.5 669.5 662.8 654.7 5,494.3 5,478.1 5,460.2 5,503.2 676.5 662.8 644.7 726.0 653.6 652.6 652.7 651.9 From Jan. 2, 1935, through— 1935—Dec. (Jan. 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. 1, 1936) 4, 1939) 3, 1940) 1, 1941) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. Oct. Oct. Oct. 8 15 22 29 .... .„...., Germany- Italy Other Europe Total Europe 130.4 335.5 607.5 557.5 773.0 911.5 36.6 83.1 123.9 140.5 165.9 175.9 24.0 45.6 22.1 32.2 58.0 55.4 130.0 228.5 312.2 472.0 752.9 922.7 1,200.6 2,051.3 2,653.0 3,054.2 3,790.1 4,056.6 () 150.5 106.3 155.3 229.4 411.7 70.9 201.2 410.6 384.6 483.4 606.8 128.3 184.0 224.6 214.2 431.0 562.3 12.7 21.4 15.9 36.2 87.4 90.2 451.5 451.0 471.0 463.3 457.5 456.7 457.0 452.7 451.0 890.5 879.2 883.6 872.4 881.2 886.6 874.7 875.3 836.3 175.3 176.4 177.1 177.8 177.6 177.6 178.5 179.0 178.8 49.3 47.5 47.4 47.0 47.3 47.0 46.6 49.9 50.1 906.9 905.0 898.1 899.2 884.7 883.6 882.3 881.7 935.1 4,007.3 3,898.5 3,859.3 3,917.7 3,879.1 3,818.2 3,758.6 3,738.4 3,799.8 416.5 410.5 394.9 410.7 403.8 400.4 406.9 415.4 407.6 611.2 597.5 623.7 639.1 650.4 659.5 640.9 630.3 606.0 563.4 558.7 547.0 568.0 583.6 579.7 579.4 563.6 580.1 96.1 99.3 101.7 117.0 119.0 117.6 121.0 130.6 116.7 452.6 450.5 450.7 451.4 836.8 836.4 814.9 816.1 178.7 179.2 178.6 178.5 49.9 49.7 50.2 50.3 932.7 946.3 945.3 927.0 3,780.8 3,777.6 3,737.0 3,801.3 410.2 402.5 400.6 390.2 608.6 610.0 609.4 600.6 576.6 567.7 593.1 587.0 118.1 120.3 120.2 124.1 Latin Canada America Asia1 All other1 Nether- Switzerland lands Latin Canada America Asia1 All other 1 TABLE 3.—FOREIGN BANKING FUNDS I N UNITED STATES, BY COUNTRIES From Jan. 2, 1935, through— 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. (Jan. 30 29 (Jan. (Jan. (Jan. 4, 1939) 3, 1940) 1, 1941) ... 8 .„..,.. 15 22 ,..,.„.. 29................ United Kingdom 1 ,168.5 1 ,425.4 2 430.8 3 159.0 603.3 930.5 128.6 163.5 189.3 364.0 376.1 293.3 3 3 3 3 3 3 3 3 3 215.9 102.6 148.8 257.3 266.4 193.3 141.4 113.2 139.5 349.7 279.2 297.3 382.8 389.9 334.4 297.7 287.0 345.0 3 3 3 3, 123.0 108.0 091.1 138.3 330.9 315.3 297.8 383.1 1, 1936) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. Oct. Oct. Oct. rotal SwitzerFrance Netherlands land 55.7 65.9 76.3 87.9 190.9 160.3 72.4 109.8 288.4 205.1 362.7 494.7 452 8 455 6 456 1 451. 0 447. 6 440. 1 432. 0 156.1 155.4 173.4 165.8 159.8 157.3 157.5 152.8 150.0 482.3 475.8 484.2 475.4 493.5 500.5 488.5 485.3 443.9 430. 429. 429. 429. 151.5 149.6 149.7 150.3 443.5 442.6 420.9 421.5 129 .6 144 2 111 8 155 3 256 1 458.0 455 1 455.0 5 5 6 0 Germany .8 2 9 -11 -20 -22 7 6 8 1 9 Italy Other Europe Total Europe 7 .3 23 .0 6.9 1 .7 19 .7 - .9 60.7 79.7 109.4 208.6 470.0 603.7 453.5 588.9 791.7 1 ,010.7 1 ,655.4 1 ,986.3 46.0 86 76 101 174 334 8 3 6 5 1 33 .5 149 3 166 3 127 6 215 1 326 4 58 .8 90 4 126 2 163 3 325 4 450 9 336 314 349 358 -24. -23. -22. -23. 0 9 2 0 4 8 1 -2 -3 -3 -3 -4 -4 -4 -1 -3 8 3 5 8 1 4 3 6 6 587.5 584.6 576.9 576.7 560.6 559.6 557.3 556.1 608.5 2 ,003.7 1 ,924.1 1 ,957.1 2 ,028.7 2 ,031.7 1 ,974.4 1 ,920.8 1 ,896.8 1 ,952.7 324 5 336 1 338. 3 318 2 465 458 446 446 462 433 442 425 437 -23. -23. -23. -23. 2 1 0 1 -3 -3 -3 -3. 8 6 6 604.8 617.9 617.2 598.9 1 ,934.3 1 ,928.1 1 ,888.6 1 ,956.0 341. 1 338. 5 337. 1 326.3 322. 322. 323. 314. 433. 424. 448. 443. -24 -22 -24 -23 -24 2 7 7 343 4 334 6 321.4 333 9 312 0 317.8 1 2 3 0 367.2 371.9 353 7 345 7 0 4 9 9 5 7 3 3 9 11.5 15.2 8.0 22.2 60.5 61.3 67.7 71.3 74.1 89.9 93.0 95.5 100.0 109.4 92.4 3 92.3 94.6 93.8 98.0 Latin Canada America Asia1 All other 1 0 4 1 8 4 4 7 TABLE 4 . - U N I T E D STATES BANKING FUNDS ABROAD, BY COUNTRIES Total United Kingdom 4, 1939) 3, 1940) 1, 1941) 361.4 431.5 449.1 510.1 650.4 775.1 208.8 178.0 207.4 206.2 252.2 269.2 48.1 62.0 65.3 68.4 73.8 74.6 — .4 -3.3 -4.4 -5.6 12.9 17.7 1941—Jan. 29 Feb. 26 Mar. (Apr. 2).. Apr. 30 , May 28 „.,.. June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1 ) . . . . . , 759.9 776.1 767.4 798.9 794.9 818.6 803.5 805.6 805.3 269.2 271.4 268.2 269.6 267.4 268.6 265.3 268.8 269.8 75.4 75.6 76.0 75.9 76.4 76.6 76.8 76.8 76.9 804.6 802.1 803.4 797.7 267.2 269.0 268.5 265.2 77.0 77.0 77.0 76.9 From Jan. 2, 1935, through— 1935—Dec. (Jan. 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. Oct. Oct. Oct. Oct. 8 15 22 29 1, 1936) ,..„.„. ,.„.„.. =..,.„.. 1 2 Germany Italy Other Europe Total Europe 1.6 2.7 2.6 2.6 2.9 6.5 29.7 66.0 105.1 141.7 177.8 191.6 13.7 16.3 6.5 13.7 15.5 25.3 22.0 26.9 33.8 28.4 49.8 310.2 343.7 409.3 460.9 563.5 634.7 —4.6 36.9 -21.7 35.9 56.5 60.3 20.1 24.9 51.6 66.8 52.6 43.2 37.3 30.4 18.7 -46.5 -21.5 34.8 -1.6 -4.4 -8.7 -7.0 -.8 2.1 17.8 17.8 17.8 17.7 17.8 17.8 17.9 17.8 17.9 5.9 4.2 5.0 5.3 5.2 5.2 5.2 5.3 5.4 192.4 193.0 195.0 195.7 195.9 195.7 196.0 195.9 195.9 25.5 25.5 25.6 25.5 25.5 25.6 25.1 25.7 25.7 48.7 48.8 49.7 50.7 51.4 51.2 51.7 51.8 51.4 634.8 636.3 637.2 640.4 639.5 640.8 638.0 642.2 642.9 62.6 65.4 65.3 71.3 68.3 68.5 71.3 68.7 64.6 40.1 50.9 44.4 47.7 49.8 52.1 49.2 44.1 43.0 20.2 21.6 19.2 38.7 37.6 57.7 46.7 52.6 56.9 2.0 1.9 1.3 .8 -.3 — .4 -1.7 -1.9 -2.0 17.9 17.9 17.8 17.8 5.5 5.5 5.5 5.5 195.9 196.4 195.7 195.7 25.7 25.3 25.7 26.0 52.0 52.3 52.7 53.0 641.1 643.3 642.8 640.1 66.2 60.7 61.9 61.1 41.4 41.-8 40.9 39.9 57.5 57.9 58.9 58.1 .6 .6 .1 .4 SwitzerFrance Netherlands land Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938,j>p. 267-277; and May 1937, pp. 394-431. FEBRUARY 1941 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— 1935—Dec (Jan 1936—Dec 30 1937—Dec 29 1938—Dec (Jan 1939—Dec. (Jan. 1940—Dec (Jan 1 1936) . ... 4 1939) 3, 1940) 1, 1941) 1941_j a n 29 Feb. 26 Mar (Apr 2) Apr 30 May 28 Tune (Tulv 2) July 30 Auff (SeDt 3) Sept. (Oct. 1) Oct Oct. Oct Oct. 8 15 22 29 .... .„... Total United Kingdom 125.2 316.2 583.2 641.8 725.7 803.8 67.8 116.1 136.8 127.7 125.5 128.6 18.2 22.8 26.1 42.1 43.4 10.4 21.2 27.3 29.4 31.0 —1.2 13.7 30.4 36.1 45.0 46.0 808.1 812.7 812.7 815.7 835.4 834.1 838.9 841.7 841.1 128.7 129.0 128.3 127.8 127.7 127.2 127.7 127.7 127.3 43.5 43.6 43.7 43.8 43.8 49.1 50.8 51.2 51.2 31.0 31.0 31.0 31.0 31.0 31.0 31.2 31.2 31.2 841.7 843.3 843.2 845.2 127.3 127.7 127.7 127.7 51.2 51.3 51.3 51.3 31.2 31.2 31.2 31.2 6.8 7.4 Latin America Asia1 10.5 -9.7 -7.6 25.0 12.7 15.7 175.0 167.4 184.0 202.3 17.0 24.5 33.8 42.8 53.0 11.3 13.5 511.2 512.1 511.8 511.5 511.4 516.2 518.5 519.2 519.0 25.8 26.4 26.5 25.9 42.7 37.0 36.8 37.0 32.8 203.5 204.5 203.0 206.0 208.1 210.5 212.3 214.0 214.6 54.2 55.9 57.6 58.2 59.0 60.1 60 8 60.6 60.7 13.5 13.8 13.9 14.2 14.2 10.4 10.5 10.9 14.1 519.2 519.8 519.9 519.9 31.7 32.2 31.6 33.0 214.9 215.0 215.2 215.3 60.7 60.7 60.8 60.9 15.2 15.6 15.8 16.0 Total Europe Canada Latin America Asia1 All other 1 Italy Other Europe 13.3 22.5 26.6 33.5 36.6 36.5 2.9 9.4 13.5 22.0 27.6 28.1 46.1 87.9 115.2 167.8 189.0 196.4 143.1 278.3 366.4 440.6 495.2 510.0 -39.7 46.1 45.8 45.2 45.2 44.8 44.7 44.5 44.5 44.4 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 28.1 28.1 28.1 28.1 28.1 28.1 28.1 28.1 28.1 197.2 198.1 198.9 199.1 199.5 199.6 199.8 200.0 200.3 44.4 44.3 44.4 44.3 36.5 36.5 36.5 36.5 28.1 28. 28. 28. 200.5 200.7 200.8 200.9 Switzer- Germany France Netherlands land Total Europe Canada 1.7 7.9 All other 1 1.1 3.5 6.8 9.7 TABLE 6.-DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, through— 1935—Dec. (Jan. 1936—Dec 30 1937—Dec 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. 1, 1936) 4, 1939) 3, 1940) 1, 1941) 1941—Jan. 29 Feb 26 Mar (Apr. 2) Apr 30 May 28 Tune (Tulv 2) July 30 . Aue (SeDt 3) SeDt. (Oct. 1) .-. ....-..... Oct. Oct. Oct. Oct. 8 15 22 29 , ».„....... . ... ... „.......... Total United Kingdom Switzer- Germany France Netherlands land Italy Other Europe 316.7 917.4 1,162.0 1,219.7 1,133.7 888.7 149.8 367.7 448.7 472.6 328.1 157.1 23.4 64.7 70.3 76.9 76.6 74.4 50.5 157.6 213.8 212.1 227.7 233.2 55.1 200.2 275.3 304.1 344.7 348.1 -5.4 —7.5 -17.4 -22.8 -28.2 -29.1 -.1 —3.3 -4.9 -5.5 -4.9 2.7 12.9 38.5 55.7 56.6 60.4 64.9 286.2 818.0 1,041.6 1,094.1 1,004.4 851.3 2.8 32.6 37.6 25.7 -2.6 -18.4 3.7 15.5 18.2 23.7 30.1 25.6 21.4 44.1 54.7 65.2 87.6 17.6 2.6 71 11.1 14.3 12.6 811.9 775.8 701.8 682.4 641.6 631.2 623.6 616.5 623.5 101.7 75.1 —7.5 -41.0 -50.5 —56.6 -63.0 -64.7 74.2 74.2 74.2 74.3 74.5 74.6 74.8 75.1 75.3 233.3 233.2 234.9 234.8 234.7 236.1 235.8 236.0 236.5 340.2 338.9 334.7 332.1 324.1 321.7 322.2 326.0 328.9 -29.2 -30.2 —30.3 —30.3 -30.4 -30.4 -30.4 —30.4 -30.4 -1.6 —3.0 —3.0 —3.0 —2.5 -2.5 —2.4 -2.4 -.3 64.6 64.5 64.8 64.9 64.8 64.8 64.5 65.3 66.6 783.2 752.6 681.5 665.3 624.2 613.8 607.9 606.6 611.9 -25.7 —26.9 —28.9 —31.8 —31.3 -34.4 —37.8 -40.0 -41.8 24.7 21.8 20.9 20.6 19.5 19.3 19.2 20.8 23.9 17.7 16 8 16.9 17 0 17.9 21.1 22.9 17.8 18.0 12.0 11 4 11.3 11 3 11.3 11.4 11 4 11.4 11.5 623.9 623.2 621.2 621.3 -65.4 -65.7 —66.1 -66.6 75.4 75.3 75.3 75.2 236.5 236.5 236.7 236.7 329.7 330.4 330.4 331.0 —30.4 —30.3 —30.3 -30.3 -.3 67.2 66.9 66.2 65.9 612.8 612.9 611.9 611.8 —42.3 —42.9 —43.6 -44.0 23.8 24.1 24.1 24.5 18.1 18.1 18.1 18.2 11.5 10.8 10.8 10.3 Other Europe Total Europe Canada Latin America Asia1 All other 1 1.4 .4 5.0 5.2 5.0 7.9 7.6 22.6 44.0 47.9 71.6 74.3 -4.5 -7.6 3.5 1.8 8.7 10.7 1.0 —4.2 -.5 -.9 1.6 9.2 2.9 2.1 .5 -1.5 -3.4 6.0 1 6.2 —.2 — .2 -.2 9.8 TABLE 7.—BROKERAGE BALANCES, 2 BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 6.0 12.9 47.5 47.6 80.6 100.9 () 4.0 11.5 13.4 19.4 17.0 2.4 10.4 11.5 12.9 20.1 19.9 1.3 -.9 5.0 6.8 9.3 13.4 2.5 9.1 10.8 9.6 17.8 16.2 1941—Jan. 29 Feb. 26 „„. Mar. (Apr. 2).. t ... Apr. 30 „.„. May 28... ,..„ June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) 98.8 97.2 95.9 98.2 97.5 98.2 99.5 101.2 100.9 17.1 17.0 16.7 16.7 16.6 16.4 16.0 16.4 16.6 19.2 19.3 18.7 19.0 19.4 19.2 19.6 19.6 19.3 13.3 13.5 13.9 14.0 14.3 14.5 14.7 15.0 15.5 15.9 14.4 14.5 14.3 13.6 14.5 14.2 14.2 13.8 8.9 9.1 7.9 7.8 8.4 8.4 9.0 8.5 8.3 74.4 73.3 71.7 71.8 72.3 73.1 73.4 73.7 73.4 10.4 10.9 10.6 11.4 12.0 11.6 12.1 13.6 13.7 6.8 6.1 6.1 7.0 5.8 5.7 6.5 5.8 6.3 6.3 6.1 6.4 7.2 6.7 7.1 6.7 7.4 6.7 .9 .9 1.1 .8 .8 .7 .7 .7 101.1 101.5 101.3 100.6 16.5 16.5 16.8 16.6 19.5 19.6 19.6 19.5 15.5 15.3 15.3 15.3 13.8 13.6 13.8 13.8 8.1 8.5 8.4 8.3 73.4 73.5 73.9 73.5 13.5 13.9 13.7 13.8 6.6 6.6 6.1 6.1 6.9 6.6 6.7 6.6 .7 .9 .9 .6 Oct. Oct. Oct. Oct. 1 z 3 4 8 15 22 29 SwitzerFrance Netherlands land Germany Italy -.2 2.1 .7 Prior to Jan. 3,1940, thefiguresunder Asia represent Far East only, the remaining Asiatic countries being included under "All other". For explanation see BULLETIN for May 1937, pp. 395-396. Inflow less than $50,000. Outflow less than $50,000. 180 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Total United Kingdom 1929—Dec. 31 1930—Dec. 31 1931—Dec. 30 1932—Dec. (Jan. 4, 1933) 1933—Dec. (Jan. 3, 1934) 1934—Nov. 282 2,672.7 I 2,335.0 1,303.5 733.8 388.2 I 301.5 214.5 104.9 171.0 48.3 59.1 923.7 799.4 549.2 72.2 24.9 32.7 99.1 122.2 44.6 13.8 1934—Dec. 53 Dec. (Jan. 2, 1935) 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 584.8 597.0 1,200.2 1,491.6 1,729.6 1,996.6 79.6 76.9 205.5 235.7 261.5 436.1 36.1 33.9 163.5 176.3 143.9 187.4 13.5 12.9 68.6 78.8 89.1 101.8 Reported by Banks in New York City 105.2 204.5 157.4 371.3 2,162.8 281.3 222.2 161.0 111.2 1,911.7 122.2 66.0 41.1 33.2 961.2 63.1 82.2 30.2 36.6 469.1 9.9 30.1 11.9 16.3 149.7 41.7 9.7 25.8 14.3 196.0 Reported by Banks in United States 227.1 40.6 28.4 16.8 12.1 46.8 232.9 29.9 18.8 13.7 107.5 686.3 29.0 26.1 86.1 126.3 814.3 32.0 41.7 123.5 156.0 1,017.1 39.0 25.7 302.1 255.5 1,237.8 17.8 20.4 218.8 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) 2,318.8 2,683.0 3,050.7 3,057.0 3,165.2 3,456.3 3,719.0 473.9 607.4 656.7 448.2 361.3 397.9 386.4 219.5 284.4 295.9 288.2 290.7 504.8 503.5 143.9 146.0 186.0 204.9 199.7 184.7 180.3 247.1 240.8 299.9 376.3 432.2 441.0 459.6 18.7 15.1 1940—Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) 3,738.7 3,820.3 3,785.2 3,842.1 3,728.8 3,775.0 3,883.5 3,892.6 3,819.5 3,767.6 3,739.4 3,765.7 378.8 397.2 365.5 421.9 351.4 369.4 454.9 462.0 406.6 369.8 359.1 417.1 500.8 497.6 490.1 487.2 487.1 484.9 487.7 488.2 483.1 479.7 472.2 464.1 179.1 172.8 174.3 170.0 169.4 187.3 179.7 173.7 171.2 171.5 166.7 164.0 490.0 493.5 508.4 496.0 489.5 497.8 489.1 507.2 514.2 502.2 499.0 457.5 3,749.2 3,734.2 3,717.3 3,764.5 403.1 387.4 370.0 455.2 462.7 461.6 461.7 461.1 165.4 163.5 163.6 164.3 457.1 456.2 434.5 435.2 Date Oct. Oct. Oct. Oct. 8 15 22 29 466.7 I France Nether- Switzlands erland 8.3 12.7 Germany Italy Other Europe Total Europe 1 f All Latin ^ a n a c l a America Asia I other 1 241.8 216.8 148.3 89.3 88.7 91.9 188.2 130.8 103.3 117.8 96.4 106.6 49.0 38.2 69.0 44.4 43.1 60.3 31.0 37.5 21.6 13.1 10.4 11.9 103.3 99.3 145.3 186.1 175.6 201.8 117.4 122.8 156.3 263.9 280.9 248.5 125.1 130.1 188.9 200.2 236.0 274.3 12.0 12.0 23.4 27.1 20.0 34.1 13.2 14.8 12.2 17.1 38.5 69.3 29.8 24.6 314.7 366.9 446.4 516.9 618.7 625.7 667.5 1,432.7 1,672.7 1,909.7 1,882.6 1,980.3 2,193.8 2,235.0 236.6 291.7 325.3 274.6 250.1 259.2 410.7 300.7 363.0 383.0 336.0 365.5 421.4 438.4 305.5 306.0 366.5 491.4 515.2 521.7 567.7 43.3 49.7 66.2 72.5 54.1 60.3 67.1 9.1 8.0 6.7 5.5 7.0 5.6 5.7 5.5 5.7 6.2 6.8 6.6 19.4 18.9 17.9 16.0 15.5 15.3 15.0 14.7 14.4 14.4 17.1 15.1 662.5 656.3 650.6 634.4 631.5 623.8 623.6 607.5 606.5 604.2 603.0 655.4 2,239.6 2,244.3 2,213.5 2,230.9 2,151.3 2,184.3 2,255.9 2,258.9 2,201.6 2,148.0 2,124.0 2,179.9 408.1 435.2 434.3 443.6 434.8 421.5 434.0 412.2 417.9 424.7 436.2 438.4 446.0 453.6 447.3 457.0 435.1 470.2 478.9 488.1 492.8 474.6 466.6 439.2 576.3 622.0 616.9 631.0 624.4 612.9 612.9 628.5 599.7 608.3 591.2 603.8 68.7 65.1 73.3 79.6 83.3 86.1 101.8 104.9 107.5 112.0 121.4 104.4 6.5 6.5 6.6 6.6 15.0 15.1 15.2 651.7 664.8 664.1 645.8 2,161.5 2,155.3 2,115.8 2,183.2 441.2 438.6 437.2 426.4 442.9 443.3 444.0 435.7 599.4 590.4 614.6 609.2 104.2 106.5 105.7 110.0 7.8 9.5 8.4 9.8 15.1 Additional Detail Available from January 3, 1940 4 5 European countries Date 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) 1940—Oct. 30 Nov. 27 Dec. (Jan. 1, 1941). 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) April 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. Oct. Oct. Oct. 8 15 22 29 6 Latin American countries ArDen- Fin- Nor- Swe- Total genTotal Bel- mark land way den tina Philip PanBra- Chile Cuba Mex- ama Total -hina Hong Japan pine Iszil Kong and lands C. Z. 43.2 49.7 48.7 68.4 65.3 63.2 40.2 53.5 57.3 455.1 178.5 448.4 181. 431.6 192.7 39.7 44.1 36.2 45.4 35.1 44.0 50.6 52.4 53.4 46.6 47.3 37.5 25.0 26.9 28.5 26.1 25.3 30.5 28.8 29.4 29.4 28.0 27.7 26.0 48.4 46.4 47.9 48.6 47.3 51.5 55.6 60.6 60.1 66.4 73.3 74.0 64.4 62.6 55.0 49.3 52.6 53.5 48.6 48.8 42.6 42.3 42.0 41.4 57.9 58.6 58.7 54.8 55.9 64.5 62.1 57.5 59.4 51.7 52.9 49.1 432.5 475.2 454.5 464.3 464.4 447.9 420.5 418.8 393.4 381.1 365.0 355.1 195.1 89.4 218.6 92.2 207.5 91.1 210.5 93.4 217.5 97.5 216.7 94.5 187.0 92.8 176.5 95.9 164.4 101.3 159.9 102.3 161.7 86.6 151.6 90.0 37.7 37.1 38.2 37.5 25.4 26.7 30.4 30.1 74.8 74.4 75.5 73.8 41.1 40.0 40.5 41.2 48.7 49.7 47.3 47.4 359.1 350.2 348.5 345.2 153.0 148.7 148.2 145.6 25.0 29.6 29.1 68.4 59.0 51.2 168.6 275.4 63.5 35.3 187.6 326.5 88.7 39.0 225.3 338.8 110.1 33.4 469.0 145.7 145.7 144.8 143.2 450 437.9 140.7 429.6 135.4 433.1 134.1 426.3 125.1 425.7 125.5 425.5 123.4 424.2 121.2 451.9 120.9 16.2 16.1 17.3 17.1 17.0 16.4 16.1 15.2 15.9 17.8 18.0 18.8 24.3 22.0 16.5 14.1 12.3 10.6 12.5 10.3 5.4 5.5 6.1 5.9 51.3 50.1 48.7 48.3 46.2 45.0 44.8 44.2 43.7 43.2 42.2 66.1 231.5 232.4 235.4 227.7 221.6 222.2 225.6 231.5 235.2 235.5 236.6 240.2 348.2 353.8 341.7 342.5 319.6 348.6 349.1 355.8 364.2 353.6 348.0 326.8 112.7 115.1 115.4 118.2 103.3 104.5 103.4 107.1 119.4 118.6 104.9 98.8 451.0 450.5 449. 449.7 18.8 18.8 18.7 18.7 5.9 5.9 5.8 5.9 65.8 65.9 65.7 65.5 240.0 240.0 239.7 239.7 327.3 325.7 328.4 323.5 99.7 97.7 96.6 93.5 120. 119.9 120.0 119.8 75.2 169.4 32.0 78.4 152.6 35.6 87.0 106.8 45.2 24.7 30.2 26.1 475.1 184.3 28.7 457.0 161.3 19.5 470.3 147.9 16.8 466.2 462.7 4 Asiatic countries 90.9 89.6 89.1 88.8 102.8 119.3 110.3 114.1 103.4 90.8 92.5 94.9 79.2 76.3 76.8 75.4 45.2 45.1 45.6 46.3 46.0 45.9 48.2 51.5 48.5 42.6 39.8 38.1 77.0 75.3 75.4 75.1 38.3 36.6 35.9 35.6 1 2 3 4 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". Last report date on old basis. First report date on new basis. The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18,1939, and May 7, 1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; April, 1940, p. 362; and September 1941, p. 947). FEBRUARY 1941 181 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 United Kingdom Total Date SwitzFrance Netherlands erland 1,103.3 I 166.2 949.4 89.4 907.1 197.9 827.1 201.3 29.5 67.6 65.0 94.1 20.9 14.2 18.1 15.9 1934—Dec. 5 3 Dec. (Jan. 2, 1935) 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1,137.8 1,139.9 778.6 672.6 655.0 594.0 266.4 296.9 88.1 114.1 84.8 86.0 108.2 80.5 32.5 16.8 13.5 10.3 19.2 18.6 19.0 21.9 23.0 24.2 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) 553.6 496.6 485.7 508.7 527.5 475.0 385.5 83.0 55.4 66.0 39.9 39.7 32.0 20.2 13.8 10.7 20.1 19.7 1940—Oct. 30 Nov. 27 Dec. (Jan. 1,1941) 1941—Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) 393.4 395.1 384.0 399.2 383.0 391.7 360.2 364.2 340.5 355.6 353.5 353.8 19.6 21.4 23.0 23.0 20.7 24.0 22.6 24.7 23.5 26.9 23.4 22.4 3.7 4.3 4.2 3.4 3.1 2.8 2.8 2.4 2.1 2.0 1.9 1.9 1.0 1.1 .9 .8 .8 .8 .9 .9 .8 354.4 357.0 355.7 361.4 25.0 23.1 23.6 26.9 1.8 1.8 1.8 1.8 .7 .7 Oct. 8 Oct. 15 ,.„.„... Oct. 22 Oct. 29 Italy Other Europe Total Europe Latin Canada America Reported by Banks in New York City 149.2 II 864.3 12.6 467.2 18.7 6.4 96.1 719.0 433.7 11.5 83.9 652.3 12.5 258.1 16.8 60.2 II 569.5 8.5 178.8 10.7 Reported by Banks in United States 8.3 239.6 26.5 81.3 749.5 8.2 231.7 27.2 80.0 743.2 6.6 202.0 13.5 71.2 433.0 5.4 165.1 10.9 57.8 392.1 5.5 126.1 20.8 52.9 326.5 5.5 89.4 13.5 45.9 274.9 1931—Dec. 30 1932—Dec. (Jan. 4, 1933) 1933—Dec. (Jan. 3, 1934) 1934—Nov. 282 8.7 4.9 4.9 6.2 3.5 Germany- 9.6 5.7 6.7 2.6 1.1 .7 .8 .7 .8 .8 3.6 4.5 2.9 5.2 6.2 3.8 1.5 81.4 77.4 67.1 53.4 50.1 47.3 45.6 16.4 1.9 1.9 1.5 2.1 3.8 3.1 2.7 2.9 2.9 2.9 2.8 3.3 2.2 2.0 1.7 1.7 2.7 44.0 43.0 39.6 38.8 38.2 36.1 35.5 35.3 35.5 35.2 35.3 35.3 2.6 2.6 2.6 2.6 35.2 34.8 35.5 35.5 9.5 12.2 11.8 16.9 14.2 2.8 1.7 1.7 1.7 1.6 2.1 1.5 1.5 1.5 2.0 1.5 1.3 58 .1 43 .9 34 .7 84 .4 136. 158. 159. 124. 5 2 2 4 Asia1 41. 24. 54. 46. All other 1 8 8 6 2 2.6 3.5 6.3 2.6 91.2 96.3 100.9 59.4 118.0 60.4 170.7 174.6 154.5 141.1 114.4 99.1 118.1 117.4 80.1 67.2 78.9 144.1 8.3 8.5 10.1 12.9 17.2 15.5 48.8 39.9 41.6 51.4 48.6 41.0 34.8 267.1 217.0 208.1 172.2 173.2 147.2 109.4 46.3 54.0 49.7 39.7 42.2 35.3 30.8 99.5 110.3 108.5 113.3 110.7 117.0 113.1 125.7 100.5 104.0 174.1 192.6 167.9 125.7 14.9 14.8 15.4 9.3 8.9 7.7 6.4 33.3 32.0 29.9 31.1 31.0 30.1 29.1 28.4 28.6 28.1 28.0 28.4 106.8 106.0 101.0 100.9 99.4 98.6 95.3 96.3 95.0 97.8 93.6 92.9 32.4 29.7 36.0 33.6 30.8 30.9 25.0 27.9 27.8 24.9 27.6 31.7 123.1 125.9 122.7 125.8 115.1 121.6 118.3 116.2 113.9 116.8 121.9 123.0 124.9 126.2 117.8 132.4 131.0 133.4 113.9 115.0 94.9 105.9 100.0 95.7 6.3 7.3 6.4 6.5 6.6 7.2 7.7 8.8 8.9 10.2 10.4 10.5 27.8 27.5 27.1 26.7 94.7 92.5 92.9 95.7 30.1 35.5 34.4 35.2 124.6 124.1 125.1 126.1 95.1 94.7 93.7 94.5 10.1 10.1 9.6 9.9 Additional Detail Available from January 3, 19404 5 European countries Date 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) ArBel- Den- Fin- Nor- Swe- Total genTotal gium mark land way den tina .. 1940—Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 1941—-Jan. 29 Feb. 26 Mar. (Apr. 2) Apr. 30 May 28 June (July 2) July 30 Aug. (Sept. 3) Sept. (Oct. 1) Oct. 8 Oct. 15 Oct 22 Oct. 29 19 4 10.6 7.5 7.9 7.6 6.1 5.5 5.6 5.6 4.8 4.4 4.2 4.4 4.4 4.3 4.2 2.2 2.1 1.5 1.4 1.5 1.3 1.3 1.0 1.1 1.1 1.1 1.1 4.3 4.2 4.2 4.1 1.1 1.1 1.1 1.0 3.4 1.7 4 Asiatic countries 6 Latin American countries Philip PanBra- Chile Cuba Mex- ama Total China Hong Japan pine Iszil Kong ico and C. Z. lands .7 .3 1.5 1.7 .8 4.0 4.5 3.4 2.7 71.4 77.5 72.5 12.5 16.7 14.8 33.0 33.7 30.8 9.7 10.0 9.4 10.7 11.4 10.6 4.7 1.1 1.3 1.9 182.6 26.1 155.2 30.2 109.8 24.2 .3 .3 .3 .3 .3 .1 1.9 1.9 1.8 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.0 1.1 1.0 .9 .8 .8 .7 .7 .6 .6 .6 .6 .5 2.1 .8 1.0 1.2 1.2 .9 .6 .6 .6 .6 .6 .6 81.4 82.9 78.4 80.0 68.3 71.1 69.0 67.4 69.5 72.4 73.3 71.1 13.2 13.5 11.9 11.1 10.0 10.4 10.8 12.7 12.6 13.8 14.3 15.6 40.2 39.0 33.1 34.0 24.4 30.0 28.1 24.1 25.4 27.3 27.8 24.4 10.8 11.7 13.4 14.9 14.3 12.2 12.0 12.2 13.2 13.5 12.7 13.5 10.9 11.5 11.7 11.8 11.3 10.7 10.3 9.7 9.8 10.0 9.5 9.1 4.6 5.3 6.1 6.1 5.9 5.4 5.4 6.0 5.9 5.6 6.8 6.5 1.7 1.9 2.1 2.1 2.4 2.5 2.5 2.7 2.7 2.3 2.2 1.9 110.7 113.9 103.8 117.9 114.2 115.2 97.0 98.0 78.2 90.6 84.6 81.2 2.0 2.0 2.0 2.0 .5 .5 .5 .5 .6 .6 .6 .6 73.5 73.0 73.5 73.2 15.1 15.0 14.4 14.4 26.6 24.9 26.5 25.3 14.4 14.6 14.7 15.1 8.5 8.5 8.7 8.9 6.8 7.9 7.2 7.3 1.9 2.1 2.0 2.2 79.7 78.9 79.0 80.0 2.2 f'5) (5) 8 $ 1.5 1.2 4.8 4.5 1.7 125.9 90.6 53.2 28.9 32.7 28.2 58.0 62.8 55.8 71.8 68.3 67.3 46.9 41.1 17.3 27.1 22.5 21.5 25.4 25.6 22.6 20.7 21.5 20.4 23.0 25.0 27.1 26.4 28.0 27.3 21.0 20.5 20.4 20.4 26.9 26.9 27.3 27.5 24.2 24.0 23.7 24.2 23.5 26.5 26.1 29.2 31.1 34.1 30.7 29.4 1.6 4.3 3.0 1.5 1.7 1.1 .9 .9 1.0 2.7 2.7 3.0 3.4 3.1 29.0 28.7 28.6 29.2 2.8 2.8 2.8 2.9 C5) 5 ( ) represent Far East only, the remaining Asiatic countries being included under "All other". l.Prior to Jan. 3, 1940, the figures under Asia 2 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 Amerca, 5and Asia. Less than $50,000. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of issue dept. Bank of England (Figures in millions of pounds sterling) Gold1 1929—Dec. 25. 1930—Dec. 31. 1931—Dec. 30. 1932—Dec. 28. 1933—Dec. 27. 1934—Dec. 26. 1935—Dec. 25. 1936—Dec. 30. 1937—Dec. 29. 1938—Dec. 28. 1939—Dec. 27. 1940—Dec. 25. 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 326.4 4 .2 .2 1941—Jan. 29.. Feb.26. Mar. 26. Apr. 30. May 28. June 25. July 30. Aug. 27. Sept. 24 Oct. 29. Nov. 26. Dec. 31. .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 Other assets 2 5c 6 Liabilities of banking department Assets of banking department 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 230.0 580.0 630.0 630.0 630.0 630.0 680.0 680.0 680.0 680.0 680.0 5 730.0 730.0 730.0 5 780.0 Coin Notes Discounts and advances .2 .6 .6 .8 1.0 .5 .6 .6 1.0 .9 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 51.7 25.6 13.3 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 28.5 4.3 4.0 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 90.7 176.1 199.1 1.0 1.4 1.1 1.5 1.6 1.7 1.7 1.8 1.6 1.3 .6 .3 31.0 27.0 18.8 56.9 50.7 41.3 21.8 15.5 58.8 36.9 20.2 28.5 3.8 3.7 45.3 28.3 11.4 6.9 6.5 6.4 4.6 4.5 4.0 6.4 175.4 175.4 145.8 133.7 149.4 156.2 181.7 183.9 149.8 163.3 192.3 267.8 Cash reserves Securities Note circulation 3 Deposits Bankers' Public Other Other liabilities 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 616.9 • 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 135.7 8.8 6.6 7.7 8.9 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 51.2 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 17.9 17.9 599.2 603.2 611.5 623.4 629.5 639.0 658.4 664.7 671.4 693.3 710.0 751.7 107.9 121.7 118.6 131.8 110.9 112.5 132.1 125.7 133.9 117.0 136.4 219.9 53.0 53.0 52.3 57.2 52.1 50.4 50.5 49.1 52.2 57.7 53.1 54.1 18.0 18.1 18.1 17.7 17.8 17.8 17.9 18.0 18.1 17.7 17.8 17.9 Assets Bank of France 1929—Dec. 27 1930—Dec. 26 1931—Dec. 30 1932—Dec. 30 1933—Dec. 2 9 . . . . . 1934—Dec. 28 1935—Dec. 27 1936—Dec. 30 1937—Dec. 30 1938—Dec. 29 1939—Dec. 28 1940—Jan. 25 Feb. 29 Mar. 28 Apr. 25 May 30 June 10. Aug.29 1111.... Sept. 26 .... Oct.31 11 Nov. 28". ... Dec. 2611 Gold 10 10 1941—July 31 Aug. 28 6 Foreign exchange 7 Open market 7 Special 41,668 53,578 68,863 83,017 77,098 82,124 66,296 60,359 58,933 87,265 97,267 25,942 26,179 21,111 4,484 1,158 963 1,328 1,460 911 821 112 97,268 97,275 84,614 84,615 84,616 84,616 84,616 84,616 84,616 84,616 84,616 111 109 111 112 102 108 (12) (12) (12) (12) 42 11,861 12,505 42,645 42,694 44,083 44,173 (12) (12) (12) (12) 43,194 84,598 84,598 37 37 40,776 40,720 9.9 12.1 12.1 11.4 15.9 29.7 12.5 32.4 14.6 22.0 13.6 32.3 25.3 11.3 14.9 10.6 13.7 9.8 11.2 Liabilities Advances to Government Domestic bills (Figures in millions of francs) 22.2 Other For occupation costs8 Deposits Other assets Other 7 8,624 8,429 7,389 3,438 4,739 Note circulation Government C.A.R. 9 Other 8,124 9,510 11,275 11,712 11,173 11,500 11,705 12,642 11,733 18,498 20,094 68,571 76,436 85,725 85,028 82,613 83,412 81,150 89,342 93,837 110,935 151,322 11,737 12,624 5,898 2,311 2,322 3,718 2,862 2,089 3,461 5,061 1,914 7,850 11,698 22,183 20,072 13,414 15,359 8,716 13,655 19,326 25,595 14,751 1,834 1,203 1,154 1,171 1,046 1,049 995 990 1,097 748 984 27,200 34,930 38,932 39,107 41,400 14,965 17,128 14,262 14,681 25,782 25,405 28,226 25,700 25,075 24,941 27,202 1,318 1,341 60,612 60,193 33,978 29,179 1,379 652 1,797 2,345 17,698 31,909 20,627 34,673 2,235 1,810 1,870 1,781 1,889 1,518 (12) (12) (12) (12) 661 27,200 39,200 56,806 64,397 72,317 35,673 40,523 20,550 20,900 32,600 36,250 64,195 69,340 65,250 61,200 63,900 19,636 20,785 19,666 19,305 22,729 25,221 (12) (12) 23,179 151,738 156,150 156,032 156,285 170,853 174,469 198,578 205,439 213,131 214,176 218,383 117,715 117,555 69,500 67,700 22,605 21,826 242,000 244,099 (12) Other liabilities 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, and Apr. 30, Aug. 30, and Dec. 3, 1941. 6 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; Se 8 By a series of Conventions between the Bank of France and the Treasury, dated Aug. 25, Oct. 29, Dec. 12, and Dec. 30, 1940, and Feb. 20, Apr. 30, May9 10, June 11, and Sept. 11,1941, advances of 130,000 million francs were authorized to meet the costs of the German army of occupation. Central Administration of the Reichskreditkassen. 10 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 11 Figures taken from annual report of Bank for 1940. 12 Figure not available. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83. FEBRUARY 1942. 183 Central Banks—Continued Assets Reichsbank (Figures in millions of reichsmarks) Reserves of gold and foreign exchange Total reserves 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec 1934—Dec. 1935—Dec 1936—Dec. 1937—Dec 1938—Dec. 1939—Dec. 1940—Dec. 31 31 31 31 30 31 31 31 3i 31 30 31 ... 1941—Jan. 31 Feb. 28 Mar 31 Apr. 30 May 31 June 30 July 31 Aug 30 Sept 30 Oct. 3 1 p Nov 22 p Gold 1 2,283 2,216 984 806 386 79 82 66 71 71 2,687 2,685 1 156 920 396 84 88 72 76 76 78 78 77 77 78 78 78 78 78 77 77 77 77 Liabilities Securities Bills (and checks), 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 11,392 15,419 251 256 245 176 183 146 84 74 60 45 30 38 259 445 349 221 106 557 804 32 14,503 15,284 15,367 15,644 15,918 16,258 16,754 17,306 18,016 18,456 17,669 28 34 23 32 23 20 27 25 25 26 15 28 24 32 22 18 45 12 16 24 20 55 Eligible as note cover Deposits Other liabilities 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 11,798 14,033 755 652 755 540 640 984 1,032 1,012 1,059 1,527 2,018 2,561 736 822 1,338 1,313 836 1,001 923 953 970 1,091 1,378 1,396 13,694 13,976 14,188 14,689 15,210 15,565 16,031 16,502 16,918 17,432 16,645 1,726 1,935 2,127 2,006 2,012 2,373 2,243 2,326 2,511 2,470 2,399 1,399 1,305 1,210 1,117 1,174 1,215 1,259 1,323 1,357 Other Other assets Note circulation 92 102 161 398 322 319 315 303 286 298 393 357 656 638 1 065 1,114 735 827 853 765 861 1,621 2,498 2,066 349 351 352 488 438 416 359 384 383 1,834 1,445 1,672 1,548 1 922 2,336 2,302 2,343 2 260 (2) (2) a P1 Preliminary. Not shown separately on Reichsbank statement after June 15, 1939. 2 Figure not yet available. 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) Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange... Negotiable Government bonds Rediscounted paper Other assets. Note circulation Deposits—Member bank Government Other Foreign exchange sold forward Other liabilities Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits Note circulation National Bank of Belgium (millions of belgas): Gold Foreign exchange Credits to State and public bodies.. Credits to private economy Due from Bank of Issue, Brussels.. Other assets Note circulation Demand deposits Other liabilities National Bank of Bohemia and Moravia (millions of koruny): Gold Foreign exchange Discounts Loans Dec. 1941 Central Bank Nov. (Figures as of last report date of month) 1,075 456 364 209 1,281 502 207 26 7 81 Oct. Dec. 1,075 440 364 (*) 194 1,260 545 137 18 3 109 11 228 1,224 437 106 18,955 57,245 17,705 55,507 1,071 258 268 6 60 3,817 4,033 31,975 69,111 20,202 26,676 67,790 36,983 114,402 127,821 73,614 68,119 (Mar.) 2 4,331 543 2,186 125 373 491 7,596 296 157 4,331 236 1,656 231 376 497 6,895 281 151 (June)2 1,503 788 660 C1) 1,447 785 1941 Dec. Nov. 1940 Oct. Dec. National Bank of Bohemia and Mo(June^ 2 ravia—Cont. Other assets () 7,101 6,453 Note circulation 2,091 1,560 Demand deposits Other liabilities (3) Central Bank of Bolivia (thousands : of bolivianos): (Apr.) 104,959 102,034 Gold at home and abroad Foreign exchange 42,607 191,699 224,182 216,364 Loans and discounts 440,344 428,685 Securities—Government 8,513 7,230 Other 202,454 18,168 Other assets 508,348 475,856 Note circulation 422,463 387,239 Deposits 92,248 101,085 Other liabilities National Bank of Bulgaria (millions of leva): (May) 2 Gold. ...m 2,006 2,006 # Net foreign exchange in reserve 4 40 Foreign exchange 2,336 5,807 2,843 Loans and discounts 905 3,353 Government debt 2,593 2,677 3,684 Other assets 6,518 8,610 Note circulation 3,785 3,522 Deposits 2,917 2,902 Other liabilities Bank of Canada (thousands of Canadian dollars): Gold4 Sterling and United States exchange ^ 200,861 113,828 42,511 38,429 Canadian Gov't. securities: 2 >ears or less 391,783 428,664 462,240 448,440 Over 2 years 216,688 228,459 234,733 127,323 Other assets 33,529 20,309 29,558 12,386 Note circulation 495,956 462,996 448,866 359,949 Deposits—Chartered banks 232,031 247,154 231,816 217,738 Dominion Gov't 73,848 53,180 60,346 10,880 Other 5,970 7,220 2,361 9,515 Other liabilities 35,057 20,711 25,654 28,496 1 2 3 4 Less than 500,000. Latest month for which report is available for this institution. Figure not available. On May 1,1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). 184 FEDERAL RESERVE BULLETIN Central Banks—Continued Central Bank (Figures as of last report date of month) 1940 1941 Dec. Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities Bank of t h e Republic of Colombia (thousands of pesos): Gold . .. Foreign exchange Loans and discounts Government loans and securities.. Other assets Note circulation Deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange 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 exchanse Nov. Dec. Oct. Bank of Finland—Cont. 28,256 10,903 46,855 54,593 31,335 74 441 50,394 47,107 147 227 738 512 136 1,233 196 102 229 14 235 738 537 90 1,242 167 95 243 147 216 742 411 48 1,149 160 61 194 29,102 10,449 42,621 54,586 34 612 68 009 53,786 49,574 29,757 8,098 41,705 56,203 33,101 66 503 54,810 47,552 30,616 12,946 27,200 49,270 30,668 62,327 51,507 36,866 98 32 758 16 26 180 857 792 980 204 (July)1 68,453 12,175 73,117 27,585 95,556 42,260 43,514 115 11 395 10 18 71 157 516 741 353 197 60,935 18,146 59,132 20,966 77.895 53,042 28,241 1 ....... Other Other liabilities Central Reserve Bank of El Salvador (thousands of colones): Gold ...... Foreign exchange Loans and discounts Government debt and securities.... Other assets Note circulation Deposits Other liabilities Bank of Finland (millions of markkaa): Gold Foreign assets Loans and discounts. Domestic securities Other assets 1 2 3 4 5 6 .„.„.„. 13,246 1,616 1 307 6,801 1 801 16 976 4 140 3 655 Denosits Other liabilities Bank of Greece (millions of drachmas) Gold and foreign exchange (net).. Loans and discounts Other liabilities National Bank of Hungary (millions of pengo): Gold3 Foreign exchange reserve Discounts Loans—To Treasury To foreisn countries Other Other assets Note circulation Demand deposits Consolidated foreign credits of 1931 Othpr 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 department . . . . Balances abroad Treasury bills discounted Loans to Government Other assets Deposits Other liabilities Bank of Japan (millions of yen): Cash, bullion, and foreign accounts Special foreign exchange fund Advances—To Government Other6 (Sept.) 6,241 2,722 4,778 6,241 1,928 7,800 84,664 7 660 45 945 10,166 36,385 13,568 58,805 6,299 37 309 2,480 30,393 10,890 13,236 1,215 1 025 6,362 1 711 16 089 3,821 3 638 Note circulation . 13,239 Deposits 1,557 Other liabilities 2 751 6,795 Netherlands Bank (millions of guilders): 1 345 Gold .. 14 043 Silver (including subsidiary coin).. 4,475 7,169 Foreign bills . . . . . British, Egyptian, and other GovOther assets Note circulation Central Bank (Figures as of last report date of month) (May) 1 556 1,182 5 610 414 2,212 604 1,492 5,396 370 1,631 Other assets Deposits—Government Other Other liabilities Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts Discounts Loans Other assets Note circulation Deposits—Government Other Other liabilities 1940 1941 Dec. Nov. Oct. Dec. (May) 5,65 5,551 834 3,107 79 3,52 (Mar.) 18 46 16,58 3,94 3,58 19,37 20,90 2,30 10,000 16,903 4,049 3,771 15,369 16.820 2,534 124 35 710 570 100 18 1,029 80 140 35 398 51 353 1,387 160 1,94 337 26 217 (Sept.) 297 r 444 1 366 765 392 2 861 444 1 315 496 297 2 412 106 526 139 572 55 1 80 658 134 102 678 115 5 300 517 4,118 561 4,484 877 321 389 378 20 91 139 261 331 36 516 300 3 954 4,244 5 532 4,787 1,130 173 458 263 18 116 137 205 292 36 (Sept.)1 1 023 8 590 68 176 277 1,894 1 102 18 15 252 219 176 1,552 190 58 175 57 Latest month for which report is available for this institution. • Items for issue and banking departments consolidated. Gold revalued in week ending Sept. 30, 1941, at 0.2175 gram fine gokfper pengo, an increase in gold value of the pengo of approximately 24 per cent. Included in "Other liabilities". Figure for "Cash, bullion, and foreign accounts" on this date excludes foreign accounts, which are presumably included in figure for "Other assets". Includes bills discounted, no longer shown separately beginning Mar. 29,1941. FEBRUARY 1942. 185 Central Banks—Continued Central bank (Figures as of last report date of month) Dec. 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—Government— Other 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): Gold3 Other reserves (net) Non-reserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of Rumania (millions of lei): 4 Gold Special exchange accounts Loans and discounts Special loans (in liquidation) Government debt Other assets Note circulation Demand deposits Other liabilities South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilites Bank of Sweden (millions of kronor): Gold Foreign assets (net) Domestic loans and investments... Other assets Note circulation Demand deposits Other liabilities 1 2 3 4 5 Nov. Oct. Central bank (Figures as of last report date of month) Dec. 2,802 11,045 2,802 11,528 2,802 12,501 22,587 3,842 1,666 22,294 17,076 2,571 22,733 3,842 1,690 22,133 17,874 2,588 27,020 3,771 1,167 22,667 21,107 3,485 (Mar.) 1 186 102 435 599 9 112 2 55,142 49,910 15,822 22,760 183,222 130,148 8,135 12,310 181,191 142,740 58,282 46,823 22,848 25,565 (Sept.)l 1,309 1,332 1,919 48,533 19,604 2 40,650 28,488 76,321 3,980 351 1,031 875 3,501 2,617 698 1,239 633 785 442 1,033 1,156 2,903 1,318 1,068 (Sept.)i 33,715 17,667 31,102 574 9,628 37,532 89,691 28,281 12,246 32,156 6,847 26,640 746 9,785 14,917 64.349 14,990 11,753 51,260 11,686 2 41,762 28,151 71,846 4,714 44,566 771 1,152 35,732 23,681 53,937 4,604 424 874 773 877 1,568 716 664 353 750 739 800 1,482 436 723 Dec. Nov. Oct Swiss National Bank (millions of francs): 2,423 Gold 1,094 Foreign exchange 218 Loans and discounts 226 Other assets 2,175 Note circulation 1,503 Other sight liabilities 283 Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): (Aug.) 1 Gold 115,679 48,359 Foreign clearing accounts 444,880 Loans and discounts 190,822 Securities 28,096 Other assets 498,066 Note circulation. 79,358 Deposits—Gold 113,375 Other 137,038 Other liabilities Bank of the Republic of Uruguay (thousands of pesos): Issue department: 86,235 Gold and silver 107,621 Note circulation Banking department: 74,449 Gold 30,136 Notes and coin Advances to State and to government bodies 24,178 Other loans and discounts 91,601 Other assets 130,627 119,626 Deposits 231,365 Other liabilities Central Bank of Venezuela (thousands of bolivares): 124,311 124,304 124,304 Gold 38,903 34,862 31,706 Foreign exchange (net) 36,230 38,997 38,997 Credits to national banks 9,422 7,479 14,676 Other assets Note circulation— 95,695 94,067 89,235 Central Bank 60,738 63,943 70,089 National banks 42,663 37,339 40,855 Deposits '. 9,770 10,292 9,504 Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): (Feb.)1 Gold 2,790 909 Foreign exchange 1,686 Loans and discounts 3,061 Government debt 7,128 National defense bills 3,465 Other assets 13,973 Note circulation 3,510 Other sight liabilities 1,555 Other liabilities Bank for International Settlements (thousands of Swiss gold francs5): (Sept.)] Gold in bars 28,730 Cash on hand and on current account with banks 39,293 Sight funds at interest 15,507 Rediscoun table bills and accept141,956 ances (at cost) 21,008 Time funds at interest 221,911 Sundry bills and investments 49 Other assets 22,793 Demand deposits (gold) Short-term deposits (various currencies): Central banks for own account.. 19,812 Other 4,047 Long-term deposits: Special accounts 229,001 192,801 Other liabilities Dec. 2,173 999 263 274 2,273 1,178 258 110,142 32,775 379,064 193,705 30,926 417,826 78,955 115,511 134,321 86,235 107,229 56,083 34,000 40,826 95,780 78,062 109,243 195,507 2,740 726 1,787 3,060 6,941 2,867 13,834 3,531 756 35,368 45,210 15,650 141,614 21,153 234,370 2,306 28,144 42,588 3,098 229,001 192,840 Latest month for which report is available for this institution. Figure not available. Valued at average cost. Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu. See BULLETIN for December 1936, p. 1025. 186 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective United GerKing- France many dom In effect Oct. 2, 1936 Oct. 9 Oct. 16 Oct. 20 Nov. 26 Dec. 3 Jan. 28, 1937 June 15. July 7 Aug. 4 Sept. 3 Nov. 13 May 10, 1938 . May 13 May 30 . . . Sept. 28 Oct. 27 Nov. 25 Jan. 4, 1939 Apr. 17 May 11 July 6 Aug. 24 Aug. 29 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940 Apr. 9 May 17 Mar. 17, 1941 May 29 . . June 27 In effect Jan. 31, 1942 2 Belgium 4 2 Netherlands Sweden 3 2 4 4 2Y2 J Switzer- Albania land Argentina Belgium Bohemia and 2 Moravia V/2 6 5 4 sy2 3 Rate Central bank of— 3 3 Date effective 3T 5K Mar. 21, 1940 Mar. 1, 1936 2 2 Jan. 25, 1940 Oct. 1, 1940 Central bank of— 3 iy2 4 3 Date effective aT Apr. Jan. Feb. July Jan. July May Aug. Mar. 7, 1936 14, 1937 17, 1940 15, 1939 2, 1941 Bolivia 6 British India.. 3 Bulgaria 5 Canada... . Chile 3-4y2 Colombia... 4 Nov. 8, 1940 Nov. 28, 1935 Dec. 1, 1940 Mar. 11, 1935 Dec. 16, 1936 July 18, 1933 Netherlands 2H New Zealand Norway Peru 5 Portugal.... 4 Denmark Ecuador El Salvador Estonia Finland 4 7 3 4^ 4 Oct. May Mar. Oct. Dec. 16, 1940 26, 1938 30, 1939 1, 1935 3, 1934 Rumania.... South Africa Spain Sweden Switzerland. 3 3 4 3 1H Sept.12, 1940 June 2, 1941 lMar. 29, 1939 May 29, 1941 Nov. 26, 1936 France Germany Greece Hungary Italy Mar. sy2 Apr. July 3 Oct. 4M May 17, 1941 9, 1940 14, 1941 22, 1940 18, 1936 Turkey United Kingdom U. S. S. R . . . Yugoslavia.. 4 July 2 4 5 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 3 3 2 J Japan 3.29 Java 3 Latvia 5 Lithuania. ., 6 Mexico 4 2H 4 Rate June 27, 1941 26, 1941 13, 1940 1, 1940 31, 1941 1, 1938 i Not officially confirmed. NOTE.—Changes since Dec. 31: none 2 sy2 1% 3 2H 1% 2 2 3H 2H 3 OPEN MARKET RATES [Per cent per annum] United Kingdom Month Bankers' Day-to-day allowance money on deposits Bankers' acceptances 3 months Treasury bills 3 months 1929—Nov, 1930—No1931—No' 1932—No1933—N 1934—No' 1935—No 1936—No1937—Na 1938—No 1939—N 1940—N 5.35 2.18 5.75 .89 1.05 .45 .57 .56 .59 5.30 2.15 5.55 .82 .94 .29 .55 .55 .58 1.96 1.03 1.18 1.02 .75 .75 .75 .75 1.00 1.00 1940—Dec... 1941—Jan.. . Feb... Mar.. . Apr... May.. June.. July.. Aug... Sept.. Oct... Nov... 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.01 1.01 1.02 1.01 1.01 1.00 1.00 1.00 1.00 1.01 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .66 .67 5.15 2.01 4.96 .73 .75 .68 Germany Netherlands Sweden Switzerland Loans up to 3 months Private discount rate Private discount rate Day-to-day money Private discount rate Money for 1 month 6.89 4.79 8.00 7.79 5.48 8.69 4.80 5.18 4.21 3.07 2.79 2.65 2.58 2.19 1.93 4.26 1.31 1.59 .37 .45 .63 3.15 .85 .13 .14 1.75 2.25 4.17 1.29 1.73 1.00 1.00 1.00 3.00 1.55 .50 .50 2.41 2.75 3.32 1.16 1.77 1.50 1.50 1.50 2.44 1.46 1.00 1.00 1.25 1.25 1.95 1.73 1.68 1.83 1.67 1.78 1.93 1.63 2.25 2.25 2.25 2.07 2.06 1.93 1.88 1.88 1.88 1.88 2.75 2.75 2.75 2.75 2.75 2.36 2.25 2.25 2.25 2.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 C 3.88 C 3.88 3.63 3.01 3.00 2.88 2.88 2.65 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.13 2.13 2.13 2.13 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. FEBRUARY 194Z 187 COMMERCIAL BANKS Assets United Kingdom 1 (Figures in millions of pounds sterling) Cash reserves Liabilities Money at Loans to call and Bills dis- Treasury deposit 2 Securities customers counted receipts short notice Other assets Deposits Total Demand3 Time 3 Other liabilities 10 London clearing banks 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 207 213 216 221 236 127 119 151 159 187 408 311 255 322 316 1936—December. 1937—December. 1938—December. 1939—December. 1940—December. 244 244 243 274 324 195 163 160 174 159 322 300 250 334 265 1941—January... February. . March. . . . April May June July August September October.. . November. 279 284 288 298 293 311 306 316 330 328 332 131 128 132 137 128 143 139 140 134 132 127 269 210 194 188 173 193 275 266 315 270 246 472 565 594 605 630 778 740 759 784 864 208 237 247 231 238 1,983 1,941 1,971 2,091 2,238 991 1,015 1,044 1,140 (4) 963 900 910 924 216 244 251 231 232 11 London clearing banks 5 '""3U" 660 635 635 609 771 890 984 971 1,015 924 249 256 263 290 293 2,315 2,330 2,254 2,441 2,800 1,288 1,284 1,256 1,398 1,770 1,012 1,026 997 1,043 1,030 245 252 269 256 250 341 330 374 461 469 482 476 469 531 596 651 789 814 821 820 848 880 902 935 939 986 999 926 915 922 897 889 874 866 850 839 837 825 269 272 276 274 273 311 267 264 269 273 280 2,757 2,709 2,764 2,829 2,824 2,946 2,991 2,997 3,115 3,176 3,208 1,729 1,696 1,728 1,769 1,789 1,870 1,898 1,909 1,991 2,023 2,054 1,027 1,013 1,036 1,060 1,035 1,075 1,093 1,088 1,123 1,153 1,154 247 243 242 247 249 248 240 242 243 246 250 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Entirely in Canada Cash reserves Security loans Other loans and discounts 1932—December.. 1933—December.. 1934—December.. 1935—December.. 1936—December.. 1937—December.. 1938—December.. 1939—December.. 1940—December.. 211 197 228 228 240 255 263 292 323 103 106 103 83 114 76 65 53 40 1,104 1,036 1941—January.. . February. . March April May June July August September. October November.. 312 293 296 325 321 288 314 299 308 325 342 36 34 35 31 29 33 34 35 36 37 36 Security loans abroad and net Securities due from foreign banks Other assets 778 Note circulation Deposits payable in Canada excluding interbank deposits Total Demand Time Cash reserves Due from banks 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1939—December. 9,007 5,870 5,836 3,739 3,100 3,403 3,756 4,599 1940—January... February.. March 6 . . . . 4,066 4,293 4,110 Other liabilities 1,088 1,108 155 134 155 141 161 102 166 132 159 861 967 1,155 1,384 1,411 1,463 1,646 1,531 500 482 491 529 554 575 535 612 570 115 121 124 111 103 96 88 85 80 1,916 1,920 2,035 2,180 2,303 2,335 2,500 2,774 2,805 538 563 628 694 755 752 840 1,033 1,163 1,378 1,357 1,407 1,486 1,548 1,583 1,660 1,741 1,641 821 775 761 789 837 850 843 963 846 1,092 1,104 1,115 1,109 1,132 1,292 1,279 1,255 1,237 1,233 1,218 164 170 178 189 183 191 188 190 197 199 182 1,677 1,788 1,766 1,820 1,812 1,688 1,681 1,698 1,696 1,643 1,690 522 531 521 544 537 575 559 553 579 594 593 79 80 80 79 80 80 80 81 79 80 76 2,873 2,989 2,972 3,064 3,045 3,075 3,068 3,031 3,037 3,012 3,041 1,205 1,302 1,270 L,356 L.350 1,608 1,579 1,509 L,482 ,420 ,402 1,668 1,687 1,703 1,708 1,695 1,467 1,489 1,522 1,555 1,592 1,639 851 850 858 877 889 913 907 919 938 939 944 977 945 791 862 940 Assets France (4 large banks. End of month figures in millions of francs) Liabilities Liabilities Bills discounted Loans Other assets 1,766 1,416 1,421 2,484 2,975 4,116 4,060 3,765 22,014 19,848 18,304 16,141 17,582 18,249 21,435 29,546 7,850 8,309 8,159 8,025 7,631 7,624 7,592 7,546 1,749 1,827 1,717 1,900 1,957 2,134 1,940 2,440 4,080 3,993 3,920 29,808 30,810 34,123 7,756 7,579 7,499 1,745 1,849 1,961 Deposits Total Own acceptances Other liabilities Demand Time 37,759 32,635 30,943 27,553 28,484 30,348 33,578 42,443 36,491 31,773 30,039 26,859 27,955 29,748 33,042 41,872 1,268 862 904 694 529 600 537 571 295 273 193 337 473 661 721 844 4,331 4,362 4,301 4,399 4,289 4,517 4,484 4,609 42,850 43,737 46,608 42,302 43,195 46,064 548 542 544 938 1,034 1,105 3,667 3,753 3,901 1 Through August 1939, averages of weekly figures; beginning September1 1939 1939, end-of-month figures, representing aggregates of figures reported by banks for days, varying from bank to bank, toward the end of the month. indrividual 2 Represent six-month loans to the Treasury at 1 | per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 T% _ • A _• „ <n-i/- n _ _ i.i_;_ i M--L1r i i-_ c ± *_r Beginning 1936, figures on this basis• available onlyI . ,for all1111<< banks—see footnote 5. 5 District Bank included beginning in 1936. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 188 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 Australia (peso) (pound) Official 1934 1935 1936 1937 1938 1939 1940 1941 . . ... . . 1941—Jan. Feb Mar Apr May June July . . . Aug Sept. Oct Nov. Dec 123.704 29.773 29.773 29.773 29 773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 23.704 23 704 23.704 23 704 23.704 23.704 23.704 23.704 23.704 23.704 Official Free British India (rupee) 1322.80 322.80 8.4268 8.2947 8.5681 15!8788 8.6437 6.1983 5.8438 6.0027 5.1248 6.0562 5.0214 6.0575 5.0705 37.879 36.964 37.523 37.326 36.592 33.279 30.155 30.137 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 321.50 321.11 321.30 320.70 321.19 321.25 321.31 321.28 321.33 321.37 321.43 321.50 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0576 30.148 30.140 30.139 30 129 30.129 30 129 30.128 30.130 30.137 30.151 30.151 30.130 (krone) 4.2424 4.1642 4.0078 3.4930 3.4674 13.4252 22.500 21.883 22.189 22.069 21.825 20.346 U9.308 57.146 56.987 56.985 57 011 57.022 56 982 56.981 56.982 56.982 56.980 56.993 56.987 .... Free Brazil (milreis) 400.95 23.287 388.86 18.424 395.94 16.917 393.94 16.876 389.55 16.894 353.38 16.852 305.16 U6.880 321.27 (peso) (koruna) 61.780 56.011 57.083 56.726 55.953 57.061 57.085 57.004 • .*. 1941—Jan Feb Mar Apr May June July Aug Sept. Oct Nov. Dec 33 579 32.659 33.137 32.959 32.597 30.850 29.773 29.773 Official Colom- Czecho- D e n bia slovakia mark Year or month 1934 1935 1936 1937 1938 1939 1940 1941 Special Export Belgium (belga) 5 0560 5.0604 5.0599 5 0600 5.0600 5 0598 5.0616 5.0646 5.0616 5.0803 5.0896 5.1331 FinGerland France many Greece Hong Kong (mark- (franc) (reichs- (drachma) (dollar) ka) mark) 2.2277 2.1627 2.1903 2.1811 2.1567 1.9948 1.8710 X 2 0101 6.5688 6.6013 6.1141 4.0460 2.8781 2.5103 12.0827 39.375 40.258 40.297 40.204 40.164 40.061 40.021 139.968 .9402 .9386 .9289 .9055 .8958 .8153 1.6715 39.979 39.969 39.960 39.962 39.968 39.970 2.0104 2.0101 2 0100 2 0100 2.0100 2 0098 Bulgaria (lev) 1.2852 1.2951 1.2958 1 2846 1.2424 il 2111 1934 1935 1936 1937 1938 1939 1940 1941 . . . 25.316 24.627 24.974 24.840 24.566 23.226 122.709 18.846 18.882 18.875 18.923 18.860 118.835 4.6089 4.4575 4.5130 4.4792 4.4267 4.0375 3.7110 14.0023 3.9986 4.0069 4 0039 4.0009 4.0017 4.0026 1941—Jan Feb. Mar Apr. May June July •l u y Aug. Sept Oct. Nov Dec 1.0006 .9277 7382 .7294 .7325 .7111 1.6896 190.909 90.909 101.006 99.493 99.913 100.004 99.419 96.018 85.141 87.345 10.1452 5.0833 5.1240 5.1697 14.OOOO 5.1716 4.0000 5.1727 4.0000 5.1668 4.0000 1 5.1664 ^.OOOO 90 909 90.909 90.909 90 909 90.909 90 909 90.909 90.909 90.909 90.909 90.909 90.909 84 801 83.687 84.981 87 651 87.421 88 183 88.271 88.961 89.134 88.781 88.604 87.395 5.1674 5.1663 5.1660 5 1660 5.1660 Japan (lira) (yen) 38.716 48.217 31.711 30.694 30.457 27 454 22.958 124.592 29.575 29.602 29.558 19 779 19.727 19 238 18.475 119.770 8.5617 8.2471 7.2916 5.2607 5.2605 5.1959 5.0407 15.0703 29.715 28.707 29.022 28.791 28.451 25.963 23.436 123.439 23.648 24.142 24.421 24 393 24 285 24 372 24.524 25.110 25.099 25.088 25.088 25.043 19.770 19.770 19.770 5.0432 5.0422 5.0452 5 0475 5.0805 5 2621 23.439 23.439 23.439 23 439 23.439 23 439 23.439 498.29 484.66 491 65 489.62 484.16 440.17 397.99 398.00 13.615 13.678 12 314 6.053 5.600 10.630 9.322 59.005 57.173 58.258 57.973 56.917 51.736 46.979 47.133 25.982 25.271 25.626 25.487 25.197 23.991 23.802 1 23.829 32.366 32.497 30 189 22.938 22.871 22.525 22.676 x 23.210 398.00 398 00 398.00 398.00 398.00 398.00 398.00 398.00 398 00 398.00 398.00 398.00 9.130 9 130 9.130 9.130 9.130 9.130 47.089 47 094 47.106 47.107 47.107 47.138 47 160 47.160 47 160 47 160 47.160 47.160 23.826 23.829 23.824 23.825 23.839 23.836 23.220 23 217 23.210 23.201 23.203 23.206 Official China (yuan ShangExport hai) Free Italy (dollar) Chile (peso) Official Hungary (pengo) Ruma- South Spain Straits Norway Poland PortuSettle- Sweden Switznia Africa gal erland (krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc) Year or month Canada (dollar) 4 0000 4.0000 4.0000 4 0000 4.0000 Neth- 34.094 36.571 29.751 29.606 21.360 11.879 6.000 I5.3I3 5.391 5.424 5.358 5 190 5.255 5 336 5.243 New Mexico erlands Zea(peso) (guild- land (pound) er) 27.742 67.383 27.778 67.715 27.760 64.481 27.750 55.045 22.122 55.009 19.303 53.335 18.546 153.128 20.538 402.46 391.26 398.92 396.91 392.35 354.82 306.38 322.54 20.504 20.524 20.529 20 538 20.537 20 533 20.542 20.538 20.542 20.567 20.544 20.560 322.75 322.36 322.55 321 96 322.45 322 51 322.57 322.54 322.60 322.63 322.71 322.78 United Kingdom Uruguay (pound) (peso) Yugoslavia Non- (dinar) controlled Official Free Controlled 1403.50 403.50 503.93 490.18 497 09 494.40 488.94 443.54 383.00 403.18 79.956 2.2719 80.251 2.2837 2 2965 79 874 79.072 2 3060 64.370 2.3115 62.011 136.789 2.2716 65.830 37 601 2 2463 65.830 43.380 *2.2397 403.50 403 50 403.50 403.50 403.50 403.50 403 50 403.50 403.50 403.50 403.50 403.50 403.42 402 97 403.19 402.48 403.10 403.16 403 23 403.18 403.27 403.29 403.42 403.50 65.830 65 830 65.830 65.830 65.830 65 830 65 830 65.830 65.830 65.830 65.830 65.830 39.491 39 649 39.566 40.065 41.161 42 706 43 789 43.745 43.836 45.796 48.125 52.783 2.2397 1 Average of daily rates for that part of the year during which quotations were avaijable. NOTE.—Developments affecting averages during 1941: Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal. No rates certified^ Yugoslavia—since Jan. 28; Hungary—since Mar. 12; Chile—since May 20; Finland, Germany, Italy, Portugal, Spain, Sweden, and Switzerland—since June 14; China and Japan—since July 25; Hong Kong—since Dec. 24. Changes in nominal status (noted only if affecting quotations for at least five days a month): Quotations ceased being nominal, October 1941— Mexico. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. FEBRUARY 1942. 189 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES rindex numbers] United States Year or month United Kingdom Canada France Germany Japan Italy (October 1900=100) (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1 1926 100 100 124 695 134 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 86 73 65 66 75 80 81 86 79 77 87 72 67 67 72 72 75 85 79 75 100 88 86 86 88 89 94 109 101 103 554 500 427 398 376 338 411 581 653 681 125 111 97 93 98 102 104 106 106 107 79 87 83 137 110 1940—December 1941—January February March April May Jane July August .... September October November December 80 84 149 111 85 85 150 150 82 83 112 112 89 90 91 92 151 151 85 87 89 90 86 87 92 92 93 94 94 81 81 93 94 2 85 75 70 63 62 68 76 89 95 3 97 Netherlands Sweden (1926-30 =100) 237 106 181 153 161 180 178 186 198 238 251 278 90 76 65 63 63 62 64 76 72 74 88 4 311 Switzerland (1935=100) (July 1914 =100) 1126 144 1 103 1 94 1 92 1 90 1 96 100 102 114 111 115 126 110 96 91 90 90 96 111 107 111 146 143 159 164 312 111 112 313 317 162 165 167 168 322 324 169 170 151 152 153 153 112 112 112 113 326 331 329 330 171 173 173 174 170 175 181 184 188 189 154 155 113 330 175 176 ^193 337 155 P156 191 P Preliminary. Approximate figure, derived from old index (1913=100). Average based on figures for 8 months; no data available since August 1939, when figure was 674. Average based on figures for 7 months; no data available since July 1939, when figure was 96. Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. 1 2 3 4 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month 1926 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 .... . . 1940—December 1941—January February March April May June . July August September October November December Foods Other commodities 100 100 100 88 65 48 51 ' 65 79 81 86 69 65 68 82 91 75 61 61 71 84 82 86 74 70 71 83 85 75 70 71 78 78 80 85 82 81 83 89 100 89 88 83 85 87 92 102 97 97 133 100 87 85 87 90 90 96 112 104 106 138 70 72 70 72 74 74 74 74 145 145 144 144 144 150 152 153 154 154 111 111 111 111 112 144 145 146 146 147 155 156 113 114 157 114 157 158 148 149 158 158 75 78 84 84 84 85 86 76 82 80 83 87 89 86 85 90 87 91 87 90 91 92 90 91 95 89 89 91 93 94 94 Foods Industrial products IndusFarm trial and food products products Farm products Agricultural products Provisions Industrial raw Indusand semi- trial finished finished products products 581 793 129 132 130 150 526 542 482 420 393 327 426 562 641 *653 (2) 579 464 380 380 361 348 397 598 663 7072 ( ) 113 104 91 87 96 102 105 105 106 108 111 113 96 86 75 76 84 86 96 91 *93 (2) 120 103 89 88 91 92 94 96 94 95 99 150 136 118 113 116 119 121 125 126 126 129 100 100 100 100 100 131 132 133 133 133 1 114 113 100 100 100 100 101 132 132 132 132 132 * Average based on figures for 8 months. No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. 2 I9O FEDERAL RESERVE BULLETIN Price Movements—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] United Kingdom (1935-39 (July =100) 1914 =100) United States Year or month 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 87 84 94 100 101 105 98 95 97 106 126 120 122 125 130 139 141 141 164 168 1940—December. 1941—January. .. February .. March April May. June July. ...... August September. October... November. December. 97 98 98 98 101 102 106 107 108 111 112 113 113 173 172 171 169 170 171 170 167 167 166 165 165 165 Switzerland France Ger- Nether many lands (July 1914 (1913-14 (1911-13 =100) =100) =100) 536 491 481 423 470 601 702 2 742 116 113 118 120 122 122 122 123 128 4 (June 1914 =100) 119 120 124 118 120 127 130 130 140 127 127 127 128 129 130 131 134 133 128 Year or month United Kingdom (1935-39 (July =100) 1914 =100) United States 125 117 115 114 120 130 130 132 146 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 98 92 96 98 99 103 101 99 100 105 144 140 141 143 147 154 156 158 184 199 158 160 160 161 167 172 178 179 180 181 1940-December... 1941-January February March April May June July August September... October November... December. .. 101 101 101 101 102 103 105 105 106 108 109 110 111 195 196 197 197 198 200 200 199 199 199 199 200 Ger- Nether, France many lands (1930 (1913-14 (1911-13 =100) =100) =100) 121 118 121 123 125 125 126 126 130 91 87 83 78 86 102 3 122 Switzerland (June 1914 =100) 141 139 140 t 136 X 132 137 139 K 5 138 131 129 128 130 137 137 138 151 1 4 0 148 160 163 163 164 169 171 175 177 178 178 131 132 132 132 132 133 134 136 136 133 201J 1 Revised index from March 1936 (see BULLETIN for April 1937, p . 373). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 5 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (derived price) 1 C Number of issues 15 United Kingdom (December 1921=100) 87 France (1913=100) 36 Germany (average2 price) 2 139 1926 90.1 110.0 57.4 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 84.4 91.2 98.2 105.5 109.5 1 110.2 111.1 113.8 115.9 117.8 113.2 119.7 127.5 129.9 131.2 124.6 121.3 112.3 118.3 88.6 81.3 82.1 83.5 76.3 75.1 77.3 83.9 84.7 67.1 82.5 90.7 6 95.1 95.8 98.7 99.9 99.0 100.7 117.7 117.7 116 7 116.9 116.8 117.0 117.7 118 7 118.5 118.1 118 8 119.2 117.5 121.0 122.2 121.9 122.5 121.7 122.7 122.9 124 7 124.5 125.9 125 5 125.7 100.5 98.4 101.4 102.2 102.8 102.8 103.0 103.2 103.3 103.1 103.1 103.1 1940—December 1941—January February March April May June July August September October November December 5 Netherlands3 (1926=100) United States (1935-39 =100) United Kingdom France Germany 278 300 4 105.6 100.0 100.0 100.0 94.8 105.3 113.4 107.8 109.1 3 101.8 105.9 90.9 7 77.9 51.2 67.0 76.6 82.9 117.5 117.5 88.2 94.2 88.1 80.0 67.9 78.6 85.7 86.3 97.0 96.3 80.8 75.9 70.8 105.2 99.6 83.3 79.7 77.2 97.4 89.7 98.3 79.8 80.1 74.3 73.2 78.5 82.1 84.9 85.0 80.1 80.3 77.9 77.1 79.5 83.2 83.2 83.6 80.4 77.4 71.8 70.2 71.8 70.5 69.9 69.7 70.4 70.7 72.5 73.8 75.1 r 74.8 76.0 8 402 228.3 269.5 274.6 5 50.3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 114.6 128.0 131.5 133.0 131.1 131.0 133.2 138.1 142.6 144.0 146.4 Netherlands (1930=100) 100 46 52 55 55 66 104.2 95.8 89.7 8 95.0 116.1 120.0 113.4 115.1 126.5 121.6 r 1 c Revised. Corrected. Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both2 series. Source: Standard and Poor's Corporation. Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 41937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. . . . . . , . , , , m This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it jwas down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr .-Dec. only—see note 2. Average Jan .-Mar. on old basis was 95.9. 7 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1941 191 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman M. S. SZYMCZAK RONALD RANSOM, JOHN K. MCKEE Vice Chairman ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman SECRETARY'S OFFICE DIVISION OF EXAMINATIONS CHESTER MORRILL, Secretary LEO H. PAULGER, Chief LISTON P. BETHEA, Assistant Secretary R. F. LEONARD, Assistant Chief C. E. CAGLE, Assistant Chief S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary DIVISION OF BANK OPERATIONS COUNSEL'S OFFICE WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel EDWARD L. SMEAD, Chief J. R. VAN FOSSEN, Assistant Chief J. E. HORBETT, Assistant Chief DIVISION OF SECURITY LOANS CARL E. PARRY, Chief DIVISION OF RESEARCH AND STATISTICS FISCAL AGENT E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman ALLAN SPROUL, Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER M. J. FLEMING FEDERAL ADVISORY COUNCIL Boston District CHAS. E. SPENCER, JR. New York District GEORGE L. HARRISON, Vice President Philadelphia District WILLIAM F. KURTZ HUGH LEACH Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT V. FLEMING JOHN N. PEYTON RONALD RANSOM M. S. SZYMCZAK CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary Atlanta District H. LANE YOUNG Chicago District EDWARD E. BROWN, President St. Louis District S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD WALTER WYATT, General Counsel Kansas City District W. DALE CLARK J. P. DREIBELBIS, Assistant General Counsel Dallas District NATHAN ADAMS E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist San Francisco District GEORGE M. WALLACE ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Chairman and Federal Reserve Agent Federal Reserve Bank of Boston Deputy Chairman President Albert M. Creighton. Henry S. Dennison... R. A. Young New York.... Beardsley Ruml Edmund E. Day Allan Sproul First Vice President Viet Presidents W. W. Paddock William Willett1 L. R. Rounds R. M. Gidney T W TCnnlrt* . Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe.. Warren F. Whittier.. Alfred H. Williams.. Frank J. Drinnen... W. J. Davis E C Hill C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland Geo. C. Brainard.... R. E. Klages M. J. Fleming F. J. Zurlinden C. W. Arnold R. B. Hays W. F. Taylor* G. H. Wagner Richmond W. G. Wysor Robt. Lassiter Hugh Leach J.S. Waldenjr J. G. Fry R. W. Mercer W. S. McLarin, Jr... Malcolm H. Bryan. H. F. ConnifF L. M. Clark Atlanta Frank H. Neely J. F. Porter Chicago F. J. Lewis Simeon E. Leland.... C. S. Young St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis H. P. Preston Allan M. Black* J. H. Dillard A. J. Mulroney F. Guy Hitt O. M. Attebery C. M. Stewart1 E. W. Swanson 2 Harry I. Ziemer Minneapolis... W. C. Coffey Roger B. Shepard.. .. J. N. Peyton O. S. Powell Kansas City... R. B. Caldwell. Robert L. Mehornay.. H. G. Leedy Henry O. Koppang. J. W. Helm2 D. W. Woolley Dallas Tay Taylor J B. Cozzo R. R. Gilbert St. George Holden... Wm. A. Day San Francisco. Henry F. Grady E. B. Stroud R. B. Coleman W. J. Evans1 W. O. Ford Ira Clerk C. E. Earhart1 R. B. West 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Managing Director Federal Reserve Bank of— New York: Buffalo Branch Cleveland: Cincinnati Branch Pittsburgh Branch Richmond: Baltimore Branch Charlotte Branch Atlanta: Birmingham Branch Jacksonville Branch Nashville Branch New Orleans Branch Chicago* Detroit Branch St. Louis: Little Rock Branch Louisville Branch Memphis Branch FEBRUARY 1942. R B Wiltse B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers Geo. S. Vardeman, Jr. Joel B. Fort, Jr. E. P. Paris .. \ H. J. Chalfont . . . . A. F. Bailey C. A. Schacht .. j W. H. Glasgow Minneapolis: Helena Branch R. E. Towle Kansas City: Denver Branch Oklahoma City Branch Omaha Branch Jos. E. Olson G. H. Pipkin L. H. Earhart Dallas: El Paso Branch Houston Branch San Antonio Branch J. L. Hermann W. D. Gentry M. Crump San Francisco: Los Angeles Branch Portland Branch Salt Lake City Branch Seattle Branch W. N. Ambrose D. L. Davis .. I W. L. Partner C. R. Shaw FEDERAL RESERVE DISTRICTS 1 ^ h M.DAK. I I 1 — L > VQ w l" 1 / \ M.NN. ! ^ ' .. r MINNEAPOLIS^ I N — —~K~^c \J ) COLO. ^ J N.MEX. J » . — _ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ (APPROXIMATE IN THE ST. LOUIS DISTRICT) \ ? J DALLAS® 5 ~ " # BOUNDARIES OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITI£( FEDERAL RESERVE BANK AGENCY °g1 OKLA. I,-' "Memphis J 1 Oklahoma City V A R K # ^ /•-—••> U J^TJuttleWk/ TEXAS ® • O M il 1 • M M S l KANSAS CITY^J KANS. |1 *^r i \ 9 ^ ^ 5 a; ;> " * 4 ^[. y g j MISS. J " u " ' f ; » / ^ Savannaav , V#V""-""" *••""""""nA H O U ^ _ ^ _ an An toni o \ ^ - / \ \ J^ Mt \ 1