Full text of Federal Reserve Bulletin : May 1942
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FEDERAL RESERVE BULLETIN MAY 1942 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON PAGE Review of the Month—Regulation of Consumer Credit 399~4°9 From a Legal Standpoint: Consumer Credit: Revision of Regulation W 410-413 Interpretations of Regulation W 4x3-414 War Financing—Regulation V 414-417 Industrial Loans—Revision of Regulation S 4x7-430 Alien Property Custodian 430-431 Government Contracts „ 431 Foreign Funds Control 43I-433 Volume of Consumer Instalment Credit 434-437 Instalment Loans of Insured Banks—December 31, 1941 43£-440 General Maximum Price Regulation 441-449 Changes in Publication of Bank Debits 450 Canada—Publication of Additional Statistical Series 451 Current Events 451 Correspondence—Further Comment on Currency Hoarding 453-454 National Summary of Business Conditions 455-456 Financial, Industrial, Commercial Statistics, U. S. (See p. 457 for list of tables). .. . 457-508 International Financial Statistics (See p. 509 for list of tables) 509-511 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 5XX Senior Officers of Federal Reserve B a n k s ; M a n a g i n g Directors of B r a n c h e s , 5x3 Map of Federal Reserve Districts 524 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. Tt is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Repmblic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months. FEDERAL RESERVE BULLETIN VOLUME 2.8 May NUMBER 5 REGULATION OF CONSUMER CREDIT National economic policy for preventing an undue rise in the cost of living was outlined by the President in a message to Congress on April 2.7 and in a radio talk on the following day. The program comprises the following seven points: explained in a statement issued by the Office of Price Administration and published elsewhere in this BULLETIN. The new price regulations become effective May 18. 1. Tax heavily, and keep personal and corporate profits at a reasonable rate. z. Fix ceilings on all prices and on rents for dwellings in areas affected by war industries. 3. Stabilize remunerations received by individuals for their work. 4. Stabilize agricultural prices. 5. Encourage all citizens to purchase War Bonds with their earnings instead of using those earnings to buy unessential articles. 6. Ration all essential commodities of which there is a scarcity. 7. Discourage credit and instalment buying and encourage the paying of debts, mortgages, and other obligations. Primary responsibility for dealing with consumer debt was placed on the Board of Governors of the Federal Reserve System by Executive Order of the President dated August 9, 1941. The Board's Regulation W dealing with this subject became effective on September 1. Since then it has been amended from time to time. On May 6, 1942., the Board announced the adoption of an amendment to Regulation W, effective immediately. The revised regulation is reprinted in full in this BULLETIN. Upon adoption of the amendment the Board issued the following statement describing its main features: In conformity with this program, action was taken promptly by the Office of Price Administration to fix maximum prices on most commodities and by the Board of Governors of the Federal Reserve System to broaden and tighten restrictions on consumer credit. The considerations involved in the adoption of a general maximum price regulation at this time are fully MAY 1941 BROADENING OF CONSUMER CREDIT REGULATION "In conformity with the President's Special Message to Congress of April 2.7 and under authority of Executive Order No. 8843 °^ August 9, 1941, the Board of Governors of the Federal Reserve System has adopted, effective May 6, 194X5 Amendment No. 4 of Regulation W relating to consumer credit. . "As amended, the Regulation is extended to cover a comprehensive list of durable and semi-durable goods for civilian consumption, and contemplates that the volume of outstanding consumer 399 REVIEW OF THE MONTH credit, already substantially diminished, will be further contracted in keeping with the Government's purpose to prevent the rapid bidding up of prices. The purpose of this revision is to help make effective the last point in the 7-point program which the President set forth in his Special Message to Congress of April 2.7, 194X5 as follows: 'To keep the cost of living from spiraling upward, we must discourage credit and instalment buying, and encourage the paying off of debts, mortgages, and other obligations; for this promotes savings, retards excessive buying and adds to the amount available to the creditors for the purchase of War Bonds/ "The principal changes made in the Regulation are: "1. The list of consumers' goods to which the Regulation applies has been broadened to include automobile batteries and accessories, tires and tubes; bedding; draperies; binoculars; household electric appliances not hitherto listed; used furniture; jewelry; luggage; athletic equipment; table and kitchenware; pottery, glassware; yard goods; and non-military clothing and furs, including shoes, hats and other haberdashery. "z. The maximum permissible maturity of instalment sales has been reduced to iz months, and the required dpwn payment for all listed articles has been increased to 33J per cent. Exceptions to this rule include instalment sales of automobiles, for which the down payment of one-third and the maximum maturity of 15 months are retained, and furniture and pianos, for which the required down payment, formerly 10 per cent, becomes zo per cent, the maximum maturity being iz months. "3. The scope of the Regulation has been broadened to make it cover, in 400 addition to instalment sales and instalment loans, charge-account sales of listed articles and single-payment consumer loans. The Regulation provides with respect to charge accounts that unless payment is made by the tenth day of the second calendar month following the purchase, no further credit may be extended to purchase any listed article until the items in default have been paid for in full or have been placed on an instalment basis for payment within 6 months. No down payments are required on purchases in charge accounts. "4. Single-payment loans of $1500 or less are limited to a maturity of 90 days, and where such a loan is to purchase a listed article costing $15.00 or more, a down payment is also required. If not paid in 90 days, the loan must be placed on an instalment basis. "5. The revised Regulation provides that instalment payments shall not be less than $5.00 per month or $i.z5 per week. "The exemption from down-payment requirements of instalment sales maturing within 3 months has been repealed. "Provisions covering seasonal adjustments and so-called farmer plans are retained in the Regulation, together with various additional exceptions, such as real estate loans; security loans subject to Regulations T and U; educational, hospital, medical, dental, and funeral expenses; aircraft; defense housing; credit to dealers; fire and casualty insurance premiums; agricultural production loans; business loans; insurance policy loans; and extensions of credit to the Federal Government, to local governments, or to any hospital, school, college, or other educational or charitable institution. "Copies of the Regulation are being printed at each of the Federal Reserve Banks and will be distributed by them FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH throughout the country within a few down payments for a large number of artidays. Any inquiries with respect to cles were raised to 33^ per cent from 15 and the Regulation should be addressed to zo per cent previously prevailing. A few the Federal Reserve Bank of the district articles were also added to the list. The in which the inquiry originates." revised regulation, as already stated, subThe Executive Order under which Regu- stantially broadens the list of articles lation W was issued applied particularly to covered by the regulation and provides for terms and conditions under which credit stricter credit terms. repayable in instalments may be extended AIM OF CONSUMER CREDIT REGULATION for purchasing or carrying consumers' At the time of the adoption of Regulation durable and semi-durable goods. Credit W last August, Chairman Eccles issued a against a residential building in its en- public statement as to its purpose, which tirety was not included in the Order, but included the following paragraph: credit for repairs and improvements on "Accordingly, it is of primary imresidences was covered. Cash instalment portance that restraints be placed upon loans made by lending institutions were the wholesale extension of credit, inalso made subject to regulation. cluding instalment buying. The volume In issuing its initial regulation on conof instalment credit has been expanding sumer credit, the aim of the Board was to very rapidly, as it always does in times of act promptly in adopting a regulation rising national income. Yet when inwhich would apply moderate restrictions comes are at high levels, that is the time when people should reduce their in a manner consistent where possible with debts or get out of debt. Our people prevailing trade standards. The regulation can not spend their increased incomes and at first was directed principally at consumer go into debt for more and more things credit extended for the purchase of consumer today without precipitating a price durable goods that use materials needed inflation that would recoil ruinously for armament production, and one of its upon all of us. Instead of an ever-exmost important purposes was to dampen panding volume of consumer credit, we the demand for such goods. Although need to bring about a substantial reduccurtailment of consumer credit in general tion in the total outstanding. Civilian was also an important aim of the regulademand for goods must be adjusted as tion, the original list of articles did not closely as possible to supplies available include some types of goods that are for* consumption. Regulation of instalcommonly bought on instalment credit ment credit is a necessary measure to this end. By deferring civilian demand at nor were restrictions imposed on all types this time we can help avoid inflation, of consumer credit. we. can aid in defense, and we can store Amendments to the regulation adopted up a backlog of buying power that will during the autumn were mainly of an adhelp offset a post-defense slump/' ministrative and technical nature, but in Amendment No. 3, which became effective Because most instalment credit stems March r j , 1942., the maximum maturity of from trade in consumer durable goods, the most credit subject to the regulation was supply of which is being drastically rereduced from 18 to 15 months, and required duced, there has been a substantial decline MAY 1942. 401 REVIEW OF THE MONTH in the volume of consumer instalment debt since last summer and it is clear that this decline will continue for some months. Subsequent sections of this Review contain a discussion of current developments with respect to consumer incomes and buying and to changes in the cost of living and explain more fully the reasons for the recent and prospective decline in volume of consumer credit. Available information indicates that substantial amounts of consumer credit are still being used and are adding to the upward pressure of buying power upon prices of goods. Ordinarily in periods of expanding income, consumer debt has tended to increase because both buyers and sellers were more willing to make such commitments and there were increased supplies of goods available for purchase; but under existing conditions, with the supply of goods limited and many goods not obtainable except at rising prices, there should be less occasion to borrow and, in fact, greater ability to reduce debt out of increased income. Any increase in borrowing, on instalments or otherwise, adds to consumer buying power and thus increases the upward pressure on prices. Action by the Board to broaden and tighten Regulation W, accordingly, is for the purpose of discouraging an increase in any type of consumer credit and of accelerating the decline in the total volume of such credit. INCOME, CONSUMPTION, AND PRICES Buying power of consumers has continued to expand with further growth in employment and income arising out of the war production program. The growth in consumers' income has greatly exceeded the growth in amounts used to pay off debt, to buy Crovernment securities, and to meet enlarged tax payments. Consumer ex4CX2. penditures for goods and services increased sharply during the first three quarters of last year and have subsequently continued at a high level. In a few lines—notably automobiles and rubber products—purchases have been sharply curtailed because of the reduction in available supplies; in many other lines buying has continued to increase. In general, supplies of goods available for purchase by consumers have not increased since last autumn, and the large volume of buying has resulted in INCOME PAYMENTS BILLIONS OF DOLLARS BILLIONS OF DOLLARS MONTHLY ADJUSTED FOR SEASONAL VARIATION ANNUAL BASIS 10 108 / 7 TOTAL 6 ^^/S N 5 ^ " " J / / / 96 84 72 60 / 48 SALARIES AND WAGES 3 36 2 24 1 12 0 0 1937 1938 1939 1940 1941 1942 Department of Commerce monthly estimates of the amount of income payments to individuals, adjusted for seasonal variation. advancing prices. Accompanying charts show the continued growth in individual incomes and the rise in the cost of living; and the chart on page 406 indicates the high level of retail trade. Retail sales of goods other than automobiles during the first quarter of 1941 were about 2.0 per cent larger in value than in the corresponding period last year, according to indexes of the Department of Commerce. For the most part the increase in value of retail sales has reflected a conFEDERAL RESERVE BULLETIN REVIEW OF THE MONTH tinued rise in prices. Retail prices of important articles of food, clothing, and housefurnishings have advanced on the average about xo per cent since early in 1941, with the advance continuing in recent months. Measured in physical volume, the amount of goods sold this year has been little if any larger than last year, but considerably more money has been paid for these goods. substantially in the past year. This rise has reflected principally higher prices and a considerable increase in the proportion of stocks destined for military use. In many lines manufacturers' stocks of finished goods for civilian use are now declining. As incomes continue to increase with expansion of the war production program, and supplies become more restricted, the upward pressure on prices is likely to become greater. Ordinarily goods produced are COST OF LIVING available for consumer purchase and use and 120 they appear presently on the market for sale no 110 to those who have earned an income in proTOTAL / ducing them. Now, however, a growing 100 100 —y^~ proportion of the national output repre90 90 130 130 sents armaments, which do not appear on the market. Consequently the supplies 120 120 available for purchase are not increasing no 110 in proportion with income payments and, f if' unless an unusually large part of consumer 100 00 ~ * income is saved or paid out in taxes, the 90 90 130 30 growth of buying power is reflected in a growing upward pressure on prices of such 120 120 goods as are available for purchase. 110 1(0 RENT This situation has been developing for — ^ \y 100 100 some time and measures have been taken by various branches of the Government to 90 11937 1938 1939 1940 1941 1942 1935 1936 reduce the effect on prices. The measures Bureau of Labor Statistics data for the fifteenth of the month; already adopted or under consideration selected dates March 1935-July 1936, quarterly, through September 1940, and monthly October 1940-March 1942. In addition to the groups shown, the total index < includes fuels and miscellaneous items, for include the placing of maximum ceilings which groups increases since early 1941 have been less than 10 per cent. on specific prices, the rationing of parIn some lines where* shortages of supplies ticularly scarce goods, increases in taxes to are developing as a result of reductions in absorb a larger portion of current income, imports or in domestic output, sales have regulation of consumer credit, and cambeen maintained at a high level by drawing paigns to promote widespread investment upon stocks previously accumulated by by people generally in Government securidistributors. In many lines, however, ties. The new program of the President stocks of goods held by distributors have proposes further action to be taken along been further enlarged. The dollar value many lines toward the same objective. of department store inventories, for exRECENT DECLINE IN CONSUMER CREDIT ample, is about 45 per cent larger than a year ago. The value of inventories in the Since last summer the volume of conhands of manufacturers has also increased sumer instalment debt, which reached an 9 3 5 - 3 9 AVERAGE-IOC PER CCMT PER / / A / %>> - CLOTHING FOOD HOUSEFURNISHINGS MAY 1942. 403 REVIEW OF THE MONTH all time peak, at that time, has declined. In the last four months of 1941 the decline was at the rate of nearly 12.5 million dollars per month, and since the beginning of 1942. it has been at about double this rate. Altogether during the seven months September to March the volume of consumer instalment debt declined by nearly a billion and a quarter dollars, or a fifth of the estimated maximum total outstanding. Although this decline has coincided with the period of regulation of consumer credit, CONSUMER INSTALMENT DEBT END OF MONTH FIGURES BILLIONS OF DOLLARS OF DOLLARS 7 7 \ \ TOT flects a substantial reduction in loans to purchase automobiles, with little decrease in other loans. The volume of automobile paper outstanding, which last fall comprised about two-fifths of all consumer instalment debt, has declined by 35 per cent from the peak. The amount of outstanding instalment credit receivables based directly upon sales of other goods has shown a considerably smaller decline—about 15 per cent. Cash instalment loans to consumers, which include some made for the purchase of automobiles, have declined by about 10 per cent. Available statistics showing the extent of change in the amount of consumer credit receivables outstanding since last August and during the past year are summarized in the following table. CHANGES IN CONSUMER CREDIT OUTSTANDING Percentage change from UTOMOTIVE _ \ ^ Note: Monthly estimates of total consumer instalment debt are based on data prepared by the National Bureau of Economic Research and by the Department of Commerce. Figures for the last nine months supplied partly by Department of Commerce and partly by Board estimates. Total consumer instalment debt includes, in addition to five kinds of retail outlets and four cash loan groups, estimates for other retail outlets, unregulated lenders, and F.H.A. Title I loans. it has been largely due to other factors. Probably as much as two-thirds of the decline represents liquidation of automobile paper, which has been due primarily to restrictions on the production and sale of automobiles rather than to consumer credit regulation. The amount of outstanding instalment credit receivables based directly upon sales of other goods and cash instalment loans made to consumers have shown considerably smaller declines. Some of these cash loans are for the purpose of purchasing goods and the decline shown re404 August 31, 1941 to March 31, 1942 March 31, 1941 to March 31, 1942 -4 +3 +18 Department stores: Instalment accounts Open accounts Furniture stores Household appliance stores Jewelry stores +13 -11 +4 +6 Personal loan companies. Industrial banks Credit unions -2 -9 -14 +4 -35 -18 -21 Sales finance companies: Retail instalment paper: Automotive Other Commercial banks: Retail instalment paper: Automotive Other Personal instalment cash loans. -16* -33* -3* -8* - 1 — 4 -4 -3 +4* -13* +11* 0* * Rough estimates based on incomplete data for earlier dates. Reduction in the amount of loans outstanding reflects the fact that the volume of new loans being made is less than the amount of repayments on past loans. When allowance is made for the sharp decline in automobile sales, however, it appears that the decline in the volume of FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH other instalment sales and loans has been slight. Instalment sales at department stores, for example, during the first quarter of this year were somewhat larger than in the corresponding period last year, and sales on charge accounts showed an even greater increase. The volume of new cash consumer loans made by various lending agencies increased in March over February and was little smaller than a year ago. details as to type of paper, are also shown in call-report figures published on pages 438-440 of this BULLETIN. The extent to which merchants sell their paper or carry it on their own account varies considerably. Most department stores appear to have held most of their paper, while some mail-order-house paper has been sold to commercial banks. Furniture stores keep most of their paper and, \vhen necessary, borrow from banks and INSTALMENT CREDIT FOR GOODS finance companies on their notes, using the Most of the dealers and stores that sell instalment paper as collateral. Furniture goods on an instalment basis have used retailers are the third largest holders of this credit as a means of widening the sale instalment paper, ranking after finance of their commodities to those who are companies and commercial banks. Most unable or unwilling to make single large of the paper that has originated in the payments or do not have the credit neces- household appliance field has been dissary for purchasing on a charge-account counted or sold. Sales finance companies basis. In other words, instalment credit and commercial banks hflVe purchased some has been incidental to the merchandising of it, while some has been bought by light function. In most cases a large part of and power companies for purposes of prothe instalment paper created has been sold moting the use of their basic services. by the merchants to financing agencies. Many manufacturers of small, less wellThis has been particularly true of automo- recognized commodities have purchased bile dealers. instalment paper from dealers selling their Last September the merchants them- product in order to promote sales. selves held more than a third of the retail DECLINE IN AUTOMOBILE PAPER instalment paper that had been extended Although the range of products sold directly in connection with the sale of on an instalment basis has grown very goods. Finance companies, the most important of the agencies purchasing paper, broad, the automobile has in general held a somewhat larger amount of all such dominated this " credit field. As already credit outstanding. Commercial banks pointed out, automobile paper accounted held most of the remainder that had been for about two-fifths of all consumer insold, and small amounts had been bought stalment debt outstanding in the fall of by industrial banks and a few other types of 1941, but since that time the amount of financing institutions. These holdings by automobile credit has been reduced contypes of agencies are shown by data re- siderably, while other forms of commodity ported in registration statements under instalment credit have shown a much more Regulation W, which are summarized in moderate decline. The sales of new autotables shown in this issue of the BULLETIN, mobiles in the last four months of 1941 pages 434-437. Commercial bank holdings were considerably below the levels of prior for the end of the year, with additional months and the proportion sold on an MAY 1942. 405 REVIEW OF THE MONTH instalment basis declined. Since January sales of new automobiles have given rise to little instalment credit. Used car sales have likewise been slow—slightly more than a fourth of the volume of last year— so that the amount of instalment credit added from this source has been small. The amount of instalment paper against new automobiles purchased by finance companies in the first quarter of 1942. was negligible, while that based on used car sales was about one-fourth of the volume purchased in the same period last year. Commercial bank acquisitions of automobile paper—by purchase or by direct loan— have also been far below earlier levels. In the meantime, the large outstanding volume of older automotive instalment contracts is being paid off, so that there is currently a net decline in this form of debt of about 175 million dollars a month. tember and again in October, sales declined moderately. In the first quarter of 1942. retail sales of these products—i.e. durable goods other than automobiles—on a seasonally adjusted basis rose again to the high level of August 1941. Sales of household appliances and furniture at department stores showed similar changes. Much of this buying appears to have been induced by renewed demands because of the generally anticipated dwindling and disappearance or freezing of the stocks of durable goods. RETAIL SALES BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL - — • / - NONOURABL E GOODS — — OTHER RETAIL INSTALMENT CREDIT In other fields, such as furniture, household appliances, and radios, retail sales have been maintained at a high level. There has been some decline in the outstanding amount of instalment paper based on these goods, but this decline probably is more the result of a decrease in credits extended, in view of larger down payments, than of a decrease in sales on an instalment basis. Retail sales of consumer durable goods other than automobiles, according to figures included in the Department of Commerce seasonally adjusted monthly estimates of retail sales and shown on the chart, were nearly 150 per cent of the 19351939 level during the early part of 1941, and advanced to 170 per cent of that level in July and August. In these months there was widespread forward buying, which in August was induced at least in part by anticipation of Regulation W. In Sep406 AUTOMOTIVE ' '"' " • v 1 DURABLE GOODS OTHER THAN AUTOMOTIVE > Dollar figures derived from Department of Commerce indexes of retail trade, adjusted for seasonal variation. The extent of purchases on credit of durable goods other than automobiles in the last few months can not be accurately estimated from available data. It appears, however, that there has been a reduction in the proportion of instalment credit sales to total sales. In department stores, for example, sales of household appliances, furniture, and housefurnishings during the first quarter of i94i were X4 per cent above the same period last year, while at the same stores instalment sales, which are largely based on these items;, were 15 per cent larger than a year ago. Cash sales at FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH department stores increased by 33 per cent, charge account sales by 2.5 per cent, and all sales by 2.8 per cent. The increase in cash sales reflects in part the general growth of consumer income and in part restrictions on instalment credit. CASH INSTALMENT CREDIT In addition to instalment paper originated by merchants, a considerable amount of instalment credit is extended directly by lending agencies. Instalment loans made directly to consumers by these agencies may be of two general types: (1) loans made to purchase goods and secured by the articles purchased and (2.) personal instalment cash loans otherwise secured or unsecured. The first of these types is similar to retail instalment credit originally extended by merchants. The difference is that customers go directly to the cash lending agencies and arrange for an extension of funds, which are then used for the purchase of goods. Funds obtained through personal instalment cash loans—the second type mentioned—are used to some extent for the purchase of automobiles or other articles, but the proportion is not known. Credit extended for repair and modernization of housing, much of which is insured by the Federal Housing Administration under Title I of the National Housing Act, may also be considered as cash credit. The major institutions extending instalment credit directly to borrowers are commercial banks, small-loan companies, industrial or Morris Plan Banks, and credit unions. According to registration statement data as of September 30, 1941, published on pages 434-437, of this BULLETIN, commercial banks' holdings of instalment paper were distributed as follows: purchased paper 46 per cent, direct retail instalment loans 2.8 per cent, and perMAY 1942. sonal instalment cash loans 2.6 per cent. Small-loan companies, the next largest lending group, are engaged primarily in making cash loans and hold relatively small amounts of purchased or direct retail instalment paper. At industrial banks, purchased paper amounted to 30 per cent, direct retail credit to 15 per cent, and personal cash loans to 55 per cent of total instalment loans. At credit unions direct retail instalment loans comprised about xo per cent of the total, and personal cash loans made up practically all of the remainder. Instalment loans to consumers of all types held by the cash lending agencies declined by about 10 per cent in the seven months following September 1, 1941. If allowance is made for the substantial decline in loans for the purchase of automobiles, the decline in other types of loans was probably not over 5 per cent. Seasonal influences prevent a precise estimate of the significance of this decline, because many cash-lending agencies make a considerable amount of loans around Christmas. Small-loan companies reached their all-time peak of outstandings at the end of 1941, although it would appear that the increase in the last four months of the year was somewhat smaller than is usual at that season. Over the seven-month period declines in loans outstanding amounted to 2. per cent at small-loan companies, to 9 per cent at industrial banks, and to 14 per cent at credit unions. At commercial banks, it is estimated that automobile loans, other than purchased paper, declined by about a third and other instalment cash loans by less than a tenth. In March the volume of new loans made by the cash lending agencies showed some increase over February; this appears to be partly seasonal and may also be due in part to borrowing for income tax purposes. Repayments, however, continued to exceed new loans 407 REVIEW OF THE MONTH and the amount of loans outstanding de- duction of many products has now been ordered—refrigerators, radios, phonoclined further. graphs, sewing machines, vacuum cleaners, PROSPECTIVE LEVELS OF CONSUMER D E B T washing machines, and small appliances. Some indication of prospective changes in Substantial curtailment has been ordered for volume of consumer debt is given by analy- stoves and other heating equipment and for sis of the situation in consumer durable many forms of plumbing supplies. goods. The retail value of consumer duDurable goods are not the only kind in rable goods produced in 1941 has been esti- which supplies available to consumers will mated to be somewhat more than 10 billion soon be limited. In certain areas of the dollars, not including semi-durable goods country gasoline and heating-oil stocks are such as clothing. Such goods sold at retail already curtailed by transportation diffiinclude in addition used articles and, in a culties. Because of limited imports of few cases, imported goods, so that the gross wool, cessation of silk imports, and large volume of retail trade in such goods prob- military and lend-lease requirements for ably was between 11. and 13 billion. This textiles, many types of textile products will total will decline considerably in 194.x—per- be in short supply. Aggregate supplies of haps by as much as half. The rationed food will be ample but some goods in this sales of new automobiles and the dwindling field may be limited in amount. sales of used ones will themselves account Cash instalment credit for purposes other for a large part of the reduction. Nearly than the purchase of automobiles is declinthree-fifths of the sales of consumer durable ing slowly, notwithstanding the rapid exgoods, taken as a whole, have been on an pansion of incomes. Current incomes in instalment basis, including both direct the aggregate are sufficient to meet a growinstalment sales and sales made for cash ing proportion of needs without borrowing but ultimately financed by means of instal- and to provide funds for more rapid liquidament loans. tion of outstanding loans. So far there have been few consumer duNon-instalment consumer credit, such as rable products in which shortages have charge accounts and bank accommodation already been felt—automobiles being the loans, so far as is known, have shown most important—but many other goods no tendency to decrease. Charge-account will soon be affected. One of the reasons credit at department stores, with rough that shortages have not as yet been felt adjustment for the post-Christmas peak, seriously at retail levels, despite curtail- appears to be at the highest point in the ment of production in many of these lines, last decade. At the end of March charge is that inventories, held mainly by retailers accounts outstanding were about 18 per but also by wholesalers and manufacturers, cent larger than a year ago. It has been have been considerably larger than in other estimated that charge accounts at retail periods. In October department store in- stores comprise between xo and Z5 per cent ventories of major household appliances, of all short-term consumer debt outstandvalued at selling price, were 85 per cent ing—including instalment debt of various above the level of the year before and in sorts, cash loans by banks, and credits for January these inventories were 12.7 per cent utilities and services. above last year. Complete cessation of proBecause of disappearance from the market 408 FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH of commodities that generally furnish the basis for consumer credit, such credit in the aggregate is declining and, as previously indicated, will continue to do so for some time. In view of the growth of current income and the decrease in outlets for expenditure, however, it would be reasonable to expect a decline in consumer credit on a scale much larger than that caused by the decrease in the available supply of goods. It may be expected that the recent rate of decline in consumer instalment debt—about 2.50 million dollars a month—will continue for several months on the, basis of the decrease in the supply of consumers' durable goods and that after that it may slacken. MAY 1941 It is for the purpose of accelerating this decline and of preventing expansion in other types of credit from offsetting it, that the Board has imposed further restrictions on consumer credit. A possible decline in. the volume of such credit by three or four billion dollars in the next year would absorb a substantial part of the additional buying power that will come into being and to that extent would reduce the upward pressure on commodity prices. Such a decline would constitute a substantial contribution to the Government's program to prevent an upward spiral in the cost of living. 409 FROM A LEGAL STANDPOINT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit REGULATION W As revised effective May 6, 1942. Revision of Regulation W There is set forth below the text of the reCONSUMER CREDIT vision of Regulation W entitled Consumer SECTION I . SCOPE OF REGULATION Credit, which was adopted by the Board of This regulation is issued by the Board of GovGovernors of the Federal Reserve System, ernors of the Federal Reserve System (hereinafter effective March 6, 1941. A brief statement as called the "Board") under authority of section to the purpose of this revision is published at 5(b) of the Act of October 6, 1917, as amended, page 399 of the Review of the Month. and Executive Order No. 8843, dated August 9, FOREWORD 1941 (hereinafter called the "Executive Order")(Not a part of the Regulation) The regulation applies, in general, to any Regulation W, issued under authority of the person who is engaged in the business of making President's Executive Order of August 9, 1941, extensions of instalment credit, extending credit has been revised, effective May 6, 1942L, in com- in charge accounts, making single-payment pliance with that part of the President's Special ' loans in amounts of $1,500 or less, or discounting Message to Congress on April X7, 1942., which or purchasing obligations arising out of such reads: extensions of credit. It applies whether the "To keep the cost of living from spiraling person so engaged is acting as principal, agent, upward, we must discourage credit and in- broker or otherwise, and whether the person is stalment buying, and encourage the payment a bank, loan company, orfinancecompany, or a of debts, mortgages, and other obligations, person who is so engaged in connection with any for this promotes savings, retards excessive other business, such as by making such extenbuying and adds to the amount available to sions of credit as a dealer, retailer, or other perof consumers' the creditors for the purchase of war bonds." son in connection with the selling durable or semi-durable goods.1 As revised, Regulation W applies to a comSECTION X. DEFINITIONS prehensive list of durable and semi-durable goods for civilian consumption. The Regulation exFor the purposes of this regulation, unless the tends to all types of consumer credit whether in context otherwise requires: the form of instalment sales and instalment loans (a) "Person" means an individual, partneror in the form of charge accounts and single- ship, association, or corporation. payment loans. (£) "Extension of Credit" means any loan or Any inquiry relating to this Regulation should be addressed to the Federal Reserve Bank or the Federal Reserve branch bank of the district in which the inquiry arises. 410 1 Th6 Executive Order defines "consumers' durable good" as including "any good, whether new or used, which is durable or semi-durable and is used or usable for personal, family or household purposes, and any service connected with the acquisition of any such good or of any interest therein." Section 13 (a) lists the consumers' durable and semi-durable goods within the scope of the regulation. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT mortgage; any instalment purchase contract, any conditional sales contract, or any sale or contract of sale under which part or all of the price is payable subsequent to the making of such sale or contract; any rental-purchase contract, or any contract for the bailment or leasing of property under which the bailee or lessee either has the option of becoming the owner thereof or obligates himself to pay as compensation a sum substantially equal to or in excess of the value thereof; any contract creating any lien or similar claim on property to be discharged by the payment of money or its equivalent; any purchase, discount, or other acquisition of, or any extension of credit upon the security of, any obligation arising out of any of the foregoing; and any transaction or series of transactions having a similar purpose or effect. (Y) "Instalment Credit" means an extension of credit which the obligor undertakes to repay in two or more scheduled payments or as to which the obligor undertakes to make two or more scheduled payments or deposits usable to liquidate the credit, or which has a similar purpose or effect. (d) "Sale" means a transfer of property7or a price in money or its equivalent which the buyer pays or promises to pay to the seller for the thing bought or sold. It includes a lease, bailment, or other transaction which is similar in purpose or effect to a sale. (j) "Instalment Sale" means an instalment credit which is made, as principal, agent or broker, by any seller of any consumers' durable or semi-durable good listed in section 13(a) (hereinafter called a 'listed article") and which arises out of a sale of such listed article. (/) "Charge Sale" means an extension of credit (other than instalment credit) which is made, as principal, agent or broker, by any seller and which arises out of a sale of any article, whether listed or unlisted. (g) "Charge Account" means the indebtedness arising from charge sales between the same seller and purchaser. (J3) "Instalment Loan" means an instalment MAY 194Z credit, other than an instalment sale, in the form of a loan which is in a principal amount of $1,500 or less; but the definition does not include any loan upon the security of any obligation which arises out of any instalment sale or instalment loan. ( 0 "Single-payment loan" means an extension of credit in the form of a loan to one or more individuals (other than a partnership), which is repayable in a single payment whether on demand or on a fixed or determinable future date, and which is in a principal amount of $1,500 or less; but the definition does not include (1) a loan made for business purposes to a business enterprise which is not for the purpose of purchasing a listed article, (2.) a loan for agricultural purposes to a person engaged in agriculture which is not for the purpose of purchasing a listed article or (3) any loan upon the security of any obligation which arises out of any instalment sale, instalment loan, charge account or single-payment loan. (/) "Cash Price" means the bonafidecash purchase price of an article, including the bona fide cash purchase price of any accessories, any bona fide delivery, installation and service charges (other than interest, finance or insurance charges), and any applicable sales taxes. (&) "Registrant" means a person who is licensed pursuant to section 3. SECTION 3 . GENERAL REQUIREMENTS AND REGISTRATION 0 0 General Requirements.—No person engaged in the business of making instalment sales,2 charge sales of listed articles, instalment loans, or single-payment loans, or engaged in the business of lending on the security of or discounting or purchasing obligations arising out of such extensions 6i credit, shall make or receive any payment which constitutes or arises directly or indirectly out of any such extension of credit made by him or out of any such obligation lent 2 It is to be noted that the term "instalment sale" includes only instalment credit arising out of the sale of listed articles. 411 FROM A LEGAL STANDPOINT on or discounted or purchased by him, except on the following conditions: (i) He must be licensed pursuant to this section; (z) He must not make or receive any such payment in connection with an extension of credit made by him if he knew or had reason to know when he made such extension of credit any fact by reason of which it failed to comply with any requirement of this regulation applicable thereto; (3) He must not make or receive any such payment in connection with any obligation which he has purchased or discounted or has accepted as collateral if, at the time he purchased or discounted such obligation or accepted it as collateral, it showed on its face a failure to comply with such requirements or if he knew any fact by reason of which the extension of credit giving rise to the obligation failed to comply with such requirements; and (4) He must not make or receive any such payment in connection with an obligation arising out of an extension of credit which he has renewed, revised or consolidated, if he knew or had reason to know when he renewed, revised or consolidated it any fact by reason of which such renewal, revision or consolidation resulted in a failure to comply with such requirements. (F) General License.—Whenever this regulation is amended so that any person who was not formerly subject to section 3(a) becomes subject thereto, such person is hereby granted a general license; but such general license shall terminate at the end of the second full calendar month after the month in which the amendment becomes effective unless such person has registered in the manner provided in section 3(c) before such termination, except that the general license of a person who is required to be licensed solely because he makes charge sales of listed articles or makes single-payment loans shall not terminate until the expiration of the time within which the Board shall, by public announcement, require such person to register. Any person whose license is not suspended may become licensed by registering in the manner provided in section 3(c). (V) Registration.—Registration may be accomplished by filing, with the Federal Reserve Bank or any branch thereof in the district in which the main office of the Registrant is located, a registration statement on forms obtainable from any Federal Reserve Bank or branch. (d) Suspension of License.3—The license of any Registrant may, after reasonable notice and opportunity for hearing, be suspended by the Board, in its entirety or as to particular activities or particular offices or for specified periods, on any of the following grounds: (1) Any itnaterial misstatement or omission willfully or negligently made in the registration statement; (2.) Any willful or negligent failure to comply with any provision of this regulation or any requirement of the Board pursuant thereto. A license which is suspended for a specified period will again become effective upon the expiration of such period. A license which is suspended indefinitely may be restored by the Board, in its discretion, if the Board is satisfied that its restoration would not lead to further violations of this regulation and would not be otherwise incompatible with the public interest. SECTION 4 . INSTALMENT SALES Except as otherwise permitted by this regulation, each instalment sale shall comply with the following requirements: (V) Down Payment.—The down payment shall not be less than one-third of the cash price of the listed article, except that: (1) In the case of pianos and furniture as defined in Group B of section i3(a), the down payment need not be more than one-fifth of the cash price; 3 In addition, any Registrant who willfully violates or knowingly participates in a violation of this regulation is subject to the penalties prescribed in section 5(b) of the Act of October 6, 1917, as amended, which reads in part as follows: "Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both." FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT (i) In the case of articles listed in Group C of section i3(a), no down payment is required; and (3) In the case of articles the cash price of which is $6.00 or less, no down payment is required. In any case involving a used automobile, any article for which the Federal price authorities have prescribed a maximum retail price, or any article on which there is a trade-in by the purchaser, the amount of the down payment must be computed in accordance with the applicable provisions of section 13. (F) Maximum Maturity.—The maturity shall not exceed ix months, except that, in the case of automobiles and motorcycles as defined in Group D of section 13 (a), the maturity may be not more than 15 months. (c) Amounts and Intervals of Instalments.— Except as permitted by section 9, the instalments in which the time balance is payable (1) shall not be less than $5.00 per month or $1.2.5 P er week on the aggregate instalment indebtedness of one debtor to the same creditor; (2.) shall be substantially equal in amount or so arranged that no instalment is substantially greater in amount than any preceding instalment; and (3) shall be payable at approximately equal intervals not exceeding one month. (*/) Statement of Transaction.—Unless the cash price of the article sold is $6.00 or less, the instalment sale shall be evidenced by a written instrument or record, and there shall be incorporated therein or attached thereto a written statement, of which a copy shall be given to the obligor as promptly as circumstances will permit, and which shall set forth (in any order) the following information: (1) A brief description identifying the article purchased; (2.) The cash price of the article; (3) The amount of the purchaser's downpayment (i) in cash and (ii) in goods accepted in trade, together with a brief description identifying such goods and stating the monetary value assigned thereto in good faith; MAY 1942. (4) The deferred balance, which is the difference between items (x) and (3); (5) The amount of any insurance premium for which credit is extended and of any finance charges or interest by way of discount included in the principal amount of the obligation, or the sum of these amounts; • (6) The time balance owed by the purchaser, which is the sum total of items (4) and (5); and (7) The terms of payment. SECTION 5 . CHARGE ACCOUNTS Except as otherwise permitted by this regulation, each charge sale and charge account shall comply with the following requirements: (a) Maximum Maturity.—Except as permitted by section 9, no listed article shall be sold in a charge account with an agreement that payment therefor may be deferred beyond the 10th day of the second calendar month following the calendar month during which such article was sold. (b) Restriction.—When a charge account is in default, the Registrant shall not extend credit to the obligor for any charge sale or instalment sale of any listed article until the default has been cured by one of the methods described below. (c) Default.—A charge account shall be deemed to be in default if any article (whether listed or unlisted) for which credit was extended in such account has not been paid for in full on or before the 10th day of the second calendar month following the calendar month during which such article was sold, except that: (1) A charge account shall not be deemed to be in default because of a failure to make payment for any article purchased therein prior to May 1, 1942., unless such article shall not have been paid for in full by July 10, (2.) If an article was sold in a charge account prior to May 1, 1942., under a definite agreement between the seller and purchaser (evidenced in writing) that such article need not be paid for until a specified date, the account 413 FROM A LEGAL STANDPOINT shall not be deemed to be in default with respect to such article unless such article shall not have been paid for in full by the date so agreed upon; and (3) For persons with seasonal incomes, adjustments are permitted in accordance with section 9. QP) Curing Defaults.—When a charge account is in default, the default may be cured either: (1) By payment in full of the amount in default; (2.) By the purchaser entering into a written agreement in good faith to pay the amount in default within a period of 6 months or less from the date of such agreement by substantially equal instalment payments of not less than $5.00 per month or $1.15 per week at substantially equal intervals not exceeding one month4; or (3) By the purchaserfilingwith the creditor a Statement of Necessity in accordance with section io(d) and entering into a written agreement in good faith to pay the amount in default within a period of 12. months from the date of such agreement by substantially equal instalment payments at substantially equal intervals not exceeding one month4. (£) Conversion of Charge Account into Instalment Credit Prior to Default.—If the seller and purchaser agree to convert into an instalment credit4 the whole or any part of a charge account arising from the sale of a listed article the charge for which is not in default, the agreement shall be in writing and shall provide that the instalment credit shall be retired within 6 months from the date of the agreement by substantially equal payments of not less than $5.00 per month or $1.2.5 P er week, at substantially equal intervals not exceeding one month. (/) "Floor Authorizations".—A Registrant shall not be deemed to have violated section 5(b) if he makes a charge sale of a listed article, the cash price of which is $5.00 or less, for immediate delivery to the customer in person and (1) the person authorizing such charge • Renewals, revisions, and additions of instalment credits growing out of charge accounts are subject to the provisions of section 10. 414 sale on behalf of the Registrant acts in good faith without knowledge that the customer's charge account is in default, and (z) the Registrant, upon discovery that such charge account is in default, promptly requests the return of, or the immediate payment in full for, the article sold. SECTION 6 . INSTALMENT LOANS Except as otherwise permitted by this regulation, each instalment loan shall comply with the following requirements: (a) Instalment Loans to Purchase Listed Articles.—If the Registrant knows or has reason to know that the proceeds of an instalment loan (defined to exclude loans of more than $1,500) are to be used to purchase any listed article having a cash price of $15.00 or more: (1) The principal amount lent (excluding any interest or finance charges and the cost of any insurance) shall not exceed two-thirds of the cash price of the listed article except that: (i) This requirement does not apply in the case of articles listed in Group C of section 13(a); and (ii) The principal amount lent may be not more than four-fifths of the cash price of a piano or furniture as defined in Group B of section i3(a). In any case involving a used automobile, or any article on which there is a trade-in by the purchaser, the maximum amount which^ may be lent shall be computed in accordance with the applicable provisions of section 13; and (2) The maturity shall not exceed 12. months, except that, in the case of automobiles and motorcycles as defined in Group D of section i3(a), the maturity may be not more than 15 months. (F) Instalment Loans Not to Purchase Listed Articles.—In the case of an instalment loan (defined to exclude loans of more than $1,500) which is not subject to section 6(a), the maximum maturity shall not exceed 12. months; except that, if the Registrant knows or FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT has reason to know that the proceeds are to be used to reduce or retire a charge account arising in whole or in part from the sale of a listed article, or to reduce or retire a single-payment loan which is subject to this regulation, the maximum maturity shall not exceed 6 months. (c) Additional Requirements.—Whether subject to section 6(a) or section 6(b), the instalment loan shall comply with the following additional requirements: (i) It shall be evidenced by a written instrument or record, and there shall be incorporated therein or attached thereto a written statement, of which a copy shall be given to the obligor as promptly as circumstances will permit, and which shall set forth the terms of payment; (z) Except as permitted by section 9, the obligation shall be payable in instalments which (i) shall not be less than $5.00 per month or $i.x5 per week, on the aggregate instalment indebtedness of the debtor to the creditor, (ii) shall be substantially equal in amount or be so arranged that no instalment is substantially greater in amount than any preceding instalment, and (iii) shall be payable at approximately equal intervals not exceeding one month. (d) Statement of the Borrower.—No Registrant shall make any instalment loan, except under the provisions of section io(a), unless he shall have accepted in good faith a signed Statement of the Borrower as to the purposes of the loan in form prescribed by the Board. No obligor shall willfully make any material misstatement or omission in such a Statement. If the Registrant relies in good faith on the facts set out by the obligor in such Statement, it shall be deemed to be correct for the purposes of the Registrant. SECTION 7 . SINGLE-PAYMENT LOANS Except as otherwise permitted by this regulation, each single-payment loan shall comply with the following requirements: (a) Single-payment Loans to Purchase Listed Articles.—If the Registrant knows or MAY 1941 has reason to know that the proceeds of a single-payment loan (defined to exclude loans of more than $1,500) are to be used to purchase any listed article having a cash price of $15.00 or more: (1) The principal amount lent (excluding any interest or finance charges and the cost of any insurance) shall not exceed two-thirds of the cash price of the listed article, except that: (i) This requirement does not apply in the case of articles listed in Group C of section 13(a); and (ii) The principal amount lent may be not more than four-fifths of the cash price of a piano or furniture as defined in Group B of section i3(a). In any case involving a used automobile or any article on which there is a trade-in by the purchaser, the maximum amount which may be lent shall be computed in accordance with the applicable provisions of section 13; and (z) The maturity shall not exceed 90 days, except as permitted by section 9. (i) Single-payment Loans Not to Purchase Listed Articles.—In the case of a single-payment loan (defined to exclude loans of more than $1,500) not subject to section 7(a), the maximum maturity shall not exceed 90 days,, except as permitted by section 9. (c) Renewals and Extensions.—A single-payment loan (defined to exclude loans of more than $1,500) made originally on or after May 6, 1942., may not be renewed or extended except as follows: (1) A single-payment loan made on or after May 6, 1942. may be renewed or extended by means of an instalment loan complying with the requirements of sections 6(b) and 6(c)(i) with the maturity5 calculated from the date on which the original single-payment loan was made; 5 The maturity must not be later than twelve months from the date on which the original loan was made, except that (1) if the Registrant know or have reason to know that the proceeds were used to reduce or retire a charge account, the maturity must not be later than six months from such date, and (2) if the borrower file, and the Registrant accept in good faith, a Statement of Necessity in accordance with the requirements of section 10 (d), the maturity may be not more than twelve months from the date of such renewal or extension. 415 FROM A LEGAL STANDPOINT (i) A single-payment loan made on or after May 6, 1942. may be renewed or extended by a series of obligations each of which has a maturity of not in excess of 90 days if the last of such obligations matures not later than the date on which an instalment loan made for a similar purpose would have matured5 and the borrower pays at the time of each such renewal or extension enough to reduce the unpaid balance to an amount not greater than would have been permitted if the loan had been an instalment loan subject to the provisions of section 6(b); and (3) Nothing in this regulation shall be construed to prevent the Registrant from making any renewal or revision or taking any action that he shall deem necessary in good faith (i) with respect to any obligation of any member of the armed forces of the United States incurred prior to his induction into such service, or (ii) for the Registrant's own protection in connection with any obligation which is in default and is the subject of bonafidecollection effort by the Registrant. (d) Statement of the Borrower.6—No Registrant shall make any single-payment loan, except under the provisions of section 7(0), unless he shall have accepted in good faith a signed Statement of the Borrower as to the purpose of the loan in form prescribed by the Board. No obligor shall willfully make any material misstatement or omission in such Statement. If a Registrant relies in good faith on the facts set out by the obligor in such Statement, it shall be deemed to be correct for the purposes of the Registrant. (i) Loans Payable on Demand.—A singlepayment loan made on or after May 6, 1942., which is payable on demand shall be treated for the purposes of this regulation as if it matured 90 days after the date on which it was made. (f) Credit to Retire Obligations Held Elsewhere.—Any single-payment loan, the proceeds of which a Registrant knows or has 5 For footnote 5 see page 415. 6 This requirement does not apply to a single-payment loan made for business purposes to a business enterprise or for agricultural purposes to a person engaged in agriculture, unless the proceeds are to be used to purchase a listed article. reason to know will be used in whole or in part to retire any single-payment loan not held by such Registrant, shall be subject to the provisions of this regulation to the same extent as if the obligation being retired were held by the Registrant. SECTION 8. EXCEPTIONS This regulation shall not apply to any of the following: (a) Real Estate Loans.—Any extension of credit which is secured by a bonafidefirstlien on improved real estate duly recorded or which is for the purpose offinancingor refinancing the construction or purchase of an entire residential building or other entire structure. (F) Security Loans and Credits.—Any extension of credit on securities which is subject to the Board's Regulation T (relating to Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges), or subject to the Board's Regulation U (relating to Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange), or any other extension of credit for the purpose of purchasing or carrying stocks, bonds or other investment securities. (c) Educational, Hospital, Medical, Dental, and Funeral Expenses.—Any instalment loan as to which the Registrant accepts in good faith a written statement signed by the borrower certifying: (1) That the proceeds are to be used for bonafideeducational, medical, hospital, dental, or funeral expenses, or to pay debts incurred for such expenses; (2.) That his income available for the purpose is such that he could not reasonably meet the requirements of this regulation otherwise applicable; and (3) That failure to obtain the extension of credit would cause undue hardship to him or his dependents. Such a statement by the borrower must set forth specifically the facts relied upon to bring the loan within this exception; and the facts recited therein shall be deemed to be correct FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT for the purposes of this regulation if the statement is accepted by the Registrant in good faith. (d) Aircraft Credits.—Any extension of credit to finance the purchase of aircraft for use in any activity in respect of which a preference rating of A-io or higher is in force for deliveries of civil aircraft. (/) Defense Housing.—Any extension of credit to remodel or rehabilitate any structure which the Administrator of the National Housing Agency, or his authorized agent, shall designate as being for "defense housing" as defined by the Administrator. Information regarding the procedure for obtaining such a designation may be obtained through any Federal Reserve Bank or branch. (f) Credit to Dealers.—Any extension of credit to a dealer in any listed article (including a wholesaler, retailer, and a plumbing, electrical, heating or other contractor) to finance the purchase of any such article for resale or installation. (g) Fire and Casualty Insurance Premiums.— Any loan which is made for the purpose of financing a premium in excess of one year on a fire or casualty insurance policy, if the proceeds are paid directly to the insurance agent, broker, or company issuing or underwriting the insurance and the extension of credit is fully secured by the unearned portion of the premium so financed. (Jo) Disaster Loans.—Any loan made by the Disaster Loan Corporation. (t) Agricultural Loans.—Any loan to a person engaged in agriculture, or to a cooperative association of such persons, if it (i) is made by the Land Bank Commissioner on behalf of the Federal Farm Mortgage Corporation and is found, pursuant to regulations issued by the Commissioner, to be necessary to maintain or increase production of essential agricultural commodities, or (x) is approved by the Farm Security Administrator or his authorized agent as being necessary for the rehabilitation of a needy farm family, or (3) is for general agricultural purposes and is not tor the purpose of MAY 1941 purchasing any listed article. In determining whether an extension of credit meets the description of clause (3) above, a Registrant may accept in good faith a written statement signed by the obligor setting forth the facts relied upon to bring it within the description, and the facts set forth in such statement shall be deemed to be correct for the purposes of this regulation. (j) Business Loans.—Any loan for business purposes to a business enterprise which is not fpr the purpose of purchasing a listed article. (K) Insurance Policy Loans.—Any loan made by a life insurance company which is fully secured by the loan value or cash surrender value of a life insurance policy issued by such company; any loan made by any Registrant on the security of the loan value or cash surrender value of a life insurance policy for the purpose of enabling the borrower to pay off a policy loan made by the insurer prior to May 6, 1941; and any renewal or extension of any such loan which does not involve an increase in the amount of the loan. (/) Credit to Governmental Agencies and Religious, Educational or Charitable Institutions.—Any extension of credit to the Federal Government, any State government, any political subdivision, or any department, agency or establishment thereof, or to any church, hospital, clinic, sanitarium, school, college, or other religious, educational, charitable, or eleemosynary institution. SECTION 9. SEASONAL ADJUSTMENTS Notwithstanding any other provision of this regulation, appropriate seasonal adjustments may be made in connection with the contractual time of payment of any extension of credit, in accordance with the following provisions: (a) Intervals of Payments.—When appropriate for the purpose of facilitating payment in accordance with the obligor's main source of income, the payment schedule in connection with any instalment credit may reduce or omit payments over any period or periods totaling not more than 4 months, if the other payments are increased in such manner as to meet all the FROM A LEGAL STANDPOINT other requirements of this regulation applicable account shall not be deemed to be in default to such instalment credit. unless the articles previously purchased in the (J) Farmers and Stock Raisers.—When ap- account shall not have been paid for in full propriate for the purpose of facilitating payment within 10 days after the end of the next calendar in accordance with the seasonal nature of the month during which most of his annual or obligor's main source of income, any instalment semi-annual income is customarily received, credit which is made to a person who is engaged (z) any single-payment loan made to him may in agriculture or stock raising and derives his be made to mature during the next calendar income principally therefrom may be payable month in which most of his annual or semiin any amounts and at any intervals, if: (i) annual income is customarily received, and (3) The instalment credit complies with the appli- the schedule of payments in connection with cable provisions of this regulation concerning any instalment credit extended to him may be the amount and maximum maturity of the arranged so that the instalment payments will credit, and (z) at least one-half of the credit is fall due during the calendar months in which to be repaid within the first half of the appli- most of his annual or semi-annual income is customarily received; but each such extension of cable maximum maturity. If the purchaser or borrower be known to the credit shall mature not later than ix months Registrant customarily to receive 75 per cent or from the date on which it was originally exmore of his income during one or two seasons tended. of the year from farming or stock raising, (1) SECTION IO. RENEWALS, REVISIONS, A N D his charge account shall not be deemed to be in ADDITIONS OF INSTALMENT CREDIT default unless the articles previously purchased (a) Renewals or Revisions.—If any obligain the account shall not have been paid for in tion evidencing any instalment sale or instalment full within 10 days after the end of the next loan is renewed or revised by a Registrant, such calendar month during which most of his annual renewal or revision must not have the effect of or semi-annual income is customarily received, changing the terms of repayment to terms which (2.) any single-payment loan made to him may this regulation would not have permitted in be made to mature during the next calendar the first instance for such credit7; but nothing month in which most of his annual or semi- in this regulation shall be construed to prevent annual income is customarily received, and (3) any Registrant from making any renewal or the schedule of payments in connection with revision, or taking any action that he shall deem any instalment credit extended to him may be necessary in good faith, (1) with respect to arranged so that the instalment payments will any obligation of any member of the armed fall due during the calendar months in which forces of the United States incurred prior to his most of his annual or semi-annual income is induction into such service, or (2.) for the customarily received; but each such extension of Registrant's own protection in connection with credit shall mature not later than VL months any obligation which is in default and is the from the date on which it was originally subject of bona fide collection effort by the extended. Registrant. (V) Other Persons with Seasonal Incomes.— (f) Additions to Outstanding Credit Held If the Registrant has accepted from the purchaser by Registrant.—An obligation evidencing any or borrower in good faith a written statement instalment sale8 or instalment loan shall not be to the effect that such purchaser or borrower 7 If there should be any arrearage under an instalment contract which does not arise out of any prearrangement or plan to evade this customarily receives 75 per cent or more of his regulation, the arrearage may be divided equally among and added to the remaining payments scheduled for the liquidation of the credit to income during one or two specified seasons of which such arrearage relates. This applies to any renewal, revision or effected in accordance with any provision of section 10. the year from seasonal labor, investments, trust consolidation 8 The term "instalment sale" as here used includes an instalment credit resulting funds, or other seasonal sources, (1) his charge ment basis. from the conversion of a charge account to an instal418 FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT consolidated with any obligation or obligations held by the Registrant evidencing any prior instalment sale or instalment loan to the same obligor, unless the additional credit complies with the down payment or maximum credit limitations applicable thereto (if any) and, in addition, the consolidated obligation complies with one of the following options: Option J. The terms of the consolidated obligation shall be such as would have been necessary to meet the requirements of this regulation if the several obligations had not been consolidated, except that, in order to schedule payments at approximately equal intervals, the consolidated obligation may combine payments that would otherwise have fallen due at different times within any monthly period, but the first of such combined payments shall fall due within one month after such consolidation; or Option 2. The consolidated obligation shall provide for a rate of payment (not less than $5.00 per month or $1.15 per week) throughout its term, which is (i) at least as large per month as the rate of payment or payments on the outstanding obligation or obligations being consolidated would have been for the month commencing on the date of consolidation,9 and (11) is larger to whatever extent may be necessary in order to repay the consolidated obligation within 12. months. 00 Credit to Retire Instalment Obligations Held Elsewhere.—Any instalment loan, the proceeds of which a Registrant knows or has reason to know will be used in whole or in part to retire any instalment sale10 or instalment loan not held by such Registrant, shall be subject to the provisions of this regulation to the same extent as if the obligation being retired were held by the Registrant. (/) Statement of Necessity to Prevent Undue Hardship.—Notwithstanding any other provision of this regulation, if a Registrant accepts 9 If any part of the consolidated obligation is used to reduce or retire a charge account or single-payment loan, under the provisions of section 6 (b) or 7 (c) (1), such part shall be treated for the purpose of this Option as if the charge account or single-payment loan were payable in six equal monthly instalments. ^ T h e term "instalment sale" as here used includes an instalment credit resulting from the conversion of a charge account to an instalment basis. MAY 1941 in good faith a Statement of Necessity as provided in the following paragraph, the renewed, revised or consolidated obligation may provide for a schedule of repayment as though it were a new instalment loan subject to section 6(b), except that the payments need not be as large as $5.00 per month or $1.25 per week, even though such action results in the reduction of the rate of repayment thereon. The requirements of a Statement of Necessity will be complied with only if the Registrant accepts in good faith a written statement signed by the obligor, in form and content prescribed by the Board, that the contemplated renewal,, revision or other action is necessary in order to avoid undue hardship upon the obligor or his dependents resulting from contingencies that were unforeseen by him at the time of obtaining the original extension of credit or which were beyond his control, which statement also sets forth briefly the principal facts and circumstances with respect to such contingencies and specifically states that the renewal, revision, or other action is not pursuant to a preconceived plan or an intention to evade or circumvent the requirements of this regulation. SECTION I I . EVASIVE DEVICES PROHIBITED (a) Evasive Side Agreements.—No extension of credit complies with the requirements of this regulation if at the time it is made there is any agreement, arrangement, or understanding by which the obligor is to be enabled to make repayment on conditions inconsistent with those required by this regulation, or which would otherwise evade or circumvent, or conceal any evasion or circumvention of, any requirement of this regulation. (&) Loans to Make Down Payments.—A Registrant shall not make any instalment loan or single-payment loan if he knows or has reason to know that any part of the proceeds thereof is to be used to make a down payment on the purchase price of any listed article. (c) Side Loan to Make Down Payment on Listed Article.—A Registrant shall not make an extension of credit tofinancethe purchase of any listed article if he knows or has reason to know 419 FROM A LEGAL STANDPOINT that there is, or that there is to be, any other extension of credit in connection with the purchase of the listed article which would bring the total amount of credit extended in connection with such purchase beyond the amount permitted by this regulation; but, if the Registrant accepts in good faith a written statement signed by the obligor that no such other extension exists or is to be made, such statement shall be deemed to be correct for the purposes of this regulation. 0 0 Purchase of Article in Lieu of Trade-in. —Anything which the seller of a listed article buys, or arranges to have bought, from the purchaser at or about the time of the purchase of the listed article shall be regarded as a trade-in for purposes of this regulation. (/) Coupon Plans.—No coupon, ticket or similar medium of credit, whether paid for in instalments or otherwise, shall be accepted by any Registrant in payment, in whole or in part, for any listed article if such acceptance, in effect, would permit the article to be sold on terms not complying with the requirements of this regulation. SECTION 12.. MISCELLANEOUS PROVISIONS 00 Clerical Errors.—Any failure to comply with this regulation resulting from a mistake in determining, calculating, or recording any price, down payment, or extension of credit, or other similar matter, shall not be construed to be a violation of this regulation if the Registrant establishes that such failure to comply was the result of excusable error and was not occasioned by a regular course of dealing. (P) Extension of Credit for Mixed Purposes. —In case an extension of credit arises partly out of a sale of a listed article and partly out of another sale, or is partly subject to one section of this regulation and partly subject to another section, or is partly subject to the regulation and partly not subject to the regulation, the amount and terms of such extension of credit shall be such as would result if the credit were divided into two or more parts and each part were treated in good faith as if it stood alone. 42.O (c) Calculating Maximum Maturity of Instalment ^Contract.—In calculating the maximum maturity of an instalment sale or instalment loan, a Registrant may, at his option, use any date not more than 15 days subsequent to the actual date of the sale or loan. 0 0 "Lay-away" Plans.—With respect to any extension of credit involving a bonafide"layaway" plan, or other similar plan by which a purchaser makes one or more payments on an article before receiving delivery thereof, the Registrant may, for the purposes of this regulation, treat the extension of credit as not having been made until the date of the delivery of the article to the purchaser. ( 0 Contracts and Obligations Outstanding on September 1,1941.—Nothing in this regulation shall prevent the performance of any valid contract or obligation entered into prior to September 1, 1941; but, when any obligation arising out of any extension of credit made prior to September 1, 1941, has been combined with any extension of credit made on or after September 1, 1941, or has been the subject of any renewal or revision made on or after such date, such extension of credit shall thereafter be treated for the purposes of this regulation as having been made on the date of such consolidation, renewal or revision. (f) Transactions Subjected to Regulation by Amendment.—Whenever this regulation is amended to add any article to the list of articles specified in section 13 (a) or so as to apply to any additional class of transactions, the amendment shall not prevent the performance of any valid contract made prior to the effective date of the amendment; but any renewal, revision or consolidation of any obligation growing out of an extension of credit covering such newly added article or class of transactions shall be subject to the applicable requirements of this regulation, and, for the.purposes of the applicable provisions regarding renewals, revisions and consolidations, the terms of repayment "permitted in the first instance" for such an obligation shall be deemed to be those FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT applicable to such an extension of credit under such amendment. CO Payments Arising out of Loans on Pledged Obligations.—With respect to any loan on the security of an obligation which arises out of an extension of credit subject to this regulation, the prohibitions of this regulation shall be deemed to apply only to payments arising out of the obligation rather than to payments arising out of the loan. (F) Records and Reports.—Every Registrant shall keep such records and make such reports as the Board may from time to time require as necessary or appropriate for enabling it to perform its functions under the Executive Order. (f) Production of Records.—Every Registrant, as and when required by the Board, shall furnish complete information relative to any transaction within the scope of the Executive Order, including the production of any books of account, contracts, letters, or other papers in connection therewith. (J) Transactions Outside United States.— Nothing in this regulation shall apply with respect to any extension of credit made in Alaska, the Panama Canal Zone, or any territory or possession outside the continental United States. (k) Right of Registrant to Impose Stricter Requirements.—Any Registrant has the right to refuse to extend credit, or to extend less credit than the amount permitted by this regulation, or to require that repayment be made within a shorter period than the maximum permitted by this regulation. (/) Sets and Groups of Articles.—For the purposes of this regulation, the word "article" shall be deemed to include any set, group or assembly commonly considered, sold or used as a single unit, if the component parts thereof are sold or delivered at substantially the same time. SECTION 13. LISTED ARTICLES, DOWN PAYMENTS AND MAXIMUM CREDIT VALUES (a) Listed Articles.—The following are the articles which are "listed articles" within the meaning of this regulation: MAY 1942. Group A—One-third down and 12 months' maximum maturity: 1. Air conditioners, room unit. 2.. Air conditioning systems, home. 3. Aircraft (including gliders). 4. Attic ventilating fans. a 5« Automobile batteries and accessories. a 6. Automobile tires and inner tubes, for passenger automobiles. a 7. Bedding, blankets, curtains, draperies, and household linens and towels. b 8. Bicycles. a 9. Binoculars, field glasses, opera glasses, and hand telescopes. c io. Boats, and inboard and outboard motors designed for use therewith, other than boats or motors designed specifically for commercial use. b n . Clocks, electric or other, designed for household or personal use. i i . Cooking stoves and ranges, designed for household use. 13. Dishwashers, electric, designed for household use. a i4. Electric appliances, not elesewhere listed, designed for household or personal use. b i5. Floor coverings (including fabric and linoleum type rugs, carpets, mats, and other floor covering materials, whether or not designed to be affixed to the floor). 16. Furnaces and heating units for furnaces, household (including oil burners, gas conversion burners, and stokers). 17. Heating stoves and space heaters, designed for household use. 18. Ironers designed for household use. a i9. Jewelry (including precious stones and costume jewelry). d 2.o. Lamps designed for household use. e 2.i. Lawn mowers, edgers, and trimmers (whether or not power-driven). a 2.i. Lighting fixtures designed for household use. " Added effective May 6, 1942. Added effective March 23, 1942. Boats other than power driven boats added effective May 6,1942. Lamps previously classified as furniture. * Lawn mowers, mower-type edgers and trimmers added effective March 23, 1942. Edgers and trimmers other than mower-type, musical instruments other than those composed principally of metal, and mechanical carpet sweepers added effective May 6, 1942. 6 c d 42-1 FROM A LEGAL STANDPOINT Luggage, purses, handbags, toilet cases, Group C—12 months* maximum maturity: and umbrellas. i. Materials and services (other than arMotion picture cameras, projectors, and ticles, whether or not designed for lenses, designed for film gauges less household use, which are of kinds than 35 mm.; still cameras, projecelewhere listed) in connection with tors, lenses and shutters, and enlargers. repairs, alterations, or improvements •2.5. Musical instruments not elsewhere listed. upon urban, suburban or rural real Organs, household electric. property in connection with existing 217. Plumbing and sanitary fixtures designed structures (other than a structure, or for household use. a distinct part thereof, which, as so B 3L8. Portable lights, and portable or starepaired, altered or improved, is detionary flood-lighting equipment, designed exclusively for non-residential signed for household use. use), provided the deferred balance 2.9. Radio receiving sets, phonographs, or does not exceed $1,500. combinations. Group D—Maximum maturity if months; for down 30. Refrigerators, mechanical, of less than payment requirements see section 13 (c): iz cubic feet rated Capacity. 3 1 . Sewing machines designed for house1. Automobiles (passenger cars designed for hold use. the purpose of transporting less than b 32.. Silverware (including flatware and hol10 passengers, including taxicabs). low ware, whether solid or plated). i. Motorcycles (two- or three-wheel motor "33. Sports', athletic, outing, and games' vehicles, including motor bicycles). equipment. (F) Trade-in.—If any article is traded in by •34. Suction cleaners and mechanical, carpet sweepers, designed for household use. the purchaser on an article listed in Group A, •35. Tableware and kitchen ware, equipment, the cash down payment shall be one-third of and utensils, designed for household the net price of the article after deducting from use (including pottery, porcelain, the cash price the amount allowed for the tradechinaware, glassware, and cutlery). in, and such cash down payment shall be ob36. Washing machines designed for house- tained in addition to the trade-in. In the case of an article listed in Group B, the cash down hold use. b payment shall be one-fifth of such net price. 37. Watches. 38. Water heaters designed for household use. In the case of automobiles and other articles 39. Water pumps designed for household use. listed in Group D, the down payment required ft 4o. Wearing apparel and furs, non-military, by the regulation may be made in the form of (including footwear, head wear, and cash or in the form of a trade-in, or both. haberdashery). ( 0 Down Payment on Automobiles and a 4i. Yard goods designed for making gar- Motorcycles.—For a new automobile or a new ments or for making articles of house- or used motorcycle, the down payment (which hold use. may be in cash or in the form of a trade-in or Group B—20 per cent down and 12 months' maximum in both forms) shall be one-third of the cash price. maturity: For a used automobile the down payment °i. Furniture, household (including ice re(which may be in cash or in the form of a tradefrigerators, bed springs, and matin or in both forms) shall be: tresses), (1) One-third of the cash price if the cash i. Pianos. price is equal to or lower than the "appraisal For footnotes •• b> •• see page 421. c guide value1'; or i s e d furniture added effective May Ms 6, 1942. FEDERAL RESERVE BULLETIN FROM A LEGAL (2.) The cash price minus two-thirds of the "appraisal guide value" if the cash price is higher than the "appraisal guide value." "Appraisal guide value" means the estimated average retail value as stated in such edition of any regularly published automobile appraisal guide as the Board may designate for this purpose for use in the territory in which such used automobile is sold, -plus any applicable sales taxes. Information as to the guide or guides designated for any given territory may be obtained from any Federal Reserve Bank or branch. (d) Down Payment Where Price is Fixed by Federal Authorities.—In the case of any article for which the Federal price authorities have prescribed a maximum retail price, the amount of credit extended pursuant to the provisions of section 4 shall in no event exceed the amount which would have been permitted if the article had been sold at the maximum retail price. (V) Maximum Amount of Loan.—A loan to purchase an article listed in Group A in connection with which the seller has accepted a trade-in shall not exceed two-thirds of the net price of the listed article after deducting from the cash price the amount allowed for the tradein, and, in the case of an article listed in Group B, the loan shall not exceed four-fifths of such net price. A loan to purchase a used automobile shall not exceed two-thirds of the cash price or twothirds of the "appraisal guide value" of the automobile, whichever is lower. STANDPOINT became effective September 10, 1941; Amendment No. 2. became effective December 1, 19.41; Amendment No. 3 became effective March 13, 1942., except that the change made in Part 3 (b) of the Supplement by Amendment No. 3 became effective April 1, 1942.. This revised regulation shall become effective May 6, 1942.. Interpretations of Regulation W Since the publication of the April i94x Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued the following interpretations of Regulation W prior to its revision: HOUSEHOLD FURNACES—STOKERS Interpretation No. i$o ofRegulation W The Board has received several inquiries concerning the application of interpretation W-51 to the rating of coal stokers for purposes of Regulation W. The questions relate to the method of determining which stokers are included in the list of articles the credit sales of which are subject to the regulation. Interpretation W-51 states that the classification "household furnaces and heating units for furnaces (including oil burners, gas conversion burners, and stokers)" includes heat generating sources such as furnaces and boilers, and appurtenances which form a part of such sources, individually or collectively installed, when such sources or appurtenances are designed for actual net output of £40,000 B.t.u. per hour or SECTION 14. ENFORCEABILITY OF CONTRACTS less. Except as may subsequently be otherwise How shall Registrants determine whether a provided, all provisions of this regulation are particular model of coal stoker falls within the designated, pursuant to section 2.(d) of the class described? The question to be answered Executive Order, as being "for administrative is what the particular model was designed to do, purposes" within the meaning of said section that is, what heating requirements the manui(d), which provides that noncompliance with facturer considers will be met by the model. provisions of the regulation so designated shall The Registrant, therefore, must depend upon not affect the right to enforce contracts. the rating made by the manufacturer rather than upon his own calculation of the net B.t.u SECTION 1 5 . EFFECTIVE DATE OF REGULATION output based upon individual installations. In the past, coal stokers have been rated by This regulation became effective in its original form September 1, 1941; Amendment No. 1 the manufacturers on the basis of the coal MAY 1941 42-3 FROM A LEGAL STANDPOINT delivery rate, and it appears that a stoker rated as capable of delivering 45 pounds of coal per hour was recommended for installations where the maximum net output required was slightly less than £40,000 B.t.u. per hour and where average conditions existed. It should be noted that the maximum net output figure is a standard representing the heating capacity of a system of which the stoker is designed to be a part, it being assumed that the heating requirements are average, the equipment appropriate, and the coal of average heating value. Once the rating is determined for a particular model under average conditions, that rating is used in all cases for classifying the model for purposes of the regulation, and it does not matter that the conditions under which a given stoker is to be installed differ materially from the averages A special question relates to changes in models involving an increase in the coal delivery rate. A case has been brought to the attention of the Board in which a stoker formerly rated as a 30-pound stoker was altered by the addition of an attachment which brought the theoretical coal delivery rate up to 50 pounds per hour. Such a change would not conclusively change the status of the stoker under the regulation. The pound delivery rate has no significance in itself. It has been used, in the past, as indicative of the heating capacity of the stoker, but it cannot be so used unless the features of the stoker other than the coal delivery rate are appropriate to a stoker which is actually to be used at the given rate. The problem, therefore, is whether, after a change of the kind described, it can be maintained in good faith that; the stoker is designed for a heating load of more than 2.40,000 B.t.u. net output per hour under the average conditions mentioned above. In this connection it would have to be determined whether or not the other features of the converted stoker were such as to make it suitable and economic for the heavier heating requirements. Also, there would be a question as to the ability of the converted stoker over its normal life actually to 424 deliver coal at the rate required of a 50-pound stoker. These are matters to be established by heating engineers, and up to the present time the Board has been willing to rely upon the judgment of the manufacturer in rating his products provided this judgment is exercised in good faith. CAMERAS—PHOTOENGRAVING OR LITHOGRAPHING EQUIPMENT Interpretation No. 131 of Regulation W The classification "still cameras" in Group C-15 of the Supplement does not include photographic equipment used for photoengraving or lithographing purposes. FLOOR COVERINGS—FLOOR TILE Interpretation No. 132 of Regulation W The classification "floor coverings" includes rubber, asphalt, cork, plastic, and other similar floor tile, but does not include ceramic, terrazzo, or other similar floor tile. War Financing Regulation V Pursuant to the authority contained in Executive Order No. 9111 of March 16, 1941, published at page Z99 of the April 1^41. Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System adopted, effective April 6, 1942., Regulation V entitled "War Financing." The text of the Board's press release and of Regulation V is as follows: STATEMENT FOR THE PRESS April 10, 194Z The Board of Governors of the Federal Reserve System announced today adoption of Regulation V to carry out the President's Executive Order No. 9112. of March x6, 1942., for the purpose of facilitating and expediting the financing of war production. The Regulation was adopted after consultation with the War Department, the Navy Department, and the United States Maritime Commission following conferences in which representatives of the War Production Board participated. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT The objective, as set forth in Regulation V, is to facilitate and expedite production for war purposes by arranging for the financing of contractors, subcontractors and others engaged in businesses or operations deemed by the armed services and the Maritime Commission to be necessary for the prosecution of the war. The War Department has sent initial instructions to the Federal Reserve Banks covering the authority and procedure to be followed by them in acting for the War Department under the Board's Regulation. The program embraces financial aid for contractors and subcontractors, both large and small, and contemplates the maximum participation of small business enterprises in war production. Regulation V prescribes general rules and policies to govern the operations of the twelve Federal Reserve Banks, which will act as fiscal agents of the armed services and the Maritime Commission in carrying out the President's Executive Order. The utilization of the facilities of the twelve Federal Reserve Banks and their twenty-four branches throughout the United States makes it possible to decentralize the war financing program to a large extent. The program looks to the fullest possible participation by the banks of the United States, whether members or nonmembers of the Federal Reserve System, in the financing contemplated under the authority of the President's Executive Order. Under the Executive Order the three military procurement agencies are authorized to guarantee commercial banks, Federal Reserve Banks, the Reconstruction Finance Corporation, or other financial institutions against loss on loans made to concerns to finance the performance of war orders. The primary aim is to expand and expedite war production. Accordingly, peacetime credit rules or standards, as the President stated at the time of signing the Executive Order, must not be permitted to hold up production of war supplies needed by the armed forces. The Board's Regulation authorizes the Federal Reserve Banks, acting in accordance with the MAY 1942. provisions of the President's Executive Order and the instructions of the three military procurement agencies, to arrange loans and guarantees thereof wherever it is believed that they will contribute to the obtaining of maximum war production expeditiously. To assist in carrying out the provisions of the President's Executive Order and to aid in decentralizing operations under it as fully as possible, the War Department plans to have a liaison officer stationed at each Federal Reserve Bank. Generally speaking, the liaison officer will certify to the Reserve Bank that an applicant for financing is qualified from the technical or production standpoint to carry out a contract, subcontract or order for war supplies or equipment. It is expected that any applicant will first take up his credit needs with his commercial bank or other financing institution. When the necessary credit cannot be arranged by the financing institution without the assistance of the War Department, thefinancinginstitution will apply to the Federal Reserve Bank for a guarantee of a part or all of the proposed financing. After certification by the liaison officer, it will be the Reserve Bank's function to analyze the financial aspects of the application, including the integrity of the management, and determine the type of financing best suited to meet the situation. Under the initial instructions of the War Department, and upon appointment of liaison officers, guarantees or loans up to a prescribed maximum to be determined by the War Department will be made at the Federal Reserve Bank without reference to Washington. Attached is a copy of Regulation V. REGULATION V Effective April 6, 1941 WAR FINANCING SECTION I . AUTHORITY This regulation is based upon and issued pursuant to the Executive Order of the President, No. 91 ix, dated March x6, i94i (hereinafter FROM A LEGAL STANDPOINT referred to as the Executive Order), and various provisions of the Federal Reserve Act, and has been issued after consultation with the Secretary of War, the Secretary of the Navy, and the United States Maritime Commission (hereinafter referred to as Maritime Commission), or their authorized representatives. SECTION X. OBJECTIVE OF THE FEDERAL RESERVE SYSTEM The objective of the Federal Reserve System in carrying out the purposes of the Executive Order is to facilitate and expedite war production, including the obtaining or conversion of facilities therefor, by arranging for the financing of contractors, subcontractors and others engaged in businesses or operations deemed by the War Department, Navy Department or Maritime Commission to be necessary, appropriate or convenient for the prosecution of the war. SECTION 3 . BOARD OF GOVERNORS The Board of Governors of the Federal Reserve System will cooperate and assist in every way possible in carrying out the provisions of the Executive Order. It will exercise general supervision and direction of the operations of the Federal Reserve Banks under authority of the Executive Order and will prescribe from time to time, after consultation with the Secretary of War, the Secretary of the Navy or the Maritime Commission, or their authorized representatives, such further direction of the Federal Reserve Banks as may be necessary to accomplish the purposes of the Executive Order. All facilities of the Board and of the Federal Reserve Banks will be made available for the purpose of facilitating the financing of business enterprises, including smaller businesses, in order that they may participate more fully in speeding up war production. terms of the Executive Order, will cooperate to the fullest extent possible in carrying out expeditiously and effectively the purposes of the Executive Order in accordance with the provisions of this regulation and the instructions of the War Department, Navy Department or Maritime Commission. To this end the Federal Reserve Banks will arrange guarantees and loans in accordance with the provisions of the Executive Order and of the instructions of the War Department, Navy Department or Maritime Commission, respectively, wherever it is believed that they will contribute to the obtaining of maximum war production expeditiously. While the Federal Reserve Banks will make reasonable efforts to afford the War Department, Navy Department and Maritime Commission the best available protection against possible financial loss consistent with this objective, such guarantees or loans should not be denied or substantially delayed when they can be provided in accordance with the instructions of the War Department, Navy Department or Maritime Commission. Each Federal Reserve Bank should arrange such financing, where practicable, without any guarantee or loan or participation therein by the War Department, the Navy Department or the Maritime Commission, through commercial banks whether or not members of the Federal Reserve System or other financing institutions, or through the Federal Reserve Bank under the provisions of section 13 b of the Federal Reserve Act. Where this is not feasible, guarantees by the War Department, Navy Department or Maritime Commission of loans made by such banks or financing institutions to the extent necessary should be used in preference to loans or participations therein by any of these agencies. SECTION 5 . INSTRUCTIONS OF WAR DEPARTMENT, NAVY DEPARTMENT, A N D MARITIME SECTION 4 . FEDERAL RESERVE BANKS AS FISCAL AGENTS Federal Reserve Banks, having been designated as fiscal agents of the United States by the Secretary of the Treasury pursuant to the 42.6 COMMISSION The War Department, Navy Department, and Maritime Commission, after consultation with the Board of Governors of the Federal Reserve System, will issue general instructions with FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT respect to the operations of the Federal Reserve Banks under the Executive Order, including provisions regarding the relationships of the Federal Reserve Banks with liaison officers or other field representatives of such agencies. The operations of the Federal Reserve Banks under the Executive Order shall be conducted in accordance with such instructions. SECTION 6. RATES Rates of interest, fees and other charges on loans made or guaranteed in whole or in part by the War Department, Navy Department or Maritime Commission through the agency of any Federal Reserve Bank will from time to time be prescribed, either specifically or by maximum limits or otherwise, by the Board of Governors of the Federal Reserve System after consultation with the War Department, Navy Department or Maritime Commission, and with the Federal Reserve Banks. SECTION 7. MATURITIES With respect to financing of production, except as may be otherwise authorized specifically or by general instructions by the War Department, Navy Department or Maritime Commission, the maturity of any loan made or guaranteed in whole or in part by a Federal Reserve Bank on behalf of any such agency shall be consistent with the needs of the borrower for the fulfillment of the contracts or orders for which the financing is provided. With respect to financing of facilities, the maturity of any loan made or guaranteed in whole or in part by a Federal Reserve Bank on behalf of any such agency shall be as may be agreed upon between the parties concerned but in no case shall such maturity be in excess of five years. SECTION 8. REPORTS Each Federal Reserve Bank shall make such reports as the Board of Governors of the Federal Reserve System shall require with respect to its operations pursuant to the terms of the Executive Order and of these regulations. MAY 1942. SECTION 9. GENERAL The term "loan," as used in this regulation, shall be construed as referring to a loan, discount or advance, including a participation therein, and shall include a commitment to make or purchase such a loan, discount or advance unless otherwise indicated by the context; but such term shall not be construed to include any advance payments made by the War Department, Navy Department or Maritime Commission on a specific contract or on specific contracts. The term "guarantee" as used in this regulation shall be construed as including a commitment to make such a guarantee unless otherwise indicated by the context. Industrial Loans Revision of Regulation S There is set forth below the text of the revision of Regulation S entitled Industrial Loans by Federal Reserve Banks, which was adopted by the Board of Governors of the Federal Reserve System, effective April 30, 1942.. FOREWORD (Not a part of the Regulation) In order to facilitate the participation of Federal Reserve Banks in the program, of war financing contemplated by the President's Executive Order No. 9112. of March 2.6, 1942., the Board of Governors has revised its Regulation S relating to loans by Federal Reserve Banks to industry and business under the provisions of section 13b of the Federal Reserve Act. The changes which have been made in the regulation are merely of a clarifying of technical character. As heretofore, the regulation leaves the powers granted by Congress to the Federal Reserve Banks unimpaired and prescribes no restrictions beyond those required by the law itself. Any attempt to prescribe technical definitions of such terms as "working capital", "established industrial or commercial business" and "financing institutions" has been avoided, lest it have the effect of restricting or hampering the operations 42-7 FROM A LEGAL STANDPOINT of the Federal Reserve Banks under the statute. The regulation, therefore, contains little except an analysis of the law and an outline of the necessary procedure. The law permits Federal Reserve Banks to make direct loans to established industrial and commerical businesses only when authorized by the Board of Governors of the Federal Reserve System; but, in order to avoid the necessity of having applications for such accommodations passed on in Washington, the Board has continued in the revised regulation the blanket authority to all Federal Reserve Banks to grant such accommodations directly on their own responsibility without reference to Washington. REGULATION S Revised Effective April 30, 1942. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS INTRODUCTION This regulation is based upon and issued pursuant to section 13 b of the Federal Reserve Act, as amended, and other provisions of law. The provisions of section 13 b and certain other related statutory provisions are set forth in the Appendix to the regulation. SECTION I . TRANSACTIONS BY FEDERAL RESERVE BANKS WITH FINANCING INSTITUTIONS (a) Legal Requirements.—Under the provisions of subsection (b) of section 13b of the Federal Reserve Act, a Federal Reserve Bank is authorized to discount obligations for, purchase obligations from, and make loans or advances on the security of such obligations direct to, any bank, trust company, mortgage company, credit corporation for industry or other financing institution (hereinafter referred to as "financing institution") operating in its district and to make commitments with regard to such discounts, purchases, loans or advances, subject to the following requirements: (1) Obligations which are the subject of such discounts, purchases, loans, advances, or commitments must have been or must be en42.8 tered into for the purpose of obtaining working capital for an established industrial or commercial business; (x) Such obligations must have a maturity of not exceedingfiveyears; (3) Each such financing institution shall— (A) Obligate itself to the satisfaction of the Federal Reserve Bank for at least 2.0 per centum of any loss which may be sustained by the Reserve Bank upon any such obligation acquired from such financing institution, the existence and amount of any such loss to be determined in accordance with subsection (c) of this section; or (B) In lieu thereof, advance at least 2.0 per centum of such working capital and in such event the advances by both such financing institution and the Federal Reserve Bank shall be considered as one advance and repayment shall be made on a pro rata basis. (If) Applications by Financing Institutions.— An application1 by afinancinginstitution for the discount or purchase of an obligation entered into for the purpose of obtaining working capital for an established industrial or commercial business located in any Federal Reserve district or for a loan or advance on the security of such an obligation or for a commitment with regard to such discount, purchase, loan, or advance, may be transmitted to the Federal Reserve Bank of any district in which the applicant financing institution is operating and shall be Submitted by such Federal Reserve Bank to the Industrial Advisory Committee of such district. Such application may be made on a form furnished for that purpose by the Federal Reserve Bank and must contain or be accompanied by such information, agreements, and documents as the Federal Reserve Bank may require. (c) Existence and Amount of Losses.—The Federal Reserve Bank shall be deemed to have sustained a loss upon any obligation acquired from a financing institution in accordance with 1 Attention is invited to the requirements of subsections (h) and (k) of section 22 of the Federal Reserve Act quoted in the Appendix to this regulation, with regard to material statements or overvaluation of security in connection with applications of this kind and with regard to the giving or receiving of fees, commissions, bonuses, or things of value for procuring or endeavoring to procure from a Federal Reserve Bank any credit accommodation, either directly from such Federal Reserve Bank or indirectly through any financing institution. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT the provisions of this section of this regulation whenever the board of directors of the Reserve Bank, after investigation, shall have determined that such obligation or any part thereof is a loss and the Reserve Bank shall have charged off of its books the amount so determined to be a loss, subject to review by the Board of Governors of the Federal Reserve System. The amount of loss in any such case shall be deemed to be the amount so charged off, together with unpaid interest thereon. Such financing institution shall reimburse the Federal Reserve Bank for the portion of such loss for which such financing institution shall have obligated itself, with interest on such portion of such loss until the date of such reimbursement. If any recovery be realized on the amount of the loss ascertained in accordance with this subsection, such financing institution and the Federal Reserve Bank shall be entitled to share pro rata in the amount so recovered. SECTION 2.. DIRECT TRANSACTIONS BY FEDERAL RESERVE BANKS WITH ESTABLISHED INDUSTRIAL OR COMMERCIAL BUSINESSES (a) Legal Requirements.—A Federal Reserve Bank may exercise its authority to make loans to or purchase obligations of an established industrial or commercial business having an office or place of business in its district or to make commitments with respect thereto under subsection (a) of section 13 b of the Federal Reserve Act: (1) in exceptional circumstances pursuant to the authority hereinafter granted by the Board of Governors of the Federal Reserve System; (2.) when it appears to the satisfaction of the Federal Reserve Bank that such established industrial or commercial business is unable to obtain requisite financial assistance on a reasonable basis from the usual sources; (3) for the purpose of providing such established industrial or commercial business with working capital; (4) on a reasonable and sound basis; and (5) with respect to obligations which have maturities not exceeding five years. (V) Authorization by Board of Governors of the Federal Reserve System.—The Board of MAY 1942. Governors of the Federal Reserve System, pursuant to the provisions of subsection (a) of section 13b of the Federal Reserve Act, hereby authorizes every Federal Reserve Bank, until such time as the Board of Governors may revoke or modify such authority, to make loans to and purchase obligations of established industrial or commercial businesses, and to make commitments with respect thereto, subject to the provisions of the law and this regulation. (Y) Applications by Established Industrial or Commercial Businesses.—An application1 by an established industrial or commercial business for a loan to, or the purchase of the obligations of, such business, or a commitment with respect to such a loan or purchase, may be transmitted to the Federal Reserve Bank of any district in which an office or place of business of the applicant is located and shall be submitted by such Federal Reserve Bank to the Industrial Advisory Committee of such district. Such application may be made on a form furnished for that purpose by the Federal Reserve Bank and must contain or be accompanied by such information, agreements, and documents as the Federal Reserve Bank may require. SECTION 3 . INDUSTRIAL ADVISORY COMMITTEES (a) Membership of Committees.—The Industrial Advisory Committee established in each Federal Reserve district under the provisions of subsection (d) of section 13b of the Federal Reserve Act shall consist of five members actively engaged in some industrial pursuit within the Federal Reserve district in which the committee is established. The membership of such committee shall consist of persons who are familiar with the problems and needs of industry and commerce in such district. On or before the 15 th day of February of each year, the board of directors of each Federal Reserve Bank shall submit to the Board of Governors of the Federal Reserve System the names of the persons selected to serve for the ensuing year as members of the Industrial Advisory Committee of the district of such Federal Reserve Bank, and, if approved by the Board of Governors, such 1 For footnote 1 see page 428. FROM A LEGAL STANDPOINT persons shall serve for terms of one year commencing on the ist day of March of such year. Vacancies that may occur in the membership of such committees shall be filled in like manner, and persons appointed to fill such vacancies shall hold office for the unexpired terms of their predecessors. Q?) Recommendations of Committees.—The Industrial Advisory Committee, to which an application for any such discount, purchase, loan, advance, or commitment by the Federal Reserve Bank of the district shall have been submitted, after an examination by it of the business with respect to which the application is made and a consideration of the necessity and advisability of granting the application and of such other factors as it may deem appropriate, shall transmit the application to the Federal Reserve Bank together with the recommendation of the committee. Board of Governors of the Federal Reserve System. SECTION 6. REPORTS BY FEDERAL RESERVE BANKS Each Federal Reserve Bank shall make a daily report to the Board of Governors of the Federal Reserve System of all transactions entered into pursuant to the authority conferred by section 13b of the Federal Reserve Act on the Board's form B D 4, prescribed for the reporting of discount transactions. SECTION 7 . CHANGES IN REGULATIONS The Board of Governors of the Federal Reserve System, pursuant to the authority conferred upon it by section 13b of the Federal Reserve Act, may alter, modify, or amend the provisions of this regulation from time to time in its discretion. Alien Property Custodian Appointment of Deputy Custodian The Alien Property Custodian on March 19, 1942., appointed a Deputy Alien Property Custodian with authority to exercise all powers Except with the permission of the Board of conferred upon and vested in the Alien Property Governors of the Federal Reserve System, the Custodian during the absence of such Custodian aggregate amount of loans, advances, and com- or inability to act. The text of the certificate of mitments of each Federal Reserve Bank made appointment is as follows: pursuant to the provisions of section 13 b of the Federal Reserve Act and outstanding, plus the CERTIFICATE OF APPOINTMENT OF DEPUTY ALIEN PROPERTY CUSTODIAN amount of purchases and discounts acquired under that section and held at the same time, Know all men by these presents: That I do shall not exceed the surplus of such Federal Re- hereby designate and appoint James E. Markserve Bank as of July 1, 1934, plus all amounts ham, of Lowell, Massachusetts, Deputy Alien paid to such Federal Reserve Bank by the Secre- Property Custodian, and do hereby delegate to, tary of the Treasury under subsection (e) of confer upon and vest in the said Deputy Alien section 13b of the Federal Reserve Act. Property Custodian, in the absence of the Alien Property Custodian or in the event of his inSECTION 5. RATES ability to act, to the extent permitted by law, All rates of interest and of discount established all of the powers and authority granted and by any Federal Reserve Bank with respect to delegated to, conferred upon and vested in, or loans, advances, discounts and purchases made which may be granted and delegated to, conunder authority of the provisions of section 13b ferred upon and vested in the Alien Property of the Federal Reserve Act, and all charges es- Custodian by the laws of the United States of tablished by any Reserve Bank with respect to America, orders of the President of the United commitments made under such authority, shall States, or regulations made or issued in pursuance be subject to review and determination of the of said laws or orders, including, without being SECTION 4 . AGGREGATE AMOUNT OF ACCOMMODATIONS WHICH MAY BE EXTENDED BY A FEDERAL RESERVE BANK 430 FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT limited to, the power and authority to appoint the Trading with the enemy Act, as amended, and fix the compensation of attorneys, investi- shall befiledwith the Alien Property Custodian gators, accountants, clerks and such other em- on Form APC-i in triplicate. Such claims ployees as may be deemed to be necessary for the shall befiledwithin such time, after the vesting due and proper administration of the provisions in the Alien Property Custodian of the property of said laws, orders of the President, and regula- to which they relate, as the Custodian shall pretions; and I do hereby further delegate to, confer scribe. Form APC-i may be obtained from the upon and vest in the said Deputy Alien Property Alien Property Custodian, Washington, D. C. Custodian full authority at all times to exercise The original of each claim shall be executed any and all of the powers granted and delegated under oath before an officer authorized to adto, conferred upon and vested in, or which may minister oaths, or if executed outside of the be granted and delegated to, conferred upon and United States, before a diplomatic or consular vested in the Alien Property Custodian by the officer of the United States. laws of the United States, orders of the Presi(b) There shall be a committee to be known dent, and regulations made or issued pursuant as the Vested Property Claims Committee, to be to said laws or orders, to the extent that such composed of three members designated by the authority may be lawfully delegated by the Alien Property Custodian. The members of the Alien Property Custodian. Committee shall designate one of their number In testimony whereof, I have hereunto set my to be Chairman. The Committee is empowered to hear claims respecting property vested in the hand this nineteenth day of March 1942.. Alien Property Custodian pursuant to section LEO T. CROWLEY, 5 (b) of the Trading with the enemy Act, as Alien Property Custodian: amended, in accordance with rules and proRegulations cedures to be formulated by the Committee. The Alien Property Custodian on March 2.5, The Committee shall have all powers necessary 1942., issued regulations relating to the receipt to carry out its functions, including the power and disposition of claims to property vested in to call witnesses and to compel the production the Alien Property Custodian. The text of the of books of accounts, records, contracts, memoregulations is as follows: randa, and other papers. (c) The Alien Property Custodian shall transREGULATIONS RELATING TO PROPERTY VESTED IN mit to the Committee claims relating to property THE ALIEN PROPERTY CUSTODIAN vested in the Alien Property Custodian pursuant These regulations are prescribed and issued by to section 5 (b) of the Trading- with the enemy virtue of the authority vested in the Alien Act, as amended. Property Custodian by the President pursuant to (d) Appropriate notice of hearing shall be section 5 (b) of the Trading with the enemy given by the Committee at least 10 days before Act, as amended by section 301 of the First War the time set for the hearing. This requirement Powers Act, 1941. of notice may be waived by any claimant. Receipt and disposition of claims. The follow(e) Claimants and the Alien Property Custoing procedure is hereby established for the re- dian shall be entitled to representation by ceipt and disposition of claims to property vested counsel, or otherwise, before the Committee. in the Alien Property Custodian pursuant to (f) The Committee shall have a seal which section 5 (b) of the Trading with the enemy Act, shall be affixed to all exemplifications of the as amended by section 301 of the First War records and such other documents, orders, or Powers Act, 1941: notices as the Committee may determine. (a) Claims to property vested in the Alien (g) A complete record, including a transcript Property Custodian pursuant to section 5 (b) of of the testimony, shall be made of any hearing MAY 1942. 431 FROM A LEGAL STANDPOINT Aeronautics Administration of the Department of Commerce, and the National Housing Agency, with respect to all contracts made or to be made by such agencies, and to the Veterans' Administration with respect to all contracts hereafter made by it; and subject to the limitations and regulations contained in such Executive order, I hereby authorize the Coordinator of InterAmerican Affairs, the Administrator of Civil Aeronautics, the National Housing Administrator, and the Administrator of Veterans' Affairs, LEO T. CROWLEY, and such officers, employees, and agencies as Alien Property Custodian. each of them may designate, to perform and Government Contracts exercise, as to their respective agencies, all of Executive Order Dealing with War Contracts the functions and powers vested in and granted There is set forth below the text of an Execu- to the Secretary of War, the Secretary of the tive Order issued by the President on March 30, Navy, and the Chairman of the United States 1942., extending the provisions of Executive Maritime Commission by such Executive order; Order No. 9001 of December ty, I94I? so as to and I hereby extend to all contracts of the authorize certain specified governmental agencies Federal Communications Commission those proto perform the functions and exercise the powers visions of the said Executive Order No. 9001 described in Title II of the Act of December 18, which relate to statutory requirements for adver1941, pertaining to Government contracts. Ex- tising for bids, and I hereby authorize the ecutive Order No. 9001 is published at page 105 Federal Communications Commission, or such of the February 1942. Federal Reserve BULLETIN, officers or employees as it may designate, to enter and the Act of December 18, 1941, is published into contracts without prior advertising for bids, at page iz of the January 1942. Federal Reserve under the regulations prescribed by that Executive order: Provided, however, that the provisions BULLETIN. of this order shall be applicable only to contracts relating to the prosecution of the war EXECUTIVE ORDER NO. 9116 effort. before the Committee. The Committee shall transmit the record, including its findings and recommendations, to the Alien Property Custodian. (h) The Alien Property Custodian, after the examination of the record, will issue a decision and will give appropriate notice of the decision rendered. The Alien Property Custodian will take appropriate action to effectuate any decision so rendered. Extension of the Provisions of Executive Order No. FRANKLIN D. ROOSEVELT poo 1 of December zjy 1941, to Contracts of the THE WHITE HOUSE, Office of the Coordinator of Inter-American Affairsp, March 30, 1942.. the Civil Aeronautics Administration, the National Housing Agency, the Veterans' Administration, Foreign Funds Control and the Federal Communications Commission 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 17, 1941, to the Office of the Coordinator of Inter-American Affairs in the Office for Emergency Management, the Civil 432- The Treasury Department has issued a pamphlet entitled "Documents Pertaining to Foreign Funds Control" which contains all Executive' Orders, Regulations, General Rulings, General Licenses, and Public Circulars, together with closely related papers and press releases dealing with this subject, which were promulgated prior to March 31, 1942.. Copies of this publication may be procured from the Treasury Department, Washington, D. C , or from any Federal Reserve Bank. FEDERAL RESERVE BULLETIN FROM A LEGAL STANDPOINT Public Circular Issued by the Secretary of the Treasury There is published below a Public Circular issued by the Office of the Secretary of the Treasury under the authority of the Excutive Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto relating to transactions in foreign exchange, etc.: Treasury Department, Office of the Secretary March 30, 1942. PUBLIC CIRCULAR N O . 18 Under Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto, Relating to Foreign Funds Control* (1) Reference is made to General Ruling No. 11, relating to transactions involving trade or communication with an enemy national. Inquiry has been made as to the standard of conduct which United States concerns doing business within Latin America are required to follow with respect to transactions involving enemy nationals. CO Any person within the Western Hemisphere who is subject to the jurisdiction of the United States shall not engage in any financial, business, trade or other commercial transaction which is directly or indirectly with, by, on behalf of, or for the benefit of an enemy national, except as * 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. MAY 1942. specifically authorized by the Secretary of the Treasury, by means of regulations, rulings, instructions, licenses or otherwise. (3) As used herein, the term "person subject to the jurisdiction of the United States" shall include: (a) any citizen of the United States whether within the United States or within any foreign country; (b) any person within the United States; (c) any partnership, association, corporation, or other organization (i) which is organized under the laws of the United States; or (ii) which has its principal place of business within the United States; or (iii) which is owned or controlled by, directly or indirectly, one or more persons subject to the jurisdiction of the United States as herein defined; and (d) any agent, subsidiary, affiliate or other person owned or controlled, directly or indirectly, by any person subject to the jurisdiction of the United States as herein defined. (4) In appropriate cases, United States diplomatic and consular officers in the other American Republics should be consulted with respect to the matters referred to herein and applications for licenses to engage in transactions referred to herein may be filed with such officers in lieu of filing such applications in the United States. The Treasury Department has delegated authority to such officers through the State Department, and accordingly such officers are in a position to take action on applications in certain cases without first referring such applications to the Treasury Department. E. H. FOLEY, J R . , Acting Secretary of the Treasury. 433 VOLUME OF CONSUMER INSTALMENT CREDIT AS REPORTED BY REGULATION W REGISTRANTS Under the Board's Regulation W, as issued last summer, persons engaged in the business of extending instalment credit were required to register with the Federal Reserve Banks by December 31, 1941 and to submit a few basic statistics concerning amounts of instalment paper held and volume of instalment sales. These statistics have been tabulated, and the totals reveal several new and significant facts about the nature of this business. The results are summarized in the accompanying tables.1 The total volume of retail instalment credit outstanding held by registrants at the end of September 1941 was 6.8 billion dollars. The total number of registrants through January 15, I94X amounted to 163,745, distributed throughout the country. Of the 157,000 registrants which submitted figures, 37,000 were primarily engaged in lending or in purchasing instalment contracts and held somewhat more than 5 billion dollars of instalment receivables on September 30, 1941. The 12.0,000 registrants engaged primarily in selling held 1% billions of instalment receivables on September 30 and had instalment sales in the preceding 12. months of 6 ^ billion dollars. These sales represented 37 per cent of their total sales. Other credit sales, presumably mainly charge accounts, amounted to 2.6 per cent. If retail sales financed by extensions of instalment cash credit secured by the goods to be purchased are added to those made directly on an instalment basis by vendors, the total of such sales was in the neighborhood of 8 billion dollars. The total amount of instalment credit based on retail sales outstanding on September 30, 1941 amounted to about 5.5 billion or 80 per cent of all instalment receivables then outstanding. The largest holders of instalment receivables— including paper purchased, credit extended directly to finance retail instalment sales, and 1 Tables show tabulation of registration statements submitted to the Reserve Banks through January 15, 1942. These figures are now in the process of being reviewed, revised, and analyzed. Detailed conclusions concerning their character have not yet been drawn. Observations in this article, therefore, are preliminary and limited to the major points of analysis. 434 personal instalment cash loans—are, first, sales finance companies and, second, commercial banks, which together had about half of the total outstanding. Third place is held by furniture stores, which retain most of their instalment paper, and fourth by small-loan companies. As is well known, the largest volume of instalment sales was made by automobile dealers—over half the total—with department and general stores, including mailorder houses, a distant second, and furniture stores a close third. TABLE 1 REGISTRANTS INCLUDED IN ANALYSIS, BY FEDERAL RESERVE DISTRICTS Number Per cent of total Boston New York Philadelphia... 10,289 15,862 8,660 6.6 10.1 5.5 Cleveland Richmond Atlanta 13,883 9,657 10,114 6.2 6.4 Chicago St. Louis Minneapolis.. 27,462 9,805 11,405 17.5 6.3 7.3 Kansas City... Dallas San Francisco.. 14,426 9,607 15,645 9.2 6.1 10.0 Total.. 156,815 100.0 Federal Reserve district The registrants included in this table are only those which reported in sufficient detail to permit tabulation of their figures as shown in Tables 2 and 3. Reserve Banks reported an additional 7,000 registrants which submitted incomplete statements. Registrants are classified in this table by the Federal Reserve district in which their head offices are located. Some registrants such as sales finance companies and mail-order houses operate over wide areas and in several Federal Reserve districts. NUMBER OF REGISTRANTS There were 163,745 registrants who submitted registration statements. Of these 6,930 either submitted no figures or had no instalment sales or instalment receivables. The latter presumably registered in order to be able to engage in such business if they wished. The analyses presented in the following paragraphs are based on the remaining 156,815 registrants who were engaged in instalment business during the year ending September 30,1941 and from whom complete reports were received. FEDERAL RESERVE BULLETIN CONSUMER INSTALMENT CREDIT Those registrants that may be generally designated as instalment lenders, that is, the banks, loan companies, credit unions, and sales finance companies, amounted to 36,731. Of this number more than one-third were banks. Credit unions ranked second with nearly 9,000 registrants. Therq were 1x0,084 registrants engaged in selling articles financed by instalment credit. Of these almost one-third were automobile dealers. The distribution of registrants by Federal Reserve districts is shown in Table 1. This distribution, of course, does not reflect precisely the way in which the business is distributed among Federal Reserve districts because some of the classes of registrants, such as sales finance companies and mail-order houses, operate on a nation-wide basis. INSTALMENT RECEIVABLES The figures from the registration statements indicate a much larger volume of instalment receivables than has usually been estimated. Registrants reported 6.8 billion dollars of instalment receivables outstanding as of September 30, 1941. Since there were certain classes of instalment vendors, such as apparel stores and some jewelry stores, which were not required to register,2 it is reasonably clear that the aggregate of instalment receivables outstanding on September 30,1941 was in the neighborhood of 7 billion dollars. Although the instalment receivables reported by registrants were based for the most part on the retail sale of consumers' durable goods, some of these receivables were based on producers' goods, such as trucks, tractors, barber shop and beauty parlor equipment, and small commercial and industrial installations. With proper allowance for the amount of instalment credit based on these items, the remainder is nevertheless well in excess of previous estimates of consumer instalment credit as of September 30, 2 The number of vendors required to register was increased by the addition of bicycles, lawn mowers, mower-type edgers and trimmers, silverware, clocks and watches, motion picture and still cameras, projectors, lenses, shutters and enlargers, and floor coverings to the list of regulated articles by Amendment No. 3, which became effective, March 23, 1942. MAY 1942. 1941, most of which have been much nearer to 6 billion dollars. Of the 6.8 billion of instalment receivables reported, about Z5 per cent was held by the sellers of the goods, 43 per cent was purchased paper held mainly by sales finance companies and banks, iz per cent represented credit extended directly by lending agencies to purchasers of goods, and nearly zo per cent was personal instalment cash loans of lending agencies. Most of the classes of instalment vendors who registered reported that they held more of their own TABLE 2 CASH INSTALMENT CREDIT, BY KIND OF BUSINESS SEPTEMBER 30, 1941 (Amounts in millions of dollars) Retail instal- Personal ment credit instalment excash tended loans directly Total instalment receivables Retail instalment paper purchased Sales finance companies. 3,237 2,074.0 Commercial banks and trust companies 12,586 1,699.1 Industrial loan companies or banks 756 229.7 State-licensed small-loan companies 495.7 2,6S2 Credit unions 192.1 8,838 Other financial busi2 nesses 352.2 8,662 1,976.0 60.1 37.9 776.7 485.9 436.5 68.7 33.2 127.8 26.2 .4 45.2 34.1 40.3 435.4 151.3 174.8 132.2 36,731 5,042.8 78.0 2,893.2 69.6 828.4 6.2 1,321.1 2.2 5,120.8 2,962.8 834.6 1,323.3 Kind of business All lenders 3 All vendors Total Number of registrants 1 1 2 Number reporting holdings of purchased paper or cash loans. Remedial and other small-loan companies, not State-licensed; building and loan associations; mutual savings banks; agents, brokers, and dealers in real estate; holding and investment companies; mortgage3 companies; miscellaneous financial companies. Of the vendor registrants shown in Table 3, 1041 reported purchased paper and cash loans shown in this line. receivables than had ordinarily been estimated.3 The amount reported for September 30, 1941 was unusually high probably because most vendors, especially automobile dealers, had invested some of their large undistributed profits from increased sales in instalment receivables. There were some types of vendors heretofore credited with little importance in the instalment field who in the aggregate held rather substantial amounts. 3 There is probably some overstatement in these figures because some vendors may have reported instalment receivables which they originated but had sold to discount agencies and which were accordingly reported by the latter. However, the amount of such overstatement is probably small. 435 CONSUMER INSTALMENT CREDIT For example, piano, organ, and music stores reported almost 32. million dollars of receivables —a larger amount than had been expected. In addition there appeared to be a fairly large volume of instalment receivables arising from building repair and modernization held by miscellaneous lending agencies. As shown in Table z, page 435, sales finance companies on September 30, 1941 reported nearly 100 million dollars of direct cash loans. The small-loan companies which are engaged primarily in making personal cash loans reported a relatively small amount of credit extended directly for retail purchases but somewhat more purchased paper than had been thought. Industrial banks and commercial banks reported considerable amounts both of purchased paper and of direct loans secured by purchased commodities. A variety of financial institutions, such as building and loan associations, savings banks, and other companies which appear to be associated with the real estate business, made substantial amounts of consumer instalment loans which, although the connection is obscure, appear to be related to some extent to building repair and modernization. INSTALMENT SALES The 110,084 registered vendors had instalment sales of 6,761 million dollars out of total sales of 18,118 million dollars in the 12. months ending September 30, 1941. Other credit sales amounted to 4,665 million dollars. With allowance for the vendors who were not required to register, it appears that the volume of instalment sales is greater than has commonly been estimated. The registrants, of course, included only those that did some instalment business. Even so, the proportions of instalment sales were higher than anticipated in a number of retail lines. Instalment sales comprised more than two-thirds of total sales reported by jewelry stores, furniture stores, and utility companies and over half of the total for household appliance stores, music stores, motorcycle dealers, and automobile dealers. About 10 per cent of TABLE 3 RETAIL SALES AND RECEIVABLES HELD BY KIND OF BUSINESS (Amounts in millions of dollars) Kind of business Number of registrants! Sales, year ended September 30, 1941 Total 2 Department and general stores Automobile dealers Furniture and housefurnishing stores Household appliance and radio stores Electric and gas utility companies 5,589 36,827 15,187 15,972 1,031 Hardware and automobile accessory stores Dealers and contractors in heating, plumbing, and air-conditioning equipment Dealers and contractors in other construction and repair materials Manufacturers 15,120 8,294 4,859.2 7,081.4 1,291.3 603.4 181.5 837.8 Receivables held September 30, 1941 Instalment Other credit Instalment Other 963.1 3,603.9 874.3 307.9 123.7 1,481.5 808.7 192.2 139.5 36.8 361.0 277.1 555.3 112.8 107.0 298.6 137.0 65.2 36.5 162.5 296.0 50.6 79.5 10.4 80.4 50.2 229.5 61.5 10,066 1,046 386.2 1,150.4 598.9 151.6 166.6 807.2 275.4 38.0 62.4 Jewelry stores Piano, organ, and music stores Farm implement dealers Motorcycle dealers Aircraft dealers 2,391 1,765 2,055 406 81 191.4 85.1 141.4 9.8 5.4 139.2 50.3 52.1 5.0 1.7 11.6 14.7 38.0 2.1 1.9 67.0 31.8 12.1 1.1 3.9 3.8 12.3 .4 .3 Dealers in boats and marine engines Bicycle dealers Business supply, equipment, and furniture dealers Fuel, ice, and fuel-oil dealers Miscellaneous dealers, contractors, etc 127 99 425 1,169 2,434 4.9 2.0 37.9 369.8 279.7 .9 .6 7.9 17.7 52.7 1.8 .4 23.5 170.5 140.4 .3 .2 2.9 7.0 21.4 .3 .1 5.5 28.6 25.9 120,084 18,117.5 6,761.2 4,664.7 1,723.1 1,050.4 Total 1 2 Number reporting instalment sales. Includes mail-order houses. 3 Less than $50,000. 43 6 FEDERAL RESERVE BULLETIN CONSUMER INSTALMENT CREDIT sales of department and general stores, including mail-order houses, were made on an instalment basis and 30 per cent on open-book accounts. Although the instalment data reported by vendors and those reported by financial institutions or lenders are not strictly comparable, the discrepancies are undoubtedly too small to destroy the significance of certain relationships. In comparison with the 6,761 million dollars of instalment sales made during the preceding year, a total of 4,686 million of instalment sale credits was outstanding on September 30, 1941, of which 1,72.3 million were reported as instalment receivables held by vendors and 1,963 million were reported by financial institutions as purchased retail instalment paper. In addition cash lending agencies also had outstanding 835 million dollars of loans extended to finance a somewhat larger amount of retail instalment sales. It would appear, therefore, that retail salesfinanceddirectly by an extension of instalment credit exceeded 8 billion dollars in the year ending September 31, and that 5.5 billion of such credit were outstanding at the end of the period. The volume of instalment sale credits outstanding on September 30, 1941 was 69 per cent of the volume of instalment sales made during the preceding year. From this ratio it is possible to estimate roughly that the average period of repayment of instalment sale contracts was somewhat more than 15 months. This is a very crude figure, however, because it assumes that the amount of credit extended was equal to the volume of sales (instead of correcting for the excess of purchasers' down payments over the amount of financing and service charges added to the contracts) and because it assumes that the sales were spread out evenly during the prior year. It should also be noted that this average period over which instalment credits are repaid MAY 1942. is not the same as the average initial maturity of the contracts, because "add-ons" and defaults lengthen this period, while prepayments shorten it. OTHER CREDIT SALES AND RECEIVABLES Although the registrants presumably made a very large proportion of all the instalment sales, they included only a fraction of the non-instalment retail credit business—about three-eighths. However, this rather large sample of such business disclosed certain facts that had not heretofore been available. "Other" credit is presumably charge-account or open-book credit for the most part. The average maturity of the other credit sales for all registrants was 81 days. Other credit of furniture stores and jewelry stores both averaged to be outstanding more than 110 days or about 4 months. The average period of outstandings for farm implement dealers was also nearly as long as this. Department and general store credit averaged more than jx days. The shortest credit terms were those of automobile dealers and fuel and ice dealers, both of whom averaged two months or slightly less. These terms are all substantially longer than those estimated in prior studies of chargeaccount credit.4 The very long terms were typical of smaller stores, particularly those located in rural areas. Credits were largest in the South and in the mid-West and Western agricultural states. 4 The charge-account sales and receivables of registrants are not wholly representative of the entire field of retailing since they include a larger than proportionate representation of dealers in durable goods of high unit value. If food stores and similar dealers with typically shorter terms were included, the average period of outstanding for charge accounts shown might be somewhat shorter. On the other hand the registrants represented a greater proportion of urban than of rural retail trade. Credit terms in larger cities are somewhat shorter than those in rural and agricultural communities. 437 INSTALMENT LOANS OF INSURED BANKS Personal and retail instalment paper reported by all insured commercial banks on December 31, 1941, amounted to over 1.7 billion dollars, or slightly less than that reported on June 30, 1941. The total figures are not entirely comparable because on June 30 banks had been requested to report all FHA Title I loans, while on December 31 they were requested to report FHA Title I class 1 loans which are for the purpose of financing alterations and improvements to existing completed properties (classes 2. and 3 are for the purpose of financing new construction), and were also requested to report all other (non FHA) repair and modernization instalment loans. This change apparently did not greatly affect the comparability of aggregate figures reported for June 30 and December 31. Nearly three-fifths of the instalment paper reported represented retail instalment loans either in the form of paper purchased from dealers and finance companies or in the form of advances made directly by the banks to borrowers. Such loans arise from the retail sale of and are secured by specific articles such as automotive vehicles and household goods. Over one-quarter of the total were personal instalment cash loans, and the remainder, less than onesixth, consisted of repair and modernization instalment loans. The figures reported as of December 31, 1941, are shown in detail by States in a table on page 440 of this BULLETIN. With the exception of repair and modernization instalment loans comparable data had been obtained as of the end of 1940 and on June 30, 1941; as of the end of 1939 a report of retail instalment paper only was secured. A comparison shows that there was a decrease in each class of paper during the last six months of 1941, the largest being in retail instalment direct loans—xi. million dollars or 6 per cent. The following table shows a comparison of the amounts of retail instalment paper 438 reported as of December 31 and June 30, 1941, and December 31, 1940 : PERSONAL AND RETAIL INSTALMENT PAPER HELD BY INSURED COMMERCIAL BANKS [In millions of dollars 1 Amount reported Dec. 31, 1941 Retail instalment paper Paper purchased Direct loans Personal instalment cash loans Repair and modernization instalment loans F.H.A. Title I loans Total 673 336 447 269 1,725 June 30, 1941 675 358 455 Dec. 31, 1940 519 257 417 278 275 1,766 1,469 A comparison of June and December 1941 figures by major geographic regions, after deducting FHA and repair and modernization loans on both dates to place the figures on a comparable basis, shows that there were increases in the Middle Atlantic, South Atlantic, and East South Central States, and decreases in all other regions. The only sizable increase was in the Middle Atlantic region, amounting to 19 million dollars. The larger decreases were in the East North Central, West North Central, and Pacific States. The decreases in all regions amounted to only 2. per cent. A comparison by class of banks shows that central reserve city member banks reported an increase of personal and retail instalment paper held amounting to 19 million dollars or 19 per cent; decreases were reported at reserve city member banks, country member banks, and insured nonmember banks. Thesefiguresof bank holdings of retail instalment paper were obtained by the Comptroller of the Currency for national banks, the Board of Governors for State member banks, and the Federal Deposit Insurance Corporation for insured nonmember banks. In reporting figures for holdings of retail instalment paper, banks were asked to include the unpaid balances of FEDERAL RESERVE BULLETIN INSTALMENT LOANS OF INSURED BANKS DECEMBER 3 I , instalment loans arising from the retail sale of and secured by automobiles, trucks, tractors, other automotive vehicles, household appliances, furniture, clothing, jewelry, etc. Paper purchased from or rediscounted for dealers and finance companies was reported separately as "Paper purchased" and paper representing loans made directly to the borrowers was reported separately as ''Direct loans.'' Banks were asked not to include any loans made to dealers and finance companies on their own promissory notes even if secured by the pledge of instalment paper. Banks were asked in 1940 and in June 1941 to report all FHA Title I loans representing the unpaid balances of property improvement loans insured under Title I of the National Housing Act; this was changed as of December MAY 1941 1941 31, 1941, to include only FHA Title I class 1 loans, which are for the purpose of financing alterations and improvements to existing completed properties, and to exclude class 2. and 3 loans, which are for the purpose of financing new construction. Banks also were asked in the 1940 and 1941 reports for personal instalment cash loans representing the unpaid balances of all loans made to individuals which are repayable in instalments and the proceeds of which are ordinarily used for such purposes as consolidation of debts, medical attention, and personal expenditures. Personal loans not repayable in instalments were not to be included. Deposits accumulated for payment of personal loans were to be deducted and the net figures reported. 439 INSTALMENT LOANS OF INSURED BANKS DECEMBER 3 1 , 1 9 4 1 PERSONAL AND RETAIL INSTALMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS DECEMBER 31, 1941 [Amounts in thousands of dollars] Classes of banks and Geographic Divisions All insured commercial banks. Member banks—Total Central reserve city banks. Other reserve city banks Country banks Insured nonmember banks. New England Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic New York New Jersey. Pennsylvania East North Central Ohio Indiana Illinois Michigan Wisconsin West North Central Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic Delaware Maryland District of Columbia Virginia..... West Virginia North Carolina South Carolina Georgia Florida East South Central Kentucky Tennessee Alabama Mississippi West South Central Arkansas Louisiana Oklahoma Texas Mountain Montana Idaho. Wyoming Colorado New Mexico Arizona Utah Nevada Pacific Washington Oregon California Number of banks reporting Total some per- personal sonal and retail and retail instalment instalpaper ment paper 12,337 6,219 38 331 5,850 6,118 463 51 53 65 183 15 96 1,871 679 332 860 2,788 635 429 776 418 530 2,810 636 576 528 146 157 326 441 1,281 29 119 21 286 138 191 86 254 157 858 243 262 184 169 1,426 186 134 372 734 463 107 47 56 134 40 9 59 11 377 130 69 178 Repair and modernization instalment loans Retail instalment paper Arising from sales of automotive vehicles Direct loans Paper purchased Direct loans 11,724,606 414,055 1,329,966 313,944 215,087 36,579 567,357 139,088 547,522 138,277 315,977 236,301 258,627 230,214 84,995 94,788 50,431 20,231 14,582 160 6,516 7,906 100,111 18,849 1,073 501 1,853 13,284 556 1,582 77,440 40,103 15,651 21,686 82,434 16,760 16,680 26,133 18,084 4,777 46,124 9,353 9,693 13,524 79,676 394,640 84,382 3,610 2,637 4,043 54,326 3,483 16,283 473,704 301,869 67,711 104,124 313,699 86,045 35,213 89,023 79,205 24,213 180,961 63,810 27,840 52,106 5,532 5,822 9,289 16,562 173,248 3,811 15,747 19,152 41,187 10,121 22,205 5,188 39,697 16,140 65,060 13,472 31,335 13,407 6,846 105,581 8,220 12,690 21,811 62,860 40,918 4,039 4,261 2,622 9,048 2,752 8,736 6,568 2,892 287,053 41,618 22,950 222,485 Paper purchased Arising from other retail instalment sales 2,556 2,542 2,746 5,710 46,042 453 2,237 2,309 11,666 3,826 3,613 908 16,102 4,928 16,694 3,635 8,132 3,216 1,711 25,677 3,781 3,541 5,443 12,912 9,399 719 1,760 604 2,922 855 434 1,154 951 91,396 13,186 5,262 72,948 5,021 116,630 114,650 9,874 725 564 402 5,943 509 1,731 36,330 15,724 5,475 15,131 69,472 24,119 5,236 9,555 23,886 6,676 45,337 13,365 7,713 14,057 1,087 1,629 2,183 5,303 32,439 500 2,667 7,039 7,303 1,230 3,979 1,637 5,489 2,595 9,527 2,500 3,515 2,762 750 31,727 1,753 1,869 6,191 21,914 10,190 1,103 777 933 2,234 593 1,828 2,496 226 71,081 10,818 9,554 50,709 28,413 la ,094 355 200 409 11,206 478 2,446 103,241 77,844 10,109 15,288 43,976 9,813 3,734 24,137 4,279 2,013 23,226 11,712 2,098 7,141 338 419 613 905 15,581 152 1,119 606 3,374 916 1,093 103 6,668 1,550 7,743 1,207 5,815 495 226 6,700 511 735 1,358 4,096 4,983 444 402 83 661 225 2,214 512 442 38,083 2,810 2,276 32,997 5 .649 1,109 108 80 72 548 41 260 3,391 1,192 196 2,003 4,650 1,667 208 614 1,618 543 3,549 1,166 618 1,036 79 67 79 504 2,142 20 239 135 282 70 817 74 263 242 625 161 252 153 , 59 M93 101 50 472 870 400 59 38 54 94 76 20 27 32 2,872 2,131 166 575 F.H.A. Title I class 1 loans Personal instalment cash loans All other 228,337 40,273 31,436 447,106 312,707 26,300 90,370 74,112 2,487 11,674 17,275 59,545 108,291 144,871 37,555 11,01b 264 211 209 7,772 377 2,182 77,157 45,811 16,631 14,715 37,808 4,962 2,912 10,797 16,113 3,024 32,053 18,320 3,116 7,380 393 250 1,570 1,024 18,720 580 3,839 1,802 4,706 267 1,609 670 3,686 1,561 9,922 1,493 5,045 2,094 1,290 5,805 544 1,635 1,054 2,572 5,479 391 574 185 1,038 243 1,375 1,241 432 30,378 5,724 2,423 22,231 8,837 1,380 66 44 40 743 36 451 8,119 3,707 300 4,112 11,739 6,242 608 1,846 1,965 1,078 4,556 3,034 414 555 248 99 71 135 4,431 52 1,054 117 955 245 902 125 446 535 2,897 185 1,617 557 538 3,410 105 302 692, 2,311 1,004 79 70 69 522 87 38 74 65 2,737 517 353 1,867 134,399 27,061 1,019 1,037 1,058 14,830 1,486 7,631 168,026 117,488 19,349 31,189 63,620 22,482 5,835 15,941 13,260 6,102 26,116 6,860 4,188 8,413 831 816 2,027 2,981 53,893 2,054 4,592 7,144 12,901 3,567 10,192 1,671 7,043 4,729 17,652 4,291 6,959 4,130 2,272 30,769 1,425 4,558 6,601 18,185 9,463 1,244 640 i 694 1,577 673 2,827 1,064 744 50,506 6,432 2,916 41,158 1 Includes approximately $158,000,000 held by insured Morris Plan and other "industrial" banks. 440 FEDERAL RESERVE BULLETIN STATEMENT OF CONSIDERATIONS INVOLVED IN THE ISSUANCE OF THE GENERAL MAXIMUM PRICE REGULATION This statement is reprinted from Bulletin No. 1 of the Office of Price Administration, in which it followed the General Maximum Price Regulation, promulgated by the Administration April 28,1942. General price increases have become a grave threat to the efficient production of war materials and to the stability of the national economy. It is now necessary to meet this threat decisively. Accordingly, the Office of Price Administration is issuing a General Maximum Price Regulation as the cornerstone for a comprehensive program to eliminate the danger of inflation. All prices of all commodities and services are now subject to great inflationary pressure. Within the limits of present statutory authorization, this Regulation establishes maximum selling prices for all commodities and services for which maximum prices have not hitherto been fixed. By so doing, it brings all sellers and all buyers within the compass of wartime economic mobilization. It combats the danger of inflationary price advances at all places where that danger exists. It is the immediate purpose of this Regulation to guarantee to the American people that their living costs will remain stable. This is a prerequisite to the further measures which are necessary to insure wartime stability in the economy. Stable living costs mean stability in the real wages of the worker. With price stability, wage stabilization, an important step toward stabilization of the aggregate volume of purchasing power, becomes a practical goal of public policy. Every producer whose prices are stabilized is assured that his costs, which are based upon the stabilized prices of others, will not rise. Stability in the price level means that participants in war savings programs are assured that the real value of their savings will be maintained. Likewise, the taxpayer knows that his remaining untaxed income will have an assured purchasing power. All of these measures become possible when prices are stabilMAY 1941 ized. All of them are necessary in order that price stabilization may work. This Regulation does not insure that the standard of living of any individual or group or of the Nation as a whole will remain unimpaired. The loss of overseas supplies and the conversion of domestic manpower and facilities to war production make this impossible. The material standard of living of the American people will fall. But this Regulation does help to protect the Nation against inflationary maladjustments as between different people and classes of people. And it does help insure that scarce goods will be allotted on a basis of equality. In the absence of this Regulation many scarce items would come into the possession of those best able to pay high prices. This Regulation is an indispensable prerequisite to the allocation of scarce but essential goods to the members of the community on the basis of need rather than on the basis of ability to pay. But in its larger context this Regulation is necessitated by the danger of inflation. The full implications of this danger for war production and domestic stability are worthy of a complete and careful statement. THE INFLATION CRISIS A gap has appeared between the supply of goods and services which is available and the purchasing power or demand of the people who wish to buy these goods and services. This gap is widening. Both military and civilian demand have increased vastly in recent months. War expenditures, which totaled $1,000,000,000 in March 1941 and $1,000,000,000 in December 1941, rose to nearly $3,000,000,000 in March 1942.. In December 1942., on the basis of present authorizations, these expenditures will exceed $6,000,000,000. Civilian demand has its source in income payments to individuals by the Government and 441 GENERAL MAXIMUM PRICE REGULATION by industry. The rate of monthly increase in these payments has advanced from one-half of one per cent in the months immediately following the outbreak of the war in September 1939, to 1 per cent, to i j per cent, and since March 1941 to 2 per cent. There is evidence of a further acceleration in this rate of increase in the future. The supply of civilian goods and services available for purchase from this income is diminishing. Manpower, materials, and machinery are being devoted to the production of planes, ships, tanks, and guns instead of to the production of civilian goods and services. The supply of such civilian goods and services will be progressively reduced by approximately 1 per cent per month for the balance of this year. During 1941, it is estimated, individual income totaled $91,000,000,000. Of this amount $18,000,000,000 was accounted for by personal taxes and individual savings, and $74,000,000,000 was spent on consumers' goods and services. During 1942., at the present Yate of increase of income payments, individual income will total $117,000,000,000. Of this amount, it is estimated $31,000,000,000 will be saved or paid to the Government in personal taxes and $86,000,000,000 will be spent. The supply of goods and services available for civilian use totaled $74,000,000,000 in 1941. During 1941, the supply will total $65,000,000,000, computed on the basis of 1941 prices. Making allowance for the increase in prices which took place prior to April 1, 1941, the supply will total $69,000,000,000. Thus, demand in 1942., unless limited, will exceed supply by $17,000,000,000. services and to all classes of goods, whether farm products or industrial commodities, raw materials or merchandise in wholesalers' or retailers' stocks. The increasing momentum of this over-all price advance is shown by the following comparisons: since the outbreak of the war in September 1939 the prices of basic raw materials have risen by 66 per cent. One-half of this increase has occurred during the past 12 months. Wholesale prices since September 1939 have increased by 31 per cent. Two-thirds of this increase has occurred during the past 12 months. Retail prices of foods, clothing and house furnishings have risen, since September 1939, by 25 per cent. More than three-fourths of this increase has taken place during the past 12 months. The $17,000,000,000 by which projected demand will exceed the supply of goods available during 1942, if left to itself, would force an estimated increase of 25 per cent in the cost of living this year. But price increases build on each other. Increases in the cost of*living lead to wage adjustments. These in turn augment purchasing power at the same time that they increase industrial costs. Therefore, by the time prices had risen the 25 per cent necessary to raise the value of the available supply of goods up to the total dollar demand now forecast, the total demand would itself have increased. Left to itself, the process has no definite end. It can be stopped only by measures which will eliminate the occasion for increased income payments on one hand, and narrow the gap by withdrawing excess purchasing power on the other. The alternative is inflation. THE EFFECT OF THE INFLATIONARY GAP ON PRICES The consequences of inflation are the consequences of the stage which it is permitted to reach. We have already passed through a mild stage of inflationary price advance. We are entering, as the foregoing analysis shows, a more severe and intensive stage—a stage where the upward movement of prices will increase both in magnitude and in tempo. Beyond that The gap between the total purchasing power available for disposal by the people of the United States and the total supply of goods and services available for them to purchase has caused, in recent months, a general advance in prices and an advance which is accelerating in rate. It has made the advance common to 44^ THE CONSEQUENCES OF INFLATION FEDERAL RESERVE BULLETIN GENERAL MAXIMUM PRICE REGULATION stage lies the fatal spiral which engulfed the countries of central Europe following the first World War. The first stage, that which we have already experienced, is itself a warning of what is to come. Many of our people with smaller incomes have already seen the necessaries of life pass beyond the reach of their slender means. They have already experienced the sense of hopelessness and frustration which comes with the change from subsistence to a deeper poverty. They have already brought their children to a table from which accustomed and necessary foods have been removed by rising prices. Suspicion of undue advantage and profiteering has already been engendered between farmer and worker, and worker and employer. True unity of purpose must rest on the conviction that reward and sacrifice are received and rendered in common. The irregular, uncertain, and manipulative advances in prices which characterize all stages of inflation have already damaged that conviction. Tn a narrower sense, inflation has already multiplied the cost of the war. The price rises which have occurred since September 1939 will increase by 35 billions of dollars the money rost of the war program now authorized. The total cost of the first World War, by comparison was 31 billions, and that 31 billions, it is estimated, included 13\ billions of inflated prices. These things have already happened. They are behind us. The next stage of inflation—the one that we now face—will extend this pattern. And it will add to it a new and far more serious configuration. If unchecked, inflation will launch a race between the wages of the stronger bargaining groups and the cost of living. This means constant revision of wage contracts, constant bargaining and negotiation, and the certain prospect of interrupted production. The normal collective bargaining processes are strained, perhaps broken. Business commitments are placed on a month-to-month, perhaps on a week-to-week basis. Business planning gives way to make-shift decision. War proMAY 1941 duction is shackled and perhaps disrupted. It may be paralyzed. In a sense, inflation is a substitute for production. Money is made not by producing commodities, but by withholding them from use. Scarce materials find their way into inventories and hoards, and profit is derived from advancing markets. The speculator rather than the producer becomes the successful businessman. Materials that might yield tanks and guns for the armed forces, or food and clothing for our people at home, are surreptitiously routed to the warehouse. Those whose incomes are small and fixed have already suffered. During the stage of inflation now ahead, their position will become desperate. The well-stocked store will become an empty fraud for our old people who live on annuities and pensions, for dependents of our soldiers and sailors, and for the substandard wage groups whose bargaining position is weak. The prices of necessaries will have passed beyond their reach. For during inflation goods are reserved for the person with the longest pocketbook, the person who is able to protect himself during the upward spiral, or the person who has turned the spiral to his selfish advantage. The pattern of disaster which attends the final stage of inflation is well known. In' this stage prices are revised upward weekly and then daily. Incomes enter into a crazy race with prices. Money is something to be passed on as quickly as possible. It is no longer a symbol of stability but a mark of social disintegration. Thrift and saving become incompatible with self-preservation. Savings, investments, life insurance policies, all the results of past thrift, become worthless. Legitimate business disappears; speculation and profiteering remain. Organized government itself is undermined. The hopelessness and frustration of the early stages of inflation soon turn to anger and despair. To think of mobilization of resources for war in such an environment is the merest fancy. Inflation does not always run its full course, 443 GENERAL MAXIMUM PRICE REGULATION although between the present stage and the final collapse there is no definite stopping place. But the principle can be laid down that the greater the period over which the process extends without complete and effective control, the more serious and the more painful is the task of stopping it, and the more dangerous the disorganization which must follow. The present inflationary movement may, of course, end, not with wild inflation, but with the end of war and war-occasioned spending. Or it might be brought to a halt by measures such as those which are now being taken. In the first case, the clear consequence would be a complete and ruinous deflation. Those who were not destroyed by the inflation would be ruined by the ensuing collapse. And deflation, even more than inflation, has shown itself the cause of social disorganization. It was more than a decade after the first World War before agriculture and much of labor and industry in the United States recovered from the wreckage of the 19x1 collapse. More serious still, there were wrecked lives and disbanded families for whom there was no recovery at all. Inflation might also be checked sometime in the future by measures such as those now being taken. Of this it is necessary to say but one thing. While the present measures are painful, they are far less painful than those that would be required a year hence. It is never easy to check an inflationary movement. But there will never be a time when it will be less painful than now. use of productive facilities and labor, and the transfer of labor and materials from less essential to more essential employments, was aided by flexibility in the price structure. As the pressure from excess demand and diminishing supply grew during the past 6 months, selective controls were multipled. Production in the United States has been increased to such an extent that it cannot hereafter be greatly stimulated by additional price rises. Further reorganization of the economy for war must be accomplished through priorities, allocations, and rationing, rather than through price. The pressure toward higher prices is now not merely on shortage commodities, but on all commodities. The same reason which called for selective controls—the need for avoiding price increases beyond those reasonably required to increase production—now calls for the universal control over all commodities. This step accords with the experience of other countries as they reached the advanced stages of war mobilization. Such a state of mobilization was reached in Germany in 1936. A universal price ceiling was proclaimed in that year. In the democracies, the point was not reached until after the outbreak of war. Both Canada and Australia have preceded us in adopting the general price ceiling. As they reached the stage which the United States has reached today, they, too, found that general control of prices was necessary. THE UNIVERSAL PRICE CEILING The increased inflationary pressure and this Regulation serve as a setting for companion steps in wage, profits, and fiscal policy. When pressure of prices was principally on shortage commodities, governmental policies designed to limit the growth of consumer income were exercised with restraint. Demand was excessive only in relation to certain shortage materials, and deflationary economic measures other than selective price control necessarily affect the entire economy. The removal of the purchasing power which was causing the individual price Until 6 months ago, the main pressure on the price system was wartime demand or wartime shortage of a relatively small number of commodities. Among those were metals, chemicals, sugar, and lumber. Prices for many of these commodities quickly rose to levels higher than were required to bring out available production. These price rises could be checked, and were checked, by individual ceilings on the wholesale price. For other commodities, price control was not then desirable. In fact, full 444 THE COMPANION MEASURES TO THE UNIVERSAL PRICE CEILING FEDERAL RESERVE BULLETIN GENERAL MAXIMUM PRICE REGULATION rise could have been achieved only at the expense of simultaneously reducing purchasing power throughout the economy. This purchasing power was being advantageously used to call forth added production. Therefore, income-restraining policies were not necessary as an adjunct to price control and would have been undesirable. Today, on the other hand, it is important that the excess of purchasing power be rigidly confined. Even if it were possible for this Regulation to continue side by side with an excess of purchasing power the combination would present grave dangers. These dollars would find an outlet in extravagant purchases of goods not immediately needed by the purchaser; they would lead to the burdensome problems of administration and regulation involved in unnecessarily widespread rationing; they would lead to .wasteful use of goods which could not but impair national morale. But more important than these considerations is the elemental fact that there can be no effective price control while at the same time there is so large an amount of excess purchasing power. Price regulations must not only be promulgated; they must be accepted and where necessary enforced. The full pressure of excess purchasing power would insure the disregard of law. The universal price ceiling serves as the framework for other policies which will diminish the inflationary gap. It makes possible an effective war labor policy, more stringent income and excess-profits taxes, and greatly enhanced savings. Just as the universal ceiling can operate only when accompanied by these economic policies, so these policies can succeed only when accompanied by the universal ceiling. These economic controls other than price control can operate only generally throughout the economy.* They do not check specific price rises in commodities which, because of shortages and other reasons, are subject to unusual pressures. For this purpose a price ceiling is necessary. The universal ceiling is a necessary adjunct MAY 1942. of these companion policies for a further reason. It takes time for such policies to be developed and put into execution, and still more time for their impact to be felt. During this time prices would become further inflated. Unless the inflationary spiral is checked, no economic measures can close the resulting gap. On the other hand, by a prompt over-all ceiling, labor will be relieved from the pressure to demand higher wages in order to keep up with the increased living costs. Those whose dollar income is to be curtailed by increased taxation and savings will have a guaranty that their real income will not be further impaired by price increases and that the value of their savings will not disappear. Businessmen whose prices are fixed will have the assurance that their material costs are also stabilized. Such guaranties must be made before these economic steps can successfully be taken. Both the universal ceiling and these related economic measures are thus essential to overcome inflation. Without the ceiling, the economic measures might prove to be too little and too late. Without the economic measures, the ceiling would in the long run become administratively unenforceable and socially harmful. Together, they can abruptly and effectively stop the inflationary spiral. THE REGULATION AND THE STANDARDS OF THE ACT The Emergency Price Control Act of 1942. provides that whenever in the judgment of the Price Administrator the prices of commodities have risen or threaten to rise he may, by regulation, establish such maximum prices as in his judgment will be generally fair and equitable and will effectuate the purposes of the act. In the present situation the prices of commodities and services generally are rising and threatening further to rise and this regulation prescribing maximum prices for commodities and services conforms to the statutory standards. The underlying purpose of the act is to check, and so far as possible prevent, inflation. The 445 GENERAL MAXIMUM PRICE REGULATION purposes of the act, as set forth in section i (a), include the avoidance of unwarranted price increases, the assurance that defense appropriations are not dissipated by excessive prices, and the protection of persons with relatively limited incomes. Today it is clear not only that this over-all ceiling will effectuate these purposes but in addition that, realistically, it is the only price regulation which will achieve that result. It achieves that result directly and also indirectly by making possible the execution of related wage and fiscal policies having that effect. In face of the present grave crisis this provides the basic justification for the regulation. i. Breadth of the Regulation.—The imminence of price increases throughout the economy requires price control which is likewise made generally effective. There are inflationary pressures on prices everywhere. And so everywhere that prices exist there must be controls to prevent them from rising any further. Retail prices cannot be held down if costs to retailers are left free to rise without limit. There must be control of manufacturers' and wholesalers' prices. And at all levels—retailer, wholesaler, and manufacturer—the control of the prices of cost-of-living items must be based upon control of the prices of all the commodities that enter into the costs of those items. The interdependence of prices, when prices are rising generally, prohibits any possibility of piecemeal control. Even where prices do not affect each other directly, as costs, they affect each other indirectly. To control the price of more essential products and leave the price of less essential products uncontrolled at best involves arbitrary distinctions. More important it prevents labor and materials from being used in more essential uses and increases the cost of ingredients of the essential items. If a price is fixed on an essential item, and nonessentials remain uncontrolled, manufacturers will switch from the essential to the nonessential. The transfer may be easier in some instances than others, but the tendency is plain. A limited Regulation would obstruct 446 the concentration of men and materials in the most important uses. In war, that concentration is of vital importance. 2. The base-period.—Thecore of the General Maximum Price Regulation is its requirement that each seller charge no more than the prices which he charged during the base period, March 1-31, 1942.. The basic fairness of this approach is that it catches hold of the price structure during a given period and holds it fast until a judgment can be made as to what adjustments if any are needed. The Regulation accepts the level and relationships of prices worked out by the buyers and sellers of the commodities at various economic levels. This is fair and reasonable. Certainly it is a sufficient basis for a price stop which is offered as a general regulation subject to future refinements and allowances for gross inequities. The base period is the only competent technique which will assure fairness in general without striving for the sort of fairness in particulars which cannot practicably be achieved in the first step. It is significant that Canada has used a similar base-period technique, and has found that it works. The selection of one base period rather than another is a matter for reasonable administrative determination. In general, the Price Administrator is of the opinion that a period as near in time as possible to the date of issuance of the Regulation provides the fewest administrative difficulties and is likely to cause the, least disruption. The issuance of this Regulation could not be simultaneous with the determination that it should issue. There were technical considerations to be thought through and disposed of. There were meetings and consultation with trade groups. Care had to be exercised and judgments checked lest the regulation by some mishap, or faulty selection of time or conception, jeopardize rather than further the war program. These deliberations were conducted with all possible dispatch but nevertheless they took time. In the meanwhile, there was reason to believe that some merchants had been marking up their prices in anticipation of the possibility FEDERAL RESERVE BULLETIN GENERAL MAXIMUM PRICE REGULATION of a large-scale program. Complaints of an unusually precipitate increase in prices were made on the floor of the Congress. The situation was partially controlled by the fact that some representatives of commerce and industry were consulted with respect to various technical considerations since an early date in April 1942.. Finally, the use of a single calendar month presented an advantage for the many persons whose records were so kept that such a base period would present fewest problems in making arrangements to comply. The favorable condition of profits gener lly strongly supports the Regulation. Sellers in general earned profits in 1941 which compared very favorably with profits earned in the period 1936-39, inclusive. The 1936-39 period offers a fair criterion for the profitability of corporate operations before the disturbing effects of the war. It includes the 2. relatively prosperous years 1936 and 1937, 1 poor year, 1938, and 1 fair year, 1939. Taking the 1936-39 average of corporate profits as 100, the following table indicates the percentage of increase of 1941 corporate profits at the various levels: CORPORATE PROFITS BEFORE TAXES, 1936^41 [Index numbers, 1936-39 average = 100] Year Profits of all corporations 114 115 52 118 159 319 1936 1937 1938 1939 1940 1941 Profits of consumers goods manufacturing, wholesale and retail trade corporations WholeManufacturing sale trade 127 98 55 119 141 244 117 97 58 128 167 392 Retail trade Total 126 103 56 115 165 288 126 99 56 120 149 274 The act provides that maximum prices shall be fair and equitable and shall reflect, so far as practicable, a due administrative consideration of prices prevailing between October i and 15, adjusted for prior and subsequent increases and decreases in costs and profits. The general fairness and equity of the Regulation has been shown. It is, moreover, based upon the largest adherence to and consideration of the subsidiary standards which is practicable at the present time. The adjusted October i to 15 base period has already been adopted MAY 1942 for producers of a large number of groups of commodities. In the case of other commodities, some increase over October i prices may be necessitated by cost increases too substantial to be absorbed, in view of profit positions. The Regulation establishes March 1942 prices as the lawful maxima but supplementary regulations, following analysis of individual commodities which cannot practicably be analyzed separately at this time, may establish prices closer to October 1 prices as adjusted. The prices of wholesalers and retailers may not necessarily be brought back to their October 1-15 level even where manufacturers' maximum prices are based on October 1 prices, for to a degree some distributors refrain under normal circumstances from marking up their prices so as fully to cover current replacement costs. In view of this factor, in view of the manufacturers' prices permitted to remain above October 1-15, 1941, prices, for the initial purposes of this general regulation, and in view of the general, though not necessarily immediate, tendency of businessmen to raise their prices as costs increase, the General Maximum Price Regulation considers, so far as practicable, the subsidiary standards of the act. 5. Supplementary regulations; the lag.—It was obviously not practicable to ascertain costs and profits of the sellers of each particular commodity and service, or the sellers of each particular commodity at each business level. To have done so would have required so much time as to mean the loss of the fight against inflation. But the considerations and data mentioned above and all other data available to the Office of Price Administration support the general fairness and equity of the Regulation. In large-scale affairs of practical importance it is necessary to make a beginning. So long as the broad outlines of the general regulation are fair, particular difficulties may be handled upon subsequent prompt consideration. No other course is possible or practicable. This is particularly true in the domain of price regulation where so much depends upon prediction and a sense of judgment, and where so much 447 GENERAL MAXIMUM PRICE REGULATION must inevitably be a matter of trial and error and adjustment, with expectations tested in actual experience. This general regulation will be subject to many refinements and particular revisions. Supplementary regulations will be issued. These will seek to cure difficulties of a technical nature. More important, they will change prices and price margins. They will be issued expeditiously. Accordingly, the first supplementary regulations may themselves be of a relatively general approach subject to further readjustments as time and experience point the way. The Regulation does not at this time make express provision by multiple base periods for the so-called lag in retail prices. Some retailers have asserted that they determine prices for their wares on the basis of the average cost of their inventory rather than on the basis of replacement costs. They further advise that the Regulation should be so constructed as to enable them to acquire new stock below replacement costs in order to preserve their existing percentage margins. But the difficulty is that the lag is by no means of uniform or universal applicability. A substantial percentage of the commodities purchased by retailers have been stabilized, at the manufacturers' and wholesalers' levels, at prices not exceeding prices prevailing in October 1941. Other goods have been subject to control upon the basis of prices later in 1941. Retail prices in March 1942. may fairly be assumed to have taken account of such 1941 prices. Further, there are many commodities of a lowpriced fast-moving nature, and commodities such as fresh meats, where retailers are virtually on a replacement cost basis. Attention should also be called to a number of items in which the retail prices have increased more percentage-wise than have wholesale prices. This is true of many house furnishings and floor coverings. In appraising the position of the retailer it must be borne in mind that the wholesalers' prices accepted by this- Regulation are prices 448 upon deliveries made in March, and not upon orders accepted in March for future delivery. This is a measure which in effect establishes price relationships adjusted to a lag, since in general such lag as exists is likely to be greatest where turn-over is slow. Moreover, to the extent that the lag is likely to accompany large inventories, the existence of these inventories, received over a period and averaged by the retailers, will mean that there will be no immediate hardship and that there will be time to work out adjustments. The protection provided by large inventories is underscored by the following data on inventories made available by the Department of Commerce: Retail business inventories End of Month : Value (in millions of dollars) February 1940 5,041 February 1941 5,494 February 1942. 6,875 Corrected for the rise in prices, the physical inventory for February 1941 was 6.4 per cent greater than it was for February 1941 and 14.7 per cent greater than it was for February 1940. To some extent a lag does exist but such lag as exists is uneven, depending upon the relative movement of wholesale and retail prices. No single formula to correct the lag can be found which would not itself provoke injustices. Moreover, other costs of the retailers have not increased as rapidly as wholesalers' prices; indeed, some are relatively low. The situation calls for a carefully planned and properly executed program, which will review the particular situations where the lag in fact exists. This program the Office of Price Administration has already undertaken. One thing should be clearly understood. Retail prices will not be increased. Any such course of action would set in motion the rising cost of living trends, the prevention of which is the very purpose of this Regulation. Adjustments may be made in manufacturers' and wholesalers' prices. Efforts will be made to foster FEDERAL RESERVE BULLETIN GENERAL MAXIMUM PRICE REGULATION economies in manufacturing and distribution, as by the standardization and simplification of goods and by the elimination of unnecessary frills. If necessary, other forms of relief will be devised. But the ceiling will not be punctured. 4. Exceptions.—Certain commodities and services are excepted from the operation of the general regulation. There are a variety of reasons for these exceptions. One class of commodities is wholly withdrawn from the Regulation by the Act itself. Section 301 (c) in defining commodity excludes books, magazines, motion pictures, periodicals, newspapers, etc. It also excludes securities; these are excepted for the additional reason that they do not affect the cost of living. Another group of exceptions from this Regulation consists of commodities which are eligible for regulation under the Act but subject to control only at price levels higher than those prevailing in the March base period. Because of the limitations of Section 3 no maximum price limitations are being placed on butter and eggs, poultry, mutton and lamb, and other commodities. In some instances, although an agricultural commodity is below 110 per cent of parity, it has been possible to include the commodity after it has left the han^s of the farmer and has reached the processor since the price at that stage, because of the extent of the intervening margins or because of the nature of the market and competitive conditions will not operate to prevent the agricultural commodity from reaching the price required by section 3 (a). In addition, a number of commodities are excluded for reasons of administrative impracticability, resulting from lack of standardization of units, the frequency and small size and character of the transactions involved, or some other factors. Examples of commodities excepted at all stages for administrative reasons include rare stamps, coins, and books; antique furniture; live animals, and the like. Other exceptions from the Regulation are attributable to the fact that the commodity involved is subject to regulation at a subsequent stage of production or distribuMAY 1942. tion where effective control may more feasibly be exercised. Such commodities include raw and unprocessed greenhouse or agricultural commodities (some of which would in any event have been excepted in view of section 3); and ores and concentrates. Reference may also be made to a group of exceptions not yet delineated representing commodities almost exclusively purchased by Government agencies for use in the war effort. The principle of exclusion is intended to further the war effort, and to prevent any possibility of disruption thereof and will be implemented by separate exclusionary regulations and orders supplemental to the general regulation, to be issued as the need may be indicated. / . Records and Reports; Licensing and Registra- tion.—The Regulation provides for the keeping of records, a statement of base prices to be made available for examination, the marking or posting of the maximum prices of stated cost-ofliving commodities, and the licensing and registration of retailers and wholesalers. The content of these provisions is clearly set forth in the Regulation itself and needs no further clarification in this statement. These are the minimum provisions necessary to make price control effective and enforceable. While not containing the substance of the general regulation, they are in many respects the most important provisions from a practical point of view. 6. Conclusion.—The rapid, erratic increases in prices we call inflation is no longer a threat; to a painfully substantial degree it is a fact. Today we have no choice left but burdensome price controls on a Nationwide front, buttressed by complementary economic measures, or a bitter and disastrous defeat in an economic war which would destroy the fruits of the victory which will ultimately be ours. We have chosen to meet the formidable enemy at home with the total economic mobilization of universal price regulation. In this war and the other there will be casualties. Neither mobilization will be easy. Our greatest strength remains the common understanding of all our peoples that only in this way can the future of our democracy be insured. 449 CHANGES IN PUBLICATION OF STATISTICS OF BANK DEBITS On March 30 the Board announced that its weekly "Bank Debits" press statement would be discontinued after issuance of the statement covering the week ended May 6. Beginning with the month of May, only monthly figures will be collected from member and nonmember banks in the centers previously included in the weekly bank debits statement. The collection of this series of bank debits began in August 1918, and the series is available on both a weekly and monthly basis for New York City and for 140 other cities since the beginning of 1919. The number of reporting centers was increased considerably in 19x2. and for some years Z74 centers have been reporting debits weekly. The monthly figures heretofore have been derived from reports covering weeks ending on Wednesday—figures for a week beginning in one month and ending in another being prorated to the respective months on the basis of the number of business days of the week falling in each month. The monthly figures are believed to be more significant than weekly figures for most purposes, since they smooth out wide weekly variations. This is particularly true of the figures for individual cities, which for any one week may be seriously affected by seasonal and unusual transactions. In addition to the regular series of bank debits which have been available since 1919, the Board has been collecting since September 1934 weekly statistics of debits to demand deposit accounts, except interbank and United States Government accounts, as reported by member banks in 101 leading cities. These figures will be published hereafter in the weekly statement of condition of reporting member banks in leading cities and will also be published in the BULLETIN. Series will be shown for reporting banks in New York City, Chicago, and each Federal Reserve district. 459 Weeklyfiguresfor individual centers other than New York and Chicago will not be published. Back figures of this series beginning with January 1941 appear on page 503 of this BULLETIN; corresponding figures beginning with January 1935 will be made available upon request. The new weekly figures differ from those heretofore collected and published weekly for 2.74 cities, and now to be collected monthly, because the latter series represents debits to both demand and time deposit accounts of all depositors except other banks, and the reporting banks in the 174 centers include both member and nonmember banks. Debits to demand deposit accounts, except interbank and United States Government accounts, as shown in the new series for banks in New York City, amount to approximately 98 per cent of the total debits reported for New York City in the more complete series. For all weekly reporting member banks in the 100 other leading cities, bank debits as shown in the new series approximate 92. per cent of total debits reported for the 140 centers (other than New York) included since 1919 in the more complete series. The weekly fluctuations of the two series have shown a marked similarity as to both direction and amount. Consequently the new series, with minor adjustments, may be used to continue on a weekly basis the older series of debits for New York City and for 140 other cities. Moreover, the debits figures for weekly reporting member banks together with the figures of demand deposits-adjusted published in the weekly member bank statement, can be used to compute measures of deposit turnover. It was not possible to compute directly deposit turnover from the older series of debits because deposit figures were not available for the same set of reporting banks. FEDERAL RESERVE BULLETIN CANADA PUBLICATION OF ADDITIONAL STATISTICAL SERIES In this issue of the BULLETIN there appear for the first time Canadian index numbers for wholesale prices distributed by groups of commodities, as well as index numbers for cost of living and retail food prices in Canada. These series, prepared by the Dominion Bureau of Statistics in Canada, replace certain series formerly shown for France and Germany which were no longer made public after the outbreak of war in 1939. The indexes for wholesale prices of groups of commodities are weighted indexes based upon 192.6 = 100. From 1934 to date, 70 items are included in the index for farm products, 145 in that for raw and partly manufactured goods, and 3x2. in that for fully and chiefly manufactured goods. For further information concerning these indexes, see the Canada Year Book for 1931, pp. 800-806. The cost of living index numbers, based upon 193 5-1939 = 100, were first issued by the Dominion Bureau in 1940, replacing earlier indexes issued by the Dominion Bureau and the Dominion Department of Labour, and constituting the official Canadian cost of living figures. The index for retail food prices is a component of the cost of living index. The general index reflects changes in the cost of a fixed household budget based upon the expenditures of 1,439 representative urban wageearner families in the year ending September 30, 1938. The families included in the Dominion Bureau's survey had earnings ranging from $450 to $2.,500, incomes between $1,2.00 and $1,600 being the most common. All the families lived in self-contained dwelling units and had from one tofivechildren. There were approximately two tenant families to every home-owning family, and one family in three operated a motor car. MAY 1942. The base years 1935-1939 were chosen by the Dominion Bureau because they "provided a base which is representative of pre-war conditions and at the same time give a reference level for comparison with average conditions obtaining subsequent to recovery from the depression from 19x9 to 1933''. Despite the outbreak of the war in September 1939, prices did not react sufficiently during the rest of the year to affect materially a five-year average. A further consideration was that the United States Bureau of Labor Statistics had also adopted 1935-1939 as the base for its cost of living series. The Dominion Bureau has described the construction of the cost of living index as follows: "Group indexes have been computed by multiplying physical quantity weights by actual price averages, obtaining group aggregates, and then comparing the percentage relationship of these group aggregates with corresponding base period aggregates. Group indexes are finally combined after applying a further system of percentage weights reflecting the importance of each budget group in annual family living expenditures." The weights assigned to the group indexes are shown below: Food Fuel Shelter Clothing Home furnishings Miscellaneous Total Weight (Per cent) 31 6 19 12 9 23 100 Additional information concerning the construction of the index numbers and the nature of the data they represent is contained in a publication of the Dominion Bureau issued in 1940 entitled "An Official Cost of Living Index for Canada". 45 CURRENT EVENTS Designation of War Loans Committee and Appointment of Administrator For the purpose of supervising the activities of the Federal Reserve Banks under Executive Order 9111, which authorizes the Banks to act as fiscal agents for the United States in connection with war production loans guaranteed or made by the War and Navy Departments and the Maritime Commission, the Board of Governors has designated Messrs. Eccles, Draper, and McKee, members of the Board, as a War Loans Committee. To assist the committee in its work, an office of Administrator for the War Loans Committee was created on April 6, 1942., and Kenton R. Cravens, who is on leave of absence from the Cleveland Trust Company and who formerly served the Board of Governors as a consultant on consumer credit, was appointed as Administrator. Resignation of Branch Director The Board of Governors on April 18, 1942., accepted the resignation tendered by Howard Phillips, Secretary-Treasurer, Dr. P. Phillips & Sons, Inc., Orlando, Florida, as a director of the Jacksonville Branch of the Federal Reserve Bank of Atlanta. Mr. Phillips had served as a director of the Branch since his appointment by the Board on February z8, 1938, and tendered his resignation because of his hav- ing been called to active duty with the United States Army. 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 March 16, 1942., to April 15, 194Z, inclusive. Illinois Chicago—Chicago City Bank and Trust Company Iowa Ames—The Ames Trust and Savings Bank Missouri Neosho—Bank of Neosho New York Cohoes—The Manufacturer's Bank of Cohoes Prattsburg—Prattsburgh State Bank Southold—Bank of Southold Yonkers—The Bank of Westchester Ohio Warren—The Union Savings & Trust Co. Wisconsin Marathon—The State Bank of Marathon City FEDERAL RESERVE BULLETIN CORRESPONDENCE Further Comment on Currency Hoarding QUESTION: Some newspaper accounts Government securities or call loans to meet construed the article in the FEDERAL R E - the withdrawals.. Hoarding, therefore, may SERVE BULLETIN for April on Recent Changes not only diminish the banker's earnings in the Demand for Currency to mean that the authors of the article considered the hoarding of currency a desirable thing. Is that a correct interpretation? ANSWER: No. Hoarding of money does no one any good; neither the hoarder nor the banker nor the Government. The hoarder gets no return on his money and runs the risk of theft, loss, or destruction. If he rents a safe deposit box and places his cash in it, his risks are less, but he is spending money in order to hoard money. Much more rational ways of holding one's money are to deposit it in a bank or to buy War Savings Bonds. These bonds offer the same guarantee of safety of principal as does currency (if it is not lost or stolen) since both are obligations of the Government. And in addition the bonds pay interest. Bank deposits up to $5,000 in nearly all banks are insured by the Government; if the deposit is in a savings account, it draws interest; if it is in a checking account, it may reduce or eliminate a service charge. From the point of view of the banker, hoarding is undesirable, because if depositors make substantial withdrawals of currency, the banker may be obliged to sell MAY 1941 but also his ability to serve the depositors, the business community, and the war effort. From the point of view of the Government, hoarding indicates a non-cooperative attitude, an unwillingness to do all within one's power to help finance the war. When money is hoarded, it is withheld from Treasury borrowing. The Treasury not being able to obtain as much from the public, has to rely more heavily on borrowing from the banks, an inflationary method offinancingthe war. The BULLETIN article was intended primarily to present the facts about the increase in the demand for currency and to point out its significance from the monetary point of view. It stated that at present there is 11 y% billion dollars of money in circulation, nearly twice as much as in the 192.0's, and that the increase for the past year amounted to T.% billions. A large part of this increase was due to growth of the kind of business payments that are usually settled in cash, particularly payrolls and retail trade. A part represents changes in currency-using habits arising from service charges on use of checking 453 CORRESPONDENCE accounts, changes in the distribution of the national income, and shifts in population. Possibly as much as 2. billion dollars of the outstanding currency reflects an increase in hoarding. On account of the large volume of excess reserves held by member banks and our large stock of gold, hoarding now presents no serious problem from the monetary point of view. Hoarding, however, as the article stated, is a backward step in our financial develop- 454 ment, contrary to our historical trend toward settling an increasing proportion of transactions more efficiently through the use of checks on banking accounts rather than of currency. Hoarding also reflects a non-cooperative spirit. If people would buy War Savings Bonds with their available funds rather than hold them in hoards, they would not only better serve their own interests but would also contribute more to the prosecution of the war. FEDERAL EESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled April 21 and released for publication April 22. Figures shown on charts may differ from preliminary figures used in text. Industrial activity continued at a high rate in March and the first half of April. Distribution of commodities to consumers was maintained in large volume and commodity prices advanced further. PRODUCTION Volume of industrial production increased seasonally in March and the Board's adjusted index remained at 172. per cent of the 1935-39 average. Output of durable manufactured products, now mostly war materials, continued to advance, reflecting mainly increased activity in the iron and steel, machinery, aviation, and shipbuilding industries. Production of lumber and cement, which had been maintained at unusually high levels during the winter months, increased less than seasonally in March. In most industries manufacturing nondurable goods activity was sustained at earlier high levels. In some, however, notably wool textiles and petroleum refining, there were declines owing to restrictions on production for civilian use and, in the case of petroleum products, to transportation difficulties. Mineral production declined in March and the first half of April, INDUSTRIAL reflecting sharp curtailment in output of crude petroleum. Coal production, which usually declines at this season, was maintained in large volume. The Great Lakes shipping season opened in the latter part of March and the first boatload of iron ore reached lower Lake ports 12. days earlier than the record set last year. Shipments during the coming season are expected to exceed considerably the total of 80 million gross tons brought down the Lakes last year. Value of construction contract awards continued to increase in March, according to figures of the F. W. Dodge Corporation, and the level of the first quarter of 19^ was the highest in recent years, being some 30 per cent above that of the corresponding period last year. Awards for public work amounted to close to 80 per cent of the total and in the residential field accounted for 52. per cent of the value of all projects. Publicly-financed contracts for factory construction showed a sharp increase, partly offset in the total by a decline in private factory construction. On April 9 the War Production Board issued an order which required explicit permission of DEPARTMENT PRODUCTION STORE SALES AND STOCKS 150 200 140 180 I80 V / 160 1* 140 J20 100 !60 y / v/ V / \/ \ \ \ V s/ 80 J J 1 1 130 140 130 120 120 110 110 ! 100 SALES 90 w 80 J 70 —<"' STOCKS A 100 90 80 70 60 50 1936 1937 1938 1939 1940 1941 1942 Federal Reserve monthly index of physical volume of production adjusted for seasonal variation, 1935-39 average = 100. Latest figures shown are for March 1942. MAY 194Z Federal Reserve monthly indexes of value of sales and stocks adjusted for seasonal variation, 1923-25 average = 100. Latest figures shown are for March 1942. 455 NATIONAL SUMMARY OF BUSINESS CONDITIONS the Government for initiation of all new private construction involving expenditures in excess of specified small amounts and not covered by specific priority ratings. DISTRIBUTION Value of retail trade in March continued at the high level of other recent months, making allowance for customary seasonal changes. Sales at department and variety stores increased by somewhat less than the usual seasonal amount while sales by mail-order houses rose more than seasonally. On the railroads total loadings of revenue freight were maintained in large volume in March and the first half of April. Shipments of coal and coke declined less than seasonally and ore loadings increased sharply, while grain shipments declined further from the peak reached in January. Loadings of miscellaneous merchandise, which had been unusually large in the preceding three months, increased less than seasonally. COMMODITY PRICES The general level of wholesale commodity prices advanced i | per cent further from the middle of March to the middle of April. Among manufactured products, finished consumers' goods, such as foods, clothing, and shoes, con- tinued to show the largest price increases. Prices of most raw materials were unchanged or showed increases, which in a number of cases reflected the raising of Federal maximum price levels. There were declines in prices of wheat and of a few other commodities, including gasoline at Gulf ports and turpentine. In retail markets maximum prices were fixed in this period for a number of electrical products, most of which will no longer be produced for civilian use after May 31. Prices of many other commodities and services advanced further. BANK CREDIT During the four weeks ending April 15 holdings of Government securities at banks in leading cities increased by nearly 700 million dollars, while commercial loans declined somewhat, following a rise in previous weeks. Changes in member bank reserves and deposits reflected principally the temporary effects of Treasury operations in connection with income tax collection and the sale of certificates of indebtedness. Money in circulation continued to increase. UNITED STATES GOVERNMENT SECURITY PRICES Following an advance from the mid-February low, prices of U. S. Government bonds remained relatively steady in the first half of April. MEMBER BANK RESERVES MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS 16 BILLIONS OF DOLLARS 1936 Wednesday figures. Required and excess reserves, but not the total, are partly estimated. Latest figures shown are for April 22,1942. 456 BILLIONS OP DOLLARS 1937 1938 1939 1940 1941 1942 Wednesday figures. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937 so-called "Other loans" as then reported. Latest figures shown are for April 22, 1942. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements Federal Reserve Bank statistics.. 459 460 461-465 Reserve position of member banks; deposits in larger and smaller centers 466 Money in circulation 467 Gold stock and gold movements; bank suspensions; bank debits All banks in the United States, number, deposits, loans and investments 468 469 Condition of all member banks 470-471 Weekly reporting member banks 471-475 Commercial paper, bankers' acceptances, and brokers' balances 476 Money rates and bond yields 477 Security markets 478-479 Corporate profits 480 Treasury finance * 481-483 Governmental corporations and credit agencies; Postal Savings System 484-486 Business indexes 487-497 Department store statistics 498 Wholesale prices 499 Current statistics for Federal Reserve chart book Bank debits Statistics of all banks in the United States 500-501 503 504-508 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. MAY 1942. 457 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 24 24 22 TREASURY- CASH AND DEPOSITS 0 t 1936 1937 1938 1939 1940 1941 1942 10 10 / 8 REQU RED - 6 - RESERVE ..r A py/EXCESS / J 2 - RESERVES ^ - 0 1936 1937 1938 1939 1940 1941 1942 Latest figures for April 22, 1942. See page 459. 458 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 Monthly averages of daily figures: 1941—Jan Feb Mar 1942—Jan. Feb Mar Date Gold stock Treasury cur- Money cirrency inculaouttion standing All Maturing other after 5 years Total Total Maturing within 5 years 3 2 2 -4 4 6 2,184 2,184 2,184 2,251 2,249 2,252 1,048 1,048 1,012 867 821 821 1,136 1,136 1,172 1,384 1,428 1,431 85 67 76 148 136 134 2,272 2,254 2,262 2,402 2,389 2,393 22,063 22,143 22,319 22,741 22,729 22,696 3,092 3,100 3,105 3,252 3,263 3,272 8,591 8,679 8,835 11,105 11,328 End of month figures: 1941—Jan. 31 Feb. 28 Mar. 31 1942—Jan. 31 Feb. 28 Mar. 31 2 3 3 4 5 9 2,184 2,184 2,184 2,243 2,262 2,244 1,048 1,048 955 821 821 821 1,136 1,136 1,230 1,421 1,441 1,423 64 78 56 123 144 102 2,250 2,265 2,243 2,369 2,412 2,355 22,116 22,232 22,367 22,747 22,705 22,687 Wednesday figures: 1941—June 4 June 11 June 18 June 25 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 Treasury deTreas- posits Nonwith ury memFedcash ber eral holddeReings posits serve Banks Member bank reserve Other balances Federal Reserve i accounts Total cess 11,507 2,193 2,205 2,202 2,209 2,189 2,172 265 548 618 467 377 244 1,755 1,787 1,767 1,389 1,292 1,318 283 282 285 291 288 291 14,339 13,996 13,979 12,936 12,908 12,828 6,832 6,422 6,304 3,446 3,309 3,147 3,097 3,102 3,109 3,259 3,268 3,277 8,593 8,781 8,924 11,175 11,485 11,566 2,193 2,187 2,236 2,196 2,172 2,190 688 343 1,180 361 567 289 1,777 1,805 1,721 1,428 1,255 1,405 282 281 288 289 287 296 13,930 14,203 13,371 12,927 12,619 12,575 6,380 6,534 5,776 3,347 2,969 3,073 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 1,820 1,756 1,792 1,759 289 289 288 288 288 13,125 12,971 13,223 13,117 13,097 5,265 5,124 5,336 5,181 5,155 287 July July July July July 2 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 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 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 1,234 1,234 1,234 1,277 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 1,748 919 785 772 1,865 1,816 1,835 1,843 287 285 285 12,951 12,948 13,037 12,998 5,018 5,027 5,058 4,994 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 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 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 1,277 49 70 121 103 61 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 72 118 94 2,247 2,263 2,307 2,284 22,788 22,793 22,778 22,781 3,221 3,222 3,228 3,230 10,421 10,472 10,535 10,567 2,195 2,213 2,184 2,195 933 807 598 440 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 2,254 2,254 2,250 2,243 917 133 130 92 2,386 2,390 2,383 2,339 22,742 22,740 22,750 22,744 3,248 3,252 3,255 3,256 11,109 11,062 11,077 11,097 2,220 2,224 2,204 2,196 663 419 284 302 1,376 1,395 1,387 1,379 291 917 827 821 1,337 1,337 1,423 1,421 128 4 3 4 291 291 290 12,717 12,992 13,145 13,075 3,385 3,561 3,584 3,479 1942—Jan. 7 Jan.14 Jan.21 Jan. 28 Feb. Feb. Feb. Feb. 4 11 18 25 4 3 3 4 2,243 2,243 2,250 2,262 821 821 821 821 1,421 1,421 1,429 1,441 70 86 151 125 2,316 2,331 2,404 2,392 22,738 22,741 22,712 22,715 3,259 3,263 3,264 3,266 11,231 11,319 11,339 11,422 2,201 2,194 2,181 2,189 376 319 264 798 1,367 1,310 1,251 1,154 289 288 288 288 12,849 12,905 13,058 12,521 3,326 3,357 3,460 2,878 Mar. Mar. Mar. Mar. 4 11 18 25 6 6 6 6 2,262 2,253 2,249 2,244 821 821 821 821 1,441 1,432 1,428 1,423 134 88 96 76 2,402 2,347 2,351 2,326 22,705 22,709 22,686 22,684 3,269 3,271 3,273 3,274 11,518 11,520 11,474 11,462 2,180 2,176 2,168 2,175 287 60 59 472 1,270 1,317 1,373 1,352 286 286 297 296 12,835 12,968 12,939 12,527 3,208 3,266 3,161 2,847 Apr. Apr. Apr. Apr. 1 8 15 22 2,244 2,243 2,254 2,296 821 1,423 1,422 1,423 1,426 86 2,339 2,384 2,415 2,400 22,672 22,675 22,678 22,686 3,277 3,279 3,280 3,284 11,593 11,610 11,624 11,642 2,187 2,177 2,166 2,189 362 190 301 243 1,354 1,350 1,485 1,531 295 295 295 296 12,496 12,715 12,502 12,470 2,999 3,169 2,886 2,752 9 7 9 4 821 831 870 134 152 100 1 2 Includes industrial advances shown separately in subsequent tables. End of month and Wednesday figures estimated. N F ddescription i t i fi iin thi b l and d ddiscussion i i h i significance, i NOTE.—For off figures this ttable off ttheir 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. MAY 1941 459 FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 1,1942. Per cent per annum.] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U.S. (maturities not exceeding 90 days—last par. Sec. 13) Discounts for and advances to member banks Advances secured by Discounts of and advances secured by eli- Other secured advances direct obligations of the U. S. (maturities gible paper (maturities [maturities not exceednot exceeding 90 days ing 4 mos.—Sec. 10 (b)] not exceeding 90 days —Sec. 13 and 13a)2 —last par. Sec. 13)1 Federal Reserve Bank Rate 1 Boston New York Philadelphia .„ m... „ Cleveland « — -.-..„.,... Richmond — «.-.«..... Atlanta ...„....„. Chicago ...«..« St. Louis „ Minneapolis «... Kansas City Dallas „ San Francisco I L . 1 1', 1L Rate Effective Sept. Aug. Mar. Apr. Mar. Sept. Sept. Sept. Mar. Sept. Sept. Apr. 1 1, 1939 25, 1939 21, 1942 11, 1942 14, 1942 16, 1939 1, 1939 16, 1939 28, 1942 16, 1939 16, 1939 4, 1942 Effective Sept. Aug. Mar. Apr. Mar. Mar. Feb. Mar. Mar. Apr. Mar. Apr. 1 1 1 1 1 1 1 1 1 1 1 1, 1939 27, 1937 21, 1942 11, 1942 14, 1942 21, 1942 28, 1942 14, 1942 28, 1942 11, 1942 21, 1942 4, 1942 Rate 2 2 2 2 2 2 2 ? 2 2 2 Effective Sept. Oct. Sept. Oct. Sept. Aug. Aug. Mar. Aug. Sept. Aug. Sept. To others To nonmember banks Rate 2, 1937 10, 1935 4, 1937 19, 1935 10, 1937 21, 1937 21, 1937 14, 1942 24, 1937 3, 1937 31, 1937 17, 1937 Effective Sept. Aug. Mar. Apr. Mar. Sept. Sept. Sept. Mar. Sept. Sept. Apr. L L L :L 1L 1L L 1, 1939 25, 1939 21, 1942 11, 1942 14, 1942 16, 1939 1, 1939 16, 1939 28, 1942 16, 1939 16, 1939 4, 1942 Rate 3H ¥ 2)4 3 3 4 Effective Apr. Feb. Sept. May Feb. Apr. Oct. Mar. Oct. Apr. Apr. Oct. 29, 1938 8, 1934 1, 1939 11, 1935 19, 1934 23, 1938 16, 1933 14, 1942 8, 1938 16, 1938 16, 1938 19, 1933 1 2 Rates shown also apply to advances with maturities not exceeding 15 days secured by fully guaranteed obligations of the F.F.M.C. or the H.O.L.C. Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively. Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK MINIMUM BUYING RATES O N FEDERAL RESERVE BANK RATES ON INDUSTRIAL BANKERS* ACCEPTANCES ADVANCES A N D COMMITMENTS [Per cent per annum 1 Maturities not exceeding five years—Sec. 13b [In effect May 1. Per cent per annum except as indicated by footnote6] Rate on In effect bePrevious Maturity May 1 ginning— rate Advances to or in par- 1-15 days 1 .... 16-30 days.... 31-45 days.... 46-60 days 61-90 days.... 91-120 days... 121-180 days. Oct. 20, 1933 do do do do do d do Federal Reserve Bank IX 1 This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Classes of deposits and banks On net demand deposits:1 Central reserve city... Reserve city Country On time deposits: All member banks Aug. 16, Mar. 1, M a y l , Apr. 16, 1937193819361937Feb. 28, Apr.30, Apr. 15, Oct. 31, 1937 1937 19382 1941 8* 26 20 14 12 Effective Nov. 21, 1941 26 20 14 5 1 See footnote to table on p. 466 for explanation of method of computing net2 demand deposits. Percentages in this column are double the basic statutory requirements, which were in effect June 21,1917-Aug. 15,1936. , MARGIN REQUIREMENTS* [Per cent of market value] Prescribed by Board of Governors of the Federal Reserve System in accordance with Securities Exchange Act of 1934 For extensions of credit by brokers and dealers on listed securities, under Regulation T — For short sales, under Regulation T For loans by banks on stocks, under Regulation U.... Apr. 1, Nov. 1, 19361937 Oct. 31, and after 1937 55 ,(2) 3 55 40 50 40 1 Reg. T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 2 Requirement under Reg. T was the margin "customarily required" by the broker. 3 Reg. U became effective May 1,1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 46O ticipation with financAdvances ing institutions direct to industrial or comportion mercial or- Onwhich in- On reganizations for stitution is1 maining portion 1 obligated Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 3H-6 4-6 4-6 3-6 4-6 4-6 4-6 34-1 3 2-3 2 $14 3-6 3-6 4 4 3-4 Commitments to make advances 1-2 (6)4 4-6 3 6 2 3-6 4 4-6 4-5 1-2 4-2 (6)1 1-2 1 1 The Fed. Res. Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may charge same rate 2 as charged borrower by financing institution, if lower 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 1 ) . 6 One:half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note ). 6 Minimum charge one-fourth of one per cent. MAXIMUM RATES O N TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Per cent per annum] Nov. 1,1933Jan.31,1935 Savings deposits Postal savings deposits... Other deposits payable: In 6 months or more.... In 90 days to 6 months. In less than 90 days Feb. 1,1935Dec. 31,1935 Effective Jan.1,1936 2H 2% NOTE.—Maximum rates that may be paid by insured nonmember banks as established ^ by the F. D. I. C , effective February 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN P R I N C I P A L ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 Apr. 22 Apr. 15 Apr. 8 Apr. 1 1942 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Mar. 1941 Feb. Mar. Assets Gold certificates on hand and 20,478,413 20,494,409 20,473 ,911 20,466,913 20, 482,911 20,493,913 20, 513,911 20,501,912 20,481,915 20,1,502,518 20, 102,282 due from U. S. Treasury Redemption fund—F. R. notes.. 15,561 13,189 14,018 13,023 14,004 12,946 13,429 13,004 9,829 12,947 12,399 Other cash 332,721 327,908 343,708 327,920 331,655 322,049 338,557 320,918 325,868 324,109 331,502 Total reserves...... .„... „.. 20,825,629 20,840,319 20,815,837 20,801,908 20,839,642 20,845,899 20,855,835 20,835,834 20,820,730 20,846,419 20,436,220 Bills discounted: For member banks For nonmember banks, etc.. 9,261 1 3,891 9,731 1 Total bills discounted Industrial advances , U. S. Government securities: Direct Bonds „., Notes , Bills 3,890 6,339 5,763 8,850 1 4,974 2,950 9,050 6,309 6,440 6,339 5,763 8,851 4,974 2,950 8,744 8,607 8,554 8,686 8,634 8,802 8,538 7,874 9,262 9,551 9,636 3,600 3,600 Total Reserve Bank credit outstanding 6,439 1 9,049 1 1,551,006 1,547,906 1,547,136 1,548,136 1,548,136 1,552,886 1,557,136 1,566,386 1,548,136 1,566,386 1,359,200 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 692,500 820,300 48,418 9,775 Guaranteed Total U. S. Government securities, direct and guaranteed Other Reserve Bank credit outstanding 6,308 1 6,847 1 6,848 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 4,600 2,295,524 2,253,781 2,243,236 2,244,236 2,244,236 2,248,986 2,253,236 2,262,486 2,244,236 2,262,486 2,184,100 90,449 141,918 124,005 76,941 67,271 87,368 79,127 124,780 93,009 2,399,595 2,414,512 2,383,725 2,338,971 2,326,423 2,351,348 2,347,388 2,401,663 2,354,8 135,939 47,854 2,411,937 2,242,778 Liabilities F. R. notes in actual circulation . 8,714,386 8,699,285 8,674,317 8,655,870 8,545,263 8,556,873 8,597,386 8,584,676 8,634,683 8,558,920 6,143,059 Deposits: Member bank — reserve account 12,469,577 12,501,972 12,715,446 12,496,135 12,526,755 12,939,328 12,968,350 12,834,758 12,574,520 12,618,659 13,370,659 U. S. Treasurer—general 362,308 300,952 190,478 472,497 account 58,859 242,777 60,267 286,848 289,193 567,416 1,180,082 926,259 722,650 747,947 726,755 Foreign 915,500 741,539 743,729 776,301 715,809 697,822 1,154,636 558,486 627,760 625,040 606,242 Other deposits ,.., 615,582 573,026 631,647 628,236 557,303 554,517 566,738 Total deposits 14,243,436 14,287,669 14,256,334 14,212,632 14,351,047 14,371,373 14,345,372 14,391,932 14,268,250 14,441,241 16,272,115 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.7 90.7 90.8 91.0 91.0 90.9 90.9 90.7 90.9 90.6 91.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 15 days 16 to 30 days 9,050 • 6,848 9,262 3,891 6,097 3,697 8,733 3,395 2,751 2,854 128 57 8,744 9,636 9,551 9,731 2,461 3,558 3,474 3,664 ' 602 445 443 405 Total Bills Discounted: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Industrial Advances Apr. 1 Apr. 8 Apr. 15 Apr. 22 U. S. Government Securities, direct and guaranteed: Apr. 1 Apr. 8 Apr. 15 Apr. 22 MAY 1942. 2,244,236 2,243,236 2,253,781 2,295,524 7,032 61 to 90 days 91 days to 6 months 12 59 55 80 68 83 204 274 118 151 142 83 477 859 868 894 528 187 185 255 1,114 1,045 1,065 1,024 9,775 9,775 11,508 66,200 66,200 66,200 86,303 31 to 60 days 6 months to lyear 1 year to 2 years 2 years to 5 years 911 904 884 881 1,518 1,512 1,506 1,498 1,133 1,126 1,126 1,110 70,100 70,100 70,100 70,100 317,800 317,800 317,800 317,800 367,100 367,100 367,100 367,100 Over 5 years 1,423,036 1,422,036 1,422,806 1,425,906 461 STATEMENT OF C O N D I T I O N OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates on hand and due from U. S. Treasury: Apr. 1 Apr. 8 Apr. IS Apr. 22 New York Philadelphia Cleveland Richmond !, 196,2341,170,530 1,565,048 20,466,913 1,155,509 8, '""" 1,181,725 1,573,573 20,473,911 1,190,407 81,111,676 20,494,409 1,163,167 8,028, 148 1,214,137 1,595,680 20,478,413 1,157,762 8(,008,215 1,203,161 1,604,729 789,802 805,682 818,175 798,603 Redemption Fund—Federal Reserve Notes: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Other cash: Apr. 1 . . . Apr. 8 . . . Apr. I S . . Apr. 22. Total reserves: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Boston Atlanta Chicago 588,323 3,469,597 584, ",472,299 584, 133 3,528,466 572,276 3,600,802 762 715 666 606 1,853 1,506 1,140 1,683 481 455 429 392 1,161 1,096 1,043 967 405 393 386 369 281 275 269 262 566 554 544 528 432 424 417 406 956 2,825 2,801 5,230 322,049 327,908 332,721 331,655 27,549 28,546 28,010 26,931 68,223 72,688 70,443 73,817 22,393 22,313 22,385 21,834 25,144 29,273 27,468 29,833 17,293 15,449 18,237 16,388 19,665 18,437 21,104 19,629 58,605 58,965 59,141 59,042 18,414 17,550 17,939 16,806 5,722 5,756 6,398 6,156 12,856 12,679 12,913 13,003 13,479 13,673 13,799 13,103 32,706 32,579 34,884 35,113 81,266,016 1,193,936 1,590,954 8;, 185,7371,205,001 1,603,561 85,099,780 1,237,428 1,623,814 81,082,973 1,225,825 1,635,168 808,948 822,637 837,552 816,674 608,469 603, 151 605, 592, 297 3,529,363 3,532,360 ,588,650 3,660,811 622,695 647,414 642,307 635,890 367,096 366,256 361,857 365,438 573,374 568,639 571,871 573,295 200 145 145 95 20 4,195 4,285 7,883 2,641 Other bills discounted: Apr. 1 Apr. 8 Apr. IS Apr. 22 1,529 1,442 333 294 150 1,200 1,250 100 18 Total bills discounted: Apr. 1 Apr. 8 Apr. 15 Apr. 22 9,050 6,848 9,262 3,891 2,595 255 150 170 5,395 5,535 7,983 2,659 660 630 570 560 62 51 59 167 200 145 145 95 20 Industrial advances: Apr. 1 Apr. 8 Apr. 15 Apr. 22 8,744 9,636 9,551 9,731 663 761 756 802 1,102 1,102 1,102 1,100 4,249 5,079 4,900 5,079 173 177 176 176 727 726 724 721 449 449 495 518 359 352 341 325 1,551,736 1,550,736 1,551,506 1,554,606 117,510 117,442 117,428 117,378 408,915 408,582 409,519 413,183 122,568 122,488 122,575 122,926 157,537 157,434 157,525 157,884 96,467 96,420 96,308 95,882 68,154 68,116 68,081 67,950 193,871 193,755 193,748 193,729 692,500 692,500 692,500 692,500 52,442 52,445 52,411 52,285 182,489 182,457 182,785 184,053 54,701 54,698 54,712 54,759 70,304 70,305 70,309 70,330 43,052 43,058 42,987 42,710 30,414 30,418 30,387 30,269 9,77. 48,418 740 3,656 2,580 12,869 772 3,828 992 4,917 607 2,986 429 2,116 2,244,236 2,243,236 2,253,781 2,295,524 169,952 169,887 170,579 173,319 591,404 591,039 594,884 610,105 177,269 177,186 178,059 181,513 227,841 227,739 228,826 233,131 139,519 139,478 139,902 141,578 98,568 98,534 98,897 100,335 1.. 8.. 15. 22. Total U. S. Government securities, direct and guaranteed: Apr. 1 Apr. 8 Apr. 15 Apr. 22 392,961 1,613,988 386,890 1,622,298 395,906 1,629,011 382,310 1,613,056 1,013 963 906 830 2,445 255 150 170 Bills: Apr. Apr. Apr. Apr. 559,952 555.406 558,414 559,764 1,559 1,373 1,189 941 7,521 5,406 8,929 3,597 1.... 8.... 15... 22... 361,093 360,225 355,190 359,020 3,477 3,439 3,399 3,347 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Notes: Apr. Apr. Apr. Apr. 603,876 629,471 623,982 618,715 San Francisco 12,946 14,018 13,189 15,561 20,801,908 1,186,535 20,815,837 1,222,392 20,840,319 1,194,576 20,825,629 1,188,040 U. S. Government securities, direct and guaranteed: Bonds: Apr. 1 Apr. 8 Apr. 15 Apr. 22 St. Minnea- Kansas Dallas Louis polis City 660 630 570 560 100 406,872 1,647,650 400,987 1,657,702 410,122 1,666,696 395,819 1,653,399 IS 30 15 40 147 182 147 182 IS 30 15 40 234 230 231 223 115 110 110 105 88 596 574 646 613 76,152 76,115 76,022 75,667 48,094 48,069 48,022 47,843 67,225 67,189 67,141 66,967 61,352 61,319 61,286 61,165 133,891 133,807 133,851 134,032 86,519 33,984 86,524 33,990 86,476 33,932 86,297 33,706 21,463 21,467 21,434 21,311 29,999 30,002 29,969 29,830 27,381 27,383 27,355 27,245 59,752 59,753 59,743 59,705 6^01 479 2,357 . 303 1,490 423 2,086 386 1,905 843 4,174 280,390 280,279 281,445 286,060 110,136 110,105 110,433 111,730 69,557 69,536 69,759 70,644 97,224 97,191 97,533 98,883 88,733 88,702 89,027 90,315 193,643 193,560 194,437 197,911 FEDERAL RESERVE BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Assets—Continued Total bills and securities: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Boston New York Philadelphia Cleveland Richmond 2,262,03C 2,259,72( 2,272,592,309,14( 173,210 170,903 171,485 174,291 597,901 597,676 603,969 613,864 22,858 25,so; 27,47; 28,08: 498 673 76: 831 2,370 3,174 1,436 2,685 1,377 1,796 1,441 1,273 1,792 2,039 2,328 2,098 2,808 3,10J 3,643 4,459 1,016,76: 994,45" 1,355,562 1,087,376 102,131 88,550 135,243 111,543 255,501 227,220 318,290 258,304 75,331 73,373 95,675 74,407 123,736 109,278 169,919 130,450 Bank premises: Apr. 1 Apr. 8 Apr. 15 Apr. 22 40,627 40,635 40,638 40,628 2,764 2,764 2,764 2,764 10,45: 10,45: 10,45: 10,45: 4,834 4,834 4,834 4,834 Other assets: Apr. 1 Apr. 8 Apr. 15 Apr. 22 43,957 44,611 44,000 44,307 3, 3,140 3,061 3,124 11,631 11,800 11,735 11,754 3,458 3,506 3,391 3,47: 182,178 182,895 183,529 187,152 228,076 227,96" 229,061 233,47- Atlanta Chicago 140,246 99,162 140,204 99,128 140,826 99,487 142,299 100,873 St. Louis Minne- Kansas apolis City Dallas San Francisco 280,795 280,68 281,786 286,385 110,142 110,11 110,433 111.73C 70,154 70,11 70,406 71,308 2,769 3,394 4,680 3,741 2,308 3,120 3,737 3,753 2,415 2,602 2,972 2,071 733 667 845 669 80,772 84,746 124,780 86,262 38,636 44,817 56,483 46,343 146,185 158,071 218,869 160,215 44,037 44,663 55,877 46,802 4,411 4,411 4,411 4,401 3,045 3,052 3,055 3,055 1,968 1,968 1,968 1,968 2,957 2,957 2,957 2,957 2,143 2,144 2,144 2,144 4,870 4,974 4,892 4,984 2,969 2,988 2,873 2,879 1,830 1,844 1,853 1,813 5,075 •5,105 5,034 5,128 1,96: 1,98: 1,901 1,89; ,953,843 ,952,234 ,034,429 ,010,579 1,038,790 ,056,730 ,112,731 ,055,630 752,836 3,966,693 754,304 3;,982,300 ,101,039 770, 747,037 4,119,255 783,394 808,916 815,641 800,535 462,828 463,072 461,788 462,650 712,760 714,024 720,603 722,340 533,275 1,910,532 5 2 7 288 , " 11,926,336 543,633 1,940,753 528,451 1,931,123 818,992 822,570 825,483 829,787 452,542 454,516 456,727 455,301 314,414 316,287 316,179 316,837 ,797,843 ,802,107 ,810,737 ,817,380 341,177 341,291 341,588 341,546 219,976 220,734 220,494 221,311 282,104 282,433 281,803 282,230 145,253 143,542 142,441 143,432 764,636 768,987 769,213 768,417 97,334 97,324 97,645 98,994 89,055 89,020 89,405 90,720 193,773 193,700 194,562 198,056 1,580 1,914 1,701 2, 775 700 642 562 3,433 2,627 3,286 3,857 22,129 23,297 25,968 22,550 35,774 41,419 44,703 43,275 33,784 33,738 40,551 38,466 58,745 65,287 69,204 68,759 1,331 ,331 ,331 ,331 2,855 2,855 2,855 2,855 1,120 1,120 1,120 1,120 2,747 2,747 2,747 2,747 1,842 1,872 1,82 1,838 1,668 1,722 1,792 1,763 4,180 4.269 4,254 4,301 Due from foreign banks: Apr. 1 Apr. 8 Apr. 15... Apr. 22 Federal Reserve notes of other banks: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Uncollected items: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Total assets: Apr. 1 24,188,188 ,468,229 9,,143,889 1,461,119 Apr. 8 54,181,116 ,488,425 9,036,077 1,471,410 Apr. 15 14,580,633 ,507,894 9,045,680 1,526,303 Apr. 22 !4,335,214 ,480,596 8 ,980,050 1,496,968 Liabilities Federal Reserve notes in actual circulation: Apr. 1 8,655,870 685,727 2,223,571 609,635 Apr. 8 8,674,317 689,582 2,221,321 610,947 Apr. 15 8,699,285 692,411 2,230,011 612,198 Apr. 22 8,714,386 697,899 2,225,248 614,998 Deposits: Member bank—reserve account: Apr. 1 Apr. 8 Apr. 15 Apr. 22 2,496,135 2,715,446 2,501,972 2,469,577 605,726 625,371 595,775 596,515 ,671,597 ,606,116 ,451,569 ,358,417 619,562 672,300 677,651 677,845 875,268 898,341 885,875 914,520 438,793 463,057 457,561 452,689 335,745 348,905 347,682 335,316 ,841,818 ,907,419 ,918,390 ,980,653 334,415 363,847 357,841 362,338 170,180 172,151 168,927 172,950 340,569 351,779 348,789 352,629 303,612 308,559 307,934 292,967 958,850 997,601 983,978 972,738 U. S. Treasurergeneral account: Apr. 1 Apr. 8 Apr. 15 Apr. 22 362,308 190,478 300,952 242,777 20,512 27,673 40,318 15,948 104,645 86,302 18,871 61,418 34,109 9,110 35,280 19,413 22,073 4,274 44,095 13,483 13,919 4,973 21,863 8,939 23,121 7,183 14,582 12,043 42,051 1,412 36,603 33,757 18,014 17,636 18,594 11,123 20,274 16,316 16,492 15,127 19,242 5,510 13,268 11,765 17,725 9,684 19,752 15,259 26,623 405 21,234 24,502 Foreign: Apr. Apr. Apr. Apr. 747,947 722,650 926,259 915,500 23,082 24,537 24,670 24,083 299,405 282,997 486,249 483,594 71,020 69,302 69,335 68,078 68,061 66,414 66,446 65,242 32,551 31,763 31,778 31,203 25,893 25,266 25,278 24,820 90,255 88,071 88,113 86,516 22,194 21,657 21,667 21,274 16,276 15,882 15,889 15,601 21,454 20,935 20,945 20,565 21,454 20,935 20,935 20,565 56,302 54,891 54,954 53,959 1 8 15 22 • Less than $500. MAY 1942. 463 Federal Reserve Banks—Continued [In thousands of dollars] Total Liabilities— Continued Deposits—Continued: Other deposits: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Total deposits: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Deferred Apr. Apr. Apr. Apr. New York 606,242 627,760 558,486 615,582 13,276 496,763 12,290 518,047 10,521 457,565 11,676 506,028 14,212,632 14,256,334 14,287,669 14,243,436 662,596 6,572,410 689,871 6,493,462 671,284 6,,414,254 648,222 6,,409,457 availability items: 939,867 1 870,501 8 1,213,691 15 996,974 22 Other liabilities, including accrued dividends: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Total liabilities: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Boston 4,227 4,317 4,452 4,823 Philadelphia Cleveland Richmond 25,382 25,738 21,589 26,693 6,815 5,886 7,""" 8,600 733,324 990,784 759,626 994,767 790,348 1,018,005 773,341 1,019,938 492,078 505,679 518,287 501,431 8,633 8,914 8,082 8,005 Atlanta Chicago St. Louis Minne- Kansas apolis City 3,031 2,760 2,639 3,435 11,022 8,901 9,903 9,312 8,702 8,586 8,002 8,281 2,085 6,428 3,064 3,244 387,666 1,977,155 384,753 1,999,662 391,438 2,045,745 375,795 2,104,361 385,641 412,04! 408,00^ 404,04: 215,432 212,935 209,310 211,959 383,350 384,652 386,066 388,203 2,907 3,399 3,896 3,616 Dallas 2,214 2,015 2,064 2,267 San Francisco 25,412 24,796 24,076 24,425 345,005 1,067,187 341,19f 1,077,693 350,685 1,084,242 331,058 1,075,624 93,704 82,778 118,000 108,131 217,765 190,918 270,850 214,857 83,365 65,990 88,938 73,749 108,859 99,665 155,722 125,600 77,236 79,914 121,095 82,226 36,765 39,258 48,531 40,386 142,557 131,314 195,35" 148,24! 44,569 43,553 54,051 42,910 17,519 19,488 22,088 19,451 35,663 35,3h 41,143 40,294 31,260 30,778 38,724 42,151 50,605 51,531 59,192 58,972 464 456 465 597 936 1,117 1,305 1,250 268 316 319 362 405 436 432 470 710 370 356 391 210 228 218 246 460 546 531 593 108 138 117 146 138 153 14! 168 156 140 146 145 15J 173 183 212 217 244 233 243 739,055 3,918,015 ,933,629 740,526 3,! 756,3 1,366 4, 052,370 733,2 1,264 4 070,581 771,499 797,023 803,761 788,649 453,065 453,310 452,039 452,889 701,273 702,539 709,158 710,87: 23,812,596 ,442,491 9,014,682 1,426,592 ' 1,436,879 23,805,469 1,462,687 "^ 8,,906,818 24,205,097 1,482,160 8;,916,420 1,491,803 23,959,619 1,454,849 8,,850,812 1,462,450 1,919,040 1,022,566 1,917,438 1,040,479 1 1,999,642 1,096,465 1,975, i,795 1,039,349 521,673 1,882,645 515,686 1,898,455 532,033 1,912,880 516,853 1,903,256 Capital accounts Capital paid in: Apr. 1 Apr. 8 Apr. 15 Apr. 22 143,328 143,389 143,392 143,389 9,412 9,412 9,413 9,413 52,211 52,256 52,264 52,241 11,833 11,833 11,815 11,812 14,788 14,788 14,788 14,787 5,758 5,768 5,771 5,780 4,949 4,949 4,949 4,949 15,867 15,871 15,873 15,880 4,465 4,465 4,465 4,469 3,043 3,043 3,043 3,043 4,652 4,652 4,659 4,661 4,428 4,428 4,428 4,428 11,922 11,924 11,924 11,926 Surplus (section 7): Apr. 1 Apr. 8 Apr. 15 Apr. 22 157,502 157,502 157,502 157,502 10,949 10,949 10,949 10,949 56,651 56,651 56,651 56,651 15,171 15,171 15,171 15,171 14,346 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): Apr. 1 Apr. 8 Apr. 15 Apr. 22 26,781 26,781 26,781 26,781 2,874 2,874 2,874 2,874 7,070 7,070 7,070 7,070 4,393 4,393 4,393 4,393 1,007 1,007 1,007 1,007 3,244 3,244 3,244 3,244 713 713 713 713 1,429 1,429 1,429 1,429 530 530 530 530 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: Apr. 1 Apr. 8 Apr. 15 Apr. 22 47,981 47,975 47,861 47,923 2,503 2,503 2,498 2,511 13,275 13,282 13,275 13,276 3,130 3,134 3,121 3,142 4,662 4,655 4,646 4,644 1,986 2,003 2,015 2,021 2,394 2,391 2,386 2,386 8,457 8,446 8,442 8,440 1,934 1,932 1,919 1,921 2,568 2,567 2,554 2,566 2,085 2,083 2,036 2,057 1,935 1,935 1,933 1,931 3,052 3,044 3,036 3,028 Total liabilities and capital accounts: 1,889 1 ,461,,119 1,953,843 24,188,188 1,468,229 9,143, Apr. 1 24,181,116 1,488,425 9,036,077 1,471, 1,410 1,952,234 Apr. 8 24,580,633 1,507,894 9,045,680 1,526,303 2,034,429 Apr. 15 24,335,214 1,480,596 8,980,050 1^496,968 2^010^579 Apr. 22 1,038,790 1,056,730 1,112,731 1,055,630 752,836 3 ,966,693 754,304 3 ,982,300 770, 139 4,101,039 ,119,255 747, 783,394 808,916 815,641 800,535 462,828 463,072 461,788 462,650 712,760 714,024 720,603 722,340 533,275 527,288 543,633 528,451 ,910,532 ,926,336 ,940,753 ,931,123 Commitments to make industrial advances: Apr. 1 Apr. 8 Apr. 15 Apr. 22 464 14,043 13,522 13,681 11,982 576 476 473 421 425 423 416 413 1,981 1,192 1,392 1,151 1,023 1,087 1,087 1,087 1,407 1,406 1,405 1,501 1,580 1,560 1,560 1,555 2,058 2,058 2,034 2,034 1,423 1,773 1,773 1,695 1,500 1,500 1,500 97 2,070 2,047 2,041 2,028 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications under consideration Applications received Applications approved Date (last Wednesday of each month) Number Amount Number 4,38o 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 10,035 10,056 10,081 10,114 146,972 237,581 293,084 314,471 328,998 333,300 339,509 341,842 350,551 358,936 369,853 378,974 387,490 392,230 395,499 402,305 405,225 410,192 413,646 417,260 431,236 435,474 442,712 448,506 444,985 455,868 458,092 471, 035 481, 255 498, 017 504,144 506,320 510,443 512,449 525,432 530,556 541,469 71 1934—Dec. 26 1935—June 26 Dec. 314 1936—June 24 Dec. 30 1937—Mar. 31 June 30 Sept. 29 Dec. 29 1938—Mar. 30 June 29 Sept. 28 Dec. 28 1939—Mar. 29 June 28 Sept. 27 Dec. 27 1940—Mar. 27 June 26 Sept. 25 Dec. 314 L941—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. 28 . . . . . . . . . Feb. 25 Mar. 25 Apr. 225 Amount 2,955 11,349 2,823 1,880 1,245 1,322 1,263 800 68 28 12 5 9 10 1 7 550 19 8 1,299 8 5 14 5 2 2 7 2 146 247 344 255 370 41 199 33 476 1 2 4 1 3 2 5 2 3 10 222 1,929 600 823 35 1,725 35 145 70 2 3 1 3 4 4 1 1 2 2,220 5 375 150 135 600 300 7 Number 984 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,464 2,566 2,617 2,653 2,683 2,721 2,752 2,781 2,814 2,838 2,865 2,908 2,923 2,945 2,959 2,987 3,046 3,067 3,096 3,120 3,132 3,161 3,179 3,202 3,224 3,241 3,261 3,287 Advances CommitApproved outments outbut not standing 1 standing completed 2 (amount) (amount) (amount) Amount 49,634 88,778 124,493 133,343 139,829 141,545 145,758 146,724 150,987 154,918 161,158 168,380 175,013 177,895 179,778 185,234 188,222 192,665 195,739 198,966 212,510 214,800 223,226 228,732 225,849 234,714 238,505 248,867 258,154 267,606 274,739 276,499 279,860 281,617 292,905 297,945 308,945 13,589 27,518 32,493 30,484 25,526 23,059 23,019 21,415 20,216 19,371 18,444 17,567 17,345 15,798 15,255 14,454 13,683 12,723 10,988 10,778 9,152 9,483 9,451 9,526 9,157 9,639 10,549 10,761 10,359 9,808 10,612 10,836 10,337 9,752 9,227 9,312 10,430 8,225 20,579 27,649 24,454 20,959 18,611 16,331 14,880 12,780 13,110 13,649 13,597 14,161 12,647 11,175 10,517 9,220 8,224 8,762 8,078 • 5,226 5,207 5,066 7,315 8,464 12,342 13,072 11,697 12,928 13,551 13,238 14,735 14,597 14,272 14,921 14,364 11,982 20 966 11,248 11 548 9,381 8,226 7 898 1,470 537 3,369 3 419 3,084 5,737 1,946 1,975 2,067 1,938 2,659 2,471 2,195 2,315 13,954 12,325 20 424 19,986 13 035 14,134 8,090 11,626 11,520 10,251 12,317 9,774 8,294 7,612 15,751 17,698 21,101 Repaid, expired, or withdrawn by applicant, etc. (amount) Participations outstandingS (amount) 5 558 24,900 44 025 61,425 77,910 85 210 97,663 102 588 107,384 111 193 117,555 122,447 128,839 135,004 139,281 146,156 151,679 158,110 162,612 167,046 177,792 179,021 179,569 180,989 183,646 186,062 192,783 202,287 208,279 216,258 219,598 221,421 227,032 230,593 233,082 237,485 248,892 1 296 4,533 8 778 7,599 7,208 6 767 7,275 7 304 7,238 7 825 8,426 9,032 12,722 12,471 12 000 12,169 10,981 11,137 11,182 10,749 6,386 8,764 8,716 10,916 11,547 12,537 14,011 12,496 15,068 17,738 18,974 19,733 19,600 19,388 19,924 19,086 16,540 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 $844,000, Apr. 22, 1942. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Federal Reserve Notes: Issued to F.R. Bank by F.R. agent: 9,061,480 Apr. 1 9,107,904 Apr. 8 9,132,529 Apr. 15 9,167,483 Apr. 22 Held by Federal Reserve Bank: 405,610 Apr. 1 433,587 Apr. 8 433,244 Apr. 15 453,097 Apr. 22 . In actual circulation. 8,655,870 Apr. 1 8,674,317 Apr. 8 ",699,285 Apr. 15 8,714,386 Apr. 22 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: 9,231,000 Apr. 1 9,242,000 Apr. 8 Apr. 15 9,302,000 Apr. 22 9,317,000 Eligible paper: 8,53. Apr. 1 Apr. 8 6,479 Apr. 15 8,945 Apr. 22 3,308 Total collateral: Apr. 1 9,239,535 Apr. 8 9,248,479 9,310,945 Apr. 15 Apr. 22 j9,320,308 1 St. Louis Minne- Kansas City apolis Dallas San Francisco 357,259 359,117 358,223 357,683 225,201 225,725 225,645 226,719 290,675 293,260 291,720 292,306 159,313 160,109 159,427 159,197 842,560 843,397 849,862 845,030 52,769 55,194 53,455 55,169 16,082 17,826 16,635 16,137 5,225 4,991 5,151 5,408 8,571 10,827 9,917 10,076 14,060 16,567 16,986 15,765 77,924 74,410 80,649 76,613 452,542 454,516 456,727 455,301 314,414 1,797,843 316,287 1,802,107 316,179 1,810,737 316,83 1,817,380 341,177 341,291 341,588 341,546 219,976 220,734 220,494 221,311 282,104 282,433 281,803 282,230 145,253 143,542 142,441 143,432 764,636 768,987 769,213 768,417 525,000 525,000 525,000 525,000 340,000 1,880,000 340,000 1,880,000 350,000 1,900,000 350,000 1,900,000 370,000 370,000 370,000 370,000 227,000 227,000 227,000 227,000 295,000 295,000 295,000 295,000 165,000 166,000 166,000 166,000 854,000 854,000 874,000 874,000 50 35 59 42 42 227,000 227,000 227,000 227,050 295,035 295,059 295,042 295,042 165,000 166,000 166,000 166,000 854,000 854,000 874,000 874,000 Phila- Clevedelphia land Richmond Atlanta Chicago 631,411 635,341 633,488 635,917 858,343 859,683 862,562 868,865 489,641 493,518 498,543 500,885 95,992 110,310 110,932 122,312 21,776 24,394 21,290 20,919 39,351 37,113 37,079 39,078 37,099 39,002 41,816 45,584 685, 727 2,,223,571 689, 582 2,221,321 692,411 2,230,011 697, 899 2,225,248 609,635 610,947 612,198 614,998 818,992 822,570 825,483 829,78r 740,),000 25,330,000 740,>,000 21,340,000 . . 740,000 2,350,000 740,000 2,360,000 640,000 640,000 640,000 640,000 865,000 865,000 865,000 870,000 Boston New York 704,025 21,319,563 712,!,264 ' 2-',331,631 210,1,582 2 ,340,943 719,>,850 2,347,560 18,298 22,682 18,171 21,951 5,395 5,535 7,983 2,656 660 630 570 560 742,445 2,335,395 740,255 2,345,535 740, 150 2,357,983 740,000 2,362,656 640,660 640,630 640,570 640,560 2,445 255 150 332,877 1,850,612 336,^558 1,857,301 337,342 1,864,192 340,922 1,872,549 18,463 20,271 21,163 24,085 200 865,000 865,000 865,000 870,000 525,000 525,000 525,200 525,000 340,000 1,880,000 340,000 1,880,000 350,000 1,900,000 350,000 1,900,000 370,000 370,000 370,000 370,000 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank. MAY 1941 465 RESERVE POSITION OF MEMBER BANKS, MARCH, 1942 [Averages of daily figures. In millions of dollars] Gross Net dedeTime mand mand dede- 1 posits deposits posits Classes of banks and districts Reserves with Federal Reserve Banks Required 49,464 41,289 12,097 9,680 All member banks Central reserve city banks: 16,834 16,072 New York 787 4,226 3,759 3,363 902 458 Chicago Reserve city banks: Boston district New York district Philadelphia district 5,188 1,157 962 255 78 142 157 263 59 296 366 68 419 103 8 123 2,478 1,158 1,119 2,042 918 794 686 232 171 450 198 169 701 304 212 251 106 43 Chicago district St. Louis district Minneapolis district 2,102 1,246 515 1,582 962 414 683 167 80 357 202 88 490 262 99 132 59 11 Kansas City district Dallas district San Francisco district... 1,336 1,036 3,280 934 688 2,713 148 126 196 145 666 253 191 916 57 46 250 4,717 3,089 4,279 1,190 Total „ «„. 17,691 14,029 : i . : Country banks: Boston district New York district Philadelphia district 1,248 2,010 904 966 1,607 673 544 1,451 840 168 312 145 249 474 209 81 162 64 Cleveland district Richmond district Atlanta district 946 916 . 866 660 576 535 724 393 253 136 104 90 223 152 138 87 47 48 1,372 593 440 925 385 293 840 255 276 180 69 58 278 99 83 99 30 25 608 768 509 386 492 ,328 155 101 305 63 75 64 91 117 91 28 42 26 11,180 7,825 6,135 1,464 2,204 740 Chicago district St. Louis district Minneapolis district Kansas City district Dallas district San Francisco district... Total Total reserves held: 1941—March April May Tune July August September October November December 1942—January February March Week ending (Friday): 1942—Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Excess reserves: 1941—March April May June July August September October November December 1942—January February March Week ending (Friday): 1942—Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 12,827 3,147 1,293 255 1,435 „. All member 1 banks Excess Held 1,433 304 1,685 Cleveland district Richmond district Atlanta district MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] Central reserve city banks Keserve city banks banks1 1,144 1,144 1,120 1,140 1,218 1,243 1,210 1,143 1,085 L,086 L.157 4,197 4,204 4,298 4,184 4,198 4,287 4,335 4,391 4,424 4,317 4,365 4,356 4,279 1,928 1,912 1,965 1,9U 1,927 1,978 2,076 2,149 2,213 2,210 2,238 2,199 2,204 5,117 5,224 5,294 5,158 5,123 5,159 5,037 L, 162 L,140 1,138 L,165 ,156 1,116 L,127 4,265 4.408 4,389 4,148 4,119 4,277 4,328 2,194 2,225 2,246 2,173 2,157 2,199 2,236 6,304 5,883 5,831 5,351 5,193 5,017 5,116 5,001 3,611 3,390 3,446 3,309 3,147 3,203 2,812 2,514 2,238 2,150 1,898 1,834 1,626 252 295 434 424 388 403 478 512 367 295 225 204 962 255 1,923 1,885 1,949 1,820 L.789 1,824 1,836 1,845 1,456 1,303 1,330 1,279 1,190 927 891 933 870 866 892 968 1,017 844 804 809 755 740 3,079 3,266 3,300 3,014 3,006 3,124 *>3,034 901 984 262 233 223 264 303 250 242 1,187 L.292 1,266 L,087 1,070 1,196 1,201 729 757 785 713 697 740 P777 New York Chicago 13,979 13,600 13,650 13,201 13,120 13,004 13,184 13,097 12,900 12,812 12,936 12,908 12,827 6,924 6,518 6,243 5,958 5,875 5,600 5,554 5,314 5,053 5,142 5,248 5,266 5,188 12,737 12,997 13,067 12,643 12,555 12,750 12,728 931 966 945 989 1,083 1,071 1,026 949 936 939 813 Coun- v Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. « 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. 460 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco Total 1 Feb. 2,681 19,148 2,589 3,424 2,074 1,984 7,233 1,839 2,674 19,007 2,581 3,393 2,052 1,953 7,121 1,841 957 1,962 1,806 3,811 2,354 49,159 12,097 955 1,944 1 804 3,789 ,.„..„.,.„ Mar. Mar. 49,464 Feb. 621 624 2,380 997 1,410 2,415 1,008 1,424 624 423 626 426 1,980 1,986 422 356 302 227 424 358 304 228 Mar. 2,525 l,914 2,249 3,063 1,798 1,776 X 2,955 1,484 x Mar. Feb. , 504 , 506 1 l,094 Feb. 1 2,516 l,907 2,245 3,034 1,780 1,752 1,080 1,066 420 340 1,484 741 744 2,356 1,541 1,386 3,651 12,179 ^5,052 *24,954 Mar. 558 550 1 ^ U 1,527 1,388 3,631 Gross demand Time Gross demand Time Gross demand Member banks in smaller centers (places under 15,000) Member banks in larger centers (places over 15,000) All member banks 422 341 1,186 299 297 191 196 • 192 177 2,251 2,252 1 8,259 197 184 ^ l l Feb. Time Mar. Feb. 156 401 339 362 275 208 519 355 214 417 416 159 157 401 337 359 272 202 511 357 213 421 420 160 117 510 447 344 204 84 337 125 165 107 50 103 118 514 450 345 204 84 339 125 166 107 44 105 3,820 3,810 2,593 2,600 Excluding central reserve city banks, for which figures for latest month are shown in table above. 466 FEDERAL RESERVE BULLETIN KINDS OF MONEY I N CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total 1941—February . March April ....; May June. July August October November December [942—January February March „ „«..„.«... ,. „ „ .„...... Treasury notes of 1890 Subsidiary silver coin Minor coin United States notes Federal Reserve notes Federal Reserve Bank notes National bank notes 406 413 184 186 189 278 277 274 286 300 307 313 317 321 313 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 20 20 20 20 20 20 20 19 155 154 418 302 309 307 8,253 8,514 8,587 19 19 19 Gold certificates Silver dollars Silver certificates 64 64 50 51 63 51 426 434 438 445 455 202 314 463 474 481 205 208 209 471 475 482 206 206 208 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 62 61 61 57 59 60 1,635 1,651 1,654 1,697 1,714 1,691 1,723 1,724 1,715 1,737 1,733 11,175 11,485 11,566 61 61 60 61 61 62 1,657 1,695 1,697 52 53 54 55 63 63 63 62 62 56 191 194 196 199 153 152 150 149 148 147 146 145 144 143 143 142 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN I N CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total in circula-1 tion Total 1941—February March April May June July August September October November December 8,781 8,924 9,071 9,357 9,612 9,732 9,995 10,163 10,364 10,640 11,160 6,243 6,342 6,430 6,683 6,890 6,992 7,237 7,378 7,537 7,769 8,120 1942—January February March 11,175 11,485 11,566 8,053 8,326 8,396 End of month Coin and small denomination currency2 Coin $13 $2 $10 641 650 658 669 681 688 700 713 725 738 751 582 590 595 615 625 626 641 658 663 675 695 38 38 39 40 41 40 42 42 41 43 44 1,116 1,132 1,135 1,176 1,207 1,215 1,257 * 1,270 1,287 1,318 1,355 2,041 2,074 2,112 2,211 2,289 2,334 2,430 2,469 2,527 2,610 2,731 738 743 752 656 668 673 42 42 42 1,309 1,344 1,351 2,713 2,825 2,834 $5 Large denomination currency2 $1,000 $5,000 $10,000 Unassorted 2 $20 Total $50 $100 $500 1,826 1,858 1,892 1,972 2,047 2,090 2,169 2,227 2,293 2,383 2,545 2,541 2,583 2,642 2,675 2,725 2,742 2,760 2,787 2,830 2,874 3,044 551 560 573 587 607 615 630 645 658 674 724 1,144 1,163 1,197 1,218 1,244 1,257 1,274 1,293 1,316 1,343 1,433 232 238 241 242 244 244 244 243 245 248 261 535 543 550 546 548 544 543 537 539 538 556 24 24 25 24 24 24 24 24 25 24 24 55 56 56 57 57 58 46 46 47 47 46 4 1 2 2 2 3 3 3 3 4 4 2,595 2,704 2,744 3,126 3,163 3,174 745 767 779 1,481 1,511 1,528 265 266 268 566 565 561 24 21 9 46 33 29 4 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Backfigures.—SeeAnnual 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. In millions of doll ars] FedSubsidi- Minor United eral Reary States serve silver coin notes Bank coin notes End of month Total Silver dollars and silver bullion 1 1941—February... March April May June July August September. October.... November December .. 3,102 3,109 3,122 3,134 3,149 3,166 3,181 3,198 3,219 3,231 3,247 1,959 1,965 1,971 1,977 1,983 1,991 1,998 2,006 2,013 2,017 2,023 428 429 434 440 447 455 462 469 482 489 497 1942—January...,. 3,259 February... 3,268 3,277 March 2,029 2,033 2,038 501 505 509 1 21 21 21 21 21 20 20 20 20 20 National bank notes 192 193 194 196 199 202 204 207 210 212 215 347 347 347 347 347 347 347 347 347 347 347 20 156 155 154 153 152 151 150 149 148 146 146 218 220 221 347 347 347 20 20 19 144 144 143 Includes silver held against silver certificates amounting to $1,963,000,000 on Mar. 31,1942 and $1,890,000,000 on Mar. 31, 1941. MAY 1941 SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [By selected banks and financial institutions in New York City. In millions of dollars ] ShipReceipts ments to from Europe Europe Year or month 1937. 1938 1939. 1940 1941 1941—April 21.5 33.1 110.2 17.7 .3 47.6 34.4 9.8 .7 .5 iooii .1 1 .1 C) 1 C1) May June July August September October November December 1942—January February March Net shipments 26.1 . . 1.3 17.0 .2 (*) /i\ /l\ /1\ I) . Net receipts ft .2 .2 .1 .2 ft, 1 i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 467 MOVEMENT OF GOLD T O AND FROM UNITED STATES 1 [In thousands of dollars] ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollarsl 1941 Earmarked DomesNet gold gold: de- tic gold crease import 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 (4) 82.6 .2 -85.9 -200.4 —333.5 -534.4 -644.7 -407.7 92.9 110.7 131.6 143.9 148.6 161.7 170.2 167.8 1940—October November December 21,506 21,801 21,995 261.1 295.2 194.0 326.0 330.1 137.2 -117.9 -39.5 7.4 19.2 16.6 16.3 1941—January February March April May June July August September... October November.... December 22,116 22,232 22,367 22,506 22,575 22,624 22,675 22,719 22,761 22,800 22,785 22,737 121.7 115.4 135.4 138.5 69.1 49.2 50.5 44.7 41.5 38.8 -14.4 -48.8 234.2 108.6 118.6 172.0 34.8 30.7 37.0 37.0 65.7 40.4 50.4 (4) -52.8 -46.2 .2 -10.5 -3.8 4.0 -27.7 -31.2 —46.8 -32.2 -60.9 -99.7 13.6 12.7 12.1 12.9 12.7 14.5 13.7 12.5 17.9 15.8 18.1 11.4 Period 19342 . 1935 1936 1937 1938 1939 1940 1941 1942—January February March 3 11,258 3 22,747 22,705 22,687 ?(4) 10.6 -42.4 -17.3 -38.5 -109.3 5 -65.5 14.7 10.0 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on page 511, 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 2,428.7 million dollars on March 31, 1942. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). From or to— Nov.2 Imports France... 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 Japan Philippine Islands South Africa All other countries Total Oct. Exports 3 Imports 24 Jan,-Nov. Exports' 5 Imports Exports 3 1 378 34 1,747 899 121 5,615 24 921 6,336 55 5,550 16 074 1,020 939 960 77 66 10 10 18 8 5 441 3,616 31,459 391,714 15,526 9,987 814 177 94 22 7,627 22,211 2,822 8,441 4,212 323 2 110 2,107 218 436 227 91 253 583 608 75 6,151 77 5,980 156 314 986 63,779 2,364 3,583 8,954 652 2,327 855 25 1,832 40 3,143 200 140 473 50,382 3,697 9,444 37,178 292,703 4,255 8 40,444 929,545 3 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. NOTE.—For back figures for selected countries beginning in 1934, see table on p. 511. BANK SUSPENSIONS1 Total, all banks Number of banks suspended: 1934 1935 1936 1937 1938 1939 1940 1941 . .. 1942—Jan.-Mar Deposits of suspended banks3 (in thousands of dollars): 1934 1935 1936 1937 1938 1939 1940 1941 1942—Jan.-Mar Member banks National 57 34 44 59 55 42 22 8 2 1 4 1 4 1 4 1 4 36,937 10,015 11,306 19,723 13,012 34,998 5,943 3,726 176 40 5,313 507 7,379 36 1,341 256 3,144 Insured 2 Not insured 2 1 3 8 22 40 47 47 25 18 3 2 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 5,341 503 176 34,985 939 592 480 1,044 2,439 346 79 State 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). 468 BANK DEBITS Nonmember banks Debits to deposit accounts except interbank accounts [In millions of dollars] Year and month 1929 1936 1937 1938 1939 1940 1941 1941—February... March April May June July August September.. October November.. December.. 1942—January February... March Total, all reporting centers New York City 133 140 other other 1 reporting centers centers 2 982,531 461,889 469,463 405,929 423,932 445,863 537,398 603,089 208,936 197,836 168,778 171,382 171,582 197,724 331,938 219,670 235,206 204,745 218,298 236,952 293,775 47,504 33,283 36,421 32,406 34,252 37,329 45,899 35,783 44,558 42,237 43,665 45,942 44,808 42,856 43,870 50,875 45,081 56,589 48,610 41,550 49,175 13,268 17,402 15,657 16,124 17,282 16,288 15,079 15,654 19,148 16,077 20,598 17,247 14,242 17,056 19,457 23,586 23,074 23,795 24,853 24,660 24,033 24,310 27,315 25,075 31,118 27,014 23,531 27,751 3,057 3,570 3,505 3,746 3,807 3,861 3,745 3,907 4,411 3,930 4,873 4,349 3,777 4,368 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 DEPOSITS1 NUMBER OI BANKS [In millions of dollars] Nonmember banks Member banks 2 Call date Total 1929—June 29 Dec. 31 Total National Mutual Other non- ber banks Nonmember Total National State Other Mutual nonsavings member banks banks All banks Call date State savings membanks Member banks 2 banks 8,707 8,522 7,530 7,403 1,177 1,119 611 609 15,792 15,499 1929—June 29 Dec. 31 53,852 55,289 32,284 33,865 19,411 20,290 12,873 13,575 8,983 8,916 12,584 12,508 1933—June 30 Dec. 30 25,110 24,630 14,519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 8,337 8,421 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 1937—June 30 Dec. 31 15,527 15,393 6,357 6,341 5,293 5,260 1,064 1,081 564 563 8,606 8,489 1937—June 30 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. 15,287 15,206 6,338 6,338 5,242 5,224 1,096 1,114 563 556 8,386 8,312 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 7,153 7,478 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 1939—June 30 Dec. 30 55,992 58,344 38,027 39,930 24,534 25,661 13,493 14,269 10,521 10,613 7,444 7,801 1940—June 29 Dec. 31 14,953 14,895 6,398 6,486 5,164 5,144 1,234 1,342 551 551 8,004 7,858 1940—June 29 Dec. 31 60,582 65,021 42,039 46,007 26,931 29,214 15,108 310,631 16,793 10,658 37,912 8,356 1941—Apr. 4 June 30 Sept. 24 Dec. 31 14,871 14,855 14,852 14,825 6,528 6,556 6,596 6,619 5,138 5,130 5,125 5,117 1,390 1,426 1,471 1,502 550 547 546 545 7,793 7,752 7,710 7,661 1941—Apr. 4 June 30 Sept. 24 Dec. 31 65,211 67,172 68,449 70,792 46,179 48,076 49,160 51,192 29,467 30,684 31,500 32,672 16,712 17,392 17,660 18,520 8,347 8,456 8,646 9,075 For footnotes see table below. 10,684 10,641 10,643 10,525 For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Call date Total Loans Investments Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 1929—June 29 Dec. 31 58,474 58,417 41,531 41,918 16,943 16,499 35,711 35,934 25,658 26,150 10,052 9,784 9,556 9,463 5,892 5,945 3,664 3,518 13,207 13,020 9,981 9,823 3,227 3,197 1933—June 30 Dec. 30 40,076 40,319 22,203 21,977 17,872 18,342 24,786 25,220 12,858 12,833 11,928 12,386 10,044 9,985 5,941 5,906 4,103 4,079 3,404 3,238 1,841 1,877 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 5,246 5; 115 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 24,322 25,312 26,187 26,616 31,825 32,633 33,109 34,483 38,983 40,659 41,943 43,521 15,878 16,729 17,546 18,021 23,104 23,930 24,397 25,500 4,954 4,955 4,949 4,903 5,322 5,360 5,399 5,470 6,889 6,972 7,005 7,205 3,490 3,628 3,692 3,692 3,399 3,344 3,313 3,513 44,286 17,822 26,464 1941—Apr. 4 June 30 Sept. 24 Dec. 31 r 56,147 57,945 59,296 61,098 1942—Apr. 4? r r r 10,276 10,314 10,348 10,372 r p Revised. Preliminary. 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Pripr 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 lqans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. Back figures.—See Annual Report for 1937 (tables 48-49). MAY 1942. 469 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Call date Total—All Member Banks 1929—Dec. 3 1 . . . . 1933—June 30.... 1939—June 30.... Dec. 30.... 1940—June 29.... Dec. 3 1 . . . . 1941—Apr. 46.... June 3 0 . . . Sept. 246 .. Dec. 3 1 . . . . 1942—Apr. 46P... New York City1 1929—Dec. 3 1 . . . . 1933—June 30.... 1939—June 30.... Dec. 30.... 1940—June 29.... Dec. 3 1 . . . . 1941—Apr. 46.... Tune 30.... Sept. 246 .. Dec. 3 1 . . . . 1942—Apr. 46P... City of 1 Chicago 1929—Dec. 3 1 . . . . 1933—June 30.... 1939—June 30.... Dec. 30.... 1940—June 29.... Dec. 3 1 . . . . 1941—Apr. 4 6 . . . . June 30.... Sept. 246.. Dec. 3 1 . . . 1942—Apr. 46P... Reserve City Banks 1929—Dec. 3 1 . . . . 1933—June 30.... 1939—June 30.... Dec. 30.... 1940—June 29.... Dec. 3 1 . . . . 1941—Apr. 46.... June 30.... Sept. 246.. Dec. 3 1 . . . . 1942—Apr. 46P... Country Banks 1929—Dec. 3 1 . . . . 1933—June 30.... 1939—June 30.... Dec. 30.... 1940—June 29.... Dec. 3 1 . . . . 1941—Apr. 4 6 . . . . June 3 0 . . . Sept. 246... Dec. 3 1 . . . . 1942—Apr. 46P... Total loans and investments Total 1 35,934 24,786 32,603 33,941 34,451 37,126 38,983 40,659 41,943 43,521 44,286 26,150 12,858 13,141 13,962 13,969 15,321 15,878 16,729 17,546 18,021 17,822 8,774 7,133 8,688 9,339 9,829 10,910 11,696 12,493 12,930 12,896 13,121 6,683 3,424 2,988 3,296 3,014 3,384 3,502 3,778 3,939 4,072 4,161 1,757 1,287 2,052 2,105 2,205 2,377 2,649 2,707 2,573 2,760 2,806 1,448 677 544 569 603 696 780 846 918 954 922 12,029 8,492 11,756 12,272 12,160 13,013 13,494 14,013 14,588 15,347 15,610 9,084 4,482 5,004 5,329 5,365 5,931 6,165 6,498 6,861 7,105 6,992 13,375 7,873 10,109 10,224 10,257 10,826 11,144 11,446 11,852 12,518 12,749 8,936 4,275 4,605 4,768 4,987 5,309 5,431 5,607 5,828 5,890 5,747 Commer- Agri- Open cial cul- marand ket turindusal2 paper trial 2 1 Investments* Loans for purchasing or carrying securities To oth-3 ers U. S. Government obligations Real Loans Other 4 Total estate to loans loans banks 4,783 5,386 5,538 6,204 788 730 736 865 583 2,463 7,685 3,191 595 953 3,752 2,372 731 736 2,828 420 790 700 2,957 455 450 447 668 3,069 456 642 652 3,228 7,'27O '738 '537 '575 '635 3,365 8,064 972 607 594 598 3^494 195 1,257 2,145 364 759 1,044 215 128 555 188 120 611 188 103 320 190 100 465 1,474 1,768 1,801 2,025 169 157 130 133 137 130 520 3,094 714 11,515 9,784 3,863 249 330 4,857 11,928 6,887 1,113 2,049 3,725 58 2,796 19,462 13,777 441 2,720 7,786 2,831 56 2,888 19,979 14,328 563 2,223 8,398 3,144 42 3,020 20,482 14,722 797 2,543 8,261 3,121 43 3,230 21,805 15,823 652 2,594 9,091 3,486 23,104 16,988 3,487 "44" 3,'565 23,930 18,078 I,i27 2,'<53i l6,'48i 3,839 24,397 18,338 4,243 39 3,653 25,500 19,539 97i 3,007 11^729 3,832 26,464 20,449 322 162 41 44 32 25 2,595 937 440 425 426 443 2,405 97 422 186 129 503 2,716 91 412 169 123 522 251 61 39 41 23 42 533 251 71 66 61 54 329 365 417 476 30 535 237 59 60 62 84 609 21 20 101 711 21 22 95 234 221 176 263 168 126 138 155 156 153 664 2,775 1,538 108 1,340 1,131 115 221 1,284 119 222 1,335 87 210 1,372 115 207 1,436 1,884 2,100 2,134 2,436 258 99 12 9 6 15 3,679 1,678 1,116 1,168 1,224 1,307 2,879 175 202 100 198 1,477 1,457 3,206 300 250 "iii 194 1,527 i,'508 1,095 1,151 1,187 1,267 531 495 546 590 201 35 140 163 174 187 291 2,231 1,462 25 1,117 1,055 22 229 1,402 20 224 1,477 17 208 1,544 21 201 1,644 4,705 2,005 1,180 1,234 1,308 1,397 1,377 Obligations of States Other and Guar- politi- securities Total ancal 1 Bills Notes Bonds teed subdivisions Direct 555 216 195 1,739 1,504 659 245 183 1^528 2,091 3,709 5,700 6,043 6,815 7,527 8,194 8,715 8,991 8,823 8,960 1,112 2,551 4,483 4,772 5,486 6,044 6,625 7,268 7,331 7,265 7,381 166 58 987 638 908 168 315 797 421 1,092 207 1,245 309 610 1,507 1,536 1,602 1.681 1,869 1,861 1,655 1,806 1,884 116 384 1,175 1,203 1,258 1,307 1,466 1,483 1,304 1,430 1,490 3 206 185 153 254 297 19 82 234 176 161 145 417 125 2,944 4,011 6,751 6,943 6,795 7,081 7,328 7,515 7,727 8,243 8,618 1,368 2,483 4,991 5,194 4,947 5; 204 5,440 5,700 5,914 6,467 6,833 165 91 681 205 78 1,014 819 63 839 87 771 103 4,439 3,598 5,504 5,456 5,270 5,517 5,713 5,839 6,024 6,628 7,002 1,267 1,469 3,127 3,159 3,030 3,269 3,456 3,627 3,789 4,377 4,746 577 1,526 311 1,623 4,528 3,297 3,131 2,959 2,873 2,970 2,911 2,867 2,899 2,871 2,842 222 478 480 579 634 695 771 651 819 729 773 758 680 736 693 695 788 798 796 841 830 807 135 172 134 112 125 138 159 119 96 87 154 162 177 188 226 190 175 182 207 96 138 179 170 167 186 177 188 176 193 187 448 598 895 890 981 984 1,034 979 975 956 941 1,128 930 866 860 868 893 855 836 838 820 844 627 2,546 581 1,549 1,025 1,351 1,061 1,236 1,097 1,144 1,146 1,102 1,176 1,081 1,165 1,047 1,191 1,044 1,222 1,028 1,252 1,004 889 926 2,284 2,385 2,650 2,977 ,123 ,275 ,324 ,615 ,620 3,415 1,751 1,920 3,652 1,679 94 97 621 701 710 752 803 903 256 1,393 1,744 2,554 2,692 2,888 3,013 3,206 2,984 3,161 3,090 3,173 73 606 295 751 1,112 1,597 3,010 889 3,339 972 3,052 969 3,281 1,049 1,047 3,858 1,162 1,246 1,173 171 299 563 431 451 433 999 1,106 1,870 1,972 1,849 2,081 60 374 2,404 iio 48i 2^926' 683 725 695 710 694 788 919 861 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 2259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. Not shown in call reports prior to December, 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). p Preliminary. 470 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank ReCall date with Federal Re- serve Banks Cash in vault Balances with do- banks 1 Time deposits, except interbank Interbank deposits Demand deIndiIndiCertiposits viduals, States fied U. S. viduals, States and 2 partnerand partnerjusted ships, political offi- Gov- ships, polit- Postal .sav"k4 ern-4 and cor- ical and cor- subdi- cers' ment subdi- ings pora- visions checks poraetc.3 tions tions visions Domestic banks Demand Time 122 788 59 51 59 56 54 55 50 50 3,517 3,057 7,097 8,507 8,852 9,581 6 9,873 9,610 6 10,176 9,714 89 142 144 134 135 6 137 138 6 140 133 33 4 46 43 29 51 38 27 29 29 18 110 1,198 1,255 2,992 3,542 3,840 4,032 6 4,021 3,948 6 4,040 3,595 58 1 17 10 15 8 10 17 2 6 3 5 5 4 5 Total—All Member Banks 1929—Dec. 31 1933—June 30 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31 2,374 2,235 10,011 11,604 13,751 13,992 13,531 12.959 13.246 12,396 558 405 712 841 789 991 837 999 1,061 1,087 2,168 2,008 4,674 5,506 5,751 6,185 6 6,340 6,293 6 6,562 6,246 16,647 12,089 23,587 25,681 27,877 30,429 31,576 32,678 33,822 33,754 17,526 11,830 22,448 24,604 26,397 29,576 29,752 31,429 32,149 33,061 1,335 1,087 2,532 2,321 2,529 2,724 2,957 2,940 3,090 3,066 New York Cityb 1929—Dec. 31 1933—June 30 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31 827 846 68 46 61 89 88 102 85 136 96 93 179 101 112 125 119 122 4,750 4,358 8,012 8,899 10,235 11,062 11,645 11,619 11,506 10,761 5,847 4,676 8,281 9,030 10,283 11,357 11,629 11,895 11,595 11,282 128 96 288 251 258 370 302 319 300 319 1,180 4,975 5,915 7,072 7,057 6,715 5,857 5,534 5,105 957 1,041 42 87 197 167 199 174 181 213 228 233 32 16 22 24 17 27 26 33 29 34 127 332 358 471 483 489 496 486 480 469 476 423 349 917 813 956 995 300 108 160 190 147 228 171 209 190 286 76 312 415 435 422 327 273 341 383 491 4,433 2,941 4,320 4,362 4,422 4,506 4,540 4,590 4,591 '4,542 371 208 233 240 219 226 202 211 186 243 41 388 19 14 18 19 19 19 19 20 1,604 1,315 2,920 3,516 3,526 3,919 6 4,023 4,000 6 4,324 4,302 169 72 135 172 164 187 163 190 169 239 39 116 136 154 143 151 114 151 168 225 6,390 3,833 5,619 5,677 5,816 5,917 6,006 6,049 6,110 6,082 133 86 145 140 147 150 142 143 145 146 61 285 40 35 37 33 31 31 30 31 405 228 439 571 538 633 6 154 6 131 114 141 City of Chicago^ 1929—Dec. 31 1933—June 30 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31 1,062 1,278 1,021 13 34 26 42 39 42 20 41 39 43 Reserve City Banks 1929—Dec. 31 1933—June 30 1939—Tune 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31 751 705 2,735 3,118 3,759 4,027 4,107 4,125 4,359 4,060 156 122 318 348 334 396 361 385 425 425 1,002 2,210 2,485 2,679 2,741 6 2,859 2,793 6 2,885 2,590 Country Banks 1929—Dec. 31 1933—June 30 1939—June 30 Dec. 30 1940—June 29 Dec. 31 1941—Apr. 4 June 30 Sept. 24 Dec. 31 627 452 1,403 1,578 1,733 1,857 1,894 1,914 2,075 2,210 321 203 307 363 328 452 372 437 501 526 2,117 2,614 2,711 3,002 6 3,044 3,106 6 3.293 3,216 169 232 897 993 1,187 1,051 815 133 203 235 283 242 319 6 283 6 262 271 298 947 908 702 912 870 1,666 1,739 1,898 1,941 1.755 2,205 2,228 2,215 1,565 1,676 1,782 1,905 1,685 2,109 2,112 2,152 5,229 3,764 7,654 8,176 8,774 9,581 10,137 10,480 11,060 11,117 5,547 3,708 7,331 8,002 8,372 9,468 9,552 10,142 10,637 11,127 1,206 1,139 1,221 1,144 5,711 3,054 6,255 6,866 6,969 7,845 8,039 8,374 9,028 9,661 5,091 2,576 5,272 5,896 5,960 6,846 6,886 7,282 7,805 8,500 1,130 1,090 1,115 1,184 1,269 1,269 1,341 1,370 742 555 1,681 657 790 563 475 913 662 738 730 1,009 461 472 178 147 471 302 306 342 450 143 806 694 743 711 616 523 619 781 1,709 12,267 7,803 11,063 11,215 11,459 11,687 11,837 11,898 11,980 11,878 20 332 84 1,112 74 67 48 29 32 135 866 8 46 60 80 79 90 108 95 95 671 653 693 732 768 806 778 810 778 595 300 441 432 410 435 392 397 382 418 22 6 1 19 310 259 746 879 949 997 . . . » . « . . 1,151 . . . . . . . . 1,010 .,.„„.. l,081 1,027 6 677 652 732 790 6 30 59 115 117 105 106 6 108 108 6 108 103 6 7 26 26 29 29 6 29 30 6 32 30 Capital accounts 879 191 5 3 3 3 3 3 13 4 6,709 4,837 5,496 5,522 5,608 5,698 5,754 5,800 5,852 5,886 179 8 2,105 1,582 1,586 1,592 1,599 1,615 1,623 1,625 1,635 1,648 Foreign banks 95 40 22 Borrowings 698 146 607 759 703 706 6 635 6 688 628 678 597 128 524 695 650 646 6 577 623 6 563 612 33 2 12 9 10 41 !!!!!!! 7 8 67 8 6 8 8 .«.„.. . . •>.-.. . . « . . . 64 292 15 16 69 53 44 51 6 49 55 6 55 ...... . .*. ... . . .*. ... . 55 3 1 2 2 2 2 6 2 2 6 2 2 367 167 5 3 3 3 3 3 3 4 316 204 270 250 260 270 270 279 279 288 2,029 1,533 1,812 1,828 1,873 1,904 1,917 1,940 1,948 1,967 2,258 1,517 1,828 1,851 1,876 1,909 1,943 1,956 1,990 1,982 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash3 items reported on hand but not in process of collection. Includes "Due to Federal Reserve Banks (transit account) " known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Backfigures—See Annual Report for 1937 (tables 52-58). MAY 194Z 471 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Date or month Total loans and invest- Total ments Investments U. S. Government obligations Loans for purchasing or carrying Commercial, industrial, and agricultural Open market paper securities To brokers To and deal- others ers Real Loans Other to estate loans banks loans Total C ertificate Guarof inTotal Bills debt- Notes Bonds anteed edness Other securities Total—101 Cities 1941—March November.., December.., 26,793 29,621 30,053 9,69? 11,27 11,37 5,374 6,610 6,709 335 425 429 503 542 542 455 431 425 1,227 1,259 1,259 38 39 41 1,766 1,971 1,966 17,095 13,299 18,34 14,667 18,682 15,021 896 874 956 2,452 2,552 2,540 7,190 8,316 8,575 2,761 2,925 2,950 3,796 3,677 3,661 1942—January February March 30,229 30,570 30,941 11,27 11,33 11,408 6,737 6,860 6,976 425 423 426 483 451 435 408 408 409 1,251 1,250 1,246 43 35 28 1,924 1,904 1,888 18,958 15,285 1,098 19,239 15,542 1,247 19,533 15,803 1,107 2,456 2,335 2,348 8,891 9,243 9,637 2,840 2,717 2,711 3,673 3,697 3,730 1942—Jan. 28 30,342 11,255 6,778 424 448 409 1,248 37 1,911 19,087 15,398 1,240 2,362 9,087 2,709 3,689 425 450 460 471 410 404 408 410 1,248 1,250 1,251 1,250 35 32 35 37 1,913 1,903 1,901 1,900 19,112 19,130 19,163 19,55: 15,430 15,433 15,44f 15,855 1,266 1,27 1,240 1,206 2,345 2,333 2,327 2,337 9,109 9,110 9,163 9,589 2,710 2,716 2,719 2,723 3,682 3,697 3,714 3,696 2,337 2,346 2,352 2,357 9,615 9,631 9,639 9,662 2,723 2,720 2,701 2,702 3,670 3,688 3,826 3,735 2,354 2,365 2,364 2,361 9,671 9,670 9,681 9,695 2,684 2,696 2,682 2,667 3,711 3,726 3,724 3,716 Feb.4 Feb. 11 Feb. 18 Feb. 25 30,354 30,452 30,532 30,943 11,242 11,322 11,369 11,392 6,787 6,862 6,889 6,902 424 421 425 422 Mar. Mar. Mar. Mar. 4 11 18 25 30,918 31,034 31,031 30,781 11,37' 11,41: 11,446 11,402 6,902 6,959 7,035 7,008 429 424 424 426 460 455 417 408 410 410 408 407 1,248 1,246 1,246 1,245 32 29 27 27 1,893 1,888 1,889 1,881 19,544 19,623 19,585 19,379 15,87' 1,199 15,935 1,238 15,759 1,067 15,644 923 Apr. Apr. Apr. Apr. 1 8 15 22 30,494 30,883 31,502 31,393 11,394 11,381 11,332 11,242 7,003 6,975 6,948 6,874 424 422 419 415 408 449 438 433 407 400 408 400 1,245 1,244 1,244 1,244 29 27 25 30 1,878 1,864 1,850 1,846 19,100 19,502 20,170 20,15: 15,389 680 15,776 1,045 16,446 1,113 16,435 1,103 New York City 1941—March November... December... 10,916 12,189 12,220 3,209 3,780 3,796 2,058 2,552 2,577 96 84 87 357 392 379 165 153 151 111 106 104 29 32 36 • 393 461 462 7,707 8,409 8,42- 6,237 6,955 6,976 227 41 365 1,471 1,602 1,564 2,961 3,336 3,425 1,578 1,603 1,622 1,470 1,454 1,448 1942—January February.... March 12,212 12,267 12,471 3,761 3,830 3,893 2,600 2,697 2,775 81 79 79 335 317 308 146 149 148 102 103 103 39 32 26 458 453 454 8,451 8,437 8,578 6,984 6,981 7,097 408 413 334 1,517 1,447 1,457 3,516 3,642 3,821 1,543 1,479 1,485 1,467 1,456 1,481 1942—Jan. 28 606 609 12,192 3,755 2,629 79 310 146 102 33 456 8,437 6,966 468 1,468 3,569 1,461 1,471 Feb. Feb. Feb. Feb. 4 11 18 25 12,137 12,203 12,258 12,470 3,755 3,829 3,856 3,878 2,645 2,700 2,710 2,734 81 78 78 79 290 317 332 329 149 148 149 150 102 103 103 103 33 30 32 33 455 453 452 450 8,382 8,374 8,402 8,592 6,932 6,916 6,942 7,137 433 420 400 400 1,452 1,444 1,445 1,448 3,580 3,577 3,612 3,800 1,467 1,475 1,485 1,489 1,450 1,458 1,460 1,455 Mar. Mar. Mar. Mar. 4 11 18 25 12,471 12,505 12,503 12,404 3,876 3,913 3,901 3,882 2,734 2,774 2,804 2,788 79 77 80 327 328 292 286 148 149 148 148 103 103 103 103 29 26 25 25 455 454 452 452 8,595 8,592 8,602 8,522 7,157 7,152 7,046 7,031 388 401 289 256 1,449 1,453 1,462 1,465 3,825 3,809 3,817 3,831 1,495 1,489 1,478 1,479 1,438 1,440 1,556 1,491 Apr. Apr. Apr. Apr. 1 8 15 22 12,402 12,524 12,749 12,707 3,895 3,918 3,880 3,840 2,793 2,787 2,755 2,719 81 80 77 78 291 332 321 320 147 145 154 148 103 103 103 103 27 23 23 28 453 448 447 444 8,507 8,606 8,869 8,867 7,033 7,122 7,396 7,405 259 341 378 387 1,462 1,467 1,466 1,458 3,845 3,844 3,834 3,848 1,467 1,470 1,449 1,445 1,474 1,484 1,473 1,462 Outside New York City 1941—March 15,877 November .. 17,432 December... 17,833 6,489 7,497 7,575 3,316 4,058 4,132 239 341 342 146 150 163 290 278 274 1,116 1,153 1,155 1,373 1,510 1,504 9,388 9,935 10,258 7,062 7,712 8,045 669 460 591 981 950 976 4,229 4,980 5,150 1,183 1,322 1,328 2,326 2,223 2,213 1942—January February.... March 18,017 18,303 18,470 7,510 7,501 7,515 4,137 4,163 4,201 344 344 347 148 134 127 262 259 261 1,149 1,147 1,143 1,466 1,451 1,434 10,507 10,802 10,955 8,301 8,561 8,706 690 834 773 939 888 891 5,375 5,601 5,816 1,297 1,238 1,226 2,206 2,241 2,249 1942—Jan. 28 269 267 18,150 7,500 4,149 345 138 263 1,146 1,455 10,650 8,432 772 5,518 1,248 2,218 Feb. Feb. Feb. Feb. 4 11 18 25 18,217 18,249 18,274 18,473 7,487 7,493 7,513 7,514 4,142 4,162 4,179 4,168 343 343 347 343 135 133 128 142 261 256 259 260 1,146 1,147 1,148 1,147 1,458 1,450 1,449 1,450 10,730 10,756 10,761 10,959 8,498 8,517 8,507 8,718 833 854 840 806 893 889 882 889 5,529 5,533 5,551 5,789 1,243 1,241 1,234 1,234 2,232 2,239 2,254 2,241 Mar. Mar. Mar. Mar. 4 11 18 25...... 18,447 18,529 18,528 18,377 7,498 7,498 7,545 7,520 4,168 4,185 4,231 4,220 349 345 347 346 133 127 125 122 262 261 260 259 1,145 1,143 1,143 1,142 1,438 1,434 1,437 1,429 10,949 11,031 10,983 10,857 8,717 8,783 8,713 8,613 811 837 778 667 893 890 892 5,790 5,822 5,822 5,831 1,228 1,231 1,223 1,223 2,232 2,248 2,270 2,244 Apr. Apr. Apr. Apr. 1 8 15 22 18,092 18,359 18,753 18,686 7,499 7,463 7,452 7,402 4,210 4,188 4,193 4,155 343 342 342 337 117 117 117 113 260 255 254 252 1,142 1,141 1,141 1,141 1,425 1,416 1,403 1,402 10,593 10,896 11,301 11,284 8,356 8,654 9,050 9,030 421 704 735 716 892 898 898 903 5,826 5,826 5,847 5,847 1,217 1,226 1,233 1,222 2,237 2,242 2,251 2,254 337 342 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 472- 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 Date or month ReBalDeserves with Cash ances mand with deFedin doposits eral vault mestic ad- 1 Rebanks justed serve Banks Time deposits except interbank IndividCertiuals, States fied U . S . and part- politand nerGovoffiical ships, suberncers' ment* and divi- checks corpora- sions etc. tions Individuals, partnerships, and corporations Interbank deposits Domestic banks States and polit- Postal Forsavical eign ings2 Desubbanks diviTime mand sions Bank Bor- Capde-3 row- ital ac- bits ings counts Total 101 Cities 1941—March November December 11,714 10,273 10,171 515 564 574 3,468 3,328 3,313 23,324 24,168 24,142 22,826 23,890 23,997 1,657 1,822 1,715 489 581 599 328 705 1,165 5,282 5,290 5,188 173 153 182 26 21 23 9,180 9,178 9,090 115 110 109 645 647 660 1 4 2 3,$33 8,724 3,915 9,452 3,921 10,820 1942—January FebruaryMarch 10,324 10,223 10,195 558 540 530 3,313 3,280 3,283 24,307 24,714 24,882 23,942 24,343 24,400 1,701 1,799 1,813 558 552 538 1,518 1,460 1,815 5,089 5,010 4,976 182 185 170 21 20 20 9,060 9,017 8,846 101 97 93 645 637 635 1 1 1 3,917 3,927 3,932 9,114 8,713 9,679 Jan. 28 10,452 552 3,329 24,747 24,206 1,820 613 1,451 5,058 181 20 8,988 100 640 1 3,920 9,421 Feb. 4 Feb. 11 Feb.18 Feb. 25 10,229 10,268 10,394 10,001 531 548 532 547 3,282 3,250 3,321 3,267 24,453 24,731 24,961 24,712 23,883 24,275 24,619 24,595 1,826 1,810 1,758 1,804 490 455 495 766 1,464 1,469 1,237 1,671 5,025 5,007 5,003 5,005 186 187 185 180 20 20 20 20 9,066 8,918 9,148 8,937 99 98 96 96 626 630 638 653 1 1 1 1 3,925 3,927 3,926 3,929 9,724 7,881 8,866 8,380 Mar. 4 Mar. 11 Mar. 18 Mar. 25 10,233 10,301 10,287 9,957 526 556 523 515 3,260 3,263 3,312 3,300 24,815 25,129 25,010 24,574 24,313 24,777 24,577 23,933 1,773 1,768 1,835 1,876 493 529 630 501 1,784 1,792 1,835 1,850 5,006 4,977 4,964 4,957 179 173 162 165 20 20 20 20 8,933 8,851 8,911 8,690 93 93 92 93 627 640 636 637 1 1 1 1 3,939 10,041 3,930 8,724 3,930 10,571 3,931 9,382 Apr. Apr. Apr. Apr. 9,951 10,049 9,884 9,896 491 520 502 519 3,367 3,265 3,323 3,214 24,197 24,799 24,725 25,145 23,673 24,093 24,590 24,526 1,916 1,888 1,920 1,995 593 471 578 480 1,869 1,720 2,174 1,780 4,953 4,945 4,945 4,940 164 169 170 172 20 20 20 20 8,792 8,781 8,880 8,643 93 92 91 90 639 630 632 643 6 3 5 6 3,937 10,201 3,936 7,962 3,937 9,212 3,936 9,083 New York City 1941—March November December 6,622 4,776 4,890 83 85 120 91 10,982 10,310 10,245 11,054 10,491 10,458 294 325 316 14 342 717 742 32 24 3,928 ....... 3,650 3,587 589 586 288 1942—January February March 4,991 4,955 4,879 80 811 1 8 15 22 88 91 313 313 84 109 10,300 10,430 10,559 10,428 10,627 10,727 254 313 76 249 241 320 276 78 93 626 713 23 1,507 1,530 1,534 3,802 3,850 4,466 1,533 ........ 1,538 1,539 3,699 3,466 3,863 597 714 736 872 23 28 21 3,465 3,461 3,338 581 699 690 572 573 Jan. 28 5,106 79 92 10,500 10,570 311 374 728 709 25 ........ 3,449 577 1,533 4,007 Feb. Feb. Feb. Feb. 5,007 5,007 4,978 4,826 75 83 75 80 87 82 83 84 10,306 10,474 10,535 10,404 10,434 10,599 10,730 10,745 267 256 224 250 259 239 262 521 751 765 595 833 706 697 697 695 27 27 28 28 3,508 3,397 3,496 3,441 563 566 573 587 1,539 1,539 ...,;... 1,539 1,537 4,033 3,069 3,389 3,371 Mar. 4 Mar. 11 * Mar. 18 Mar. 25 4,884 4,922 4,924 4,786 74 79 75 77 83 89 10,517 10,633 10,578 10,509 10,668 10,858 10,804 10,576 201 196 260 304 857 860 698 691 27 20 107 160 295 271 270 269 879 890 685 684 19 20 3,373 3,342 3,382 3,257 567 577 1,542 1,539 1,538 1,538 3,910 3,696 4,232 3,612 Apr. 1 Apr. 8 Apr. 15 Apr. 22 4,871 4,775 4,627 4,565 73 78 75 194 105 89 331 240 324 907 832 1,180 685 683 680 20 20 20 277 239 931 680 20 3,255 3,260 3,311 3,231 576 566 567 84 10,792 10,694 10,641 10,608 286 271 278 78 10,612 10,637 10,284* 10,490 576 ....... 1,541 1,542 1,541 5 1,542 3,935 3,052 3,670 3,415 Outside New York City 1941—March November December 5,092 5,497 5,281 432 479 486 3,348 3,237 3,222 12,342 13,858 13,897 11,772 13,399 13,539 1,344 1,509 1,427 195 256 283 314 363 539 4,565 4,548 4,475 141 129 159 26 21 23 5,252 5,528 5,503 115 110 109 56 61 63 2,326 2,385 2,387 4,922 5,602 6,354 1942—January February March 5,333 5,268 5,316 478 462 454 3,220 3,196 3,174 14,007 14,284 14,323 13,514 13,716 13,673 1,447 1,550 1,5Z2 245 232 262 707 724 943 4,375 4,311 4,286 159 157 149 21 20 20 5,595 5,556 5,508 101 97 93 64 65 62 2,384 2,38*9 2,393 5,415 5,247 5,816 1942—Jan. 28 4 11 18 25 575 574 5,346 473 3,237 14,247 13,636 1,509 239 723 4,349 156 20 5,539 100 63 Feb. Feb. Feb. Feb. 4 11 18 25 5,222 5,261 5,416 5,175 456 465 457 467 3,195 3,168 3,238 3,183 14,147 14,257 14,426 14,308 13,449 13,676 13,889 13,850 1,559 1,554 1,534 1,554 231 216 233 245 713 704 642 838 4,319 4,310 4,306 4,310 159 160 157 152 20 20 20 20 5,558 5,521 5,652 5,496 99 98 96 96 63 64 65 66 L Mar. Mar. Mar. Mar. 4 11 18 25 5,349 5,379 5,363 5,171 452 477 448 438 3,177 3,174 3,205 3,140 14,298 14,496 14,432 14,065 13,645 13,919 13,773 13,357 1,572 1,572 1,540 1,605 233 225 360 232 927 932 956 960 4,308 4,286 4,279 4,273 152 153 143 145 20 20 20 20 5,560 5,509 5,529 5,433 93 93 92 93 60 63 61 63 L Apr. Apr. Apr. Apr. 1 8 15 22 5,080 418 5,274 .442 5,257 427 5,331 441 3,173 3,160 3,234 3,130 13,585 12,881 14,162 13,399 14,441 13,949 14,655' 13,918 1,630 1,617 1,642 1.718 262 231 254 241 962 888 994 849 4,268 4,262 4,265 4,260 144 149 150 152 20 20 20 20 5,537 5,521 5,569 5,412 93 92 91 90 63 64 65 67 2,387 5,414 2,386 2,388 2,387 2,392 5,691 4,812 5,477 5,009 L :L 2,397 2,391 2,392 2,393 6,131 5,028 6,339 5,770 6 3 5 1 2,396 2,394 2,396 2,394 6,266 4,910 5,542 5,668 L 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 3 Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450 and 503 of this BULLETIN. MAY 194Z 473 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Federal Reserve district and date (1942) Boston (6 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 . .; New York (8 cities)* Apr. 1 Apr. 8 Apr. 15 Apr. 22 Philadelphia (4 cities) Apr. 1 Apr.8 Apr. 15 Apr. 22 Cleveland (10 cities) Apr.l Apr. 8 Apr. 15 Apr. 22 Richmond (12 cities) Apr. 1 Apr 8 Apr. 15 Apr. 22 Atlanta (8 cities) Apr. 1 Apr.8 Apr. 15 Apr. 22 Chicago (12 cities)* Apr. 1 Apr. 8 Apr. 15 Apr. 22 St. Louis (5 cities) Apr. 1 Apr. 8 Apr. 15 Apr.22 Minneapolis (8 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Kansas City (12 cities) Apr. 1 Apr.8 Apr. 15 Apr. 22 Dallas (P cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 San Francisco (7 cities] Apr. 1 Apr. 8 Apr. 15 Apr. 22 City of Chicago* Apr. 1 Apr. 8 Apr. 15 Apr. 22 Total loans and investments Total Commercial, Open inmardustrial, ? ket paper and agricultural Loans Investments Loans for purchasing or carrying securities U. S. Government obligations Real Loans Other estate to To loans banks loans brokers To and others dealers 815 814 814 809 452 454 453 451 116 116 116 115 12 11 12 11 14 14 14 14 76 76 76 76 144 142 142 141 13,496 4,301 13,621 4,322 13,874 4,284 13,831 4,240 2,956 2,949 2,918 2,879 92 91 87 87 295 336 325 324 189 187 196 190 191 191 191 191 551 545 544 541 1,561 1,569 1,624 1,630 Total Total CertiOther ficate secuof rities Bills in- tfotes Bonds debtteed edness 615 622 675 685 39 44 53 58 9,195 7,579 9,299 7,673 9,590 7,972 9,591 7,981 291 381 422 431 746 755 810 821 283 280 42 43 42 46 479 480 485 487 55 55 55 55 131 133 135 136 1,531 1,536 1,536 1,530 4,193 4,193 4,184 4,198 1,564 1,563 1,54! 1,542 1,616 1,626 1,618 1,610 1,415 1,415 1,433 1,436 557 556 555 554 306 305 305 304 40 39 39 38 26 25 27 27 32 32 32 32 48 48 48 48 105 105 104 105 858 859 878 882 598 600 619 625 8 10 12 14 26 25 25 24 472 473 475 479 92 92 92 92 260 259 259 257 2,434 2,433 2,483 2,483 881 879 883 881 425 427 436 434 34 34 34 34 14 14 13 13 16 16 16 16 182 182 182 182 210 206 202 202 1,553 1,554 1,600 1,602 1,273 1,275 1,321 1,323 22 25 26 29 206 20' 208 208 885 160 160 160 886 is: 280 279 279 279 931 930 941 929 342 341 340 335 170 170 169 166 21 20 20 20 3 3 3 3 12 12 12 11 53 53 53 53 83 83 83 82 589 589 601 594 523 523 535 528 4 4 4 4 77 77 77 74 340 340 340 34: 102 * 102 102 9! 840 845 865 866 404 404 400 396 226 225 227 223 8 8 8 7 6 6 5 5 9 8 8 8 31 31 31 31 123 125 120 121 436 441 465 470 326 331 355 360 33 35 42 43 49 4! 49 49 185 187 ISIS! 59 6C 6C 6C 110 110 110 110 4,170 4,411 4,528 4,462 1,418 1,400 1,398 1,382 983 965 962 951 36 36 39 37 31 34 32 29 61 58 57 57 146 146 146 146 161 161 162 162 2,752 3,011 3,130 3,080 2,148 2,402 2,517 2,465 159 394 379 334 2 22 222 22: 1,478 1,48: 1,488 1,483 29 306 306 306 604 609 613 615 955 967 982 978 446 442 440 435 276 272 271 263 23 24 23 23 4 4 4 4 10 10 10 10 59 59 59 59 74 73 73 76 509 525 542 543 395 412 429 429 33 51 51 51 42 4: 43 43 261 26C 26 263 114 113 113 114 500 497 517 517 266 264 265 263 145 145 147 147 3 3 3 3 1 1 1 1 6 5 6 5 16 16 16 16 95 94 92 91 234 233 252 254 194 193 213 214 1 1 13 14 1 15 14 14 15C 145 15C 15C 40 40 39 40 865 865 883 885 455 454 451 449 295 296 293 290 31 30 30 31 3 3 3 3 10 10 9 9 33 33 33 33 83 82 83 83 410 411 432 436 290 290 310 314 21 82 28 4: 4: 40 43 15! 145 15C 15C 7i 7! 7 8C 120 121 122 122 693 691 701 701 359 357 354 351 256 255 252 250 3 3 3 3 4 3 4 4 12 12 12 12 22 22 22 22 62 62 61 60 334 334 347 350 269 269 283 286 33 33 34 36 156 156 156 38 38 38 38 65 65 64 64 2,634 2,639 2,671 2,675 1,150 1,148 1,148 1,14 513 512 515 516 17 18 17 17 9 9 9 9 36 36 36 36 388 387 387 387 187 186 184 182 1,484 1,491 1,523 1,528 1,179 1,186 1,217 1,225 37 46 49 61 4: 4: 4 42 6' 61 66 67 92:( 91 92: 91 154 154 154 154 305 305 306 303 2,608 2,85," 2,924 2,855 932 915 911 898 739 722 . 719 708 11 11 13 13 27 30 28 26 54 51 50 50 23 23 23 23 78 78 78 78 1,676 1,940 2,013 1,957 1,283 1,544 1,613 1,555 111 353 337 285 128 133 133 134 945 948 95 95 95 11 IK IK 393 396 400 402 66 66 66 66 * 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. 474 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits except interbank Federal Reserve district and date (1942) Boston (6 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 New York (8 cities)* Apr. 1 Apr. 8 Apr. 15 Apr. 22 Philadelphia (4 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Cleveland- (10 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Richmond (12 cities) Apr. 1 Apr. 8 Apr. IS Apr. 22 Atlanta (8 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Chicago (12 cities)* Apr. 1 Apr. 8 Apr. 15 Apr. 22 St. Louis (5 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Minneapolis (8 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Kansas City (12 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 Dallas (9 cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 San Francisco (7cities) Apr. 1 Apr. 8 Apr. 15 Apr. 22 City of Chicago* Apr. 1 Apr. 8 Apr. 15 Apr. 22 Reserves DeIndiBalwith Cash ances mand vidFeddeuals, with in eral vault do-, posits partRemestic ad- 1 nerserve banks justed ships, Banks and corporations Time deposits, except interbank States Certified U . S . and polit- and Govoffiical ernsub- cers' ment* divi- checks sions etc. Individuals, partnerships, and corporations Interbank deposits Domestic banks States Bor- CapBank and row- ital ac- debpolit- Postal For- ings counts its 8 ical sav-4 eign subings' banks Dedivimand Time sions 1,496 1,491 1,512 1,511 119 25 28 215 112 117 23 27 26 46 215 216 1 1 1 161 1,530 1,538 1,542 1,546 115 26 41 216 1 99 107 101 106 325 226 225 205 11,510 11,529 11,194 11,413 11,494 11,387 11,356 11,318 350 260 350 258 948 871 1,230 976 1,035 1,034 1,030 1,031 22 29 29 29 428 475 485 484 24 26 24 25 213 198 196 190 1,271 1,320 1,316 1,346 1.232 1,235 1,255 1,258 525 500 505 524 134 156 162 170 20 15 14 16 40 32 42 34 182 178 178 170 2 2 2 2 668 681 667 347 336 343 1,956 114 115 119 36 31 33 75 68 74 677 677 677 22 21 21 339 1,886 1,888 1, 910 1,968 1,877 1,863 695 57 59 57 58 127 30 52 678 20 278 294 292 294 28 31 28 31 222 230 239 236 721 742 744 754 692 710 726 718 88 85 87 93 15 15 22 14 49 43 50 36 197 197 197 197 2 2 2 2 2 2 2 2 204 207 207 201 17 20 18 19 251 251 256 248 571 573 577 587 536 545 567 562 100 98 98 99 8 7 7 6 63 50 60 49 184 184 185 185 4 3 3 3 1,491 1,543 1,560 1,623 68 72 72 73 555 587 601 613 2,934 3,396 3,564 3,687 2,698 3,175 3,386 3,438 405 398 424 453 66 55 55 56 363 347 374 333 936 937 937 938 229 256 254 255 14 15 14 16 230 218 212 208 635 655 656 661 643 662 683 669 60 60 60 60 8 8 8 48 44 51 45 180 180 181 181 102 116 352 312 6 12 119 106 355 356 315 323 73 9 20 78 337 302 71 68 67 6 6 105 8 9 9 9 6 240 249 248 249 15 16 15 16 294 301 326 309 658 660 684 683 628 632 673 660 101 94 93 98 188 190 191 14 16 15 280 294 311 628 634 643 592 598 629 69 76 77 177 16 307 638 629 68 12 44 580 30 350 1,501 1,509 1,539 1,525 1,473 1,480 1,539 1,505 121 38 160 122 118 31 33 152 139 986 987 93 94 121 38 116 988 98 1,675 2,119 2,244 2,349 1,568 2,025 2,189 2,248 205 200 41 30 302 291 459 459 208 225 31 33 300 459 459 474 117 184 488 460 118 118 174 175 457 119 5,069 4,969 4,817 4,770 101 101 596 602 31 31 331 333 586 31 320 1,106 1,133 1,135 1,213 27 28 29 29 240 275 284 290 1 1 1 20 20 336 22 3,332 3,338 3,390 3,307 10 9 9 9 408 406 427 410 7 6 6 6 484 490 503 28 28 28 492 28 376 388 396 389 6 6 6 6 2 2 2 2 414 436 445 432 2 3 2 2 3 3 3 2 4 4 4 4 1,635 1,514 1,469 1,397 9 9 9 9 3 3 3 3 1 1 1 1 471 484 483 479 1 1 1 1 106 1 193 3 106 106 1 1 194 189 3 3 21 105 1 184 3 11 10 12 11 35 34 36 33 133 133 133 133 1 1 1 1 1 1 1 1 484 500 514 505 6 6 6 6 10 10 11 48 44 52 118 118 118 11 11 11 1 1 1 118 11 1 302 315 326 990 93 7 268^ 7 7 20 335 343 345 7 ........ 320 358 373 393 392 1,270 1,146 1,095 1,035 21 577 567 569 577 7 6 6 6 1 1 1 1 4 5 1 2 1 2 1 2 252 252 252 583 517 572 252 526 1,667 1,667 1,666 1,668 4,279 3,330 3,956 3,714 218 218 218 218 488 381 403 436 397 397 398 693 559 670 398 690 102 103 103 103 303 265 291 317 2 2 2 2 100 99 99 100 274 243 266 288 10 10 11 11 435 '435 435 435 1,970 1,274 1,425 1,437 101 101 101 101 283 252 282 285 4 1 1 1 1 65 152 64 * 65 135 172 112 112 112 113 325 252 279 294 1 1 1 1 93 93 93 222 202 250 94 233 20 395 629 395 395 552 646 389 687 21 21 21 21 20 21 65 284 1,390 284 797 9 9 9 9 176 ...... 284 284 875 880 * See note on preceding page. 12 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. U. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits. 3 Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450 and 503 of this BULLETIN. MAY 194Z 475 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Commer- Based on ri'ai End of month paper Total outoutstanding 1 standing Accepting banks Total Own bills Bills bought Others 2 Imports into United States Exports from United States Dollar exchange Goods st(>red in or shipped between poin tsin United States Foreign countries 1940—December 218 209 167 100 67 42 109 18 10 44 27 1941—January February March April « May 232 241 213 212 168 164 103 99 65 65 45 48 115 119 16 18 44 42 26 26 263 275 295 299 330 354 371 378 387 217 220 215 213 210 197 177 185 194 170 170 164 161 161 148 131 138 144 107 105 105 101 106 100 85 90 93 63 66 60 59 55 47 46 47 51 47 49 51 52 49 50 46 47 50 120 126 125 123 121 114 105 109 116 24 25 24 24 22 21 13 12 14 11 7 25 23 22 20 16 11 9 11 12 375 194 146 92 54 49 116 15 5 4 41 38 41 43 47 49 45 48 48 381 388 197 190 154 144 103 92 52 53 43 46 116 112 146 89 57 37 103 17 18 3 2 2 July August September October , , December ....«.«»_«.«» 1942—January February March w ., . 384 183 8 3 3 3 3 4 4 17 48 11 51 44 11 13 16 45 1 2 As reported by dealers; includes some finance company paper sold in open market. None held by Federal Reserve Banks. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Credit balances Debit balances End of month Debit Debit Customers' balances in balances in debit partners' firm balances investment investment (net) 1 and trading and trading accounts accounts Cash on hand and in banks Customers' credit balances 1 Money borrowed 2 Free Other (net) Other credit balances In partners' Infirm investment investment and trading and trading accounts accounts 1936—June December 1,267 1,395 67 64 164 164 219 249 985 1,048 276 342 86 103 24 30 1937—June December 1,489 985 55 34 161 108 214 232 1,217 688 266 278 92 85 25 26 1938—June December 774 991 27 32 88 106 215 190 258 247 89 60 1939—June December 834 906 25 16 73 78 178 207 495 754 570 637 230 266 1940—June December 653 677 12 12 58 99 223 204 376 427 267 281 1941—March April May June July August September October November December 633 606 622 616 628 628 633 628 625 600 9 10 10 11 10 10 10 9 9 8 81 86 102 89 87 160 83 102 100 86 199 199 185 186 189 189 196 186 195 211 387 368 403 395 388 460 396 414 409 368 1942—January February March..., 547 534 531 8 8 8 74 74 70 219 203 195 308 307 306 In capital accounts (net) 14 12 420 424 13 10 397 355 22 22 11 5 298 305 70 69 21 23 6 280 277 22 22 5 5 269 247 268 265 262 255 266 262 260 255 264 289 62 54 56 60 61 65 70 72 78 74 72 63 21 20 17 17 17 16 16 16 15 17 6 8 7 8 7 8 7 8 5 231 227 223 222 221 221 219 217 217 213 274 262 249 - 72 66 67 18 18 16 6 5 4 209 206 201 , 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. which 1 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). 476 FEDERAL RESERVE BULLETIN OPEN-MARKET RATES I N NEW Y O R K CITY [Per cent per annum] Prevailing1 rate on— Year, month, or week Prime commercial paper, 4 to 6 months Average rate o n - Prime Stock exu. s. bank- change Treasers' call ury accept- loan 3ances, remonth3 90 newbills days a l 1939 average. 1940 average. 1941 average. .59 .56 .54 .44 .44 .44 1941—Feb.. .. Mar.... April.. May... June... July... Aug— Sept.. . Oct.. .. Nov Dec... 1942—Jan Feb Mar Week ending: April 4 April 11 April 18 April 25 .56 .56 .56 .56 .56 .50 .50 .50 .50 .50 .56 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .56 .63 .63 .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 .44 .44 1.00 1.00 .023 .014 .103 .034 .089 .092 .082 .089 .097 .108 .055 .049 .242 .298 .214 .250 .212 VB % 8 t 1.00 1.00 1.00 1.00 .264 .281 .317 .335 Average yield on 3-to-5 year U. S. Treasury notes (5) 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 April 4 mature in 72 days. 4 Rate negative. 5 No tax-exempt notes outstanding within maturity range after March Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures or 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 average11 , 1935 average 1 , 1936 average 1 1937 average 1 1938 average 1939 average 1940 average 1941 average Monthly figures1 1938—September October November , December 1939—January February , Quarterly figures 1939—March ...... June September................. December........... 1940—March .„ „ , June „....... .„..., September... „.........., December.... -............ 1941—March. ................. June September ......, December 1942—March 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 2.53 2.57 - 2.49 2.60 2.64 2.52 1.70 1.70 1.70 1.70 1.73 1.70 2.74 2.90 2.68 2.95 2.97 2.69 3.26 3.21 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 2.41 2.48 2.13 3.05 3.05 2.78 2.59 2.67 2.49 2.56 2.53 2.53 2.58 2.62 2.45 2.48 3.77 3.62 3.31 3.32 3.35 3.38 3.43 3.36 3.25 3.23 3.29 2.99 3.20 2.15 2.04 1.96 2.03 2.00 2.14 2.00 2.06 1.95 1.98 1.88 1.85 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. B O N D YIELDS l [Per cent.per annum] Corporate (Moody *s)5 Year, month, or week U. S. Government 2 Municipal Highgrade corporate 4 By ratings Aaa Number of issues., By groups Total Aa Baa Industrial Railroad Public utility 2-6 15 120 30 30 30 30 40 40 40 1939 average. 1940 average., 1941 average.. 2.36 2.21 1.95 2.76 2.50 2.10 2.92 2.77 2.67 3.77 3.55 3.34 3.01 2.84 2.77 3.22 3.02 2.94 3.89 3.57 3.30 4.96 4.75 4.33 3.30 3.10 2.95 4.53 4.30 3.95 3.48 3.25 3.11 1941—March April May June July August September.. October November.. December.. 2.01 1.96 1.92 1.91 1.90 1.94 1.94 1.88 1.85 1.97 2.28 2.20 2.14 2.08 2.03 2.00 1.99 1.91 1.90 2.25 2.73 2.76 2.75 2.70 2.66 2.65 2.64 2.61 2.57 2.68 3.39 3.39 3.37 3.34 3.30 3.29 3.30 3.27 3.26 3.35 2.80 2.82 2.81 2.77 2.74 2.74 2.75 2.73 2.72 2.80 3.01 3.04 2.99 2.95 2.90 2.90 2.91 2.87 2.86 2.95 3.37 3.38 3.34 3.31 3.26 3.24 3.24 3.21 3.19 3.27 4.38 4.33 4.32 4.31 4.28 4.27 4.30 4.28 4.28 4.38 3.02 3.06 3.02 2.96 2.90 2.90 2.88 2.85 2.85 2.94 3.98 3.96 3.95 3.95 3.92 3.92 3.95 3.93 3.91 3.99 3.17 3.16 3.13 3.10 3.07 3.06 3.07 3.05 3.04 3.12 1942—January.. February. March 2.01 2.09 2.00 2.33 2.55 2.58 2.76 2.80 2.80 3.35 3.35 3.37 2.83 2.85 2.86 2.96 2.98 3.00 3.30 3.29 3.32 4.29 4.29 4.30 2.97 2.98 3.00 3.93 3.94 3.94 3.13 3.15 3.17 Week ending: Apr. 4 . . . . Apr. 11... Apr. 18... Apr. 25... 1.97 1.97 1.96 1.98 2.49 2.43 2.43 2.41 2.78 2.77 2.76 2.76 3.35 3.34 3.34 3.34 2.84 2.83 2.83 2.83 2.97 2.97 2.97 2.98 3.30 3.30 3.30 3.30 4.26 4.25 4.26 4.26 2.96 2.95 2.96 2.96 3.93 3.93 3.94 3.95 3.14 3.13 3.13 3.13 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. MAY 1942. 477 SECURITY MARKETS 1 Stock prices6 Bond prices Corporate4 Year, month, or week U.S. Gov- Municernipal3 ment 2 Medium and lower-grade Highgrade Total Industrial Volume of trading 7 (in thousands of Public shares) utility Common (index, 1935-39 = 100) DePublic faulted utility Railroad Preferred5 Total Industrial Railroad 2-6 IS 15 50 10 20 20 15 15 402 354 20 28 1939 average 1940 average 105.2 107.2 111.0 116.3 121.2 129.0 113.8 115.9 117.8 89.5 94.8 98.9 91.2 97.3 103.9 78.1 83.8 86.9 99.3 103.5 106.1 13.8 14.0 21.9 167.5 169.2 171.9 94 95 75 99 88 80 88 80 71 96 81 977 767 629 1941—March April 110.1 110.8 111.4 111.5 111.7 111.1 111.1 112.0 112.4 110.7 125.4 126.8 128.2 129.5 130.4 131.0 131.2 133.0 133.4 125.9 116.9 116.8 117.0 117.7 118.7 118.5 118.1 118.8 119.2 117.5 98.4 99.5 99.3 99.2 99.9 99.6 98.0 99.2 99.4 97.4 102.2 103.1 102.4 103.3 104.8 104.9 105.1 105.3 105.9 105.0 88.4 89.5 89.4 87.9 87.8 86.8 84.5 85.0 84.9 82.4 104.6 106.0 106.2 106.3 107.1 107.3 107.2 107.2 107.4 104.7 19.3 20.7 21.0 21.6 23.9 24.9 24.4 25.1 24.8 21.9 171.5 170.8 168.9 168.9 173.1 174.3 173.4 172.1 170.5 168.7 80 78 80 71 71 87 83 79 82 82 81 440 495 420 463 757 473 1942—January February March 110.1 108.9 110.2 124.4 120.1 119.7 117.5 117.1 116.7 99.2 99.6 98.8 106.7 106.9 106.1 86.9 87.7 88.6 104.1 104.4 101.8 24.1 25.6 27.6 166.3 165.1 159.8 Week ending: Apr. 4 Apr 11 Apr. 18 Apr. 25 110.7 110.7 110.8 110.5 121 2 122.4 122.4 122.8 117.6 117.8 118.0 117.8 98,9 99.4 99.2 99.3 106.1 106.7 107.1 107.6 89.3 88.9 88.0 88.1 101.4 102.5 102.7 102.1 27.4 27.0 26.0 26.8 156.6 154.9 155.6 154.5 Number of issues May June JulyAugust September October November December 71 77 77 77 80 83 83 80 84 84 71 71 74 74 85 82 79 74 73 70 68 61 81 79 75 66 599 557 792 1,542 73 70 66 74 71 67 69 68 65 66 65 61 565 64 65 63 66 67 65 62 63 60 58 58 57 304 319 372 63 64 60 56 323 84 80 77 72 404 363 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a31% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Prices derived from average yields, as computed by Standard and Poor's Corporation. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Total (new Total and (do-, remestic fund- and ing) for- Total eign) 1,751 1,063 2,160 4,699 6,214 3,937 4,449 5,842 r 4,803 5,506 1941—March April May June July August September .. October November December... 406 920 1942—January.... February... March 1,197 1,165 720 708 1,386 1,386 1,457 1,409 1,972 1,949 2,138 2,094 2,360 2,325 2,289 2,239 r l,951 r l,948 2,826 .2,825 182 745 182 745 For refunding Domestic State and municipal 762 483 803 Federal agen-1 cies 77 64 405 855 150 735 22 712 157 971 481 931 924 r 751 461 516 1,272 86 60 9 645 5 370 212 Corporate eign 2 Bonds Total and Stocks notes 325 161 178 404 1,192 1,225 873 383 736 1,037 305 40 144 20 120 35 334 839 817 807 287 601 869 69 352 408 67 97 135 168 87 39 56 29 64 90 44 327 34 103 89 61 30 324 22 50 83 32 12 Total (domestic and for- Total eign) 554 343 774 498 283 765 Domestic State and municipal 87 37 136 Federal agen-1 cies 93 26 317 Corporate Bonds Total and Stocks notes 319 219 312 315 187 312 4 32 56 60 9 3,242 4,242 1,799 2,089 3,553 r 2,852 2,679 3,216 4,123 1,680 2,061 3,465 r 2,852 2,675 365 382 191 129 195 r 482 433 987 353 281 665 1,537 344 698 1,864 3,387 1,209 1,267 1,733 2,026 1,545 1,782 3,187 856 1,236 1,596 1,834 1,419 81 200 352 31 137 193 126 26 119 119 28 88 31 10 223 175 11 28 84 107 32 4 299 362 316 110 209 167 127 93 40 115 107 3 14 13 4 12 54 219 175 197 113 86 74 161 97 42 162 108 73 156 96 29 11 2 6 1 13 48 23 44 35 50 2 1 35 5 406 881 612 471 273 299 238 107 519 296 360 65 132 111 107 519 296 360 65 132 110 37 59 40 33 31 29 21 216 121 121 42 20 59 46 6 13 95 95 18 25 52 50 2 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 178 191 122 104 122 104 30 22 37 9 55 73 36 56 19 18 57 88 57 88 11 27 27 21 19 39 19 39 77 Foreign 2 299 362 316 110 209 167 127 74 26 14 11 20 35 53 28 223 216 25 27 35 32 76 4 ........ ........ • "* r 1 2 Revised. Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 478 FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUESl PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated gross proceedsz Year or month Estimated net proceeds3 New money Plant and equipment Total 1934.... 1935 1936 1937 1938 1939 1940 1941 Retirement of securities Working capital Total Bonds and notes Preferred stock Repayment of other debt Other purposes 530 2,698 4,781 2,374 2,324 2,177 2,786 2,524 515 2,629 4,637 2,303 2,279 2,128 2,723 2,480 57 243 858 1,046 779 325 604 797 32 111 380 574 504 170 424 639 26 131 478 472 275 155 180 158 362 2,193 3,575 1,106 1,254 1,708 1,927 1,528 362 2,121 3,349 916 1,167 1,650 1,798 1,448 71 226 190 87 59 128 80 84 170 154 111 239 69 174 102 11 23 49 39 7 26 19 53 1940—August September October November December 173 108 373 148 578 169 106 366 145 567 48 43 45 65 193 32 35 39 25 158 16 9 6 41 35 103 57 316 73 367 101 55 312 59 318 2 2 5 15 50 16 5 2 6 6 2 1 2 1 1 1941—January February March April May Tune Julv August September October November December 270 151 268 145 265 234 117 408 172 227 140 128 265 148 263 142 259 229 114 404 170 224 137 125 48 29 67 27 66 80 40 185 31 91 80 51 44 25 55 18 51 69 31 168 20 64 60 34 4 5 12 9 15 11 10 17 11 26 20 17 210 103 179 111 188 132 60 200 137 118 38 54 184 101 171 90 188 127 58 198 135 117 37 44 26 2 8 21 6 1 15 2 2 1942—January February March 164 78 102 161 76T 100 38 34 35 33 5 4 80 23 46 80 12 41 . . 71 40 39' 5 2 2 2 1 1 10 15 2 4 16 10 14 2 11 19 3 11 5 9 2 15 1 4 5 5 17 11 PROPOSED USES OF PROCEEDS, BY MAJOR, GROUPS OF ISSUERS [In millions of dollars] Public utility Railroad Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1941—January February March April May June . . July August September October November December 1942—Tanuary February March Other Retire- All Total Total Total Retire- All Total Retire- All Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- purpro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purceeds ties poses ceeds ties poses* ceeds ties poses ceeds ties poses* 120 774 338 54 182 319 361 21 57 139 228 24 85 115 253 54 558 110 30 97 186 108 39 14 11 10 16 2 31 1 172 1940—August September October November December Industrial 11 46 27 12 22 12 32 27 71 8 2 45 58 23 24 21 3 42 25 1 28 10 4 6 45 51 23 24 21 1 28 10 4 .6 120 5 50 5 2 7 35 4 31 10 77 1 18 14 4 30 27 50 86 47 13 25 774 1,280 1,079 831 584 961 715 74 439 616 469 188 167 211 2 30 63 89 180 43 245 309 77 1,190 1,897 611 943 1,157 922 972 34 1,250 1,987 751 1,208 1,246 1,180 1,306 550 761 373 226 353 738 402 150 80 90 136 43 56 103 485 597 135 185 115 263 98 81 218 112 106 9 78 24 43 16 26 2 85 17 66 2 2 1 58 213 11 9 35 105 22 19 8 84 5 2 1 2 1 1 64 19 39 12 122 1 144 15 47 202 130 18 365 37 184 71 144 110 33 316 102 80 56 51 107 34 48 11 1 46 17 6 9 7 1 2 62 25 16 219 1 2 37 171 4 26 32 141 105 2 108 6 7 98 1 4 5 16 3 3 13 10 14 li 14 18 6 36 136 53 138 97 20 2 1 4 26 6 11 45 3 173 96 67 10 36 18 25 80 10 8 40 142 42 1 2 1 12 9 71 17 66 69 61 54 59 15 20 9 18 13 37 56 50 28 35 27 17 48 29 17 6 12 24 15 24 74 71 3S 43 38 46 43 11 25 14 6 13 15 151 2 20 1 4 1 1 3 5 6 1 1 1 44 8 9 1 10 4 3 1 1 131 19 47 4 20 10 24 5 104 27 399 359 13 56 101 81 1 24 7 1 4 1 15 1 4 5 34 4 3 2 1 2 3 4 Estimates of new issues sold for cash in the United States. Current figures subject to revision. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. Includes repayment of other debt and other purposes. Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN. MAY 1942. 479 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits, 1 by industrial groups Year or quarter Total Machinery Automobiles Other transportation equipment Nonferrous metals and products Other durable goods Foods, Oil bever- prod, ages and and refintobacco ing Other nondurable goods Industrial chemicals Miscellaneous services Dividends Net profits 1 Preferred Common 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1,465 1,818 2,177 146 278 326 115 158 193 223 242 271 102 173 227 119 133 154 70 88 111 151 148 165 98 112 180 186 194 207 134 160 188 122 132 155 847 1,028 1,148 90 90 92 564 669 709 284 311 320 550 13 14 35 85 20 25 26 44 64 61 12 86 23 21 20 39 25 22 30 42 8 16 23 23 31 36 44 41 14 21 26 37 36 40 45 66 28 29 32 45 24 27 29 42 173 185 167 321 21 22 21 26 114 119 125 207 422 412 396 588 47 51 79 101 33 39 34 52 69 53 17 103 41 36 33 63 33 29 30 40 14 21 25 28 34 38 33 43 34 30 25 24 46 45 52 51 41 41 39 39 29 30 29 44 246 230 211 342 21 21 22 25 136 158 158 217 510 549 560 558 86 84 81 73 44 48 46 55 79 73 60 59 53 56 56 62 39 36 38 41 23 28 30 30 36 43 44 42 29 42 56 53 49 53 52 52 44 48 49 48 29 36 46 44 286 297 284 280 22 23 23 24 153 165 170 221 415 67 36 33 C) (*) (*) 33 36 40 C) 202 23 134 Number of companies.... 1939 1940 1941 Iron and steel Quarterly 2 3 4 1940—1 2 3 4 1941 1 2 3 4 1942—1* C) PUBLIC UTILITY CORPORATIONS [In millions of dollars] Year or quarter Operating revenue Income before income tax 4 Net income1 All roads Insolvent roads6 Dividends 1939_1 3 4 1940—1 2\ 3 28 28 33 33 33 116 198 178 735 799 177 203 143 134 118 1,179 1,250 1,382 202 196 167 172 21 23 21 61 175 166 167 184 46 37 34 43 39 32 30 36 19 19 19 22 287 295 295 303 46 50 50 52 21 20 16 15 20 27 187 176 48 42 41 34 19 19 304 310 19 20 310 326 52 52 31 37 46 53 16 16 59 48 43 33 18 24 330 345 48 50 -43 —47 58 127 00 0) 986 —4 14 —13 1 —27 71 130 -13 4 25 88 177 194 41 47 4 1941—1 2 3 69 101 —4 2 22 36 201 191 4 1,152 1,272 1,468 1,454 268 167 94 144 190 142 —32 25 1 Dividends 6 138 —43 69 140 92 147 Net income1 28 —37 1,010 1,130 1,171 Operating revenue 160 898 906 4 Dividends5 28 93 189 502 —71 24 . Net, income1 692 126 249 672 1,058 1,133 . Income before income tax4 3,995 4,297 5,347 Quarterly 2 —100 Operating revenue 126 159 186 Number of companies.... 1939 1940 1941 Telephone'5 Electric power Railroad^ 31 97 196 211 46 51 25 34 18 19 347 359 46 51 15 10 16 15 15 20 1 2 3 4 5 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. Class I line-haul railroads. Net income and dividend figures exclude dividends received by the American Telephone and Telegraph"Company. After all charges and taxes except Federal income and excess profits taxes. Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. * First quarter for industrials partly estimated; nonferrous metals, other transportation equipment and other durable goods combined: $103,000,000; other nondurable goods and miscellaneous services combined: $68,000,000. First quarter estimates for public utility corporations not yet available. Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to.,217 of the March 1942 BULLETIN. 480 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF DIRECT SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 End of month Total gross debt Total interest bearing debt Total 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 19,161 618,852 22,158 6621,834 26,480 26,084 27,645 26,950 32,989 31,102 35,800 33,054 36,576 32,344 39,886 33,965 42,376 34,436 1941—Mar „ Apr May June July Aug Sept Oct Nov Dec....«.« 47,173 47,231 47,721 48,961 49,513 50,921 51,346 53,584 55,040 57,938 46,581 46,673 47,160 48,387 48,965 50,371 50,791 53,040 54,536 57,451 37,054 37,075 37,075 37,713 37,713 37,667 37,368 38,869 39,677 41,562 1942—Jan . . . 60,012 Feb......... 62,381 Mar. 62,419 59,531 61,895 61,940 42,271 43,700 43,329 Treas- Treasury ury bills notes 616 954 1,404 2.0.S3 2,354 '2,303 ,154 L,308 L.302 1 1,604 1,603 L,603 1,603 1,603 1,604 1,305 ,404 ,703 2,002 r : U01 5,002 ,652 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 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 5,722 5,721 5,721 5,698 5,698 5,698 5,698 5,509 6,012 5,997 29,532 29,554 29,554 30,215 30,215 30,169 30,169 31,759 31,765 33,367 196 196 196 196 196 196 196 196 196 196 3,844 3,891 4,251 4,555 4,929 6,234 6,765 7,507 8,052 8,907 3,599 3,647 4,008 4,314 4,649 4,908 5,132 5,394 5,620 6,140 5,591 5,591 5,571 34,383 35,912 35,910 196 196 196 10,196 11,004 11,278 7,198 7,893 8,436 Nonmterest bearing debt Special issues Total Social security 4 Other 5 Matured Other 60 66 54 231 169 119 141 142 205 266 315 518 825 620 506 447 411 386 945 389 319 283 261 309 323 396 633 626 1,558 2,676 3,770 4,775 579 1,601 2,511 3,528 Ml 607 979 L,O75 L,258 1,247 1,037 1,343 1,818 2,136 2,471 245 244 243 241 239 237 236 235 234 233 5,683 5,707 5,834 6,120 6,324 6,470 6,658 6,664 6,806 6,982 4,324 4,354 4,485 4,728 4,811 4,941 5,126 5,196 5,344 5,559 1L,359 1,353 L.349 L,392 L.512 L,528 L.532 1,468 1,463 1,423 220 186 190 205 180 184 190 179 141 125 372 372 370 369 368 367 365 364 363 362 2,697 2,807 2,536 232 231 231 7,063 7,190 7,333 5,609 5,741 5,880 1,454 1,449 1,453 120 126 121 360 360 359 309 323 396 is>' 1 Including amounts held by Government agencies and trust funds which aggregated $2,347,000,000 on February 28, and $2,351,000,000 (preliminary) on March 31, 1942. These amounts exclude holdings by production credit associations and joint stock land banks. 23 Including Liberty bonds. Beginning with July 1941 includes depositary bonds not shown separately which amounted to $75,000,000 on March 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' 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 Total amount outstanding 2 Reconstruction Finance Corporation Commodity Credit Corporation Noninterest bearing matured debt 2 Total Federal Farm Mortgage Corporation Home Owners' Loan Corporation 1935—June December 4,123 4,494 1,226 1,387 2,647 2,855 250 252 1936—June December 4,718 4 662 1,422 1,422 3,044 2,988 252 252 (3) 1937—June December 4 665 4,645 1,422 1,410 2,987 2,937 255 297 (3) (3) 1938—June December 1939_june December 4 853 4,992 1 410 1,388 2,937 2,888 299 509 206 206 5,450 5*621 1,379 1,269 2,928 2,731 820 5,704 1,096 206 407 114 114 3 4 83 1940—June December 5,529 5,917 5,498 5,901 1,269 1,269 2,603 2,600 1,096 1,097 407 696 114 226 8 13 31 15 1941—March April. 5,916 6,560 6,371 6,370 6 939 6,937 6,937 6,938 6 324 6,324 5,905 6,550 6,359 6,360 6,930 6,928 6.929 6,930 6,316 6,317 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 2,600 2,600 2,409 2,409 2,409 2,409 2,409 • 2,409 2,409 2,409 1,097 1,741 1,741 1,741 2,101 2,101 2,101 2,101 1,802 1,802 696 696 696 696 907 905 905 905 226 226 226 701 701 16 17 17 17 17 17 18 18 21 11 10 12 11 10 9 9 8 8 114 21 7 5,705 5 697 5,690 5,673 5 673 5,666 937 937 •930 2,409 2,409 2,409 1,492 1,492 1,492 701 114 20 33 701 114 701 114 21 21 23 24 End of month . .. May June July August September October November December 1942—January. . . . . « . « « „ « February March 1 debt.2 3 U.S. Housing Authority Federal Housing Administration 1 1 '226 226 226 226 226 114 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public Figures on matured debt were not published prior to September 1939. Less than $500,000. M A Y 1942., 481 MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLY GUARANTEED, MARCH 31, 1942 [In millions of dollars] Direct securities maturing Fully guaranteed securities maturing Treasury bonds Bonds Maturing or callable Total Treas- Treasury Pre-war due or 1 ury bills notes Treas- and callable ury Postal Total2 Savings Within 1 year 1 to 5 years 2,293 8,420 8,623 18,872 5,120 1,652 Total . . . 43,329 1,652 1942—Before July 1 July 1-Sept. 30 Oct. l - D e c . 3 1 . . 1,652 342 232 1,652 5 to 10 years 10 to 20 years Over 20 years 1943—Jan. 1-Mar. 31 Apr. 1-June 30 July 1-Dec. 31 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1958 1959 1960 1961 1963 1964 1965 1967 1972 , 640 4,930 3,460 8,599 18,730 5,120 35,910 5,571 (3) 30 23 142 196 342 232 (3) 66 629 700 66 629 700 (8) 1,849 3,191 2,038 2,384 1,489 821 1,689 2,244 2,454 2,932 3,709 3,526 1,170 1,449 982 2,611 50 919 1 849 1,249 503 (*) 1,941 1,519 2,370 1,487 819 1,687 2,238 2,436 2,904 3,687 3,491 1,170 1,449 982 2,611 16 14 2 2 2 7 18 27 22 35 Federal Farm Mortgage Corporation "8,509" 14,333 10,352 2,716 596 2,586 1,590 779 95 835 35,910 5,645 930 Home Recon- Com- U.S. Owners' strucmodity securiLoan tion Credit Housing ties Author- due Corpor- Finance Corporor ity ation Corporation callable1 ation 596 896 "*70l" " * * i i 4 * 875 755 779 95' 2,409 1,492 276 320 276 320 454 1,401 289 324 324 2,555 1,755 2,344 1,460 3,361 3,292 1,186 4,011 2,524 725 681 2,611 2,431 919 1,561 412 875 701 114 1,471 4,174 5,645 1,151 320 289 571 114 412 289 324 2,394 1,167 755 755 835 Total fully guaranteed 835 779 779 1,485 50 919 1,485 95 1,485 2,716 95 2,716 2,716 1 Securities not callable prior to maturity are shown as of date of maturity. *8 Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on March 31. Less than $500,000. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Privately held1 Held by Federal agencies and trust funds End of month . Total interestbearing securities Special issues. Public issues 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 1936—June December. .*.., „....,.. 1937—June ..,..,.....,.. December........,.., -.. 1938—June ....... December............. .„ „.. 1939—June „-.-.....„.... December. «.«.«„..««. 1940—June ,.«.«..»...... „.. 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 1941—June .'.".' ~.".'.'" ZZ.' December „ „. „ 2,036 2,049 2,123 2,198 2,138 .3 2,323 2,292 3 2,250 3 3 2,360 2,547 Held by Federal Reserve Banks Other investors2 Total Member banks Other] commercial banks Mutual savings banks Insurance com- 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 10,400 100 2,430 2,430 2,526 2,564 2,564 2,564 2,551 2,484 2,466 2,184 2,184 2,254 32,948 33,480 34,345 34,513 34,065 35,973 36,877 38,029 38,341 40,556 44,083 51,985 13,671 13,545 12,689 12,371 12,343 13,222 13,777 14,328 14,722 15,823 18,078 19,539 1,600 1,710 1,870 1,790 1,700 1,850 1,920 1,970 1,830 1,940 2,020 2,250 2,050 2,330 2,390 2,450 2,690 2,880 3,040 3,100 3,110 3,220 3,430 3,700 3,900 4,500 5,000 5,200 5,500 5,800 5,900 6,300 6,500 6,800 6,900 7,900 10,500 10,500 11,300 11,500 10,400 10,600 10,300 10,100 9,300 9,600 9,400 10,000 1,200 900 1,100 1,200 1,400 1,600 1,900 2,200 2,900 3,200 4,300 *8,600 1,784 Marketable, issues2 Nonmarketable issues 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. 8 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. FEDERAL RESERVE BULLETIN SUMMARY OB TREASURY OPERATIONS [Chi basis of daily statements of United States Treasury, In millions of dollars] General and special accounts Receipts Period Trust accounts etc.,2 Excess excess of re- of receipts ceipts Expenditures (excl. debt retirements) Miscella- Social In- neous securAll come inter- ity other nal taxes taxes revenue NaTotal Net Intertional re- 1 est redeon ceipts ceipts debt fense Agricultural Adjustment Program Increase or decrease during period GenUn- Transto (+)or (+)or eral em- fers All fund trust exexpenployother Totali ditures pendi- bal- 2 acment counts tures ance () relief etc. 1 () Gross debts Fiscal year ending: June 1939... 2,189 June 1940... 2,125 June 1941... 3,470 2,232 2,345 2,967 740 838 932 507 617 900 5,668 5,925 8,269 9 months ending: Mar. 1941 2,415 Mar. 1942 5,322 2,204 2,974 692 887 537 494 5,848 5,372 9,678 9,049 75 63 916 84 59 780 68 66 273 244 254 265 268 269 261 314 436 767 353 34 43 165 32 48 173 37 49 181 41 52 240 58 64 56 54 58 57 47 53 1,567 602 541 1,277 456 554 1,136 489 730 1,214 133 283 369 53 257 49 59 58 52 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb Mar 1,208 3,083 340 364 5,165 5,387 7,607 1,566 565 394 1,276 413 397 1,135 445 564 1,212 614 578 937 758 3,548 3,547 941 1,041 1,111 r 1,206 1,657 6,301 787 2,595 1,002 1,919 877 1,694 182 226 325 686 3,830 774 15,347 r 150 769 r 73 782 r 12 857 r 339 832 25 r r966 9 l,129 169 1,327 75 r l,534 15 1,446 232 1,847 767 631 1,278 948 276 326 1,889 2,135 90 61 27 22 44 27 32 58 72 113 r 155 r 144 r 142 r 131 132 106 108 109 95 115 23 28 12 10 169 14 6 45 10 9 r 212 r 227 r 92 r 194 r 2,101 2,201 2,797 106 97 81 94 92 96 42 9 22 32 12 205 Details of trust accounts, etc. -3,542 -3,611 -5,103 +890 +136 -148 +622 +3,275 - 9 4 7 +2,528 +742 +5,994 +824 +4,205 +859+13,458-236 +1,014 + 1 , 0 8 3 8,726 -3,354 -27 20,160 -11,112 -1,487 262 '245 r 230 r 262 r 220 226 1,399 1,315 1,141 1,528 1,598 1,529 1,874 2,083 1,858 2,542 +167 — 750 -747 —252 -1,185 -1,133 -739 -1,637 -1,294 -1,329 +403 " "" -290 -264 -521 -259 +729 +599 -34 - 2 +274 -293 -607 -225 +376 -484 —322 - 3 2 8 +1,241 254 217 220 2,628 2,629 3,421 -2,050 -1,871 +126 ^633 +114 —234 +58+490. +1,241 +551 +1,408'. +425+2,238: +1,456 +2,898- - 6 1 0 +2,07$ +612 +2,369—69 +39 General fund of the Treasury (end of period) Social Security accounts Period 2,996 8,707 3,153 8,998 2,403 12,711 r All other Net expenditures in checking acNet Invest- Ex- counts of Ex-# GovernRe- Invest- pendipendirement ceipts ments ceipts ments tures tures agencies Balance hi general fund Assets Deposits in Total Federal Reserve banks Total Deliabiliposits IncreWorkhi Other ties Total ment Seignon iorage bafspecial assets gold deposiance taries Fiscal year ending: June 1939 June 1940 June 1941 1,477 1,662 1,958 911 561 1,016 1,200 643 741 •768 *33 218 458 674 115 98 138 209 260 484 3,087 2,038 2,812 1,022 254 1,024 776 805 661 1,288 979 1,127 248 147 179 2,838 1,891 2,633 142 143 143 536 585 605 2,160 1,163 1,885 9 months ending: Mar. 1941... 1,419 Mar. 1942.., 1,657 797 1,197 593 450 87 1,590 457 622 79 131 348 399 2,885 3,857 1,245 525 566 2,231 ,074 ,101 170 365 2,715 3,493 602 618 1,970 2,732 69 •361 411 80 •534 169 93 272 659 140 58 67 55 96 162 54 53 63 45 54 •*1 (*) 4 47 105 1 4 3 1 62 46 44 46 33 45 47 53 41 1,245 910 470 1,024 934 995 526 998 543 966 566 550 543 661 680 833 797 784 947 1,756 ,074 ,139 ,067 ,127 ,193 ,229 ,138 ,069 ,054 ,094 170 173 175 179 208 185 195 210 225 256 2,715 2,425 1,904 2,633 2,599 2,873 2,266 2,641 2,319 3,560 143 143 143 143 143 143 143 143 143 143 143 143 602 603 604 605 607 610 611 613 614 615 1,970 1,679 1,157 1,885 1,848 2,120 1,511 1,885 1,562 2,802 391 748 525 1,750 2,054 2,231 ,090 ,064 1,101 282 305 365 2,950 3,562 3,493 143 143 143 616 617 618 2,191 2,802 2,732 1941—Mar Apr May June July Aug Sept Oct Nov Dec 39 115 315 109 171 334 25 149 359 63 215 54 52 48 48 46 44 43 39 40 49 1942—Jan Feb Mar 144 383 31 50 177 139 64 59 67 150 30 131 243 84 130 185 70 148 681 35 75 440 57 50 84 •*5 47 2,885 2,599 2,079 2,812 2,807 3,057 2,461 2,852 2,544 3,816 9 5 9 30 44 59 3,232 3,867 3,857 r 1 Revised for change in classification of Coast Guard and other accounts. Beginning with July 1,19^0, 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 479. 4 Less than $500,000. * Excess of receipts. ** Excess of redemptions. NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054. MAY 1942 483 G O V E R N M E N T A L C O R P O R A T I O N S A N D C R E D I T AGENCIES [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] 1941 Feb. 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 1guaranteed by U. S.. ther Oth. Other liabilities.... Total liabilities other than interagency2 Excess of assets over liabilities, excluding interagency transactions , U. S. Govt. interests Privately owned interests Mar. 425 711 518 2,395 2,485 727 1,352 409 706 523 2,406 2,475 776 1,386 8,614 595 736 8,681 620 756 Apr. May June 400 703 523 2,427 2,467 867 1,409 8,796 771 771 397 702 505 2,436 2,458 830 1,472 8,800 464 780 417 698 505 2,445 2,448 779 1,511 8,804 376 802 1942 July Aug. Sept. Oct. 408 693 497 2,413 2,437 754 1,553 8,756 771 824 407 669 497 2,413 2,426 726 1,690 8,826 594 844 409 666 497 2,427 2,411 717 1,738 8,864 523 846 409 665 484 2,413 2,396 709 1,957 9,033 489 895 Nov. 408 664 483 2,401 2,380 732 1,933 9,001 502 906 Dec. Jan. Feb. 404 675 49' 2,430 2,343 780 1,934 9,063 560 915 396 663 498 2,380 2,332 785 2,004 9,059 582 947 434 680 498 2,424 2,361 773 1,996 9,167 496 884 123 120 126 123 122 115 124 125 123 115 112 127 112 17 20 21 18 17 26 20 18 46 53 22 17 52 r r r r r 555 651 672 641 551 598 600 725 574 600 524 549 604 653 698 602 608 636 689 664 714 782 600 623 671 751 1,805 1,879 1,891 ,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,964 2,017 701 251 310 338 435 563 592 773 359 423 517 888 1,073 12,676 12,909 13,282 13,108 13,277 13,797 "13,810 13,989 14,368 '14,470 14,660 14,908 15,224 6,937 6,938 6,324 1,434 1,416 1,393 1,859 1,952 1,974 10,142 10,123 10,231 10,306 9,690 5,914 1,386 1,292 5,916 1,390 1,391 6,560 1,385 1,432 6,371 1,434 1,492 6,370 1,443 1,604 8,592 8,696 9,377 9,297 9,417 3,666 418 4,213 3,792 421 3,906 3,484 422 3,811 3,388 423 3,860 r 3,655 r3,687 r3,758 r4,062 r r r r 3,436 3,230 3,261 3,331 3,633 425 424 426 428 427 6,939 1,442 1,761 6,937 1,445 1,741 r r 4,779 4,349 430 6,324 1,392 2,049 9,765 5,705 5,697 1,402 1,396 2,111 2,325 9,219 9,418 4,895 4,464 431 5,689 5,806 5,256 5,372 432 434 r Revised to exclude amounts due to Commodity Credit Corporation from Surplus Marketing Administration. These amounts formerly classified as accounts and other receivables were reclassified as interagency assets. 1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation. 2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance Corporation. PRINCIPAL ASSETS A N D LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 2 8 , 1 9 4 2 [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... m „. Federal land banks Federal intermediate credit banks Banks for cooperatives Production credit corporations Regional agricultural credit corporations Commodity Credit Corporation Farm Credit Administration Farm Security Administration Insurance agencies: Federal Crop Insurance Corporation Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation. Federal Housing Administration Export-Import Bank of Washington Tennessee Vallev Authoritv U S Maritime Commission Rural Electrification Administration Public Works Administration Other Total 1 2 Cash U.S. Govt. direct securities 1,857 56 12 (1) 1,909 197 75 211 352 283 27 (*) 54 45 7 586 1,746 251 110 82 4 230 253 420 21 50 31 16 (») 18 1 9 2 181 44 31 12 Liabilities Bonds, notes, and debentures Guaran- Accounts and Property teed Business held for other Guarsecurreceiv- property sale anteed by Other ities ables United States 26 48 55 8 C1) 3*"' 6 1 2 4 4 52 168 2 <i? C1) 48 141 490 23 41 ""ioo"' 15 28 330 88 85 9,059 1,492 3 284 2,415 7 947 112 C1) i l 127 6 ft 12 8 49 c) p)654 1 C1) 28 469 88 18 600 68 782 1 953 10 76 85 iu 2 947 267 1 1 15 37 8 35 49 8 22 7 13 582 45 934 55 C1) 31 9 11 2 16 (1) C1) (1) 701 21 ft 2 8 2 2,017 5,697 11 1,396 Less than $500,000. Excludes Federal land bank bonds in the amount of $756,000,000 held by Federal Farm Mortgage Corporation. 484 FEDERAL RESERVE BULLETIN R E C O N S T R U C T I O N F I N A N C E C O R P O R A T I O N L O A N S A N D INVESTMENTS [Amounts outstanding at end of month. In millions of dollars] 1941 Mar. Aug. Sept. Nov. Dec. 139 134 131 127 124 118 106 48 429 470 37 425 462 81 48 410 461 81 48 407 461 81 48 405 448 81 48 404 448 51 48 401 462 51 44 398 462 53 61 113 65 111 70 109 71 108 100 77 5 82 106 125 77 5 93 100 299 74 5 101 103 299 74 5 106 110 345 73 5 111 106 345 72 5 119 104 385 72 5 127 102 385 72 5 113 111 122 120 117 117 117 116 114 114 111 110 1,499 1,488 1,503 1,511 1,613 1,640 1,798 1,772 1,833 1,815 1,857 1.859 174 164 174 168 174 175 174 182 174 195 174 202 174 207 174 211 174 214 174 211 174 215 174 218 71 73 75 76 77 80 79 79 81 82 82 99 8 99 8 102 8 103 8 105 8 327 89 125 380 96 125 643 110 125 112 8 721 133 125 785 114 125 115 8 916 145 125 119 282 116 125 111 8 727 117 125 114 168 81 125 107 8 527 101 125 109 121 60 125 101 8 219 97 125 2,319 2,383 2,473 2,573 2,630 2,772 2,962 3,254 3,325 3,400 3,428 Loans to financial institutions Loans on preferred stock of banks and insurance companies Preferred stock, capital notes, and debentures.... Loans to railroads (including receivers) , Loans for self-liquidating projects Loans to industrial and commercial businesses: For national defense Other Loan to Great Britain Loans to drainage, levee, and irrigation districts.. Other loans Securities purchased from Public Works Administration 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 stock1 of, and loans to national defense companies Loans to Farm Security Administration Capital stock of Federal Home Loan Banks Total loans and investments 1 Apr. May 158 154 149 June 145 July 49 437 487 35 49 434 487 36 48 432 470 37 17 115 21 114 113 1942 174 190 Oct. Jan. Feb. Mar. 107 105 44 393 462 54 44, 388 465 55 1.105 179 125 3,638 | 3.869 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation. FARM CREDIT A D M I N I S T R A T I O N LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] Farm mortgage loans End of year or month 1934 . 1935 1936 1937 1938 1939 1940 1941—February March April . . May June July August September October November December .... . .. . .. 1942—January February March Total Land Bank Commissioner Short-term credit Total 1 Federal intermediate credit2 banks 315 358 337 367 56 47 41 40 Total Federal land banks 2,964 3,321 3,363 3,335 3,211 3,058 2,973 2,533 2,867 2,901 2,848 2,735 2,596 2,500 1,916 2,072 2,064 2,035 1,982 1,905 1,851 753 691 648 2,970 2,976 2,982 2,988 2,988 2,986 2,975 2,954 2,924 2,906 2,891 2,485 2,475 2,467 2,458 2,448 2,437 2,426 2,411 2,395 2,380 2,361 1,842 1,836 1,830 1,824 1,818 1,811 1,804 1,795 1,786 1,776 1,764 643 640 637 '634 630 626 622 616 610 604 597 393 413 431 440 450 453 450 431 410 398 397 2,873 2,878 2,876 2,343 2,332 2,311 1,753 1,746 1,731 590 586 580 400 417 440 617 795 837 813 364 364 381 34 33 34 Production credit associations 61 94 105 138 Loans to cooperatives Emergency crop and drought relief loans 111 173 165 173 Total 3 Banks for cooperatives 117 28 97 125 120 50 70 88 Agricultural Marketing Act revolving fund 87 76 75 55 44 54 31 24 21 16 91 88 85 90 90 96 99 111 119 128 133 74 70 68 74 74 80 83 94 101 109 113 16 16 16 16 16 16 16 16 16 17 17 130 129 125 111 110 106 16 17 16 148 154 172 171 168 168 112 99 93 36 37 39 40 42 44 45 43 39 38 39 182 195 207 215 221 224 221 208 194 187 188 169 175 179 179 179 179 177 174 170 167 165 40 41 43 191 203 219 165 169 174 1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935, $25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $4,000,000-$8,000,000 since 1939. 2 Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives, amounting to a total of $247,000,000 in March 1942. These loans and discounts are included in the columns for the institutions concerned. 3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000 in 1935, and a negligible amount since 1935. MAY 1941 485 FEDERAL HOME MORTGAGE A N D H O U S I N G AGENCIES POSTAL SAVINGS SYSTEM [In millions of dollars] LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] End of month 1933—Tune Dec 1934—June Dec. . . 1935—June Dec 1936—June. . . . Dec 1937—June Dec. . . . 1938—June Dec. 1939—j u n e Dec 1940—j u n e Dec 1941—Mar. . . May June July Aug. Sept Oct. . Nov Dec. . 1942—Jan. Feb. Mar . . Federal RFC savings Mortand gage loan Comassocipany ations 2 Federal United NaStates tional HousMorting gage, AuAssoci- thority ation Home Owners' Loan Corporation Federal Home Loan Banks 1 132 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 81 186 348 474 587 742 854 948 1,034 1.136 1,271 1,405 1,546 6 18 36 49 68 41 54 57 57 60 67 38 80 125 147 163 181 13 32 68 123 87 186 1,914 1,900 1,885 1,870 1,855 1,841 1,825 1,809 1,794 1,777 146 142 145 170 168 173 178 184 187 219 1,600 1,628 1,658 1,688 718 ,751 77S L,803 1,816 1,825 69 70 70 65 67 69 70 73 72 72 190 190 192 194 196 198 200 203 205 207 233 266 288 316 296 306 332 328 329 367 1,758 1,742 1,724 206 197 192 1,825 1,830 1,837 74 75 75 210 211 214 389 352 380 io LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION! [In millions of dollars] Year or month 1934 1935 1936 1937 1938 1939 1940 1941 .. . . 1941—Mar. Apr May June July Aug Sept. Oct.. Nov Dec. . . . . . Total 30 320 557 495 694 954 1 026 1,186 30 224 246 60 160 208 251 262 84 75 89 105 105 91 107 125 107 112 17 11 22 26 20 18 31 34 24 18 Depositors balances 1 Total MortHome gages on rental mortand gages group (Title housing II) (Title ID 13 25 26 21 94 309 424 473 669 736 877 2 2 11 48 51 13 13 2 2 * 3 3 1 2 2 1 2 62 60 65 75 82 70 73 85 77 88 3 2 1 • * * • 2 2 Defense housing (Title VI). 13 • • 1 1 2 4 5 U. S. Government securities Cash in depository banks Total Direct Cash reserve Guar- funds, anetc. 2 teed 1938—June Dec. 1939_june Dec 1940—June Dec 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 1,348 695 540 385 287 203 145 136 130 115 86 68 53 43 36 453 597 777 853 967 J.O58 L,100 1,097 L.103 ,132 ,157 1,192 1,224 L,224 418 467 630 706 800 891 933 930 936 965 ,011 ,046 ,078 ,078 35 130 147 147 167 167 167 167 167 167 146 146 146 146 76 100 74 98 95 93 71 80 73 73 78 74 69 88 1941—Mar. Apr. . . . May June July . Aug Sept. Oct Nov. Dec. . . 1,320 1,317 1,310 1,304 1,307 1,309 1,311 1,317 1,323 1,314 1,364 1,362 1,359 1,356 1,359 1,365 1,366 1,377 1,388 1,396 31 30 30 - 30 29 28 28 27 27 26 L,259 L,259 1,254 1,251 1,251 1,250 1,250 1,250 L.25O .274 L,113 ,113 1,108 1,104 ,104 L,104 ,104 L,104 1,104 128 146 146 146 146 146 146 146 146 146 146 74 73 75 75 80 86 89 100 111 95 1,310 l,307 l,305 1,421 25 1,274 1,128 146 122 Dec. Loans and discounts to member institutions of the Federal Home Loan Bank System. 2 Federal Home Loan Bank Board estimates for all Federal savings and loan associations which are private institutions chartered and supervised by the Federal Home Loan Bank Board. New small home construction (Titie End of month 1934—Jung Dec 1935_j U ne Dec. 1936—June Dec 1937_june 1 Property improvement (Title Assets 1942—Jan. Feb Mar .. .. . p p P Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, pp. 501-502. INSURED FHA HOME MORTGAGES (TITLE II) HELD I N P O R T F O L I O BY CLASSES OF I N S T I T U T I O N S 1 [In millions of dollars] End of month 1936—Dec.... 1937—Dec 1938—Mar.. . . June.. . Sept.... Dec... 1939—Mar.... June.. . Sept.... Dec.. . . 1940—Mar.... June.. . Sept.... Dec.. . . 1941—Mar.. . June.. . Sept.... Dec Total Commercial banks 365 771 856 933 1,049 1,199 1,349 1,478 1,622 1,793 1,949 2,075 2,232 2,409 2,598 2,755 2,942 3,107 228 430 472 509 565 634 699 759 824 902 971 1,026 1,093 1,162 1,246 1,318 1,400 r l,465 SavMuings Insur- Fedtual ance eral and 3 savcom- agen- Other loan ings associ- panies cies 2 banks ations 8 27 26 28 32 38 44 50 57 71 90 100 111 130 146 157 171 r 186 56 110 119 127 137 149 159 167 178 192 201 208 216 224 230 237 246 254 41 118 146 165 187 212 241 271 302 342 392 432 480 542 606 668 722 789 5 32 42 44 56 77 114 137 148 153 171 182 190 201 210 220 225 234 27 53 51 60 72 90 92 94 113 133 124 127 141 150 160 154 178 179 r Revised. 1 Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing 1 Administration. 2 The RFC Mortgage Company, the Federal National Mortgage Associa1 Figures represent gross insurance written during the period and do not tion, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. take account of principal repayments on previously insured loans. 3 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. 1942—Jan. Feb Mar 111 93 93 486 16 12 10 2 1 2 87 71 68 • 7 8 12 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation I Income payments (value) i 1935-39 « 100 Year and month Construction contracts awarded (value) 3 1923-25 = 100 Industrial production (physical volume)2 * 1935-39 = 100 Manufactures Total Durable Nondurable Minerals Total Residential All other Employment 4 Depart- WholeFreight- ment sale store car Cost of com4 sales loadmodity living (valings* 4 prices 1935-39 6 1923-25 1935-39 ue)* => 100 1926 Factory = 100 = 100 1923-25 - 100 1923-25 = 100 = 100 Factory Nonagricultural 5 1935-39 = 100 AdAdAdAdAdAdAdUnadAdAdAd- Unad- UnadAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed 72 75 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937. .' 1938 1939 1940 1941 122.9 109.1 92.3 70.6 68.9 78.7 87.1 101.3 107.7 98.5 105.5 113.8 137.0 . . 71 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 108 113 135 83 66 71 98 89 92 100 100 99 107 93 80 67 76 80 86 99 112 97 106 117 125 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 122 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 89 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 149 96 93 93 99 102 108 118 r 130 134 138 104 103 104 106 106 108 111 115 117 117 104 91 97 104 107 92 114 119 120 114 69 67 63 63 67 73 73 76 83 86 55 58 55 58 62 67 68 68 61 60 80 74 68 67 71 134 123 118 116 r 124 133 136 143 151 155 157 164 113 110 107 107 110 114 113 112 112 117 120 124 118 114 117 119 117 119 119 114 117 113 118 118 75 63 62 64 64 74 85 90 93 95 111 115 53 56 57 62 64 69 58 73 88 82 90 96 95 99 110 91 75 58 69 75 87 103 113 89 108 123 156 84 93 53 81 103 95 107 114 107 117 132 98 67 41 54 65 83 108 122 78 109 138 193 62 60 57 107.1 100.3 91.6 82.2 82.9 90.1 93.8 99.8 105.0 98.6 102.8 106.4 115.6 Adjusted Unadjusted Unadjusted 106 7 107.1 82.0 90.7 103.8 96.4 99.8 101.7 99.5 99.7 106 0 92.4 78.1 66.3 73.4 85.7 91.3 99.0 108.6 90 9 99.9 107.5 127.7 98.0 117.2 75.6 81.2 102.9 96.0 101.1 104.2 102.4 103.5 110 4 89.4 67.8 46.7 50.1 64.5 74.1 85.8 102.5 78.5 92.2 105.4 148.8 120 129 110 121 142 139 146 152 147 148 152 131 105 78 82 89 92 107 111 89 101 109 130 78 94 87 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 76.7 76.2 99.1 1939 March April May June July August September. . . October November.... December 102.6 101.4 103.7 105.1 104.8 106.1 107.3 109.3 109.9 111.3 101 97 98 103 105 106 114 121 124 125 100 98 99 102 102 106 119 126 126 122 110.7 110.7 110.3 110.6 112.0 112.1 112.8 113.9 115.5 117.2 117.7 121.3 122 116 113 112 116 122 122 124 127 r 131 134 139 117 113 112 112 117 121 120 124 132 136 136 136 123.4 125.4 127.2 129 4 133.6 137 0 138.9 141.1 143.1 145.4 146.5 154.7 140 144 147 144 154 159 160 160 161 163 166 167 135 140 144 144 155 160 159 162 167 168 167 164 171 176 180 180 190 195 199 199 203 207 r 208 r 215 123 126 128 131 135 139 138 139 137 139 144 141 119 118 125 95 126 132 131 132 131 130 131 r 131 155.7 156.9 157.7 171 172 ^172 «174 165 167 168 «173 222 226 ?229 e 235 143 142 P139 e 140 131 129 P127 e 129 76 82 101 107 101.2 100.5 101.1 102.2 102.6 103.0 103.7 105.0 105.7 106.3 96.7 96.6 96.3 97.3 98.4 99.0 100.8 104.8 107.0 108.2 97.0 96.9 95.9 96.4 96.6 99.5 103.7 107.3 107.5 107.8 88.8 86.8 86.3 87.9 85.8 91.2 95.4 103.2 103.2 105.4 94 87 90 97 99 101 111 114 114 110 88 88 87 86 87 88 90 92 93 95 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 77.4 78.0 78.7 79.6 80.0 103 99 94 103 101 117 139 152 161 145 138 123 84 76 74 80 88 101 115 112 105 87 74 69 117 118 109 121 111 129 158 184 206 192 189 167 111.8 112.5 112.3 112.5 114.0 115.4 117.1 117.7 117.5 118.0 119.2 120.1 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134.4 134.9 115.5 117.8 119.9 122.6 124.9 127.9 130.6 133.1 135.2 135.4 134.8 r 134.2 120.7 126.8 131.2 134.7 144.1 152.2 152.7 158.1 162.6 167.0 165.4 r 169.9 122 124 126 112 135 139 138 139 130 127 135 137 101 103 103 104 105 104 115 134 116 105 116 111 80.8 80.6 81.5 83.2 84.9 87.1 88.8 90.3 91.8 92.4 92.5 93.6 100.8 100.8 101.2 102.2 102.9 104.6 105.3 106.2 108.1 109.3 110.2 110.5 118 128 125 82 100 95 147 151 149 140 139 136 «143 138 126 124 P117 96.0 96.7 97.6 «98.8 r 112.0 r 78 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 98.6 100.6 *99.'6* 1940 January February.... March April . . . . Mav June July . . August .... September. . . October November December 1941 January . . . . February.... March April May June July . . August .... September. . . October November December 1942 January February March April P r 77 r 120.0 r 135.5 119.9 134.9 P119.7 ^134.2 r r P 132.3 r 173.4 133.6 178.2 134.5 P181.9 C 79.4 78.7 78.4 78.6 78.4 77.5 77.7 99.8 100.5 ioo.i 100.2 100.1 100.7 112.9 114.3 p Preliminary. * Average per working day. r Revised. * Estimated. c Corrected. l Department of Commerce series on value of payments to individuals. Revised for the period from January 1929 to date. 2 For indexes by groups or industries, see pp. 486-489, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 496. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 492-495 for employment and payrolls and p. 499 for prices. s 6 Excludes military and naval forces. For sales comparisons by cities and by departments see p. 498 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. MAY 1941 487 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1941 Industry Jan. Feb. Mar. Apr. May [une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total 140 144 147 144 154 159 160 160 161 163 166 167 171 172 P172 Manufactures—Total 148 151 133 160 164 163 166 167 169 178 180 H80 226 142 P229 ^139 193 198 189 .. .. 144 171 123 Durable Nondurable^ . Iron and Steel Pig iron Steel Open hearth and Bessemer Electric Machinery Government Arsenals and Quartermaster Depots Transportation Equipment 176 126 180 128 180 131 r 172 174 190 135 195 139 199 199 203 207 '208 r 138 139 137 139 144 141 222 143 r 215 179 r 178 184 181 183 184 185 185 192 191 191 196 191 177 176 r 170 r 192 172 r 333 175 r 195 174 r 347 179 195 173 r 355 181 r 196 r 173 r 358 182 r 197 172 r 375 185 r 184 190 206 179 r 399 184 206 178 r 407 206 176 r 417 211 181 r 422 189 208 174 445 229 241 172 r 285 186 171 r 294 178 r 192 177 r 300 168 177 185 194 206 214 216 224 227 231 190 203 207 196 228 243 255 241 245 269 186 r r 275 r r 278 * r Mar. 210 194 216 248 176 444 255 180 473 *265 304 * 313 * P329 r r * Aircraft . . Automobile bodies, parts, and assembly Automobile factory sales Railroad cars Locomotives Shipbuilding (private yards).. Shipbuilding (Govt. yards).... 685 741 768 818 876 930 997 1,113 1,204 1,290 1,340 134 144 178 189 282 143 152 182 204 307 142 143 178 216 335 124 122 196 237 353 152 151 218 256 381 161 148 233 280 428 168 154 233 307 467 141 93 236 306 485 134 74 249 319 560 146 110 278 335 634 142 123 264 338 645 120 2 * * * Nonjerrous Metals and Products... Nonferrous metal smelting.... Copper smelting Zinc smelting Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption 167 173 179 183 189 186 192 189 192 185 190 193 190 P184 137 133 153 116 201 161 149 119 142 140 158 116 209 165 148 130 142 136 163 118 219 172 146 143 147' 145 164 119 221 186 147 147 148 144 170 115 233 205 144 144 136 170 117 229 210 144 145 135 175 116 231 199 143 161 145 135 175 120 233 209 r 145 166 Ul 137 177 119 217 150 139 179 127 226 151 141 182 122 230 153 140 184 131 235 157 141 189 140 224 157 147 184 134 208 141 142 131 173 114 244 200 142 155 143 153 147 155 145 171 152 151 148 Lumber and Products 137 135 128 132 132 135 141 140 136 135 135 138 143 144 P134 139 139 125 132 128 139 122 125 155 131 161 134 152 129 149 129 128 148 132 149 138 143 146 PU7 141 *143 149 151 154 156 158 162 r 190 P172 148 146 158 133 154 144 163 120 159 145 168 102 Lumber Furniture Stone, Clay and Glass . ... Products.... Cement Unglazed brick** Glass containers Polished plate glass . .. 132 r 155 Manufactured Food Products Wheat flour. .. . Cane sugar meltings Manufactured dairy products Ice cream Butter Cheese . Canned and dried milk.. 160 r 149 T r 146 • * * r 194 r 167 164 153 168 105 191 152 165 67 249 160 184 65 236 188 178 49 187 41 r r 156 136 139 135 139 130 135 142 134 128 148 142 138 133 155 152 143 136 154 146 138 143 146 150 157 156 155 154 151 150 156 154 158 157 133 144 156 69 136 140 152 148 67 149 143 156 150 71 152 153 165 169 71 165 151 160 173 73 163 151 162 173 77 157 149 160 170 56 166 145 156 168 34 169 143 161 172 10 164 148 167 179 15 166 146 155 179 * 178 148 169 180 148 174 174 * 155 119 143 146 139 148 149 126 148 142 133 133 164 78 82 149 125 150 165 134 163 179 135 163 171 140 166 196 153 178 190 151 178 177 153 174 181 162 179 205 163 185 199 157 185 200 156 209 159 195 r 202 r 163 173 194 167 149 142 153 166 169 164 182 r 183 175 r 108 r 103 r '109 103 113 r 146 161 158 74 152 115 r 156 154 r r r r 109 119 P 124 160 165 167 115 r 132 r r r r 125 r r 124 r 93 116 r 103 97 r 130 122 120 125 129 r 184 170 r 134 87 '113 97 •117 128 122 133 98 r 112 r 138 121 125 136 101 115 r 118 117 120 121 123 123 127 126 132 mo 98 124 131 138 119 123 136 105 107 127 132 118 124 129 105 110 123 135 144 119 138 135 110 107 129 124 130 111 121 132 103 102 126 129 113 128 141 98 129 127 124 109 134 165 99 111 101 112 ^146 103 139 109 145 183 108 148 197 105 163 224 116 88 r 80 r 92 113 '120 112 r r 122 125 129 118 131 124 r r 97 96 119 r 119 130 r 99 105 119 129 134 117 134 139 r 137 134 141 r 138 107 121 123 r 2 * * * 153 rm 183 155 131 138 Textile fabrics Cotton consumption Rayon deliveries Silk deliveries . . Wool textiles Carpet wool consump tion Apparel wool consumption Woolen yarn Worsted yarn Woolen and worsted cloth . Leather tanning .... Cattle hide leathers Calf and kip leathers... Goat and kid leathers Shoes r 152 r 2 181 143 123 137 Textiles and Products Leather and Products 129 147 118 134 145 108 123 134 r 128 123 135 89 117 131 161 r r r 127 120 129 126 138 93 119 117 146 r 86 r 119 r 125 109 108 110 P156 P154 ^153 104 176 240 106 172 229 107 182 214 P145 169 *>175 * 101 * 108 192 193 r p Revised. Preliminary. * Included in total and group indexes but not available for publication separately. *2 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and 3assembly series, which is more representative of production by the automobile industry. New series replacing former series on face brick and common brick beginning in Jan. 1940. Back figures for this series and revised figures for the stone, clay, and glass products index may be obtained from the Division of Research and Statistics. The durable manufactures index was not changed in any month by this revision. FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 109] 1941 1942 Industry Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 99 132 133 148 123 108 103 135 135 148 124 114 111 144 142 161 127 98 117 137 148 165 138 96 113 r 140 141 151 139 96 113 144 144 161 132 98 128 105 108 104 114 122 130 128 131 129 109 116 139 133 116 106 77 112 126 107 81 132 132 100 80 132 131 102 82 140 146 106 90 129 171 107 95 153 207 115 108 206 190 110 93 206 219 118 94 262 170 127 107 178 138 110 81 139 120 123 91 121 102 120 77 250 243 128 74 75 241 117 62 44 201 113 116 117 120 119 118 114 118 121 128 132 129 132 130 125 111 118 110 125 109 127 117 127 109 131 106 131 106 123 109 129 104 137 112 115 149 139 136 129 126 121 137 144 144 99 93 Manufactured Food ProductsContinued 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 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 144 101 96 97 101 100 97 97 96 99 129 128 132 134 142 145 146 147 144 129 153 119 128 190 144 126 138 110 113 119 128 153 122 129 193 144 124 134 110 . 115 123 133 160 119 137 199 153 129 138 114 115 126 136 161 121 135 199 156 132 143 115 114 131 145 162 120 141 203 155 142 158 127 114 138 149 175 121 151 216 170 145 154 134 114 149 150 167 122 149 203 163 148 162 140 112 149 152 172 128 151 215 164 149 161 147 113 150 149 170 129 140 210 163 145 158 152 107 146 132 120 125 119 133 132 129 137 139 144 140 142 138 143 139 130 136 124 HI 114 Newsprint consumption 103 105 95 146 150 172 130 145 210 166 147 158 147 110 149 155 159 183 141 167 r 225 r 178 156 167 160 110 161 162 177 129 153 r 225 r 171 160 186 157 106 145 153 160 181 135 153 220 177 157 175 151 107 151 149 154 180 131 154 223 174 150 163 144 110 146 140 138 153 140 152 156 158 142 147 147 Petroleum and Coal Products 122 122 Petroleum refining Gasoline Fuel oil.. Lubricating oil Kerosene Coke Byproduct coke Beehive coke3 117 117 120 112 120 150 143 367 117 118 122 104 123 152 145 398 Chemicals 123 Rubber Products 141 143 123 124 121 94 118 122 128 127 129 125 127 136 106 107 106 106 109 105 105 111 121 123 118 120 121 105 113 154 145 434 125 127 128 130 132 133 135 119 120 120 118 117 133 134 69 122 124 119 118 115 148 141 386 123 123 122 134 104 154 145 435 124 123 124 154 146 429 126 126 127 132 116 154 146 453 128 130 124 130 119 152 144 425 129 131 129 129 121 153 145 437 133 134 129 137 123 153 145 410 139 135 139 130 132 126 160 151 r 474 135 131 134 123 * 133 120 161 152 r 472 126 125 128 131 128 161 152 r 493 124 125 133 136 144 146 145 146 148 149 152 154 158 153 155 158 162 192 153 130 131 134 156 128 128 127 158 134 135 132 161 131 132 130 164 144 144 145 196 152 151 155 156 126 126 125 132 117 118 110 134 108 108 103 137 103 104 94 103 104 102 67 67 64 33 32 33 28 28 27 116 Rubber consumption Tires and tubes Pneumatic tires Inner tubes 106 153 104 130 106 162 106' 125 r 128 103 104 115 103 131 159 150 P477 Minerals—Total 119 118 123 93 126 132 131 131 129 26 27 P127 Fuels 114 113 121 86 121 129 127 129 128 127 128 127 128 125 P122 117 98 114 114 102 113 148 102 112 22 71 113 149 80 114 153 126 120 146 137 119 147 162 119 139 127 124 127 116 128 125 97 132 124 89 132 129 89 132 120 110 128 148 148 148 149 152 151 151 148 145 Bituminous coal Anthracite Crude petroleum Metals 187 148 116 125 132 128 189 153 116 126 126 126 r 191 148 118 125 127 127 199 152 119 133 121 129 195 159 115 127 132 122 198 155 117 136 126 128 131 205 156 114 125 121 124 132 202 155 116 131 114 129 131 192 154 120 135 114 116 130 131 r r 146 r r 153 r r 182 151 119 134 130 108 r r 209 157 122 138 125 105 r r 147 204 152 127 131 116 106 150 21! 161 131 138 113 105 151 P152 212 158 140 146 215 162 Iron ore shipments 134 Copper Lead Zinc Gold Silver r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." 3 The Bureau of Mines has changed its method of calculating daily average output of beehive coke from a 6-day week basis with two holidays a year, July 4, and December 25, to a,7-day week basis with no holiday allowances. Beginning in December 1941, computation of the Board's index has been changed accordingly. The daily average base now used is 4,420 net tons. N O T E . — F o r description and back figures see B U L L E T I N for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. MAY 1941 489 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =• 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production— Total 135 140 144 144 155 160 159 162 167 168 167 r Manufactures—Total 139 144 149 153 160 165 164 167 172 173 173 Durable Nondurable1 166 118 171 122 178 126 r r m 130 r 192 134 198 138 196 138 199 142 206 145 210 143 209 144 r Feb. Mar. 164 165 167 P168 171 172 174 P177 212 138 215 220 138 r 137 p p 227 137 178 184 181 183 184 185 185 192 191 191 196 191 193 198 Pig iron Steelf Open hearth and Bessemer Electricf 177 186 172 r 285 176 r 186 171 r 294 178 r 192 177 r 300 170 r 192 172 r 333 175 r 195 174 r 347 179 r 195 173 r 355 181 r 196 r 173 r 358 182 r 197 172 r 375 185 r 206 179 r 399 184 206 178 r 407 184 r 206 176 r 417 190 r 211 181 r 422 189 208 174 445 189 210 176 444 194 216 180 473 Machinery Government Arsenals and Quartermaster Depots Transportation Equipment 168 177 185 194 206 214 216 224 227 231 229 241 248 278 255 * 313 P265 * T 304 118 105 p Iron and Steel 179 Aircraft ; Automobile bodies, p a r t s , and assembly Automobile factory sales Railroad cars Locomotives..... Shipbuilding (private y a r d s ) . . Shipbuilding (Govt. yards) Nonferrous Metals and Products... Nonferrous metal smelting Copper smelting Zinc smelting. Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption Lumber and Products Lumber Furniture Cement Unglazed b r i c k ^ 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 tanning} Cattle hide leathersf Calf and kip leathers Goat and kid leathers Shoesf Manufactured Food Products Wheat flour Cane sugar meltings Manufactured dairy products. Ice cream Butter Cheese Canned and dried milk. . . 207 214 206 229 244 229 221 245 269 685 r 275 r 768 818 876 930 997 1,113 1,204 1,290 1,340 148 161 182 204 307 150 160 178 216 335 136 139 196 237 353 152 164 218 256 381 161 164 233 280 428 135 134 233 307 467 120 47 236 306 485 134 74 249 319 560 146 110 278 335 634 * 142 123 264 338 645 120 166 173 179 184 191 187 191 189 r 191 185 190 192 137 133 153 116 200 166 149 114 142 140 158 116 209 165 148 130 142 136 163 116 219 172 146 146 147 145 164 121 221 186 147 151 148 144 170 117 233 205 144 153 144 136 170 116 229 210 144 148 141 131 173 110 244 200 142 154 145 135 175 116 231 199 143 159 145 135 175 120 233 209 r 145 159 151 139 179 128 226 * 147 155 152 141 182 124 230 116 119 123 130 134 140 144 151 148 147 137 177 119 217 * 143 151 145 113 123 115 129 118 133 128 135 130 143 135 150 142 149 148 157 144 156 138 159 124 154 113 125 174 174 176 100 87 110 144 102 85 120 131 117 92 l$0 141 138 143 147 133 144 154 72 136 140 152 148 68 149 143 156 150 74 152 119 143 146 r 149 125 150 165 134 163 142 r 140 161 146 161 158 73 152 r 165 r 113 155 r 147 156 147 184 131 208 * 148 122 128 112 142 118 146 r 138 151 r p 129 132 P142 185 170 173 117 171 166 170 120 153 137 154 80 137 97 165 68 132 141 164' 47 176' 43 157 155 155 154 151 150 156 154 158 157 P152 152 165 169 66 165 150 160 173 66 163 150 162 173 69 157 148 160 170 50 166 145 156 168 32 169 143 161 172 10 164 148 167 179 15 166 146 155 179 148 169 180 * 148 174 174 * *>145 169 PI 75 148 142 133 133 164 161 155 126 r 82 194 167 149 r 148 196 153 178 171 140 166 156 190 151 178 167 177 153 174 181 162 179 160 165 205 163 185 170 182 123 116 124 131 135 99 116 r 132 r 129 140 103 120 125 135 151 102 119 116 125 137 91 119 110 130 147 r 84 119 120 137 153 98 124 126 152 P159 *143 P139 P130 P124 99 136 167 200 120 151 169 114 132 P142 110 109 107 114 104 109 108 150 168 95 139 158 83 124 156 82 123 166 85 124 174 r r r 103 117 87 r 80 r 107 112 125 97 91 '122 r 113 121 105 r 96 r 130 110 r 119 96 99 r 125 r 116 r 127 94 103 r 126 r 118 126 100 r 112 r 122 120 128 102 115 r 130 120 134 108 95 r 137 r 124 r 104 104 107 112 119 128 137 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 r 183 164 r 126 209 159 195 127 r 120 200 156 184 78 r 202 163 173 169 r 122 199 157 185 178 129 166 U8 r 119 169 P185 157 141 189 140 224 184 177 166 120 r 123 134 r 190 181 175 172 109 r 105 145 165 r 153 140 184 131 235 * 152 193 177 168 160 96 139 154 171 r 105 174 165 163 149 150 r r * 163 145 159 142 139 126 135 142 179 135 163 153 r * P329 • 741 138 151 178 189 282 110 Stone, Clay and Glass Products] ... Leather and Products 193 130 r 175 P127 *>123 109 mo 92 142 182 96 157 189 r Revised. p Preliminary. * Included in total and group indexes b u t not available for publication separately. f Revised annual indexes 1941: steel 197; electric 357; stone, clay, and glass products 152; unglazed brick 141; leather tanning 119; cattle hide leathers 130; shoes 123. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 2 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, p a r t s , and assembly series which is more representative of production by the automobile industry. 3 New series replacing former series on face brick and common brick beginning in J a n . 1940. Back figures for this series and revised figures for t h e stone, clay, and glass products index may be obtained from the Division of Research and Statistics. The durable manufactures index was not changed in any month by this revision. 49° FEDERAL RESERVE BULLETIN Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 95 104 159 119 111 132 111 111 170 134 139 134 119 109 151 152 178 130 116 108 146 165 208 127 93 111 131 173 214 138 93 118 123 135 151 125 84 113 125 131 145 120 93 124 P124 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 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 2 Printing and Publishing 87 95 100 110 120 130 131 122 137 137 118 106 112 117 113 85 101 73 92 91 106 79 113 96 99 86 124 111 91 84 130 124 90 77 150 137 76 90 165 142 59 97 160 128 51 99 171 120 75 359 180 104 102 472 180 90 101 292 190 96 104 150 135 96 102 163 177 109 96 45 207 112 77 %9 191 108 108 110 113 121 128 123 122 132 133 134 110 126 121 117 90 119 96 118 100 119 111 118 108 133 113 144 111 138 113 136 120 146 135 141 137 143 107 121 104 146 109 136 111 127 95 99 99 96 107 105 83 126 131 136 137 141 143 139 146 149 151 152 146 128 154 124 128 192 144 124 132 111 113 119 133 159 127 133 199 148 129 138 118 113 126 137 164 128 141 203 156 133 144 122 115 132 140 165 136 139 199 159 136 146 126 114 136 145 165 133 141 203 155 142 155 130 115 140 147 173 124 150 214 167 143 154 131 115 146 143 159 109 141 199 155 140 154 128 109 140 150 170 109 151 215 164 147 163 139 110 145 151 168 112 142 210 163 148 167 144 107 145 155 173 121 145 214 169 152 167 147 110 151 159 186 144 167 r 225 r 179 155 167 155 113 160 r 154 r 128 120 130 124 134 126 135 130 136 136 143 137 135 133 143 138 136 138 145 143 109 115 121 124 126 127 116 121 125 104 110 113 107 92 96 Newsprint consumption... 100 96 92 l51 152 174 134 148 r 214 r 166 151 166 154 107 144 158 183 140 153 r 223 177 154 168 152 107 151 159 186 137 158 229 179 155 167 154 108 151 151 140 146 143 151 147 165 147 131 138 131 125 126 106 112 117 117 99 102 r r r 168 p 130 107 Petroleum and Coal Products.. 120 120 119 120 126 128 129 131 134 135 136 138 132 129 Petroleum refining Gasoline Fuel oil.. Lubricating o i l . . . Kerosene Coke Byproduct coke... Beehive coke 3 115 113 123 108 126 150 143 367 115 114 123 103 124 152 145 398 114 114 118 104 115 154 145 434 119 118 117 122 119 133 134 69 125 127 122 131 103 154 146 429 128 130 124 131 111 154 146 453 131 134 125 130 117 152 144 425 132 134 130 129 121 153 145 437 134 135 130 137 126 153 145 410 134 136 132 131 127 160 151 r 474 128 129 127 129 126 161 152 r 472 124 121 129 129 128 161 152 r 493 Chemicals 122 124 129 136 139 142 148 153 151 153 153 158- Rubber Products. 145 151 155 157 153 130 131 134 148 123 124 121 153 128 128 127 158 134 135 132 160 131 132 130 122 124 124 ' 126 119 121 122 134 115 102 148 154 141 145 435 386 138 135 192 162 164 196 144 152 144 151 145 155 156 126 126 125 132 117 118 110 134 108 108 103 137 103 104 94 103 104 102 67 67 64 33 32 33 28 28 27 Minerals—Total. 113 114 r 116 96 127 131 130 134 137 138 135 125 124 P118 Fuels 117 118 r 87 118 123 121 125 129 131 130 129 131 130 ^122 130 114 111 134 112 112 r 142 105 114 18 76 116 126 88 118 132 116 120 128 107 119 135 120 122 144 122 124 142 123 127 143 99 128 138 94 129 144 104 129 141 121 127 P140 95 93 92 149 181 181 184 187 182 181 161 151 116 125 112 131 210 156 121 133 107 130 323 159 117 127 114 121 326 152 116 136 116 123 344 147 110 125 116 122 335 152 116 131 126 126 311 152 120 135 131 117 281 156 119 134 152 107 231 157 128 131 132 106 Rubber consumption. Tires and tubes. Pneumatic tires.. Inner tubes Bituminous coal.... Anthracite Crude petroleum Metals. Iron ore shipments.. Copper Lead Zinc Gold Silver 145 116 125 126 129 155 116 126 113 129 120 r 125 r r 159 124 138 130 105 91 90 158 131 138 107 106 160 140 146 Pill p 159 150 477 p 165 26 26 27 *>97 23 165 131 r p Revised. Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 23 Includes also printing paper production shown under "Paper." T h e Bureau of Mines has changed its method of calculating daily average output of beehive coke from a 6-day week basis with two holidays a year, July 4 and December 25, to a 7-day week basis with no holiday allowances. Beginning in December 1941, computation of the Board's index has been changed accordingly. The daily average base no,w used is 4,420 net tons. N O T E . — F o r description and back figures, see B U L L E T I N for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. MAY 1941 491 FACTORY EMPLOYMENT, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100] 1941 1942 Industry and group Feb. Totall Durable good si Nondurable goods* . Mar. Apr. May June July Aug. Sept Oct. Nov. 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134,4 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.7 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 125.6 Dec Jan. 144.3 1 4 6 . 6 126.0 124.9 146.8 146.5 123.5 122.5 136.5 149 167 100 133 122 94 91 208 124 100 112 141 153 175 125.5 133 145 92 108 94 114 98 201 106 106 100 112 126 126.2 133 151 92 111 96 116 100 203 107 106 100 113 128 208 128.3 136 153 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 95 122 105 118 102 220 114 114 104 129 139 214 139.1 149 169 95 130 112 105 102 228 123 121 105 131 142 218 140.2 150 173 94 130 112 116 103 231 126 115 107 132 146 198 139.7 149 172 97 128 113 117 100 231 125 109 106 132 147 214 138.2 148 170 98 129 115 115 98 225 125 105 107 127 145 203 138.3 148 169 101 130 115 113 98 225 123 104 107 138 146 201 r 138.9 139.0 150 149 170 170 98 100 136 134 119 117 r r 99 106 96 98 217 220 127 125 109 108 108 107 147 141 r 151 148 184 199 Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products.. Machine tools Radios and phonographs Textile machinery Typewriters 144.2 140 140 137 239 120 296 165 92 110 148.1 126 146 142 243 124 304 178 95 134 155. 158 151 147 245 129 315 189 98 138 161.6 166 150 153 259 134 326 197 101 143 167.3 170 163 159 275 139 337 184 104 150 173.0 175 168 164 294 143 349 191 107 155 177.7 182 170 168 315 146 366 187 108 157 177.8 181 173 168 323 147 355 183 110 158 179.3 180 175 168 348 148 360 179 110 160 181.2 172 177 168 371 149 365 194 109 159 r Nonferrous Metals and Products . Aluminumi Brass, bronze, and copper... Clocks and watches Jewelry Lighting equipment Silverware and plated ware . Smelting and refining 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9 5,398 5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794 123 128 132 123 125 129 149 139 128 127 74 70 70 100 71 81 98 89 87 100 54 74 52 58 61 51 73 67 70 77 285 268 341 262 490 301 440 387 533 398 135.1 224 176 109 105 112 79 100 136.2 220 179 111 107 110 79 101 138.9 229 181 115 111 112 81 101 140.7 234 182 118 113 112 82 102 144.1 230 190 121 115 115 84 102 147.8 240 193 125 120 118 94 103 147.9 246 195 121 119 118 87 105 144.8 247 194 110 110 119 85 103 143.1 240 191 114 105 119 84 100 142.2 244 192 110 106 114 82 99 75. 98 72 67 74.0 98 71 65 74., 101 70 65 74.6 104 69 64 75.9 106 71 65 78.9 108 75 68 78.4 107 76 68 77.3 103 75 68 76.4 101 76 67 76.9 104 75 67 Stone, Clay and Glass Products . Brick, tile, and terra cotta. Cement Glass Marble, granite, and slate.. Pottery 92.9 74 76 116 47 108 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 107.1 99.1 84 100 93 134 83 142 69 78 141 64 98 120.5 111 166 113 118 82 126 92.3 71 75 118 46 108 107.6 100. 83 101 94 136 83 142 68 78 143 66 102 119.3 110 164 114 118 78 125 92.3 70 74 121 45 109 109.8 103.3 86 103 97 138 80 141 71 79 141 69 109 119.8 114 159 114 119 78 128 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 61 112 126.6 119 171 123 134 77 134 98.9 73 79 131 45 121 112.9 105.4 90 112 108 135 78 133 77 87 147 60 109 124.7 120 165 112 127 75 131 100.9 76 82 133 45 121 113.3 105.1 90 111 109 130 78 132 78 87 147 61 110 126.9 125 167 122 121 68 132 92 88 95.5 93 90 96.8 94 90 101.0 98 95 100.2 97 97 97.9 94 96 98.0 94 98 99.6 96 97 104.2 101 98 Lumber and Products .. Furniture Lumber, millwork. Lumber, sawmills.. Leather and Manufactures . Boots and shoes Leather Mar 134.9 135.5 134.9 134.2 r 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 Feb. r r 183.4 167 178 150 * 206 109 159 r 205.4 * 111 r r l43.4 108 113 106 83 100 78.1 105 75 68 r 187.2 161 176 190. < 193.8 161 159 178 176 153 * 220 110 157 r 210.1 * 96 155 # 235 110 152 214.6 r 146.7 146.2 145.7 112 116 102 110 112 98 78 102 79.1 105 75 70 77., 75.0 104 102 73 72 68 65 r 102 82 101.6 104.5 80 77 88 85 134 132 48 45 125 121 r 113.2 111.7 104.4 103.7 85 90 110 110 106 109 131 133 73 76 129 133 78 81 90 86 149 147 59 60 107 107 128.2 124.9 122 128 161 169 112 115 115 113 72 68 144 135 103.1 100 97 135.1 148 168 99 134 124 94 89 205 123 93 113 128 153 166 r 98.8 95 96 157 251 108 147 216.8 * 81 110 111 95 77 102 99.9 78 87 126 43 120 109.6 101. 81 110 106 131 71 126 79 86 149 59 99 122.5 117 162 116 113 78 133 96.7 75 84 123 41 116 109.3 102.5 75 110 107 132 69 124 79 86 151 61 103 119.7 117 156 113 111 74 129 96.3 92 95 96.4 92 96 r Revised. * Included in total and group indexes but not available for publication separately. l Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p . 166, and for June 1941, p . 569. NOTE.—Figures for March 1942 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. FEDERAL RESERVE BULLETIN Factory Employment {Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1941 Industry and group Feb. 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 . Mar. Apr. May June July 131.0 131.3 132.5 135.0 137.3 145 149 151 148 146 279 287 277 286 278 99 105 107 105 102 144 140 147 156 139 88 89 92 90 91 78 79 77 80 78 79 82 81 78 79 119 114 111 121 113 144 99 93 97 111 102 89 103 101 97 Aug. 138.4 149 289 102 161 97 79 78 123 89 94 140.9 152 298 104 169 100 77 79 124 76 93 Sept. r 138.8 151 295 102 r 157 91 79 78 125 98 103 Oct. Nov, r 140.7 147.0 152 152 303 311 102 106 r 164 201 90 96 78 78 83 83 126 127 91 98 103 98 64.9 54 66 64.0 54 65 65.0 54 66 65.8 54 67 65.8 53 68 65.7 53 67 64.4 53 66 Paper and Printing Boxes, paper Paper and pulp Book and job printing Newspaper and periodical printing ... 117.2 122 117 101 116 118.5 125 119 103 117 119.8 129 120 104 117 121.2 132 123 104 117 122.9 139 125 104 117 124.8 142 126 108 117 125.1 143 128 106 118 124.4 141 128 105 117 124.9 124.8 138 139 128 129 108 107 116 117 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 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 * 112 135 324 91 136.9 123 140.4 168 106 129 * 118 136 330 93 140.7 125 144.7 172 107 132 * 124 140 337 94 143.0 127 146.9 173 109 136 * 129 145 326 98 145.2 127 149.6 179 101 138 144.7 127 148.9 180 124 148 328 99 124 145 324 96 145.9 147.0 128 129 150.1 151.4 184 181 93 95 144 141 * * 118 115 144 144 320 323 94 94 Rubber Products Rubber boots and shoes Rubber tires and inner tubes Rubber goods, other r 62.0 64.1 54 54 65 63 100.4 102.0 103.9 106.1 111.7 113.0 113.3 111.6 74 82 79 82 69 69 75 82 86 80 79 87 87 87 176 192 177 174 194 200 196 83 179 Revised. * Included in total and group indexes but not available separately. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] n Total non-agricultural employment 1 2 Year and month 65.0 54 66 110.1 110.1 78 80 86 86 189 187 Dec. r 147.5 152 316 106 r 188 95 79 83 133 141 101 r Jan. Feb. Mar. r 148.3 147.5 152 153 310 310 r 105 106 r 189 182 92 94 80 80 r 82 82 138 139 115 168 90 97 144.5 152 304 108 170 94 79 82 13.7 104 93 66.5 56 68 69.2 54 71 125.9 140 129 107 120 125.2 142 130 107 116 123.4 139 130 103 115 122.1 135 129 102 114 148.0 150.0 130 129 152.6 154.9 189 187 93 93 152 146 * * r 124 115 145 144 313 320 94 95 109.6 r99.8 73 78 r 75 85 r 175 189 152.7 131 158.0 191 94 152 145 143 308 92 150.9 131 155.7 188 87 153 * 116 142 308 91 76 74 173 98.5 75 75 171 66.7 66.2 52 53 69 68 • Employees in nonagricultural establishments Total 2 Manufacturing* Mining TransporConstruc- tation and tion public utilities Trade* Financial, service, and miscellaneous Government 2 4,162 4,166 4,188 4,204 4,242 4,246 4,241 4,251 4,266 4,274 3,975 4,017 4,059 4,110 4,123 4,179 4,222 4,250 4,290 4,312 4,273 4,266 4,261 4,461 4,510 4,571 Military and naval forces SEASONALLY ADJUSTED 1941—March April May June July August September October November December 38,263 38,329 38,824 39,296 39,903 r 40,101 r 40,016 r 40,192 r 40,603 r 40,905 32,120 32,186 32,681 33,153 33,760 r 33,958 r 33,873 r 34,049 r 34,460 r 34,762 11,413 11,636 11,886 12,221 12,605 r 12,615 r 12,548 r 12,599 r 12,735 r 12,789 855 572 877 889 914 923 908 892 892 892 1,933 1,859 1,698 1,644 1,668 1,666 1,683 1,776 1,924 2,156 3,105 3,133 3,192 3,220 3,264 3,302 3,303 3,292 3,310 3,322 6,677 6,803 6,781 6,865 6,944 7,027 6,968 6,989 7,043 7,017 1942—January February March r 40,891 40,849 40,782 r 34,748 34,706 34,639 r 12,848 12,811 12,758 873 852 850 2,061 2,091 2,069 3,325 3,314 3,322 6,907 6,862 6,808 37,761 38,228 38,902 39,475 39,908 40,292 40,710 40,783 40,756 r 41,080 31,618 32,085 32,759 33,332 33,765 34,149 34,567 34,640 34,613 r 34,937 11,457 11,684 11,886 12,154 12,391 12,595 12,777 12,805 12,763 r 12,734 864 564 869 876 888 900 906 915 911 908 1,631 1,775 1,782 1,816 1,895 1,921 1,936 1,960 1,961 1,874 3,056 3,113 3,185 3,239 3,290 3,326 3,367 3,365 3,322 3,296 6,578 6,792 6,753 6,861 6,837 6,897 7,008 7,070 7,146 7,511 4,097 4,174 4,235 4,260 4,300 4,300 4,325 4,256 4,229 4,227 3,935 3,983 4,049 4,126 4,164 4,210 4,248 4,269 4,281 4,387 r r r 876 860 859 1,658 1,645 1,747 3,255 3,250 3,274 6,757 6,686 6,707 4,180 4,180 4,195 4,404 4,459 4,589 r 1,343 1,546 1,662 1,740 1,857 1,944 1,992 2,014 UNADJUSTED 1941—March April May June July August September October: November December 1942—January February March , , 39,865 39,933 40,298 33,722 33,790 34,155 12,592 12,710 12,784 1,343 1,546 1,662 1,740 1,857 1,944 1,992 2,014 * Adjusted to Census of Manufactures through 1939. r Revised. available for publication. Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 21 Tn, Excludes military and naval forces. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for March 1942 are preliminary. Back figures, adjusted for seasonal variation, may be obtained from the Division of Research and Statistics. 1 Not tNo 1 MAY 1941 493 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 payrolls Factory employment Industry and group Total1 Durable goods1 Nondurable goods 1 . 1941 Nov. 1941 1942 Dec. Jan. Feb Mar. 117.8 121.0 114.7 r 119.9 134.8 r134.2 132.3 r 123.7 144.6 1 4 4 . 2 143.2 116.3 125.4 124.8 121.8 r 1942 Feb. Mar. Feb. 133.6 145.1 122.7 134.5 147.0 122.6 126.8 131.2 165.4 139.3 144.6 190.3 112.9 116.3 137.4 Mar. Nov. Dec. Jan. r l69.9 r173.4 r 195.4 204.4 141.3 138.7 125.0 133 146 89 109 95 115 99 202 106 99 96 104 126 208 127.2 135 151 91 113 97 117 101 207 107 103 97 107 130 210 138.8 148 169 98 133 115 113 98 225 125 110 108 135 147 204 138.0 136.3 149 149 170 170 97 98 133 134 121 118 r99 r 106 95 97 213 220 122 124 92 104 106 106 137 134 r 151 150 184 199 136.0 136.1 150 149 168 169 98 97 136 134 125 123 95 94 90 92 210 209 123 124 92 94 110 107 122 131 156 153 168 175 137.0 145 193 97 115 130 135 97 233 110 94 94 116 153 253 Machinery Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry and machine-shop products. Machine tools Radios and phonographs Textile machinery Typewriters 143.4 144 140 136 236 120 297 145 93 109 147.7 133 146 142 248 124 307 149 96 134 181.4 168 177 169 353 149 367 218 109 162 r r 183.4 185.0 164 167 175 176 189.7 193.3 168 166 176 178 176.9 186.2 255.3 r269.6 162 224 219 174 179 223 239 166 186 242 176 676 376 345 191 144 203 136 599 462 * 448 r r 267 157 286 146 141 110 150 105 236 159 235 122 r 210.4 r 287.8 r290.6 197.2 191.0 215.6 223.0 * * 6,441 6 678 13,183 * 163 176 160 148 86 89 112 66 67 106 61 58 829 365 338 r Transportation Equipment Aircraft Automobiles Cars, electric- and steam-railroad Locomotives Shipbuilding Nonferrous Metals and Products Aluminum 1 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.... .„ .„ ... .x. .„ 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 157.2 161.2 5,344 5,564 130 132 69 71 49 52 257 272 150 * 219 109 162 208.9 r210.2 • * 100 116 9,696 130 97 77 533 134.7 137.0 225 224 176 181 109 111 102 104 111 112 78 80 100 101 72.0 96 70 63 72.6 97 70 64 86.9 64 66 116 42 108 110.1 101.7 84 103 95 140 84 143 68 78 142 67 103 124.2 114 173 115 119 89 126 89.7 65 69 120 43 111 111.6 102.7 86 104 98 142 85 144 68 80 146 67 103 127.0 116 178 118 123 91 128 146.1 247 192 116 120 120 87 ' 100 77.9 108 76 66 152 * 209 110 157 r r 113 116 110 86 101 76.6 107 74 65 101.5 99.7 76 74 82 81 133 132 46 44 124 122 113.4 113.0 106.1 106.2 90 90 112 112 109 109 133 135 76 76 135 135 80 77 88 86 146 146 61 61 109 111 124.9 r123.2 121 121 163 165 113 122 120 130 60 61 135 137 157 * 211 109 147 144.3 145.7 146.6 145.3 r 155 * 207 111 151 151.2 285 224 125 90 105 77 105 155.5 182.0 371 258 261 238 155 129 115 94 124 106 102 82 121 106 174.2 r173.7 185 185 260 261 120 117 165 171 196 209 r r 138 133 110 99 298 294 161 169 112 94 121 125 174 181 211 218 264 265 r 193.3 r 181.6 194 270 127 181 222 137 103 308 173 104 140 153 234 242 191 270 125 179 216 132 104 300 169 103 134 165 224 249 284.2 229 250 294.8 304.9 247 241 265 260 211 * 277 154 226 219 * 279 154 222 228 * 290 153 211 329.3 * 154 337.0 * 135 347.9 * 131 r r 198.0 201.6 206.6 159 115 109 96 129 85.8 121 72 68 81.. Ill 66 68 86.0 116 67 72 115 68 72 106.6 13 89 171 35 131 r 103.7 67 85 171 30 136 105.5 69 88 173 31 137 110 108 96 78 102 74.0 102 71 64 74.2 102 71 64 73.7 101 71 64 70.6 90 58 61 72.8 94 58 63 86.4 119 71 70 r 94.1 93.7 69 68 78 76 125 126 39 39 119 120 112.7 113.3 104.6 104.9 80 77 113 114 109 112 137 138 73 71 127 125 80 79 88 86 153 150 62 62 104 104 126.2 127.3 122 121 170 168 116 117 115 114 84 86 133 133 82.0 55 62 135 30 100 85.2 56 66 141 31 105 105.8 73 91 168 35 129 103. 98.5 79 102 101 129 89 156 60 77 129 56 100 107.9 96 143 127 124 76 118 107.0 101.1 83 105 105 133 90 161 61 82 133 58 100 112.2 99 148 133 129 85 122 118.3 r 122.1 118.9 123.7 94 95 135 140 128 129 133 141 76 83 160 164 77 74 97 98 139 144 61 62 125 134 109.8 109 r 133 127 138 150 133 157 40 40 153 156 110.8 104.8 82 112 106 134 73 128 75 85 144 60 109 119.5 117 156 110 107 71 131 178.4 154 106 108 90 127 110 109 97 78 102 95.2 69 78 128 40 121 181.9 216.3 143.4 149 102 113 87 126 150 121 115 101 124 109 100 79 102 r Mar. 178.2 210. 141.8 r 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 141.2 171.9 183 149 253 199 118 99 161 123 181 138 r 147 138 106 101 288 241 150 112 115 103 116 97 166 122 205 161 278 256 Feb. r r 99.4 65 84 166 30 r 119 119.8 127.1 129.2 122.0 123.8 124.7 82 85 81 142 145 146 129 143 149 142 149 151 80 80 71 153 158 154 73 79 83 99 102 107 143 157 161 62 66 68 130 122 123 r 108.1 125.7 130.1 r 108 118 123 128 159 164 136 157 157 119 140 141 51 76 82 141 149 152 r Revised. * Included in total and group indexes b u t not available for publication separately. Indexes adjusted t o Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p . 166. 1 494 FEDERAL RESERVE BULLETIN Factory Employment and Payrolls—Continued [Indei 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 Manufactures 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 Tobacco Manufactures Tobacco and snuff Cigars and cigarettes 1942 1941 Feb. Mar. Nov. Dec. 96.9 98.7 96.7 99.2 95 88 97 89 92 98 95 98 119.1 120.3 r145.9 143 145 154 255 91 85 86 77 68 111 53 89 264 96 80 89 77 70 111 43 96 291 r 104 163 110 r 141.0 63.7 63.3 68.4 57 54 55 65 64 70 r 1941 Feb. Mar. 98.9 100.2 100.9 95 96 97 97 98 97 135.3 r 152 289 101 r 124 106 79 73 130 265 97 Jan. 91.5 96.1 89 92 94 94 133.4 131.7 119.6 150 150 282 98 284 98 111 90 150 289 101 99 92 80 78 92 79 79 70 144 72 93 71 138 228 99 r 69 138 43 89 72 134 40 92 Mar. Feb. 1942 Nov. Dec. Jan 97.0 106.7 r 158 358 96 r 130 123 73 73 83 89 90 60 114 57 73 62 114 46 92 67 154 308 89 67 169 255 98 65 182 76 91 161 375 102 111 107 91 88 67 163 54 79 69 159 53 83 65.5 65.5 61.7 62.7 77.1 72.7 72.3 55 52 64 64 72 74 67 67 61 62 78 77 n 73 70 64 128.3 124.7 123.2 121.7 117.1 144.1 136.5 135.1 134.9 137 130 135 130 133 129 193 170 179 172 177 174 174 175 147 129 145 129 110 122 108 115 105 115 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 128.5 119 130.8 131.6 148.4 120 129 134.6 153.2 148.5 129 153.2 149.4 129 154.3 153.0 130 158.7 153.7 144.8 130 132 159.5 148.7 149.1 195.6 168 133 154.0 204.2 186 188 104 152 105 155 186 194 93 155 105 136 202 155 159 185 186 112 119 100 121 123 148 117 149 102.8 111.2 H6.8 150.2 160 356 98 • 128 104 55 108 118 100.7 348 94 r 122 105 110 124 63.4 102 117 Rubber Products Rubber boots and shoes Rubber tires and inner tubes Rubber goods, other 158 r 115.5 67.5 57 69 123 119 101 150.6 160 351 97 173 126 119 117 143 323 97 154.6 140 103 116 141 108 122 313 85 76 94 118.1 126.7 133 312 91 101 119 138 117.1 113 113.4 157.2 122.4 157.7 Mar. 107.3 295 81 76 89 Paper and Printing Boxes, paper Paper and pulp. Book and job printing Newspaper and periodical printing.... 129 311 90 100 122 88 118 Feb. 106 r 142 321 92 r 99.6 110.3 68 69 82 81 79 175 80 179 86 190 85 ''189 124 141 316 92 74 r r 75 174 102 114 159 141 313 92 99.0 120.3 137.5 136 133 145 136 93 110 95 112 173 93 141 313 93 142 328 113 93 138 117 / 99.3 115.3 75 74 174 75 79 75 173 100 185 147 333 115 194 167 105 116 265 131 188 99 172 385 139 119.5 140.6 80 103 195 110 118 227 r 70.2 70 72 70 110 129 105 113 100 114 200.9 174 209.3 202.0 171 211.5 208.8 178 218.3 211.0 179 220.8 272 276 278 126 185 110 193 276 107 187 120 173 392 133 176 391 135 106 176 391 134 136.9 110 109 236 r r 127.4 99 114 96 194 155 177 179 394 127.4 134.7 136 97 96 99 218 102 222 107 238 r 103 r r Revised. * Included in total and group indexes but not available separately. NOTE.—Figures for March 1942 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 IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Industry and group 1941 Jan. Feb. Oct. Total 39.0 40.0 41.1 Durable goods 40.6 41.6 42.9 Iron and Steel andj Products Machinery Transportation Equipment Nonferrous Metals and Products Lumber and Products Stone, Clay and Glass Products Nondurable goods 39.8 43.2 40.4 41.4 38.9 36.5 40.7 44.2 42.1 41.8 39.4 37.2 37.3 35.7 36.9 33.3 37.3 39.0 35.7 38.8 38.9 35.7 39.9 39.0 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) 1942 1941 Dec. Jan. Feb. Jan. Feb. Oct. 40.3 41.2 41.5 42.2 68.9 69.2 41.8 42.8 43.7 44.4 75.8 76.2 41.5 45.4 43.0 42.7 41.5 39.2 40.9 44.6 41.4 41.6 39;5 37.8 41.4 46.3 42.2 43.4 39.7 38.6 41.3 47.1 46.0 43.8 38.9 37.9 42.1 47.3 46.2 43.8 40.5 39.3 78.6 76.8 91.1 74.0 52.9 68.2 38.3 39.1 38.6 39.4 39.1 39.7 37.4 38.3 35.7 39.1 39.5 35.4 39.1 37.6 38.8 35.4 37.7 40.9 38.7 40.3 37.1 38.4 34.4 36.4 40.2 38.5 40.4 38.1 39.6 35.1 38.7 40.7 39.1 41.0 37.7 39.3 34.4 38.8 40.8 37.9 40.1 38.9 40.1 36.6 39.9 40.9 37.0 40.0 38.8 35.6 39.8 39.3 40.2 36.9 41.2 39.1 40.0 36.6 40.9 39.3 40.5 38.0 41.2 38.8 40.2 37.3 40.9 39.3 40.6 38.8 41.1 39.7 Nov. 1942 Nov. Dec. Jan. Feb. 77.0 78.1 78.7 80.1 80.3 85.3 86.5 87.1 88.9 89.3 79.1 77.2 91.7 74.0 53.4 68.5 87.7 86.1 101.9 82.2 59.8 74.4 88.6 86.8 104.2 83.1 60.2 74.9 89.4 87.9 103.5 84.8 60.2 75.3 90.4 89.9 106.9 86.5 60.7 75.1 90.9 90.6 105.9 87.2 61.3 75.9 62.0 62.1 68.0 68.8 69.5 70.1 70.0 51.2 49.2 55.2 55.5 64.9 49.8 80.2 51.5 49.2 56.1 56.4 65.1 49.5 80.3 58.1 56.6 61.1 63.5 67.9 52.7 83.4 57.9 56.7 60.4 64.4 69.5 53.2 84.1 58.3 57.1 60.9 64.9 70.3 53.0 85.5 58.9 57.4 62.0. 64.9 71.8 54.9 85.2 59.2 57.4 62.9 65.8 71.2 54.4 85.4 77.0 97.0 70.6 78.8 77.0 97.0 70.7 79.2 86.1 109.7 79.4 86.5 87.5 110.9 80.6 87.0 88.1 110.6 81.5 87.5 88.6 110.7 82.2 r 88.7 88.1 110.4 81.9 88.2 Revised. MAY 1941 495 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. u Month Year Commercial Factories January February March April May June July August ... . September October November December 1 Nonresidential building Residential building Total 1942 1941 1942 1941 1942 1941 305.2 270.4 479.9 406.7 548.7 539.1 577.4 760.2 623.3 606.3 458.6 431.6 316.8 433.6 111.3 116.5 147.9 166.5 201.3 205.6 205.0 231.5 175.7 171.8 116.5 104.3 102.8 168.0 55.9 37.8 121.8 66.2 81.1 102.3 109.8 135.7 113.5 118.6 122.7 116.1 1,953.8 6,007.5 1941 75.4 84.5 26.9 20.9 33.1 36.2 50.8 35.7 37.2 69.8 51.9 48.6 29.3 30.7 1,181.5 Educational 1942 1941 1942 11.6 7.9 10.4 11.2 17.1 13.5 19.1 11.7 8.2 13.9 7 3 8.8 17.7 21.8 471.2 1 9.1 9.2 140.9 Other 1941 24.2 23.5 36.1 29.7 53.5 49.0 54.5 69.4 44.7 88.5 33.6 15.3 Public works and public utilities 1 1 1942 1941 1942 21.0 54.2 75.1 63.9 130.6 90.9 95.9 96.9 144.9 133.0 151.7 242.0 229.3 165.0 149.2 156.3 522.1 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 ownership 1 Month January February March April May June J u ly August September October November Year 1937 1938 1939 1940 .1941 1942 1937 1938 1939 1940 1941 1942 1937 1938 1939 1940 1941 1942 243 188 231 270 244 318 322 281 207 202 198 209 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 354 196 305 201 270 272 480 301 407 329 . 549 325 539 399 577 760 415 623 348 383 606 380 459 432 456 317 434 611 112 69 66 74 93 137 131 104 80 118 51 95 99 144 108 98 171 160 203 179 279 148 111 128 160 135 128 137 158 144 92 144 225 93 82 95 103 112 147 205 195 144 175 195 258 124 105 269 184 267 314 348 520 403 371 298 288 198 310 473 130 119 165 195 151 180 191 178 127 124 106 94 75 104 109 173 170 174 161 163 154 179 170 156 129 104 119 177 197 217 181 166 211 223 281 225 229 240 220 235 161 144 119 123 138 78 93 115 2,913 3,197 3,551 4,004 6,007 1,152 1,705 1,708 1,802 3,492 68 132 123 139 143 142 142 141 154 123 110 177 194 220 204 209 186 198 1,761 1,492 1,842 2,202 2,515 l Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] 1942 1941 Number Federal Reserve district Federal Reserve district Mar. Feb. Mar. 39,795 29,320 30,783 29,091 50,301 26,653 27,015 44,862 29,593 Cleveland .. „ Richmond , Atlanta 48,519 130,782 41,072 32,821 80,772 27,928 35,049 57 017 27,371 Chicago . . . St. Louis Minneapolis 140,677 65,351 5,181 72,876 49,545 6,597 132,391 81,108 8,053 32,385 46,934 13,992 42,981 15,670 21,774 610,799 433,557 479,903 Boston New York Philadelphia Kansas City Dallas Total (11 districts) 496 1942 Mar. Boston New York Philadelphia Cleveland Richmond Atlanta . ... Chicago i St. Louis Minneapolis Kansas City Dallas San Francisco Total Liabilities 1942 1941 Feb. Mar. 1941 Mar. Feb. 875 Mar. 80 381 70 58 39 45 157 39 17 59 13 90 94 297 46 41 31 36 132 34 13 59 19 114 108 456 78 81 35 44 146 48 15 49 30 121 935 4,420 501 818 307 469 2,279 482 94 636 133 937 2,646 323 415 275 544 1,624 336 626 361 253 1,353 1,246 4,466 1,164 1,003 547 439 1,410 800 206 455 366 1,342 1,048 916 1,211 12,011 9,631 13,444 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] Merchandise exports1 Merchandise imports2 Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 223 233 257 289 262 275 213 219 268 370 347 351 325 303 357 240 278 307 171 163 173 178 158 190 242 200 217 229 234 268 -18 -45 —51 118 99 102 35 61 77 128 147 134 96 69 89 269 290 265 274 257 233 231 249 236 323 324 350 387 385 330 287 285 286 160 148 146 186 202 179 212 211 211 287 297 280 — 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 365 460 425 265 246 233 141 166 168 169 176 182 232 221 195 278 283 262 3 31 63 87 65 79 61 74 107 84 130 101 r 87 178 162 October November December 333 315 323 278 252 269 332 292 368 344 328 322 3666 492 652 224 223 209 178 176 171 215 235 247 207 224 253 304 281 344 108 92. 115 100 76 98 117 57 121 137 104 69 3362 211 308 3,349 3,094 3,177 4,021 5,146 3,084 1,960 2,318 2,625 3,345 265 1,134 859 1,396 January February March April May June „ . .. Year r r r r l,801 r 1 2 3 Revised. Including both domestic and foreign merchandise. General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. Source.—Department of Commerce. Backfigures.—SeeBULLETIN 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] REVENUES, EXPENSES, A N D INCOME OF CLASS I RAILROADS [In millions of dollars] Forest Totai Coal Coke Grain Livestock prod- Ore ucts lane- 181 192 266 266 152 156 155 149 204 204 246 131 128 130 136 139 140 141 135 133 144 149 Miscel- Merchandise I.C.I. SEASONALLY ADJUSTED 1941—February... March April May June July... August September.. October.... November.. December.. 1942—January . . . . February. . March 113 128 45 138 156 150 158 133 121 121 111 124 126 112 135 139 138 139 130 127 135 137 140 139 136 C 119 116 122 C 102 113 113 124 126 112 103 111 97 118 124 93 93 93 91 88 83 84 84 95 93 101 142 131 119 C 149 168 137 182 189 200 199 176 165 159 167 153 150 168 c C 99 95 97 133 127 130 130 136 149 152 138 140 146 145 156 159 149 C 186 187 282 C 152 151 \U3 C Total railway operating revenues Total railway expenses Net railway operating income Net income 389 402 417 382 439 474 471 485 464 453 476 486 316 319 334 323 346 363 370 377 379 403 403 410 73 83 83 59 93 110 100 108 85 49 73 76 32 43 41 17 50 68 58 65 42 11 33 37 495 519 413 420 82 99 40 1941—January February March April May June July August September October November December 377 358 416 375 442 455 485 494 489 518 457 315 300 336 322 354 362 379 382 385 424 388 399 62 58 81 53 89 93 106 111 104 94 69 81 r19 15 35 7 43 53 64 66 59 54 29 55 1942—January February 481 462 412 396 69 66 26 SEASONALLY ADJUSTED* 101 1941—January February March April May June July August September October November December 100 102 102 102 100 99 97 97 99 100 97 100 1942—January February 92 c r UNADJUSTED UNADJUSTED 1941—February March April May June July August September October November December 1942—January ...... February March 115 r 121 108 131 136 138 140 145 144 141 128 129 129 129 C 183 175 120 167 170 172 167 172 165 168 182 129 132 38 117 131 127 139 140 138 135 125 136 132 125 C 184 184 175 C 85 97 96 107 123 163 125 122 104 115 113 75 74 82 82 69 70 80 111 146 117 97 125 110 102 C c 95 76 77 128 127 130 135 141 149 160 149 147 143 129 140 153 149 C 45 50 203 276 265 283 271 261 232 199 69 46 47 73 C 118 r 125 131 138 141 139 141 150 151 150 138 134 135 139 C 98 101 103 102 101 99 99 102 101 101 96 93 96 92 C p p r Preliminary. Revised. •Derived from Interstate Commerce Commission data. 5 Revised. Corrected. NOTE.—Descriptive material and back figures may be obtained N O T E . — F o r description a n d b a c k d a t a , see p p . 529-533 of t h e B U L L E T I N for from the Division of Research and Statistics. J u n e 1941. Based on daily average loadings. Basic d a t a compiled b y Association of American R a i l r o a d s . T o t a l index compiled b y combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MAY 1941 497 DEPARTMENT STORE STATISTICS SALES BY D E P A R T M E N T S M O N T H L Y INDEXES OF SALES A N D STOCKS {Index numbers based on value figures; 1923-25 average = 100.] [Percentage change from corresponding period of preceding year.] Unadjusted Seasonally adjusted March, 1942* Department 1939 1940 1941 92 90 89 89 89 91 92 98 97 94 100 101 101 103 103 104 105 104 115 134 116 105 116 111 1942 1939 1940 1941 1942 138 126 124 69 69 82 88 87 83 60 69 97 99 106 168 71 71 86 86 89 87 64 108 99 118 105 101 114 179 79 82 93 106 105 100 79 106 125 112 133 197 90 94 110 60 65 69 69 68 64 60 65 71 77 82 64 61 68 71 71 70 64 61 66 73 79 83 66 64 70 75 76 76 73 73 84 95 108 110 86 68 69 83 SALES 00 00 00 OO January February March April May June....... July August.... September October .. November December 88 88 87 86 87 88 90 92 93 95 Year 77 Basement STOCKS July August September October November December 68 71 70 69 68 67 68 69 70 71 72 71 67 68 68 67 66 67 67 67 68 69 71 68 January... February March April . . May June . . 71 73 74 74 74 77 82 87 92 97 95 92 93 102 Year 83 97 p 109 Preliminary. Back figures.—Department store sales, see BULLETIN for August 1936, p 631, for October 1938, p. 918, and for January 1941, p. 65; department store stocks, see BULLETIN for March 1938, p . 232. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1935-39 average = 100.] 1939 Mar. 11 18 25 Apr. 1 8 15 22 29 1941 1942 Mar. 8 . . . . . 98 Mar 8 . . . . .. 97 1 5 . . . . ..105 2 2 . . . . ..111 2 9 . . . . ..117 131 Apr 5 136 12 1 9 . . : . ..117 2 6 . . . . ..114 Mar. 7 . . . . .125 99 16.... 2 3 . . . . .113 88 30.... 6 112 13 97 20 , 99 27 . 98 14.... 21.... 28.... 4.... 11 18.... 25.... 1940 . 89 . 93 .102 .110 .118 92 . 93 98 Apr. Apr Men's and b o y s ' wear., Main store1.. Men's clothing Men's furnishings, hats, caps... Boys'2 clothing and furnishings. +90 +25 +60 Basement p i 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 s u i t s . . . +51 Women's and misses' dresses +9 Blouses, skirts, sportswear, sweaters, knit apparel +32 Juniors' and girls' wear +40 Aprons, housedresses, uniforms +15 +21 Women's underwear, slips, negligees +39 Infants' wear +28 Women's and children's shoes. Furs2 '. .131 .140 .147 160 120 .135 .129 Home furnishings Main store1 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 Piece goods (dress and c o a t yard goods, all materials) Main store Basement , Shoes (basement only). +7 Three mos., 1942 +26 +26 +28 +29 +28 +31 +54 +57 +42 +17 +17 +27 +27 +31 +50 +8 +30 +37 +14 +28 +34 +31 +8 +70 +26 +49 +17 +18 +10 +22 +20 +20 +35 +22 +29 +28 +32 +47 +48 +39 +24 +24 +37 +14 +27 +28 +29 +25 +26 +34 +33 +41 +27 * Based on reports from 262 stores. Reports of total sales from a larger number of stores, including many stores not reporting sales by departments, showed an increase of 25 per cent for March and 28 per cent for three months of 1942, as indicated in the table below. 1 Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES [Percentage change from corresponding period of preceding year.] Mar. Feb. Three 1942 1942 mos. 1942 United S t a t e s . . . 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 +25 +27 +23 +36 +25 +49 +14 +23 +30 +29 +19 +35 +31 +39 +50 +20 +24 +20 +28 +31 +21 +32 +33 +22 +18 +21 +29 +15 +7 +23 +20 +32 +21 +18 +28 +30 +36 '+43 +18 +9 +28 Cleveland (cont'd) Youngstown +29 Erie +26 Pittsburgh.... +41 Wheeling +27 +35 Richmond Washington +26 Baltimore +26 Winston-Salem... +35 Charleston, S. C, +29 Lynchburg +25 Norfolk +38 Richmond +37 Charleston,W.Va +43 Huntington +51 +23 Atlanta Birmingham +26 Montgomery +26 Jacksonville +31 +35 Miami Tampa +30 Atlanta +40 Macon +36 Baton Rouge.... +37 New Orleans +36 Jackson +36 Chattanooga +33 Knoxville +40 Nashville +28 . +39 Chicago Chicago +29 Peoria +31 Akron Cincinnati. Cleveland Columbus Toledo +19 +21 +29 +25 +38 +30 +25 r +31 +36 + 3 0 +24 r +29 +30 +22 +34 +31 +27 +12 +39 +30 > +24 +18 • +26 +22 " Revised. * Not available. Cleveland.... 498 hree Mar. Feb. mos. 1942 1942 1942 +13 +35 +29 +26 +35 +38 +40 +18 +54 +30 +44 +26 +20 +19 +15 +31 +17 +14 +32 +34 +37 +5 +3' +2: +43 +26 +24 +16 +10 +40 +41 +18 +15 +18 +10 —6 — 12 +16 0 +24 +1 +26 * +25 +21 +23 +17 +2< +20 +17 +1. +17 +23 +24 +17 +10 +2. +14 +19 Chicago (cont'd) +23 Fort Wayne +40 Indianapolis... +31 Des Moines +30 Sioux City +37 Detroit +41 Flint +40 Grand Rapids.. +17 Lansing +61 Milwaukee +30 St. Louis +47 Fort Smith +27 Little Rock.... +26 Quincy +25 Evansville +18 Louisville +46 St. Louis +22 Springfield.... +17 Memphis - 9 Minneapolis +21 Kansas City +11 +26 Denver Hutchinson Topeka +24 Wichita +30 Joplin +30 Kansas City... St. Joseph * Omaha +18 Oklahoma City +27 Tulsa. +23 +22 Mar. Feb. Three 1942 1942 mos. 1942 +28 +16 +12 +24 +37 +27 +17 +11 +28 -9 +14 +9 +30 +26 +52 +28 +20 +16 +17 +30 +29 +16 +18 +16 +3 +7 +39 +42 +25 +13 +14 +8 +27 +12 +12 +31 +23 +38 +26 +19 +22 +19 +25 +10 +24 +21 +15 +11 +11 +39 +20 +19 +8 +23 +3 +25 Mar. Feb. Three mos. 1942 1942 +15 +10 +18 Dallas +44 +23 +18 +28 Shreveport +32 +14 +6 +13 Dallas +20 +15 +19 +22 Fort Worth +15 +18 +7 +20 Houston +31 +18 San Antonio +20 +24 0 San Francisco +26 +29 +29 +21 +32 Phoenix +37 +37 +19 +7 +15 +14 Bakersfield +34 +14 Fresno +17 +19 +29 +48 +45 +48 Long Beach +49 +18 Los Angeles +21 +22 +26 Oakland and +27 +36 +41 +39 Berkeley +25 +29 +34 +31 Sacramento +21 +44 +42 +43 San Diego +32 San Francisco.... +26 +20 +21 +9 +19 +26 +23San Jose +30 +38 +34 +36 Santa Rosa +22 +39 +32 +33 Stockton +23 Vallejo and Napa +66 +65 +67 +19 Boise and +16 +27 +27 +31 Nampa +10 +38 +38 +38 Portland +42 +29 +32 +34 Salt Lake City.. +41 +21 +30 +29 Bellingham +29 +8 +34 +22 Everett +20 +34 +49 +46 Seattle +24 +13 +15 +18 Spokane +10 +29 +21 +33 Tacoma +32 +19 +31 +26 Walla Walla +15 +15 Yakima 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. ^ 64. 8 48. ? 51. 4 65. 3 78.8 80.9 86. 4 68.5 65.3 67. 7 82. 4 99 9 90 74 6 61 0 60 5 70 83 .7 8? 1 S 73 .6 70 4 71 8? *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 1941—January February March April May 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. 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 s 83 .1 84 7 87 89 .5 88 9 89 .3 90 s 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 96.0 96.7 97.6 100.8 101.3 102.8 93 .7 94 .6 96 .1 94.6 94.9 95.2 94.3 95.0 95.6 95.5 95.9 95.7 96.2 96.5 96.8 96.9 97.1 97.2 97.4 97.9 98.1 98.3 98.6 96.9 98.8 100.8 100.3 101.3 100. 1 100. 7 101.9 102.0 101.5 102.3 103.1 103. 4 104. 7 104. 6 105. 7 104. S 91 0 92.5 94.1 93.6 93.9 93 .7 94 0 94.8 95-5 95 .8 95 .8 94.1 94.3 94.4 94.5 94.7 94.5 94.9 94.8 95.0 95.1 95.2 95.3 95.3 95.6 95.6 95.5 95.6 Year, month, or week . . . June ' July August September October November; December.. . . 1942—January.. February March Week ending 1942—January January January January 3 10 17 24 „..»... February 7 February 14. ........... February 21 February 28 . . . March 7 March 14 March 21 March 28 April 4 April 11 April 18 April 25 Total 5 95 .9 97 97 .0 98 6 99 .6 1941 Hides and Fuel and Metals Building Textile lighting and metal materials leather products products materials products Chemicals and allied products Housefurnishing goods Miscellaneous 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 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 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 78.6 79.6 80.6 82.0 83.7 85.1 86.4 87.3 87.6 114.9 115.3 116.7 93.6 95.2 96.6 78.2 78.0 77.7 103.5 103.6 103.8 109.3 110.1 110.5 96.0 97.0 97.1 102 4 102 5 102 6 89.3 89.3 89.7 115.7 115.7 L15.6 115.7 L15.7 L15.8 116.1 116.1 116.3 116.4 116.4 116.6 117.6 118.1 119.8 119.8 L19.8 91.6 92.4 92.6 92.7 93.6 93.5 93.6 93.7 94.9 95.1 95.9 95.9 95.9 97.0 97.1 97.0 97.0 79.0 78.9 78.9 78.9 78.8 78.4 78.7 78.5 78.4 78.5 78.2 78.2 78.1 78.3 77.9 78.1 78.5 103.4 103.5 103.5 103.6 103.6 103.6 103.6 103.6 103.7 103.7 103.7 103.7 103.7 103.8 103.9 103.9 103.9 108.3 108.9 109.1 109.5 109.6 109.4 109.8 109.7 109.9 109.9 110.2 110.4 110.6 110.5 110.5 108.8 108.8 95.1 95.3 95.6 96.5 96.7 96.6 96.9 96.9 97.1 97.1 97.1 97.1 97.1 97.1 97.1 97.1 97.1 102 5 102 4 102 7 102 7 102 9 102 9 104 0 104 104 104 104 104 104 1 104 104 3 104 4 104.4 87 5 87.7 87.9 88.1 88.4 88.2 89.0 89.1 89.1 89.2 89.4 89.7 89.7 89.6 89.7 89.6 90.0 1942 1941 Mar. Dec. Jan. Feb Mar. 67.8 82.5 65.6 91.0 97.4 93.4 95 .9 105 .7 98 4 95. 109. 3 97 4 93.8 113.8 97.9 80.3 75.2 60.7 83.7 68.9 95.5 89.3 73.8 95.3 89.2 96 .0 91 .1 78 .3 101 6 91-0 95. 0 91. 1 85. 2 104 0 89. 4 94.3 90.6 87.7 109.2 89.1 Foods: Dairy products Cereal products Fruits and vegetables Meats Other foods Hides and Leather Products: Shoes Hides and skins Leather . . . . Otherj 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 32 o 77.1 • 76.9 77.6 1942 Subgroups Subgroups Farm Products: Grains Livestock and poultry Other farm products 95.4 89.9 79.2 71.4 77.0 107.4 99.1 94.8 100.5 120.7 115.9 101.3 112.8 1?1 1 115 .3 101 4 113.3 8 115. 5 101. 4 113. 5 124.3 116.6 101.5 113.6 87.7 81.1 60.4 98 4 107.5 67.0 101.1 110 5 69 .0 105. 111 4 69. 6 106.6 112.6 69.8 29.5 93.2 80.1 30.3 102.7 96.2 30 .3 103 .0 97 .5 30. 3 104. 3 98. 1 30.3 108.7 98.2 85 .3 85. 3 85.3 108.0 108 4 108. 4 122.1 122.2 1?? 67.4 77 4 76 4 77 0 59 .5 . 58. 9 59.8 85.2 108.4 122.1 81.0 100.3 113.8 70.0 77 0 49.9 58.3 Metals and Metal Products: Agricultural imp ements... Farm machinery Iron and steel Motor vehicles Nonferrous meta s 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 materuils Mixed fertilizers Oils a nd fats. .. Housefurn ishing Gooa s: Furnisshings Furni ture Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellane D U S . . . . Mar. Dec. Tan. Feb Mar. 92.7 93.9 95.7 99 8 84.3 82.8 96.4 97.5 97.0 112.4 84.8 89.1 96.7 97.8 97.0 96.9 98.0 97.0 112. 4 85.6 97.9 96.9 98.0 97 1 112 7 85.6 98.2 91.5 90 8 116.7 87.4 82.8 107.3 95.2 96.7 93.4 129 A 96.5 89.1 107.3 102.5. 97.0 93. 4 132. 7 99. 9 97. 9 107. 103.5 97.1 93 6 133.1 100.8 98.2 107.3 103.8 85.9 97.2 70.4 73.7 55.7 88.6 123.0 77.8 81.2 101.9 95.3 126.3 106.4 96.3 ^ 79. 3 8? 7 108. 2 96.4 126.5 79.5 82.8 108.8 95.8 82.9 105.6 96.6 107.2 97.4 107. 4 97. 4 107.7 97.4 58.4 82.7 93.5 45.6 83.4 67.4 124.4 102.5 46.3 92.4 71.0 135.2 102.8 71 0 8 10? 9 46 s 92. 9 71.0 137.7 102.9 46.3 93.3 112 4 85.4 93.6 96.9 93.4 131.6 99.1 93.6 107.3 103.1 78.6 81.8 46.3 92.5 C 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). c Corrected. MAY 1942. 499 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK" ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart book page 1942 Mar. Apr. Apr. Apr. Apr. 25 1 8 15 22 MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i 2.33 2.34 2.38 2.42 2.24 2.24 2.24 2.25 .14 .82 .14 .82 .14 .82 .08 .82 1.42 1.42 1.42 1.42 22.68 22.67 22.68 22.68 3.27 3.28 3.28 3.28 11.46 11.59 11.61 11.62 2.18 2.19 2.18 2.17 .47 .36 .19 .30 1.35 1.35 1.35 1.48 12.53 12.50 12.72 p12.50 3.01 3.01 3.12 3.03 .95 .26 .94 .30 .94 .25 .81 .24 1.09 1.07 .70 1.20 1.20 *\78 .71 .74 MEMBER BANKS Total, 101 cities: Loans and investments Balances due to domestic banks Demand deposits adjusted Time deposits New York City: Commercial loans Brokers' loans U. S. Gov't obligations „. 100 cities outside New York: Commercial loans „ «. U. S. Gov't obligations ,..„„.«. 16 16 16 16 1942 Jan. Feb. Mar. In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total „ 3 U. S. Gov't securities, by maturities, total 5 Within 1 yr 5 Within 5 yrs 5 After 5 yrs 5 Gold stock 3 Treasury currency , 3 Money in circulation 3, 11 Treasury cash holdings 3 : Treasury deposits 3 Nonmember deposits 3 Member bank reserves6 3 Excess reserves—total 9 New York City 9 Chicago 9 Reserve city banks 9 Country banks 6 , 9 Chart book page 30.78 30.49 30.88 31.50 8.78 8.89 8.87 8.97 24.57 24.20 24.80 24.73 5.13 5.12 5.12 5.12 17 17 17 2.79 2.79 2.79 2.76 .29 .29 .33 .32 7.03 7.03 7.12 7.40 17 17 4.22 8.61 4.21 8.36 4.19 8.65 4.19 9.05 2.40 Reserve Bank credit, total 2, 7 m: U. S. Gov't securities.....,. .„ „. 7 Bills discounted .,..„. 7 Gold stock „....„„--. 2 Money in circulation.....«....... „. „ 2 Treasury cash ,. „ „... .„ 2 Treasury deposits „........ „. „. 2 Reserve balances .-.„.«. 2, 8 Required reserves „. 8 Excess reserves .„ 8 Money in circulation, total ,. .„ 10 Coins and bills under $50 „ 10 Bills of $50 and over 10 M .«. 2.30 .18 .87 1.43 22.69 3.28 11.64 2.19 .24 1.53 12.47 TREASURY FINANCE p 2.78 U. S. Government debt: .67 Direct obligations, total „.« .26 Bonds .„ .„ 1.13 Notes „..„.„ Bills „„. Special issues „. Guaranteed obligations «— 31.39 8.73 MONEY RATES, ETC. 25.15 5.12 F. R. Bank discount rate, N. Y 2.72 Treasury bills (new issues) 2 .32 Treasury notes (taxable) 7.41 U. S. Gov't bonds3 Commercial paper ...25, 4.16 Corporate Aaa bonds .„.„«..„.« 9.03 Corporate Baa bonds 19 19 19 19 19 19 2.40 2.25 2.39 2.25 22.74 11.10 2.21 22.73 11.33 2.19 12.94 9.49 3.45 11.17 8.05 3.13 12.91 9.60 3.31 11.48 8.33 3.16 2.39 2.25 .01 22.70 11.51 2.17 .24 12.83 9.68 3.15 11.57 8.40 3.17 59.53 42.08 8.29 2.10 7.06 5.67 61.89 44.31 8.40 2.00 7.19 5.67 61.94 44.85 8.11 1.65 7.33 5.67 .47 .38 Per cent per annum 23 23 23 29 25 29 29 1.00 0.212 0.93 2.00 .63 2.86 4.30 1.00 0.250 0.93 2.09 1. 00 0. 214 0. 96 2. 01 56 2. 83 4. 29 .63 2.85 4.29 In unit indicated Per cent per annum MONEY RATES, ETC. Treasury bills (new issues) Treasury notes (taxable) 2 , U. S. Gov't bonds3 Corporate Aaa bonds Corporate Baa bonds...,..«. Stock prices (1935-39 = 100): Total Industrial Railroad Public utility Volume of trading (mill, shares) 21 21 21,29 , ,. 29 ,.. 29 „ Wholesale prices: All commodities (1926=100): Total Farm products ,.... Other 4 Basic commodities (Aug. 1939 = 100), total 12 foodstuffs „„. 16 industrial materials.... „.«.«. Steel production (per cent of capacity) „ Automobile production (thous. cars)6.« Freight-car loadings (thous. cars): Total Miscellaneous Electric power production (mill. kw. hrs.) Department store sales (1935-39 = 100) F.H.A. home mortgages, new constr. (thous.) 31 31 31 31 31 72.6 74.3 69.0 66.1 .57 33 33 33 r 69.9 71.0 68.4 64.5 .40 66.0 67.2 65.0 60.5 .36 547 308 534 307 531 306 274 262 249 BUSINESS CONDITIONS 31 31 31 31 31 BUSINESS CONDITIONS 5OO Stock prices (1935-39=100): Total „«„.„. „„..„„. 0.221 0.264 0 281 0 .317 0.335 Industrial...... .„ „. „. „...........,. .93 .95 97 .97 1.00 Railroad 1.96 1.97 1 97 1 .96 1.98 Public utility 2.85 2.84 2.83 2 .83 2.83 Volume of trading (mill, shares)... 4.29 4.26 4 25 4 .26 4.26 Brokers' balances (mill, dollars): Credit extended customers.... Money borrowed In unit indicated Customers' free credit balances .„ 35 35 35 36 36 36 44 44 45 45 46 46 47 62.7 Wholesale prices: All commodities (1926 = 100): 64.2 Total? .35, 65 96.7 97.6 96.0 60.3 101.3 Farm products „... 35 102.8 100.8 56.3 94.9 95.2 Other* „__ 35 94.6 .32 Industrial commodities (Aug. 1939 = 100): 120.6 121.1 Total 37 120.2 116.0 116.4 Finished 37 115.6 129.9 130.5 Raw and semifinished...« 37 129.4 97.4 97.9 98.1 98.3 98.6 103.4 104.2 104.6 105.2 104.8 Cost of living (1935-39 = 100): r 114.3 All items 39 r112.0 112.9 95.3 95.6 95.6 95.5 95.6 108.6 108.9 Rent 39 108.4 "119.0 123.6 Clothing 39 116.1 166.4 167.2 167.3 166.9 167.0 116.8 118.6 Food ,... T 39 116.2 183.4 184.7 185.5 185.8 186.2 154.6 155.0 154.7 153.9 153.7 • Estimated. p Preliminary. r Revised. 99.0 98.8 98.6 97.2 97.6 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 No tax-exempt Treasury notes of 3- to 5-year maturity outstanding 804.7 828.9 814.2 846.6 861.4 after March 15. Figures shown are for taxable Treasury notes of sim370.7 376.7 364.6 379.6 382.4 ilar maturity. For back figures see table on open-market rates in New York City on page 477. 3,346 3,349 3,321 3,308 3,299 3 Partially tax-exempt issues only. 160 120 135 129 147 4 Other than farm products and foods. 5 Data no longer published. 10.97 7.87 7.06 6.08 6.74 6 Less than $5,000,000. 7 Estimate for April is shown on page 487. * Copies of this Chart Book may be obtained a t a price of 50 cents each. 65.2 66.7 63.1 58.6 .32 64.4 65.9 61.7 57.7 .30 65.3 66.9 63.0 58.3 .32 63.2 64.6 60.2 57.0 .37 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart book page 1941 Jan. MONTHLY FIGURES (cont.) Feb. Chart book page Mar. 171 r 84 .4 21 .0 HS .6 r 17 .7 66 .9 20 .6 13 .0 19 .4 r 13 .8 r 20 .0 172 268 414 174 201 232 174 162 179 147 292 463 182 214 249 185 163 181 147 P87.O 21.8 85.8 21.2 47.1 17.4 66.6 20.4 12.7 19.5 14.0 19.6 P16.2 *>65.4 *>19.7 25 .3 83 .0 31 .7 ^19.2 133 6 178 2 80. 1 80.3 41. 5 138 93 42 2 126 102 94.3 94.6 ^140.1 126.2 "w'.9 In cents per unit of foreign currency Foreign exchange rates: Argentina (peso) Canada (dollar) Japan (yen)5 Switzerland (franc)6 United Kingdom (pound) . . . . . . . . . . . 67 67 66 66 67 29.77 87.83 29.77 88.42 29.77 87.67 403.50 403.50 403.48 Nov. 136 25.9 78.4 32.0 139 C 24.7 c 83.0 C 31.4 132. 3 173. 4 65 65 65 65 65 65 1941 1923-25 = 100 Factory employment „ „. .„„..„ 51, 53 Factory payrolls 51, 53 Average hourly earnings (cents per hour) 51 Average hours worked (hours per week) ,.„.«.«..„. 51 Department store salesl ................ .„ 59 Department store stocks* «. „. „.. „.« 59 Wholesale prices: Canada Germany Japan " Sweden Switzerland United Kingdom 2*134.5 *181.9 124 MAY 1942 47 47 47 47 47 137 25 112 101 11 197 84 113 101 13 206 115 91 82 9 49 49 49 483 151 332 525 184 342 512 174 338 50 50 50 50 50 50 40.89 13.72 6.91 4.46 3.33 2.06 40.85 P40.78 13.66 '^13.61 6.86 *6.81 4.51 3.31 P3.32 2.09 P2.01 54 54 54 ,716 ,812 ,904 8,783 5,911 2,872 55 55 55 55 ,098 344 643 111 889 260 550 79 61 61 61 8,828 5,965 2,863 ^890 ^259 1942 Dec. Jan. In billions of dollars Increase in U. S. gold stock:? Total 63 Net capital inflow: Total 62, 63 Inflow of foreign capital 62 Return of domestic c a p i t a l . . . . 62 Merchandise export surplus 63 Other factors. 63 Short-term foreign liabilities and assets of banks: Due to foreigners .,. 64 Due from foreigners 64 Net due to foreigners „ 64 15.76 15.71 15.73 5.79 r 3.70 1.99 5.86 4.12 r 5.64 r 5.57 3.47 2.00 r 3.40 .36 3.04 r 3.55 1.99 r 6.17 r 3.91 3.64 .36 3.27 r 3.48 .37 3.12 1941 In millions of dollars Residential contracts awarded:* Total ..«« Public ,.... Private, total ,. 1- and 2-family dwellings Other Construction contracts awarded. Total Residential Other ...„. Nonagricultural employment (mill, persons): Total . .... „. Manufacturing and mining Trade Government Transportation and utilities Construction ... Income payments:! 9 Total Salaries and wages Other. .m *. Cash farm income: Total ..„...„.„.«. Crops ,....„..„„. Livestock and products «.»«.» Gov't payments. >.....»«.«. Exports and imports: Exports „.... . „ „ _ « . „ Imports .,. .„ „. „....... Excess of exports Mar. 1926 = 100 7 C 140 Feb. INTERNATIONAL FINANCE 12 Industrial production: Total (1935-39 = 100) 41, 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 2 43 Freight-car loadings:! Total (1935-39 = 100)3 57 Coal 57 Miscellaneous 57 All other „ .„ .„ „. .„... „. .„ „. „ 57 Jan. MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS (cont.) 1942 JulySept. QUARTERLY FIGURES Cash income and outgo of U. S. Treas : Cash income Cash outgo Excess of cash outgo Domestic corporation security issues: Total '. New Refunding 1942 Oct.Dec. Jan.Mar. In billions of dollars 18 18 18 2.55 5.31 2.76 2.86 7.19 4.33 5.55 9.04 3.49 32 32 32 .73 .41 .32 .44 .25 .19 .36 .22 .14 Per cent per annum Bank rates on customers' loans: Total, 19 cities New York City 7 other Northern and Eastern cities 11 Southern and Western cities 25 27 2.60 1.98 2 41 1 88 2.48 1.85 27 27 2.62 3.29 2 45 2.99 2.48 3.20 p 1 2 3 4 6 6 7 Preliminary. r Revised. c Corrected. Adjusted for seasonal variation. In points in total index. Estimate for April is shown on p . 487. 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. 89 Figures not yet available. Revised series. Table showing back figures may be obtained upon request. 501 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued [In billions of dollars] Chart book page 1940 1939 1941 Sept. 24 Dec. 31 Mar. 26 June 29 Dec. 31 Apr. 4 June 30 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 72.43 36.10 27.90 7.78 56.15 24.32 31.83 74.15 *76.09 37.32 P38.65 27.88 2*27.93 8.20 P8.56 57.95 59.30 25.31 26.19 32.63 33.11 19.46 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 11.18 11.31 3.14 3.11 2.69 2.91 2.77 ? .19 () 13.96 13.94 11.60 3.12 2.89 2.70 .17 13.97 .67 .56 12.34 13.50 3.49 3.49 3.01 3.21 2.80 .17 15.32 7.52 15.88 .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 2.96 .18 13.05 5.96 10.95 2.83 2.55 2.94 .19 13.14 5.99 15.71 3.83 3.09 2.73 .14 18.02 9.64 .41 .78 3.49 3.69 Mar. 29 June 30 Oct. 2 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 C1) 19.05 14 14 14 14 14 (X) 15 15 15 15 C1) 10.69 Dec. 30 CALL R E P O R T F I G U R E S A L L BANKS IN THE U. S. Total deposits and currency Demand deposits adjusted Time deposits Currency outside banks Loans and investments, total Loans Investments 12 12 12 12 13 13 13 64.10 29.79 27.06 6.40 50.89 22.17 28.72 P78.16 ^38.92 P27.74 *>9.61 61.10 26.62 34.48 M E M B E R 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 2.66 2.56 .90 2.75 2.77 .91 2.83 2.85 6.57 .61 .88 2.96 2.94 § 6.72 .32 .80 3.07 3.06 8 8 8 (2) SEMI-ANNUAL F I G U R E S OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding.. Amount held b y : U. S. Government agencies and trust funds: Public issues Special issues Federal Reserve Banks Commercial banks Mutual savings banks Insurance companies Other investors p 3 45.34 20 20 20 20 20 20 20 2.14 3.77 2.55 15.70 3.04 5.90 12.20 8 Ii 17.55 47.07 47.87 50.36 54.75 63.77 2.32 2.29 4.77 2.47 16.55 3.11 6.50 12.20 2.25 5.37 2.18 17.76 3.22 46.80 412.80 2.36 6.12 2.18 20.10 3.43 6.90 13.70 2.55 6.98 2.25 21.80 3.70 7.90 18.60 4.23 2.48 16.30 3.10 46.30 412.30 Preliminary. 1 Series not shown in Chart Book. 2 Figures available for June and4 December dates only. Includes only loans made for the purpose of purchasing or carrying securities. Partly estimated. 5 oz FEDERAL RESERVE BULLETIN BANK DEBITS-WEEKLY DEBITS TO DEMAND DEPOSIT ACCOUNTS, EXCEPT INTERBANK AND UNITED STATES GOVERNMENT ACCOUNTS. OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES [In millions of dollars] Week ended All weekly reporting member banks— total Federal Reserve Districts New Outside City of New York ChiYork cago* City* City* Boston New York Phila- Cleveland delphia Richmond AtChicago lanta St.. Louis San Minne- Kansas Dallas Franapolis City cisco 1941 Jan. 8 tan. 15 Jan.22 Jan. 29 9,138 7,732 7,952 7,489 4,001 3,180 3,185 3,138 5,137 4,552 4,767 4,351 908 755 731 705 534 456 478 426 4,276 3,397 3,446 3,369 421 355 353 376 582 501 696 511 267 260 247 225 249 220 215 218 1,382 1,200 1,171 1,168 260 229 240 208 142 128 130 118 266 231 247 199 223 185 191 185 536 570 538 486 Feb. 5.. Feb. 12.. Feb. 19.. Feb. 26.. 8,459 5,869 8,605 7,648 3,757 2,312 3,544 3,384 4,702 3,557 5,061 4,264 837 535 839 692 472 408 463 418 3,992 2,484 3,846 3,610 396 303 391 336 550 389 580 493 251 214 259 218 229 197 236 204 1,284 879 1,354 1,154 229 187 231 201 129 94 135 110 223 196 256 211 194 143 228 174 510 375 626 519 Mar. Mar. Mar. Mar. 8,902 7,728 9,786 8,479 3,762 3,398 4,405 3,642 5,140 4,330 5,381 4,837 813 695 963 911 474 443 535 489 4,087 3,719 4,701 3,896 440 346 429 395 593 484 633 536 273 218 276 238 245 207 247 233 1,338 1,120 1,468 1,412 250 208 269 223 151 120 140 125 242 204 274 228 187 175 220 189 622 484 594 515 10,398 7,519 8,318 8,597 8,612 4,598 3,159 3,339 3,690 3,623 5,800 4,360 4,979 4,907 4,989 1,338 743 806 794 758 571 468 500 483 464 4,891 3,392 3,589 3,947 3,900 542 359 378 471 505 607 500 661 550 573 270 226 250 253 256 250 215 223 229 218 1,869 1,152 1,302 1,242 1,312 244 219 246 247 233 143 125 139 170 197 250 223 265 242 230 195 175 211 205 189 566 465 554 558 535 5... 12... 19... 26... Apr. 2 . . Apr. 9.. Apr. 16.. Apr. 23.. Apr. 30.. May May May May 7.. 14.. 21.. 28.. 8,401 7,799 8,707 8,765 3,617 3,072 3,445 3,835 4,784 4,727 5,262 4,930 780 752 800 809 475 458 497 473 3,859 3,342 3,857 4,091 410 384 428 413 570 541 633 585 257 254 267 251 235 240 251 230 1,257 1,234 1,302 1,318 236 234 265 309 153 152 146 138 236 246 270 244 189 189 232 200 524 525 559 513 June June June June 4.. 11.. 18.. 25.. 9,711 8,090 9,963 8,635 4,440 3,374 4,233 3,441 5,271 4,716 5,730 5,194 837 799 1,022 806 513 449 493 517 4,705 3,626 4,558 3,750 660 396 454 452 569 538 691 633 247 254 302 270 219 239 270 239 1,345 1,249 1,589 1,354 362 254 289 249 156 146 163 146 255 234 297 258 182 201 234 207 498 504 623 560 July July July July July 2 9 16 23 30 11,006 7,211 9,114 8,760 8,255 4,834 3,054 3,760 3,530 3,313 6,172 4,157 5,354 5,230 4,942 1,020 647 881 841 785 601 404 504 508 463 5,311 3,281 4,029 3,815 3,556 586 377 413 413 438 704 499 623 609 596 310 215 287 267 258 274 199 245 260 238 1,644 1,032 1,426 1,376 1,330 317 215 279 260 235 174 135 160 148 147 285 233 302 293 269 218 163 226 222 201 582 458 620 589 524 Aug. Aug. Aug. Aug. 6... 13... 20... 27... 9,006 7,887 8,608 8,118 3,710 3,174 3,337 3,255 5,296 4,713 5,271 4,863 902 779 856 783 473 441 482 448 3,998 3,404 3,598 3,502 552 423 399 371 627 571 630 607 258 241 279 254 246 226 260 239 1,411 1,218 1,365 1,279 233 225 251 227 166 152 172 166 271 259 311 260 201 195 230 193 570 532 631 572 Sept. 3.. Sept. 10.. Sept. 17.. Sept. 24.. 7,891 7,576 10,090 8,668 3,225 2,899 4,248 3,391 4,666 4,677 5,842 5,277 797 962 846 409 431 532 502 3,452 3,141 4,537 3,654 360 358 458 414 568 538 712 654 246 258 306 273 218 227 265 257 1,312 1,226 1,524 1,342 210 242 295 294 173 1/8 196 165 243 259 323 287 177 189 245 223 523 529 697 603 Oct. Oct. Oct. Oct. Oct. 10,127 8,690 9,081 11,216 9,656 4,296 3,631 3,812 4,707 4,252 5,831 5,059 5,269 6,509 5,404 784 824 1,100 824 557 503 509 681 530 4,615 3,914 4,062 5,040 4,539 465 412 402 580 444 706 573 626 730 657 302 273 294 351 284 278 251 260 321 259 1,555 1,237 1,335 1,673 1,371 320 303 296 334 293 193 173 175 209 157 278 265 303 315 263 230 212 226 288 241 628 574 593 694 618 Nov. 5 Nov. 12 Nov. 19 Nov. 26 10,419 7,795 10,904 8,690 4,316 3,174 4,325 3,582 6,103 4,621 6,579 5,108 1,100 781 1,033 755 860 475 636 519 4,610 3,416 4,751 3,815 414 356 494 442 661 514 798 629 286 259 346 274 265 223 306 264 1,656 1,207 1,665 1,238 313 232 343 269 182 149 202 151 277 239 343 263 243 206 299 232 652 519 721 594 Dec. Dec. Dec. Dec. Dee. 10,438 9,395 12,381 11,025 10,859 4,292 3,963 5,366 4,275 4,433 6,146 5,432 7,015 6,750 6,426 1,064 898 1,208 1,074 1,095 617 530 701 699 595 4,610 4,230 5,734 4,631 4,775 480 459 617 592 536 717 621 845 914 830 317 318 357 328 310 276 265 328 323 311 1,669 1,384 1,819 1,684 1,694 307 295 357 291 301 194 180 205 185 177 291 263 342 352 369 246 223 305 301 286 714 627 771 725 675 8,712 8,749 9,572 9,421 3,422 3,550 3,816 4,007 5,290 5,199 5,756 5,414 895 853 953 860 524 501 577 544 3,694 3,826 4,121 4,297 416 432 429 429 616 593 651 606 277 265 292 287 279 255 271 275 1,360 1,329 1,515 1,427 266 273 298 285 150 161 168160 286 276 320 279 237 229 252 227 607 609 678 605 9,724 7,881 8,866 8,380 4,033 3,069 3,389 3,371 5,691 4,812 5,477 5,009 947 783 824 792 554 485 563 485 4,350 3,352 3,666 3,656 462 396 421 410 676 579 651 589 286 264 293 262 277 253 279 255 1,517 1,252 1,353 1,275 287 241 283 246 178 146 157 136 283 253 296 272 229 208 263 225 625 452 641 569 10,041 8,724 10,571 9,382 3,910 3,696 4,232 3,612 6,131 5,028 6,339 5,770 987 787 1,020 1,028 592 509 563 562 4,247 3,967 4,660 3,891 493 440 514 438 720 576 768 660 323 285 328 280 266 250 290 281 1,586 1,258 1,619 1,599 294 256 312 281 171 145 182 160 312 257 332 301 240 215 278 248 797 566 725 681 10,201 7,962 9,212 3,935 3,052 3,670 6,266 4,910 5,542 1,390 797 875 583 517 572 4,279 3,330 3,956 488 381 403 693 559 670 303 265 291 274 243 266 1,970 1,274 1,425 283 252 282 152 135 172 325 252 279 222 202 250 629 552 646 1.. 8... 15... 22.. 29.. 3 10 17 24 31 Apr. 1. Apr. 8. Apr. 15.. * The figures in these columns are included in the respective district totals. MAY 1941 503 ALL BANKS IN THE UNITED STATES x ALL BANKSi—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Total Federal Reserve district Dec. 31, 1941 All banks:l Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas City.... Dallas San Francisco.. Total... Member banks: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total. Nonmember banks: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago. St. Louis Minneapolis Kansas C i t y . . . Dallas San Francisco... Total Sept. 24, 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 6,206 r 6,085 23,373 23,199 3,723 3,850 4,109 4,270 2,337 2,496 1,705 1,837 6,800 7,166 1,894 1,993 1,267 1,354 1,666 1,736 1,256 1,348 5,255 5,467 5,652 2,885 20,964 9,033 3,467 1,459 3,756 1,760 2,133 1,185 1,580 1,008 6,211 2,901 1,694 1,027 1,175 737 1,499 1,013 1,167 755 4,891 2,852 r 61,098 '59,296 54,188 26,616 r 2,362 15,911 2,718 3,470 1,730 1,479 6,047 1,499 964 1,414 1,196 4,732 2,267 15,762 2,601 3,321 1,589 1,361 5,720 1,422 905 1,352 1,112 4,529 1,972 13,467 2,399 2,989 1,431 1,261 5,120 1,227 831 1,205 1,026 4,200 43,521 41,943 37,126 18,021 3,845 7,462 1,132 799 766 358 1,119 494 390 323 153 735 17,578 r17,353 Deposits, exclusive of interbank deposits Investments Loans Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 2,864 2,693 3,322 3,221 2,959 6,743 6,698 6,466 8,956 8,238 14,340 14,242 12,726 25,283 24,741 24,378 1,475 1,341 2,391 2,248 2,125 4,486 4,435 4,170 1,767 1,609 2,509 2,341 2,146 5,208 5,049 4,682 1,160 1,080 1,311 1,178 1,054 3,190 3,067 2,726 946 896 683 2,365 2,186 1,974 828 760 2,868 2,403 4,265 3,932 3,808 9,024 8,669 8,009 1,010 802 2,415 2,201 2,026 892 884 966 683 566 1,580 1,493 1,422 609 585 617 961 68. 2,113 2,049 1,833 814 705 724 1,737 1,602 710 501 1,1"" 666 546 593 2,788 2,499 2,615 2,467 2,392 6,498 6,126 5,733 Number of banks Dec. 31, 1941 863 1,180 905 1,219 1,055 1,055 2,438 1,495 1,282 1,825 948 560 Sept. 24, 1941 864 1,186 905 1,221 1,057 1,054 2,442 1,496 1,281 1,829 951 566 Dec. 31, 1940 869 1,196 909 1,225 1,055 1,047 1,506 2,450 1,285 1,837 949 567 26,187 23,741 34,483 33,109 30,448 70,792 68,449 65,021 14,825 14,852 14,895 1,200 5,178 1,132 1,385 780 723 2,210 718 473 744 618 2,386 940 2,872 2,818 8,990 17,496 16,841 1,379 3,222 3,188 1,752 4,257 4,135 708 2,208 2,094 574 1,809 1,703 3,352 7,458 7,196 604 1,685 1,572 413 1,106 1,054 576 1,673 • 1,633 446 1,655 1,533 2,071 5,751 5,391 2,647 16,389 2,951 3,814 1,833 1,521 6,522 1,427 1,014 1,455 1,405 5,030 347 797 659 673 447 317 899 437 452 741 573 277 348 794 656 670 441 316 895 434 452 739 574 277 350 765 651 658 431 316 856 415 460 739 568 277 17,546 15,321 25,500 24,397 21,805 51,192 49,160 46,007 6,619 6,596 6,486 1,217 5,315 1,118 1,393 809 773 2,243 741 505 794 663 2,451 3,680 7,497 1,068 767 703 319 1,091 468 344 294 142 691 1,668 3,718 341 368 376 235 658 287 233 219 92 401 r 17,062 8,595 r l,664 3,778 343 383 379 223 658 292 209 21 92 401 8,641 1,032 1,145 1,067 4,477 10,596 10,584 1,020 1,600 1,469 1,237 2,078 1,937 722 809 921 687 639 705 1,768 3,804 3,511 622 704 758 417 43: 460 629 608 620 580 494 53: 2,130 2,280 2,142 1,661 3,761 321 37: 357 209 636 270 192 185 8: 369 2,177 3,744 791 432 390 123 461 208 15' 104 61 335 2,154 3,658 779 405 369 121 422 180 153 96 51 325 2,019 3,736 746 395 345 109 456 198 153 109 55 322 3,818 7,989 1,220 868 893 453 1,487 599 409 378 197 704 516 383 246 546 608 738 1,539 1,058 830 1,084 375 283 516 392 249 551 616 738 1,547 1,062 829 1,090 377 289 519 431 258 567 624 731 1,594 1,091 825 1,098 381 290 8,420 8,983 8,712 8,642 19,599 19,289 19,014 8,206 8,256 8,409 3,871 7,788 1,263 951 982 556 1,566 730 473 440 231 748 3,879 7,900 1,247 913 973 483 1,473 628 439 416 204 734 'Revised. Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on page 507. 1 504 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued ALL B A N K S ^ P R I N C I P A L ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans State Dec. 31, 1941 New England: Maine New Hampshire Vermont Massachusetts. Rhode Island Connecticut Middle Atlantic: New Y o r k . . . . New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia. West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon.. California Total Sept. 24, 1941 Deposits, exclusive of interbank deposits Investments Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 98 10' 81 38' 35 202 99 107 81 387 35, 20Z 100 107 82 390 35 202 ,417,207 22 ,168,482 13,,196,373 13,214,121 11,760,165 221,904,205 22, 1,169,976 1,061,293 983,177 2,420,246 2,382,193 2,254,074 3,255,075 3,063,733 2,962,510 5,705,173 5,642,544 5,288,365 857 382 1,082 863 382 1,084 870 385 1,087 1,232,123 1,142,102 971,866 3,021,330 2,910,248 2,661,175 380,330 1,105,769 1,031,366 957,523 447,815 416,987 2,475,038 2,262,984 2,233,968 4,770,021 4,602,421 4,238,400 795,922 1,975,639 1,937,597 1,780,077 900,964 865,909 486,454 415,318 431,333 1,057,599 1,008,307 944,800 694 504 830 440 568 694 506 831 442 568 696 506 840 443 572 117,441 111,386 203,213 183,780 353,196 116,769 201,559 358,047 337,271 110,224 154,308 115,378 115,577 161,283 164,076 297,963 297,757 285,008 62,215 99,442 99,615 63,788 95,046 65,055 178,853 179,232 173,484 1,909,375 1,885,753 1,759,329 2,023,305 1,979,946 1,819,309 4,165,814 4,157,809 4,056,384 259,350 199,558 r 199,558 291,717 283,294 186,625 554,524 514,894 546,451 612,403 1,572,906 1,523,522 1,448,451 601,449 603,577 581,109 735,092 669,721 5,230,237 8,151,767 7,491,556 774,354 770,493 717,100 1,772,865 1,801,210 1,629,637 L,117,984 1,109,562 1,001,161 372,828 335,796 375,017 L, 486,129 1,455,354 1,158,973 577,320 500,037 565,929 310,331 355,573 350,155 Number of banks 480,399 376,357 658,536 66,368 63,657 177,937 233,488 461,643 367,361 644,147 40,685 61,223 165,348 223,017 399,722 333,836 530,392 47,165 52,037 144,360 190,468 426,023 213,669 655,371 24,865 30,608 109,192 141,625 404,833 205,686 640,645 24,248 30,230 104,811 133,855 390,627 996,562 953,053 917,180 189,327 767,173 666,744 718,415 594,837 1,410,052 1,323,104 1,224,420 24,219 110,790 82,61' 86,692 30,254 121,037 102,241 111,579 107,460 324,022 288,366 308,338 124,974 485,568 460,677 396,855 677 647 617 160 162 418 656 677 646 618 160 162 418 659 677 647 625 160 164 417 664 87,868 258,555 144,649 356,867 143,965 234,546 77,089 307,680 155,772 86,315 253,759 143,526 355,798 147,298 222,176 68,814 289,124 140,561 81,464 233,123 128,221 333,723 140,223 205,318 70,166 266,011 139,305 151,301 583,315 158,518 229,253 104,960 209,572 50,714 148,567 195,084 137,886 536,991 148,737 192,138 92,666 186,923 44,021 135,973 192,211 119,209 285,429 491,403 1,005,636 136,389 450,263 170,124 719,429 81,453 341,115 157,715 531,400 38,391 209,955 122,473 542,258 156,364 474,026 268,290 965,985 430,103 702,353 348,381 501,318 190,721 503,260 434,059 274,858 908,567 380,560 603,155 302,117 418,436 177,986 445,895 408,480 44 186 22 314 180 228 151 290 173 44 186 22 315 180 228 45 187 22 314 181 228 150 283 173 257,443 308,293 158,924 84,430 250,895 289,100 151,652 84,034 237,962 271,192 136,883 74,597 176,241 195,143 134,949 81,887 159,542 172,003 111,759 7.5,310 147,181 160,667 103,877 69,953 472,076 553,010 379,904 227,799 450,493 501,335 327,466 204,966 78,491 198,664 194,850 688,846 77,915 184,680 190,988 645,814 70,797 186,450 166,291 603,373 76,352 212,316 159,281 537,300 67,244 192,298 149,824 498,806 246,892 56,591 217,493 189,859 182,525 520,707 487,233 453,209 143,533 455,214 458,648 391,649 457,525 1,697,690 1,567,040 1,439,537 61,249 45,508 30,470 126,612 27,817 49,364 78,544 18,062 52,990 43,296 31,302 118,215 29,367 46,052 76,942 17,654 48,696 40,373 27,027 104,437 23,103 39,752 69,834 15,573 61,574 43,371 19,600 105,901 21,892 28,283 56,971 19,044 55,072 41,305 17,807 98,014 20,254 27,864 52,801 18,283 is: 404 297 218 206 289 173 405 297 217 207 408 297 217 207 217 146 390 835 217 146 390 838 216 145 390 836 149,056 106,268 70,813 315,710 66,118 97,464 154,083 46,239 112 50 58 144 42 12 60 12 111 50 58 144 42 12 60 11 111 50 58 146 41 12 60 11 302,745 301,303 247,712 261,577 233,544 228,246 719,749 670,009 608,183 136,614 107,917 182,498 163,991 142,591 415,082 139,078 399,463 334,913 !, 229,163 2,170,735 1,984,794 2,031,161 1,937,931 1,897,898 4,926,845 4,651,386 4,407,240 137 73 220 139 73 225 139 73 226 53,709 37,627 18,007 90,075 19,329 27,502 48,302 16,843 535,675 605,613 420,203 251,354 169,591 122,019 77,677 354,090 76,873 110,182 177,050 51,167 160,439 117,589 69,352 338,832 69,278 98,056 161,164 49,525 26,616,020 r26,186,878 23,740,607 34,482,600 33,109,198 30,447,836 70,791,626 68,449,325 65,021,466 14,825 14,852 14,895 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on page 507. 'Revised. MAY 1941 505 All Banks in the United States—Continued NATIONAL MEMBER BANKS-PRINCIPAL ASSETS A N D LIABILITIES, BY STATES [Amounts in thousands of dollars] State New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana* Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South A tlantic: Delaware Maryland District of Columbia Virginia.. ; West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado. New Mexico Arizona Utah Nevada Pacific: Washington Oregon California Total 5O6 Number of banks Deposits, exclusive of interbank deposits Investments Loans Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 42,053 36,958 31,819 683,015 59,185 110,566 42,502 37,161 31,992 663,947 57,195 112,906 40,991 34,179 29,519 553,062 46,310 103,530 61,273 33,754 21,588 531,143 43,427 180,385 62,102 31,006 20,321 487,624 40,610 160,997 119,639 116,564 57,667 124,607 84,452 29,234 73,886 84,221 19,934 62,165 59,745 62,544 418,973 1,404,830 1,396,168 1,336,987 33,179 135,250 127,729 116,068 136,355 408,743 377,630 340,974 35 52 40 124 12 52 36 52 40 124 12 52 37 52 41 125 12 52 1,902,809 1,908,125 1,643,367 4,368,458 4,443,039 3,685,581 6,679,893 6,582,247 6,367,036 302,201 302,770 924,478 272,248 486,645 430,783 400,335 1,023,867 998,805 919,664 938,390 850,742 1,646,083 1,507,878 1,449,254 2,885,686 2,891,879 2,652,504 422 224 685 425 224 686 428 225 688 503,708 471,518 425,119 1,260,819 1,197,539 1,106,173 392,881 262,378 232,181 565,903 146,966 246,921 531,095 495,054 842,588 1,832,403 1,666,337 1,650,740 3,461,717 3,338,310 3,021,458 486,966 1,065,497 1,052,760 936,281 207,426 557,172 534,632 267,544 547,708 118,182 299,529 246,976 499,260 527,255 242 124 338 78 98 24: 124 339 78 99 242 124 337 76 103 453,532 442,210 168,601 168,694 1,121,756 1,080,510 251,806 259,499 140,522 136,647 Dec. 31, 1941 Sept. 1941 Dec. 31, 1940 Dec. 31, 1941 Sept. 24, 1941 Dec. 31, 1940 330,369 113,823 276,558 33,028 34,603 130,493 123,237 312,806 109,856 268,414 25,938 33,318 122,584 112,311 265,942 95,316 219,801 26,897 30,502 104,878 96,419 306,453 101,535 279,064 17,172 19,187 90,961 89,619 289,468 96,671 258,905 17,045 18,785 87,380 84,886 272,114 84,783 255,177 16,676 18,517 90,203 76,613 676,498 243,354 575,699 62,608 68,243 238,608 276,045 642,427 233,786 551,440 56,498 63,125 231,746 255,412 623,863 211,739 511,365 51,179 59,846 211,992 223,620 186 103 84 45 37 133 180 186 103 84 45 3' 133 181 188 103 85 45 40 133 181 9,393 85,233 68,766 187,072 72,652 57,344 54,643 192,332 111,595 9,226 85,998 68,290 186,704 74,604 56,219 47,352 178,380 98,816 8,599 71,518 60,059 178,821 70,426 52,323 49,806 168,271 98,770 8,655 245,575 94,880 150,477 60,782 37,372 31,462 109,197 158,591 8,159 225,832 87,552 121,149 55,607 31,358 25,226 98,117 158,057 7,728 215,758 81,589 108,971 48,892 26,071 19,980 89,627 125,741 20,951 376,718 255,480 420,336 188,627 147,782 137,973 333,840 345,267 20,052 358,824 246,132 415,332 189,488 135,946 123,369 314,416 317,966 19,204 335,260 212,764 357,105 164,761 115,108 114,646 274,497 296,609 14 63 9 130 77 44 22 51 53 15 63 9 130 77 44 21 51 52 129,849 221,556 112,277 24,886 123,752 205,804 106,331 25,633 112,708 192,949 95,219 22,652 107,701 153,365 102,455 27,360 97,774 137,163 82,056 24,838 90,170 128,616 74,882 23,153 272,700 402,046 293,916 79,343 ,240,851 391,843 270,682 73,760 226,895 352,123 228,687 68,264 95 70 66 24 14 63 9 130 T 44 22 51 52 95 71 65 24 41,988 138,195 163,168 579,536 41,130 123,248 157,757 538,855 37,769 127,017 141,322 506,935 48,238 149,713 139,233 470,578 41,889 138,047 132,150 441,197 33,383 117,534 133,392 103,848 134,511 329,638 315,065 289,183 125,447 383,957 390,037 333,269 399,731 1,438,157 1,341,124 1,223,616 50 29 207 444 50 29 207 445 50 29 208 446 28,057 34,561 20,168 100,213 21,636 37,855 31,567 16,276 24,172 33,187 20,804 91,813 22,700 34,921 30,726 15,967 22,613 19,872 17,792 80,289 17,619 29,022 26,778 14,158 35,802 35,731 15,908 90,099 18,489 16,522 28,326 17,794 31,546 34,276 14,478 82,534 16,995 16,023 25,088 17,191 84,196 56,299 49,391 252,168 51,098 68,679 67,283 42,679 41 19 26 78 22 5 13 6 41 19 26 78 22 5 13 6 42 18 26 78 22 5 13 6 518,025 462,715 168,602 232,875 162,594 562,808 235,030 187,129 194,068 360,452 129,548 374,930 300,460 123,612 94,355 121,599 167,813 150,797 1,561,451 1,517,884 1,377,809 1,397,235 1,301,695 1,299,092 3,540,206 3,288,331 3,122,777 43 26 96 43 26 96 43 26 11,725,496 11,444,535 10,004,346 15,845,358 14,969,280 13,643,568 32,672,197 31,500,576 29,213,656 5,117 5,125 5,144 30,751 19,147 14,647 73,797 16,104 18,220 22,633 15,640 91,585 95,614 54,079 285,439 58,759 77,081 77,155 47,194 88,246 93,547 48,894 274,318 53,252 67,732 72,606 45,529 95 71 65 24 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued STATE BANKS 1 —PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] State Dec. 31, 1941 New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York. New Jersey Pennsylvania East North Central: Ohio „.,. .. Indiana Illinois . . . „ . . , . Michigan.. , Wisconsin West North Central: Minnesota..., Iowa Missouri ' North Dakota .... South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado N e w Mexico Arizona Sept. Dec. 31, 1940 19412 Dec. 31, 1941 Sept. Dec. 31, 1940 Dec. 31, 1941 Dec. 31, 1940 Sept. 24 'o 1941 2 74,939 141,111 4 126,113 3 233,557 70,395 140,286 233,440 4 220,707 74,716 78,416 4 76,045 3 3130,322 130,277 125,074 3 213,511 213,536 211,122 78,420 67,623 67,623 65,527 43,467 43,467 42,281 116,688 116,688 113,739 1,226,360 1,221,806 1,206,267 1,492,162 1,492,322 1,400,336 2,760,984 2,761,641 2,719,397 140,373 r 142,363 140,315 248,290 242,684 226,171 419,274 418,722 398,826 490,883 490,671 477,579 554,707 508,724 476,048 1,164,163 1,145,892 1,107,477 3 3 6,327,428 6,243,642 5,848,189 8,827,915 8,771,082 8,074,584 16,224,312 15,834,960 15,801,446 468,292 471,584 444,852 683,331 630,510 582,842 1,396,379 1,383,388 1,329,596 778,895 1,608,992 1,555,855 1,513,256 2,819,487 2,750,665 2,635,861 853,201 862,820 ... .... . . . . . Utah Nevada Pacific: Washington Oregon ....... California Total 664,452 206,416 364,373 314,123 215,051 667,352 204,134 374,844 317,821 213,508 150,030 262,534 381,978 33,340 29,054 47,444 110,251 148,837 257,505 375,733 14,747 27,905 42,764 110,706 78,475 173,322 75,883 169,795 71,313 177,202 22,446 115,348 44,177 608,280 188,830 316,385 292,611 192,149 728,415 185,437 642,635 343,792 186,925 670,584 170,066 596,647 331,277 168,342 133,780 238,520 310,591 20,268 21,535 39,482 94,049 119,570 112,134 376,307 7,693 11,421 18,231 52,006 115,365 109,015 381,740 7,203 11,445 17,431 48,969 77,089 167,761 75,236 169,094 72,694 165,957 21,462 110,744 41,745 72,865 161,605 68,162 154,902 69,797 152,995 20,360 97,740 40,535 142,646 337,740 63,638 78,776 44,178 172,200 19,252 39,370 36,493 127,594 86,737 46,647 59,544 127,143 83,296 45,321 58,401 125,254 78,243 41,664 51,945 36,503 60,469 31,682 109,310 36,785 61,432 33,231 106,959 33,192 10,947 10,302 26,399 6,181 11,509 46,977 1,786 67,715 15,015 667,712 68,428 15,466 652,851 Number of banks Deposits, exclusive of interbank deposits Investments Loans 546,747 1,760,511 1,712,709 1,555,002 148,149 539,866 500,271 462,469 583,228 1,308,304 1,264,111 1,216,942 308,956 910,142 884,837 843,796 163,789 509,891 481,052 445,540 Dec. 31, 1941 Sept. 63 «41 263 23 150 63 55 41 263 23 150 435 158 397 438 158 398 442 160 399 452 380 492 362 470 452 382 492 364 469 454 382 503 367 469 491 544 533 115 125 285 476 491 543 534 115 125 285 478 3 55 19412 Dec. 31, 1940 4 63 .S5 41 265 23 150 118,513 104,544 339,660 7,543 11,737 17,257 48,361 320,064 523,819 834,353 48,182 52,794 85,414 209,523 310,626 484,629 771,664 30,194 48,454 76,592 205,265 129,727 311,159 61,185 70,989 37,059 155,565 18,795 37,856 34,154 111,481 275,645 54,800 61,153 32,561 131,644 18,411 32,846 30,623 264,478 628,918 194,783 299,093 152,488 383,618 71,982 208,418 128,759 248,238 607,161 183,971 287,021 158,893 365,372 67,352 188,844 116,093 255,654 573,307 167,796 246,050 137,356 303,328 63,340 171,398 111,871 123 13 184 103 184 30 30 123 13 185 103 184 30 124 13 184 104 184 129 239 120 130 238 121 129 232 121 68,540 41,778 32,494 54,527 61,768 34,840 29,703 50,472 57,011 32,051 28,995 46,800 262,975 203,567 126,287 172,011 231,225 161,167 109,222 154,039 223,598 149,212 98,779 136,702 309 227 152 182 310 226 152 183 313 226 152 183 33,028 59,433 24,969 96,438 28,114 62,603 20,048 66,722 25,355 54,251 17,674 57,609 23,208 48,014 18,086 57,794 113,500 191,069 71,257 259,533 99,959 172,168 68,611 225,916 86,011 164,026 58,380 215,921 167 167 117 183 393 166 116 182 390 28,818 10,109 10,498 26,402 6,667 11,131 46,216 26,083 20,501 9,235 24,148 5,484 10,730 43,056 1,415 23,526 7,029 3,329 15,480 3,259 11,841 27,713 1,092 22,958 18,480 3,360 16,278 3,225 9,282 25,669 1,203 78,006 26,405 23,598 68,651 18,114 33,101 99,895 3,973 72,193 24,042 20,458 64,514 16,026 30,324 88,558 3,996 64,860 49,969 21,422 63,542 15,020 28,785 86,800 3,560 69 32 32 68 19 1,687 25,772 7,640 3,692 15,802 3,403 11,761 28,645 1,250 60,583 13,562 606,985 67,509 14,685 633,926 64,942 13,194 636,236 4 4 4 293,317 455,005 713,055 31,438 42,395 76,374 173,235 117 183 391 4 489 544 540 115 124 284 483 71 70 31 32 66 20 31 32 66 20 7 47 6 47 5 7 47 5 94 47 124 96 47 129 96 47 128 14,890,524 r14,742,343 13,736,261 18,637,242 18,139,918 16,804,268 38,119,429 36,948,749 35,807,810 9,708 9,727 9,751 65,652 156,941 151,984 145,468 13,043 40,152 39,011 34,453 598,806 1,386,639 1,363,055 1,284,463 7 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina) and such private and industrial banks as are included in abstracts issued by State banking departments. 2 For call dates included in the September 24 columns see page 72 of the January 1942 BULLETIN. 3 The figures in the December 31,1941 column are as of that date except for Vermont; June 30,1941. The figures for New Hampshire were derived by adding to the December 31 figures of State bank members of the Federal Reserve System the September 24, 1941 figures of nonmember banks in existence as such on both that date and December 31, 1941. 4 The figures in the December 31, 1940 column are as of that date except for New Hampshire June 29, 1940 and for Missouri November 12, 1940. r Revised. MAY 1941 5°7 All Banks in the United States—Continued PRIVATE BANKS—PRINCIPAL ASSETS A N D LIABILITIES, BY STATES [Figures in this table are also included in the table on page 507 covering "State Banks." Amounts in thousands of dollars] State Connecticut: District No. 1 District No. 2, Indiana: District No. 7 District No. 8 Kansas STew Jersey: District No. 2 New York Ohio Pennsylvania: District No. 3 District No. 4 South Carolina Dec. 31, 1941 .... Total Sept. 24, 1941 1 Dec. 31, 1940 Sept. 24, 1941 1 Dec. 31, 1941 Number of banks Deposits, exclusive of interbank deposits Investments Loans Dec. 31, 1940 Dec. 31, 1941 Sept. 24, " 1941 l 1940 Sept. Dec. 31, 1941 & Dec. 31, 1940 249 119 255 99 251 96 163 72 157 72 158 72 443 470 442 423 424 388 2 1 2 1 2 1 1,812 93 1 1,881 102 1 1,782 95 2 1,093 54 1,064 54 986 55 5,301 291 1 4,675 243 1 4,371 154 1 14 1 14 1 1 14 40,642 2,007 42,916 2,080 10 38,667 2,183 64,967 724 61,876 651 12 77,751 586 88,044 3,622 88,597 3,336 8 93,802 3,113 5 5 12 13 4,672 1,292 938 5,207 1,409 865 3,621 1,291 764 8,443 1,476 94 8,548 1,311 88 8,383 1,152 60 13,031 3,697 888 13,195 3,650 1,069 12,702 2,939 777 11 4 1 11 4 1 11 4 1 51,825 54,815 48,762 77,086 73,821 89,215 115,788 115,631 118,679 52 52 56 1 12 1 1 1 7 Figures in the September 24 columns for Connecticut are as of September 30; Indiana, June 30. MUTUAL SAVINGS B A N K S - P R I N C I P A L ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on page 507 covering "State Banks." Amounts in thousands of dollars] State Dec. 31. 19401 Dec. 31, 1941l Sept. 24, 19412 Dec. Dec. 19401 19411 Sept. 24, 19412 Dec. 31, 19401 256,051 85,353 13,292 255,894 84,758 12,858 319,463 84,008 37,066 303,139 78,217 35,817 284,172 73,598 33,768 589,108 177,077 45,983 588,187 177,246 44,959 576,048 173,034 42,779 58 14 2 58 14 • 2 58 14 2 . 5,873 4,763 27,585 36,211 970,684 20,275 68,974 11,932 11,852 11,951 5,945 4,893 4,673 4,328 8,466 4,809 3,096 2,444 2,389 8,468 8,298 28,020 130,592 131,928 129,673 102,498 105,713 94,603 38,320 227,675 229,037 173,370 170,634 168,149 227,787 986,279 1,203,747 1,212,046 1,152,159 2,139,163 2,162,273 2,151,554 17,709 68,641 68,134 44,801 68,000 46,387 48,417 66,925 195,800 195,800 194,186 122,585 122,585 117,427 3 1 32 11 191 1 43 3 1 32 11 191 1 43 3 1 32 12 192 1 43 117,522 120,220 163,292 161,894 295,619 304,975 163,605 309,307 117,267 4,292 4,634 13,498 13,822 4,253 8,606 8,266 7,622 13,777 1,013,079 3,066,660 3,066,856 2,454,311 2,413,896 2,423,180 5,554,581 5,648,555 5,687,786 55,298 125,495 57,861 56,516 64,947 61,199 124,687 61,097 125,861 2,753 2,295 2,395 2,142 839 2,973 653 587 3,165 22 2 134 3 1 22 2 134 3 1 22 2 134 3 1 6 1 9 6 1 9 8 3 6 1 9 8 3 3 1 3 1 Dec. Sept. 31 '11 1941 Connecticut: District No. 1 District No. 2 Delaware Indiana: District No. 7 District No. 8 Maine Maryland Massachusetts Minnesota New Hampshire New Jersey: District No. 2 District No. 3 New York Ohio Oregon Pennsylvania: District No. 3 District No. 4 Rhode Island Vermont Washington Wisconsin: District No. 7 District No. 9 Total Number of banks Deposits, exclusive of interbank deposits Investments Loans 255,586 84,930 13,472 5,851 4,900 27,650 36,916 973,112 21,675 68,974 r 81,789 11,106 61,327 31,262 31,380 79,611 11,718 59,165 31,262 30,672 75,786 11,894 57,527 30,945 28,263 450,029 45,486 119,018 22,110 45,800 446,867 42,340 115,934 22,110 45,177 431,927 41,748 112,450 21,523 45,777 569,043 56,692 179,995 57,559 77,408 561,572 57,832 180,415 57,559 75,664 563,077 57,118 178,634 57,339 74,665 2,021 122 2,084 121 2,107 112 2,339 64 2,318 48 2,296 39 5,065 173 4,972 157 4,789 146 4,904,659 r 4,952,030 4,958,519 5,473,954 5,402,482 5,289,150 10,533,117 10,651,145 10,658,097 Dec. 31,, 19411 548 Sept. Dec. 19411 549 551 f * The figures in the December columns for New Hampshire are as of June 30,1941 and June 29,1940, respectively. The figures in the December 31, 1941 columns for Vermont are as of June 30, 1941. 2 For call dates included in the September 24 columns, see page 73 of the January 1942 BULLETIN. r Revised. 5O8 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 510 Gold production 511 Gold movements 511 Net capital movements to United States since January z, 1935... 51Z Central banks 513-516 Money rates in foreign countries 517 Commercial banks 518 Foreign exchange rates 519 Price movements: Wholesale prices 510 Retail food prices and cost of living 511 Security prices 511 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. MAY 1941 509 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States Argentina Belgium 1936—Dec... 1937—Dec... 1938—Dec... 1939—Dec... 1940—Dec... 11,258 12,760 14,512 17,644 21,995 501 469 431 466 2 353 632 597 581 609 3 734 25 32 32 40 51 1941—Apr..; May.. June.. July.. Aug... Sept.. Oct... Nov.. Dec... 1942—Jan... Feb... Mar.. 22,506 353 353 353 353 352 352 354 354 354 354 1734 57 58 62 63 65 66 68 69 70 End of month 22, 575 22,624 22,675 22,719 22,761 22,800 22,785 22,737 22,747 22,705 22,687 Co- Czechoslolombia vakia Bulgaria anada Chile 275 274 274 274 274 20 24 24 24 24 188 184 192 214 29 30 30 30 30 19 16 24 21 17 274 274 274 274 274 274 274 274 274 24 24 30 30 30 30 30 30 30 30 30 30 Brazil British India Denmark Egypt France Germany Greece 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 27 28 29 129 26 24 27 28 28 17 16 18 18 17 17 17 17 16 18 17 15 59 59 61 61 61 61 61 61 61 48 48 47 45 45 44 44 44 44 52 52 52 52 52 52 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 w Mexico Nether- New lands Zealand Norway Peru 82 94 94 184 20 21 20 20 20 «7 7 8 6 7 11 6 6 8 5 7 5 5 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 1137 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 1941—Apr... May.. June.. July.. Aug... Sept.. Oct... Nov. . Dec... 1942—Jan... Feb... Mar... 24 24 24 24 24 24 24 24 26 26 26 6 164 174 174 173 173 193 201 200 228 235 56 58 59 60 59 57 54 52 47 42 28 30 572 572 573 573 573 573 573 574 575 23 23 23 23 23 23 23 23 23 23 United Kingdom Uruguay Venezuela Yugoslavia B.I.S. 2,584 2,689 2,690 81 1 77 74 69 68 90 59 52 52 52 9 29 48 51 57 59 82 11 5 14 7 12 183 185 142 149 145 105 108 108 108 108 106 102 101 40 40 40 40 41 41 41 41 41 49 52 52 183 12 9 10 9 9 9 10 10 12 12 145 145 144 144 144 146 146 146 146 146 146 146 End of month End of month Sweden Switzer- Turkey land 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 240 244 321 308 160 657 650 701 549 502 26 29 29 29 88 1941—Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb Mar 174 180 192 189 191 191 192 196 223 225 251 528 530 528 533 525 543 560 602 665 702 95 96 96 95 93 92 Java 1 Figures relate to last official report dates for the respective countries, as follows: Belgium Mar. 27, 1941; Germany—June 15, 1939; Greece—Mar. 31, 1941; Italy—late in Mar. 1940; N o r w a y Mar.2 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 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 that time is gold held by Minister of Finance. 6 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1,1936, and Apr. 30 1938,6 respectively. Figure for Feb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p . 926 in that issue. 510 Ruma- South Poland Portugal nia Africa 75 83 85 21 20 20 20 20 21 21 21 22 21 21 21 Other countries' 128 68 69 69 69 59 114 120 133 152 158 203 189 220 249 367 59 59 59 59 59 59 59 59 59 59 59 171 172 175 178 178 179 413 418 427 431 436 450 422 400 366 363 380 Spain 8 525 Government gold reserves1 not included in previous figures United End of month United France2 BelStates Kinggium dom 1937—June ... Dec... 1938—Mar.... June.. . Dec. ... 1939—Mar. ... May.... June... Sept.... Dec 1940—Mar. ... June... Sept.... Dec. ... 1941—Mar. ... June... Sept Dec 169 44 80 154 85 164 156 145 86 105 48 88 89 24 25 3 934 4 1,395 1,489 115 81 4 759' " * 3 3 i " 1,732 559 477 62 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. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. FEDERAL RESERVE BULLETIN GOLD PRODUCTION j Estimated world Year or month production outside 1 U.S.S.R. 1934 1935 1936 1937 1938 1939 1940 1941 .... Total 823,003 708,453 882,533 752,847 971,514 833,895 1,041,576 893,384 1,136,360 958,770 1,208,705 1,020,297 1,279,455 1,094,264 1,282,120 21,086,381 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb 106,365 105,525 105,140 105,875 109,970 108,535 109,935 111,265 r 107,940 105,105 89,944 r 89,185 r 88,710 89,493 2*93,349 292,227 293,591 294,665 291,326 2*88,509 287,225 *76 OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Africa North and South America Other RhoAustra-1 British West I Belgian United | r Q , J M • „ I Colom- I r v l jNicara5 Africa [ Congo** StatesS | Canada^ | Mexico | [Chile Ma desia lia I IndiaG 1 gua South Africa 366,795 377,090 396,768 410,710 425,649 448,753 491,628 504,268 $1 = 15£x grains of gold fa 24,264 12,153 6,549 25,477 13,625 7,159 2&,053 16,295 7,386 28,296 20,784 8,018 28,532 24,670 8,470 28,009 28,564 8,759 29,155 32,163 2 8,862 p 27,808 32,414 42,075 2,318 41,357 2,355 42,716 2,355 41,186 2,353 43,093 2,319 42,458 2,329 42,135 2,312 p 43,061 2,348 41,807 22,243 42,436 22,313 42,556 /22,313 39,651 •^22,313 fine; i.e., an ounce of fine gold 108,191 104,023 23,135 126,325 114,971 23,858 152,509 131,181 26,465 168,159 143,367 29,591 178,143 165,379 32,306 196,391 178,303 29,426 210,109 185,890 30,878 208,443 186,568 27,969 15,949 16,340 15,948 16,395 18,463 17,413 20,807 18,781 19,740 16,700 14,982 10,034 1,891 15,629 2,702 2,071 15,384 2,491 1,448 1,872 15,721 1,777 15,890 2,845 2,485 2,072 15,983 2,579 1,739 16,353 1,984 1,984 15,578 2,300 2,098 16,141 1,688 1,726 15,499 1,832 1,749 14,746 2,075 14,198 A , 832 •f 1,832 '2,075 13,147 30,559 31,240 40,118 46,982 54,264 56,182 55,878 251,039 11,223 11,468 11,663 11,607 11,284 11,078 10,157 9,940 4,040 4,133 4,136 3,939 4,185 4,376 4,271 5,357 4,047 24,200 24,340 '24,340 840 805 700 840 875 875 805 840 840 875 840 ^840 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. r Revised. *1 Figure carried forward. Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces. 2 Beginning May 1940, monthly figures no longer reported^ Annual figure for 1940 estimated at three times production for first four months of the year. 3 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 4 Figures for Canada beginning January 1941 are subject to official revision. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. 7 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p . 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, 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 SwitzColom- PhilipAuspine erland Canada Mexico bia Islands tralia Sweden South Africa Japan British India All other countries Net imports from or net exports (—) t o : 1 1,131,994 499,870 1 739,019 315,727 1,116,584 174,093 1,585,503 891,531 1,973,569 1,208,728 3,574,151 1,826,403 4,744,472 633,083 1934 1935 1936 1937 1938 1939 1940 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 21 260,223 8,902 94,348 934,243 3 227,185 573,671 3,351 71,006 2 -13,710 90,859 6,461 6 81,135 15,488 163,049 60,146 3,798 165,122 341,618 28,715 241,778 977 63,260 161,489 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 12,186 13,262 2,170 7,446 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 6,085 4,501 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 7 1 1,746 12,038 12 1,029 15,335 65 3,498 21,513 23,280 8 25,427 34,713 181 27,880 39,162 401 35,636 74,250 22,862 38,627 103,777 184,756 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 4 76,820 75,268 77,892 246,464 50,762 168,740 16,159 165,605 50,956 111,739 49,989 3,046 313 32,304 46,989 39,735 29,998 2 67,975 3 102,404 4 388,468 27,580 12,805 5c 6,062 15,093 2,951 6,793 Gross imports from: 6 May June July Aug Sept Oct Nov.7 34,830 30,712 37,041 36,973 65,702 40,440 50,374 2 474 542 79 250 55 121 i 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 3,594 69 88 137 3,694 200 40 131 1,995 2,327 3,589 5,009 3,811 5 9,011 5 ll,045 6 9,366 5 9,041 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, p and $37,555,000 from other °UI14 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes 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. 468. MAY 1941 511 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] 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 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) Dec. (Jan. 1, 1941). 3,207.2 3,045.8 3,472.0 3,844.5 4,197.6 4,659.2 5,035.3 5,021.2 5,115.9 5,440.7 5,748.1 5,727.6 949.8 786.2 1,180.2 1,425.4 1,747.6 2,111.8 2,479.5 2,430.8 2,539.0 2,830.1 3,092.8 3,159.0 149.9 125.9 187.0 238.5 311.4 425.3 552.1 542.5 539.1 922.3 1,112.3 1,200.8 799.9 660.4 993.2 1,186.9 1,436.2 1,686.5 1,927.3 1,888.3 1,999.9 1,907.8 1,980.5 1,958.3 434.4 403.3 477.2 510.1 550.5 607.5 618.4 650.4 631.6 684.1 773.6 775.1 618.5 643.1 625.0 641.8 646.7 664.5 676.9 725.7 761.6 785.6 793.1 803.8 1,150.4 1,155.3 1,125.4 1,219.7 1,188.9 1,201.4 1,177.3 1,133.7 1,095.0 1,042.1 98*. 0 888.7 54.2 57.8 64.1 47.6 63.9 74.0 83.1 80.6 88.7 98.9 101.6 100.9 1941—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 1,878.5 1,887.9 1,856.2 1,859.6 1,841.0 764.9 752.1 756.2 755.4 767.4 814.0 814.1 814.8 815.8 812.7 757.3 741.9 726.9 714.7 701.8 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 1,857.0 1,864.5 1,855.2 1,850.9 766.4 772.4 785.0 798.9 815.6 816.2 816.7 815.7 694.7 691.9 686.8 682.4 97.1 98.7 98.5 98.2 May7 May 14 May 21 May 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 1,843.1 1,809.4 1,830.9 1,848.9 791.6 792.4 794.6 794.9 832.9 833.5 834.5 835.4 673.8 655.2 649.6 641.6 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 1,816.6 1,825.6 1,841.4 1,830.7 1,818.2 803.6 811.6 815.7 817.8 818.6 836.3 832.6 831.6 833.1 834.1 637.1 634.4 634.4 632.4 631.2 96.8 97.2 96.7 96.5 98.2 July9 July 16 July 23 July 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 1,828.4 1,808.7 1,810.9 1,821.1 826.2 826.2 819.4 803.5 835.5 837.8 838.3 838.9 630.0 628.2 624.8 623.6 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 1,806.6 1,797.3 1,782.0 1,787.4 1,799.9 807.3 805.7 803.7 801.8 805.6 839.7 841.0 842.0 841.4 841.7 624.8 623.1 619.7 617.3 616.5 98.8 99.1 99.6 101.0 101.2 Sept. 10 Sept. 17 Sept. 24 Oct.l 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 1,781.1 1,759.7 1,795.6 1,817.7 814.9 814.8 810.1 805.3 842.0 841.8 839.8 841.1 617.0 618.2 622.1 623.5 101.2 100.5 99.9 100.9 Oct. Oct. Oct. Oct. 5,494.3 5,478.1 5,460.2 5,503.2 3,123.0 3,108.0 3,091.1 3,138.3 1,309.3 1,337.2 ,291.6 ,334.1 1,813.7 1,770.8 1,799.5 1,804.2 804.6 802.1 803.4 797.7 841.7 843.3 843.2 845.2 623.9 623.2 621.2 621.3 101.1 101.5 101.3 100.6 Nov. 5 Nov. 12 Nov. 19 Nov. 26 Dec. 3 5,429.2 5,429.7 5,383.3 5,384.0 5,379.3 3,074.3 3,063.2 3,021.7 3,018.5 3,011.6 ,266.7 ,262.8 ,208.4 ,195.2 ,192.2 1,807.5 1,800.4 1,813.3 1,823.3 1,819.4 785^5 796.1 792.4 795.8 795.2 846.9 847.6 846.7 847.7 851.0 621.6 622.1 621.7 621.3 620.5 100.9 100.8 100.8 100.7 101.0 Dec. Dec. Dec. Dec. 10 17 24 31 5,358.4 5,290.9 5,266.8 5,230.7 2,989.1 2,919.4 2,894.9 2,856.2 ,154.1 ,102.2 ,075.5 ,053.7 1,835.0 1,817.3 1,819.4 1,802.6 796.6 795.4 792.6 791.3 852.7 853.6 854.5 855.5 620.4 622.5 624.6 626.7 99.6 100.1 100.1 100.9 1942—Jan. Jan. Jan. Jan. 7 14 21 28 5,225.3 5,199.1 5,178.5 5,163.7 2,841.7 2,816.9 2,787.7 2,771.6 1,052.6 1,012.3 980.3 977.6 1,789.1 1,804.6 1,807.4 1,793.9 798.5 796.5 803.0 801.6 856.2 856.7 857.8 857.5 627.6 627.0 627.9 631.0 101.4 102.0 102.0 102.0 .' 8 15 22 29 603.3 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. SPECIAL NOTE.—Beginning with this issue of the BULLETIN, the tables showing capital movement by countries (Tables 2-9) have been suspended. 5 iz FEDERAL RESERVE BULLETIN CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue dept. Assets of banking department Liabilities of banking department Note circulation 3 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 90.7 176.1 199.1 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 616.9 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 135.7 630.0 680.0 680.0 680.0 680.0 680.0 5 730.0 730.0 730.0 5 780.0 .1 .5 .6 .7 .7 .8 .6 1.3 .6 .3 18.8 56.9 50.7 41.3 21.8 15.5 58.8 36.9 20.2 28.5 45.3 28.3 11.4 6.9 6.5 6.4 4.6 4.5 4.0 6.4 145.8 133.7 149.4 156.2 181.7 183.9 149.8 163.3 192.3 267.8 611.5 623.4 629.5 639.0 658.4 664.7 671.4 693.3 710.0 751.7 118.6 131.8 110.9 112.5 132.1 125.7 133.9 117.0 136.4 219.9 22.0 13.6 32.3 25.3 11.3 14.9 10.6 13.7 780.0 780.0 780.0 .4 .3 .4 37.8 30.7 25.2 8.2 4.2 5.1 184.5 182.8 204.8 742.4 749.6 755.1 145.5 136.8 156.8 10.2 11.5 Gold1 Other assets 2 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 .2 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 230.0 580.0 6 630.0 1941—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 1942—Jan. 28.. Feb. 25 . Mar. 25. .2 .2 .2 5 Cash reserves Securities Deposits Bankers' Bank of Canada Gold Sterling and United States dollars Dominion and provincial government securities 52.3 57.2 52.1 50.4 50.5 49.1 52.2 57.7 53.1 54.1 18.1 17.7 17.8 17.8 17.9 18.a 18.1 17.7 17.8 17.9 57.4 51.7 51.4 17.9 18.0 18.1 8.9 22.2 9.9 12.1 12.1 11.4 15.9 29.7 12.5 9.8 11.2 9.3 Note circulation? Other liabilities Dominion government Other 99.7 135.7 165.3 175.3 232.8 359.9 181.6 187.0 196.0 200.6 217.0 217.7 17.9 18.8 11.1 16.7 46.3 10.9 2.1 3.5 3.1 17.9 9.5 7.7 13.4 14.4 9.3 13.3 28.5 17.0 12.8 9.9 28.9 14.9 21.3 19.9 29.6 20.3 33.5 365.3 372.6 379.4 393.4 404.7 422.2 435.3 448.9 463.0 496.0 208.0 228.9 239.8 200.3 216.3 212.9 207.5 231.8 247.2 232.0 17.1 18.2 88.6 54.5 33.3 60.7 124.6 60.3 53.2 73.8 8.3 3.8 5.4 10.6 4.7 10.0 6.4 2.4 7.2 6.0 13.4 14.0 15.0 15.0 16.7 17.2 18.2 25.7 20.7 35.1 14.9 17.6 19.7 479.1 493.2 508.9 200.6 236.8 241.9 46.6 49.4 118.8 18.7 11.1 6.1 18.7 18.2 16.3 4.2 9.1 14.9 28.4 64.3 38.4 30.9 61.3 82.3 144.6 181.9 448.4 83.4 99.0 91.6 40.9 49.9 127.3 8.6 8.2 21.7 5.2 5.5 12.4 1941—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 30 Sept. 30. . . . Oct. 31 Nov. 29 Dec. 31 69.5 134.0 216.3 .5 .5 40.6 109.3 42.5 113.8 200.9 411.1 372.5 375.5 501.5 522.3 519.7 516.4 462.2 428.7 391.8 114.5 118.2 126.5 142.9 138.0 141.4 146.3 234.7 228.5 216.7 1942—Jan. 31 Feb. 28 Mar. 31 299.1 377.0 276.3 245.7 209.5 386.6 203.8 204.6 209.4 (8) 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 17.9 17.9 Chartered banks Other 180.5 179.4 179.8 185.9 225.7 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 51.2 7.7 Deposits Other assets Shortterm« 1935—Dec. 31. 1936—Dec. 31. 1937—Dec. 31. 1938—Dec. 31. 1939—Dec. 30. 1940—Dec. 31. Other 8.8 6.6 Liabilities Assets (Figures in millions of Canadian dollars) Public 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, whei 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. 6 Fiduciary issue increased by 50 million pounds on June 12,1940, and Apr. 30, Aug. 30, and Dec. 3, 1941. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset and liability items shown separately in the statements. MAY 1941 513 Central Banks—Continued Liabilities Assets Bank of France (Figures in millions of francs) 1929—Dec. 27 1930—Dec. 26 1931—Dec. 30 1932—Dec. 30 1933—Dec. 29 1934—Dec. 28 1935—Dec. 27 1936—Dec. 30 1937—Dec. 30 1938—Dec. 29 1939—Dec. 28 Gold 1 41,668 53,578 68,863 83,017 77,098 82,124 66,296 60,359 58 933 87,265 5 97 267 25,942 26,179 21,111 4,484 1,158 111 109 111 112 102 Aug. 29 6 Sept. 26 Oct. 31 6 6 Nov. 286 Dec. 26 97,268 97 275 84,614 84 615 84 616 84,616 84,616 84,616 84,616 84,616 84,616 Aug. 28. Sept. 25 Oct. 30 p Nov. 27P Dec. 31 84,598 84,598 84,598 84,598 84,598 84,598 ... . . 1940—Jan. 25 Feb. 29 . . . . Mar. 28 Apr. 25 May 30 June 106 Advances to Government Domestic bills Foreign exchange 5 963 1,328 1,460 911 821 112 108 ( 77 ) ( ) 2 Open market z Special 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 5,580 7,422 11,273 2,235 1,810 1,870 1,781 1,889 1,518 5,011 4,630 5,005 5,769 14,473 11,885 • 652 43,194 37 37 37 37 37 1,797 2,345 8,624 8,429 7,389 3,438 4,739 3,971 9,712 8,465 10,066 7,880 5,149 1,379 11,861 12,505 42,645 42,694 44,083 44,173 1 • Si 3,646 6,419 6,139 27,200 39,200 56,806 64,397 72,317 i 7,849 117,715 117,555 123,578 129,518 129,568 142,507 (V 41,138 8 Other 2 Note circulation Government C.A.R.4 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 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 2,718 2,925 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 25,221 151,738 156,150 156,032 156,285 170,853 174,469 198,578 205,439 213,131 214,176 218,383 1,834 1,203 1,154 1,171 1,046 1,049 995 990 1,097 748 984 14,965 17,128 14,262 14,681 25,782 25,405 28,226 25,700 25,075 24,941 27,202 3,259 3,156 3,014 3,038 2,811 2,848 69,500 67,700 64,700 60,500 68,900 22,605 21,826 242,000 244,099 248,993 255,684 260,772 270,144 1,318 1,341 33,978 29,179 3,586 3,7?63 3,741 3,309 23,179 23,555 1,272 8 27,200 34,930 38,932 39,107 41,400 60,612 60,193 59,714 60,932 8 86,875 61,500 Assets Reichsbank "(Figures in millions of reichsmarks) Reserves of gold and foreign exchange Total reserves 1929—Dec. 3 1 . . . 1930—Dec. 3 1 . . . 1931—Dec. 3 1 . . . 1932—Dec. 3 1 . . . 1933—Dec. 3 0 . . . 1934—Dec. 3 1 . . . 1935—Dec. 3 1 . . . 1936—Dec. 3 1 . . . 1937—Dec. 3 1 . . . 1938—Dec. 3 1 . . . 1939—Dec. 30... 1940—Dec. 3 1 . . . 2,687 2,685 1,156 920 396 84 88 72 76 76 78 78 1941—Feb. 28. .. Mar. 31... Apr. 30... May 3 1 . . . June 30... July 3 1 . . . Aug. 30... Sept. 30... Oct. 31*\ . Nov. 29 p .. Dec. 31*\. 77 78 78 78 78 78 77 77 77 77 77 p Gold 2,283 2,216 984 806 386 79 82 66 71 71 I- Other Other liabilities 8,124 9,510 11,275 11,712 11,173 11,500 11,705 12,642 11,733 18,498 20,094 17,698 31 909 20,627 34 673 §(7) v 40,776 40,720 Other For occupation costs 3 Deposits Other assets 25,999 I ( ? 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 15,284 15,367 15,644 15,918 16,258 16,754 17,306 18,016 18,456 18,899 21,656 34 23 32 23 20 27 25 25 26 24 32 24 32 22 18 45 12 16 24 20 58 107 Eligible as note cover Other Other assets Note circulation Deposits Other liabilities 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 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 1,396 351 352 488 438 416 359 384 383 ( 1,445 1,672 1,548 1,922 2,336 2,302 2,343 2,260 (7) (V7 13,976 14,188 14,689 15,210 15,565 16,031 16,502 16,918 17,432 17,793 19,324 1,935 2,127 2,006 2,012 2,373 2,243 2,326 2,511 2,470 2,493 3,649 1,305 1,210 1,117 1,174 1,215 1,259 1,323 1,357 (7) () 8 Preliminary. 1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Dec. 31, 1941, advances of 150,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940,30,000 million francs of gold transferred from^Bank of France to Stabilization Fund. 8 Figures taken from annual report of Bank for 1940. 7 Figure not available. 89 Total deposits—distribution not available. Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. FEDERAL RESERVE BULLETIN Central Banks—Continued Central Bank (Figures as of last report date of month) Central Bank of t h e Argentine R e public (millions of pesos): Gold reported separately Other gold and foreign exchange.. Negotiable Government bonds Rediscounted paper Other assets Note circulation Deposits—Member bank Government Other Foreign exchange sold forward Other liabilities . ... Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling Securities Banking department: Coin, bullion and cash London balances Loans and discounts Securities Deposits Note circulation National Bank of Belgium 1 National Bank of Bohemia and Moravia (millions of koruny): Gold Foreign exchange Discounts Loans Other assets Note circulation Demand deposits Other liabilities Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Securities—Government Other Other assets Note circulation Deposits Other liabilities National Bank of Bulgaria 1 Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other . . . Other liabilities Bank of 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 1941 1942 Mar. Feb. Jan. Mar. Central Bank (Figures as of last report date of month) Mar. Feb. 1,071 479 364 291 296 46 205 222 1,390 553 84 23 83 21,954 68,953 21,954 64,717 17,705 46,645 3 812 31,648 35 400 101 676 162 783 85 614 5,647 30,325 28,031 88 940 143,499 81,364 3 090 55,573 22,360 45 947 119,062 63 119 7 (Dec 1941)2 1,513 1,465 787 840 (3) (3) 769 250 (4) (3) 9,397 2,800 (3) 7,007 2,051 (3) (Dec. 1941)2 377,199 C103,552 377,141 204,304 147 904 216,058 451,177 442,886 7,503 11,204 33 727 c40,421 641,572 494,616 597 290 427,400 159,490 92,709 148 26,611 20,506 35 017 55,953 32,418 75 682 50,660 44,163 148 1,053 362 733 673 57 1,442 204 742 486 74 1,172 199 106 200 204 130 198 173 86 221 29,236 14,862 40,517 54,126 32,842 72,796 52,909 45,878 31,863 9,786 41,109 54,244 31,487 70,853 52,354 45,282 (Nov. 1941)2 31,451 15,852 18,774 58,704 35,988 61,416 59,831 39,521 98 31 801 8 16 26 105 28 485 9 20 41 160 211 (Nov. 1941)2 71,276 25,648 84,505 25,670 107,574 57,372 42,154 (Sept.2 1941) 6,241 2,722 4,778 British, Egyptian, and other Gov- Loans and discounts Domestic securities Note circulation Deposits Other liabilities Bank of Greece1 National Bank of Hungary (millions Discounts Loans—To Treasury To foreign countries Other ... .... Other assets Note circulation Demand deposits Consolidated foreign credits of 1931. Other liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home and 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 1 610 707 557 196 64,534 12,278 63,037 23,242 76,526 55,728 30,837 84,664 7,660 45,945 10,166 36,385 13,568 Other 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 . Mar. 791 National Bank of Egypt 5 (thousands of pounds): Gold 147 303 733 705 65 1,449 175 Other assets Deposits Other liabilities Central Bank of Ecuador (thou1,223 sands of sucres): 486 Gold 131 Foreign exchange (net) «. 3 6 60 Jan. (Nov. 1941)2 898 National Bank of Denmark—Cont. 1,075 1941 1942 13,241 10,713 1,451 7,170 2,423 23,194 7,580 4<224 13,237 7,648 2,245 7,240 2,059 21,688 6,371 4,369 (Mav2 1941) 13,242 3,637 1,400 6,536 1,420 15,404 4,576 6,255 556 604 1,182 5,610 1,379 5,447 414 403 2,212 5,659 1,500 5,724 796 512 3,520 3,097 (Dec. 1941)2 100 18 1,196 790 140 44 (3) 1,984 729 610 (3) 26 124 27 39 329 1,369 177 51 262 (Dec. 1941)2 444 444 2 276 1 022 415 342 879 347 2 577 3 356 121 471 112 561 143 116 423 (4) 160 87 640 146 0 1 Corrected. For last available reports from the central banks of Belgium (March 1941), Bulgaria (Mayl)1941), Greece (March 1941), and Japan (September 1941), jee BULLETIN for March 1942, pp. 280-281. 2 Latest month for which report is available for this institution. 3 Figure not available. 4 Less than 500,000. 5 Items for issue and banking departments consolidated. 6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengd, an increase in gold value of the pengo of approximately 24 per cent. MAY 1942 5I5 Central Banks—Continued Central Bank (Figures as of last report date of month) 1942 Mar. Feb. Bank of Java (millions of guilders): Gold : Foreign bills Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Mexico (thousands of pesos): Metallic reserve2 "Authorized" holdings of securities, etc. Bills and discounts Other assets Note circulation , Demand liabilities Other liabilities Netherlands Bank (millions of guilders): " Gold Silver (including subsidiary coin). Foreign bills , Discounts. Loans Other assets Note circulation Deposits—Government Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold. Sterling exchange reserve Advances to State or State undertakings Investments. Other assets Note circulation Demand deposits Other liabilities Bank of Norway^ 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): Golds 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): Golds Special exchange accounts Loans and discounts Special loans (in liquidation) Government debt Other assets Note circulation Demand deposits., Other liabilities. S o u t h African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets ., Jan. Mar. (Dec. 1941)x 444 21 119 119 311 355 36 336 18 89 119 216 310 199,291 195,641 189,778 171,522 532,420 517,489 491,934 495,267 114,080 98,607 96,817 51,367 50,793 68,082 85,316 61,102 554,458 546,252 546,309 428,809 242,708 236,317 212,781 257,278 99,417 97,251 104,755 93,171 (Dec. 1941)1 1,026 1,096 8 18 930 23 170 3 180 226 265 (») 2,116 1,593 182 3 144 60 2,802 19,499 2,802 13,757 2,802 17,537 32,389 4,151 1,267 23,456 33,876 2,775 28,606 4,103 1,583 23,784 24,238 2,829 18,426 3,772 1,629 21,441 20,045 2,680 (Dec. 1 1941 ) 64,640 22,250 182,338 5,843 208,509 46,247 20,315 (Nov. 1941)1 1,338 1,432 2,826 340 1,031 935 3,911 3,192 798 (Sept. 1941)1 33,715 17,667 31,102 574 9,628 37,532 89,691 28,281 12,246 46,112 366 25 60,354 44,111 348 74 60,653 Mar. South African Reserve Bank—Cont/ Note circulation Deposits Other liabilities Bank of Sweden (millions of kronor): Gold Foreign assets (net) Domestic loans and investments.. Other assets Note circulation Demand deposits Other liabilities Swiss National Bank (millions of francs): Gold Foreign exchange Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Central Bank of t h e Republic of Turkey (thousands of pounds): Gold Foreign clearing accounts Loans and discounts Securities Other assets Note circulation Deposits—Gold Other Other liabilities Bank of t h e Republic of Uruguay (thousands of pesos): Issue department: Gold and silver Note circulation Banking department: Gold Notes and coin Advances to State and to government bodies g O ther t r loans oans and discounts Other assets 53,818 Deposits 31,758 Other liabilities 130,034 C e n t r a l B a n k of V e n e z u e l a (thou11,867 sands of bolivares): 150,021 Gold 52,523 Foreign exchange (net) 24,933 Credits to national banks Other assets Note circulation— Central Bank National banks Deposits Other liabilities 1,031 N a t i o n a l B a n k of t h e K i n g d o m of 876 Yugoslavia* 2,779 Bank for International Settlements 1,910 (thousands of Swiss gold francs7): 716 Gold in bars 1,270 870 997 362 32,325 4,869 30,517 632 9,793 17,848 68,886 18,536 8,562 48,701 485 3 38,495 1941 1942 Central Bank (Figures as of last report date of month) Cash on hand and on current account with banks Sight funds at interest Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments Other assets Demand deposits (gold)..: Short-term deposits (various currencies) : Central banks for own account. Other Long-term deposits: Special accounts Other liabilities Jan Mar. 4,961 29,522 70,131 5,533 23,572 59,537 4*575 553 693 895 874 1,598 942 476 497 760 843 926 1,607 897 523 380 753 816 762 1,422 601 690 3,037 522 69 212 2,214 1,343 284 (Nov. 1941)1 115,404 55,815 474,471 191,570 25,916 511,484 79,358 110,021 162,312 2,282 1,191 244 233 2,146 1,559 245 Feb. 29,769 12,US 110,782 49,189 401,261 192,357 18,001 461,099 79,358 96,753 134,378 (Nov. 1941)1 86,235 86,235 107,592 106,700 72,924 34,082 71,235 30,840 25,150 40,754 93,210 91,540 129,770 93,583 119,987 118,818 235,149 209,133 158,317 158,317 149,031 123,127 23,621 18,491 17,791 32,894 35,230 35,230 35,230 38,000 15,590 14,510 13,918 5,678 138,924 138,071 114,990 46,655 51,978 54,394 56,338 115,972 32,875 25,851 34,102 17,544 8,982 8,232 10,540 37,777 40,070 32,876 15,603 41,011 16,168 141,624 141,251 22,274 21,538 224,815 233,443 2,346 137 29,119 35,555 17,444 4,950 33,877 2,860 229,001 228,909 194,592 194,627 1 2 3 Latest month for which report is available for this institution. Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Figure not available. * For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for |March 1942, p. 282. 5 Valued at average cost. 6 Gold revalued April 1, 1941, at 0.0047 gram fine gold per leu. 1 See BULLETIN for December 1936, p. 1025. 516 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 2 2 3 Netherlands 3 Sweden 2X Switzerland 2 2H 3 2 2M Albania Argentina . . Belgium Bohemia and Moravia.... 2 Date effective Central bank of— Rate Apr. 30 Mar. 21, 1940 Mar. 1, 1936 Jan. 25, 1940 1, 1940 Japan Java Latvia Lithuania... Mexico 3.29 3 5 6 4 Apr. Jan. Feb. July Jan. Nov. 8, 1940 Nov. 28, 1935 Dec. 1, 1940 Mar. 11, 1935 Dec. 16, 1936 July 18, 1933 Netherlands New Zealand... Norway Peru Portugal 5 4 July May Aug. Mar. 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 IX IH Mar. Apr. July Oct. May 17, 1941 9, 1940 14, 1941 22, 1940 18, 1936 Turkey United Kingdom U. S. S. R... Yugoslavia.. 4 July 2 4 5 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 2 Oct. 6 3 5 4 3 3 2y2 P 4 7 3 Denmark Ecuador El Salvador... Estonia Finland... 4 3 . . . . July 6 Aug. 24.... Aug. 29 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940 . Apr. 9 May 17 Mar. 17, 1941 Rate Apr. 30 Bolivia British India.. Bulgaria Canada Chile Colombia 4 J a n . 4, 1939... Central bank of— Date effective 7, 14, 17, 15, 2, 1936 1937 1940 1939 1941 2 4 6 5 4 Aug. 4 Sept. 3 N o v . 13 M a y 10, 1938 M a y 13 . . . M a y 30 Sept. 28 Oct. 27 N o v . 25 Apr. 17 M a y 11 . Belgium 4 2 June 27, 1941 4 26, 13, 1, 31, 1941 1940 1940 1941 Sept. 12, 1940 June 2, 1941 lMar. 29, 1939 May 29, 1941 Nov. 26, 1936 3 3 2 France Germany Greece 3 2 Italy 3)4 v r a v OQ 5 3 1, 1938 3 June 27 In effect Apr. 30, 1942 2 2 2H 3 IX 1 Not officially confirmed. NOTE.—Changes since Mar. 31: none. OPEN MARKET RATES [Per cent per annum] United Kingdom Month Bankers' acceptances 3 months Treasury bills 3 months 1929—Feb................ 1930—Feb 1931—Feb 1932—Feb , 1933—Feb 1934—Feb 1935—Feb 1936—Feb 1937—Feb 1938—Feb 1939—Feb 1940—Feb 1941—Feb 5.05 3.82 2.56 4.63 .83 .95 .38 .55 .55 .53 .53 1.04 1.03 4.96 3.72 2.37 4.08 .78 .86 .28 .53 .53 .50 .51 1.02 1.02 1941—Mar Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb 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 1.00 1.00 1.00 1.00 1.01 1.00 1.00 1.01 1.01 1.00 ,. „'.„. Bankers' Day-to-day allowance money on deposits 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 4.33 3.76 2.29 3.84 .73 .88 .63 .75 .75 .75 .75 1.00 1.00 5.80 5.53 4.88 6.67 C 3.88 C 3.88 3.41 3.00 3.00 2.88 2.88 2.50 2.25 6.33 6.01 5.49 7.81 4.86 4.78 3.83 2.77 2.47 2.73 2.53 2.08 1.68 4.39 2.80 1.12 1.87 .37 .78 .58 1.19 .28 .13 .13 1.58 2.25 4.78 2.94 1.05 1.69 1.00 1.00 1.00 1.63 1.00 .50 .50 2.50 2.75 3.31 2.71 1.00 1.52 1.50 1.50 1.50 2.37 1.18 1.00 1.00 1.25 1.25 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.03 1.04 1.04 2.25 2.25 2.25 2.13 2.13 2.13 2.13 2.13 2.13 2.13 1.83 1.67 1.78 1.93 1.63 2.07 2.06 1.93 1.88 1.88 1.88 1.88 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.. 0 Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MAY 1941 517 COMMERCIAL BANKS Assets United Kingdom 1 (Figures in millions of pounds sterling) Cash reserves Liabilities Money at Loans to call and Bills dis- Treasury deposit2 Securities customers counted receipts short notice Deposits Other assets Demand3 Total 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—April May June July August.... September October... November. December. 1942—January... 298 293 311 306 316 330 328 332 366 330 318 137 128 143 139 140 134 132 127 141 118 122 188 173 193 275 266 315 270 246 171 157 112 472 565 594 605 630 778 740 759 784 864 208 237 247 231 238 1,983 • 1,941 1,971 2,091 2,238 991 1,015 1,044 1,140 (4) 963 900 910 924 (4) 216 244 251 231 232 11 London clearing banks 6 February. 314 660 635 635 609 771 890 984 971 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 1,030 245 252 269 256 250 461 469 482 476 469 531 596 651 758 739 646 820 848 880 902 935 939 986 999 999 1,008 1,017 897 889 874 866 850 839 837 825 823 832 840 274 273 311 267 264 269 273 280 324 288 275 2,829 2,824 2,946 2,991 2,997 3,115 3,176 3,208 3,329 3,222 3,085 1,769 1,789 1,870 1,898 1,909 1,991 2,023 2,054 2,168 2,088 2,003 1,060 1,035 1,075 1,093 1,088 1,123 1,153 1,154 1,161 1,134 1,082 247 249 248 240 242 243 246 250 253 249 243 Liabilities 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 Security loans abroad and net Securities due from foreign banks Other assets Note circulation Deposits "payable in Canada excluding interbank deposits Total Demand Other liabilities Time 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 1939—December. 1940—December. 211 197 228 228 240 255 263 292 323 103 106 103 83 114 76 65 53 40 1,104 1,036 977 945 791 862 940 1,088 1,108 155 134 155 141 161 102 166 132 159 778 861 967 1,155 1,384 1,411 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 1941—April May June July August. . . September October... November December 1942—January... 325 321 288 314 299 308 325 342 356 296 324 31 29 33 34 35 36 37 36 32 31 30 1,109 1,132 1,292 1,279 1,255 1,237 1,233 1,218 1,169 1,128 1,135 189 183 191 188 190 197 199 182 168 158 164 1,820 1,812 1,688 1,681 1,698 1,696 1,643 1,690 1,759 1,916 1,960 544 537 575 559 553 579 594 593 653 585 595 79 80 80 80 81 79 80 76 71 71 72 3,064 3,045 3,075 3,068 3,031 3,037 3,012 3,041 3,105 3,096 3,181 1,356 1,350 1,608 1,579 1,509 1,482 1,420 1,402 1,436 1,376 1,517 1,708 1,695 1,467 1,489 1,522 1,555 1,592 1,639 1,669 1,720 1,664 877 889 913 907 919 938 939 944 962 945 955 February. Assets France (4 large banks. End of month figures in millions of francs) Cash Due from reserves| j banks Liabilities Bills discounted Loans Other assets Deposits Total Demand Time Own acceptances Other liabilities 1932—December 1933—December 1934—December 1935—December 1936—December 1937—December 1938—December 1939—December, 9,007 5,870 5,836 3,739 3,100 3,403 3,756 4,599 1,766 1,416 1,421 2,484 2,975 4,116 4,060 3,765 22,014 19,848 18,304 16,141 17,582 18,249 21,435 29,546 7,850 8,309 8,159 8,025 7,631 7,624 7,592 7,546 1,749 1,827 1,717 1,900 1,957 2,134 1,940 2,440 37,759 32,635 30,943 27,553 28,484 30,348 33,578 42,443 36,491 31,773 30,039 26,859 27,955 29,748 33,042 41,872 1,268 862 904 694 529 600 537 571 295 273 193 337 473 661 721 844 4,331 4,362 4,301 4,399 4,289 4,517 4,484 4,609 1940—January.. February. Marche... 4,066 4,293 4,110 4,080 3,993 3,920 29,808 30,810 34,123 7,756 7,579 7,499 1,745 1,849 1,961 42,850 43,737 46,608 42,302 43,195 46,064 548 542 544 938 1,034 1,105 3,667 3,753 3,901 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 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 Beginning 1936, figures on this basis available only for all 11 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. 518 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable tr ansfers. Argentina (peso) Year or month Official 1934 1935 1936 1937 1938 1939 1940 1941 33.579 32.659 33.137 32.959 32.597 30.850 29.773 29.773 123.704 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 23.704 23.704 . 1941—Apr May Tune July Aug. Sept Oct Nov Dec 1942—Jan Feb Mar. Special Export . Year or month 61.780 56.011 57.083 . . . . 56.726 55.953 57.061 57.085 „„.„ . 57.004 1941—Apr. May June July Aug. Sept. Oct Dec. 1942—Jan Feb Mar Official 4.2424 4.1642 4.0078 3.4930 3.4674 13.4252 Free Belgium (belga) Brazil (milreis) Official Free British India (rupee) 1322.80 322.80 400.95 23.287 388.86 18.424 395.94 16.917 393.94 16.876 389.55 16.894 353.38 16.852 305.16 116.880 321.27 8.4268 8.2947 8.5681 15^8788 8.6437 6.1983 5.8438 6.0027 6.0562 5!0214 6.0575 5.0705 37.879 36.964 37.523 37.326 36.592 33.279 30.155 30.137 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 322.80 320.70 321.19 321.25 321.31 321.28 321.33 321.37 321.43 321.50 321.50 321.50 321.50 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0575 6.0576 6.0580 6.0580 6.0580 30.129 30.129 30.129 30.128 30.130 30.137 30.151 30.151 30.130 30.123 30.122 30.122 (krone) 22.500 21.883 22.189 22.069 21.825 20.346 119.308 5.0600 5.0600 5.0598 5.0616 5.0646 5.0616 5.0803 5.0896 5.1331 5.1331 5.1369 5.1369 GerFinland France many Greece Hong Kong (mark- (franc) (reichs- (drachma) (dollar) mark) ka) 2.2277 6.5688 39.375 2.1627 6.6013 40.258 2.1903 6.1141 40.297 2.1811 4.0460 40.204 2.1567 2.8781 40.164 1.9948 2.5103 40.061 1.8710 12.0827 40.021 139.968 12.0101 .9402 .9386 .9289 .9055 .8958 .8153 1.6715 39.962 39.968 39.970 2.0100 2.0100 2.0098 .. . 57.011 57.022 56.982 56.981 56.982 56.982 56 980 56.993 56.987 56 987 56.997 57.001 Year or month 38.716 48.217 31.711 30.694 30.457 27.454 22.958 124.592 [n cents per unit of foreign currency] Bulgaria (lev) Canada (dollar) Official Free 1.2852 1.2951 1.2958 1.2846 1.2424 11.2111 190.909 90.909 101.006 99.493 99.913 100.004 99.419 96.018 85.141 87.345 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 87.651 87.421 88.183 88.271 88.961 89.134 88.781 88.604 87.395 87.833 88.418 87.666 Italy (pengo) (lira) 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 5.0475 5.0805 5.2621 23.439 23.439 23.439 23.439 24.393 24.285 24.372 24.524 25.110 25.099 25.088 25.088 25.043 „.,... 1941—Apr. May June July Sept Oct Nov Dec 1942—Jan Feb Mar 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 4.0009 4.0017 4.0026 1.0006 .9277 .7382 .7294 .7325 .7111 1.6896 498.29 484.66 491.65 489.62 484.16 440.17 397.99 398.00 13.615 13.678 12.314 6.053 5.600 10.630 9.322 19.130 59.005 57.173 58.258 57.973 56.917 51.736 46.979 47.133 25.982 25.271 25.626 25.487 25.197 23.991 23.802 123.829 32.366 32.497 30.189 22.938 22.871 22.525 22.676 123.210 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 398.00 9.130 9.130 9.130 47.107 47.107 47.138 47.160 47.160 47.160 47.160 47.160 47.160 47.007 46.710 23.825 23.839 23.836 23.201 23.203 23.206 Chile (peso) Official (yuan ShangExport hai) 10.1452 5.0833 5.1240 5.1697 14.6606 5.1716 4.0000 5.1727 4.0000 5.1668 4.0000 15.1664 14.0000 5.1660 5.1660 China 4.0000 4.0000 34.094 36.571 29.751 29.606 21.360 11.879 6.000 5.190 5.255 5.336 5.243 Neth- New Japan Mexico erlands Zea(yen) (peso) (guild- land Hungary Ruma- South Spain Straits Settle- Sweden SwitzNorway Poland Portuerland gal nia Africa (krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc) (dollar) 25.316 24.627 24.974 24.840 24.566 23.226 122.709 1934 1935 1936 1937 1938 1939 1940 1941 (pound) Colom- Czecho- Denbia slovakia mark (peso) (koruna) 1934 1935 1936 1937 1938 1939 1940 1941 Australia er) (pound) 27.742 67.383 27.778 67.715 27.760 64.481 27.750 55.045 22.122 55.009 19.303 53.335 18.546 153.128 20.538 402.46 391.26 398.92 396.91 392.35 354.82 306.38 322.54 20.538 20.537 20.533 20.542 20.538 20.542 20.567 20.544 20.560 20.564 20.562 20.571 321.96 322.45 322.51 322.57 322.54 322.60 322.63 322.71 322.78 322.78 322.78 322.78 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 79.874 2.2965 79.072 2.3060 64.370 2.3115 62.011 136.789 2.2716 65.830 37.601 2.2463 65.830 43.380 12.2397 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 403.50 402.48 403.10 403.16 403.23 403.18 403.27 403.29 403.42 403.50 403.50 403.50 403.48 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 40.065 41.161 42.706 43.789 43.745 43.836 45.796 48.125 52.783 52.571 52.785 52.717 1 Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1942: No rates certified: Straits Settlements—since February 14. Changes in nominal status (noted only if affecting quotations for at least five days a month): none._ For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1942, see BULLETIN for March 1942, p . 285; February 1941, p . 183; February 1940, p . 178; September 1939, p . 831; March 1939, p . 236; and March 1938, p . 244. MAY 1941 519 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] Year or month United States Canada United Kingdom France Germany Italy (1928=100) (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) 1926 100 100 U24 695 134 1930. 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 86 87 72 67 100 88 86 125 111 97 67 86 554 500 427 398 376 338 411 581 653 681 73 65 66 75 80 81 86 79 77 79 87 1941—March April May Tune July August September October November December 1942—January February March .... 82 Japan (October 1900=100) 85 75 70 93 98 102 104 106 106 107 110 Netherlands (1926-30 =100) Sweden (1935=100) 237 106 1 181 153 161 90 76 65 1 63 180 62 68 76 89 95 178 186 198 238 251 278 311 63 126 144 103 1 94 1 92 1 90 1 96 100 102 114 111 115 146 126 110 96 91 90 90 96 111 107 111 143 184 72 72 75 85 79 75 83 88 89 94 109 101 103 137 90 153 86 151 112 169 112 112 322 151 151 324 326 170 171 2 99 63 62 64 76 72 74 3 88 329 83 85 87 89 87 90 152 112 173 153 153 112 113 331 91 92 329 330 173 174 93 94 94 94 154 155 155 156 113 330 337 340 175 176 89 90 92 92 93 94 96 97 94 95 170 175 181 184 188 189 191 193 198 199 P202 347 156 159 P159 98 Switzerland (July 1914 =100) P1 Preliminary. c Corrected. Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p . 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) Year or month Farm products Foods Canadai 1926=100) Other Farm commodproducts ities Raw and Fully and partly chiefly manumanufactured factured goods goods 1926 100 100 100 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 88 65 48 51 65 79 81 86 69 65 68 82 91 85 75 70 71 78 78 80 85 82 81 83 89 82 56 48 51 59 64 69 87 74 64 67 71 82 62 55 57 64 66 71 84 73 67 1941—March April May June July August September October November December 1942—January February March 72 74 76 75 85 86 87 89 90 91 92 93 94 94 95 95 95 69 70 70 71 82 86 87 91 90 91 95 101 101 103 75 61 61 71 84 82 86 74 70 71 83 78 80 83 85 87 90 89 89 91 94 95 96 100 72 72 73 74 74 75 77 78 United Kingdom (1930=100) Foods Industrial products Germany 1913=100) IndusIndusAgricul- trial raw trial fintural and semi- ished products finished products products 129 130 150 100 87 85 87 90 90 96 112 104 106 138 156 113 104 91 87 96 102 105 105 106 108 111 120 103 89 88 91 92 94 96 94 95 99 150 136 118 113 116 119 121 125 126 126 129 82 87 75 70 70 73 73 74 81 78 75 82 89 100 89 88 83 85 87 92 102 97 97 133 146 79 79 81 82 82 83 85 85 85 86 87 88 84 85 87 89 90 91 92 93 93 92 92 92 144 144 144 145 146 146 147 148 149 151 152 157 154 154 155 156 157 157 158 158 158 158 159 159 111 112 113 114 114 114 113 100 100 100 100 100 100 101 133 133 132 132 132 132 132 100 75 100 p 158 p 1 Preliminary. For a brief explanation of these series, now appearing for the first time in the BULLETIN, see p. 451. Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159. FEDERAL RESERVE BULLETIN Price Movements—Continued RETAIL FOOD PRICES [Index numbers] COST OF LIVING [Index numbers] United SwitzKing- Ger- Nether erland dom many lands (June United States Canadai 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 87 84 94 100 101 105 98 95 97 106 86 85 93 95 98 103 104 101 106 116 126 120 122 125 130 139 141 141 164 168 116 113 118 120 122 122 122 123 128 1941—March April May June July August.... September. October... November. December. 1942—January ... February.. March 98 101 102 106 107 108 111 112 113 113 116 117 119 109 110 110 113 117 121 123 123 125 124 122 123 169 170 171 170 167 167 166 165 165 165 163 163 162 128 129 130 131 134 133 128 Year or month (1935-39 (1935-39 =100) =100) (July 1914 =100 (1913-14 (1911-13 1914 =100) =100) =100) 119 120 124 118 120 127 130 130 3140 125 117 115 114 120 130 130 132 146 175 161 167 172 178 179 180 181 185 188 189 P191 Year or month United United States Switzerland (June 1914 =100) CanKing- Ger- Netherad ai dom many lands (1935-39 (1935-39 (July (1913-14 (1911-13 =100) =100) =100) =100) 1914 =100) 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 98 92 96 98 99 103 101 99 100 105 99 94 96 96 98 101 102 102 106 112 144 140 141 143 147 154 156 158 184 199 121 118 121 123 125 125 126 126 130 1941-March April May June July August. . . September. October... November. December. 1942-January... February March 101 102 103 105 105 106 108 109 110 111 112 113 114 108 109 109 111 112 114 115 116 116 116 115 116 197 198 200 200 199 199 199 199 200. 201 200 200 200 132 1132 133 134 136 136 133 141 139 140 136 2 132 137 139 140 * 148 138 131 129 128 130 137 137 138 151 174 164 169 171 175 177 178 178 182 184 184 2*183 v 1 Preliminary. For a brief explanation of this series, now appearing for the first time in the BULLETIN, see p. 451. 23 Revised index from March 1936 (see BULLETIN for April 1937, p . 373). Average based on figures for 3 months; no data available since March 1940, when figure was 141. 4 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] Bonds Year or month United States (derived price) 1 United Kingdom (December 1921=100) France (1913=100) N umber of issues 15 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 1 110.2 111.1 113.8 115.9 117.8 113.2 119.7 127.5 129.9 131.2 124.6 121.3 112.3 118.3 123.8 88.6 81.3 82.1 83.5 76.3 75.1 77.3 83.9 84.7 116.9 116.8 117.0 117.7 118.7 118.5 118.1 118.8 119.2 117.5 117.5 117.1 116.7 122.5 121.7 122.7 122.9 124.7 124.5 125.9 125.5 125.7 125.5 126.8 126.5 1941—March April May June July August September October November December 1942—January February March 87 36 100.5 98.4 Common stocks Germany (average2 price) 2 139 5 (1935-39 =100) 8 67.1 82.5 90.7 6 95.1 95.8 98.7 99.9 99.0 100.7 94.8 105.3 113.4 107.8 109.1 3 101.8 105.9 90.9 7 77.9 102.8 103.0 103.2 103.3 103.1 103.1 103.1 73.2 78.5 82.1 (1926=100) United States Netherlands ** France Germany 278 300 4 105.6 100.0 100 0 100 0 51.2 67.0 76.6 82.9 117.5 117.5 88.2 94.2 88.1 80.0 67.9 78.6 85.7 86.3 97.0 96.3 80.8 75.9 70.8 72.5 105.2 99.6 83.3 79.7 77.2 97.4 89.7 98.3 80.3 77.9 77.1 79.5 83.2 83.2 83.6 80.4 77.4 71.8 72.6 r 69.9 66.0 69.9 69.7 70.4 70.7 72.5 73.8 75.1 74.8 76.0 74.8 76.0 73.0 228.3 269.5 274.6 402 - United Kingdom Netherlands (1930=100) 100 5 50.3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 114.6 131.1 131.0 133.2 138 1 142.6 144 0 146.4 46 52 55 55 , • 66 104.2 95.8 89.7 95.0 8 115.1 126.5 121.6 r Revised. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both2 series. Source: Standard and Poor's Corporation. Since April 1, 1935, the 139 bonds included in the calculation of the average rjrice have all borne interest at 43^ 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 a t 6 per cent. Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan.4 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 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. MAY 1942. 5x1 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MAKRINEB. S. ECCLES, Chairman RONALD RANSOM, M. S. SZYMCZAK JOHN K. M C K E E Vice Chairman ERNEST G. DRAPER R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman SECRETARY'S OFFICE CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary DIVISION OF EXAMINATIONS LEO H. PAULGER, Chief R. F. LEONARD, Assistant Chief C. E. CAGLE, Assistant Chief DIVISION OF BANK OPERATIONS COUNSEL'S OFFICE WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel EDWARD L. SMEAD, Chief J. R. VAN FOSSEN, Assistant Chief J. E. HORBETT, Assistant Chief GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel DIVISION OF SECURITY LOANS DIVISION OF RESEARCH AND STATISTICS E. A. GOLDENWEISER, Director WOODLEEF THOMAS, Assistant Director WALTER R. STARK, Assistant Director FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER R. M. EVANS R. R. GILBERT H. G. LEEDY JOHN K. M C K E E RONALD RANSOM M. S. SZYMCZAK ALFRED H. WILLIAMS C. S. YOUNG CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel CARL E. PARRY, Chief FISCAL AGENT O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL ADVISORY COUNCIL CHAS, E. SPENCER, J R . , BOSTON DISTRICT GEORGE L. HARRISON, N E W YORK DISTRICT Vice President WILLIAM F. KURTZ, PHILADELPHIA DISTRICT B . G. HUNTINGTON, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT H. LANE YOUNG, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President S. E. RAGLAND, ST. LOUIS DISTRICT LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel W. DALE CLARK, KANSAS CITY DISTRICT E. A. GOLDENWEISER, Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILUCAMS, Associate Economist G. ROUSE, Manager of System Open MarketGEORGE M. WALLACE, SAN FRANCISCO DISTRICT Account WALTER LICHTENSTEIN, Secretary ROBERT FEDERAL RESERVE BULLETIN CHAIRMEN, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE B A N K S Federal Reserve Bank of Boston Chairman and Federal Reserve Agent Deputy Chairman President A. M. Creighton.... Henry S. Dennison... W. W. Paddock New York.... Beardsley Ruml Edmund E. Day Allan Sproul First Vice President Vice Presidents William Willett K. K. Carrick L. R. Rounds R. M. Gidney T W TCnr\h-f 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 V C Will C. A. Mcllhenny* 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 Robt. Lassiter W. G. Wysor Hugh Leach Atlanta Frank H. Neely J. F. Porter W.S. McLarin,Jr... Malcolm H. Bryan. H. F. Conniflf L. M. Clark Chicago F.J.Lewis Simeon E. Leland C. S. Young J.S. Waldenjr J. G. Fry R. W. Mercer H. P. Preston Allan M. Black1 T J-I TMUnrA Charles B. Duna A. J. Mulroncy Alfred T. Sihler St. Louis, Wm. T. Nardin Minneapolis... W. C. Coffey Oscar Johnston Chester C. Davis.... F. Guy Hitt Roger B. Shepard.... J. N. Peyton O.S.Powell O. M. Attebery C. M. Stewart A. W. Mills* T? \X7 QTXT«J ncrvri Harry I. Ziemcr Kansas City... R. B. Caldwell.. Jay Taylor Dallas San Francisco. Henry F. Grady Robert L. Mehornay.. H. G. Lccdy Henry O, Koppang. J. W. Helm2 D. W. Woollcy J.B.Coaso E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford1 Ira Clerk C. E. Earhart* R. R. Gilbert St. George Holden... Wm. A. Day W A/f Hoi* R. B. West 1 Cashier. 2 Also Cashier. M A N A G I N G DIRECTORS OF BRANCHES OF FEDERAL RESERVE B A N K S 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 MAY 1942. Managing Director R. B. Wiltse B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers Geo. S. Vardeman, Jr. Joel B. Fort, Jr. E. P. Paris H. J. Chalfont A. F. Bailey C. A. Schacht W. H. Glasgow Federal Reserve Bank of— Managing Director Minneapolis: Helena Branch R. E. Towle Kansas City: Denver Branch Oklahoma City Branch Omaha Branch Jos. E. Olson G. H. Pipkin L. H. Earhart Dallas: El Paso Branch Houston Branch San Antonio Branch J. L. Hermann W. D. Gentry M. Crump San Francisco: Los Angeles Branch Portland Branch Salt Lake City Branch Seattle Branch W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw 5x3 FEDERAL RESERVE DISTRICTS ^ M j MllWEAPOLISj KANSAS CITY ARK. TEXAS v.-_j • M M BOUNDARIES OF FEDERAL RESERVE DISTRICTS .-._ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES {APPROXIMATE IN THE ST. LOUIS DISTRICT) ® • O FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIf $ FEDERAL RESERVE BANK AGENCY v v J j| o u s t o n