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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)

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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