Federal Reserve Bulletin October 1942ships, ordnance, and other military products has increased further, making more urgent the necessity of obtaining additional mate-rials, especially

FEDERAL RESERVE

BULLETINOCTOBER 1942

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

^CONTENTS:

PAGE

Review of the Month—War Program and Living Standards 981-5

Law Department

Amendment to Regulation A 989

Supplement to Regulation D 989

Consumer Credit:

Interpretation of Regulation W 990

Government Contracts 990

Foreign Funds Control 99°~99I

Statistics of Consumer Loans at Commercial Banks 992-~994

Personal Loans and Retail Instalment Paper of Insured Banks, June 30, 1942... 995~99^

Current Events 997

National Summary of Business Conditions ! 998-999

Financial, Industrial, Commercial Statistics, U. S. (See p. 1001 for list of tables) . 1001-1047

International Financial Statistics (See p. 1049 for list of tables) 1049-1061

Board of Governors and Staff; Open Market Committee and Staff; Federal Ad-visory Council 1062.

Senior Officers of Federal Reserve Banks; Managing Directors of Branches 1063

Map of Federal Reserve Districts 1064

Federal Reserve Publications (see inside of back cover)

Subscription Price of Bulletin

The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System.It is sent to member banks without charge. The subscription price in the United States and its possessions,Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama,Paraguay, Peru, El Salvador, Uruguay,and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy.Group subscriptions for 10 or more copies,in the United States, 15 cents per copy per month,or $1.50 for 12 months.


FEDERAL RESERVE ETINVOLUME 18 October 1942 NUMBER IO

WAR PROGRAM AND LIVING STANDARDSIn September Government expenditures

for .war purposes aggregated 5I billion dol-lars, an amount aBout seven-eighths aslarge as the total spent by consumers forcivilian goods and services. Over half ofthe current output of factories and mines isbeing used for war purposes and furtherexpansion in war output is in prospect. Toan increasing extent, however, this con-tinued growth is pressing against limita-tions in the supply of raw materials and ofmanpower.

This increasing concentration of thenation's activities on the war effort has notbeen fully reflected in decreases in goodsand services available to consumers or inupward pressure on prices. Increases inthe cost of living have been less rapid sincethe program for stabilization of prices wasinaugurated last spring, and ryany priceshave shown no further increase or havedeclined. Food prices, however, have con-tinued to rise.

Total income payments have expandedgreatly and in September were at a rate ofabout 116 billion dollars a year, comparedwith 96 billion a year earlier and 72. billionin September 1939. Sales to consumers,however, have not increased in dollaramount since last year and have diminishedsomewhat in physical volume. Last yearconsumers used some of their income tomake substantial purchases of durable andsemi-durable goods in anticipation of futureneeds, while this year an increasing propor-

OCTOBER I942.

tion of the expanded consumer income hasgone into savings.

Retailers' stocks of most goods are stillat a high level and for a time will be avail-able to meet future demands as new suppliesbecome more limited. Declines in outputof consumer goods, however, will be re-flected to an increasing extent in reductionsin goods available to consumers and itis evident that problems of adjustmentthroughout the civilian economy willbecome increasingly important.

Directing attention to the inflationarydangers in a situation in which consumerincomes would continue to increase whilethe supply of consumer goods would bedecreasing, the President on September 7asked Congress for additional powers todeal with the situation. As this reviewwent to press legislation relating to pricesof farm commodities and wage rates, andother elements in the situation, was underconsideration in Congress. Also under con-sideration was a tax measure, which wasexpected to increase Federal taxes, on a fullyear basis, by about 8.6 billion dollars,the bulk of which would represent awithdrawal of disposable income fromconsumers.

WAR FINANCE AND BANK RESERVES

Government expenditures in recentmonths have been far in excess of receiptsand borrowings have been almost as largeas the volume of funds required for war

981


REVIEW OF THE MONTH

purposes. Purchases of United StatesGovernment obligations both by com-mercial banks and other institutions andby individuals have been large. Bankpurchases have increased the volume ofba^k deposits and have added to theamount of reserves that commercial banksmust hold; at the same tkne, these reserveshave been diminished by continued with-drawals of currency by the public. Inorder to meet the banks* current need foradditional reserves, the Federal ReserveSystem made considerable purchases ofUnited States Government obligations inthe open market and the Board of Gover-nors reduced reserve requirements fordemand deposits at central reserve citybanks in New York and Chicago where thedecline in reserves was concentrated. Afirst reduction in requirements, from 2.6 toi./\ per cent, became effective on August 2.0;a second, to TL per cent, on September 14;and a further reduction, to xo per cent, onOctober 3.

PRODUCTION AND TRANSPORTATION

In recent months production of airplanes,ships, ordnance, and other military productshas increased further, making more urgentthe necessity of obtaining additional mate-rials, especially metals, and of allocatingthem to the most essential uses. Growthof capacity to produce raw materials hasbeen generally at a slower rate than theincrease in capacity to fabricate them intofinished products. The campaign for col-lection of scrap metals has been intensifiedand some progress has been made in re-writing specifications to save scarcematerials. There has also been progress inthe redistribution of inventories. Theamount of materials going into plant andequipment for war production has notdeclined as yet and may not for some time,

98Z

but when it does, this will release someadditional materials for munitions output.

Output at factories and mines, includingboth materials and finished products,reached an estimated 185 per cent of the193 5-193 9 average in September, as com-pared with 176 in June and 161 a year ago.Fully half of this industrial output was forwar purposes.

During recent months restrictions on theuse of materials for private constructionhave been strengthened and made more ef-fective. New private residential construc-tion has been reduced by two-thirds sincelast spring and practically all such construc-tion currently is in defense areas. Publiclyfinanced residential building in defenseareas has been further expanded.

Meanwhile, demand for overseas trans-portation has continued to increase as out-put of finished war products in this countryexpanded and as the number of UnitedStates troops abroad increased to a numberofficially announced as over 600,000. Con-struction of merchant and naval ships hascontinued to expand and apparently sink-ings of merchant ships have declined fromearlier high levels.

Immediate problems of domestic trans-port have been met through small additionsto equipment, increased operating effi-ciency, and certain restrictions on civilianactivities, notably the use of automobileson the East Coast. The Special InquiryCommittee found, however, that the rubberresources of the country were being used upat a rate altogether too rapid for militaryand civilian safety and urged further promptand sharp compulsory curtailment in thecivilian use of automobiles on a country-wide basis as well as rapid expansion ofsynthetic rubber production facilities.Fuel oil rationing was made effectiveOctober 1 in 30 Eastern and Middle Western

FEDERAL RESERVE BULLETIN


REVIEW OP THE MONTH

States as increases in rail shipments ofpetroleum products, although large, werenot sufficient to offset the reductions inshipments by tankers.

LABOR SUPPLY AND WAGES

Over 4 million men were in the armedforces in September, as compared with lessthan x million a year earlier, and the rate ofinductions is increasing. At the same timethe demand for workers in war industryhas been rising and it appears that toachieve war production objectives it willbe necessary to maintain or increase totalemployment as well as to increase the pro-portion of workers engaged in war produc-tion. Total employment, not including thearmed forces, in recent months has been about3 million larger than last year and about 7million larger than in the summer of 1939.Increasing numbers of women and othersnot ordinarily in the labor market havebeen employed, but labor shortages arecoming to be increasingly important incertain areas. To maintain production ofnonferrous metals and lumber in iz WesternStates the War Manpower Commission hasprohibited workers in critical occupationsin these industries from obtaining otherjobs without a certificate of separationobtained from the United States Employ-ment Service; also, the War ProductionBoard has ordered the Pacific Coast lumberindustry to adopt a 48-hour week. Trans-fer of Federal employees within the FederalGovernment without the consent of theemployee or his department on order of theCivil Service Commission has beenauthorized by the War Manpower Com-mission.

The continued rising demand for workersin industry at a time when the usual laborsupply is being diminished by inductionsinto the armed forces has been a factor inraising wage rates as well as in increasing

OCTOBER 194Z

employment of workers not previously inthe labor market. Higher living costshave also tended to increase rates. Actualadvances in rates have been substantialin some lines, particularly in war industrieswhere special efforts have been made toattract additional workers.

Wage increases have been somewhatlarger in manufacturing than elsewhere.For manufacturing the rise between January1941 and May 1942., the period covered inthe ''Little Steel" formula for wage stabili-zation, is estimated at about 15 per cent,as indicated on the chart. In the sameperiod average hourly earnings, whichreflect changes in the proportion of hoursat premium overtime rates as well aschanges in wage rates, increased xi per cent.Because employees worked more hours in aweek, average weekly earnings rose more,by 35 per cent. Payrolls, which reflectincreases in the number employed as well

PAYROLLS, AVERAGE WEEKLY AND HOURLY EARNINGS,AND WAGE RATES IN MANUFACTURING

TOTAL

PAYROLLS

AVERAGE

WEEKLY

EARNINGS

AVERAGE

HOURLY

EARNINGS

ESTIMATED

WAGE

RATES

NOTE.—Changes in total payrolls, average weekly earnings, andaverage hourly earnings based directly on Bureau of Labor Statisticsdata. Change in wage rates estimated by Federal Reserve from aver-age hourly earnings figures, making allowance for overtime and otherpremium payments and for shifts in the proportions of employees inthe various industries within manufacturing.

983


REVIEW OF THE MONTH

as all these other factors, rose by 60 per centin this period. Approximately three-fifthsof the payroll increase represented amountspaid for additional work, while about two-fifths reflected higher average hourly earn-ings. The rise in wage rates alone wasabout 15 per cent, as compared with thepayroll increase of 60 per cent. Since Mayaverage hourly earnings have advancedabout 3 or 4 per cent.

FARM PRODUCTION, PRICES, AND INCOME

Crop production this year is expected tobe about 15 per cent greater than in 1941,which was close to a record year. Theunusually large production is attributablemainly to exceptionally high yields peracre but reflects also increases in acreage inline with the Government program to in-crease output of commodities especiallyneeded. In the case of oilseed crops sharpincreases in output are due principally toexpansion in acreage, undertaken to replacecoconut oil supplies previously obtainedfrom the Philippines. In cotton, the aver-age yield is estimated at 2.89 pounds peracre, as Compared with a ten-year averageof zi5 pounds, and the cotton crop willincrease from 11 million bales last year toabout 14 million bales this year, with littleincrease in acreage. Feed crops and sup-plies are expected to be of record propor-tions, making possible further increases inproduction of livestock and dairy products.

Production of all foods this year is about10 per cent larger than last year and one-fourth larger than in the 1935—1939 period,according to estimates made by the Bureauof Agricultural Economics. Whether agri-cultural production is maintained at currentadvanced levels in 1943 will depend partlyon the availability of manpower on farmsas well as on weather conditions, whichthis year have been unusually favorable.

984

Prices at the farm have also risen thisyear, although at a less rapid rate than lastyear. For some time after the GeneralMaximum Price Regulation was issued lastspring, prices of farm products showed littlechange, reflecting a slackening of specula-tive interest, improved crop prospects, andliquidation of previously accumulatedstocks of processed farm products. Also,approximately 60 per cent of commoditiessold by farmers were affected indirectly byprice ceilings on their manufactured prod-ucts. In July the pressure of mountingconsumer incomes was reflected strongly inthe markets for fresh vegetables and variouslivestock products. In August prices ofthese farm products continued to advance,and prices of tobacco in the markets openedfor the new crop showed sharp advancesover a year ago. On August 31a temporaryprice ceiling at current levels was estab-lished for flue-cured types. Prices receivedby growers of truck crops for current con-sumption reached the highest level for anyperiod since records were first compiled in19214. Prices of grains and cotton andcottonseed are currently close to March1941 levels. The table shows for selecteddates the level of prices of various com-modities sold by farmers as well as the levelof prices paid by farmers.

FARM PRICE RELATIONSHIPS1910-14 = 100

Aug.

15,1941

Prices received by farmers, total..Meat animalsChickens and eggs..Dairy products

Truck crops.. .#Miscellaneous itemsCotton and cottonseed..FruitsGrains

Prices paid by farmers, total (including in-terest and taxes) m

Ratio of prices paid to prices received(parity)

Aug.15,1942

163

200156151

256173151126115

152

107

Mar.15,1942

146

180130144

136132151111122

150

97

-131

155130135

13612812810099

136

96

NOTE.—Miscellaneous items include mainly tobacco, hay, and pota-toes. Source of data.—Bureau of Agricultural Economics.



REVIEW OF THE MONTH

Farmers' cash income this year is expectedto be about 15 billion dollars which willbe larger than that for any other year,including the boom year of 1919.

COST OF LIVING

In the six months since last March, themonth taken as a standard in the stabiliza-tion program undertaken last spring, thecost of living has risen about 3 per cent, ascompared with 6 per cent in the precedingsix months. The level reached in Sep-tember was about 118 per cent o£the1935-1939 average. This compares with about100 in August 1939 and a range of 1x0-115for most of the 192.0's. ' .

Prices of clothing and housefurnishings,which had been advancing rapidly for a

COST OF LIVING

year, showed practically no change fromMarch to August, the last month shown onthe accompanying chart. Rents also re-mained stable for the most part and in someareas were reduced by orders freezing rentsat levels prevailing before the previousrise, mostly as of some date in 1941.Prices of fuels have risen somewhat, reflect-ing in part higher prices for bituminouscoal and fuel oil. The only group to showa continued rapid increase has been foods.

From March to August food prices rose6 per cent and there was a further advancein September. In the five months afterMarch all groups of foods for which pub-lished indexes are available advanced, withthe exception of cereal products and sugar,as is shown in the following table.

RETAIL PRICES OF FOODS

1935-39 = 1001935-39 AVERAGE'100

All foods..

MeatsDairy products..Fats and oilsEggs

Fruits and vegetables.,Fresh...."CannedDried

SugarBeveragesCereal products

Aug. 18,1942

126

130126120146

133135123139127124105

Per cent rise toAugust 18,1942 from

Mar. 17,1942

733

30

929

- 130

Aug. 15,1939

35

35354261

44463454333013

1935 1936 1937 1938 1939 I94O

Bureau of Labor Statistics data for the middle of the month,selected dates, March 1935 to July 1936; quarterly through September1940; and monthly October 1940 to August 1942.

OCTOBER 1942.

Source of data.—Bureau of Labor Statistics.

In most of the more important groupsadvances have been substantial for so shorta period, especially taking into accountusual seasonal developments. ' Increasessince last spring have been due primarilyto the basically strong demand situationand to the exemption of about 40 per centof foods from the general regulation limit-ing prices to the highest levels charged inMarch. Retail prices of these uncon-trolled foods advanced 10 per cent on the

985


REVIEW OF THE MONTH

average from May to August. There havealso been upward adjustments in prices ofsome controlled foods but prices of certainothers have declined and controlled foodsas a group were at about the same level inAugust as in May.

The large rise for uncontrolled foodshas been due partly to marked increases inboth civilian and Lend-Lease demand forlivestock, dairy and poultry products, andfruits and vegetables. Also, productionand supply problems are somewhat differentfor most uncontrolled items. In general,stocks of these products are relativelysmall and expansion in output is oftenslow and costly, perhaps requiring moreprice or other incentives. Labor require-ments are a more important considerationthan for most other foods and this is ofsome importance in a period when it isdifficult to hire additional workers andwage rates on farms are rising.

Retail prices for meats have continued torise, reflecting sharper increases, percentage-wise, in the price of livestock at the farm.Meat prices generally fluctuate less thanlivestock prices because they include manu-facturing and distributive margins thatare fairly stable; and after last spring, whenceilings were established for meats but notlivestock, margins per unit actually de-clined while livestock prices wereincreasing. As the accompanying chartindicates, meat production in the marketingyear ending next June may be as much as15 per cent larger than last year. Hogproduction is likely to be up about zo percent and beef production about 7 per cent,according to the Food Requirements Com-mittee. The supply available for civiliansafter the demands of the armed forces andLend-Lease are met, however, will probablybe substantially smaller than last year.With per capita consumer demand increas-

986

ing along with the rise in consumer income,action has been taken to restrict meatdeliveries for civilian consumption duringthe last three months of this year to 80per cent of deliveries in the correspondingperiod last year, and the Office of PriceAdministration has been asked to prepare aprogram for nationwide coupon rationing.

LIVESTOCK AND MEATS

NOTE.—Index of prices received by farmers for meat animals, Bu-reau of Agricultural Economics index converted to a 1935-1939 base;index of retail prices of meats, Bureau of Labor Statistics; index ofmeat packing, Federal Reserve. Annual estimates for meat packingfor civilian and war uses based on data and estimates of Bureau ofAgricultural Economics and Food Requirements Committee convertedinto points in Federal Reserve index of meat packing.

Dairy prices, which ordinarily declineat this season, were up 3 per cent, reflecting asharp rise in butter prices. Since themiddle of March the Department of Agri-culture has raised its buying price, firstfrom 34 cents per pound to 36 cents, andthen, in July, to 39 cents per pound.Subsequently, market prices have risen abovethis support level to 43 cents in the middleof September. Prices of cheese and evapo-rated milk, also uncontrolled, are aboutthe same or lower than in March, reflecting



REVIEW OF THE MONTH

accumulations of stocks after Lend-Leasepurchases of these particular products werecurtailed in an effort to conserve shippingspace. Retail milk prices are controlled,but in many markets fluid milk prices areclosely related to butter prices, and duringthe summer period of flush productionFederal permission to raise delivered milkprices was granted in some markets. Eggprices, which usually rise about 15 percent from March to August, advanced30 per cent this year.

Total supplies of fruits and vegetablesare expected to be about 5 per cent higherthan last year but, because of militaryneeds and Lend-Lease shipments, sup-plies available for civilian consumption,particularly of canned products, are likelyto be less than in 1941. To assure anoutlet for 1941 packs of important vegetablecrops the Government agreed last spring toaccept all offers by canners at 92. per cent oftheir gross maximum price levels. Thesemaximum levels allowed an 8 per cent aver-age increase over prices for the 1941 pack—to allow for advances in factory costs otherthan raw materials-—plus the amount ofincrease in raw material costs up to May 4.For canned fruits retail price increases ofbetween 15 and X5 per cent have beenpermitted because of the special agriculturalprovisions of the Price Control Act andinability to work out arrangements forabsorption by the Government of higherfresh fruit costs.

RISE IN STANDARDS OF LIVING

More complete utilization of this coun-try's resources following the outbreak ofwar in Europe three years ago was reflectedat first in a marked increase in standards ofliving. For two years production of con-sumer goods increased. Consumers hadavailable for expenditure substantially more

OCTOBER 1942.

income than before the war and, with thecost of living showing little rise before thespring of 1941, were able to buy many moregoods, at the same time increasing some-what their savings in various forms, in-cluding currency, bank deposits, and in-surance. Buying increased, particularly indurable goods of all sorts, including houses,and semidurable goods, such as clothing.In some cases purchases represented antici-patory buying prompted by fear of scarcitiesand higher prices and, in the summer of1941, by impending regulation of con-sumer credit. Also, increased purchaseswere to some extent facilitated by increasesin consumer debt; for the most part, how-ever, people bought more because they hadmore income and were able to buy goodspreviously out of their reach.

The first curtailments in production offinished civilian goods came in the autumnof 1941 as a beginning was made on theprogram to convert existing industrialplants to war production. Soon after theentry of the United States into the war moredecisive measures were taken in some lines,but production of most consumer goods,other than automobiles, tires, and silkstockings, continued at a high level forseveral months. Consumers, whose in-comes were still increasing, made heavypurchases early in the year, especially ofdurable goods other than automobiles andof such semidurable goods as clothing.

Meanwhile, for a long time there was aheavy upward pressure of demand on prices.Retail price advances were widespreadafter early in 1941, as indicated in the charton page 985, and there seemed to be a realpossibility that consumer spending wouldbe further stimulated by these price in-creases.

At this juncture, in May of this year,retail price controls were extended to cover

987


REVIEW OF THE MONTH

most commodities, except certain foods,and also rents in defense areas. Consum-ers by this time generally were wellstocked with goods, especially durable andsemidurable items—as were producers anddistributors. With supplies still readilyavailable in the markets and with thedanger of runaway prices reduced, the buy-ing wave subsided, and purchases, in physi-cal terms, were smaller early this summerthan a year ago when incomes were not sohigh. Thus it has happened that for aconsiderable period after curtailment ofproduction in an increasing number ofindustries, supplies in the markets havecontinued large. Consumers have beenable to buy most commodities freely in themarket and, although required to tneetstricter credit terms and to pay additionaltaxes, have been able to make purchasesrequired for current consumption and alsofor maintenance in good condition of thedurable goods bought earlier.

PROSPECTIVE DECLINE IN LIVING

STANDARDS

With a large and increasing proportionof economic activity being devoted to warpurposes, it is evident that sooner or laterthe supply of goods in many civilian mar-kets will decline. This transition to alower level of supplies may be gradual be-cause of the existence of large stocks andcontinued large production in some lines,but over a longer period substantial reduc-tion in available supplies appears certain.Meantime, consumers are using up theservices of some durable goods which cannot be replaced. Thus, standards of con-sumption for civilians will decline. Thedecline, however, may be expected to bemuch less than in the countries devastatedby military operations or in countries withmore limited resources and greater de-pendence on world markets.

988 FEDERAL RESERVE BULLETIN


LAW DEPARTMENT

Administrative interpretations of banking laws, new regulations issued bythe Board of Governors, and other similar material.

Discounts by Federal Reserve BanksAmendment to Regulation A

The Board of Governors, on September 18,1941, amended Regulation A entitled Dis-counts for and Advances to Member Banks byFederal Reserve Banks, effective immediately,by adding at the end of subsection (h) of section1 the following sentence:

The requirement of this section of the Regula-tion that a note, draft of bill of exchange benegotiable shall not be applicable with respectto any note, draft or bill of exchange evidenc-ing a loan which is in whole or in part thesubject of a guarantee or commitment bythe War Department, Navy Department, orUnited States Maritime Commission^pursuantto Executive Order No. 91 ix.

ReservesCentral Reserve City Banks

Since the publication of the September 1941Federal Reserve BULLETIN, the Board ofGovernors has twice amended the Supplementto Regulation D, relating to reserves requiredto be maintained by member banks withFederal Reserve Banks, so as to reduce from 2.4to 2.0 per cent the reserves required to be main-tained against net demand deposits by memberbanks in central reserve cities. The first re-duction, from 2.4 to ix per cent, became effectiveas of the opening of business on September 14,1941, and the second, from 22. to xo per cent,became effective as of the opening of businesson October 3, 1942. There is set forth belowthe text of the Supplement to Regulation D asthus amended:

SUPPLEMENT TO REGULATION D

Effective as to each member bank at the openingof business on October 3, 1941

OCTOBER 1942.

RESERVES REQUIRED TO BE MAIN-TAINED BY MEMBER BANKS

WITH FEDERAL RESERVEBANKS

Pursuant to the provisions of section 19 of theFederal Reserve Act and section 2.(a) of i t s

Regulation D, the Board of Governors of theFederal Reserve System hereby prescribes thefollowing reserve balances which each memberbank of the Federal Reserve System is requiredto maintain on deposit with the Federal ReserveBank of its district:

6 per cent of its time deposits plus—14 per cent of its net demand deposits if not

in a reserve or central reserve city;2.0 per cent of its net demand deposits if in a

reserve city, except as to any bank located in anoutlying district of a reserve city or in territoryadded to such city by the extension of the city'scorporate limits, which, by the affirmative voteof five members of the Board of Governors ofthe Federal Reserve System, is permitted tomaintain 14 per cent reserves against its netdemand deposits;

2.0 per cent of its net demand deposits if locatedin a central reserve city, except as to any banklocated in an outlying district of a central reservecity or in territory added to such city by theextension of the city's corporate limits, which,by the affirmative vote of five members of theBoard of Governors of the Federal ReserveSystem, is permitted to maintain 14 per centor ID' per cent reserves against its net demanddeposits.

The supplements to Regulation D which havepreviously been issued are hereby revoked andsuperseded.

989


LAW DEPARTMENT

Consumer CreditInterpretation of Regulation W

Since the publication of the September FederalReserve BULLETIN, the Board of Governors hasissued the following interpretation of Regula-tion W:

INSTALLATION OF STOKER

The Board has ruled that section 8(m) ofRegulation W does not except credit to financethe installation of a stoker if the same kind ofcoal is to be used. Furthermore, the extension-of credit to finance the installation of a stokerin connection with a change of fuel, as from oilto soft coal, or from hard coal to soft coal, isonly excepted when the stoker is necessary formechanical reasons to burn the type of coal tobe used.

Government Contracts

Executive Order Dealing WithWar Contracts

There is set forth below the text of an Execu-tive Order issued by the President on August xz,1942., extending the provisions of ExecutiveOrder No. 9001 of December zy, 1941, so as toauthorize the Board of Economic Warfare toperform the functions and exercise the powersdescribed in Title II of the Act of December 18,1941, pertaining to Government contracts.Executive Order No. 9001 is published at page105 of the February 1942. Federal Reserve BUL-LETIN, and the Act of December 18, 1941, is

published at page 12. of the January 1942. FederalReserve BULLETIN.

EXECUTIVE ORDER 92.33

EXTENSION OF THE PROVISIONS OF EXECUTIVE

ORDER NO. 9001 OF DECEMBER 17, 1941, TO

THE BOARD OF ECONOMIC WARFARE

By virtue of the authority vested in me by theact of Congress entitled "An Act to expeditethe prosecution of the war effort", approvedDecember 18, 1941, and as President of theUnited States, and deeming that such action willfacilitate the prosecution of the war, I hereby

extend the provisions of Executive Order No.9001, of December 2.7, 1941, to the Board ofEconomic Warfare with respect to all contractsmade or to be made by it relating to the prosecu-tion of the war; and subject to the limitationsand regulations contained in such Executiveorder, I hereby authorize the Chairman of theBoard of Economic Warfare, and such officersand employees as he may designate, to performand exercise, as to the Board of EconomicWarfare, all of the functions and powers vestedin and granted. to the Secretary of War, theSecretary of the Navy, and the United StatesMaritime Commission by such Executive order.

FRANKLIN D. ROOSEVELT

THE WHITE HOUSE,

August 2.2., 1942..

Foreign Funds Control

Public Circulars and Public Interpretation

Since the publication of the September FederalReserve BULLETIN the following Public Circularsand Public Interpretation relating to transac-tions in foreign exchange, etc., have been issuedby the Office of the Secretary of the Treasuryunder the authority of the Executive Order ofApril 10, 1940, as amended, and the Regulationsissued pursuant thereto:

Treasury Department, Office of the Secretary,September 14, 1941

PUBLIC CIRCULAR NO. 4C

Under Executive Order No. 8$8g, April 10, 1940, as Amended, and

Regulations Issued Pursuant Thereto<t Relating to Transactions

in Foreign Exchange, etc.*

This Circular, containing instructions for the preparationof reports on Form TFR-300, Series L, with respect toproperty subject to the jurisdiction of the United States inwhich certain specified classes of persons have any interestof any nature whatsoever, direct or indirect, is publishedon pages 72.74-7180 of the Federal Register for September 16,1941. An amendment to this Circular is published on page742.8 of the Federal Register for September 2.1, 1942.. Copies

• 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, asamended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, andJuly 26,1941.

99O FEDERAL RESERVE BULLETIN


L A W DEPARTMENT

may be obtained from any Federal Reserve Bank, theGovernor of any territory or possession of the United States,or the Secretary of the Treasury, Washington, D. C.

Treasury Department, Office of the Secretary

September 2.2., 194.x

PUBLIC CIRCULAR NO. 19

Under Executive Order No. 8389, as Amended, Executive Order

No. 9193, Sections 5OO and jQ>) of the Trading with the Enemy

Act, as Amended by the First War Powers Act, 1941, Relating

to Foreign Funds Control*

(1) General License No. 4 is hereby amended by the addi-tion of the following paragraph to the end thereof:

"Securities issued or guaranteed by the Governmentof the United States or any state, territory, district,county, municipality or other political subdivisionthereof (including agencies and instrumentalities of theforegoing) need not be sold on a national securities ex-change; -provided that such securities are sold at marketvalue and pursuant to all other terms and conditionsprescribed in this general license."

0 0 General License No. 5 is hereby amended to read asfollows:

" 0 0 A general license is hereby granted authorizingthe payment from any blocked account to the UnitedStates or any agency or instrumentality thereof, or toany state, territory, district, county, municipality, orpolitical subdivision in the United States, of customsduties, taxes, and fees payable thereto by the owner ofsuch blocked account.

"(2.) Banking institutions within the United Statesmaking any single payment in excess of $1,000, pursuantto the terms of this general license, shall file promptlywith the appropriate Federal Reserve Bank a reportsetting forth the details of such transaction.

(3) General License No. 2.0 is hereby amended by deletingthe second paragraph, thereof.

(4) The definition of the term "generally licensed tradearea" in paragraph (3) (a) of General License No. 53 ishereby amended in the following respects:

(a) Insert "the Faroe Islands" as a separate itembetween the item whose text is "the Union of SovietSocialist Republics" and the item whose text is "theNetherlands West Indies."

* Section 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832,July 26, 1941; Ex. Order 8963, December 9, 1941, and Ex. Order 8998,December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10,1940, as amended June 14, 1941, and July 26, 1941.

(b) Delete "Syria and Lebanon", and in lieu thereof,substitute "(1) Syria and Lebanon; and 0 0 the NewHebrides Islands".

(5) General License No. 11A and General License No. 77are hereby revoked.

(6) General Ruling No. 11 is hereby amended in the fol-lowing respects:

(a) In the definition of "enemy national" in para-graph 0 0 Ca) CO °£ such general ruling, delete the words"CGermany, Italy, and Japan) and the Governments ofBulgaria, Hungary, and Rumania", and in lieu thereof,substitute the words "(Germany, Italy, Japan, Bulgaria,Hungary, and Rumania)".

(b) In the definition of "enemy territory" in para-graph 0 0 0 0 CO of such general ruling, delete the words"and Japan" and in lieu thereof substitute the words"Japan, Bulgaria, Hungary, and Rumania".

(7) General License No. 13 is hereby amended by thedeletion of the word "Rangoon* from section 0 0 of para-graph CO thereof.

C8) General License No. 66 was amended on December 7,1941, by deleting sections 0 0 , Ce)> a n d CO thereof.

C9) General License No. 69 was amended on December 7,1941, by deleting sections 0 0 , (c), a n d 0 0 thereof. In viewof such amendment, General License No. 69 is herebyamended to read as follows:

"A general license is hereby granted licensing as agenerally licensed national the San Francisco office ofthe Bank of Canton."

CSigned) RANDOLPH PAUL,

Acting Secretary of the Treasury.

Treasury Department, Office of the Secretary,Foreign Funds Control,

August 31, i94x

PUBLIC INTERPRETATION NO. 6

Under Executive Order No. 8389, April-10, 1940, as Amended, and

Regulations Issued Pursuant Thereto, Relating to Foreign

Funds Control

It has come to the attention of the Treasury Departmentthat persons within the United States have been sendingsecurities, currency, checks, drafts, and promissory notes topersons in Sweden, Switzerland, Spain, Portugal, and Un-occupied France."

Any such unlicensed sending of securities, currency,checks, drafts, or promissory notes to such countries is pro-hibited by the Order. None of the general licenses ConcludingGeneral Licenses Nos. 31, 33, 49; 50, 52., and 70) authorizesany such sending.

J. W. PEHLE,

Assistant to the Secretary

O C T O B E R 1942. 991


STATISTICS OF CONSUMER LOANS AT COMMERCIAL BANKS

Because of the responsibility of the Board ofGovernors for the regulation of consumer credit,the collection of statistics in this field has beencentralized so far as practicable in the ReserveSystem, x The objectives of this change are three:(i) to secure more adequate consumer creditstatistics by utilizing information already avail-able within the Reserve System and by im-proving the methods of collecting data; (V) toeliminate duplication and inconsistency inreporting; and (3) to minimize the burden ofrespondents. The registration statements filedpursuant to the Board of Governors' RegulationW and the condition reports of member bankssubmitted regularly to the Board provide dataof use in collating and standardizing the collec-tion and presentation of other figures for con-sumer credit.

As part of the program the monthly series ofconsumer instalment loans held by commercialbanks, previously compiled by the ConsumerCredit Division of the American Bankers Asso-ciation, have been taken over by the ReserveSystem. Likewise the consumer credit statisticsfor personal finance companies, industrial banks,credit unions, and certain retail lines, formerlycollected by the Bureau of Foreign and DomesticCommerce, have been transferred to the FederalReserve. The collection of credit data fromdepartment stores has been extended and thecollection of retail furniture statistics has beencentralized in the System. In addition, at therequest of the Board, the Bureau of the Censushas expanded the scope of the statistics itcollects from sales finance companies.

NEW COMMERCIAL BANK SERIES

The Reserve System has been collecting com-mercial bank figures on consumer instalmentcredit since early this year. This article1 presents

1 Plans and procedures for collecting and compiling these statisticswere worked out by the Board's Division of Research and Statistics inconsultation with the Federal Reserve Banks, the Department of Com-merce, the American Bankers Association, and others. The figures arecollected by the Federal Reserve Banks. Estimates of national totalsare made at the Board's offices. The making of these estimates and thepreparation of this article have been largely done by Milton Moss, underthe direction of Roland Robinson of the Division of Research andStatistics.

992-

estimates derived from the commercial bankreports on amount outstanding and volume ofloans made for each of the first eight months of1941. Quarterly figures from December 1939through December 1941, based upon informationobtained from other sources, are also included.Beginning in October the monthly estimateswill be released to the public and to the pressabout the 2.8th of each month following theone to which the latest figures refer.

LOANS OUTSTANDING

Table 1 gives estimates of consumer instal-ment loans outstanding in commercial banks,by type of loan, quarterly from December 1939through December 1941 and monthly thereafter.Figures shown for December 30, 1939, December31, 1940, June 30, 1941, and December 31, 1941,are based upon bank call reports obtained bythe Comptroller of the Currency, the FederalReserve System, and the Federal Deposit Insur-ance Corporation. Data for insured MorrisPlan and industrial banks submitting call re-ports for those dates are excluded, while esti-mates for uninsured banks are included.

TABLE 1CONSUMER INSTALMENT LOANS OUTSTANDING IN

COMMERCIAL BANKS, BY TYPE OF LOAN[Estimates, in millions of dollarsl

End of monthor year

1939—Decembei

1940—March...JuneSeptembeDecembei

1941—March...JaneSeptembeDecembei

1942—January..FebruaryMarch...April. . . .MayJuneJulyAugust...

r . .

r . .

Total

1,020

1,0801,2401,310L.340

1,4001,6201,6901,586

L,5091,4321,4011,335L.27OL.2081,131L.064

Automotiveretail

Pur-chased

210

230280290300

320390420386

355325316291265245218211

Direct

160

180210230230

260320330306

284263250241230218204184

Otherretailchased

anddirect

150

160200210210

220270290273

267259257243231210197180

Repairand

modern-ization

220

210230250260

250260270252

242233231218213209202191

Per-sonalinstal-mentcash

280

300320330340

350380380369

361352347342331326310298




The quarterly figures interpolated between thecall dates in 1940 and 1941 are based on percent-age changes for an identical sample of bankswhich had reported quarterly to the ConsumerCredit Division of the American Bankers Asso-ciation.2

The bench mark for computing the monthlyfigures for 1942. is the total amount of consumerloans of all commercial banks outstanding onDecember 31, 1941, obtained by adjusting thecall report total for that date so as to excludeinsured industrial and Morris Plan banks and toinclude uninsured commercial banks.3 In orderto assist in deriving figures for all commercialbanks from figures for a sample of banks, thebanks reporting in any given month include 1941year-end figures for amounts outstanding as wellas the current monthly figures. The relationof the district figure for each type of loan re-ported monthly by the sample to the correspond-ing monthly total for all banks in each Reservedistrict is assumed to be the same as had pre-vailed at the end of 1941. By this method ofprojecting sample figures to totals, allowanceis made for variations in sample coverage bytype of loan from district to district.

The estimate for each type of loan in eachdistrict, for each month from February throughAugust, is thus computed by dividing the loansof the reporting banks for the month by theproportion which the amount of loans of thegiven type at the reporting banks was of totalloans of that type at all banks in the district onDecember 31, 1941. The estimates for all com-mercial banks are aggregates of the districtestimates. January 1942. figures are interpolated.

VOLUME OF LOANS MADE

Table 2. contains estimates of consumer instal-ment loans made since January 1942., by type ofloan. These estimates are derived from data

2 All figures prior to December 1941 are necessarily approximationsand are therefore rounded to tens of millions, the closest point to whichthey are believed to be reasonably accurate. The detail shown inTable 1 had to be estimated for call dates prior to December 31, 1941,from more generalized information contained in the earlier call reports.Moreover, the figures interpolated between the call dates were derivedfrom a sample reporting only about 10 per cent of the total volume ofconsumer instalment loans outstanding.

3 When later call report figures are adjusted as indicated in the text,they will replace the December 31 figures. Thus the June 1942 callfigures given on page 996, after adjustment, will become the bench markfor monthly estimates until the next call report figures are obtained,and so on.

reported by the same sample of banks whichfurnished the data for loans outstanding, butthere were no call report figures for loans madeat all banks to be used as a basis for determiningthe monthly relationship between the sampleand the whole. An estimate of the loans ofeach type made by all banks in each district inJune 194X—the month in which the largest num-ber of banks reported—was derived by applyingthe relation, as of December 31, 1941, betweenthe outstandings of reporting banks and those ofall banks (the same relationship used in esti-mating total outstandings as noted above), tothe loans made in June 1941 by the reportingbanks. Estimates of loans of each type madein other months were derived by applyingmonth-to-month percentages of change in re-ported figures to the June and successively derivedestimates of total loans for all banks, workingbackward to January as well as forward.

TABLE 2VOLUME OF CONSUMER INSTALMENT LOANS MADE BY

COMMERCIAL BANKS, BY TYPE OF LOAN[Estimates, in millions of dollars]

1942—JanuaryFebruary...MarchAprilMayJuneJulyAugust

Total

1481151381251101029593

Automotiveretail

Pur-chased

3923271917151623

Direct

2119222018161614

Otherretailpur-

chasedand

direct

2721232825161311

Repairand

modern-ization

579

109999

Persona]instal-mentcashloans

5645574841464136

The estimates on volume of loans made areaccurate only within broad margins since themethod for deriving them is based upon anassumption which may be only roughly correct.It is assumed, for example, that if the reportingbanks in a given district accounted for 50 percent of automotive loans outstanding at all com-mercial banks in that district at the end ofJune, those banks also extended 50 per cent ofthe automotive loans made by all banks in thatdistrict in June. Such an assumption probablyis reasonably accurate and the method it im-plies produces useful if somewhat approximateresults.

OCTOBER 1941 993



COMPUTATION OF REPAYMENTS

Repayments of consumer instalment loans arenot reported by commercial banks. Suchmonthly figures are derived from volume of loansmade and amounts outstanding and are shownfor the first eight months of 1942. in Table 3.

TABLE 3TOTAL CONSUMER INSTALMENT CREDIT OPERATIONS OF

COMMERCIAL BANKS[Estimates, in millions of dollars]

Month

1941—December . . .

1942—JanuaryFebruary. ..MarchAprilMayTuneJulyAugust

1 Not available.

New loansmade during

month

C1)1481151 81251101029593

Repaymentsduringmonth

225192169191175164172160

Outstandingat end ofmonth

1,586

1,5091,4321,4011,3351,2701,2081,1311,064

The derivation formula is: repayments duringcurrent month equal outstanding loans at endof previous month plus loans made in currentmonth minus outstanding loans at end of currentmonth.

TABLE 4

REPORTING BANK HOLDINGS OP CONSUMER INSTALMENT

CREDIT AS PROPORTION OF TOTAL FOR ALL BANKS, BY

TYPE OF LOAN, DECEMBER 31,1941

Type of loan

Automotive retailPurchasedDirect

Other retailPurchased and direct

Repair and modernizationPersonal instalment cash

Total

All banks1

386.2305.6

272.7252.4368.8

1,585.7

395Reporting

banks

201.4122.5

203.7147.4178.9

853.9

Per centof total

5240

755849

54

1 Excludes reported figures for insured Morris Plan and industrialbanks and includes estimates for noninsured banks.

retail instalment loans on commodities otherthan automobiles and about two-fifths of directloans on automobiles. These variations in cov-erage are taken into account since the methodof expanding to totals employs weights by typeof loan as well as by Federal Reserve district.A check on the reliability of this reportinggroup is given in Table 5, which shows thatpercentage changes for the 395 reporting banksfor each type of loan were approximately thesame as corresponding percentages for all com-mercial banks.

DESCRIPTION OF SAMPLE

The sample of commercial banks currentlyreporting to the Board has varied from monthto month between 350 and 395 banks and hasaccounted for about one-half of consumer instal-ment loans held by all commercial banks. The395 banks reporting in June were analyzed todetermine some of the characteristics of thereporting sample. Table 4 shows theproportionof various types of credit held by the reportingbanks at the end of 1941.

In relation to all commercial banks, the banksin the sample represent about three-fourths of

TABLE 5

CHANGES IN CONSUMER INSTALMENT LOANS OUTSTANDING

ALL COMMERCIAL BANKS AND 395 REPORTING BANKS

BY TYPE OF LOAN, DEC. 31, 1 9 4 0 - D E C . 31, 1941

Type of loan1

Retail instalment paperPurchasedDirect

Personal instalment cash

Total

Percentage change fromDecember 31, 1940 to

December 31,1941

All banks2

+30+32+9

+24

395 Banks

+31+30+9

+25

1 The types shown in this table are only for those loans which werecomparable as between the two call dates indicated.

2 Excludes reported figures for insured Morris Plan and industrialbanks and includes estimates for uninsured banks.



PERSONAL LOANS AND RETAIL INSTALMENT PAPEROF INSURED BANKS, JUNE 309 1942

Personal and retail instalment paper reportedby all insured commercial banks on June 30,1942., amounted to 1.3 billion dollars, a decreaseof .4 billion or 13 per cent as compared withDecember 31,1941. In addition, banks reportedfor the first time their holdings of personalsingle-payment loans. The total of this newitem as reported by all insured commercialbanks as of June 30, 1942., was slightly over ibillion dollars.

Of the total instalment paper reported, 504million dollars arose from retail sales of auto-motive vehicles and 2.2.9 million dollars fromother retail instalment sales, 384 milliondollars were personal instalment cash loans,and xi i million dollars were repair and modern-ization loans. Retail instalment loans arisingfrom sales of automotive vehicles declined 31per cent during the six-month period endedJune 30, other retail instalment paper 18 percent, personal instalment cash loans 14 percent, and repair and modernization instalmentloans 2.1 per cent. These comparisons are shownin the following table:

PERSONAL AND RETAIL INSTALMENT PAPER HELD

BY INSURED COMMERCIAL BANKS, JUNE 30, 1942[Amounts in millions of dollars]

Retail instalment paperAutomotiveOther

Personal instalment cash loansRepair and modernization instalment

loans

Total instalment loans

AmountreportedJune 30,

1942

504229384

211

1,328

Decrease sinceDecember 31, 1941

Amount

2265063

58

397

Per cent

311814

21

23

The figures (including personal single-pay-ment loans) reported as of June 30, 1942., areshown in detail by States in a table on page 996of this BULLETIN. A comparison of the June1942. and December 1941 figures (after deductingpersonal single-payment loans from the Junefigures) shows that the percentage decline wasfairly uniform throughout the country, both bymajor geographic regions and by classes of bank.By geographic regions the decline ranged from2.1 per cent in the Middle Atlantic to 2.6 per centin the Pacific States, and by class of bank fromxo per cent at central reserve city memberbanks to 14 per cent at country member banks.

NOTE.—These figures were obtained by the Comptroller of theCurrency for national banks, the Board of Governors for State memberbanks, and the Federal Deposit Insurance Corporation for insurednonmember banks. In reporting figures for holdings of retail instal-ment paper, banks were asked to include the unpaid balances of instal-ment loans arising from the retail sale of and secured by automobiles,trucks, tractors, other automotive vehicles, household appliances,furniture, clothing, jewelry, etc.; they were asked not to include anyloans made to dealers and finance companies on their own promissorynotes even if secured by the pledge of instalment paper. Paper pur-chased from or rediscounted for dealers and finance companies wasreported separately as paper purchased and paper representing loansmade directly to the borrowers was reported separately as direct loans.Banks were requested, in reporting FHA Title I class 1 loans whichare for the purpose of financing alterations and improvements to exist-ing completed properties, to exclude class 2 and 3 loans which arefor the purpose of financing new construction. In reporting personalinstalment cash loans they were asked to include the unpaid balancesof all loans made to individuals which are repayable in instalmentsand the proceeds of which are ordinarily used for such purposes asconsolidation of debts, medical attention, and personal expenditures.Deposits accumulated for payment of personal instalment loans wereto be deducted and the net figures reported.

Personal single-payment loans, reported for the first time as ofJune 30, 1942, were defined as comprising all secured and unsecuredsingle-payment (non-instalment) loans made to individuals except (1)real estate loans, (2) loans for business and agricultural purposes, and (3)loans for the purpose of purchasing or carrying securities; i.e., single-payment loans the proceeds of which are ordinarily used for consolida-tion of debts, medical attention, and general expenditures, or to financepurchases of consumers' goods or alterations or improvements toexisting completed properties. As a result of considerable corres-pondence with individual banks and substantial corrections obtained,it is believed that the figure of 1 billion dollars for such loans representsa reasonably fair measure of the amount of such loans held on June 30,though the reports received in many cases appear to be inaccurate asto this item, due largely to the fact that the item had not previouslybeen reported by the banks.

OCTOBER 1941 995


PERSONAL LOANS AND RETAIL INSTALMENT PAPER OF INSURED BANKS JUNE 3 0 , 1942.

PERSONAL LOANS AND RETAIL INSTALMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS, JUNE 30, 1942

[In thousands of dollars]

Classes of Banks and GeographicDivisions

Totalpersonal

loans andretail

instalmentpaper

Paperpurchased

Retail instalment paper

Arising from salesof automotive

vehicles

Directloans

Paperpurchased

Arising from otherretail instalment

sales

Directloans

Repair and moderni-zation instalment

loans

F.H.A.Title Iclass 1loans

Allother

Personalinstalmentcash loans

Personalsingle-

paymentloans

All insured commercial banks..

Member banks—TotalCentral reserve city banks..Other reserve city banks....Country banks

Insured nonmember banks.. .

New EnglandMaineNew HampshireVermontMassachusettsRhode IslandConnecticut

Middle AtlanticNew YorkNew JerseyPennsylvania

East North CentralOhioIndianaIllinoisMichiganWisconsin

West North CentralMinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South AtlanticDelawareMarylandDistrict of Columbia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South CentralKentuckyTennesseeAlabamaMississippi

West South CentralArkansasLouisianaOklahomaTexas

MountainMontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific...WashingtonOregonCalifornia

l2,355,752

1.905,937380,677735,786789,474

449,815

141,3206,0864,6176,58894,7637,78521,481

784,895514,48890,516179,891399,004131,55240,144113,93079,13834,240210,46160,52831,46474,7756,1435,76612,29819,487

265,76114,21331,76017,76067,02424,26842,2346,86744,37517,260118,00135,75646,06824,12512,052137,36911,33121,78726,37977,87242,3003,9404,2232,41111,9972,9788,1006,1752,476

256,64140,34823,746192,547

281,602

210,87326,67990,29693,898

70,729

11,690660296

1,2597,993335

1,14752,45128,8879,61913,94555,5929,71510,44519,98112,1193,332

34,1016,5347,9438,6222,8292,0142,1643,99530,653

3382,175873

8,4982,4092,618627

10,4432,67211,8721,9096,4542,3581,15119,4602,4292,8803,80210,3497,117557

1,498415

2,346487371

1,035408

58,6669,2924,04645,328

222,756

162,2275,87975,43380,915

60,529

7,021505378392

4,302280

1,16428,33414,2913,41610,62750,44718,0633,8096,17317,8214,58131,6719,2845,4289,4911,0131,1721,4293,85420,779

3622,0662,3315,684757

2,995973

4,2291,3827,2601,8232,7342,037666

22,4781,2231,1944,67715,3847,257764471516

1,789373

1,3551,730259

47,5099,6186,49231,399

209,628

185,97664,11380,12141,742

23,652

12,956320148393

9,628338

2,12979,88659,4327,80612,648 .34,8688,3452,88317,9094,1211,61019,9159,8991,8365,548347482577

1,22612,171

111927702

2,898714

1,05861

4,2501,4503,350866

1,688556240

5,738460654

1,0563,5684,10623332773

617171

1,672452561

36,6386,7942,64827,196

19,467

14,15178

6,6187,455

5,316

87755405849769158

3,582958232

2,3923,5471,596289568609485

2,8581,095512781638275250

1,914452175226010925888687198

3,54565

3,128141211

1,1707967396628322523353715562626

1,65239693

1,163

187,991

157,48822,15475,90959,425

30,503

8,849209150175

6,305261

1,74964,03337,80313,14113,08933,1754,5422,2789,31214,4702,57325,34114,7942,5575,319304207

1,282878

15,514463

2,9011,4214,383172

1,281561

3,1581,1747,754997

3,9411,7701,0464,502390

1,272805

2,0354,319274424126741233

1,103993425

24,5045,0901,81117,603

22,905

17,4141,5088,0477,859

5,491

1,27537545562149459

6,7432,684585

3,4745,5383,125280

1,055755323

2,6912,12117119677271485

2,3364855910077412041739165114

1,558179355874150

1,102591287883737979504537265

11621

1,283205146932

383,547

268,71451,34294,812122,560

114,833

23,707844975940

13,5121,2216,215

141,34998,89115,02027,43855,85720,7644,63914,94010,5184,99622,9436,5233,6667,358710638

1,7072,34148,1312,0834,4066,292

11,1473,6089,1051,2476,7453,498

15,6103,5936,5413,6671,809

24,9791,0514,0085,35114,5698,4541,000410517

2,299482

2,424827495

42,5175,1102,42734,980

1,027,856

889,094208,924304,550375,620

138,762

74,9453,4562,5763,31651,9055,2328,460

408,517271,54240,69796,278159,98065,40215,52143,99218,72516,34070,94110,2789,35137,460

8001,1445,0506,858

134,26310,76318,5095,98933,38016,37924,5023,27114,6986,77267,05226,32421,22712,7226,77957,9405,64011,58410,21430,50210,346

9811,010666

4,0971,1511,164996281

43,8723,8436,08333,946

1 Includes approximately $132,000,000 held by insured Morris Plan and other "industrial" banks.



CURRENT EVENTS

Federal Reserve Meetings

The Federal Advisory Council held its thirdmeeting of the year on September 14 and 15.On September 14 the members of the Councilmet with the Board of Governors.

A meeting of the Presidents' Conference ofthe Federal Reserve Banks was held on Sep-tember 2.5 -2.7, and on September 2.7 and x8, ameeting of the Federal Open Market Commit-tee was held.

Resignation of Class C Director

The Board of Governors accepted, effectiveSeptember 11, 1942., the resignation of WinfieldW. Riefler, as a Class C director of the FederalReserve Bank of Philadelphia. Mr. Riefler hadserved the Federal Reserve Bank as director sinceJuly 1, 1941, and his resignation was tenderedbecause of his appointment as Special Assistantto the American Ambassador in London, withthe rank of Minister.

Death of Branch Director

A. E. Engbretson, President of the Eng-bretson Seed Company, Astoria, Oregon, whohad served as a director of the PortlandBranch of the Federal Reserve Bank of SanFrancisco since his appointment by the Boardon April 1, 1937, died on September 2.8, 1942..

Admissions of State Banks to Membership inthe Federal Reserve System

The following State banks were admitted tomembership in the Federal Reserve System dur-ing the period August 16, 194X9 to September 15,1941, inclusive.

Arkansas

El Dorado—The Exchange Bank and TrustCompany

Illinois

Port Byron—Port Byron State Bank

Maryland

Havre de Grace—The Havre de Grace Bankingand Trust Company

Michigan

Ishpeming—The Peninsula Bank of Ishpeming

Missouri

Mexico—Mexico Savings Bank

Ohio

Fremont—The Colonial Savings Bank

Pennsylvania

Jeannette—First Jeannette Bank and TrustCompany

OCTOBER 1941 997


NATIONAL SUMMARY OF BUSINESS CONDITIONS

Corn-piled September 18 and released for publication September 21. Figures shown oncharts may differ from preliminary figures used in text, hater developments

are discussed on pages 981-988 of this BULLETIN.

Industrial output continued to rise in Augustand the first half of September and retail dis-tribution of commodities also increased. Pricesof farm products and foods advanced further.

PRODUCTION

Industrial output increased in August and theBoard's seasonally adjusted index rose 3 pointsto 183 per cent of the 193 5-1939 average. Therewere further marked increases in activity in themachinery, transportation equipment, and otherarmament industries. Crude petroleum produc-tion increased considerably from the reducedlevel of recent months and output of manu-factured food products rose more than is usualat this time of year. Production of materials,such as steel, nonferrous metals, coal, and lum-ber, continued in large volume.

Value of construction contracts awarded inAugust declined from the record high levels ofJune and July, according to figures of the F. W.Dodge Corporation. The extent to which thecontinuing large volume of construction reflectsthe war program is indicated by the fact that inthe first eight months of this year 84 per cent oftotal awards have been for publicly financedprojects and in recent months the percentage hasbeen higher.

INDUSTRIAL PRODUCTION

200

180

160

140

120

100

8 0

/

J\\ /

/\ /\J

y(

z iy 1

j

2 0 0

160

DISTRIBUTION

Distribution of commodities to consumersincreased considerably in August, reflectingparticularly marked increases in departmentstore sales and in sales of general merchandisein small towns and rural areas. Dollar value ofsales to consumers in August was somewhatlower than the unusually large sales a year ago,when there was a considerable amount of antic-ipatory buying, while average prices were aboutiz per cent higher. On the basis of physicalvolume, therefore, sales were smaller than ayear ago.

Railroad freight-car loadings were sustainedat a high level during August and the first halfof September, reflecting continued large ship-ments of most classes of freight.

COMMODITY PRICES

During August and the first half of Septemberthe general wholesale price index advancedabout half a point to 99.x per cent of the 192.6average, reflecting chiefly increases in prices oflivestock products. Prices of wheat, flour, andsome other uncontrolled commodities also ad-vanced. New crop tobacco prices showed sharpincreases over last year and a temporary ceiling

8 0

1939 1940Federal Reserve monthly index of physical volume of production,

adjusted for seasonal variation, 1935-39 average = 100. Latest figuresshown are for August 1942.

DEPARTMENT STORE SALES AND STOCKS

140

180 l 3°

120

110

140 100

90120

80

\ 100 70

60

50

v

^~*>—-STOCKS _ , v

JrA/

I A

V/V

150

140

130

120

110

100

90

80

70

60

501940

998

Federal Reserve monthly indexes of value of sales and stocks,adjusted for seasonal variation, 1923-25 average = 100. Latest figuresshown are for August 1942.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

at current levels was established for flue-curedtypes.

Retail food prices continued to rise from themiddle of July to the middle of August andfurther increases are indicated in September.Prices of uncontrolled foods in August were10 per cent higher than in May.

AGRICULTURE

Crop prospects improved considerably duringAugust and aggregate production this year isexpected to be about 15 per cent greater than in1941, which was close to a record year for crops.Unusually high yields per acre are indicated formost major crops and for some others, like oil-seed crops, substantially increased acreages areexpected to be harvested. Feed grain suppliesare expected to be of record proportions, butowing to the growing number of livestock onfarms the supply per animal will probably beabout the same as last season.

BANK CREDIT

Excess reserves of member banks, which havegenerally fluctuated between 2..0 and £.5 billiondollars in recent months, rose temporarily toover 3 billion on September 16. This increasewas due partly to a further reduction in reserverequirements on demand deposits at central re-serve city banks from 2.4 to zz per cent and partlyto Treasury disbursements out of its balances

MEMBER BANK RESERVES AND RELATED ITEMS

with the Reserve Banks in connection withSeptember 15 tax collections and fiscal opera-tions. Funds for these disbursements arose inpart from theissuance of special one-day certifi-cates to the Reserve Banks.

Excess reserves of New York City banks havebeen declining for a number of months owingprincipally to the excess of funds raised in thatcity by the Treasury over amounts expendedthere. The effect of this drain has been offsetin part by purchases of Government securities bythe Federal Reserve System and by the two suc-cessive reductions in reserve requirements.

At banks outside New York City excess re-serves have shown little change in recent months.These banks have lost reserves through currencydrain and their required reserves have increasedowing to growth of their deposits; both thesefactors, however, have been largely offset bytransfers of funds from New York.

Holdings of Government securities at NewYork City banks, which increased substantiallyin July and August, declined somewhat in thefirst half of September. At banks outside NewYork City holdings have continued to increase.

UNITED STATES GOVERNMENT SECURITY PRICES

The recent 3 billion dollar Treasury cashfinancing operation had little effect on the Gov-ernment securities market, and prices continuedsteady.

EXCESS RESERVES OF MEMBER BANKS

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

FACTORS SUPPLYING RESERVE FUNDS

22GOLD STOCK-

\JL14

4TREASURY CURRENCY

- RESERVE BANK CREDIT "

BILLIONS OF DOLLAR!

8

1940 1941 1942 1940 1941 1942

Wednesday figures. Latest figures shown are for September 23*1942.

1936 1937 1938 1939 1940 1941 1942

Wednesday figures, partly estimated. Latest figures shown are forSeptember 23, 1942.

OCTOBER 1942. 999


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items 1003

Federal Reserve Bank discount rates; rates on time deposits,reserve requirements, margin requirements 1004

Federal Reserve Bank statistics 1005-1009

Reserve position of member banks; deposits in larger and smallercenters 1010

Money in circulation 1011

Gold stock and gold movements; bank suspensions; bank debits. . . 1011All banks in the United States, number, deposits, loans and in-

vestments 1013

Condition of all member banks 1014-1015

Weekly reporting member banks 1016-1019

Commercial paper, bankers' acceptances, and brokers* balances. . . . iozo

Money rates and bond yields 1011

Security markets 1011

Corporate profits 10x3-1014

Treasury finance 10x5-1017

Governmental corporations and credit agencies; Postal SavingsSystem 1018-1030

Business indexes 1031-1041Department store statistics 1041-1043Wholesale prices 1044Current statistics for Federal Reserve chart book 1045-1047September crop report, by Federal Reserve districts 1047

Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made to theBoard; index numbers of production are compiled by the Board on the basis of material collected by otheragencies; figures for gold stock, money in circulation, Treasury finance, and operations of Governmentcredit 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 ob-tained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINSand from Annual Reports of the Board of Governors for 1937 and earlier years.

O C T O B E R 1941 IOOI


MEMBER BANK RESERVES AND RELATED ITEMS

BILLIONS OF OOLLARS

24WEDNESDAY FIGURES BILLIONS OF DOLLARS

24

MEMBER BANKRESERVE BALANCES

TREASURY CASH AND DEPOSITS

0 tr

i r>

8

6

4

2

0

1936

-

1937 1938 1939 1940

REQUIRED R E S E R V E S ^ ^ ' - ^

— % \ ~*+

rj ^ f EXCESS RESERVES

1941

f

\

1942

-

Wl

10

8

1936 1937 193* 1939 1940Latest figures for September 23. See page 1003.

1941 1942

IOO2 FEDERAL RESERVE BULLETIN


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

Monthly averages ofdaily figures:

1941—JuneJulyAug

1942—JuneJulyAug

End of month figures:1941—June 30

July 31Aug. 31

1942—June 30July 31Aug. 31

Wednesday figures:1941—Nov. 5

Nov. 12....Nov. 19....Nov. 26... .

Dec. 3Dec. 10... .Dec. 1 7 . . .Dec. 24.. . .Dec. 3 1 . . . .

1942—Jan. 7.. .Jan. 14..Jan. 21 . .Jan. 28..

Feb. 4 . . .Feb. 11..Feb. 18..Feb. 25..

Mar. 4. . .Mar. 11..Mar. 18..Mar. 25..

Apr. 1...Apr. 8...Apr. 15..Apr. 22..Apr. 29..

May 6...May 13.,May 20..May 27..

July 1.. .July 8. . .July 15..July 22..July 29..

Aug. 5. . .Aug. 12..Aug. 19..Aug. 26..

Sept. 2..Sept. 9..Sept. 16.Sept. 23.

Reserve Bank credit outstanding

Billsdis-

count-ed

25

11347

56

6655

33455

5545

913109

U. S. Governmentsecurities

Total

2,1842,1842,1842,5802,9843,370

2,1842,1842,1842,6453,1533,426

2,1842,1842,1842,184

2,1842,1962,2402,2432,254

2,2542,2542,2502,243

2,2432,2432,2502,262

2,2622,2532,2492,244

2,2442,2432,2542,2962,350

2,4362,4842,4452,489

2,5322,5682,5792,583

2,7282,9093,0383,0473,110

3,3033,3873,4483,389

3,3883,5023,5733,395

Treas-ury

billsand

certifi-cates

258624993

310783

1,037

104889

137185145183

226252257254

391553673679743

9281,0121,0731,011

9961,1001,2121,025

Allother

2,1842,1842,1842,3222,3602,337

2,1842,1842,1842,3362,3702,390

2,1842,1842,1842,184

2,1842,1842,2292,2332,244

2,2442,2442,2442,243

2,2432,2432,2502,262

2,2622,2532,2492,244

2,2442,2432,2442,2472,261

2,2992,2992,2992,306

2,3062,3162,3222,329

2,3372,3562,3652,3672,367

2,3742,3752,3752,378

2,3922,4032,3612,370

Allother1

144188274178

Total

9411192176180185

8110480126188131

577211894

10085188249104

12813313092

7086151125

134889676

8613415210086

12811912889

185135220110

142157185144122

137120163131

2,2802,2982,2842,7613,1683,560

2,2672,2932,2752,7753,3453,565

2,2472,2632,3072,284

2,2892,2862,4332,4992,361

2,3862,3902,3832,339

2,3162,3312,4042,392

2,4022,3472,3512,326

2,3392,3842,4152,4002,443

2,5722,6122,5782,584

2,7232,7082,8032,698

2,8733,0693,2273,1963,237

3,4463,5123,6153,525

3,5423,7033,8573,581

Goldstock

22,60222,65122,70022,72522,74222,745

22,62422,67522,71922,73722,74422,756

22,78822,79322,77822,781

22,77022,77422,74722,75022,737

22,74222,74022,75022,744

22,73822,74122,71222,715

22,70522,70922,68622,684

22,67222,67522,67822,68622,689

22,70322,70622,70922,712

22,71522,71722,72922,735

22,73922,74022,74222,74522,746

22,73922,74222,74422,747

22,75622,74522,74722,750

Treas-urycur-rencyout-

stand-ing

3,1413,1563,1733,3103,3193,332

3,1493,1663,1813,3133,3263,340

3,2213,2223,2283,230

3,2333,2363,2383,2443,247

3,2483,2523,2553,256

3,2593,2633,2643,266

3,2693,2713,2733,274

3,2773,2793,2803,2843,286

3,2913,2943,2993,302

3,3063,3103,3113,313

3,3143,3153,3193,3213,322

3,3283,3323,3333,337

3,3413,3433,3463,349

Moneyin cir-cula-tion

9,4429,6709,83912,21312,53212,939

9,6129,7329,99512,38312,73913,200

10,42110,47210,53510,567

10,71710,83411,02311,22411,160

11,10911,06211,07711,097

11,23111,31911,33911,422

11,51811,52011,47411,462

11,59311,61011,62411,64211,723

11,84511,86111,88811,971

12,14112,17612,20812,231

12,41612,48912,50212,54612,647

12,79412,87012,95613,057

13,25013,38913,44013,519

Treas-urycashhold-ings

Treas-ury de-positswith

FederalRe-serveBanks

2,2492,3032,3602,1922,2042,208

2,2752,3342,3762,1872,2232,217

2,1952,2132,1842,195

2,1802,1852,1932,1952,215

2,2202,2242,2042,196

2,2012,1942,1812,189

2,1802,1762,1682,175

2,1872,1772,1662,1892,186

2,1932,1912,1882,197

2,1882,2132,.1892,191

2,1952,1902,2012,2232,224

2,2042,2062,2062,219

2,2162,2052,2062,200

987949829136425240

877906290266246

933807598440

321157925908867

663419284302

376319264798

2876059472

362190301243128

376158304239

11092160139

485548946298183

285174240176

1462146

485

Non-mem-

ber de-posits

,856,774,839,334,363,333

,831,752,821,362,401,368

1,8211,7901,7641,678

1,6091,6141,4831,4221,360

1,3761,3951,3871,379

1,3671,3101,2511,154

,270,317,373,352

,354,350,485,531,421

,413,440,427,430

,358,333,277,358

,341,353,302,347,411

,333,331,344,338

,318,290,239,292

OtherFed-eralRe-

serveac-

counts

290289286297296294

290287284297294292

291290290288

288287297297291

291291291290

289288288288

286286297296

295295295296297

295295293293

293293304303

297297295295296

295296294293

291291299298

Memberbank reservebalances

Total

13,20113,12013,00412,62412,40912,623

13,05113,15112,79412,30512,49212,338

12,59412,70712,94213,126

13,17813,21912,49712,44712,450

12,71712,99213,14513,075

12,84912,90513,05812,521

12,83512,96812,93912,527

12,49612,71512,50212,47012,662

12,44412,66712,48612,467

12,65312,62912,70612.523

12,19212,24612,04212,55112,545

12,60212,70912,65312,526

12,41812,40212,76011,886

Excess2

5,3515,1935,0172,7042,2372,248

5,2105,2154,7962,3622,1302,143

3,4093,5403,6923,799

3,8603,8423,0853,0563,085

3,3853,5613,5843,479

3,3263,3573,4602,878

3,2083,2663,1612,847

2,9993,1692,8862,7522,815

2,6912,9252,5652,535

2,7832,7822,7912.648

2,2592,3222,0652,2962,196

2,2462,3812,1032,342

2,2622,3483,0392,034

1 Includes industrial advances shown separately in subsequent tables.2 End of month and Wednesday figures estimated.NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together

with available tack figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reservesin BULLETIN for August 1935, pp. 499-500.

OCTOBER 1942. 1003


FEDERAL RESERVE BANK DISCOUNT RATES[In effect September 30,1942. Per cent per annum]

Federal Reserve Bank

BostonNew* YorkPhiladelphia . . . . . . .ClevelandRichmondAtlantaChicagoSt LouisMinneapolis . . . . . . .Kansas CityDallasSan Francisco

Discounts for and advances to member banks

Advances secured bydirect obligations ofthe U. S. (maturitiesnot exceeding 90 days—last par. Sec. 13)1

Rate

11

Effective

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Mar. 28, 1942Sept. 16, 1939Sept. 16, 1939Apr. 4, 1942

Discounts of and ad-vances secured by eli-

gible paper (maturitiesnot exceeding 90 days

—Sec. 13 and 13a)2

Rate

11

Effective

Sept. 1, 1939Aug. 27, 1937Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Mar. 21, 1942Feb. 28, 1942Mar. 14, 1942Mar. 28, 1942Apr. 11, 1942Mar. 21, 1942Apr. 4, 1942

Other secured advances[maturities not exceed-ing 4 mos.—Sec. 10(b)]

Rate

2221*22

it2222

Effective

Sept. 2, 1937Oct. 10, 1935Sept. 4, 1937Sept. 12, 1942Sept. 10, 1937Aug. 21, 1937Aug. 29, 1942Mar. 14, 1942Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 17, 1937

Advances to individualporations other than i

s, partnerships, or cor-nember banks secured

by direct obligations of the U. S. (maturitiesnot exceeding 90 days—last par. Sec. 13)

To nonmember banks

Rate

111111111111

Effective

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Mar. 28, 1942Sept. 16, 1939Sept. 16, 1939Apr. 4, 1942

Rate

2y23%2%zy&42V£4332/^23^4

To others

Effective

Apr.Feb.Sept.MayFeb.Apr.Oct.Mar.Oct.Apr.Apr.Oct.

29, 19388, 19341, 1939

11, 193519, 193423, 193816, 193314, 19428, 1938

16, 193816, 193819, 1933

2 DRates shown also apply tosix months.

FEDERAL RESERVE BANK BUYING RATES ON BILLS[Per cent per annum]

Maturity

Treasury billslBankers' acceptances :2

1- 90 days91-120 days

121-180 days

Rate on Sep-tember 30

%

1

In effect be-ginning—

Apr. 30, 1942

Oct. 20, 1933dodo

Previousrate

1

1 Established rate at which Federal Reserve Banks stand ready to buyall Treasury bills offered.

2Minimum buying rates on prime bankers' acceptances.

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

June 21, 1917-Aug. 15, 1936Aug. 16, 1936-Feb. 28, 1937Mar. 1, 1937-Apr. 30, 1937May 1, 1937-Apr. 15, 1938Apr. 16, 1938-Oct. 31, 1941Nov. 1, 1941-Aug. 19, 1942Aug. 20, 1942-Sept. 13, 1942Sept.14, 1942-Oct. 2,1942Effective Oct. 3, 1942

Net demand deposits1

Centralreserve

citybanks

1319^22M2622^26242220

Reservecity

banks

101517^2017H20202020

Countrybanks

7

12^141214141414

Timedeposits

(allmemberbanks)

3n656666

1 See footnote to table on p. 1010 for explanation of method of computingnet demand deposits.

MARGIN REQUIREMENTS^[Per cent of market value]

Prescribed by Board of Governors of the FederalReserve System in accordance with Securities

Exchange Act of 1934

For extensions of credit by brokers and dealers onlisted securities, under Regulation T

For short sales, under Regulation TFor loans by banks on stocks, under Regulation U... .

Apr. 1,1936-

Oct. 31,1937

3 55

EffectiveNov. 1,

1937

405040

1 Reg. T and U limit the amount of credit that may be extended on asecurity by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of the extension; the "marginrequirements" shown in this table are the difference between the marketvalue (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.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD-VANCES AND COMMITMENTS UNDER SECTION 13b

OF THE FEDERAL RESERVE ACTMaturities not exceeding five years

[In effect September 30. Per cent per annum]

Federal ReserveBank

Onadvances

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis.

MinneapolisKansas CityDal las . . .San Francisco

To industrial orcommercialbusinesses

A2H-52J^5

2^-52H-5

Oncommit-

ments

£18

To financing institutions

Discounts orpurchases

Onportion

for whichinstitu-tion is

obligated

0(2)

On re-mainingportion

On com-mitments

( )

82^-5

(3)X-V4

* Including loans made in participation with financing institutions.1 Rate charged borrower less commitment rate.

Rate charged borrower.4 May charge same rate as charged borrower by financing institution, if

lower.6 Financing institution is charged M per cent on undisbursed portion of

loan under commitment.

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q[Per cent per annum]

Savings depositsPostal savings deposits...Other deposits payable:

In 6 months or moreIn 90 days to 6 months.In less than 90 days

Nov. 1,1933- Feb. 1,1935-Jan. 31,1935 Dec. 31,1935

EffectiveJan.1,1936

NOTE.—Maximum rates that may be paid by insured nonmember banksas established by the F. D. I. C , effective February 1, 1936, are thesame as those in effect for member banks. Under Regulation Q the ratepayable by a member bank may not in any event exceed the maximumrate payable by State banks or trust companies on like deposits underthe laws of the State in which the member bank is located.

IOO4 FEDERAL RESERVE BULLETIN


PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS


AssetsGold certificates on hand and

due from U. S. TreasuryRedemption fund—F. R. notes..Other cash

20,562,14,643

232,607

Total reserves

Bills discounted:For member banksFor nonmember banks, etc.

Total bills discounted....

Industrial advancesU.S. Government securities:

DirectBondsNotesCertificatesBills

Guaranteed

TotalU.S. Governmentsecurities, direct andguaranteed

Other Reserve Bank credit out-standing

Total Reserve Bankcredit outstanding...

LiabilitiesF.R. notes in actual circulation.

Deposits:Member bank —reserve

accountU. S. Treasurer—general

accountForeignOther deposits

Total deposits

Ratio of total reserves to depositand F .R. note liabilities com-bined (per cent)

20,809,873 20,804,202 20,789,442 20,803,342 20,809,200 20,810,525 20,811,297

Wednesday figures

1942

Sept. 23 Sept. 16 Sept. 9 Sept. 2 Aug. 26 Aug. 19 Aug. 12 Aug. 5

623 20,562,625 20,15,409

226,168

7,5961,500

9,096

14,638

1,697,880667,140446,206579,0674,775

3,395,068

162,664

3,581,466

10,462,283

11,886,284

485,265971,633320,085

13,663,267

86.3

7,9432,500

10,443

14,835

1,689,395667,140630,756580,8854,775

3,572,951

258,742

3,856,971

6,381972,113267,043

85.3

561,127 20,562,125 20,13,241

215,074

10,8512,500

13,351

14,532

1,670,953726,930423,980675,5774,775

3,502,215

172,958

3,703,056

10,392,123 10,328,498

12,759,539 12,402,373 12,417,620

213,769948,823341,673

14,005,076 13,906,638

85.8

1,562,13,101

228,116

6,8962,500

9,396

16,358

1,662,403724,930340,973655,2534,775

3,388,334

127,745

3,541,833

146,263960,752356,795

13,881,430

86.4

551,13,036

245,038

126 20,547,619 20,13,992

248,914

4,4171,000

5,417

14,181

1,648,683724,930340,973669,4104,775

3,388,771

117,087

3,525,456

10,201,223 10,030,941

12,526,418

175,955907,640430,039

86.4

2,8411,500

4,341

13,547

1,645,286724,930340,973732,1354,775

3,448,099

148,968

3,614,955

9,923,080

12,652,843

239,778914,334429,224

14,040,052 14,236,179

86.1

546,64112,942

251,714

20,547,628 20,13,189

251,491

20,812,308 20,802,682 20,801,578 20,571,023

3,7661,500

5,266

12,928

1,645,286724,930]322,858]689,0401

4,775

3,386,889

106,883

3,511,966

9,840,752

12,708,645

173,977888,618442,841

14,214,081

86.5

3,6831,500

5,183

13,497

1,645,286724,400292,358636,0454,775

3,302,864

124,048

3,445,592

9,768,481

285,388891,117442,127

14,220,684

86.8

End of month

1942

Aug.

562,129 20,13,101

227,452

4,6652,500;

7,165

14,475

3,426,261

116,613

3,564,514

10,157,109

12,602,052 12,337,942

245,833947,862420,081

13,951,718

86.3

July

531,628 20,14,158255,792

2,6141,500

4,114

11,984

1,642,966722,150217,731565,5414,775

3,153,163

75,855

3,245,116

9,720,823

12,491,579

266,124900,342500,883

14,158,928

87.1

1941

Aug.

299,03015,146

256,847

10,814200

11,014

9,801

1,359,200820,300

4,600

2,184,100

70,355

12,794,227

15,521,244

91.0

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS


Total Within15 days

16 to 30days

31 to 60days

61 to 90days

91 daysto 6

months

6 months. to1 year

1 yearto

2 years

2 yearsto

5 yearsOver

5 years

Bills discounted:Aug. 26Sept. 2sept. 9 : . ; . ;Sept. 16Sept. 23

Industrial advances:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

U. S. Government securities, directand guaranteed:

Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

5,4179,396

13,35110,4439,096

14,18116,35814,53214,83514,638

3,388,7713,388,3343,502,2153,572,9513,395,068

4,1966,69111,5688,7207,508

7,6029,5928,8618,9648,788

71,519184,983147,214327,259199,014

9711,003

1568823

376371364348338

145,978105,894200,097153,357104,533

1431061052141

144137144142175

300,427483,732530,488497,324498,101

82949

1,5201,6121,522

2,1642,4101,3381,6411,675

442,494171,652107,88174,57963,363

25647222

713693692773765

146,965146,965201,187210,437211,577

1,5281,5601,5441,1561,147

134,700134,700144,390145,885145,885

820787785

1,021994

268,175268,175268,175295,575295,575

834808804790756

385,330388,530395,030419,842424,162

1,493,1831,503,7031,507,7531,448,6931,452,858

OCTOBER 194Z 1005


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

AssetsGold certificates on hand

and due from U. S.Treasury:


Redemption Fund—FederalReserve notes:


Other cash:Aug. 26..Sept. 2.. .Sept. 9.. .Sept. 16..Sept. 23..

Total reserves:Aug. 26Sept. 2Sept. 9Sept 16Sept. 23

Bills discounted:Secured by U. S. Govern-

ment obligations, di-rect and guaranteed:

Aug. 26Sept. 2Sept. 9Sept. 16Sept 23

Other bills discounted:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Total bills discounted:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Industrial advances:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

U. S. Government securities, direct and guaranteed:

Bonds:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Notes:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Certificates:Aug. 2 6 . . .Sept. 2Sept. 9Sept. 16....Sept. 23. . . .

Bills:Aug. 26..Sept. 2.. .Sept. 9...Sept. 16..Sept. 23..

Total

20,551,12620,562,12520,561,12720,562,62520,562,623

13,03613,10113,24115,40914,643

245,038228,116215,074226,168232,607

20,809,20020,803,34220,789,44220,804,20220,809,873

4,3256,60510,2357,8757,52=

1,0922,79:3,lli2,56?1,57:

5,419,396

13,3510,44,9,096

14,18:16,35114,53:14,83i14,63!

1,650,28-1,664,00-1,672,55;1,690,9951.699.48C

728,728,10:730, lOi670,31670,31

340,97.340,97423.98C630,7446,20*

669.41C655,253675,57/580,88:579,06!

Boston

158,135164,790184,392195,680202,179

2,3222,2652,2242,1792,091

20,47420,41319,62222,13524,050

,180,931,187,,206,,219,,228,320

468 7238 7994 7

1,3001,100

600300800

l ,30C1.10C

60C30C80C

1,15'1,156

47f464461

117,36?118,34'119,05120,25(

120,87'

51,78351,78251,97'47,67i47,67:

24.25C24.25C30,18C44,85731,

47,55:46,5148,09C41.16C41,16/

NewYork

,342,152,180,563,007,842,008,841,876,619

1,6151,3241,1351,7511,531

60,77854,23654,17349,62250,831

7,404,545^,236,123,063,150,060,214

6,928,981 1

1,9403,9957,7704,1252,475

4251,2631,5881,062638

2,3655,2589,3585,18r3,113

459,367463.18C466,12:470,668473,096

202,67202,67203,47186,573186,59?

94,9194,91118,159175,564124,21

186,11182,04$188,27*161,092161,125

Phila-delphia

,201,244,205,016,220,859,230,225,248,724

483411343

1,2631,185

13,10312,53811,67712,55611,347

1,214,8301,217,9651,232,8791,244,044,261,256

310335310125200

96240240240144

40657555C365344

5,3035,2665,2265,2985,14,

122,40;123,41<124,51,125,396126,080

54,00454,00454,35249,70S49,73i

25.29C25,28931,56446,77333,103

49,59148,50750,29442,9142,93!

Cleve-land

746,654751,043770,658813,877781,242

474410

1,3561,2911,227

16,48214,91514,67015,76817,015

,763,610,766,368,786,684,830,936,799,484

11249249230138

153,80-155,071156,23,157,57'158.4H

67,85767,85*68,20362,46362,48C

31,77.31,7739,60458,7741,59

62,3160,95263,10653,93353,96*

Rich-mond

900,063922,091937,320939,161966,039

1,1351,7161,3651,9881,559

12,99212,87510,75912,65312,802

914,190936,682949,444953,802980,400

3025050

4411011011066

44lH14C36C11

844829829804783

100,04,100,88C100,999102,53103,004

44,14:44,14:44,09:40,64.40,62'

20,6720,67:25,60:38,24727,044

40,53339,65C40,79535,09535,08C

\tlanta

657,689677,457699,258688,986691,719

404361324286241

15,57314,26211,63811,80812,477

673,666692,080711,220701,080704,437

,579,062,603,832,598,131,559,325,601,820

1,4301,3621,3041,2361,148

39,49936,67234,59836,54335,523

3,619,9913,641,8663,634,0333,597,1043,638,491

1,0002,000

358888

1,0882,053

8182481802802

71,38471,98072,29673,14973,509

31,49731,49331,55828,99"28,996

14,74514.75C18,32'27,28619,300

28,9228,52*29,20225,03<25,03,

Chicago St.Louis

Minne-apolis

646,246651,005661,486645,198665,225

591573560544518

13,62213,06711,59111,85311,947

660,459664,645673,637657,595677,690

122305305305183

122305305305183

22823C19'19192

211,403213,167213,441216,664217,654

93,27193,27693,17185,88885,850

43,67943,68054,10680,81757,146

85,65083,78386,21374,25674,127

17512012C121

9C

82,21482,89983,10:84,25484,65.

36,2736,27.36,27-33,39933,38

16,9816,98:21,06531,42822,22*

33,80533,58233,56*28,83729,08C

KansasCity

395,898400,984409,615397,195430,851

867973

366349

6,4826,0396,1706,3877,018

402,466407,102415,858403,948438,218

44,23944,60545,04945,31945,572

19,51919,51819,66417,96517,974

9,1419,14011,41916,90411,965

17,92317,53218,19615,51115,521

637,855659,717666,125669,522682,987

686671660647619

11,2689,2599,4589,79210,380

649,809669,64:676,243679,961693,986

Dallas

435,717443,466,451,663450,

600 1286 1

229 1

2,0742,1521,1151,3651,390

72,82273,42674,02474,60575,007

32,12832,12732,31429,57429,584

15,04615,04618,76527,82919,693

29,50428,85929,90025,55525,545

SanFran-cisco

1,850,411,902,027,939,155

1,962,952,964,989

643630620611586

11,75910,85610,06011,06511,358

448,119455,476,966 1463,462,173

5801,0801,0801,6051,595

3,1673,2993,2773,2473,589

23,00622,98420,65825,98627,859

1,876,584,928,310,963,090,992,1851,996,437

25

102144144141105

6821,2241,2241,7461,700

140139138138138

63,86064,39064,70965,43465,761

28,17528,17428,24825,93925,938

13,19413,194116,40324,40817,266

26,17225,30826,13722,39622,397

76190190190114

76190190215114

2,0434,0434,0434,0434,040

151,375152,638153,005155,133155,862

66,78766,78866,78961,49561,475

31,27631,27738,78657,86640,922

61,33059,99261,80255,09653,083



Federal Reserve Banks—Continued[In thousands of dollars]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

U. S. Government securi-ties, direct and guaran-teed: Total


Total bills and securities:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Due from foreign banks:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Federal Reserve notes ofother banks:


Uncollected items:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Bank premises:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Other assets:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Total assets:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

LiabilitiesFederal Reserve notes in

actual circulation:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Deposits:Member bank—reserve

account:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

U. S. Treasurer—generalaccount:


Foreign:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

3,388,7713,388,3343,502,2153,572,9513,395,068

3,408,3633,414,0883,530,0983,598,2253,418,802

30,06928,49132,80535,15032,723

1,047,3621,076,3491,099,5951,616,0801,249,163

40,38840,31240,31240,31340,306

50,21052,73756,95645,25546,285

25,385,64525,415,36625,549,25526,139,27625,597,199

10,030,94110,201,22310,328,49810,392,12310,462,283

12,526,41812,417,62012,402,37312,759,53911,886,284

175,955146,263213,7696,381

485,265

907,640960,752948,823972,113971,633

240,953240,890249,297253,946241,452

243,410243,146250,369254,710242,713

1,0431,098756

1,1601,146

100,58793,91496,453146,467121,199

2,7452,7402,7402,7402,740

3,3553,5373,5702,8792,984

943,063942,811976,028993,897945,034

946,051948,690986,007999,705948,768

4X18Jl8

2,9132,7144,9084,9624,049

227,967243,979228,860373,871262,270

10,37910,36010,36010,36010,360

13,40513,94014,31011,85112,156

251,288251,216260,725264,796251,852

256,997257,057266,501270,459257,339

1,6291,4831,2381,4641,752

67,19468,35366,25799,64671,363

4,8274,8234,8234,8234,823

3,7843,9116,7463,2583,359

315,751315,663327,148332,750316,449

316,383316,617328,070333,66!317,296

1,8841,75:1,5001,8831,615

125,692124,814122,045194,377146,721

4,3644,3644,3644,3644,354

5,2845,5735,7604,9424,950

205,390205,344211,48"216,52!205,755

206,278206,283212,456217,686206,654

278 1,532,074 8,531,906 8,455,824 1,560,129 8,307,613 1,627,,599,

r,953 8,105 8;

,605,,455,,307,,460,981,166,602

,549,266 2,217,221,553,578

1,623!1,599,

1,597 2!,449 21,699 2.',897 2,

,219,1,248,!,370,!,274,

492 1427 1173 1424 1

3,29:2,6693,3563,9552,804

92,67987,91597,438142,212107,063

3,0743,0683,0683,0693,069

3,1593,3193,4212,8722,986

1,222,674',239,938.,269,185,323,598,302,978

745,746757,'"^768,690773, —775,794

225 2

228 2

2,430,212,460,133

2,479,783",493,6952,502,737

711,946723,608731,821737,014742,898

641,631,642,678,617,

844 51414407 4967 4816 4

7,2718,731

15,78339

55,034

24,35524,65323,11024,11322,700

,052,268,914,242,782,116,929,323,512,814

41,45542,41341,122

782159,450

480,8912501,9762498,1932508,5832508,488

642,701647,081661,677,630,283

569 1410 1

18,4064,14911,912

21430,502

67,13272,42271,14773,29973,471

958,939967,741980,164983,574990,059

965,214963,017,003,777,048,520952,393

12,29314,619

661622

28,390

64,33569,40468,18270,24570,409

578,016598,401611,094620,240634,715

489,141490,605499,876514,613474,784

14,17110,62412,419

53036,885

30,76933,19332,60933,59533,674

146,551146,749151,383154,468146,840

147,400147,661152,28.156,358149,691

3,2082,9373,6643,3013,460

44,49944,07555,98866,41157,666

1,9501,9501,9501,9501,949

2,1122,2252,2941,9061,942

872,837 4890,930 4927,403 4931,008 4919,1514,

434,003433,906446,931457,62J434,777

434,353434,441447,433458,12435,152

3,0753,1083,5063,9183,540

152,094166,546150,542227,176173,286

2,9562,9402,9402,9402,944

6,2906,5826,8235,6975,766

,218,765,255,489,245,283,294,968,259,185

395,937411,350415,916417,575419,943

393,397392,041414,716413,718380,823

4,1593,7519,987228

20,444

24,47526,40425,93926,72426,786

,048,660,070,323,088,186,102,930

2,118,843

,872,511,863,342,833,077,844,363,767,280

13,15217,52733,291

89645,343

85,31392,03690,41693,15193,369

169,281169,741174,006177,918169,344

169,470169,87.174,140178,05:169,448

2,5911,6402,9843,5183,193

45,60149,45453,51769,07256,241

2,1282,1242,1242,1242,124

2,3332,5002,5412,0752,148

882,583890,239908,944912,437910,845

395,721403,841409,448412,633418,320

388,909376,653382,338387,545373,747

9,65810,76720,823

51317,276

20,97922,63222,23322,90622,960

90,82290,79594,32895,69991,032

91,31491,27994,82396,20691,470

8471,3441,3721,2551,835

26,77726,82431,53038,41434,179

1,3211,3191,3191,3191,319

1,4101,4901,5501,3241,361

149,500149,458155,003157,563149,829

151,603151,682156,540159,350151,571

3,4602,8773,6393,1493,626

47,49749,07662,46671,20158,930

2,8312,8252,8252,8252,825

2,2342,3902,4552,0342,111

131,401131,066135,497138,17'131,36:

132,223132,429136,859140,061133,200

1,1591,8091,5461,271995

46,95137,83341,89550,53049,337

1,0901,0831,0831,0831,083

1,9362,0152,0931,8011,814

310,768310,695320,382329,590311,342

312,887314,928324,615333,848315,496

4,9685,0604,3365,3144,708

69,82483,56692,604136,703110,908

2,7232,7162,7162,7162,716

4,9085,2555,3934,6164,708

524,135 857,435529,358 878,498546,452542,466568,382

244,980250,614253,053255,640258,348

211,165211,007215,148219,912223,071

12,05311,12419,201

59023,032

15,38416,59716,30416,79816,837

904,169918,521913,050

338,615348,502353,049354,083356,394

428,135436,426448,523459,323446,645

10,6827,8539,603545

18,649

20,27921,87721,49222,14222,194

631,479630,256660 443658,086

2,271,8982,339,8392,392,7582,475,386

648,603 2,434,977

•,311 1179,185,322189,2781 8 8 , "190,813 1

363,818360,671379,384389,008 1366,333

12,21112,77116,849

14613,957

20,27921,87721,49222,14222,194

,002,8581,024,1631,048,016

,053,359,053,419

1,077,3151,131,394

,139,442,196,837

1,140,295

20,4441,934

22,1181,276

36,303

53,44957,68157,70658,41558,551

* Less than $500. *Af ter deducting $29,000 par t ic ipat ions of other Federal Reserve Banks September 2, to September 23.1 After deducting $458,055,000 par t ic ipat ions of other Federal Reserve Banks on September 2, $449,644,000 on September 9, $462,724,000 on September

16, and $462,410,000 on September 23.

OCTOBER 1942. IOO7


Federal Reserve Banks—Continued[In thousands of dollars]


Phila-dephia

Cleve-land


LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Other deposits:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Total deposits:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Deferred availability itemsAug. 26Sept. 2Sept.,9Sept. 16Sept. 23

Other liabilities, includingaccrued dividends:


Total liabilities:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Capital accountsCapital paid in:


Surplus (section 7)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Surplus (section 13b)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23 :

Other capital accounts:Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Total liabilities and capitalaccounts:


Commitments to make in-dustrial advances:


430,039356,795341,672267,043320,085

.4,040,052

.3,881,430

.3,906,638

.4,005,076

.3,663,26'

930,322948,651926,684

1,357,3851,086,546

4,1353,7586,9814,1734,407

25,005,45025,035,06225,168,80125,758,75725,216,503

145,162145,181145,230145,267145,281

157,502157,502157,502157,502157,502

26,78126,78126,78126,78126,781

50,75050,84050,94150,96951,132

25,385,64525,415,36625,549,25526,139,27*25,597,195

16,72113,05314,07(13,80e12,892

4,6084,2053,1433,5883,382

678,078668,730684,443706,707698,932

81,72179,44480,497121,52697,859

572564569583604

117 8

278,447207,670194,968108,866134,457

,853,061,666,301,516,399,547,554,315,209

189,674197,095178,919287,012215,993

850784945

1,1031,003

9,28710,7658,7698,72922,407

526 1

63,53252,63556,15053,98962,878

,506,,505,963,534,,602,,573,

199 8044 8189 8

9,4399,4389,4399,4399,439

10,94910,94910,94910,94910,949

2,8742,8742,8742,8742,874

2,6952,6822,6682,6472,654

,473,7978,324,313,176,046,329,364,034,942

53,47353,47353,47953,47953,480

56,65156,65156,65156,65156,651

7,0707,0707,0707,0707,070

14,28714,31714,36714,41714,459

737,734,417753,397759,652756,663

64,75560,63255,46892,06165,320

331241

3,063268317

558 2

,105,3741,099,6751,128,7701,173,3761,114,070

117,398116,570103,919177,661134,724

331327387372373

1,514,1,518,898

" ,749 21,588,9951,565,198

11,77411,77311,77311,77411,767

15,17115,17115,17115,17115,171

4,3934,3934,3934,3934,393

3,3703,3623,3633,3663,368

,182,0422,184,3132,213,2402,334,983 12,239,226 1

074 8906 8

1,532,1,531,1,560,1291,627,9531,599,105

278 1

750750750748113

,605,,455,824,307,613,460,981,166,602

43335135134734'

,549,,553,1,578,,623,1,599,

266 2597 2449 2699 2897 2

1,4231,4441,4651,3961,534

14,83814,84014,84514,84514,846

14,34614,34614,34614,34614,346

1,0071,0071,0071,0071,007

4,9884,9864,9894,9924,999

,217,221,219,492,248,427,370,173,274,424

699613626602579

9,0289,6149,40311,46810,771

543,109544,036554,307560,206556,114

84,75380,74886,994126,37295,319

349327360335365

1,206,2271,223,5121,252,755,307,1531,286,513

5,8365,8365,8365,8375,839

5,2365,2365,2365,2365,236

3,2443,2443,2443,2443,244

2,1312,1102,1142,1282,146

1,222,6741,239,9381,269,1851,323,598

,302,978

4,0762,7673,0212,6464,488

426,107424,963453,663443,316432,541

36,50940,31243,50855,82352,343

213229237213242

858,876,913,916,905,

766 4854 4324 4927 4069 4

5,1335,1495,1525,1525,152

5,7255,7255,7255,7255,725

713713713713713

2,5002,4892,4892,4912,492

3,0213,0744,0938,4704,819

,973,997,975,979,960,877,946,880,910,811

146,566i159,690146,612|195,585179,8811

450346440386443

,169,673,206,338,196,115,245,781,209,978

15,99715,99715,99716,00516,016

22,92522,92522,92522,92522,925

1,4291,4291,4291,4291,429

8,7418,8008,8178,8288,837

837 4872,890,930927,403931,008919,151

14614:14214:142

,218,7654,255,4894,245,2834,294,9684,259,185

1,589332332331326

10,24411,25210,69610,53914,263

429,790421,304436,090421,503428,246

44,87052,88151,15266,08652,019

128117141120132

870,509878,143896,831900,342898,717

4,5074,5084,5124,5224,522

4,9664,9664,9664,9664,966

530530530530530

2,0712,0922,1052,0772,110

882,583890,239908,944912,437910,845

1,0221,0181,0131,1631,163

8,2957,;7,5078,40811,694

246,897246,608258,160245,708274,634

22,24422,13325,21531,09625,352

148121143130157

514,269519,476536,571532,574558,491

3,0653,0653,0653,0773,077

3,1523,1523,1523,1523,152

1,0001,0001,0001,0001,000

2,6492,6652,6642,6632,662

524,135529,358546,452542,466568,382

6,2266,9845,8907,7423,590

465,322473,140485,508489,752491,078

41,53144,91253,73062,86253,651

350329259222296

845,818866,883892,546906,919901,419

4,6924,6924,6924,6964,699

3,6133,6133,6133,6133,613

1,1371,1371,1371,1371,137

2,1752,1732,1812,1562,182

857,435878,498904,169918,521913,050

1,3271,0822,1071,8571,832

2,7865,4202,6212,2442,292

399,094400,739420,346413,540404,776

41,15232,32038,91744,46941,064

221169193212235

619,778618,550648,734646,373636,888

4,4464,4474,4474,4484,448

3,9763,9763,9763,9763,976

1,2631,2631,2631,2631,263

2,0162,0202,0232,0262,028

479 2

30,48934,52935,50140,35445,044

1,181,6971,225,5381,254,6781,296,8821,280,193

59,14961,91461,75396,83273,021

192204244229240

,243,896311,819,364,691,447,302406,873

11,96211,96311,99311,99311,996

10,79210,79210,79210,79210,792

2,1212,1212,1212,1212,121

3,1273,144 s

3,1613,1783,195

631,630,660,658,086648,

256 2443 2

603 2

,271,898,339,839,392,758

2,475,386,434,977

8,0876,1026,0786,0105,649



INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived

Number Amount

Applications underconsideration

Number Amount

Applicationsapproved

Number Amount

Advancesout-

standing1

(amount)

Commit-ments out-

standing(amount)

Approvedbut not

completed2

(amount)

Repaid,expired,or with-

drawn byapplicant,

etc.(amount)

Partici-pations

out-standing(amount)

1934—Dec. 261935—June 26

Dec. 3131936—June 24

Dec. 301937—Mar. 31

June 30Sept. 29..Dec. 29

1938—Mar. 30June 29Sept. 28Dec. 28

1939—Mar. 29June 28Sept. 27Dec. 27

1940—Mar. 27June 26Sept. 25Dec. 31s

1941—Jan. 29Feb. 26Mar. 26Apr. 30May 28June 25July 30Aug. 27Sept. 24Oct. 29Nov. 26Dec. 31

1942—Jan. 28Feb. 25Mar. 25Apr. 29May 27June 24July 29Aug. 26Sept. 23

4,3866,3257,4378,0068,2478,3448,4308,4748,5348,7088,9769,1029,1889,2499,3089,3669,4189,4769,5129,5569,6099,6339,6599,6829,7199,7939,8179,8559,8919,9129,9509,974

10,00710,03510,05610,08110,12910,17110,19110,22010,23610,243

146,972237,581293,084314,471328,998333,300339,509341,842350,551358,936369,853378,974387,490392,230395,499402,305405,225410,192413,646417,260431,236435,474442,712448,506444,985455,868458,092471, 035481,255498, 017504,144506,320510,443512,449525,432530,556546,600558,821572,411578,805587,448597,628

7168281259

1017

19885

145227212413252323134411423121

2,95511,3492,8231,8801,2451,3221,263

800550

1,29947614624734425537041

1993310

2221,929

60082335

1,72535

14570

2,2205

37515013560030042440060035035630

9841,6461,9932,1832,2802,3232,3612,3812,4062,4642,5662,6172,6532,6832,7212,7522,7812,8142,8382,8652,9082,9232,9452,9592,9873,0463,0673,0963,1203,1323,1613,1793,2023,2243,2413,2613,3003,3373,3523,3763,3883,393

49,63488,778124,493133,343139,829141,545145,758146,724150,987154,918161,158168,380175,013177,895179,778185,234188,222192,665195,739198,966212,510214,800223,226228,732225,849234,714238,505248,867258,154267,606274,739276,499279,860281,617292,905297,945313,660325,507338,822344,770352,675363,122

13,58927,51832,49330,48425,52623,05923,01921,41520,21619,37118,44417,56717,34515,79815,25514,45413,68312,72310,98810,7789,1529,4839,4519,5269,1579,63910,54910,76110,3599,80810,61210,83610,3379,7529,2279,31210,69911,46411,26512,61914,83315,290

8,22520,57927,64924,45420,95918,61116,33114,88012,78013,11013,64913,59714,16112,64711,17510,5179,2208,2248,7628,0785,2265,2075,0667,3158,464

12,34213,07211,69712,92813,55113,23814,73514,59714,27214,92114,36411,67314,37816,83215,98916,72012,892

20,96611,24811,5489,3818,2267,8981,470

5373,3693,4193,0845,7371,9461,9752,0671,9382,6592,4712,1952,315

13,95412,32520,42419,98613,03514,1348,090

11,62611,52010,25112,3179,7748,2947,612

15,75117,69818,47322,48026,34622,32312,0248,235

5,55824,90044,02561,42577,91085,21097,663

102,588107,384111,193117,555122,447128,839135,004139,281146,156151,679158,110162,612167,046177,792179,021179,569180,989183,646186,062192,783202,287208,279216,258219,598221,421227,032230,593233,082237,485250,105253,801257,949268,555283,803302,822

1,2964,5338,7787,5997,2086,7677,2757,3047,2387,8258,4269,032

12,72212,47112,00012,16910,98111,13711,18210,7496,3868,7648,716

10,91611,54712,53714,01112,49615,06817,73818,97419,73319,60019,38819,92419,08622,71023,38426,43025,28425,29523,883

1 Includes industrial advances past due 3 months or more which are not inc uded in industrial advances outstanding in weekly statement of conditionof Federal Reserve Banks.

2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.3 Tuesday.

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]


Phila-delphia

Cleve-land


LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Federal Reserve Notes:Issued to F. R. Bank by

F. R. agent:Aug. 26Sept. 2Sept. 9 , . .Sept. 16 ,.Sept. 23

Held by Federal ReserveBank:


In actual circulation:1


Collateral held by agent as se-curity for notes issued tobank:

Gold certificates on handand due from U. S.Treasury:

Aug. 26.'.Sept. 2Sept. 9Sept. 16Sept. 23

Eligible paper:Aug. 26Sept. 2Sept.9Sept. 16Sept. 23

Total collateral:Aug. 26Sept. 2Sept.9Sept. 16Sept. 23

10,479,90210,613,40410,735,92510,861,96410,964,519

448,961412,181407,427469,841502,236

10,030,94110,201,22310,328,49810,392,12310,462,283

10,589,50010,771,50010,833,00011,036,00011,124,000

3,6955,6759,6305,1953,880

10,593,19510,777,17510,842,63011,041,19511,127,880

117 2775,789,148803,"811,928820,919

724 2

,538,8372,559,2172,580,5692,608,7212,615,957

738,346751,087757, "764,768,681

262 1458 1

29,37131,92335,03438,70045,125

745,746757,225768,690773,228775,"794 2

108,62599,084100,786115,026113,220

2,430,2122,460,1332,479,7832,493,695,502,737

785,000800,000815,000824,000834,000

1,3001,100600300800

786,300801,100815,600824,834,

300 2800 2

2,550,0002,585,0002,585,0002,635,0002,635,000

1,9404,1958,2954,1252,475

2,551,9402,589,1952,593,295,639,125,637,475

26,40027,47925,44127,44425,783

711,946723,608731,821737,014742,898

740,000765,000765,000800,000800,000

310335310125200

990,3421,000,207,007,782,019,674

1,022,077

31,40332,46627,61836,10032,018

958,939967,741980,164983,574990,059

,000,000,010,000,010,000,020,000,030,000

611,352627,410636,725645,807659,559

33,33629,00925,63125,56724,844

578,016598,401611,094620,240634,715

625,000650,000650,000675,000675,000

530 2429,433,861443,""449,464,947

228 2

33,59322,51127,31231,51145,004

,091,1262,108,913,126,636,147,185

2,173,190

42,46638,59038,45044,25554,347

937 2395,411,415,417,419,943

350 2916 2

,048,660,070,323,088,186,102,930

2,118,843

435,000 2450,000450,000 2465,000 2480,000 2

,100,0002,120,000

,140,000,160,000,180,000

>,310 1740,765,335765,310 1800,125800,"•,200 1

,000,0001,010,000

,010,0001,020,000

,030,000

3025050

625,000650,000650,030675,250675,050

435,000 2,450,i450,000 2,465,000 2,480,i

100,000120,000140,000160,000180,000

428,929428,450433,322443,948447,295

33,20824,60923,87431,31528,975

395,721403,841409,448412,633418,320

440,000440,000440,000450,000460,000

14545454545

440,145440,045440,045450,045460,045

250,071254,656258,418261,635263,700

5,0914,0425,3655,9955,352

244,250,614253,053255,640258,348

255,000255,000260,000265,000265,000

352,707359,931365,300369,088371,904

14,09211,42912,25115,00515,510

338,615348,502353,049354,083356,394

360,000370,000370,000370,000380,000

198,351206,390208,228212,416215,706 1

19,04021,06818,95024,26424,893

179,311185,322189,278188,152190,813

205,500212,500214,000218,000221,000

1,075,1941,094,1341,114,7311,128,018,140,584

72,33669,97166,71574,65987,165

1,002,8581,024,1631,048,0161,053,3591,053,419

1,094,0001,114,0001,134,0001,154,0001,164,000

10

255,000255,000260,000265,000265,010

350350300

360,000370,000370,350370,350380,300

205,500212,500214,000218,000221,000

1,094,0001,114,0001,134,0001,154,0001,164,000

1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank:

OCTOBER 1941 1009Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, AUGUST, 1942{Averages of daily figures. In millions of dollars]

Classes of banksand districts

All member banksCentral reserve city banks:

New YorkChicago.

Reserve city banks:Boston districtNew York districtPhiladelphia district

Cleveland districtRichmond districtAtlanta district

Chicago districtSt. Louis districtMinneapolis district

Kansas City districtDallas districtSan Francisco district ...

Total

Country banks:Boston districtNew York districtPhiladelphia district

Cleveland districtRichmond districtAtlanta district

Chicago districtSt. Louis district.Minneapolis district

Kansas City districtDallas districtSan Francisco district...

Total

Grossde-

mandde-

posits

53,375

17,6824,002

1,499326

1,756

2,6781,2241,166

2,4171,282

587

1,5701,1383,684

19,326

1,3812,092

972

1,0891,027

911

1,541674486

729847616

12,364

Netde-

mandde-

posits1

45,424

16,9963,656

1,380284

1,569

2,2711,019

899

1,9281,067

481

1,119809

3,148

15,974

1,1031,687

745

781668615

1,053450327

441541388

8,798

Timede-

posits

12,334

739458

81142130

680239172

72616880

152127

2,113

4,811

5611,510

846

746404261

878256283

159100322

6,326

Reserves withFederal Reserve

Banks

Re-quired

10,375

4,331949

28165

322

495218190

429"223101

233169756

3,483

188327155

154118102

2007863

718274

1,611

Held

12,623

4,6161,009

34276

433

691314241

562266114

313233989

4,574

279482224

250171149

31311393

111126112

2,423

Ex-cess

2,248

28660

6110

111

1969651

1334313

8064

233

1,091

9115569

965447

1133430

394439

812

1 Gross demand deposits minus demand balances with domestic banks(except private banks and American branches of foreign banks) and cashitems in process of collection.

NOTE.—See tables on p . 1004 for percentages of deposits required to be heldas reserves.

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK

[Averages of daily figures. In millions of dollars]

Coun-try

banks1

Total reserves held:1941—August

SeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchAprilMayJuneJulyAugust

Week ending (Friday):1942—Aug. 7

Aug. 14Aug. 21Aug. 28Sept. 4Sept. 11Sept. 18

Excess reserves:1941—August

SeptemberOctoberNovemberDecember


Week ending (Friday):1942-Aug. 7

Aug. 14Aug. 21Aug. 28Sept. 4Sept. 11Sept. 18

Allmem-

berbanks1

13,00413,18413,09712,90012,81212,93612,90812,82712,64912,51012,62412,40912,623

12^61812,77712,62912,54712,40712,42912,682

5,0175,1165,0013,6113,3903,4463,3093,1472,9512,6672,7042,2372,248

2,2172,3502,0832,319

p2,224p2,308p2,820

Central reservecity banks

NewYork

5,6005,5545,3145,0535,1425,2485,2665,1885,0284,8704,8594,6094,616

4,7194,6634,6554,5184,3414,2184,260

1,8981,8341,626

945989

1,0831,071

962795546556269286

281242228383252204491

Chi-cago

1,140,218

L,2431,210,143

1,0851,0861,1571,140L,049

9791,000L,009

1,0131,0361,015

987983980947

403478512367295225204255262178896460

567341716977

100

Re-servecity

banks

4,2874,3354,3914,4244,3174,3654,3564,2794,2934,3254,4484,4474,574

4,5054,6234,5574,6104,6244,7104,863

1,8241,8361,8451,4561,3031,3301,2791,1901,1751,1711,2321,1051,091

1,0921,1741,0361,0601,0731,1361,245

1,9782,0762,1492,2132,2102,2382,1992,2042,1882,2652,3382,3532,423

2,3812,4542,4022,4332,4592,5212,612

892968

1,017844804809755740718772827799812

789862779804

?830P892*>984

p Preliminary.1 Weekly figures of excess reserves of all member banks and of country

banks are estimates.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS[Averages of daily figures. In millions of dollars]

Federal Reserve district

All member banks

Gross demand

Aug.

2,88020,1002,7283,7672,2502,0777,9601,9561,0732,3001,9854,299

53,375

July

2,84019,6132,7033,6552,1642,0137,6621,9051,0342,1981,9154,087

51,790

Time

Aug.

6422,391

9761,426

643434

2,062424364311227

2,435

12,334

July

6322,371

9741,416

636430

2,035422361308227

2,422

12,233

Member banks in larger centers(places over 15,000)

Gross demand

Aug.

2,69711,9772,3533,3591,9411,856

*3,3771,558

8411,8041,5344,112

^ ^ l l

July

2,6651 l ,9202,3453,2631,8721,800

*3,2501,519

8111,7381,4803,911

^6,574

Time

Aug.

52111,129

5281,073

434347

H.249302193202184

2,326X8,488

July

51211,118

5271,067

430344

!l,227300191200184

2,315

Member banks in smaller centers(places under 15,000)

Gross demand

Aug.

183441375407309221581397232496451187

4,280

July

175420358392292213557386223461435176

4,088

Time

Aug.

120523448353209

8735612217010943

109

2,649

July

12051544735020687

34912216910843

107

2,623

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..,Kansas City...DallasSan Francisco.

Total

1 Excluding central reserve city banks, for which figures for latest month are shown in table above.

IOIO FEDERAL RESERVE BULLETIN


KINDS OF MONEY IN CIRCULATION[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month Total

9,7329,995

10,16310,36410,64011,160

11,17511,48511,56611,76712,07412,38312,73913,200

Goldcertifi-cates

636262626161

6161606060595959

Silverdollars

545556575960

6161626465666769

Silvercertifi-cates

1,691,723,724,715

1,737L.733

1,6571,695,697

1,7071,7451,7541,7641,786

Treas-ury

notesof 1890

111111

Subsidi-ary

silvercoin

438« 5455463474481

471475482488496504510521

Minorcoin

196199202205208209

206206208209211213215218

UnitedStatesnotes

307313314317321313

302309307309316317315321

FederalReserve

notes

6,8137,0277,1817,3787,6158,138

8,2538,5148,5878,7699,0229,3109,650

10,068

FederalReserveBanknotes

2020202020,19

1919191919191918

Na-tionalbanknotes

149148147146145144

143143142141140139138138

1941—JulyAugust....SeptemberOctober...November.December.

1942—January...February..MarchAprilMayJuneJulyAugust

Back figures.—See Annual Report for 1937 (table 35).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION

End of month

1941—JulyAugustSeptemberOctoberNovember .. . .December

1942—JanuaryFebruaryMarchAprilMay.. .June .. .JulyAugust

Totalin cir-cula-tion1

9,7329,995

10,16310,36410,64011,160

11,17511,48511,56611,76712,07412,38312,73913,200

[Outside Treasury and Federal Reserve Banks.

Coin and small denomination currency2

Total

6,9927,2377,3787,5377,7698,120

8,0538,3268,3968,5608,8419,0839,3989,795

Coin

688700713725738751

738743752757771783793809

$1 3

626641658663675695

656668673680696704712731

$2

404242414344

4242424344454548

$5

1,2151,2571,2701,2871,3181,355

1,3091,3441,3511,3621,4021,4271,4641,517

$10

2,3342,4302,4692,5272,6102,731

2,7132,8252,8342,8983,0043,0993,2343,379

$20

2,0902,1692,2272,2932,3832,545

2,5952,7042,7442,8202,9243,0243,1493,310

In millions of dollars]

Large denomination currency2

Total

2,7422,7602,7872,8302,8743,044

3,1263,1633,1743,2043,2353,3013,3433,409

$50

615630645658674724

745767779792801824840868

,$100

1,2571,2741,2931,3161,3431,433

1,4811,5111,528L.549L,5661,602L,628L,663

$500

244244

. 243245248261

265266268268260262263266

$1,000

544543537539538556

566565561558570576574575

$5,000

242424252424

2421999888

$10,000

584646474746

4633292928293029

Unas-sorted2

333344

44511224

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2 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.Back figures.—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDING[Held by Treasury and Federal Reserve Banks and in circulation,

millions of dollars]In

End of month

1941—JulyAugustSeptember.October. . . .NovemberDecember..

1942—January....February...MarchAprilMayT

j

JuneJulyAugust

Total

3,1663,1813,1983,2193,2313,247

3,2593,2683,2773,2893,3053,3133,3263,340

Silverdollars

andsilverbul-lion1

1,9911,9982,0062,0132,0172,023

2,0292,0332,0382,0442,0502,0532,0572,059

Sub-sidi-ary*

silvercoin

455462469482489497

501505509514524530539551

Minorcoin

202204207210212215

218220221222224225225226

UnitedStatesnotes

347347347347347347

347347347347347347347347

Fed-eralRe-

serveBanknotes

202020202020

2020191919191919

Na-tionalbanknotes

151150149148146146

144144143142141140139139

1 Includes silver held against silver certificates amounting to $1,974000,000 on Aug. 31,1942 and $1,931,000,000 on Aug. 31,1941.

SHIPMENTS AND RECEIPTS OF UNITED STATES PAPERCURRENCY

[By selected banks and financial institutions in New York City.In millions of dollars ]

Year or month

19371938193919401941

1941—SeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarch .AprilMayTuneJuly..August

Ship-ments toEurope

21.533.1

110.217.7

.3

.2

.1

Receiptsfrom

Europe

47.634.49.8

.7

.5

(1)

V).2

Netship-ments

iooii'17.0

.1

.1

Netreceipts

26.11.3

.2

ft'/'

i Less than $50,000.Back figures.—See Annual Report for 1937 (table 38).Description.—See BULLETIN for January 1932, pp. 7-8.

OCTOBER 1941 IOII


ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES

[In millions of dollars 1

— Period

19342

1935193619371938193919401941

1941—JulyAugustSeptember...October. . . . . .November....December....

1942—JanuaryFebruary . . . .MarchAprilMayJuneJulyAugust

Jan.-Aug

Goldstockat end

of period

8,23810,125

311,258312,760

14,51217,64421,99522,737

22,67522,71922,76122,80022,78522,737

22,74722,70522,68722,69122,71422,73722,74422,756

22,756

Increasein goldstock

4,202.51,887.21,132.51,502.51,751.53,132.04,351.2

741.8

50.544.741.538.8

-14 .4-48 .8

10.6-42 .4-17 .3

3.323.622.37.6

11.4

19.1

Net goldimport

1,133.91,739.01,116.61,585.51,973.63,574.24,744.5

982.4

37.037.065.740.450.4

452.9

Ear-marked

gold: de-creaseor in-

crease (—)

82.6.2

- 8 5 . 9—200.4- 3 3 3 . 5- 5 3 4 . 4- 6 4 4 . 7- 4 0 7 . 7

-27 .7-31.2-46.8-32.2—60.9-99.7

-38.5-109.3-65.5-20.1-38.2-14.8-24.4

s-21.8

6-332.5

Domes-tic goldproduc-

tion1

92.9110.7131.6143.9148.6161.7170.2

r169.1

r13.8r12.6r18.0r15.9r l8.2r11.5

14.710.011.011.110.810.112.3P7.8

p87.8

p Preliminary. r Revised.1 Annual figures are estimates of the United States Mint. Monthly

figures are those published in table on page 1051, adjusted to exclude Philip-pine Islands production received in United States.

2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 afine ounce thereafter.

3 Includes gold in the Inactive Account amounting to 27 million dollarson Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.

4 The net gold import figures for months subsequent to December 1941have not been released for publication.

6 Gold held under earmark at Federal Reserve Banks for foreign accountamounted to 2,547.9 million dollars on August 31, 1942.

NOTE.—For back figures through 1937, see Annual Report for 1937(table 29).

BANK SUSPENSIONS1

Number of banks suspended:1934 !19351936193719381939194019411942—Jan.-Aug

Deposi t s of suspended banks(in thousands of dollars) :3

193419351936193719381939194019411942—Jan.-Aug

Total,all

banks

5734445955422286

36,93710,01511,30619,72313,01234,9985,9433,726

915

Memberbanks

Na-tional

14141414

405,313

5077,379

361,341

2563,144

State

213

1,708211

24,629

Nonmemberbanks

In-sured2

822404747251834

1,9123,763

10,20710,15611,7216,5895,341

503632

Notinsured

48

366

10312

34,985939592480

1,0442,439

34679

283

1 Represents banks which, during the periods shown, closed temporarilyor permanently on account of financial difficulties; does not include bankswhose deposit liabilities were.assumed by other banks at the time of closing(in some instances with the aid of Federal Deposit Insurance Corporation

' 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 banksare based on the latest data available at the time the suspensions werereported.

Back figures.—See Annual Report for 1937 (table 76).

MOVEMENT OF GOLD TO AND FROM UNITED STATESi[ In thousands of dollars 1

From or to—

FrancePortugalSwedenSwitzerlandUnited KingdomU . S . S . RCanadaMexico.Central AmericaWest Indies and Ber-

mudaArgentinaBolivia . . .BrazilChileColombia . .

Peru . . .VenezuelaBritish GuianaAustralia . .New ZealandBritish OceaniaBritish IndiaNetherlands IndiesChina and Hong Kong.JapanPhilippine IslandsSouth AfricaAll other countries

Total

1941

Dec.

Im-ports

24

16313,46020,3791,273

976

53612

8832,238

23467836953

3,713293311711

C665

5,506190716

52,897

Ex-ports

2

Nov.

Im-ports

24

1215,615

24,9216,336

939

771885

4412,110

21843622791

5,980156314

1,83240

473

50,382

Ex-ports

4

1

1

1

8

Jan.-Dec.

Im-ports

1402

1,747899

3,77944,920

412,09316,80010,963

8671849525

8,51024,4483,0579,1194,5811,039

67,4922,6583,8949,665

8554,3629,444

'42,684292,893

4,972

982,442

Ex-ports

' 378

3

10

6

64

c Corrected.i Figures represent customs valuations which, with some exceptions,

are at rate of $35 a fine ounce.NOTE.—Figures for months subsequent to December 1941 have not been

released for publication. For back figures for selected countries beginningin 1934, see table on page 1051.

BANK DEBITS

Debits to deposit accounts except interbank accounts

[In millions of dollars!

Year and month

1929193619371938193919401941

1941—August....September.October . . .November.December..

1942—January...February..MarchAprilMay.JuneJulyAugust v..

Total,all

report-ing

centers

982,531461,889469,463405,929423,932445,863537,343

42,85343,86650,86945,07656,58248,60541,54549,16146,61348,34250,10750,08749,169

NewYorkCity

603,089208,936197,836168,778171,382171,582197,724

15,07915,65419,14816,07720,59817,24714,24217,05616,02316,98517,39417,11017,051

140other

331,938219,670235,206204,745218,298236,952293,925

24,04524,32227,32925,08731,13327,02823,54327,76426,45127,24128,29228,50527,837

133other

reportingcenters2

47,50433,28336,42132,40634,25237,32945,694

3,7293,8904,3923,9124,8504,3303,7604,3414,1384,1164,4214,4724,282

1 National series, for which bank debit figures are available beginningwith 1919.

2 Except that 1929 figure is for 128 centers only.Back figures.—Annual report for 1937, page 157. Annual totals, begin-

ning with 1919, by Federal Reserve districts and for individual centers, areavailable for distribution .and will be furnished upon request.

IOI2. FEDERAL RESERVE BULLETIN


ALL BANKS IN THE UNITED STATESComprises 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 Cur-rency. Under the amended provision of sec 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures ofprivate 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.priFi*

NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1

[In millions of dollars!

Call date Total

Member banks2

Total Na-tional State

Nonmemberbanks

Mutualsavingsbanks

Othernon-mem-ber

banks

Call date Allbanks

Member banks2

Total Na-tional State

Nonmemberbanks

Mutualsavingsbanks

Othernon-

mem-ber

banks

1929—June 29Dec. 31

1933—June 30..Dec. 30..

1938—June 30..Dec. 31..

1939—June 30..Dec. 30..

1940—June 29..Dec. 31..

1941—Apr. 4June 30Sept. 24Dec. 31

1942—June-305...

25,11024,630

14,51915,011

15,28715,206

15,08215,037

14,95314,895

14,87114,85514,85214,825

8,7078,522

5,6066,011

6,3386,338

6,3306,362

6,3986,486

6,5286,5566,5966,619

6,647

7,5307,403

4,8975,154

5,2425,224

5,2035,187

5,1645,144

5,1385,1305,1255.117

5,101

1,1771,119

709857

1,0961,114

1,1271,175

1,2341,342

1,3901,4261,4711,502

1,546

611609

576579

563556

553552

551551

550547546545

15,79215,499

8,3378,421

8,3868,312

8,1998,123

8,0047,858

7,7937,7527,7107,661

1929—June 29Dec. 31 .

1933—June 30Dec. 30

1938—June 30Dec. 31

1939—June 30Dec. 30 ,

1940—June 29Dec. 31

1941—Apr. 4June 30Sept. 24Dec. 31..

1942—June 30 5

53,85255,289

37,99838,505

52,19554,054

55,99258,344

60,58265,021

65,21167,17268,44970,792

32,28433,865

23,33823,771

34,74536,211

38,02739,930

42,03946,007

46,17948,07649,16051,192

53,434

19,41120,290

14,77215,386

22,55323,497

24,53425,661

26,93129,214

29,46730,68431,50032,672

34,036

12,87313,575

8,5668,385

12,19312,714

13,49314,269

15,10816,793

16,71217,39217,66018,520

19,397

8,9838,916

9,7139,708

10,29610,365

10,52110,613

310,63110,658

10,68410,64110,64310,525

12,58412,508

4,9465,026

7,1537,478

7,4447,801

37,9128,356

8,3478,4568,6469,075

For footnotes see table below. For footnotes see table below.

LOANS AND INVESTMENTS

[In millions of dollars]

Call date

1929—June 29Dec. 31

1933—June 30Dec. 30

1938—June 30Dec. 314

1939—June 30Dec. 30

1940—June 29Dec. 31

1941—Apr. 4June 30Sept. 24Dec. 31

1942—June 30 5

All banks

Total

58,47458,417

40,07640,319

47,38148,929

49,61650,885

51,33554,188

56,14757,94559,29661,098

Loans

41,53141,918

22,20321,977

21,13021,354

21,31822,169

22,34123,741

24,32225,31226,18726,616

Invest-ments

16,94316,499

17,87218,342

26,25227,575

28,29928,716

28,99530,448

31,82532,63333,10934,483

Member banks2

Total

35,71135,934

24,78625,220

30,72132,070

32,60333,941

34,45137,126

38,98340,65941,94343,521

46,800

Loans

25,65826,150

12,85812,833

12,93813,20b

13,14113,962

13,96915,321

15,87816,72917,54618,021

16,928

Invest-ments

10,0529,784

11,92812,386

17,78318,863

19,46219,979

20,48221,805

23,10423,93024,39725,500

29,872

Nonmember banks

Mutual savings banks

Total

9,5569,463

10,0449,985

10,19610,255

10,34210,314

310,18810,248

10,27610,31410,34810,372

Loans

5,8925,945

5,9415,906

4,9614,930

4,9314,961

4,9264,959

4,9544,9554,9494.903

Invest-ments

3,6643,518

4,1034,079

5,2355,325

5,4115,353

5,2625,289

5,3225,3605,3995,470

Other nonmember banks

Total

13,20713,020

5,2465,115

6,4656,604

6,6716,630

36,6966,815

6,8896,9727,0057,205

Loans

9,9819,823

3,4043,238

3,2313,217

3,2453,246

3,4453,461

3,4903,6283,6923,692

Invest-ments

3,2273,197

1,8411,877

3,2343,387

3,4253,384

3,2513,353

3,3993,3443,3133,513

1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on thatdate. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bankabstracts.

2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior

to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported sepa-

rately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respec-tively.

5 Figures for "All banks" not available.NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks."Back figures.—See Annual Report for 1937 (tables 48-49).

OCTOBER 1941 1013


CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS[In millions of dollars1

Call date

Total—AllMember Banks

1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30 . . . .

Dec. 311942—Apr. 4

June 30 . . . .

New YorkCity*

1929—Dec. 311 9 3 3 _ j u n e 301939—Dec. 30 . . . .1940—June 29. . . .

Dec. 3 1 . . .1941—June 30. . . .

Dec. 3 1 . . .1942—Apr. 4 . . . .

June 30City of

Chicago*1929—Dec. 3 1 . . . .1933—June 30. . . .1939—Dec. 30 . . . .1940—June 29. . . .

Dec. 3 1 . . .1941—June 30. . . .

Dec. 3 1 . . . .1942—Apr. 4

June 30....Reserve City

Banks1929—Dec. 3 1 . . . .1933—June 30 . . . .1939—Dec. 30 . . . .1940—June 29 . . . .

Dec. 3 1 . . .1941—June 30. . . .

Dec. 3 1 . . . .1942—Apr. 4

June 30CountryBanks

1929—Dec. 311933—June 301939—Dec. 30 . . . .1940—June 29 . . . .

Dec. 3 1 . . . .1941—June 30. . . .

Dec. 3 1 . . .1942—Apr. 4

June 30

Totalloansand

invest-ments

35,93424,78633,94134,45137,12640,65943,52144,28746,800

8,7747,1339,3399,829

10,91012,49312,89613,12314,019

1,7571 2872,1052,2052,3772,7072,7602,8063,116

12,0298,492

12,27212,16013,01314,01315,34715,60516,535

13,3757,873

10,22410,25710,82611,44612,51812,75313,130

Loans1

Total1

26,15012,85813,96213,96915,32116,72918,02117,83416,928

6,6833,4243,2963,0143,3843,7784,0724,1734,066

1,448677569603696846954923906

9,0844,4825,3295,3655,9316,4987,1056,9896,564

8,9364,2754,7684,9875,3095,6075,8905,7495,393

Com-mer-cialand

indus-trial2

5,3865,5386,2047,2708,064

7,888

1,7681,8012,0252,4052,716

2,775

365417476609711

697

2,1002,1342,4362,8793,206

3,103

1,1511,1871,2671,3771,431

1,314

Agri-cul-tur-al2

730736865738972

726

76638

9

68556

3

221176263175300

152

495546590555659

562

Openmar-ket

paper

583595455450456537607

495

1953641201031009791

66

19691716172121

15

168126155156153202250

215

20135

163174187216245

" l 9 8 "

Loans forpurchasingor carrying

secur

Tobrok-

ersanddeal-ers

2,463953790447642575594

554

1,257759611320465422412

430

251614123423648

29

66410811987

115100114

78

291252017211720

" 1 6

Tooth-ers3

7,6853,752

700668652635598

562

2,1451,044

188188190186169

167

533251

6661545552

50

2,7751,340

222210207198194

177

2,2311,117

224208201195183

169

Realestateloans

3,1912,3722,9573,0693,2283,3653,494

3,501

169157133137130129123

121

21301316192022

22

1,5381,1311,3351,3721,4361,4771,527

1,524

1,4621,0551,4771,5441,6441,7391,823

1,834'

Otherloans4

12,2295,1872,9443,0623,2733,6093,692

3,203

2,9171 099

'469458468536554

499

623267

606284

10196

90

3.9371,7771,177L.2301,3221.4661,512

1,315

4,7502.043L,2381,3111,4001,5071.530

1,299'

Investments1

Total

9,78411,92819,97920,48221,80523,93025,50026,45329,872

2,0913,7096,0436,8157,5278,7158,8238,9509,953

309610

1,5361,6021.6811,8611,8061,8832,210

2,9444,0116,9436,7957,0817,5168,2438,6169,971

4,4393,5985,4565,2705,5175,8396,6287,0047,737

U. S. Government obligations

Total

3,8636,887

14,32814,72215,82318,07819,53920,44924,098

1,1122,5514,7725,4866,0447,2687,2657,3818,550

116384

1,2031,2581,3071,4831,4301,4901,858

1,3682,4835,1944,9475,2045,7006,4676,8328,188

1,2671,4693,1593,0303,2693,6274,3774,7465,502

Bills

97554563797652

1,127971

1,509'

34330315421207577311

402

1149153254297417256

357

25736387

10373

295

579

372

31364560

110

171

Direct

Certi-ficates

ofin-

debt-ed-ness

152559

1,872

23309

663

257

181

66131

674

5963

355

Notes

5202,0492,2232,5432,5942,6313,007

3,546'

166987797

1,0921,2451,5261,623

1,746

1982

176161145125153

162

165681819839771606751

981

171299431451433374481

657

Bonds

3,0943,7258,3988,2619,091

10,48111,729

14,'485*

889926

2,3852,6502,9773,4153,652

4,572

9497

701710752803903

1,068

1,1121,5973,3393,0523,2813,8584,248

5,149

9991,1061,9721,8492,0812,4042,926

3,696

Guar-an-teed

3^1443,1213,4863,8393,8323,4712,685

1,275'1,3241,6151,7511,6791,5151,166

"172'13411213811910890

972'969

1,0491,1621,1731,051

806

"725'695710788861797624

Obli-gations

ofStates

andpoliti-

calsub-divi-sions

1,3931,7442,6922,8883,0132,9843,0903,1732,934

222478579634695651729773623

9687

162177188190182207164

448598890981984979956941925

627581

L.0611,0971,146L, 165L,2221,253L,222

Othersecu-rities

4,5283^2972,9592,8732,9702,8672,8712,8312,840

758680693695788796830796781

96138170167186188193187188

1,128930860868893836820844858

2.5461,5491,2361,1441,1021,0471,0281.0051,013

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. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.

2 Not shown in call reports prior to December 1938.3 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 includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable

with earlier figures.6 Central reserve city banks.Back figures—See Annual Report for 1937 (tables 52-58).

IOI4 FEDERAL RESERVE BULLETIN


CONDITION OF ALL MEMBER BANKS^-RESERVES AND LIABILITIES[In millions of dollars]

Call date

Total—AllMember Banks1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30

Dec. 311942—Apr. 4

June 30

New YorkCity*

1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30

Dec. 311942—Apr. 4

June 30

City ofChicago*

1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30

Dec. 311942—Apr. 4

June 30

Reserve CityBanks

1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30

Dec. 311942—Apr. 4

June 30

CountryBanks

1929—Dec. 311933—June 301939—Dec. 301940—June 29

Dec. 311941—June 30

Dec. 311942—Apr. 4

June 30

Re-serveswith

FederalRe-

serveBanks

2,3742,235

11,60413,75113,99212.95912,39612,72512,295

827846

5,9157 0727,0575,8575,1055,2364,762

169232993

1,1871,0511,0621,0211,088

973

751705

3,1183,7594,0274,1254,0604,2214,254

627452

1,5781,7331,8571,9142,2102,1802,306

Cashin

vault

558405841789991999

1,087884

1,022

68468988

102136938188

133442394241432743

156122348334396385425348357

321203363328452437526429533

Bal-anceswithdo-

mesticbanks1

2,1682,0085,5065,7516,1856,2936,246

e6,2765,770

179101125119122131141

«192103

133203283242319262298

g285220

9471,0022,4852,6792,7412,7932,590

e2,7052,279

908702

2,6142,7113,0023,1063,216

e3,0933,168

De-mand

de-positsad- n

justed2

16,64712,08925,68127,87730,42932,67833,75434,67036,966

4,7504,3588,899

10,23511,06211,61910,76111,33511,711

957912

1,7391,8981,9412,2052,2151,9192,379

5,2293,7648,1768,7749,581

10,48011,11711,68912,515

5,7113,0546,8666,9697,8458,3749,6619,726

10,360

Demand deposits,except interbank

Indi-viduals,partner-

ships,and cor-

pora-tions

17,52611,83024,60426,39729,57631,42933,06132,60235,646

5,8474,6769,030

10,28311,35711,89511,28211,23512,014

1,041870

1,6761,7821,9052,1092,1521,8862,292

5,5473,7088,0028,3729,468

10,14211,12711,10512,199

5,0912,5765,8965,9606,8467,2828,5008,3769,141

Statesand

politicalsubdi-visions

1,3351,0872,3212,5292,7242,9403,0663,2853,230

12896

251258370319319296271

4287

167199174213233203226

423349813956995

1,1391,1441,3131,304

742555

1,0901,1151,1841,2691,3701,4731,429

Certi-fiedandoffi-cers'

checksetc.

1,681657563475913738

1,009589711

1,180461178147471306450154273

32.16

24172733343124

300108190147228209286202218

16972

172164187190239202196

U.S.Gov-ern-ment

143806743711616619

1,7092,1641,724

20332

74674832

866967863

84680799095

127296201

76312435422327341491633422

39116154143151151225269237

Time deposits,except interbank

Indi-viduals,)artner-ships,

and cor-pora-tions

12,2677,803

11,21511,459,11,68711,89811,87811,52011,673

1,112671693732768778778751717

332358483489496480476455460

4,4332,9414,3624,4224,5064,5904,5424,3664,454

6,3903,8335,6775,8165,9176,0496,0825,9486,042

Statesand

polit-ical

subdi-visions

595300432410435397418395400

334

43295127292517

581

10158

17

371208240219226211243224239

13386

140147150143146145143

U.S.Gov-ern-mentand

postalsav-ings

122788

51595655504949

18110

263555

41388

14181919201818

61285

35373331313031

Interbankdeposits

Domesticbanks

De-mand3

3,5173,0578,5078,8529,5819,6109,714

e9,6509,110

1,1981,2553,5423,8404,0323,9483,595

e3,3833,284

310259879949997

1,0101,027el,2531,028

1,6041,3153,5163,5263,9194,0004,302

e4,2354,052

405228571538633652790

e779747

Time

9589

144134135138133

e118109

4022

1

19

3059

117105106108103^ 082

67

2629293030

e2827

For-eign

banks

698146759703706688678

e641752

597128695650646623612

e576683

33297888

e9

10

64155344515555

e5457

3122222

e23

Bor-row-ings

879191

33334

146

1798

43

41

29216

• " * 6 '

367167

3333443

Capitalac-

counts

6,7094,8375,5225,6085,6985,8005,8865,9305,991

2,1051,5821,5921,5991,6151,6251,6481,6551,698

316204250260270279288289293

2,0291,5331,8281,8731,9041,9401,9671,9811,985

2,2581,5171,8511,8761,9091,9561,9822,0052,014

1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balanceswith private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks whichon 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 lesscash items reported on hand but not in process of collection.

3 Beginning June 30, 1942, excludes reciprocal bank balances.4 Central reserve city banks. 0 Partly estimated.Back figures.—See Annual Report for 1937 (tables 52-58).

OCTOBER 1941 1015


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are'averages'of Wednesday figures. In millions of dollars]

Date or month

Totalloansand

invest-ments

Loans

Total

Com-mer-cial,Indus-trial,andagri-cul-

tural

Openmar-ket

paper

Loans forpurchasingor carryingsecurities

Tobrok-

ersand

deal-ers

Toothers

Realestateloans

Loansto

banksOtherloans

Investments

Total


Total Bills

Certi-ficateof in-debt-

ed-ness

Notes BondsGuar-

an-teed

Othersecu-rities

Total—101 Cities1941—August

1942—AprilMayJuneJulyAugust

1942—July 1JulySJuly 15July 22July 29

Aug. 5Aug. 12 . . . .Aug. 19 . . . .Aug. 2 6 . . . .

Sept. 2Sept. 9Sept. 16. . . .Sept. 23

New York City1941—August


1942—July 1July 8July ISJuly 22July 29

Aug. 5Aug. 12 . . . .Aug. 19 . . . .Aug. 2 6 . . . .

Sept. 2Sept. 9Sept. 16.. . .Sept. 23 . . . .

OutsideNew York City

1941—August


1942—July 1July 8July 15July 22July 29.. . .

Aug. 5Aug. 12. . .Aug. 19. . .Aug. 26 . . . ,

Sept. 2Sept. 9Sept. 16...Sept. 23.. .

28,942

31,09531,49331,67032,99834,033

32,38232,36633,33833,39633,512

33,50933,60334,51734,503

34,45734,32234,35835,349

12,082

12,59212,69612,62513,09713,438

12,86412,80713,24613,25113,319

13,26613,31313,61913,554

13,50613,37813,32813,746

16,860

18,50318,79719,04519,90120,595

19,51819,55920,09220,14520,193

20,24320,29020,89820,949

20,95120,94421,03021,603

10,661

11,28810,99610,81110,74110,600

10,74C10,66110,84610,76410,696

10,64?10,64210,63410,477

10,38!10,32'10,3110,321

3,534

3,8513,75^3,7183,7843,770

3,73?3,68t3,84*3,83c3,815

3,7*3,77c3,80?3,70!

3,64f3,63C3,613,65

7,12'

7,4377,24C7,0936,9576,83C

7,00:6.97J6,99!6,93:6,88:

6,85i6,86'6,82i6,77:

6,73i6,6976,69f6,665

6,149

6,9056,6226,5376,4546,391

6,4696,4566,4816,4306,432

6,4086,4256,3906,342

6,2826,2526,3176,281

2,367

2,7332,6042,5942,5842,589

2,5762,5802,5852,5732,604

2,5952,5952,5912,574

2,5412,5282,5752,562

3,782

4,1724,0183,9433,8703,802

3,8933,8763,8963,8573,828

3,8133,8303,7993,768

3,7413,7243,7423,719

400

418403366342324

341344346342336

327329322317

313306299295

315

339325301285268

283288287284280

272271266262

259255247245

453

434481471561546

519485609623569

551537584513

493472442513

326

316363355444427

405374483504455

434418461397

377361329394

127

118118116117119

114111126119114

117119123116

116111113119

438

402402402401394

393382414411407

406402389379

381379374371

161

147148151151150

144136159159156

157151149143

143142138135

277

255254251250244

249246255252251

249251240236

238237236236

1,253

1,2441,2451,2401,2331,231

1,2361,2341,2321,2311,230

1,2301,2301,2291,236

1,2301,2271,2221,223

110

103103103103104

102102103103103

103104104104

104104104104

1,143

1,1411,1421,1371,1301,127

1,1341,1321,1291,1281,127

1,1271,1261,1251,132

1,1261,1231,1181,119

41

2827293236

3624472729

39373829

26442222

33

2624263033

3422452526

36343527

24421920

1,927

1,8571,8161,7661,7181,678

1,7461,7361,7171,7001,693

1,6881,6821,6821,661

1,6571,6471,6371,621

452

447436424415411

419416414411415

413413412405

403402400392

1,475

1,4101,3801,3421,3031,267

1,3271,3201,3031,2891,278

1,2751,2691,2701,256

1,2541,2451,2371,229

18,281

19,8020,49720,85922,25723,433

21,64221,70522,49222,63222,816

22.86C22,96!23,88324,026

24,07;23,99.24,04.25,02,

8,548

8,748,94C8,9079,31.9,668

9,12t9,12]9,39?9,419,504

9,4729,54C9,8119,84<

9,86C9,74?9,711

10,08!

9,73c

11,06611,55711,9512,94413,765

,12,5813,09413,21413,3113,38'13,42:14,07:14,17'

14,21:14,24:14,33^14,93

14,578

16,09016,85917,32418,85219,985

18,23218,3119,11019,2119,387

19,44:19,50520,42.20,564

20,58120,52.20,58821,48?

7,08:

7,27,7,5597,5848,0608,39C

7,87'7,8778,1648,1538,221

8,21:8,25!8,52f8,565

8,54'8,44:8,41(8,741

7,49(

8,8179,30C9.74C

10,79:11,591

10,3510,43e10f94f11,06511,15'

11,22'11,25-11,89!11,99!

12,0412,08^12,17:12,74!

1,069

1,0001,1701,3601,6562,103

1,44'1,5261,6331,7511,921

2,0092,0652,1072,229

2,2452,2262,385

365678672

1,4651,832

1,4711,4821,4611,4541,455

1,4141,4062,2512,256

2,2672,2242,223

2,434 3,082

602

34'35?391495723

41443-47.534636

68C7257177

75!69372t761

46'

65c812965

1,1571,38(

1,03;1,0921,15?1,2171,285

1,3251,34(1.39C1,45?

1,4871,5331,6551,67:

162329297586671

616615590556554

500519835830

848836833

1,162

203349375879

1,161

855867871898901

914887

1,4161,426

1,4191,3881,3901,92(

2,266

2,3602,3442,7532,8862,808

2,8992,9082,8882,8762,858

2,8512,8212,7952,764

2,7532,7462,6662,628

1,438

1,4611,4311,6051,6391,563

1,6461,6391,6501,6441,618

1,6101,5771,5441,521

1,5081,4981,4631,435

828

899913

1,1481,2471,245

1,2531,2691,2381,2321,240

1,2411,2441,2511,243

1,2451,2481,2031,193

7,931

9,6849,99810,33610,80911,189

10,38310,36411,08611,09711,118

11,12211,17211,22111,243

11,22811,22811,21911,238

3,188

3,8463,9964,0904,2424,344

4,1004,0944,3504,3244,340

4,3374,3454,3444,348

4,3184,2994,2794,257

4,743

5,8386,0026,2466,5676,845

6,2836,2706,7366,7736,778

6,7856,8276,8776,895

6,9106,9296,9406,981

3,312

2,6812,6692,2032,0362,053

2,0322,0332,0422,0402,035

2,0452,0452,0512,072

2,0952,1012,0952,106

1,854

1,4571,4451,2011,0941,089

1,1011,0951,0991,0951,080

1,0851,0891,0861,095

1,1151,1151,1151,125

1,458

1,2241,2241,002942964

931938943945955

960956965977

980986980981

3,703

3,7173,6383,5353,4053,448

3,4103,3923,3823,4143,429

3,4193,4523,4583,4o2

3,4873,4703,4573,535

1,466

1,4681,3811,3231,2531,278

1,2491,2441,2341,2651,276

1,2611,2851,2851,284

1,3131,3071,2951,349

2,237

2,2492.2572,2122,1522,170

2,1612,1482,1482,1492,153

2,1582,1672,1732,178

2,1742,1632,1622,186

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 figuressee BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and correspondingtables in previous Annual Reports.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDERESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars!

Date or month

Re-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks1

De-mand

de-posits

ad-justed2

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-


checksetc.

U.S.Gov-ern-

ment



ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

U.S.Gov-ern-

mentand

postalsav-ings

Interbankdeposits

Domesticbanks

De-mand1 Time

For-eign

banks

Bor-row-ings

Cap-italac-

counts

Bankdeb-its3

Total 101 Cities1941—August

1942—AprilMay . . . ! . . . .TuneJulyAugust

1942-July 1July 8July 15July 22July 29

Aug. 5Aug. 12Aug. 19Aug. 26

Sept. 2Sept. 9Sept. 16Sept 23

New York City1941—August

1942—AprilMayJuneJuly--August

1942—July 1July8July 15July 22July 29


Sept. 2Sept. 9Sept. 16....Sept. 23. . . .

OutsideNew York City

1941—August


1942—July 1July 8July 15July 22.. ..July 29


Sept. 2Sept. 9Sept. 16 . . .Sept. 2 3 . . .

10,646

9,9369,7119,7599,4219,614

9,3519,3089,2079,6389,602

9,6139,6679,6429,533

9,3799,3619,5718,846

5,316

4,2764,1304,0484,2974,266

4,3124,18'4,2804,105

3,9693,8533,9443,573

5,33C

5,2545,2295,32:5,2185,393

5,0755,1785,1595,34:5,336

5,30:5,4805,3625,428

5,4105,5085,62'5,273

547

514514510494485

475503491493509

475495480491

473498496503

4,6824,4824,4384,2034,221

7880797573

459

436434431419412

400424418420432

402420408417

401421422427

3,476

3,2773,3353,3982,8202,702

3,2902,6752,7402,6872,709

2,7132,7752,6782,644

2,6352,6962,8702,617

87

11184774129

8134312729

23283429

29293533

3,389

3,1663,2513,3212,7792,673

3,2092,6412,7092,6602,680

2,6902,7472,6442,615

2,6062,6672,8352,584

24,343

24,84525,25025,87825,99226,638

25,50225,65425,82226,31326,670

26,13826,52626,71827,168

27,21727,65028,08527,807

10,910

10,51910,34710,62110,55210,583

10,39110,48410,35710,66510,862

10,42210,50710,62510,777

10,81910,94111,07911,026

13,433

14,32614,90315,25715,44016,055

15,11115,17015,46515,64815,808

15,71616,01916,09316,391

16,39816,70917,00616,781

23,789

24,30424,58225,39325,75626,323

25,34325,32125,93625,94226,236

25,65126,37926,42426,836

26,81827,30028,18027.504

10,995

10,68710,45910,79710,80110,780

10,72710,64010,75310,82011,064

10,57410,75610,80810,980

10,97611,11511,42611,199

12,794

13,61714,12314,59614,95515,543

14,61614,68115,18315,12215,172

15,07715,62315,61615,856

15,84216,18516,75416,305

1,798

1,9632,0681,9051,7671,769

1,8031,7181,7301,7721,811

1,8241,7531,7351,763

1,8061,8061,7521,847

299

282296238216206

234189197234229

215209198202

216224187256

1,499

1,6811,7721,6671,5511,563

1,5691,5291,5331,5381,582

1,6091,5441,5371,561

1,5901,5821,5651,591

467

533521485561468

657487699465497

505459451456

467433520504

251

281288256322244

388254445244278

280240231226

234206249267

216

252233229239224

269233254221219

225219220230

233227271237

530

1,8101,510846

1,6572,154

1,4421,0941,9142,0531,782

2,1201,8722,6142,009

1,511832417

1,124

62

940998506877

1,290

790592987

1,083934

1,2941,1611,5341,172

878473192500

468

870512340780864

652502927970848

826711

1,080837

633359225624

5,274

4,9424,9214,9244,9625,000

4,9554,9564,9574,9694,975

4,9814,9955,0065,019

5,0195,0305,0275,040

740

680656647651647

654650649651653

647647648648

642644636639

4,534

4,2624,2654,2774,3114,353

4,3014,3064,3084,3184,322

4,3344,3484,3584,371

4,3774,3864,3914,401

158

173189166125115

137129121119120

116114115116

115116113114

24

2020181214

1212111112

13121415

16161617

134

153169148113101

125117110108108

103102101101

991009797

22

2020202021

2020202020

20202024

24262626

22

2020202021

2020202020

20202024

24262626

9,075

8,7398,8069,0808,5388,450

9,0058,5418,4708,3138,364

8,4778,5238,4188,382

8,6048,7469,1368,721

3,797

3,2503,2243,2803,1513,049

3,2813,1373,1883,0653,086

3,1163,0783,0242,977

3,0673,0863,2893,109

5,278

5,4895,5825,8005,3875,401

5,7245,4045,2825,2485,278

5,3615,4455,3945,405

5,5375,6605,8475,612

111

111

639

639660667679684

673679684679678

692689673683

679681680683

573592599610614

603610612612611

622619603614

607608608612

62

6668686970

7069726767

70707069

72737271

20

3,883

3,9353,9473,9493,9513,963

3,9503,9543,9483,9533,951

3,9613,9643,9613,965

3,9753,9723,9673,968

1,518

,541,546,548,541,547

,541,542,541,543,539

,548,548,548,546

,553,550,549,549

2,365

2,3942,4012,4012,4102,416

2,4092,4122,4072,4102,412

2,4132,4162,4132,419

2,4222,4222,4182,419

8,405

9,1669,6889,3489,4379,459

11,1748,2139,7669,3868,648

10,2139,0049,9168,701

9,8297,001

10,62810,912

3,369

3,5573,8983,6183,6943,717

4,7193,1233,9633,4443,221

4,3343,4733,8193,242

3,8812,5233,9774,208

5,036

5,6095,7905,7305,7435,742

6,4555,0905,8035,9425,427

5,8795,5316,0975,459

5,9484,4786,6516,704

1 Reciprocal bank balances reported gross before July 8,1942, now reported net. The July 1 figures include $46,000,000 of such balances in New YorkCity and $528,000,000 at all reporting member banks.

2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.3 Debits to demand deposit accounts except interbank and U. S. Government accounts.

OCTOBER 1941 1017


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS


Federal Reservedistrict and date

(1942)

Boston (6 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

New York (8 cities)*Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Philadelphia (4 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Cleveland (10 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Richmond (12 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Atlanta (8 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Chicago (12 cities)*Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

St. Louis (5 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Minneapolis (8 cities)Aug. 26Sept. 2Sept. 9Sept. 16.-Sept. 23

Kansas City (12 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Dallas (9 cities)Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

San Francisco (7 cities)Aug. 26Sep. 2Sept. 9Sept. 16Sept. 23

City of Chicago*Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23

Totalloansandin-

vest-ments

1,8161,8201,8271,8341,886

14,71114,66614,54614,49714,925

1,5651,5631,5641,5601,585

2,7132,7362,7282,7202,773

1,0561,0691,0741,0661,100

951946940941958

5,2965,2415,2435,3095,514

1,0761,0791,0701,0911,120

589593594595617

1,0241,0331,0331,0291,067

785792791778807

2,9212,9192,9122,9382,997

3,4333,3893,3833,4443,592

Loans

Total

762749745738729

4,0744,0154,0003,9904,034

511506505504498

836838829822814

296296295294295

336330327332331

1,3331,3251,3171,3201,309

378376372376379

219219216219219

380379377375375

305305301298300

1,0471,0441,0431,0451,043

891892

881

Com-mer-cial,in-

dus-trial,andagri-cul-

tural

438430426425416

2,7172,6822,6702,7202,712

279275274278271

424427421416411

142142142142144

188185183188189

911905899904892

218216213218220

116116116117117

227227226225226

221220217215216

461457465469467

696695690694682

Openmar-ket

paper

9087858381

5957545553

3030302929

2324232323

1515141212

66656

3434353434

1515141414

22222

2929292827

21222

1213121212

1717181718

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

1111131113

403383367335400

2727262626

1515131413

33343

44454

3130293035

33334

11111

333

22223

910888

2527262631

To

others

1313131313

178178177173170

3131313133

1515151515

1111111212

88877

5757575755

1010101010

55555

88988

1213121212

3132313131

5151515149

Realestateloans

7474747373

192192192192192

47484747

187183182181181

5252525252

2929292929

147147147146146

6262626262

1616151616

3535343435

2121212020

373372371370370

2424242424

Loansto

banks

11121

2724421920

Otherloans

135133133131132

498499498496487

9696969392

172174175173171

7373737272

10097969795

153152150149147

7070706969

7979777878

7776767776

4748474747

161160156155155

7878777877

Investments

Total

1,0541,0711,0821,0961,157

10,63710,65110,54610,50710,891

,054,057,059,056,087

,877,898,899,898,959

760773779772805

615616613609627

3,9633,9163,9263,9894,205

698703698715741

370374378376398

644654656654692

480487490480507

,874,875,869,893,954

2,5422,4972,4972,5542,71


Total

920936948963

1,020

9,2289,2139,1139,0869,408

801805808806837

1,6011,6241,6251,6251,685

692705711704736

506506503498516

3,3883,3443,3643,4313,643

576581577593620

330334338336358

520529531528565

422428432422448

1,5801,5831,5751,5961,652

2,1822,1352,1422,2032,359

Bills

114127134150163

810799741775801

93939698105

83100111115133

6173756866

6363626261

599557577655613

7276749287

5862666666

7883868999

6974746570

129138130150170

444399406474424

Certi-ficate

ofin-

debt-ed-

ness

124125126126159

872888876873

1,208

6060606081

182180154155191

5252535986

79797697

474474468467732

110110108109140

3939393959

6565646389

7068696989

128127128127151

323323321321538

Notes

6362636265

1,6211,6101,6001,5621,534

5455555454

227226226215205

6971727070

7778777874

292290291280281

61626156

55

2525262424

9999999192

4444454343

132131131131131

158157158152152

Bonds

560563568568574

4,7684,7364,7164,6974,675

530530529526529

979993

1,0041,0111,025

448446447443449

240240239236236

1,7631,7651,7701,7711,769

298298299301302

1881881871871

212213212215214

200202204205206

,057,054,053,059,070

,159,158,159,158

1,158

Guaran-teed

5959575759

1,1571,1801,1801,1791,140

6467686868

130125130129131

6263646465

4646464648

260258258258248

3535353536

2020202020

6669707071

3940404040

134133133129130

9898989887

Othersecu-rities

* 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 theNew York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.



WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSRESERVES AND LIABILITIES


* See note on preceding page.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in proce,2 Debits to demand deposit accounts except interbank and U. S. Government accounts.

OCTOBER 1942.

i of collection.

Federal Reservedistrict and date

(1942)

Boston (6 cities)Aug. 26Sept. 2Sept. 9Sept. 16. . . .Sept. 23

New York (8 cities)*Aug. 26Sept. 2 . . .Sept. 9Sept. 16Sept. 23

Philadelphia (4 cities)Aug 26Sept 2Sept 9Sept. 16Sept. 23

Cleveland (10 cities)Aug 26Sept 2Sept. 9Sept 16Sept 23

Richmond (12 cities)Aug. 26Sept. 2Sept 9Sept 16Sept. 23

Atlanta (8 cities)Aug 26Sept. 2Sept 9Sept. 16Sept 23

Chicago (12 cities)*Aug 26Sept. 2 . .Sept 9Sept 16Sept. 23

St. Louis (5 cities)Aug 26Sept 2Sept 9Sept 16Sept 23

Minneapolis (8 cities)Aug. 26Sept 2Sept. 9 . . . .Sept 16Sept. 23

Kansas City (12 cities)Aug 26Sept 2Sept. 9Sept 16Sept. 23 „

Dallas (9 cities)Aug. 26 . ...Sept. 2Sept 9Sept 16Sept. 23 .„

San Francisco(7 cities)Aug 26 . . . ..,. ,.Sept. 2 . . . . . . . - . „.Sept 9Sept 16Sept. 23

City of Chicago*Aug 26Sept 2Sept 9Sept. 16Sept. 23

Re-serveswithFed-eralRe-

serveBanks

476469472494444

4,3074,1784,0584,1733,808

434435450460420

742741775808715

298292302313281

250244261257238

1,4641 4391,4261 4061,354

268263269268253

136137131132138'

308312329331317

230228245245232

620641643684646

1 005992960905906

Cashin

vault

6462656665

10399

106104106

2625262627

6060616162

3230333033

2018212021

9290929391

1615161517

98999

1817181818

1816171718

3333343736

4543444343

Bal-anceswithdo-,

mesticbanks

136142143159135

131129133141127

109115106134108

303305312324297

205202212218203

191189200209191

469474486521471

145143148142143

93109114116111

329311314342294

278266260288273

255250268276264

194194207213193

De-mand

de-posits

ad-justed1

1,6571,6641,6881,7151,687

11,69911,75411,89812,06812,015

1,3981 3991,4201,4301,409

2,2162,2272,2772,2992,242

862

871866859

709701722726701

4,1854,1444,2354,3304,264

752750756769776

425432439439451

800796808841825

722733745764757

1,7431,7591 7911,8381,821

2 6382,6172 6692,6862,652

Demand depositsexcept interbank


ships,andcor-

pora-tions

1,6241,6291,6551 7131,658

11,76311,77111,92512,27612,007

1,3471 3491,3661,4231,382

2,2192,2212,2582,3162,224

831826852851829

676680700723695

3,9493,9083,9894,1454,041

762758781798794

395395407412423

779781811845825

719721744778761

1,7721,7791,8121,9001,865

2,5392,4992 5522,6072,547

Statesand


9998959597

366389407369461

130125128119116

124122129134137

9491889196

10098989393

448467463450447

626463

' 6364

7277737375

108110102106105

5357565452

107108104105104

226248248245239


checksetc.

2324282626

249255221273289

1614111412

2930313734

1519142414

77889

4948486045

8789

10

67777

1111111212

1110121513

3235343533

2727232222

U.S .Gov-ern-

ment

5338211333

1,216910491203516

3424127

20

4338191434

3426181424

52*39241530

32324413374

323

3930181228

191486

14

3527171216

5339211229

10882503557

25919610455

281



ships,andcor-pora-tions

222223223223224

1 0081,0021,005

9971,001

163163163162161

686686685684686

204204204205205

192192192193193

960961964965967

183185185185186

107107108108108

138138139139139

121121121121122

1,0351,0371,0411,0451,048

463463463463463

Statesand


2223232324

22222

1818181717

22222

32333

22222

22222

11111

109988

5353535252

U.S .Gov-ern-

mentand

postalsav-ings

11111

77777

55555

22222

55777

1

1

222

Interbankdeposits

Domesticbanks

De-mand

327334340366351

3,0463,1413,1603,3643,183

363376374403373

491510513532501

370383404421406

377381399408396

1,4351,4761,4941,5331,447

440444454459451

213231230235238

600605624621609

335331348353344

385392406441422

1,0411,0661,0791,1171,053

Time

66666

22222

2424242422

66666

12212

87777

33333

66655

2121222121

For-eign

banks

2223242122

615608609610613

66776

22222

1111

33333

1314141414

11111

11111

2020192020

1212121213

Bor-row-ings

12111

20

12

fcrac-

counts

254254255255255

1,6721,6791,6761,6751,675

219219219219218

402402402402402

104104104104104

100101100100100

441443443443443

101102101102102

6666666666

114114114114115

9494949494

398397398393394

288289290289288

Bankd e b -i ts 2

510520416586611

3,5044,1772,7564,3004,542

387422307452502

661705521786808

300322272358339

265273227296311

1,4501,6131,1261,7881,767

264282218317327

166203160209202

324320282391378

231238191276281

639754525869844

854991680

1,0741,075

1019


COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of month

Commer-cial

paperout-

standing1

Dollar acceptances outstanding

Totalout-

standing

Held by

Accepting banks

Total Ownbills

Billsbought

Others2

Based on

Importsinto

UnitedStates

Exportsfrom

UnitedStates

Dollarexchange

Goods stored in orshipped between

points in

UnitedStates

Foreigncountries

1941—MayJuneJulyAugustSeptember..October. . . .November..December..

1942—JanuaryFebruary. . .MarchAprilMayJuneJulyAugust

295299330354371378387375

381388384373354315305297

215213210197177185194194

197190183177174163156139

164161161148131138144146

154144146139133122119108

10510110610085909392

10392898682787771

6059554746475154

5253575351444237

5152495046475049

4346373841413831

125123121114105109116116

11611210397

101949278

2424222113121415

171817171613

41434749454848

5144454843524541

222016119

111211

11131614134

1111

1 As reported by dealers; includes some finance company paper sold in open market.2 None held by Federal Reserve Banks.3 Less than $500,000.Back figures.—See Annual Report for 1937 (table 70).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE

FIRMS CARRYING MARGIN ACCOUNTS

End of month

1936—JuneDecember

1937—JuneDecember

1938—JuneDecember

1939—JuneDecember

1940—JuneDecember

1941—JuneJulyAugustSeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchAprilMayJuneJuly3

[Member firms of New York Stock Exchange.

Debit balances

Customers'debit

balances(net)1

1,2671,395

1,489985

774991

834906

653677

616628628633628625600

547534531515502496491

Debitbalances inm partners'investmentand trading

accounts

6764

5534

2732

2516

1212

11101010998

8888897

Debitbalances in

firminvestmentand trading

accounts

164164

161108

88106

7378

5899

8987

16083

10210086

74747068798695

Cash onhand

and inbanks

219249

214232

215190

178207

223204

186189189196186195211

219203195195177180172

Ledger balances in millions of dollars]

Credit balances

Moneyborrowed2

9851,048

1,217688

495754

570637

376427

395388460396414409368

308307306300300309307

Customers'credit balances1

Free

276342

266278

258247

230266

267281

255266262260255264289

274262249247238240238

Other(net)

86103

9285

8960

7069

6254

' 65707278747263

72666761595657

Other credit balances

In partners'investmentand trading

accounts

2430

2526

2222

2123

2222

17171616161517

18181616161616

In firminvestmentand trading

accounts

1412

1310

115

67

55

7878785

6545344

In capitalaccounts

(net)

420424

397355

298305

280277

269247

222221221219217217213

209206201196194189185

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'own partners.

2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).3 Collection of monthly figures discontinued after July 31; figures to be collected and published on semiannual basis beginning December 31, 1942.NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by

which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is notto 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).

IO1O FEDERAL RESERVE BULLETIN


OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

Primecom-

mercialpaper,4 to 6

monthsi

1939 average1940 average1941 average

1941—AugSeptOctNovDec

1942—JanFebMarAprMayJuneJulyAug

Week ending:Aug. 29Sept .5Sept. 12Sept. 19Sept. 26. . : ...

Primebank-

ers'accept-ances,

90daysi

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

Stockex-

changecallloanre-

new-a l

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.001.001.001.001.00

1.001.001.001.001.00

Yields on U. S. mGovernment securities

3-monthbillsS

Certifi-catesof in-

debted-ness(due

Feb. 1,1943}

.023

.014

.103

.108

.055

.049

.242

.298

.214

.250

.212

.299

.364

.363

.368

.370

.367

.368

.369

.370

.373

.61

.57

.54

.50

.48

.48

.49

3-to-5year

taxablenotes

.76

.62

.62

.72

.901.02

.96

.93

.93

.981.031.151.201.25

1.261.261.271.271.28

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 Rate on new issues offered within period. Tax-exempt bills prior to

March 1941; taxable bills thereafter.Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures

for Treasury bills and Treasury notes available on request.

COMMERCIAL LOAN RATES

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKSIN PRINCIPAL CITIES

[Per cent per annum]

11 South-ern andWestern

cities

1934 average1

1935 average;1936 average1

1937 average1

1938 average1


Monthly figures1

1938—OctoberNovemberDecember

1939—JanuaryFebruaryQuarterly figures

1939—MarchJuneSeptemberDecember

1940—MarchJuneSeptember. ,December

1941—MarchJuneSeptemberDecember

1942—MarchJune

Total19 cities

3.452.932.682.592.532.782.632.54

2.572.492.602.642.52

2.952.912.682.592.652.592.682.592.582.552.602.412.482.62

NewYorkCity

2.451.761.721.731.692.072.041.97

1.701.701.701.731.70

2.132.152.041.962.032.002.142.002.061.951.981.881.852.07

7 otherNorth-ern andEasterncities

3.713.393.042.882.752.872.562.55

2.902.682.952.972.69

3.053.052.782.592.672.492.562.532.532.582.622.452.482.56

4.323.763.403.253.263.513.383.19

3.213.203.233.323.26

3.773.623.313.323.353.383.433.363.253.233.292.993.203.34

l Prior to March 1939 figures were reported monthly on a basis not strictlycomparable with the current quarterly series.

Back figures.—See November 1939 BULLETIN, pp. 963-969 for descriptionand for back figures.

BOND YIELDS *[Per cent per annum]

Year, month, or week

Number of issues


1941—AugustSeptemberOctoberNovemberDecember


Week ending:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

U. S.Government2

Partiallytax-

exempt

2-6

2.362.211.95

1.941.941.881.851.97

2.012.092.001.981.971.972.002.02

2.022.022.022.042.04

Taxable

2

2.222.37

2.372.392.352.342.352.332.342.34

2.342.342.342.342.34

Munic-ipal3

15

2.762.502.10

2.001.991.911.902.25

2.332.552.582.442.452.382.322.28

2.262.262.252.242.24

High-gradecorpo-rate4

5

2.922.772.67

2.652.642.612.572.68

2.762.802.802.772.762.752.742.73

2.732.732.722.732.73

Total

120

3.773.553.34

3.293.303.273.263.35

3.353.353.373.343.363.373.353.34

3.333.333.333.333.32

Corporate (Moody's)5

By ratings

Aaa

30

3.012.842.77

2.742.752.732.722.80

2.832.852.862.832.852.852.832.81

2.802 812.812.802.80

Aa

30

3.223.022.94

2.902.912.872.862.95

2.962.983.002.983.003.012.992.99

2.992.992.992.982.97

A

30

3.893.573.30

3.243.243.213.193.27

3.303.293.323.303.313.313.283.27

3.273.273.263.253.25

Baa

30

4.964.754.33

4.274.304.284.284.38

4.294.294.304.264.274.334.304.28

4.274.274.264.274.27

By groups

Indus-trial

40

3.303.102.95

2.902.882.852.852.94

2.972.983.002.962.972.972.942.94

2.952.952.952.962.96

Rail-road

40

4.534.303.95

3.923.953.933.913.99

3.933.943.943.953.974.034.023.98

3.973.973.963.963.94

Publicutility

40

3.483.253.11

3.063.073.053.043.12

3.133.153.173.133.133.123.093.09

3.083.083.083.073.08

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Average of yields on all outstanding issues due or callable in more than 12 years.3 Standard and Poor's Corporation.5 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 5 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.

OCTOBER 1941 iozr


SECURITY MARKETSi


Number of issues..


1941 -AugustSeptember..OctoberNovember...December...

1942—JanuaryFebruary....MarchAprilMayJuneJulyAugust

Week ending:Aug. 29Sept. 5Sept. 12Sept. 19Sept. 26

Bond prices

U.S .Gov-ern-

ment2

2-6

105.2107.2111.0

111.1111.1112.0112.4110.7

110.1108.9110.2110.5110.7110.7110.2109.9

109.9109.9109.9109.7109.7

Munic-

116.3121.2129.0

131.0131.2133.0133.4125.9

124.4120.1119.7122.1122.1123.3124.4125.4

125.7125.7125.9126.1126.1

Corporate4

High-grade

15

113.8115.9117.8

118.5118.1118.8119.2117.5

117.5117.1116.7117.8117.7118.0118.9118.7

118.8118.8118.9119.0119.1

Medium and lower-grade

Total

50

89.594.898.9

99.698.099.299.497.4

99.299.698.899.398.998.198.999.3

99.699.9

100.4100.7101.2

Indus- Rail- Publictrial road utility

91.297.3

103.9

104.9105.1105.3105.9105.0

106.7106.9106.1107.1107.4107.7108.4108.7

109.0109.3109.7109.8110.0

20

78.183.886.9

86.884.585.084.982.4

86.987.788.688.487.183.083.985.2

85.685.885.986.387.1

20

99.3103.5106.1

107.3107.2107.2107.4104.7

104.1104.4101.8102.3102.2103.5104.5104.1

104.3104.7105.4106.1106.4

De-faulted

13.814.021.9

24.924.425.124.821.9

24.125.627.626.726.424.025.527.1

27.828.428.929.630.2

Stock prices6

Pre-ferred5

15

167.5169.2171.9

174.3173.4172.1170.5168.7

166.3165.1159.8154.8156.3159.2162.0164.0

164.0163.6164.3163.2163.6

Common (index, 1935-39 = 100)

Total

402

9 48 88 0

8384807772

7370666363666868

6 86 96 96 97 0

I n d u s -t r i a l

3 5 4

9 58 88 0

8 48 58 27 97 4

7 47 16 76 56 56 87 17 1

7 17 17 17 17 2

Rail-road

20

757 17 1

7 47 37 06 86 1

6 96 86 56 16 05 96 36 5

6 66 66 66 56 8

Publicutility

28

9 99 68 1

8 18 17 97 56 6

6 66 56 15 75 75 95 85 9

5 95 96 05 96 0

Volumeof trad-. ing?

(in thou-sands ofshares)

9 7 77 6 76 2 9

4 7 35 9 95 5 77 9 2

1 , 5 4 2

5 6 54 0 43 6 33 3 63 2 33 1 63 4 63 2 1

3 3 12 8 63 6 33 8 56 1 1

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 a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals.3 Prices derived from average yields, as computed by Standard and Poor's Corporation.* Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.

Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.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]

Y e a r o r m o n t h

1 9 3 21 9 3 31 9 3 41 9 3 51 9 3 61 9 3 71 9 3 81 9 3 91 9 4 01 9 4 1

1941—AugustSeptember .OctoberNovember .December..

1942—JanuaryFebruary...MarchAprilMayJuneJulyAugust

Total(newa n d

r e -f u n d -

i n g )

1 , 7 5 11 , 0 6 32 , 1 6 04 , 6 9 96 , 2 1 43 , 9 3 74 , 4 4 95 , 8 4 24 , 8 0 35 , 5 3 9

4 7 12 7 33 0 02 3 82 4 1

3 3 31 8 01 9 72 6 21802 0 11 4 21 6 2

Total( d o -

m e s t i ca n df o r -

e i g n )

1 , 1 9 77 2 0

1 , 3 8 61 , 4 5 71 , 9 7 22 , 1 3 82 , 3 6 02 , 2 8 91 , 9 5 12 , 8 4 8

3 6 06 5

1 3 21 1 11 3 8

1 8 21 2 31 0 91 5 8128

9 64 1

1 0 3

?or new c a p i t a l

D o m e s t i c

T o t a l

1 , 1 6 57 0 8

1 . 3 8 B1 , 4 0 91 , 9 4 92 , 0 9 42 , 3 2 52 , 2 3 91 , 9 4 82 , 8 4 7

3 6 06 5

1 3 21 1 01 3 8

1 8 21 2 31 0 91 5 8128

9 64 1

1 0 3

Stateandmu-nici-pal

762483803855735712971931751516

3331292142

8330225122181144

Fed-eral

agen-cies1

7764

40515022

157481924461

1,272

" 2 6 "

1 13 7

91 0323

C o r p o r a t e

T o t a l

3 2 51 6 11 7 84 0 4

1 , 1 9 21 , 2 2 5

8 7 33 8 3736

1 , 0 5 9

3 2 73 4

1 0 48 97 7

8 75 67 99 7

1037 72 85 9

B o n d sa n d

n o t e s

3 0 54 0

1 4 43 3 48 3 98 1 78 0 72 8 7601889

3 2 42 25 08 36 2

3 23 76 19 1946 92 757

Stocks

201 2 0

3 56 9

3 5 24 0 8

6 79 7

135170

41 25 4

61 5

5 51 91 8

698

" " 2 "

e i g n 2

3 21 2

' " 4 8 "2 34 43 55 0

21

For refunding

Total( d o -

m e s t i ca n df o r -

e i g n )

5 5 43 4 37 7 4

3 , 2 4 24 , 2 4 21 , 7 9 92 , 0 8 93 , 5 5 32 , 8 5 22 , 6 9 1

1 1 02 0 91 6 71 2 71 0 2

1 5 15 78 8

1 0 452

1 0 51 0 1

5 9

Domestic

T o t a l

4 9 82 8 37 6 5

3 , 2 1 64 , 1 2 31 , 6 8 02 , 0 6 13 , 4 6 52 , 8 5 22 , 6 8 7

1 1 02 0 91 6 71 2 71 0 2

1 5 15 78 8

1 0 452

1 0 51 0 1

5 9

S t a t ea n dm u -

n i c i -p a l

8 73 7

1 3 63 6 53 8 21 9 11 2 91 9 5482433

1 12 03 55 31 8

3 51 12 7

58

1 53 6

3

F e d -e r a l

a g e n -c i e s 1

9 32 6

3 1 79 8 73 5 32 8 16 6 5

1 , 5 3 7344698

2 52 73 53 22 5

3 42 72 18 1392 83 25 0

Corporate

Total

3 1 92 1 93 1 2

1 , 8 6 43 , 3 8 71 , 2 0 91 , 2 6 71 , 7 3 3

2 , 0 2 61 , 5 5 7

7 41 6 1

9 74 25 9

8 31 93 91 9

66 233

6

B o n d sa n d

n o t e s

3 1 51 8 73 1 2

1 , 7 8 23 , 1 8 7

8 5 61 , 2 3 61 , 5 9 61 , 8 3 41 , 4 3 0

7 31 5 6

9 62 95 7

8 21 93 91 9

65 533

6

Stocks

43 2

2 0 03 5 2

3 11 3 7193126

261

1 32

1

7

For-eign2

56609

261191192888

4

1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.2 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).

IO2.X FEDERAL RESERVE BULLETIN


NEW CORPORATE SECURITY ISSUES*PROPOSED USES OF PROCEEDS, ALL ISSUERS


Year or month

19341935193619371938193919401941

1940—October...November.December.

1941—January...February..MarchAprilMayTuneJulyAugustSeptemberOctober...November.December.

1942—January...February.."March. . . .AprilMayJuneJulyAugust

Estimatedgross

proceeds2

5302,6984,7812,3742,3242,1772,7862,524

373148578

270151268145265234117408172227140128

164781021211261425389

Estimatednet

5152,6294,6372,3032,2792,1282,7232,480

366145567

265148263142259229114404170224137125

1617610011812413952

Proposed uses of net proceeds

New money

Total

57243858

1,046779325604797

4565193

4829672766804018531918051

7140397059721439

Plant and Workingequipment capital

32111380574504170424639

3925158

4425551851693116820646034

3834351527571133

26131478472275155180158

64135

45

129

1511101711262017

3354

55331536

Retirement of securities

Total

3622,1933,5751,1061,2541,7081,9271,528

31673367

210103179111188132602001371183854

8023461211602934

Bonds andnotes

3622,1213,349916

1,1671,6501,7981,448

31259318

18410117190188127581981351173744

8012411211552934

Preferredstock

71226190875912880

51550

262821

52221110

115

Repaymentof

other debt

8417015411123969

174102

266

6

1524

1610142

11193

92

153653583

Otherpurposes

11234939

7261953

211

11522

145

5

17

11

12

- 12

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS[In millions of dollars]

Year or month

19341935193619371938193919401941

1940—OctoberNovemberDecember

1941—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchApril .. .MayJuneJulyAugust

Railroad

Totalnetpro-

ceeds

17212077433854

182319361

462712

327182

455823244225

128

1046

922

Newmoney

2157

1392282485

115253

162212

27213

45512324

721

128

1046

322

Retire-ment ofsecuri-

ties

12054

5581103097

186108

311

55052

7

354

6

Allotherpur-

poses4

3110771

" l 8 "

' " 4 "

Public utility

Totalnet

pro-ceeds

1301,2501,987

7511,2081,2461,1801,306

21318

365

12237

18471

14411033

316102805651

10734481121693

68

Newmoney

11306389

18043

245309

91

144

151

4617697

1426

11453

18258

111017234


ties

771,1901,897

611943

1,157922972

20216

219

10536

13653

1389726

17396671036

801040

549

134

Allotherpur-

poses

4230275086471325

212

2

"i"14

121

12

9

63

Industrial

Totalnetpro-

ceeds

62774

1,2801,079

831584961715

10537

171

1082071666961545924747138

433846

107102614618

Newmoney

2574

439616469188167211

194

26

67

177

15209

1817482917

431125594951194


ties

34550761373226353738402

8432

141

98133756502835276

122415

146

1266

29

Allotherpur-

poses*

21508090

1364356

103

214

5

1633

1310141

14186

1315364848

15

Other

Totalnet

pro-ceeds

15148559713518511526398

26419

220

14

561

4489

1

11

Newmoney

" 8 l "218112106

97824

13912

"i"13

111

1043

1

1

Retire-ment ofsecuri-ties

131399359

1356

1018147

• • ' 2 4 "7

141

" " 3 4 "43

Allotherpur-

poses*

194

2010245

10427

115

45

2

1 Estimates of new issues sold for cash in the United States. Current figures subject to revision.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.4 Includes repayment of other debt and other purposes.Source.—Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN.

OCTOBER 1942. 1013


QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONSINDUSTRIALiCORPORATIONS


Year or quarter

Number of companies....

1939.. .1940...1941 . . .

Quarterly1939—1

23.'. '.'.'.4

1940—1234

1941—1..2 . .3 . .4 .

1942—12

Net profits,1 by industrial groups

Total

629

1,4651,8182,169

284311320550

422412396

510549560550

425381

Ironandsteel

47

146278325

13143585

475179

101

86848172

5253

Ma-chin-

ery

69

115158193

20252644

33393452

44484655

3835

Au-tomo-biles

223242274

64611286

695317

103

79736061

4624

Othertrans-porta-tion

equip-ment

68

102173227

23212039

41363363

53565662

856860

Non-ferrousmetals

andprod-ucts

77

119133153

25223042

33293040

39363840

3632

Otherdura-

blegoods

75

7088

113

162323

14212528

23283032

1918

Foods,bever-

ages,and

tobacco

49

151148159

31364441

34383343

36434437

3236

Oilprod,and

refin-ing

45

112174

14212637

34302524

29425646

3528

Indus-trial

chemi-cals

30

186194207

36404566

46455251

49535252

3934

Othernon-dura-

ble

134160187

28293245

41413939

44484946

3929

Mis-cella-neousserv-ices

74

122132159

24272942

29302944

29364648

3231

Profits anddividends

N e t ,profits1

152

8471,0281,144

173185167321

246230211342

286297284276

204175

Dividends

Pre- I Com-ferred mon

152

909092

21222126

21212225

22232324

2123

152

564669705

114119125207

136158158217

150165170221

134136

PUBLIC UTILITY CORPORATIONS[In millions of dollars]

Year or quarter

Number of companies

193919401941

Quarterly1939—1

234

1940—1234

1941—1234

1942—12

Railroad!

Operat-ing

revenue

3,9954,2975,347

898906

1,0581,133

9861,0101,1301,171

1,1521,2721,4681,454

1.483r1,797

Incomebeforeincome

126249672

- 3 8- 4 3

68139

—31592

145

94144267167

r179r389

Net income1

All roads

93189502

- 4 3- 4 7

58126

- 1 23

71127

69101190142

r90r 1 9 9

Insolventroadse

- 1 0 2- 7 3

24

(*)(0(*)

- 2 9- 3 3- 1 4

3

- 42

251

1237

Divi-dends

126159186

21232161

25292978

22363197

'29r35

Electric power

Operat-ing

revenue

28

692735799

175166167184

187176177194

201191196211

216202

Incomebeforeincome

tax4

28

159177202

46373443

48424147

59484650

63r53

income1

28

137142133

39323036

41343137

43332534

33r25

Divi-dends5

28

116118115

19191922

19191920

18241819

1919

Telephone3

Operat-ing

revenue

33

1,1791,2501,382

287295295303

304310310326

330345347359

369385

. N e t

income

33

198202196

46505052

52524653

48504651

5254

Divi -dends*

33

178167172

21201615

16161510

16151620

1921

r Revised.1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends.2 Class I line-haul railroads.3 Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company.4 After all charges and taxes except Federal income and excess profits taxes.5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.6 Includes roads in receivership or trusteeship at beginning of the year.7 Not available.8 Partly estimated.Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for in-

dustrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages214 to 217 of the March 1942 BULLETIN.



UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES

[On basis of daily statements of United States Treasury. In millions of dollars]

End of month

1938—JuneDec

1939—JuneDec

1940-JuneDec

1941—June..


1942—JanFebMarAprMay...JuneJulyAug

Totalgrossdebt

37,16539,42740,44041,94242,96845,02548,961

50,92151,34653,58455,04057,938

60,01262,38162,41964,96168,57172,42277,13681,685

Totalinterest-bearing

debt

36,57638,89939,88641,44542,37644,45848,387

50,37150,79153,04054,53657,451

59,53161,89561,94064,49668,10871,96876,69481,244

Marketable public issues1

Total2

32,34434,00433,96534,73534,43635,64537,713

37,66737,36838,86939,67741,562

42,27143,70043,32945,13747,61550,57353,82657,176

Treasurybills

1,1541,3061,3081,4551,3021,3101,603

1,6041,3051,4041,7032,002

2,1012,0021,6521,9532,2572,5083,6634,168

Certifi-cates of

indebted-ness

1,5071,5073,0963,0964,705

Treasurynotes

9,1478,4967,2436,2036,3836,1785,698

5,6985,6985,5096,0125,997

5,5915,5915,5715,5715,5716,6896,6896,689

Treasurybonds

21,84624,00525,21826,88126,55527,96030,215

30,16930,16931,75931,76533,367

34,38335,91235,91035,91038,08538,08540,18241,418

Nonmarketable public issues

Total2

1,5561,7392,1512,4803,1663,4444,555

6,2346,7657,5078,0528,907

10,19611,00411,27812,00212,97613,51014,74315,805

V.S.savingsbonds

1,2381,4421,8682,2092,9053,1954,314

4,9085,1325,3945,6206,140

7,1987,8938,4368,9519,569

10,18811,07811,751

Treasurytax notes

1,0371,3431,818

' 2,1362,471

2,6972,8072,5362,7443,1003,0153,3573,739

Specialissues

2,6763,1563,7704,2314,7755,3706,120

6,4706,6586,6646,8066,982

7,0637,1907,3337,3587,5187,8858,1258,262

Non-interestbearing

debt

589528554497591566574

550556544504487

481486480465462454442441

1 Including amounts held by Government agencies and trust funds, which aggregated $2,457,000,000 on July 31, and $2,574,000,000 (preliminary) onAugust 31, 1942.

2 Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service anddepositary bonds not shown separately.

SECURITIES FULLY GUARANTEED BY UNITED STATESGOVERNMENT, BY ISSUING AGENCIESi


SALES OF UNITED STATES SAVINGS BONDS[In millions of dollars]

End of month

1938—JuneDec.

1939—JuneDec

1940—JuneDec

1941—June


1942—JanFebMar

£y.'..'..'..'.JuneJulyAug

Totalamount

out-stand-

ing2

'5,7045,5295,9176,370

6,9376,9376,9386,3246,324

5,7035,6965,6905,6885,6874,5684,5814,592

Total

4,8534,9925,4505,6215,4985,9016,360

6,9286,9296,9306,3166,317

5,6735,6735,6665,6665,6674,5494,5514,567

Fed-eral

FarmMort-gageCor-pora-tion

1,4101,3881,3791,2691,2691,2691,269

1,2691,2691,2691,2691,269

937937930930930930930930

Interest-bearing

Own-ers

LoanCor-tion

2,9372,8882,9282,7312,6032,6002,409

2,4092,4092,4092,4092,409

2,4092,4092,4092,4092,4091,5631,5331,533

Recon-struc-tionFi-

nanceCor-pora-tion

299509820

1,0961,0961,0971,741

2,1012,1012,1011,802L.802

1,492L,4921,4921,4921,4921,2191,2161,216

Com-modityCreditCor-pora-tion

206206206407407696696

905905905701701

701701701701701701738754

Other

11

117118122239244

243244244135136

134135135135136136134135

Month

1941—MayJuneJulyAugustSeptember...OctoberNovemberDecember...

1942—JanuaryFebruaryMarchAprilMayJuneJulyAug

Amountout-

standingat end ofmonth1

4,0084,3144,6494,9085,1325,3945,6206,140

7,1987,8938,4368,9519,569

10,18811.07811,751

Funds received from sales during

A-n 2

series4

370315342266232271234529

1,061703558531634634901697

month

SeriesE

101103145118105123110341

667398338327422433508454

SeriesF

3829272018231933

7852414042417452

SeriesG

211183170128109125105154

316253179164170160319191

1 At current redemption values except Series G, which is stated at par.Difference between "Funds received" and month to month changes in"Amounts outstanding" represents the difference between accrued increasesin redemption values and redemptions of bonds during the month.

2 Includes figures for series A-D not shown separately; these series havenot been issued since April 1941,

1 Excluding obligations held by U. S. Treasury and reflected in the publicdebt.

2 Figures on matured debt were not published prior to September 1939.

OCTOBER 1942. 10x5


MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLYGUARANTEED, AUGUST 31 , 1942


Maturing or callable

Within 1 year1 to 5 years5 to 10 years10 to 20 yearsOver 20 years

Total

1942—Before Oct. 1Oct. 1-Dec. 31

1943—Jan. 1-Mar. 31Apr. 1-June 30July 1-Sept. 30Oct. 1-Dec. 31

194419451946 . . .194719481949195019511952195319541955195619581959196019611962:19631964196519671972

Direct securities maturing

Total

10,1439,365

11,56618,8647 239

57,1-76

1,7984,452

1,654629

1,889421

1,8493,1913,1562,3841 489

8211,6895,6342,4542,9323,7093 5261,1701 449

9822,611

50

919

1,4852,1182,716

Treas-urybills

4,168

4,168

1,4562,712

Certifi-catesof in-

debted-ness

4,705

4,705

1,507

1,588

"1,609

Treas-ury

notes

1,2705,419

6,689

342232

66629279421

1,8491,2491,621

Bonds

Treas-ury

3,91411,53518,7307,239

41,418

1,9411,5192,3701,487

8191,6875,6282,4362,9043,6873,4911,1701,449

9822,611

919

1,4852,1182,716

Pre-warand

PostalSavings

3131

134

196

142227

18272235

50

Treas-ury

bondsdue or

call-able1

4548,055

19,22410,9702,716

41,418

454

1,401

2,5551,7552,3441,4603,3616,6821,1864,0112,524

725681

2,6112,431

919

1,485

2,118

2,716

Fully guaranteed securities maturing

Total2

9861,8521,614

95

4,547

53320

289324

686412

" " 7 5 5 '

835

779

95

FederalFarmMort-gage

Corpor-ation

" 8 3 5 "

95

930

835

95

HomeOwners'

LoanCorpor-

ation

755779

1,533

755

779

Recon-struc-tion

FinanceCorpor-

ation

644571

1,216

320

324

571

Com-modityCredit

Corpor-ation

342412

754

53

289

412

FederalPublic

HousingAuthor-

ity

"iii"

114

114

Totalfully

guar-anteedsecuri-

tiesdue or

callable1

9863,560

4,547

53320

289324

2,3941,167

1 Securities not callable prior to maturity are shown as of date of maturity.2 Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on August 31.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[In millions of dollars]

End of monthTotal

interest-bearing

securities

19,16122,15827,16131,768

37,70738,36240,46541,35341,42843,89145,33647,06747,87450,36054,74763,76876,517

Held by Federalagencies andtrust i

Specialissues

309323396633

626632

1,5582,2272,6763,1563,7704,2314,7755,3706,1206,9827,885

unds

Publicissues

292367

1,0421,358

1,6941,8002,0262,0282,1012,1772,1162,3002,2952,2502,3622,5472,716

Held

FederalReserveBanks

1,7841,9982,4322,433

2,4302,4302,5262,5642,5642,5642,5512,4842,4662,1842,1842,2542,646

Total

16,77619 47023,29127,344

32,95733,50034,35534,53434,08735,99436,89938,05238,33840,55644,08151,98563,270

Memberbanks

5,6286,8879,413

11,429

13,67113,54512,68912,37112,34313,22213,77714,32814,72215,82318,07819,539

324,098

Privately held1

Othercom-

mercialbanks

590590890

1,290

1,6001,7101,8701,7901,7001,8501,9201,9701,8301,9402,0202,250

^32,100

Mutualsavingsbanks

680720970

1,540

2,0502,3302,3902,4502,6902,8803,0403,1003,1103,2203,4303,700

p3,900

Insur-ancecom-

panies

8001,0001,5002,600

3,9004,5005,0005,3005,5005,7005,9006,3006,5006,8006,9007,900

^8,900

Other investors2

Market-able

issues2

9,10010,30010,50010,400

10,50010,50011,30011,40010,50010,70010,40010,2009,3009,6009,400

10,000^11,200

Non-market-

ableissues

ioo"1,200

9001,1001,2001,4001,6001,9002,2002,9003,2004,3008,600

13,100

1932—June1933—June1934—June1935—June

1936—JuneDecember..






1942—June

p Preliminary.1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance

companies and other investors have been rounded to nearest 100 millions.2 Holdings of insurance companies included with "Other investors" prior to 1932.3 Figures for member banks include and other commercial banks exclude holdings, amounting to 356 million dollars, of J . P . Morgan and Co., which

was admitted to Federal Reserve membership in April, 1942.NOTE.— For end of June figures 1916-1931, see BULLETIN for July 1941, p. 664

IO2.6 FEDERAL RESERVE BULLETIN


SUMMARY OF TREASURY OPERATIONS

[On basis of daily statements of United States Treasury. In millions of dollars]

Period

General and special accounts

Receipts

In-cometaxes

Mis-cella-neousinter-

nalreve-nue

Socialsecur-

itytaxes

Allother

Totalre-

ceipts

Netre-

ceipts

Expenditures (excl. debt retirements)

Inter-est

debt

Waractivi-ties'"

Transfers totrustac-

countsetc.

Allother Total

Excessof re-ceipts(+) orexpen-ditures

Trustac-

countsetc.tiexcessof re-ceipts(+)or

ex-pendi-tures

Increase or de-crease during

period

Gen-eral

Fundbal-ance1

Grossdebt2

Fiscal year ending:June 1940[une 1941June 1942

2 months ending:Aug. 1941Aug. 1942



2,1253,4707,960

142428

597806866767

133283

3,083335216

2,086273155

2,3452,9673,847

537777

269261314436353

369340364305270298416362

838932

1,194

221285

173374918141

5325749432224253232

617900666

109100

5458574753

5958524956675248

5,9258,26913,668

1,0091,591

5541,136489730

1,214

614937

3,548732764

2,494794797

5,3877,60712,799

8091,334

3971,135445564

1,212

578758

3,547695563

2,492747587

1,0411,1111,260

3342

91697515

232

3212

2057719

390357

1,6576,301

26,011

2,1009,378

1,1311,3301,5371,4481,850

2,1042,2082,8093,2383,5603,8294,4954,883

232331381

189268

15645109

42922

124919

6,0684,9684,745

805687

374369426384450

451400385390375310381306

8,99812,71132,397

3,12710,376

1,5291,8742,0831,8582,542

2,6282,6293,4213,7533,9534,5305,1605,215

-3,611-5,103-19,598

-2,318-9,042

-1,133-739

-1,637-1,294-1,329

-2,050-1,871

+126-3,058-3,391-2,037-4,413-4,628

+136-148

-3,506

+598- 5 8

- 2- 2 9 3- 2 2 5- 4 8 4- 3 2 8

- 6 3 3

+114- 2 3 4- 1 2 6- 2 5 7

-1,635- 4

- 5 4

- 9 4 7+742+358

+240+163

+274-607+376-322

+1,241

-610+612- 6 9

-642- 3 9

+179+296-134

+2,528+5,994

+23,461

+1,960+9,263

+1,408+425

+2,238+1,456+2,898

+2,073+2,369

+39+2,542+3,609+3,852+4,714+4,549

Period

Details of trust accounts, etc.

Social Security

Netre-

ceipts

1,6621,9582,327

505645

33425

149359

63

144383

31112422136212433

accounts

Invest-ments

1,0161,2001,705

214301

13018570

148215

5017713915

196297117184

Ex-pendi-tures

643741614

90105

4443394049

6459675954515352

Net ex-pendituresin check-ing ac-

counts ofGovern-

mentagencies

*33218

3,625

*364340

16993

272659140 -

6813575

189430

1,41778

262

Re-ceipts

464680863

223254

5553634554

5750847353

11019262

All other

Invest-ments

98138221

106147

1431

•*5

9599

1369

12424

Ex-pendi-tures

General Fund of the Treasury (end of period)

Assets

Total

De-posits

inFederalReserveBanks

De-posits

inspecialdeposi-taries

Otherassets

Totalliabili-

ties

Balance in General Fund

TotalIncre-ment

ongold

Seign-iorage

Work-ingbal-ance

Fiscal year ending:June 1940June 1941June 1942

2 months ending:Aug. 1941Aug. 1942


1942—JanFebMarAprMay •.JuneJulyAug

266490533

8564

4647534147

3044593940483628

2,0382,8123,443

3,0573,695

3,0572,4612,8522,5443,816

3,2323,8673,8573,2163,1983,4433,7823,695

254,024603

995569

995526998543966

391748525522382603553569

805661

1,679

8331,880

833797784947

1,756

1,7502,0542,2311,5791,6661,6792,0141,880

9791,1271,162

1,2291,246

1,2291,1381,0691,0541,094

1,0901,0641,1011,1151,1501,1621,2151,246

147179452

185541

185195210225256

282305365365386452494541

1,8912,6332,991

2,8733,154

2,8732,2662,6412,3193,560

2,9503,5623,4932,8512,8122,9913,2883,154

143143143

143144

143143143143143

143143143143143143143144

585605619

610619

610611613614615

616617618618619619619619

1,1631,8852,229

2,1202,392

2,1201,5111,8851,5622,802

2,1912,8022,7322,0892,0502,2292,5252,392

r Figures for fiscal years 1942 and 1943 are revised.1 Details given in lower section of table.2 For details, see page 1025.* Excess of receipts.** Excess of redemptions.

OCTOBER 1942. 1017


GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES[Based oncompilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

1941 (End of mont h)

July Aug. Sept. Oct. Nov. Dec.

1942 (End of month)

Jan. Feb. Mar. Apr. May June July

AssetsLoans and preferred stock:

Loans to financial institutionsPreferred stock, etcLoans to railroadsHome and housing mortgage loans..Farm mortgage loansOther agricultural loansAll other loans

Cash.Total loans and preferred stock

408693497

2,4132,437

7541,553

407669497

2,4132,426

7261,690

409666497

2,4272,411

7171,738

409665484

2,4132,396

7091,957

408664483

2,4012,380

7321,933

434680498

2,4242,361

7731,996

404675497

2,4302,343

7801,934

396663498

2,3802,332

7852,004

658500

2,3922,311

7892,026

380650502

2,3722,296

9762,041

371649498

2,3522,282

8112,042

382648498

2,3572,268

8082,067

361642497

2,3442,245

7922,067

U. S. Govt. direct securitiesSecurities of Government corporations and credit

agencies:Fully guaranteed by U. SOther1

Accounts and other receivablesBusiness propertyProperty held for saleOther assets

Total assets other than interagency2

LiabilitiesBonds, notes, and debentures:

Fully guaranteed by U. SOther1

Other liabilitiesTotal liabilities other than interagency2

Excess of assets over liabilities, excluding inter-agency transactions

U. S. Govt. interestsPrivately owned interests

8,756771824

12317

651653

1,567435

8,826594844

12318

600664

1,625517

8,864523846

12217

672671

1,710563

9,033489895

12020

725689

1,805592

9,001502906

11526

641698

1,879701

9,167496884

11546574714

1,891773

9,063560915

11252604751

1,964888

9,059582947

11253600782

2,0171,073

9,065621950

11054632792

2,2621,265

9,218645966

11054621815

2,7171,510

9,005732981

10755733833

3,0671,829

9,026403990

10657774859

3,5122,235

8,948407

1,008

10558773879

3,8082,498

13,797 13,810

6,9391,4421,761

6,9371,4451,741

13,989

6,9371,4341,859

14,368

6,9381,4161,952

14,470

6,3241,3931,974

14,660

6,3241,3922,049

14,908

5,7051,4022,111

15,224 15,750 16,656 17,343

5,6971,3962,325

5,6901,4332,497

5,6881,4312,656

5,6871,4402,950

17,962

4,5681,4423,265

18,482

4,5811,4433,457

10,142

3,655

10,123

3,687

10,231

3,758

10,306

4,062

9,690

4,779

9,765

4,895

9,219

5,689

9,418

5,806

9,620

6,130

9,776

6,880

10,078

7,265

9,275

8,687

9,482

9,0003,230

4253,261

4263,331

4273,633

4284,349

4304,464

4315,256

4325,372

4345,694

4356,444

4366,828

4378,249

4388,562

4381 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 AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31,1942[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

Reconstruction Finance CorporationNational defense corporationsHome mortgage and housing agencies:

Home Owners' Loan CorporationFederal Home Loan BanksRFC Mortgage CompanyFederal National Mortgage AssociationFederal Public Housing Authority

Farm credit agencies:Federal Farm Mortgage CorporationFederal land banksFederal intermediate credit banksBanks for cooperativesProduction credit corporationsRegional agricultural credit corporationsCommodity Credit CorporationFarm Credit AdministrationFarm Security Administration ..

Insurance agencies:Federal Crop Insurance CorporationFederal Deposit Insurance CorporationFederal Savings and Loan Insurance Corporation.Federal Housing Administration

Export-Import Bank of WashingtonTennessee Valley AuthorityU. S. Maritime CommissionW ar Shipping AdministrationRural Electrification AdministrationPublic Works AdministrationOther

Total

Assets

Totalloansand

preferredstock

1,85677

1,81917483

215388

5541,692

291104825

201256458

44

115

24

3439275

8,948

Cash

210

7055

1 5 "

17383542

1182

10

9233

181

22

15407

U.S.Govt.directsecur-ities

56

73

7

2215443413

4902544

61,008

Guaran-teed

secur-ities

4

1

'" " i o o "

105

Accountsand

otherreceiv-ables

36108

51255

57169

21

107

32

15317

39787

2598

23773

Businessproperty

3

7

127

6

8

1

1

5377543

7 0 "879

Propertyheld for

sale

462,285

258

21

1243

1,126

1

27

6

23,808

Liabilities

Bonds, notes, anddebentures

Guar-anteed by

UnitedStates

1,216

1,551

114

942

738

20

4,581

Other

92

85

•"1947"302

2

8

81,443

1 Excludes Federal land bank bonds in the amount of $724,000,000 held by Federal Farm Mortgage Corporation.

IO2.8 FEDERAL RESERVE BULLETIN


RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS[Amounts outstanding at end of month. In millions of dollars]

Loans to financial institutions . . .Loans on preferred stock of banks and insurance

companiesPreferred stock, capital notes, and debentures....Loans to railroads (including receivers)Loans for self-liquidating projectsLoans to industrial and commercial businesses:

For national defenseOther

Loan to Great BritainLoans to drainage, levee, and irrigation districts..Other loansSecurities purchased from Public Works Adminis-

tration

Total loans and investments, other thaninteragency

Preferred stock of, and loans to Export-ImportBank

Loans to Rural Electrification Administration....Capital stock of, and loans to RFC Mortgage

CompanyCapital stock of, and loans to Federal National

Mortgage AssociationLoans to Tennessee Valley AuthorityCapital stock of, and loans to national defense

companies*Loans to Farm Security AdministrationCapital stock of Federal Home Loan Banks

Total loans and investments

1941

Aug.

134

48410461

81

71108100775

117

1,613

174195

76

1058

38096

125

2,772

Sept.

131

48407461

81

82106125775

117

1,640

174202

77

1078

527101125

2,962

Oct.

127

48405448

81

93100299

745

117

1,798

174207

80

1098

643110125

3,254

Nov.

124

48404448

51

101103299

745

116

1,772

174211

7*9

1118

727117125

3,325

Dec.

118

48401462

51

106110345735

114

1,833

174214

79

1128

721133125

3,400

1942

Jan.

106

44398462

53

111106345

725

114

1,815

174211

81

1148

785114125

3,428

Feb.

107

4439346254

119104385

725

111

1 857

174215

82

1158

916145125

3,638

Mar.

105

44388465

55

127102385

725

110

1 859

174218

82

1198

1,105179125

3,869

Apr.

105

44381466

56

13498

381715

109

1 850

174221

85

1208

1,303199125

4,085

May

102

44379462

56

14697

378705

109

1 847

174225

87

1208

1,567205125

4,358

June

100

44378462

58

15892

376705

108

1,852

174228

89

1198

1,827213125

4,635

July

99

44377462

58

17090

37569

5

107

1 856

174227

90

1188

2,009169125

4,776

Aug.

100

44372462

58

18589

37569

6

107

1,868

174228

93

1178

2,268175125

5,0551 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, U.S. Commercial Com-

pany, and War Damage Corporation.

FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of year or month

1934193519361937193819391940



Total

2,9643,3213,3633,3353,2113,0582,973

2,9752,9542,9242,9062,891

2,8732,8782,8762,8872,8692.8652,8682,818

Farm mortgage loans

Total

2,5332,8672,9012,8482,7352,5962,500

2,4262,4112,3952,3802,361

2,3432,3322,3112,2962,2882,2742,2742,232

Federalland

banks

1,9162,0722,0642.0351,9821,9051,851

1,8041,7951,7861,776L,764

1,7531,7461,731I 7211,7151,7061,7061,679

LandBankCom-mis-

sioner

617795837813753691648

622616610604597

590586580575572568568553

Short-term credit

Total1

315358337367364364381

450431410398397

400417440470468

.476477469

Federalinter-

mediatecreditbanks2

56474140343334

4543393839

4041434445474747

Produc-tion

creditassocia-

tions

6194

105138148154172

221208194187188

191203219245241248249243

Emer-gency

crop anddrought

reliefloans

111173165173171168168

177174170167165

165169174177177177176174

Loans to cooperatives

Total3

11797

1251201129993

99111119128133

130129125121114115117117

Banksfor

cooper-atives

28507088877675

8394

101109113

11111010610299

101104104

Agricul-tural

Market-ing Actrevolv-

ing fund

55445431242116

1616161717

1617161613131212

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 other Farm Credit Administration agencies amounting to a total of $255,000,000 in August 1942.3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000

n 1935, and a negligible amount since 1935.

OCTOBER 1942. 1019


FEDERAL HOME MORTGAGE AND HOUSING AGENCIESLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of month

1933—JuneDec.

1934—June

1935—JuneDec

1936—JuneDec

1937—JuneDec

1938—JuneDec

1939—JuneDec

1940—JuneD e c

1941—June

1941—AugSeptOctNov. . .Dec

1942—JanFeb.MarAprMayJuneJulyAug

HomeOwners'

LoanCorpo-ration

1321,2172,3792,6582,8972,9452,7652,5562,3982,2652,1692,0812,0382,013

,956,870

,841,825,809,794,777

1,758,742

1,724,709

1,6921,676L,6571,640

Fed-eral

HomeLoan

Banks1

4785858779

103119145167200196199169181157201170

173178184187219

206197192185181193174160

Fed-eral

savingsandloan

associ-ations2

81186348475587742854948

1,0341,136,271,405,546,687

,751,775,801.816,825

,8241,8291,832L.8421,847L.8491J853

(3)

RFCMort-gageCom-pany

61836496841545757606765

6970737272

7475757779828385

Fed-eralNa-

tionalMort-gage^

Associ-ation

3880

125147163181194

198200203205207

210211214215216216215215

FederalPublicHous-

ingAu-

thority

10133268

12387

186316

306332328329367

388352379371365384388356

1 Loans and discounts to member institutions of the Federal Home LoanBank System.

2 Federal Home Loan Bank Board estimates for all Federal savings andloan associations which are private institutions chartered and supervisedby the Federal Home Loan Bank Board.

3 Not available.

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of month

1934—JuneDec

1935—June

1936—June." '.'.'.'.'.'.'.'.'.Dec

1937—JuneDec

1938—JuneDec

1939—JuneDec

1940—JuneDec

1941—June

1941—Aug.. .Sept..Oct...Nov..Dec. .

1942—Jan.."eb..

MarAprMayJuneJulyAug

Depositorsbal-

,198,207,205,201,232,260,268,270,252,252,262,279,293,304,304

,309,311,317,323,314

,310,307,305,306,307,316

pl,329I,344

Assets

Total

1,2251,2371,2361,2371,2651,2961,3071,3081,2901,2911,3041,3191,3371,3481,356

1,3651,3661,3771,3881,396

1,4211,4441,4631,4831,5041,525

Cashin de-posi-tory

banks

695540385287203145136130115866853433630

2828272726

252525252424

U. S. Governmentsecurities

Total

453597777853967

1,0581,100

,097,103,132,157,192,224,224,251

,250,250,250,250,274

,274,274,272,272,272

1,272

Di-rect

418467630706800891933930936965

1,011,046,078,078,104

,104,104,104,104,128

,128,128,126,126,126

1,146

Guar-an-teed

35130147147167167167167167167146146146146146

146146146146146

146146146146146126

Cashre-

servefundsetc.2

7610074989593718073737874698875

8689

10011195

122145166186208229

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

laneous working funds with the Treasurer of the United States,d interest o b d i e t t d t d f l t

Incmiscellaneous working funds with theaccrued interest on bond investments,postmasters.

Back figures.—Set BULLETIN for August 1935, pp. 501-502.

asurer of the United States,nd accounts due from late

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION1


Year or month

19341935193619371938193919401941



Total

30320557495694954

1,0261,186

91107125107112

11193938392969789

Prop-ertyim-

prove-ment(Title

I)

3022424660

160208251262

1831342418

1612101315131110

Newsmallhomecon-

struc-tion

(Title

13252621

12212

21222211

Homemort-gages(Title

ID

94309424473669736877

7073857788

8771685560666352

Mort-gages on

rentaland

grouphousing

(TitleII)

22

1148511313

'"2"2

111

. . . . . . . . .

De-fensehous-ing

(TitleVI)

13

11245

78

121114162125

1 Figures represent gross insurance written during the period and do nottake account of principal repayments on previously insured loans.

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO BY CLASSES OF INSTITUTIONS1


End of month

1936—Dec1937—Dec1938—Mar

JuneSeptDec

1939—MarJuneSeptDec



1942—MarJune

Total

365771856933

1,0491,1991,3491,4781,6221,7931,9492,0752,2322,4092,5982,7552,9423,1073,3073,491

Com-mer-cial

banks

228430472509565634699759824902971

1,0261,0931,1621,2461,3181,4001,4651,5491,623

Mu-tualsav-ings

banks

27262832384450577190

100111130146157171186201219

Sav-ingsandloan

associ-ations

56110119127137149159167178192201208216224230237246254264272

Insur-ancecom-

panies

41118146165187212241271302342392432480542606668722789856940

Fed-eral

agen-cies2

53242445677

114137148153171182190201210220225234237243

Other3

2753516072909294

113133124127141150160154178179200195

1 Gross amount of mortgages held, excluding terminated mortgages andcases in transit to or being audited at the Federal Housing Administration.

8 The RFC Mortgage Company, the Federal National Mortgage Associa-tion, the Federal Deposit Insurance Corporation, and the United StatesHousing Corporation.

8 Including mortgage companies, finance companies, industrial banks,endowed institutions, private and State benefit funds, etc.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year andmonth

nco mepay-

ments(value)1

1935-39100

19191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941

1939JulyAugustSeptemberOctoberNovemberDecember

1940JanuaryFebruaryMarchAprilMayTuneJulyAugustSeptemberOctoberNovemberDecember

1941JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1942JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Ad-justed

122.9109.192.370.668.978.787.1

101.3107.7

.5105.5113.8137.0

104.8106.1107.3109.3109.9111.3

110.7110.7110.3110.6112.0112.1112.8113.9115.5117.2117.7121.3

123.4125.4127.2129.4133.6137.0138.9141.1143.1145.4146.5154.7

156.0157.1158.4161.7163.0166.8

^169.2

Industrial production(physical volume)2 *

1935-39 = 100

Total

Ad-justed

105106114121124125

122116113113116122122124127131134139

141144147144155159160161161164166168

172172172173175176180

P183

Unad-justed

7275587388829096959911091755869758710311389108123156

102106119126126122

117114112112117122120124132136136136

135140144144155160159163167168167164

165167168172175177181

Manu-factures

Dur-able

Ad-justed

849353811039510711410711713298674154658310812278109138193

102108118130134138

134123118116124133136143151155157164

171176180180190195199199203208209215

223227230233238243250

*>256e263

Non-dur-able

Ad-justed

626057677269767983859384797079819010010695108113135

106108111115117117

113110107107110114113112112117120124

123126128131135139138139137139144141

143142139139138136138>140"139

Min-erals

Ad-justed

71836671988992100100991079380677680869911297106117125

10792114119120114

119115118119118119120115117114118119

11911912696126133131133131131131132

131129127130129133132

pl35e131

Constructioncontracts

awarded (value)31923-25 = 100

Total

Ad-justed

6363567984941221291291351179263282532375559647281122

75636264647485909395111115

1039994103101117139152161145138123

118128125128158193206P177

Resi-den-tial

Ad-justed

443044688195124121117126875037131112213741456072

626768686160

101115112105877469

821009582767674

Allother

Ad-justed

79906588869412013513914214212584403748507074808189149

71787682101107

9368666665779198101103130136

117118109121111129158184206192189167

147151149165226288313

nn

FactoryEmployment4

1923-25 = 100

Ad-justed

98.499.0

100.8104.8107.0108.2

107.6105.8104.0102.8102.8103.9105.1107.4108.9111.4114.2116.6

118.3118.6119.4122.0124.9128.7133.3133.3132.3132.8134.4134.9

135.7135.1134.7136.0

r137.7r140.0143.7

^144.5

Unad-justed

106.7107.182.090.7

103.896.499.8

101.799.599.7

106.092.478.166.373.485.791.399.0

108.690.999.9

107.5127.7

96.699.5

103.7107.3107.5107.8

105.0105.0104.4103.2102.5103.1103.2107.4111.4113.8114.7116.2

115.5117.8119.9122.6124.9127.9130.6133.1135.2135/4134.8134.2

132.5133.8135.1136.6

r137.8r139.3142.2

*>145.3

Fac-tory

rolls4

1923-25100

Freight-car

load-ings*

1935-39100

Unad-justed

98.0117.275.681.2

102.996.0

101.1104.2102.4103.5110.489.467.846.750.164.574.185.8

102.578.592.2

105.4148.8

85.891.295.4

103.2103.2105.4

99.899.399.897.997.899.598.2

105.5111.6116.2116.4122.4

120.7126.8131.2134.7144.1152.2152.7158.1162.6167.0165.4169.9

173.5178.3182.9188.0

r193.5r198.1204.3^214.4

Depart-mentstoresales(val-ue)*5

1923-25100

Ad-justed

1201291101211421391461521471481521311057882899210711189101109130

99101111114114110

111105100103106111110112112110116119

122124126112135139138139130127135137

140139136143143141142143"136

Ad-justed

78948788989910310610710811110292696775798892859094110

878899929395

92908989899192989794100101

101103103104105104115134116105116111

138126124117108104121130

Whole-sale

com-modityprices4

1926= 100

Unad-justed

138.6154.497.696.7

100.698.1

103.5100.095.496.795.386.473.064.865.974.980.080.886.378.677.178.687.3

75.475.079.179.479.279.2

79.478.778.478.678.477.577.777.478.078.779.680.0

80.681.583.284.987.188.890.391.892.492.593.6

96.096.797.698.798.898.6

*>98.7?99.2*>99.6

Cost ofliving935-394

= 100

Unad-justed

124.5143.2127.7119.7121.9122.2125.4126.4124.0122.6122.5119.4108.797.692.495.798.199.1

102.7100.899.4

100.2105.2

100.6

99.8

100.4100.2100.1100.7

100.8100.8101.2102.2102.9104.6105.3106.2108.1109.3110.2110.5

112.0112.9114.3115.1116.0116.4116.9117.4

J Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals.* For indexes by groups or industries, see pp. 1032-1035, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1040.4 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 BULLETINfor October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1036-1039 for employment and payrolls and p. 1058for prices.

5 For sales comparisons by cities and by departments see pp. 1042-1043 of this BULLETIN.Back figures in BULLETIN.—For industrial production, Aug. August 1940, pp. 825-882fand 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.

OCTOBER 1942. 1031


INDUSTRIAL PRODUCTION, BY INDUSTRIES

{Adjustedfor Seasonal Variation)[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total

Manufactures—Total . . .

DurableNondurable1..,

Iron and Steel

Pig iron ,Steel

Open hearth and BessemerElectric

Machinery

Government Arsenals and Quartermaster Depots

Transportation Equipment .

Automobile bodies, parts, and assemblyAutomobile factory salesRailroad carsLocomotivesShipbuilding

Private yards» Government yards

Nonferrous Metals and Products

Nonferrous metal smeltingCopper smeltingZinc smeltingLead production

Copper deliveriesLead shipmentsZinc shipmentsTin consumption

Lumber and ProductsLumberFurniture

Stone, Clay, and Glass Products

CementUnglazed brickGlass containersPolished plate glass

Textiles and Products

Textile fabricsCotton consumptionRayon deliveries

Wool textiles ^Carpet wool consumptionApparel wool consumptionWoolen yarnWorsted yarnWoolen and worsted cloth

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathers

Shoes

Manufactured Food Products

Wheat flourCane sugar meltingsManufactured dairy products.

Ice creamButterCheese • •Canned and dried milk

1941

fuly

160

165

199138

185

181196173358

216

255

997168154233307

467

192

142131173114244

142

155

141

131161

151

143136154146

155

15116217377

157126177153174160

130

12513793

116

134

126

103102126129111131141

Aug.

161

166

199139

185

182197172375

225

241

1,11314193

236306

485

189

145135175116231199143161

140

134152

154

148146159133

154

149r159

170

166148181162179166

122

12414110397

121

132

98129128126

107144165

Sept.

161

167

203137

192

185206179399

228

245

1,20413474

249319

560

192

145135175120233209145166

136

129149

157

154144165120

151

145156168

169142205163185169

120

125136101115118

130

99111139143109145183

Oct.

164

170

208139

191

184206178407

232

269

1,290146110278335

634

185

147137177119217

143

153

135

129146

158

159145167102

150

143161172

164133199157185164

125

129138107121123

134

101112148158108148197

Nov.

166

173

209144

191

184206176417

230

276

1,340142123264338

645

190

150139179127226

147155

135

128148

162

164153169105

156

148167179

166133200156184170

134

134145108123134

141

103139147146105163224

Dec.

168

175

215141

196

190211181422

243

279

120

193

151141182122230

145171

138

132149

167

19115216567

154

146155179

178164209159195182

128

12313589

117131

137

109

155154104176240

1942

Jan.

172

179

223143

191

189208174445

250

305

118

191

153140184131235

152

143

138153

199

24916018465

158

148169180

16178

202163173183

127

13014886

119125

140

108

154155106172234

Feb.

172

180

227142

193

189210176444

258

315

105

187

157141189140224

151

144

143147

189

23615217849

156

147174174

15379

191165148172

121

12713993

120117

140

110

150150107182220

Vlar.

172

180

230139

216180473

267

330

105(2)

180

157147184134208

148

134

128145

169

18813318741

153

143169175

14870

196161143167

121

12713996

120116

136

101

146147108192198

Apr.

173

181

233139

217179483

272

r351

104

177

161155185132195

145

133

127146

152

16111917643

157

148177170

15334

203173164177

127

13014791

115124

136

98

151160110195187

May

175

183

238138

218180484

277

r373

107(2)

182

163161184

*205

.146

134

124152

144

14610417835

156

146175169

1505

201172168179

126

12814795

104125

p135

105

P149

111183178

June

176

184

243136

215177485

285

r396

1 1 2

188

*

133

127144

r137

14592

16337

152

143169169

15146

194165

166172

r126

122142r88r94

129

P139

102

105157168

July

180

188

250138

221179519

287

428

116

191

*

136

130147

134

150

"14549

r154

144166168

15941

208175

176183

117

1171437979

117

106

PI 45

"108159164

Aug.

p183

P192

^256

mo

216176503

P294

p459

122C2)

p193

*

p127

2*131

P139

160

15336

p156

169169

P107

2*101

PJ49

105

108163

r Revised. p Preliminary,* Included in total and group indexes but not available for publication separately.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, parts,

and assembly series, which is more representative of production by the automobile industry.

IO32. FEDERAL RESERVE BULLETIN


Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued[Index~numbers of the Board of Governors. 1935-39 average = 100]

Industry

Manufactured Food Products—ContinuedMeat packing

Pork and lard . .BeefVealLamb and mutton

Other manufactured foods

Alcoholic Beverages

Malt liquorWhiskeyOther distilled spiritsRectified spirits

Tobacco Products

CigarsCigarettesManufactured tobacco and snuff

Paper and Paper Products1

Paper and pulpPulp

Groundwood pulp.,..Soda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paperNewsprint productionPrinting paperTissue and absorbent paperWrapping paper

Printing and Publishing*

Newsprint consumption

Petroleum and Coal Products

Petroleum refiningGasolineFuel oilLubricating oilKerosene

CokeByproduct cokeBeehive coke

Chemicals

Rubber Products

Rubber consumptionTires and tubes

Pneumatic tiresInner tubes

Minerals—Total

Fuels

Bituminous coalAnthraciteCrude petroleum

Metals

Iron ore shipments . k

CopperLeadZincGoldSilver

1941

July

12513212396110128

130

116108206190

.114

10612397

r145

150167122149

r208r164r147162140112

r150142138

127

106

128

124123124133108155146452

146

153

156126126125

131

128

148142119

151

205156114125121124

Aug.

13414912494105135

r130

11093206219

118

10912996

147

152172128151215164149161147113150143139

129

109

130

126126127132116154146

r478

145

130

132117118110

133

130

150168119

148

202155116131114129

Sept.

12613911810199132

131

11894262170

121

10413799

144

149170129140210163145158152107146130136

125

105

132

128130124130119152144425

146

131

134108108103

131

129

141132124

145

192154120135114116

Oct.

133148123108103135

129

127107178138

128

112144104

146

150172130145210166147158147110149140138

127

105

133

129131129129121153145437

148

134

13710310494

131

128

131120128

146

182151119134130108

Nov.

135148124114111144

109

11081139120

132

115149106

153

160185141167225178156167160110161153140

136

111

135

133134129137123153145410

149

103104102

131

129

127101132

147

204152127131116106

Dec.

14216112798117137

116

12391121102

129

13913695

155

162179129153225171160186157106145152147

130

115

139

135139130132126160151474

152

676764

132

129

13092132

153

209157122138125105

Jan.

14816513896113140

139

12077250243

132

12914499

154

161181135153221177158175151107151166147

128

104

135

131134123133120161152472

156

333233

131

128

12989132

151

211161131138113105

Feb.

14115113996113142

133

1287475241

130

12614493

149

155180131154224173151163144110146168142

125

103

131

126125128131128161152493

161

282827

129

125

120110128

152

212158140146118101

Mar.

14416113298128138

116

1176244201

125

12113794

150

156189138155239181151162150106140164148

121

103

126

120117124131113160151476

161

262627

127

122

146113114

151

215162134**106

1942

Apr.

14215613496119137

109

1146353153

127

12014097

148

153183129148236174148154146109135169151

117

98

119

112106126126106162152494

165

. 252527

130

126

178114107

151

217164132

*109

May

14016312194105136

111

1155580158

122

10814089

U5

149184120147245173143144147104124175153

112

100

117

109103122122101164154511

167

*

**

129

125

173105108

154

225174**

106

t

June

153177137103104141

104

1046361163

122

11213694

134

136177116129228173129120138103110179142

103

97

114

1079912512399164154509

171

#

**

133

128

168127113

r158

235

*

*104

July

146168130103116147

127

1199683218

121

10913689

127

127164113127212158122115132103108148132

106

103

117

109r102129117103

r163155

r499

172

*

*•

132

128

160156112

157

240

He**

Aug.

153174136113127H53

130

130

11215288

121

108

"108

108

p106

p165

P497

P168

***

p135

V131

p160pj2Q

P157

**

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."NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.

OCTOBER 1941 1033


INDUSTRIAL PRODUCTION, BY INDUSTRIES{Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average

Industry

Industrial Production—Total

Manufactures—Total

D u r a b l e . . . . . . . .N o n d u r a b l e i

Iron and Steel

Pig ironSteel

Open hearth and BessemerElectric

Machinery

Transportation Equipment

AircraftAutomobile bodies, parts, and assemblyAutomobile factory salesRailroad carsLocomotivesShipbuilding

Private yardsGovernment yards

Nonferrous Metals and Products

Nonferrous metal smeltingCopper smeltingZinc smeltingLead production

Copper deliveriesLead shipmentsZinc shipmentsTin consumption

Lumber and ProductsLumberFurniture

Stone Clay and Glass Products

CementUnglazed brickGlass containersPolished plate glass

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesSilk deliveriesWool textiles

Carpet wool consumptionApparel wool consumptionWoolen yarnWorsted yarnWoolen and worsted cloth

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathers

Shoes

Manufactured Food Products

Wheat flourCane sugar meltingsManufactured dairy products

Ice creamButterCheeseCanned and dried milk

1941

July

159

164

197138

185

181196173358

216

229

997135134233307

467

191

141131173110244200142154

144

142149

165

17716816196

155

15016217369

157126177153174160

126

120128102115130

137

102117182217136168172

Aug.

163

167

199142

185

182197172375

225

221

1,11312047

236306

485

189

145135175116231199143159

151

148157

174

181175174109

r153

148r15917050

166148181162179166

130

12013410895

137

152

99136169204r118

r162169

Sept.

167

172

206145

192

185206179399

228

245

1,20413474

249319

560

191

145135175120233209145159

148

144156

175

184177168120

151

14515616832

169142205163185169

129

12413599

116132

159

114132142155108150168

Oct.

168

173

210143

191

184206178407

'232

269

1,290146110278335

634

185

147137177119217

143151

145

138159

175

185170172117

150

14316117210

164133199157185164

127

129140103120125

143

11010911711495

139158

Nov.

167

173

209144

191

184206176417

230

276

1,340142123264338

645

190

151139179128226

147155

134

124154

169

171166170120

156

148167179

15166133200156184170

123

135151102119116

139

1071141008883

124156

Dec.

164

171

212138

196

190211181422

243

279

120(2)

192

152141182124230

145165

128

113155

147

15313715380

154

146155179

178164209159195182

116

12513791

119110

130

104

988082

123166

= 100

1942

Jan.

165

173

216137

191

189208174445

•250

305

118

191

153140184131235

152

122

112142

138

13797

16568

158

148169180

16178

202163173183

124

13114984

119120

124

109

997885

124178

Feb.

167

175

220138

193

189210176444

258

315

105(2)

187

157141189140224

151

128

118147

132

13283

16447

156

147174174

15379

191165148172

131

13815598

125126

121

109

1098892

142187

Mar.

168

177

227137

216180473

267

330

105

180

156147184131208

148

129

120147

140

14190

17643

153

143169175

14870

196161143167

128

12714091

119129

121

98

12411396

157194

Apr.

172

180

233138

217179483

272

r351

104(2)

177

162155185135195

145

132

127142

151

16111617643

157

148177170

15334

203173164177

131

130147

90119

131

123

92152154109189211

May

175

183

240138

218180484

277

r373

107(2)

182

164161184

*205

146

135

131143

163

..178118

..19035

156

146175169

1505

201172168179

124

12514490

102122

P131

96

P203

143242257

June

177

185

245136

215177485

285

r396

r112(2)

*

187

a

139

138140

r158

18311517137

152

143169169

15146

194165

r166172

r115

r118r135

r90r94

r114

95

P221

147241249

July

181

190

252139

221179519

287

428

116

*

•

191

140

141137

152

186

15132

rl54r144166168

r15941

208175

r176r183

113

1121338778

114

P156

105

pin

132205200

Aug.

P187

P196

P259P144

216176503

P294

P459

mi(2)

*

*

***

*

P138

P14Op135

195

16730

P156

169169

PU4

pl72

106

119185

r Revised. p Preliminary.* Included in total and group indexes but not available for publication separately.J Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.1 Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automboile bodies, parts,

and assembly series, which is more representative of production by the automobile industry.



Industrial Production, by Industries {Without Seasonal Adjustment)—Continued{Index numbers of the Board of Governors. 1935-39 average = 1001

Industry

Manufactured Food Products—Continued

Meat packingPork and lard..BeefVeal..Lamb and mutton

Other manufactured foods

Alcoholic Beverages

Malt liquorWhiskeyOther distilled spiritsRectified spirits

Tobacco Products

CigarsCigarettesManufactured tobacco and snuff

Paper and Paper Products^

Paper and pulp .PulpGroundwood pulpSoda pulpSulphate pulpSulphite pulp..

PaperPaperboard .Fine paperNewsprint productionPrinting paperTissue and absorbent paperWrapping paper

Printing and Publishing^

Newsprint consumption

Petroleum and Coal Products

Petroleum refiningGasolineFuel oilLubricating oilKerosene

CokeByproduct cokeBeehive coke

Chemicals

Rubber Products

Rubber consumptionTires and tubes

Pneumatic tiresInner tubes

Minerals—Total

Fuels

Bituminous coalAnthraciteCrude petroleum

Metals

Iron ore shipmentsCopperLeadL '.. \\ \\\\\ \\ \\ \\\Zinc ....GoldSilver

1941

July

11911912595104137

131

1435997160

123

11113899

139

143r162109141

r204155140154

r127109

r141135133

116

92

129

125127122131103155146452

139

153

156126126125

131

121

130111119

184

344147110125116122

Aug.

11611212695104159

r124

1285199171

122

11313696

146

150170109151215164147163139110145143138

121

96

131

128130124131111154146

r478

142

130

132117118110

135

126

138124122

187

335152116131126126

Sept

119111132111111170

137

12075359180

132

120146107

149

151168112142210163148167144107145136138

125

106

134

131134125130117152144425

148

131

134108108103

138

130

146127124

182

311152120135131117

Oct.

134139134119109151

137

104102472180

133

135141106

151

155173121145214169152167147110151145143

131

112

135

132134130129121153145437

153

134

13710310494

139

132

146127127

181

281156119134152107

Nov

152178130116108146

118

90101292190

134

137143105

152

159186144167225179155167155113160151140

138

117

136

134135130137126153145410

151

103104102

135

131

145103128

161

231157128131132106

Dec

' 16520812793111131

106

96104150135

no10712183

146

154174134148214166151166154107144146143

131

117

138

134136132131127160151474

153

676764

126

131

14498129

98

159124138130105

1942

Jan

17321413893118123

112

96102163177

126

10414696

151

159183140153223177155168152107151161147

125

99

132

128129127129126161152472

155

333233

125

131

144104129

91

158'131138107106

Feb

13515112584113124

117

1099645207

121

10913692

153

160186137158230179156167155108151175147

126

102

129

124121129129129161152493

161

282827

125

130

141121127

92

140146106103

Mar

13114512093124121

113

1127729191

117

11112796

155

161194148160243185156168160106145166151

126

107

122

116112122130115160151476

166

262627

118

122

140116115

96

23165131

110

Apr.

13414812595115121

113

1246932136

119

11413096

151

157187144152236178152157159109140172152

123

105

118

111104123'131108162152494

168

252527

125

121

150122109

153

236169135

110

May

14016312198108123

120

1365448139

123

10714289

144

149186133147245173143141151105127173150

115

104

117

110103122127101164154511

166

***

130

121

147115111

189

371174*

105

June

14917213410499134

116

1345036130

132

12015096

133

134174118127226169128120135104107177139

103

98

115

10810112312397164154509

165

**

132

121

144117113

r194

381**

100

July

138'151131102110157

133

1485339183

131

11315391

122

121156100119208150115109120101102140128

96

90

117

110r10512711597

r163155r499

165

***

132

121

141122112

198

t04*

Aug.

132131137114125

152

135

11516089

123

105

"WO

95

2*109

p156

P165

*

*

P138

P128

^124p199

387

r Revised. p 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.2 Includes also printing paper production shown under "Paper."NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.

OCTOBER 1941 1035


FACTORY EMPLOYMENT, BY INDUSTRIES

{Adjustedfor Seasonal Variation)[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]

Industry and group

TotaliDurable goodsiNondurable goodsi .

Iron and Steel and ProductsBlast furnaces, steel works, etcBolts, nuts, washers, and rivetsCast-iron pipeCutlery and edge toolsForgingsHardwarePlumbers' suppliesStamped and enameled wareSteam and hot-water heatingStovesStructural and ornamental metal workTin cans and tinwareToolsWirework

MachineryAgricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry and machine-shop products.Machine toolsRadios and phonographsTextile machineryTypewriters

Transportation EquipmentAircraftAutomobiles2

Cars, electric-and steam-railroad.LocomotivesShipbuilding

Nonferrous Metals and Products .AluminumiBrass, bronze, and copper...Clocks and watchesJewelryLighting equipmentSilverware and plated ware.Smelting and refining

Lumber and Products ..Furniture ' . .Lumber, mill work.Lumber, sawmills..

Stone, Clay, and Glass Products.Brick, tile, and terra cotta. .CementGlass ;Marble, granite, and slate..Pottery

Textiles and ProductsFabrics

Carpets and rugsCotton goodsCotton small waresDyeing and finishing textilesHats , fur-feltHosieryKnitted outerwearKnitted underwearKnitted clothSilk and rayon goodsWoolen and worsted goods ..

Wearing apparelClothing, men'sClothing, women'sCorsets and allied garments .Men's furnishingsMillineryShirts and collars

Leather and Manufactures .Boots and shoesLeather

1941

July Aug. Sept. Oct. Nov

133.3140.7126.3

139.114916995130112105102228123121105131142218

173.3175168164302143349191107155

196.17,1601498967

387

147.8r23519312512011894103

78.91087568

98.6737713143126

120.0111.18911311014986149859016272112135.012419311913775

135

100.,9797

133.3141.5125.5

140.215017394130112116103231126115107132146198

178.1182170168327146366187108157

193.17,897

1398770

398

147.9r24819512111911887105

78.41077668

98.4747813042123

117.1109.69111511014379144838816167108128.812017612213779

135

97.99496

132.3141.3123.8

139.714917297128113117100231125109106132147214

178.4181173168340147355183110158

195.48,8171289873

440

144.8

19411011011985103

77.31037568

98.7747913043122

114.7107.29111211014077135788815861112126.611917112313477134

98.094

132.8142.3123.8

138.21481709812911511598225125105107127145203

180.2180175168370148360179110160

204.79,50512910074

490

143.1r25319111410511984100

76.41017667

98.9737913145121

112.9105.49011210813578133778714760109124.712016511212775

131

99.69697

134.4143.7125.6

138.314816910113011511398225123104107138146201

182.3172177168399149365194109159

209.69,86112710077

533

142.2r2601921101061148299

76.91047567

100.9768213345121

113.3105.19011110913078132788714761110126.912516712212168132

104.210198

Dec.

134.9144.3126.0

138.9149170100134117

r10498220125108107141148199

185.0167178

150

206109159

205.9*111

143.4

10811210683100

78.11057568

101.6778513245121

113.2104.49011010913376133818614760107128.212816911511368135

103.110097

1942

Jan.

135.7146.7125.2

139.0150171981361199996217127110108147152184

189.1161176

153*

220109157

r211.2*96

r147.1

11211410282102

79.21067570

105.0818813548125

112.0104.18511010713173132789014959106125.112316111211572

145

9596

Feb. Mar.

135.1146.8123.8

136.51491691001331229492208124101112141153169

192.8161178

155

235110152

r216.5*

84

r146.7

11011010078102

77.91047368

100.1788712643121

110.0102.2811101071307113079861505999

122.111816211611378133

96.39295

134.7146.9123.1

134.714817099134 .123948820712395113122153160

196.5160177

157

250109147

'221.2*

81

'146.,

Ill1099777101

75.41037266

96.9758312441116

109.4102.67511010613270127798615161102120.011815611311174

129

97.49396

A P r - May June

136.0149.2123.3

134.214917098129128918120012290116115154152

199.4157174

160

249110126

r232.2*

79

U45.8

1131068866102

73.81017064

94.7718012439115

110.9104.87011210713368125828515563109119.711915411211170

129

9595

737.7151.7r124.3

"134.115117298127129r90

7820011986116110154147

201.5162177

161

223109"115

"247.6•

83

146.5

1171048765101

73.21007064

r90.9677712232

'115

112.3105.56711411013360123818715568108122.712615611111164

130

100.09794

140.0]156.2124.6

r135.515317694

129r132

r9374

20412085

117105155153

r205.5166186

165

195109104r270.0

*89

r 148.0

116988665

100

72.3976963

r90.86578

11937

r l l9

112.2107.270

11711513268

1228188

15669

108118.512215011011255

129

100.19894

July Aug.

143.7161.8126.4

136.415317791131138966620512492119101153159

210.9169185

168

199108100

296.1*

96

150.9

115969372101

72.6957164

91.0657911735125

114.5108.17111911813864123819215366108123.811617110012169

134

95.39292

144.5165.4124.7

135.1151178891261361006320812483120101155158

216.9172181

171*

195106101

315.5*

99

151.4

108899267101

71.1917163

89.7637911935117

111.4106.17011911613453120788914561104118.311415510912069

129

91.28890

r Revised.* Included in total and group indexes but not available for publication separately.1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941 D 5692 Seasonal adjustment factors for all months changed to a constant of 100 beginning with July 1942.NOTE.—Figures for August 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.

IO36 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]

Industry and group

Food and Kindred ProductsBakingBeveragesButterCanning and preservingConfectioneryFlourIce creamSlaughtering and meat packing ...Sugar, beetSugar refining, cane

Tobacco Manufactures....Tobacco and snuffCigars and cigarettes .

Paper and PrintingBoxes, paperPaper and pulpBook and job printingNewspaper and periodical printing . . .

Chemicals, Petroleum, and Coal Products.,Petroleum refiningOther than petroleum refining

ChemicalsCottonseed oil, cake, and mealDruggists' preparationsExplosivesFertilizers .*Paints and varnishesRayon and allied productsSoap

Rubber ProductsRubber boots and shoesRubber tires and inner tubesRubber goods, other

1941 1942

July

138.4149289102161977978

1238994

65.75367

124.8142126108117

143.9127148.0173109136

12914532698

113.08287

194

Aug.

140.91522981041691007779

1247693

64.45366

125.1143128106118

146.3127150.9179101138

124148328

99

113.37987

200

Sept.

138.8151295102157917978

12598

103

62.05463

124.4141128105117

145.7127150.318088

141

124145324

96

111.67587

196

Oct.

140.7152303102164907883

12691

103

64.15465

124.9138128108117

147.1129151.718195

141

11514432394

110.17886

189

Nov.

147.0152311106201967883

1279898

65.05466

124.8139129107116

148.2128152.918493

144

118144320

94

110.18086

187

Dec.

147.5152316106188957983

133141101

66.55668

125.9140129107120

149.2129154.118793

146

116144320

95

109.47885

189

Jan.

148.4153310105183948082

13916897

69.25471

125.2142130107116

151.8130157.119093

152

12014531394

99.67375

175

Feb.

147.6152310105189938082

13811590

66.75369

123.4139130103115

154.7131160.519294

152

13914230892

'98.37673

173

Mar.

144.4152304109168947981

13710793

66.15268

122.0136130101

r114

155.9132

r161.7r195

90153

11114130991

97.57573

170

Apr.

142.3151304115150947982

13810294

65.85268

121.3133130

r101r113r157A132

r163.519497

157

9713731791

93.77573

156

May

r143.7151310116

r157917979

14110493

63.65265

119.512912898

113

r159.1133

r165.5195

99162

11613131888

94.57675

154

June

143.8153288

r115154898179

14610085

64.15266

118.512612699

112

r160.8133

r167.619691

164

138127324'86

r98.1r7478

162

July

149.1159291114165998078

15110682

64.85366

117.4122122101113

160.7133167.4192104170

13412631185

102.71183

168

Aug

148.51613071131421038078

15210782

64.65366

115.9119119100113

160.6134167.019393

167

135129305

84

106 A7686

175

r Revised. * Included in total and group indexes but not available separately.

NONAGRICULTURAL EMPLOYMENT[Thousands of persons]

Year and month Total Manufac-turing [ning

879875875590701841836853883931943928

918916916899902894907919926934934931

924921932626929941961979984988980976

965947933929928921923918

Construction

1,1601,1451,1961,3601,5111,5951,6441,5871,5711,5271,4461,304

1,0681,0361,1061,2851,4761,5741,6601,6961,7291,8021,8401,815

1,7381,8011,7761,8591,9201,9872,1002,1732,1842,2042,0911,880

1,6621,5941,6251,7711,9091,9912,1082,131

Transporta-tion andpub. util.

2,7952,8002,8232,8582,8862,9482,9552,9623,0063,0643,0212,970

2,9362,9452,9432,9683,0163,0483,0593,0803,1053,1213,0823,057

3,0213,0313,0803,1633,2453,3083,3623,4013,4183,4243,3823,344

3,2883,2703,2953,3893,4423,4853,5193,533

Trade

6,1866,1726,2596,3676,4106,4716,3996,4046,5896,6726,7057,102

6,3796,3386,5186,4356,5146,5706,4626,4816,6436,7066,7957,247

6,4876,4916,5786,7926,7536,8616,8376,8977,0087,0707,1467,511

6,7566,6866,7116,6796,6676,6066,5046,491

Financeservice and

miscellaneous

3,9133,9213,9494,0234,0734,1084,1124,1094,1474,0854,0484,053

4,0064,0114,0264,0864,1264,1374,1404,1474,1744,1054,0884,099

4,0634,0754,0974,1744,2354,2604,3004,3004,3254,2564,2294,227

4,1794,1804,1944,2654,3094,3244,3554,349

Government

3,8963,9403,9473,9393,9643,9383,9023,9234,0324,0514,0234,058

3,9843,9924,0184,0094,0374,043.3,9994,0374,1744,2034,1794,188

4,1054,1344,1774,2234,2964,3144,2924,3704,5664,5144,5354,584

4,5584,6924,7944,8564,9585,0375,1845,389

1939—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober...NovemberDecember

1940—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1941—JanuaryFebruaryMarchAprilMayTuneJulyAugustSeptemberOctoberNovemberDecember


28,36428,52428,83628,92429,27729,67629,66529,95530,71731,11030,93231,109

29,74429,71329,96630,02530,36930,61930,63831,19031,93332,27632,44132,984

31,92332,27632,67433,13433,89634,48034,93935,45736,05636,05335,92636,088

34,87635,06235,41135,99836,34636,66637,23437,789

9,5359,6719,7879,7879,7329,7759,81710,11710,48910,78010,74610,694

10,45310,47510,43910,34310,29810,35310,41110,83011,18211,40511,52311,647

11,58511,82312,03412,29712,51812,80913,08713,33713,57113,59713,56313,566

13,46813,69313,85914,10914,13314,30214,64114,978

Revised.NOTE.—Revised series of the Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, do-

mestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for August 1942are preliminary. Seasonally adjusted figures will be published in the next BULLETIN.


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]

Industry and group 1941

July

130.6137.6123.9

137.714716798124108104102222119117107139140213

172.7171168164307143346189106153

179.0,23112789

68375

143.1r230

19011811211183103

79.51067670

99.6

788312845117

113.2107.08910910513984143818615969109122.212216011512558129

Aug.

133.1138.7127.7

139.914917196127111113103225125117110145143190

177.0172170167327146352202108156

172.07,8971118970388

145.5r24319311811811285104

81.01087871

101.3798413045119

115.4106.99111010613682142818616168109129.612317611912880134

Factory employment

1942

Apr.

136.6150.9123.0

135.415117298132128928120612292114111155155

200.0167175

160

209111126

r240.9

*84

r145.7•

1121008966102

73.4

977065

95.4708012640120

113.1105.27111411213868125828915663104126.012316611611479133

May

r137.8r154.0122.4

r135.015217498128

r130r917820412089116108154152

203.1167179

163

196109116

r256.7*88

145.9

*r114968766101

73.3967065

94.3718212434

rll9

T111.8104.767114110 •13358122818915564106

r122.812216111311266131

June

r139.3r157.4r122.1

r135.515217696128

rl32r937420412087118

r108155155

r206.5167186

165

191109

r103

r273.4*91

r 146.1*

112908565100

73.3957065

r94.0708412138117

108.8104.57011511212865120798915264106113.811814010911151128

July

142.2160.9124.4

135.015217594125134956620012089121107152156

210.3165185

167

19710899

293.2*96

146.6*

109898864100

73.3937266

91.8698511538116

108.2104.27111511312863118778815163106112.41141419711153128

Aug.

145.3165.1126.4

134.615117691123135986320212385123111152152

215.4163181

170

211106100

312.3*99

149.2*

106888766100

73.5927366

92.2688511938114

109.7103.36911411212856118778714662105119.111815510611270128

Factory payrolls

1941

July

152.7172.2130.7

166.6182239112135158124102272138122113171174272

233.7228214232525177535219133217

228.89,0461589193582

173.7r325

26413810511387117

85.5110687498.9739114735115

113.6113.39012312113492160759115464117107.110912713213840131

Aug.

158.1177.6136.3

172.0183257112148170146107286148127125185190248

r244.5228223240

r572186553234136222

224.410,3031399493615

182.6r34527415611311994118

92.31167580

104.2779415536124

119.3114.49312612313391154779115764119121.711415413914475141

1942

Apr.

188.0226.6144.8

181.6193285130179

r23213693305174110146145238235

321.7250262

235

292158

r172

r384.5*

131

r210.1*

16710910480127

87.31137075

104.9719116533

r135

128.9126.876149155157661498611117171127125.212115315913966159

May

r193.5r235.6146.4

r184.1197292133183

r237r13991310174105149141241241

rJ32.6259293

243

283158

r163

r411.3*

136

r213.6*

17610810281130

r90.31157179

r105.6729516728

rl35

128.3128.777153158148591498611017171132

r119.612214115114045158

June

r198.1r244.1146.6

r186.4198291136182

r242r145r91317

r172107155

r144245249

r342.9263294

250

284160

r161

r438.3*

142

218.3*

17810310382134

93.71127585

104.67310115633133

123.2129.081153163143671488211116671134

r104.211211014314037151

July

204.3252.3150.5

188.120129113217724115180308173113159147234251

347.8255295

250

293158149

477.4*

148

223.5*

1809911181137

93.31107784

100.27210114333127

124.3129.982151167145631468111016670144105.610812012413941150

i Aug.

214.4267.0155.6

192.8203315133177245166S3325184109172160246244

363.9260291

262

309158156

524.1*

158

231.3•

18110111189138

97.71158288

105.37310415833133

130.7132.682157169148591568111116469142118.711414313614872154

TotafiDurable goods1

Nondurable goods1

Iron and Steel and ProductsBlast furnaces, steel worksj etcBolts, nuts, washers, and rivetsCast-iron pipeCutlery and edge toolsForgingsHardwarePlumbers' suppliesStamped and enameled wareSteam and hot-water heatingStovesStructural and ornamental metal workTin cans and tinwareToolsWirework

MachineryAgricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry and machine-shop products.Machine toolsRadios and phonographsTextile machineryTypewriters

Transportation EquipmentAircraftAutomobilesCars, electric- and steam-railroadLocomotivesShipbuilding

Nonferrous Metals and ProductsAluminum1

Brass, bronze, and copperClocks and watchesJewelryLighting equipmentSilverware and plated wareSmelting and refining

Lumber and ProductsFurnitureLumber, millworkLumber, sawmills

Stone, Clay, and Glass ProductsBrick, tile, and terra cottaCementGlassMarble, granite, and slatePottery

Textiles and ProductsFabrics

Carpets and rugsCotton goodsCotton small waresDyeing and finishing textilesHats, fur-feltHosieryKnitted outerwearKnitted underwearKnitted clothSilk and rayon goodsWoolen and worsted goods

Wearing apparelClothing, men'sClothing, women'sCorsets and allied garmentsMen's furnishingsMillineryShirts and collars

r Revised.* Included in total and group indexes but not available for publication separately.1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN f<"or February 1941, p. 166.



Factory Employment and Payrolls—Continued[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]

Industry and group

Leather and ManufacturesBoots and shoes .Leather

Food and Kindred ProductsBakingBeveragesButterCanning and preserving. .ConfectioneryFlourIce cream . . . .Slaughtering and meat packingSugar, beetSugar refining, cane

Tobacco ManufacturesTobacco and snuff . . . .Cigars and cigarettes

Paper and PrintingBoxes, paperPaper and pulpBook and job printingNewspaper and periodical pr int ing. . . .

Chemicals, Petroleum, and Coal Products...Petroleum refiningOther than petroleum refining

ChemicalsCottonseed oil, cake, and mealDruggists' preparations

FertilizersPaints and varnishesRayon and allied productsSoap . .

Rubber Products . ,Rubber boots and shoesRubber tires and inner tubesRubber goods, other

Factory employment

1941

July

101.09896

145.8150324112211838096

1235298

65.45267

123.0139126105115

140.0

m143.017663130

9114632496

111.47987

189

Aug.

101.19895

159.3153328111304917895

1226495

65.85268

123.9142128106115

143.1128146.718071

136

9014532997

111.87987

193

1942

Apr.

100.59796

132.8150298111104887878

1344694

64.45266

120.8131130100114

158.8132165.4

r19480

157

15613931092

94.67473

159

May

98.79694

r135.7151317

r118r107

837787

1385093

62.75164

119.112712898

113

H57.2132

r163.319468

157

12613631287

94.67375

156

June

97.19493

141.8154313

r125r135

797994

1465287

63.85165

117.212312697

112

T156.8134

r162.419657

158

102132315r85

r97.2

r 7S

July

96.29491

156.6160326124216858196

1516285

64.55266

115.611912299

110

156.7134162.219561

162

9412630983

101.374S3

164

Aug.

94.19288

164.1162338121256

938194

1509084

66.15268

114.711811999

110

157.4135162.919465

163

9712630783

105.17786

169

Factory payrolls

1941

July

103.299

109

152.8153421104216858285

1395791

69.86870

128.617415798

110

177.7157184.024060

163

90173369139

135.694

118214

Aug.

104.7101109

165.51554301053251018184

14368

100

70.06870

130.918216399

110

181.5159188.424765

165

91172368135

138.8102116228

1942

Apr.

115.7110124

152.91603961091171038674

1626191

r73.67374

133.217317296

114

222.8178236.6

r29486

203

181177390137

126.193

106206

May

112.6107123

160.3166445119

r121978882

1706790

73.37173

131.916917195

114

r225.8179

r240.1303

70206

148176393130

132.4102113210

June

r109.7r103122

r170.1175424129

r158999291

1847189

77.57678

r130.5164

r16993

114

r227.4182

r241.4308

61203

122170398129

r137.5r99

119r218

July

110.2103124

186.51824681312741039895

1887987

78.57679

128.415916296

112

230.8187244.431366

208

118162393122

145 6100130221

Aug.

108.4102120

194.018649213131611610493

18511386

84.07885

130.216416596

113

232.6188246.4310

71214

119162401122

151 8111135229

r Revised. * Included in total and group indexes but not available separately.NOTE.—Figures for August 1942 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-

roll period ending nearest middle of month.

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES[Compiled by the Bureau of Labor Statistics]

Industry and group

Total .

Durable goods

Iron and Steel and ProductsMachineryTransportation EquipmentNonferrous Metals and ProductsLumber and Products.Stone, Clay, and Glass Products

Nondurable goods

Textiles and ProductsFabricsWearing apparel

Leather and ManufacturesFood and Kindred ProductsTobacco ManufacturesPaper and PrintingChemicals, Petroleum, and Coal

ProductsPetroleum refiningOther than petroleum refining

Rubber Products i

Average hours worked per week

1941

June

41.3

43.1

42.045 643.843.140 938.6

39.4

38.139.136.038 741.037.640.1

40.538.241.241.4

July

40.3

41.5

39.944.641.242.039.937.4

39.0

37.438.535.438.740.937.339.6

40.037.440.839.2

1942

Mar.

42.5

44.7

42.647.846.644.140.539.0

39.8

39.140.137.240.040.736.640.1

40.738.741.340.6

Apr.

42.4

44.7

42.247.547.044.240.438.8

39.7

39.140.137.039.340.437.639.6

40.938.241.640.0

May

42.6

45.0

42.647.846.944.241.239.0

39.7

39.040.336.438.640.937.739.5

41.038.541.841.4

June

42 6

45.1

42.648 146.744.641 438.6

39.6

38.640.235.138.141.538.539.0

41.038.441.741.5

July

42.4

44.7

42.047.546.544.541.237.7

39.6

38.239.834.738.141.938.538.8

41.039.041.641.4

Average hourly earnings

1941

June

73.8

82.2

86.383.297.679.457.071.7

65.0

53 A52.255.959.967.251.782.6

82.4102.076.183.6

July

74.4

82.6

86.283.698.880.357.772.0

65.7

55.053.458.260.966.252.382.5

83.8103.077.784.5

(cents per hour)

1942

Mar.

80.9

89.9

91.691.8

105.288.462.076.2

70.7

59.657.663.566.372.353.786.2

88.9110.483.090.1

Apr.

81.9

91.0

92.693.0

105.7r89.663.276.7

71.4

59.958.363.267.873.255.486.8

90.0110.384.490.2

May

83.1

92.3

93.394.2

106.9r90.864.477.1

72.2

60.459.262.768.274.156.587.6

91.7109.886.791.6

June

84 0

93.3

93.795 2

107.1r92.065 978.0

72.7

60.359.5

r61.668.574.357.588.6

93.0110.288.192.6

July

85 0

94.6

94.395 9

109.193.566 078.4

73.2

61.360.662.868.773.557.589.3

94.2110.989.493,3

r Revised.

OCTOBER 1941 1039


CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanuaryFebruaryMarchAprilMayTuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1941

305.2270.4479.9406.7548.7539.1577.4760.2623.3606.3458.6431 6

6,007.5

1942

316.8433.6610.8498.7673.5

1,190.3943.8721.0

Residentialbuilding

1941

111.3116.5147.9166.5201.3205.6205.0231.5175.7171.8116.5104.3

1,953.8

1942

102.8168.0219.3162.1148.0185.5127.4100.6

Nonresidential building

Factories

1941

55.937.8

121.866.281.1

102.3109.8135.7113.5118.6122.7116 1

1,181.5

1942

75.484.5

112.7145.1178.0271.8303.5261.1

Commercial

1941

26.920.933.136.250.835.737.269.851.948.629.330.7

471.2

1942

17.721.836.830.923.846.234.721.3

Educationall

1941

11.67.9

10.411.217.113.519.111.78.2

13.97 38.8

140.9

1942

9.19.2

10.712.410.115.426.517.1

Otherl

1941

24.223.536.129.753.549.054.569.444 788.533.615.3

522.1

1942

21.054.271.646.586.0

234.9124.3107.7

Public worksand publicutilitiesl

1941

75.163.9

130.696.9

144.9133.0151.7242.0229.3165.0149.2156.3

1,738.0

1942

90.995.9

159.7101.7227.7436.4327.3213.2

1 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]

Month

JanuaryFebruaryMarchApril . .MayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1937

243188231270244318322281207202198209

2,913

1938

192119227222283251240313301358302389

3,197

1939

252220301330308288300312323262300354

3,551

1940

196201272301329325399415348383380456

4,004

1941

305270480407549539577760623606459432

6,007

1942

317434611499674

1,190944

Public ownership1

1937

11269667493

137131104807893

115

1,152

1938

118519599

14410898

171160203179279

1,705

1939

14811112816013512813715814492

144225

1,708

1940

938295

103112147205195144175195258

1,802

1941

124105269184267314348520403371298288

3,492

1942

198310473355569

1,105876

Private ownershipl

1937

130119165195151180191178127124106

94

1,761

1938

7568

132123139143142142141154123110

1,492

1939

104109173170174161163154179170156129

1,842

1940

104119177197217177194220204209186198

2,202

1941

181166211223281225229240220235161144

2,515

1942

1191231381441058568

1 Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by the F.W. Dodge Corporation. Value of contracts in thousands of dollars]


BostonNew YorkPhiladelphia

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis - . . .

Kansas CityDallas

Total (11 districts)

1942

August

16,40021,88826,118

51,89272,90469,157

210,31963,94017,240

65,450105,720

721,028

July

37,98676,99723,200

83,93990,017

161,581

121,29696,75441,850

111,82698,350

943,796

1941

August

41,77976,32126,437

52,589146,093102,851

118,72362,78213,597

25,46293,599

760,233

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet. Amounts in thousands of dollars]

Federal Reservedistrict

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Number

1942

August

5028028302125

1072815261276

698

July

5329751302229

117199

348

95

764

1941

August

6035768473242

13623154220

112

954

Liabilities

1942

August

5962,614

292254282154

1,18921912420484

769

6,781

July

6233,214

74129558230998417689

36633

1,136

8,548

>

1941

August

7863,2141,445

750377317

2,09018375

217210

1,470

11,134

New series. Includes cases of discontinuances where loss to creditorswas involved even though actual legal formalities were not invoked. Backfigures, available for 1939 only, may be obtained from Dun and Bradstreet,Inc.



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch

AprilMayJune .

JulyAugustSeptember

OctoberNovemberDecember

Jan.—July

Merchandise exports1

1938

289262275

274257233

228231246

278252269

1,818

1939

213219268

231249236

230250289

332292368

1,646

1940

370347351

323324350

317351295

344328322

2,381

1941

325303357

387385330

365460425

3666492652

2,451

1942

479r478609

r696^525p610

P629

p4,026

Merchandise imports2

1938

171163173

160148146

141166168

178176171

1,102

1939

178158190

186202179

169176182

215235247

1,263

1940

242200217

212211211

232221195

207224253

1,526

1941

229234268

287297280

278283262

304281344

1,872

1942

254r253272

234p191^220

*228

2*1,652

Excess of exports

1938

11899102

11510987

876579

1007698

717

1939

356177

454757

6174107

11757121

382

1940

128147134

111112138

84130101

13710469

855

1941

966989

1008850

87178162

3362211308

580

1942

226'225336

r4612*335P390

2*401

*>2,374

p Preliminary. r Revised.1 Including both domestic and foreign merchandise.2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.3 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.SQG BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1935-39 average=100]

Total

SEASONALLYADJUSTED

1941—JulyAugustSeptemberOctoberNovemberDecember


UNADJUSTED1941—July

AugustSeptemberOctoberNovemberDecember


138139130127135137

140139136143143141142143

138140145144141128

129129129136138139142144

Coal

150158133121121111

119116122160164160155154

127139140138135125

136132125135139135132136

Coke

200r198176165159167

153150168200197199205208

172167172165168182

184184175176181179'177175

Live-stock

11210311197118124

14213111911711511395106

163125122104115113

12511010210099111138129

8384849593101

9995971019810390106

708011114611797

95767790898176100

For-est

prod-t

148152138140146145

156159149159155159172165

149160149147143129

140153149159161165173173

Ore

156155149204204246

186187282289289183180176

28327126123219969

464773218303318325308

Mis-cel-lane-ous

140141135133144149

152151143141142144149152

139141150151150138

134135139142144145148152

Mer-chan-disel.c.l.

10099979799

100

97100928062605757

9999

10210110196

9396928162605757

r Revised.N O T E . — F o r description and back data , see pp. 529-533 of the BULLETIN for

June 1941. Based on daily average loadings. Basic da ta compiled by Associa-tion of American Railroads. Total index compiled by combining indexes for classeswith weights derived from revenue data of the In ters ta te Commerce Commission.

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS


SEASONALLY ADJUSTED*1941—June

JulyAugustSeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchAprilMayJuneJuly

UNADJUSTED1941—June

JulyAugustSeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchAprilMayJuneJuly

Totalrailway

operatingrevenues

474471485464453476486

495519542584618627643

455485494489•518457

481462540573601624665

Totalrailwayexpenses

363370377379403403410

413420446471487500519

362379382385424388399

412396448470491505532

Netrailway

operatingincome

11010010885497376

829996

113131128124

93106111104946981

696692

102110119133

m Ne tincome

68576542103337

40585270

53646659542955

262447586478

P90

p Preliminary.•Derived from Interstate Commerce Commission data.NOTE.—Descriptive material and back figures may be obtained

from the Division of Research and Statistics.

OCTOBER 1942 1041


DEPARTMENT STORE STATISTICSMONTHLY INDEXES OF SALES AND STOCKS

[Index numbers based on value figures; 1923-25 average = 100]

SALESJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year.

STOCKS

January.FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Seasonally adjusted

1939 1940 1941 1942

92908989899192989794

100101

101103103104105104115134116105116111

Unadjusted

1939

69698288878360699799

106168

90

68

1940

69

110

83

P Preliminary.Back figures.—Department store sales, see BULLETIN for August 1936,

p. 631, for October 1938, p. 918, and for January 1941, p. 65; departmentstore stocks, see BULLETIN for March 1938, p. 232.

WEEKLY INDEX OF SALES[Weeks ending on dates shown. 1935-39 average = 100]

1939

Feb. 411. . . .182 5 . . . .

Mar. 4111 8 . . . .25

Apr. 18 . . . .

15 .22 . . .29 . . . .

May 6 . . . .132 0 . . . .27

June 3101 7 . . . .2 4 . . . .

July 18

15.2229

Aug. 5 . . . .1 2 . . . .1 9 . . . .2 6 . . . .

Sept. 2 . . . .9 . . .

16.. .23 . . .30. . .

79.•80. 80. 78. 90

89. 93102110

.11892

. 93

. 98

.104106

. . 9497

. . 99105

. . 98

. . 84

. . 85

. . 6273

. . 67

. . 66

. . 77

. . 73

. . 76

. . 82

..108

. . 98

..112

..107

..120

1940

Feb. 31 0 . . . .172 4 . . . .

Mar. 29 . .

1 6 . . . .23 .30

Apr. 6 . . . .13 .2 0 . . . .2 7 . . . .

May 4 . . . .111 8 . . . .25

Tune 18 . . . .

15 . . . .22 . . . .29 . . . .

J u l y 6 . . .1 3 . . .2 0 . . . .2 7 . . . .

Aug. 3 . . . .10 . . . .17 . . . .24. . .3 1 . . . .

Sept. 7 . .14 . .

. 2 1 . .2 8 . .

86. 80

82. 82

9598

. 99113

. 88

.112

. 97

. 99

. 98..108

114. . 99

97. . 90

120..107. . 92. . 89. . 67. . 78. . 72. . 69. . 81. . 79. . 81. . 92..118..109..123..117..120

1941

Feb. 18

1522

Mar. 18

1522.. .29 . . .

Apr. 5 . . . .12 . .1 9 . . . .26

May 3 . . . .101 7 . . . .243 1 . . . .

June 7J 1 4 . . .

2 1 . . . .2 8 . . . .

July 5 . . . .1 2 . . . .1 9 . . . .2 6 . . . .

Aug. 2 . . . .9 . . . .

16 . . . .2 3 . . . .30 . . . .

Sept. 6 . . .1 3 . . .2 0 . . .2 7 . . .

94. 95. 97. 88.101

97.105111

.117

.131136

.117

.114

.124128

.110117

.109127

.120

.107..109. . 86. . 93. . 89. . 87..102..116..113..119..152..122..123..131..148

1942

Jan. 31Feb. 7 . . . .

1 4 . . . .2 1 . . . .2 8 . . . .

Mar. 71 4 . . . .2128. .

Apr. 4 . . . .111 8 . . . .2 5 . . . .

May 2 . . . .9

1 6 . . . .233 0 . . . .

June 6 . . . .13. .".20 . . . .27 . . . .

July 4 . . . .1 1 . . .18 . . .2 5 . . .

Aug. 1. . .8 . . .

15. . .22.. .29. . .

Sept. 5. .12. .19 . .26..

121.114..116..110..119

125..131

140147

. 160120

..135..129..134

136..115. .114. . 95

135..117..116..100. . 84..102. . 93. . 92. . 96.110..113..116..132..153..128..137..155

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES[Percentage change from corresponding period of preceding year]

United States . .

BostonNew HavenPortlandBostonSpringfieldProvidence

New-YorkBridgeportNewarkAlbanyBinghamtonBuffaloElmiraNiagara Falls..New York CityPoughkeepsie...RochesterSyracuse

PhiladelphiaTrentonLancasterPhiladelphia....ReadingWilkes-Barre...York

ClevelandAkronCincinnatiClevelandColumbusToledo

Aug.1942

- 3

-8- 1 0+10

- 9- 5- 3

—9- 7

—11- 2 6- 1 3—7

- 1 0+18

- 6- 7- 7

-2- 6+2+3+3

- 1 3+18

-8+3- 6

— 11

+2+2

July1942

+5+6+5

+20+8

+13+8

+1

+6- 2 1- 1 3+10+6

+34+1+2+8- 1

+5r 0

M-li+9+4+3

r+18

—3

+7- 2- 2+5+5

Eightmos.1942

+11+11+12+21+10+17+12

+7+13+7- 8+5

+14+13+34+7+7+9+7

+12+8

+18+15+14+11+18

+10+ 18+9

+13+12+13

Cleveland (cont'd)YoungstownEriePittsburghWheeling

RichmondWashingtonBaltimoreWinston-Salem...Charleston, S. CLynchburgNorfolkRichmondCharleston,W.VaHuntington

AtlantaBirminghamMontgomeryJacksonvilleMiamiTampaAtlantaMaconBaton RougeNew OrleansJacksonChattanoogaKnoxvilleNashville

ChicagoChicagoPeoria

Aug.1942

-7+2-12-22

+6+4+9-6+49-9+26+7-29-6

+2+4+7

+2

+22

+4

+5

0

- 5- 1 1- 1 3

July1942

+3- 9

+13+19+13

+56- 4

+17+14- 2 1

—5

+8+9

+11+16+7+5+1

+28+6

+14+13+12+6+4

+3- 1+1

Eightmos.1942

+1+19+8+3

+18+23+19- 1

+36+6

+29+13

- 6+6+9

+21+12+12

- 6+12+2

+22+6

+15+10+16+11+6

+9+6+2

Chicago (cont'd)Fort Wayne....IndianapolisDes MoniesSioux CityDetroitFlintGrand Rapids-LansingMilwaukee

St. LouisFort SmithLittle RockQuincyEvansvilleLouisvilleSt. LouisSpringfield....Memphis

Minneapolis ,

Kansas CityDenverHutchinsonTopekaWichitaJoplinKansas City...St. JosephOmahaOklahoma CityTulsa

Aug.1942

+10+2- 9

05

- 1 10

+2+21+22

- 9+13- 1 5+2

- 2 0+12

+5+2

- 4+23- 1+5

+3+6

+15

July1942

+20+11

0+2

+11- 1 6- 6- 1

+11+3

+34+25

+16- 1 1+1

- 1 8+13

+2

+8+9- 2+5

+25

+6- 6

+14

Eightmos.1942

+21+15+5+4

+16- 1 0+2+3

+15

+11+37+22+4

+13-11+16

+6

+11+10

+2+28+14+13

0+12+6

+22

DallasShreveportDallasFort WorthHoustonSan Antonio

San FranciscoPhoenixTucsonBakersfieldFresnoLong BeachLos AngelesOakland and

BerkeleySacramentoSan DiegoSan FranciscoSan JoseSanta RosaStocktonVallejo and NapaBoise and

NampaPortlandSalt Lake City..BellinghamEverettSeattleSpokaneTacomaWalla WallaYakima

Aug.1942

-3- 1 4- 1 3+7- 3- 4

+4+28+23+1

- 1 2+15

- 9

+4+2

+15+3- 1

+12+16+39

+22+9

+24+1- 5

+17+11+11+12

- 3

July1942

+6+5- 2+4+5

+19

+14+27*- 2- 3

+310

+30+12+30+9+7+7

+36+24

+17+29+31+5

0+30+19+17+24

0

Eightmos.1942

+6+11

0+8+8

+12

+16+26+20+2

+6+27+17+ 2 9 '+13+12+17+30+48

+23+26+27+15+7

+32+11+19+17

r Revised. ' Not available.

IO42. FEDERAL RESERVE BULLETIN


DEPARTMENT STORE STATISTICSSALES AND STOCKS, BY MAJOR DEPARTMENTS

Department

GRAND TOTAL—entire store

MAIN STORE—total.. .

Women's apparel and accessoriesWomen's and misses' coats and suitsWomen's and misses' dressesBlouses, skirts, sportswear, sweaters, knit ap-

parelJuniors ' and girls ' wearInfants ' wearAprons, housedresses uniformsWomen's underwear, slips, negligeesCorsets brassieresHosiery (women's and children's)Gloves (women's and children's)Shoes (women's and children's)Furs

Men's and boys' wearMen's clothing . . . .Men's furnishings, ha ts capsBoys ' clothing and furnishingsMen's and boys ' shoes and slippers

Home furnishingsFurni ture , beds, mattresses, springsDomestic floor coveringsDraperies, curtains, upholstery . .Major appliances (refrigerators, washers, stoves,

etc.)Domestics, blankets, linens, etcChina and glasswareHousewares

Piece goods (dress and coat yard goods, all materials)

Small waresNotions . . .Toilet articles, drug sundries (including pre-

scriptions)Jewelry and silverware

Miscellaneous

BASEMENT STORE—totalWomen's apparel and accessoriesMen's and boys ' clothing and furnishingsHome furnishingsPiece goodsShoes

Numberof storesreporting

357

357

353332333

312274303282304328322328229235

321227306273157

321221241297

191269214223

294

329224

320271

285

22718916412965

128

Sales during month

Percent-age

changeJuly 1942

fromJuly 1941

+7

+6

+15+27+17

+8+26+35+14+13+11++?+27- 4 1

+2- 5+1

+21• +io

- 7- 8- 8

+14—55

- 1- 1+7

+32

+10+15+4

+20

+10

+14+17+10

&+17

(value)

Percentage changeJune to July

1942

- 1 7

—17

- 1 7+11- 3 1

- 1 4- 3 0

- 6- 2 2

- 6- 1 8- 7

- 3 9- 2 4

+350

- 3 3- 2 7- 3 5- 4 0- 2 8

- 1 0+1

- 2 0- 2 5

- 1 4+5

- 1 8- 1 4

- 2 1

- 1 5- 1 8

- 9- 2 5

- 6

—19- 1 7- 2 9- 1 6—14- 2 8

1941

- 1 8

- 1 7

- 1 9+9- 3 6

- 1 9- 3 4

- 9- 2 4- 1 1- 2 3+1

- 4 4- 3 0

+344

- 3 3- 3 1- 3 2- 4 3- 3 4

- 9- 2

- 1 6- 2 4

+1+5

- 2 3- 1 2

- 2 1

- 1 8- 1 8

- 8- 3 5

- 1 4

- 2 1- 1 9- 2 9- 1 6- 1 0- 3 4

Stocks at end of month (value)

Percent-age

changeJuly 31,

1942 fromJuly 31,

1941

+67

+66

+65+116

+9

+86+72+78+35+89+86

+173+41+33+3

+67+60+76+71+40

+67+56+79+55

+31+70+30+90

+57

+63+71

+70+59

+88

+77+82+88+83+53+41

Percentage changeJune 30 to July 31

1942

- 1

0

+2+46- 2 6

- 9+6

0- 2 6

-2

- 4- 7+6+4

+34

- 2- 3- 2+1- 2

0+3- 3- 1

- 60

+1

- 4

- 2- 4

- 4—1

+3

- 3- 2- 2—4- 6- 5

1941

+2

+2

+3+89- 2 7

- 1 2+13+3

- 1 8- 6- 4

- 1 4+4+3

+54

- 2- 4- 3+4

0

+4+8+9

+4+5+2+1

- 1

- 1- 1

- 2- 2

+2

+3+6+3+3+4—3

Ratio of stocks tosales

(months' supply)

July

1942

5.6

5.9

4.37.11.1

2.93.75.01.64.75.64.5

19.75.9

10.6

8.08.17.4

10.38.8

7.86.3

11.46.9

5.57.2

10.97.2

5.7

6.25.2

5.47.3

6.0

4.23.16.66.14.64.7

1941

3.6

3.7

3.04.21.2

1.72.83.81.32.83.41.9 *

14.95.76.1

4.94.84.27.46.9

4.33.85.95.1

1.94.28.34.0

4.8

4.23.5

3.35.5

3.5

2.72.03.93.63.83.9

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those foistore owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise.

r main

OCTOBER 1942. 1043


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 =100]


192919301931 .19321933 . .19341935 .193619371938193919401941

1941—January.FebruaryMarch ..AprilMayJuneJuly .AugustSeptemberOctober . .NovemberDecember


Week ending1942—May 23

May 30une 6

i

une 13une 20une 27uly 4uly 11uly 18uly 25

\uenist 1August 8August 15August 22August 29September 5September 12September 19September 26

Subgroups

Farm Products:GrainsLiOt

vestock and poultryher farm nrnrlnrte

Foods'Dairy productsCerP I nrnrhirtsFiM

uits and vegetables ..eats .

Other foodsHides and Leather Products:

ShoesHides and skinsLeatherOther leather products..

Textile Products:ClothingCotton goodsHosiery and underwear..SilkRayon

Allcom-

modi-ties

95.386.473.064.865.974.980.080.886.378.677.178.687.3

80.880.681.583.284.987.188.890.391.892 A92.593.6

96.096.797.698.798.898.6

p98.7P99.2

98 798.898.798.498 198.498.598.598.398.4

P98.6*>98.6P98.9P9S.9P98.9^99.1^99.2P99.3P99A

Woolen and worsted goodsOther textile products

Fuel and Lighting Materials:AnthraciteBituminous coalCokeElectricityGasPe troleum products

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565.367.78214

71.670.371.674.476.482.185.887.491.090.090.694.7

100.8101.3102.8104.5104.4104.4105.3106.1

104.8106.0105.6104.3104.5104.6104.9105.5104.9105.4105.6105.4106.0106.4106.0106.7107.2107.1107.3

1941

Aug.

79.699.082 0

90.381 570.397.584 4

116.1112.298 5

103.7

95 1101.563.8

29.598.296 8

83.3106.3122.266.478.361.4

Foods

99.990.574.661.060.570.583.782.185.573.670.471.382.7

73.773.575.277.979.583.184.787.289.588.989.390.5

93.794.696.198.798.999.399.2

100.8

99.199.499.799.598.499.399.398.798.398.9

100.199.7

100.5100.8100.7101.4101.6102.0102.0

Total

91.685.275.070.271.278.477.979.685.381.781.383.089.0

84.384.484.985.987.488.689.790.891.693.493.593.7

94.694.995.295.695.795.6

P95.7p95.6

95.995.995.995.995.996.096.196.095.995.995.895.795.895.7

p95.7P95.7p95!7p95.7

Hides andleather

products

109.1100.086.172.980.986.689.695.4

104.692.895.6

100.8108.3

102.411111111111

11111111

111111111111111111

01.602.603.906.407.809.410.211.312.614.114.8

14.915.316.719.218.818.218.218.2

19.219.018.818.918.918.918.918.918.818.818.818.818.818.918.919.019.018.618.4

1942

May

92.2117.699 0

93 589 096.7

114 890 6

126.6121.4101 3115.2

109 6112.971.9

30.3111.098 3

85.3108.5122.163.879 959.1

June

81* 8116.9100 *

92.087.2

105.4113.991 0

126.4118.5101 3115.2

109.1112.770.0

30.3111.098 2

85.7109.2122.163.381-25<).8

July

89117101

1.8

96-08798

11S91

118101115

10711?69

1011198

as1091??

81

.540

45

-77

.7•2

.0

781

460.6

Aug.

89.8122.699.9

100.287.898.0

115.293.1

126.4118.8101.3115.2

107.2112.969.7

30.3111.797 9

85.7110.0122.1

60.7

Other commodities

Textileproducts

90.480.366.354.964.872.970.971.576.366.769.773.884.8

75.276.478.481.083.084.586.288.389.790.991.191.8

93.6.95.296.697.798.097.697.197.3

97.297.297.297.297.397.397.396.896.896.896.596.596.596.596.696.796.796.696.7

Fuel andlighting

materials

83.078.567.570.366.373.373.576.277.676.573.171.776.2

72.172.172.072.975.677.978.579.079.279.678.878.4

78.278.077.777.778.078.479.079.0

78.978.978.978.979.079.279.579.579.679.579.679.679.779.679.679.679.679.679.6

Metalsand metalproducts

100.592.184.580.279.886.986.487.095.795.794.495.899.4

97.797.697.797.998.198.398.598.698.6

103.1103.3103.3

103.5103.6103.8103.8103.9103.9p103.8

P103.&

104.0104.0104.0104.0104.0104.0104.0104.0103.9103.9

P103.9P103.92>103.9P103.9P103.9^103.9^103.9P103.9P103.9

Subgroups

Metals and Metal Products:Agricultural implements...Farm machineryIron and steel..Motor vehiclesNonferrous metalsPlumbing and heatiner ..

Building Materials:Brick and tile..CementLumberPaint and paint materials.Plumbing and heatingStructural steel.Other building materials...

Chemicals and Allied Products:Chemicals.Drugs and PharmaceuticalsFertilizer materiMixed fertilizersOils and fats. ..

als

Housefurnishing Goods:Fumi chinesFurni

Miscellantureeous:

Auto tires and tubesCattle feedPaper and pulp.Rubber, crude..Other miscellaneous

Buildingmaterials

95.489.979.271.477.086.285.386.795.290.390.594.8

103.2

99.699.399.5

100.1100.4101.0103.1105.5106.4107.3107.5107.8

109.3110.1110.5110.2110.1110.1110.3110.3

110.0109.9109.9109.9109.9110.0110.6110.3110.2110.1110.0110.2110.2110.3110.3110.3110.3110.4110.5

1941

Aug.

92.993.996.9

100.484.486.8

95.192.1

127.593.386.8

107.399.9

87.5100.175.377.187.3

100.789.9

60.8108.8100.747.889.8

Chemi-cals and

alliedproducts

94.088.779.373.972.175.379.078.782.677.076.077.084.6

78.678.579.881.883.683.885.286.087.489.789.891.3

96.097.097.197.197.397.296.796.2

97.397.397.297.297.297.297.297.297.296.496.496.396.396.296.296.296.296.296.2

House-furnish-ing goods

94.92.84.75.75.81 .80.81 .89.86.86.88.94.

89.89.89.

791856778

S3

015

90.491.493.94.95.97.99.

100.101.

102.102.102.102.102.102.

1442561

456899

102.8102.

104.

7

6104.5104.5104.104.104.104.104.104.104.104.104.104.104.104.104.104.104.104.

555554444

Miscel-laneous

82.677.769.864.462.569.768.370.577.873.374.877.382.0

77.176.977.678.679.680.682.083.785.186.487.387.6

89.389.389.790.390.590.289.888.9

90.290.190.089.990.090.090.190.089.689.689.188.989.088.688.688.688.688.688.6

1942

May

96.998.097.2

112.885.698.5

98.094.2

131.5100.698.5

107.3103.8

96.5129.179.082.8

108.6

108.197.5

73.0140.4102.846.393.5

June

96.998.097.2

112 885.698.5

98.194.2

131.7100.398.5

107.3103.8

96.5129.178.482.8

108.5

108.197.4

73.0140.0101.646.393.3

July

969897

8594

9894

13210094

107103

96179788?,

104

9.0

61

0

97138

•>1582

108,097

731361004693

5

03533

Aug.

96.998.097.2

85.694.1

98.794.2

133.0100.194.1

107.3103.8

96.3129.078.382.8

101.6

107.997.4

73.0125.498.946.393.0

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937(table 87).

p Preliminary.



CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK *ON BANK CREDIT, MONEY RATES, AND BUSINESS

Chartbookpage

WEEKLY FIGURES1

RESERVES AND CURRENCY

Reserve Bank credit, total 3U. S. Gov't. securities, by maturi-

ties, total 5Within 1 yr 5Within 5 yrs 5After 5 yrs 5

Gold stock 3Treasury currency 3Money in circulation 3, 11Treasury cash holdings 3Treasury deposits , 3Nonmember deposits 3Member bank reserves 3Excess reserves—-totale 9

New York City 9Chicago 9Reserve city banks 9Country banks6 9

MEMBER BANKS

Total, 101 cities:Loans and investments 16Balances due to domestic banks.... 16Demand deposits adjusted 16Time deposits 16

New York City:Commercial loans 17Brokers' loans 17U. S. Gov't. obligations 17

100 cities outside New York:Commercial loans 17U. S. Gov't. obligations 17

MONEY RATES, ETC.

Treasury bills (new issues) 21Treasury notes (taxable) 21U. S. Gov't. bonds* 21,29Corporate Aaa bonds 29Corporate Baa bonds 29

Stock prices(1935-39 « 100):

Total 31Industrial 31Railroad 31Public utility 31

Volume of trading (mill, shares) 31

BUSINESS CONDITIONS

Wholesale prices:All commodities (1926=100):

Total 35Farm products 35Others 35

Basic commodities(Aug. 1939 = 100), total 36

12 foodstuffs 3616 industrial materials 36

Steel production(per cent of capacity) 44

Automobile production (thous. cars)4.. 44Freight-car loadings (thous. cars):

Total 45Miscellaneous ^ 45

Electric power production (mill. kw.hrs.) 46

Department store sales (1935-39 = 100) 46F.H.A. home mortgages, new constr.

(thous.) 47

1942

Aug. Sept. Sept. Sept. Sept26 2 9 16 23

In billions of dollars

3

3111223132

1122

1

34

.53

.39

.24

.90

.49

.75

.34

.06

.22

.18

.34

.53

.32

.38

.07

.06

.80

.508.46275

2

8

312

.17

.14

.57

.40

.57

.77

.00

3

3111

.54

39.238850

22.763132

1122>2

1V

348275.

2

8

312

3425221532422225070783

46682214

543855

7404

3

3111223132

112n

Ip

.70

.50

.33

.9951753439212129403120081489

34.328275

2

8

312

826515

533644

7208

3.86

3.571.412.121.45

22.753.3513.442.21.01

1.2412.76^2.82.49.10

1.24*\98

34.369.2128.095.14

2.58.33

8.42

3.7412.17

3.401.221.941.45

22.753.35

13.522.20

.491.29

11.89

35.358.80

27.815.16

2.56.39

8.74

3.7212.75

Per cent per annum

12

.367

.26

.022.804.27

1224

.368

.26

.02

.81

.27

1.369.27

2.0224.81.26

1224

.370

.27

.04

.80

.27

1224

.373

.28

.04

.80

.27

In unit indicated

68.470.565.859.0

.33

P98.9106.0^95.7

.66.5

.85.3

.53.5

97.3

199.4

3,640.32.

3.17

68.971.165.959.4

.29

*>99.1106.7*>95.7

167.4186.9154.0

97.6

888.0420.1

3,673153.

3.28

69.271.366.259.6

.36

*>99.2107.2^95.7

168.3188.0154.7

96.4

814.9379.0

3,583128.

2.21

68.770.965.458.9

.39

^99.3107.12*95.7

168.2187.1155.1

97.2

903.1421.8

3,757137.

3.09

469.771.967.559.6

.61

P99A107.395.7

169.2190.0155.0

96.2

897.7425.8

3,720155.

3.56

Chartbook

MONTHLY FIGURESRESERVES AND CURRENCY

Reserve Bank credit, totalU. S. Gov't. securities

. 2, 7. . .. : 7

Bills discounted 7Gold stock 2Money in circulation 2Treasury cash 2Treasury deposits 2Reserve balances 2, 8Required reserves 8Excess reserves 8Money in circulation, total 10

Coins and bills under $50 10Bills of $50 and over 10

TREASURY FINANCE

U. S. Government debt:Direct obligations, total

BondsNotesBil ls . . . .Special issues

Guaranteed obligations

MONEY RATES, ETC.

F. R. Bank discountra te ,N.Y

Treasury bills (new issues)..Treasury notes (taxable)...U. S. Gov't. bonds2

Commercial paper.

23232329

„„ 25Corporate Aaa bonds 25, 29Corporate Baa bonds 29

Stock prices(1935-39=100):

Total ..: 31Industrial 31Railroad 31Public utility 31

Volume of trading (mill, shares)... 31Brokers' balances (mill, dollars):

Credit extended customers... .Money borrowedCustomers' free credit

balances

3333

33BUSINESS CONDITIONS

Wholesale prices:All commodities (1926 = 100):

Total8 35, 65Farm products 35Others 35

Industrial commodities(Aug. 1939 = 100):

TotalFinished .#Raw and semifinished....

Cost of living (1935-39 = 100):All itemsRentClothingFood

373737

39393939

1942

June July Aug.


2.762.58.01

22.7312.212.19.14

12.629.922.7012.389.083.30

71.9748.789.70

65.607.884.55

3.172.98(5)22.7412.532.20.42

12.4110.172.2412.749.403.34

76.6951.7610.0566.768.124.55

3.563.37

.0122.7512.942.21

.2412.6210.372.25

13.209.803.41

81.2453.6810.4368.878.264.57

Per cent per annum

1.00.363

1.151.97.69

2.854.33

1.00.368

1.202.00.69

2.834.30

1.00.370

1.252.02

.692.814.28

In unit indicated

66.168.259.058.8

.32

496309

240

98.6104.495.6

121.4117.1130.3

116.4108.5125.3123.2

68.270.662.958.4

.35

491307

238

p98.7105.3P95.7

P121.6117.0130.8

116.9107.7125.3124.6

68.370.565.458.8

.32

8

^99.2106.1P95.6

'121.4116.9130.3

117.4107.6125.1126.1

e Estimated. p Preliminary. r Revised.1 Figures for other than Wednesday dates are shown under the Wed-

nesday included in the weekly period.2 Partially tax-exempt issues only.3 Other than farm products and foods.4 Data no longer published.5 Less than $5,000,000.6 Including certificates of indebtedness.7 Series discontinued.8 Estimate for September is shown on page 1044.* Copies of this Chart Book may be obtained at a price of 50 cents

each.

OCTOBER 1942. 1045


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued

Chartbookpage

MONTHLY FIGURES (cont.)BUSINESS CONDITIONS (cont.)

Industrial production:! 2 3Total (1935-39 = 100) 41, 42Durable manufactures 41

Iron and steel 42Machinery, etc 42Other durable 42

Nondurable manufactures 41Textiles and leather 42Paper and printing 42Foods, liquors, and tobacco . . . 42Other nondurable 42

Minerals 41, 42New orders, shipments, and

inventories:New orders, total (Jan. 1939 =100). 43

Durable 43Nondurable 43

Shipments, total (1939 = 100) 43Durable 43Nondurable 43

Inventories, total (1939 = 100) . . . . 43Durable 43Nondurable 43

Freight-car loadings:! 2Total (1935-39 » 100)3 57Coal 57Miscellaneous 57All other 57

Factory employment 51, 53Factory payrolls 51, 53Average hourly earnings

(cents per hour) 51Average hours worked

(hours per week).. v 51Department store sales1 59Department store stocks! 59

Residential contracts awarded:1

Total 47Public 47Private, total 47

1- and 2-family dwellings 47Other 47

Construction contracts awarded :*Total 49Residential 49Other 49

Nonagricultural employment5

(mill, persons):Total 50Manufacturing and mining 50Trade 50Government 50Transportation and utilities 50Construction 50

Income payments:!Total 54Salaries and wages 54Other 54

Cash farm income:Total 55Crops 55Livestock and products 55Gov't. payments 55

Exports and imports:6

Exports 61Imports 61Excess of exports 61

1942

June | July August

In unit indicated

17692225515642011191420

314545166202256160173193155

14134.178.927.

18095225815652011191520

256399163207264163174196155

14233.181.627.0

P97P22P60P15?66P20

n\P20

P20

14332.883.127.3

1923-25=100

r139198

84

42104134

.3

.1

.0

.6

142204

85

23

0

42.4121140

PU5.3P2UA

130P13S

In millions of dollars

18114140355

792140652

9,3376,4702,867

1,070286784

p610.0p22O.OP390.0

1268541357

844136708

9,5116,6452,866

1,219492727

^268.6P227.7^400.9

1015348399

p726^108P618

p9,696P6,798p2,898pl,400

P674

Chartbookpage

MONTHLY FIGURES (cont.)INTERNATIONAL FINANCE

Wholesale prices:Canada 65Germany 65Japan 65Sweden 65Switzerland 65United Kingdom 65

Foreign exchange rates:Argentina (peso) r 67Canada (dollar) 67United Kingdom (pound) ...».« 67

Increase in U. S. gold stock:7

Total 63Net capital inflow:

Total 62, 63Inflow of foreign capital 62Return of domestic capital 62

Merchandise export surplus8 63Other factors8 63

Short-term foreign liabilities andassets of banks:

Due to foreigners 64Due from foreigners 64Net due to foreigners 64

QUARTERLY FIGURESCash income and outgo of U. S. Treas.:

Cash income 18Cash outgo 18Excess of cash outgo 18

Domestic corporation security issues:Total 32New , „. 32Refunding.. .„ w ,„ ,„ m ,M „,,., , i f,.,,, 32

Bank rates on customers' loans:Total, 19 cities 25New York City 277 other Northern and Eastern

cities 2711 Southern and Western c i t ies . . . . 27

1942

June July August

1926 = 100

95.8

P149.3

129.0

96.1

p153.3

129.0

95.6

In cents per unit offoreign currency

2989

403

.77

.96

.50

29.7789.94

403.50

29.7789.52

403.50

1942

Apr. May June


15.67

5.723.602.02

C7.41C2.53

3.55.33

3.22

1941

Oct.-Dec.

15.69

5.823.692.03

3.64.32

3.32

15.71

5.903.782.01

3.72.32

3.41

1942

Jan.-Mar.

Apr.-June


274

.86

.19

.33

.47

.27.20

593

.55

.04

.49

.36

.22

.14

4.4213.188.76

.36

.28

.09

Per cent per annum

2.411.88

2.452.99

21

23

.48

.85

.48

.20

22

23

.62

.07

.56

.34

p Preliminary. r Revised. c Corrected1 Adjusted for seasonal variation.2 In points in total index.3 Estimate for September is shown on page 1031.4 Three-month moving average, adjusted for seasonal variation.6 Revised figures will be published in November BULLETIN, see p. 1037

of this issue.6 Back figures for May 1942: Exports, P525.1; Imports, 2*190.6; Excess of

exports, p334.5.7 Cumulated from Jan. 31, 1934.8 Correction: Merchandise export surplus: February 1942, 6.61; March

1942, 6.95. Other factors: February 1942, 3.59; March 1942, 3.22.



CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued[In billions of dollars]

Chartbookpage

1939

Oct. Dec.2 30

1940

Mar. June Dec.26 29 31

1941

June Sept. Dec.30 24 31

1942

Apr. June4 30

CALL REPORT FIGURESALL BANKS IN THE U. S.

Total deposits and currency ,.Demand deposits adjustedTime depositsCurrency outside banksLoans and investments, total

LoansInvestments 5

MEMBER BANKSInvestments, total

U. S. Government obligations:DirectGuaranteed

State and local government obligationsOther domestic securities.Foreign securities

Loans, totalCommercial loans (incl. open-market paper)Street loans (brokers' loans)Other security loans3

Real estate loansAll other loans 3. „

SEMI-ANNUAL FIGURESOWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS

Total direct and guaranteed obligations outstandingAmount held by:

U. S. Government agencies and trust funds:Public issuesSpecial issues

Federal Reserve BanksCommercial banksMutual savings banksInsurance companiesOther investors

12121212131313

14141414

1415151515

C1)

20202020202020

62.8729.0926.816.19

49.9521.6328.32

19.61

10.892.922.76

18

64.1029.7927.066.40

50.8922.1728.72

19.98

11.183.142.692.77

.1913.966.57

.61

.882.962.94

47.07

2.304.232.48

16.303.10

64.8830.5427.286.23

51.1422.1928.95

20.22

11.313.112.90

0(2)13.94

8(?)

6.3012.40

66.9631.9627.476.70

51.3422.3429.00

20.48

11.603.122.892.70

.1713.976.72

.32

.803.073.06

47.87

2.304.772.47

16.553.116.50

12.20

70.7534.9427.747.32

54.1923.7430.45

21.81

12.343.493.012.80

.1715.327.52

.47

.833.233.27

50.36

2.255.372.18

17.763.226.80

12.80

72.4336.1027.907.78

56.1524.3231.83

23.10

74.1537.3227.888.20

57.9525.3132.63

23.93

14.243.842.982.72

.1516.738.55

.42

.793.373.61

54.75

2.366.12

76.0938.6827.908.56

59.3026.1933.11

24.40

14.094.24

88

2.1820.103.436.90

13.70

78.2539.0027.739.62

61.1026.6234.48

25.50

15.713.833.092.73

.1418.029.64

.41

.783.493.69

63.77

2.556.98

e80.00^82HO. 00*42e27.2Oe10e62.00«26.30^25e35.70 P38

.03

.00p27.26

.10

.90

26.45

16.983.473.17

()17.83

29.87

21.412.692.93

C2.69c.15

16.939.11

.43.69

3.503.20

76.52

2.2521.793.707.90

18.60

2.727.892.65

P26.19P3.90^8.90

p24.30

p Preliminary.e Estimated. 1 Series not shown in Chart Book. 2 Figures"available for June and December dates only.3 Includes only loans made for the purpose of purchasing or carrying securities.

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS[Based on estimates of the Department of Agriculture, by States, as of September 1, 1942]

[In thousands of units]


BostonNew YorkPhiladelphiaClevelandRichmond . .AtlantaChicagoSt LouisMinneapolisKansas CityDallas.San Francisco

Total


BostonNew YorkPhiladelphia . . .ClevelandRichmondAtlantaChicago . . . . . .St. LouisMinneapolisKansas CityDallasSan Francisco

Total . . .

Cotton

Production1941

Bales

9861,947

*3,509

5963,139

567

10,744

EstimateSept. 1, 1942

Bales

1,6292,704

23,974

7404,321

660

14,028

Oats

Production1941

Bushels6,106

26,94918,97463,86723,47021,866

471,75271,149

264,344136,51841 74829,364

1,176,107

EstimateSept. 1,1942

Bushels6,309

34,67617,11261,57825,24222,870

533,95879,391

372,723145,84415 68338,045

1,353,431

Corn

Production1941

Bushels7,659

31,00847,602

201,445133,964182,345

1,045,410348,402289,981287,44187,7599,525

2,672,541


Bushels7,952

32,16152,175

221,621134,041174,604

1,186,886378,785330,194392,34696,0349,116

3,015,915

Tame hay

Production1941

Tons2,7824,4652,0964,9944,0084,056

18,1168,232

11,3887,8941,907

12,420

82,358


Tons3,3546,3902,5115,6684,6224,102

20,4359,013

12,1038,4912 171

12,418

91,278

Winter wheat

Production1941

Bushels

7,38115,26854,21226,6317,106

58,37351,22832,433

285,96028,066

104,635

671,293


Bushels

8,27914,18741,08826,0547,267

36,83725,39641,418

356,24148,57692,365

697,708

Tobacco

Production1941

Pounds33,2731,944

52,518107,933650,557136,32832,051

240,2392,6033,918

1,261,364


Pounds31,7121,596

50,795104,013759,413147,99630,725

236,4602,5174,434

1,369,661

Spring wheat

Production1941

Bushels3672

15063

1,46522

238,3577,093

10827,278

274,644


Bushels4080

14657

1,47320

256,1455,644

11720,363

284,085

White potatoes

Production1941

Bushels53,23832,98621,71017,41821,43515,54740,71111,83840,00629,6976,760

66,437

357,783


Bushels53,78532,62919,93116,64625,20916,21941,26213,13447,69131,7376,320

73,833

378,396

1 Includes 25,000 bales grown in miscellaneous territory.2 Includes 20,000 bales grown in miscellaneous territory.NOTE.—Figures for winter wheat from estimate for August 1; no estimate for September 1.

OCTOBER 1941 1047


INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments 1050

Gold production 1051

Gold movements 1051

Net capital movements to United States since January i , 1935... 105Z

Central banks 1053-1056

Money rates in foreign countries 1057

Commercial banks 1058

Foreign exchange rates 1059

Price movements:

Wholesale prices 1060

Retail food prices and cost of living 1061

Security prices 1061

Tables on the following pages include the principal available statistics of current significance relatingto 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 commercialbank statements and official statistical bulletins; some data are reported to the Board directly. Figureson international capital transactions of the United States are collected by the Federal Reserve Banksfrom banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regula-tion of November i i , 1934. Back figures may in most cases be obtained from earlier BULLETINS and fromAnnual Reports of the Board of Governors for 1937 and earlier years.

OCTOBER 1941 I O 49


GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month UnitedStates

Ar-gen-tina

Bel- Brazil BritishIndia

Bul-garia Canada Chile Co-

lombiaCzecho-

slo-vakia

Den-mark Egypt France Ger-

many Greece

1936—Dec...1937—Dec...1938—Dec...1939—Dec...1940—Dec...

1941—Sept..Oct...Nov. .Dec...

1942—Jan...Feb...Mar..Apr...May..June..July..Aug..

11,25812,76014,51217,64421,995

22, 76122,80022,78522,73722,74722,70522,68722,69122,71422,73722,74422,756

501469431466

1353

352354354354354354354355355355

632597581609

2 734

734734734734734734734734734

2532324051

6668697071727474767879

275274274274274

274274274274274274274274274274

2024242424

242424242424242424

188184192

2930303030

30303030303030303031

1916242117

171717161817151616161819

9192835658

616161616161616161

5453535352

444444444444444444

5555555552

52525252525252525252

2,9952,5642,4302,7092,000

2,0002,0002,0002,0002,0002,0002,0002,0002,0002,000

2728292929

2624272828

428

29

End of month Hun-gary

IranPersia) Italy Japan Java Mexico Nether-

landsNew

ZealandNor-way Peru Poland Portu-

galRuma-

niaSouthAfrica Spain


1941—Sept..Oct...Nov. .Dec...

1942—Jan...Feb...Mar..

May!!June..July..Aug..

2525372424

242424242424242424

2525262626

2626262626262626

208210193144

2*120

463261164164164

6164

60798090140

201200228235216

4624293247

575452474228303130323334

491933998692617

573573574575575575575537533

2323232323

2323232323232323232323

829494

4 84

2021202020

2121212121212121212121

758385

4 84

6869696959

595959595959595959

114120133152158

179180181182182198200203205

203189220249367

450422400366363380397429447468502

I 7185 525

End of month Swe-den

Switzer-land

Tur-key

UnitedKing-dom

Uru-guay

Vene-zuela


1941—SeptOctNovDec


240244321308160

191192196223225251277280308309311

657650701549502

543560602665702764784796795795801801

2629292988

9291929289

100100107111

2,5842,6892,690

8 11

7774696890

106102101100

979797979797

59525252

9 29

414141414952525656565656

Yugo-slavia

4851575982

483

B.I.S.

115

147

12

9101012121314

.1515

Othercoun-tries'

183185142153145

r138r138r139r142r142r142r142r143r143r143r144144

P Preliminary. r Revised.1 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.2 Change from previous December due largely to inclusion of gold formerly not reported.3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con-

trol Board. Gold reported since that time is gold held by Minister of Finance.4 Figures relate to last official report dates for the respective countries, as follows: Greece—

Mar. 31, 1941; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28,1941.5 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1, 1936, and Apr.30,

1938, respectively.6 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 certainof 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 BritishExchange 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 reportedfigures through April 1940 appear on p. 926 in that issue.

Government gold reserves1 not includedin previous figures

End of month

1936—Dec1937—June . . .

Dec1938—Mar. . . .

June . . .Dec. . . .

1939—Mar. . . .M a y . . . .June. . .Sept....Dec

1940—Mar. . . .June. . .Sept....Dec. . . .

1941—Mar. ...June. . .Sept....Dec

1942—Mar

UnitedStates

169

''' "44-""80

154

" " 8 5 "16415614586

105488889242512

UnitedKing-dom

3 9344 1,395

1,489

4 7591,732

292

5 151

France2

331559477

Bel-gium

9311581

" " 6 2 "44

. . . . . . .

17

17

17

17

1 Reported at infrequent intervals or on de-layed basis: U. S.—Exchange Stabilization Fund(Special A/c No. 1), U. K.—Exchange Equali-zation Account; France—Exchange StabilizationFund and Rentes Fund; Belgium—Treasury.

2 For complete monthly series from Oct. 1938-May 1939, see BULLETIN for February 1941,p. 170.

3 Figure for end of Mar. 1937, first date reported.4 Figure for end of September.6 Figure for September 1.

NOTE.—For details regarding special goldtransfers in 1939-40 between the British E. E. A.and the Bank of England, and between the FrenchE. S. F. and the Bank of France, see BULLETINfor September 1940, p. 926.



GOLD PRODUCTIONOUTSIDE U. S. S. R.[In thousands of dollars]

Year or month

19341935193619371938193919401941

1941—Aug.SeptOctNov... .Dec

1942—Jan.FebMarAprMay. . . .JuneJuly

EstimatedWorld

productionoutside

U.S.S.R.1

823,003882,533971,514

1,041,5761,136,3601,208,7051,279,455

rl,288,945

108,535109,935111,265107,940105,035104,51090,440

?100,590p98,140

Production reported monthly

Total

708,453752,847833,895893,384958,770

1,020,2971,094,264

pl,088,882

'92,504r93,923r94,950r91,657P88.884?>88,598^75,653P85.068^82,570^83,213^81 4052*84,652

SouthAfrica

366,795377,090396,768410,710425,649448,753491,628504,268

42,45842,13543,06141,80742,43642,55639,65142,61841 49142,53942 00542,784

AfricaRho-desia

$1 = m24,26425,47728,05328,29628,53228,00929,15527,765

2,3292,3122,3192,2402,302

C2,282C2,186*>2,312P2 346^2,311

fv2 311^2,311

WestAfrica2

\ grains o12,15313,62516,29520,78424,67028,56432,16332,414

2,8002,7652,5902,5902,5902,6952,6252,6252 5552,520

^2 520^2,520

BelgianCongoS

fgoldfr6,5497,1597,3868,0188,4708,759

3 8,862

North and South AmericaUnitedStates*

fine; i.e.,108,191126,325152,509168,159178,143196,391210,109

r209,175r17,474r20,868r18,842r19,801r16,76114,98210,03410,95911,05810,80710,14712,396

CanadaB

an ounce i104,023114,971131,181143,367165,379178,303185,890186,568

16,35315,57816,14115,49914,74614,19813,14715,37214,72814,88114 877

'14,877

Mexico

if fine go23,13523,85826,46529,59132,30629,42630,87827,969

2,5791,9842,3001,6881,8323,790

5633,457

p2,617•^2,617fp2 617'*2,617

Colom-bia

d - $3512,04511,51513,63215,47818,22519,95122,11722,961

1,7391,9842,0981,7261,7492,0751,5731,9161 8651,719

' l 719A,719

Chile

8,3509,2519,0189,544

10,29011,37611,9999,259

860504703701622558537596540

'540'540'540

Nicara-1 gua«

1,166868807848

1,5573,5065,4297,525

661717699718770772647663644694609827

OtherAustra-

lia

30,55931,24040,11846,98254,26456,18255,878

^51,039

4,3764,2715,3574,047

*>4,200*>3,8502*3,430?3,6753>3,815p3,745^3 395

^3,395

BritishIndia7

11,22311,46811,66311,60711,28411,07810,1579,940

875805840840875840

1,260875910840665

'665

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 changesirregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.

p Preliminary. r Revised. c Corrected.' Figure carried forward.1 Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau

of Metal Statistics given in thousands of fine ounces.2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal

Statistics revised by deducting from each monthly figure $12,626 so that aggregate for 1941 is equal to annual estimate compiled by Bureau of Mint incooperation with Bureau of Mines.

5 Figures for Canada beginning January 1941 are subject to official revision.6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual

figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109.

GOLD MOVEMENTSUNITED STATES

Year ormonth

19341

1935193619371938193919401941

1940NovDec

1941JanFeb,MarAprMayJuneJulyAugSeptOctNovDec

Totalnet

imports

1,131,9941,739,0191,116,5841,585,5031,973,5693,574,1514,744,472

982,378

330,107137,176

234,242108,609118,567171,99234,83030,71237,04136,97365,70240,44050,37452,896

[In thousands of dollars at approximately $35 a fine ounce]Net imports from or net exports (—) to :

UnitedKing-dom

499,870315,727174,093891,531

1,208,7281,826,403

633,0833,779

93699

371,218

817212

47454279

25055

121163

France

260,223934,243573,671

-13,71081,1353,798

241,7781

1

Bel-gium

8,9023

3,35190,85915,488

165,122977

1

Nether-lands

94,348227,185

71,0066,461

163,049341,61863,260

7

Swe-den

26

60,14628,715

161,4891,747

1,746

1

Switz-erland

12,402968

7,51154,452

1,36386,98790,320

899

563337

Canada

86,82995,17172,648

111,48076,315

612,9492,622,330

412,056

262,71880,389

46,87681,52995,61920,21616,30617,51419,22410,84242,56216,07224,91720,377

Mexico

30,27013,66739,96638,48236,47233,61029,88016,791

545347

1,147814866

1,147969800

1,080843495

1,0206,3361,273

Colom-bia

16,94410,89911,91118,39710,55723,23923,99924,448

2,814

3,16811

2,2322,9342,794

72,1282,2302,4882,1072,1102,238

Philip-pine

Islands

12,03815,33521,51325,42727,88035,63638,62742,678

3,2833,268

3,1852,7723,9843,5873,3842,1144,9705,0983,1073,1411,8305,506

Aus-tralia

1,0293,498

23,28034,71339,16274,250

103,77767,492

14,44114,994

11,1366,7386,2624,7204,1944,5935,1996,7422,0646,1515,9803,713

SouthAfrica

12658

181401

22,862184,756292,893

6,2401,751

149,73596

2,788132,261

3,5946988

1373,694

20040

190

Japan

4

246,464168,740165,605111,739

9,444

12,18613,262

6,085

'3,046313

BritishIndia

76,82075,26877,89250,76216,15950,95649,9899,665

. 2,1707,446

4,501

131

1,995

2,327

711

Allothercoun-tries

32,30446,98939,73529,998

267,9753102,4044388,4685100,485

27,58012,805

6,062615,093

2,9516,7933,5895,0093,811

e9,008611,041

59,365fi

69,039618,726

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, and $37,555,000 from other

countries.4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,

$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.

5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America and $44,603,000 from other countries.6 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, Dec.

$13,460,000.NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For gross import and export figures and for addi-

tional countries see table on p. 1012.

OCTOBER 1942. 1051


NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935[In millions of dollars]

From Jan. 2, 1935, through- Total

Increase in foreign bankingfunds in U. S.

TotalCentral

bank fundsin N. Y.1

Other

Decreasein U. S.banking

fundsabroad

Foreignsecurities:

Returnof U. S.

funds

Domesticsecurities:Inflow offoreignfunds

Inflow inbrokeragebalances

1935—Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec. 29

1938—Mar. 30June 29Sept. 28Dec. (Jan. 4, 1939).

1939—Mar. 29June 28Sept. 27Dec. (Jan. 3, 1940).

1940—Mar. (Apr. 3)June (July 3)Sept. (Oct. 2)Dec. (Jan. 1,1941).

1941—Mar. (Apr. 2)June (July 2)

1941—Aug. 6Aug. 13Aug. 20Aug. 27Sept. 3

Sept. 10Sept. 17Sept. 24Oct. 1

Oct. 8Oct. 15Oct. 22Oct. 29

Nov. 5Nov. 12Nov. 19Nov. 26Dec. 3

Dec. 10Dec. 17Dec. 24Dec. 31

1942—Jan. 7Jan. 14Jan. 21Jan. 28

Feb. 4Feb. 11Feb.18Feb. 25

Mar. 4Mar. 11Mar. 18Mar. 25Apr. 1

Apr. 8Apr. 15Apr. 22Apr. 29

May 6May 13May 20May 27June 3

June 10June 17June 24July 1

1,412.52,608.43,410.3

3,207.23,045.83,472.03,844.54,197.64,659.25,035.35,021.25,115.95,440.75,748.15,727.65,526.55,575.4

5,556.15,535.85,521.25,467.25,478.3

5,448.35,397.35,422.75,510.3

5,494.3.5,478.15,460.25,503.2

5,429.25,429.75,383.35,384.05,379.3

5,358.45,290.95,266.85,230.7

5,225.35,199.15,178.55,163.7

5,098.25,081.65,035.75,069.0

5,105.85,112.15,070.35,051.75,082.4

5,079.55,300.85,317.15,309.6

5,375.25,358.65,358.45,384.85,413.4

5,456.45,497.85,515.35,490.8

603.3930.5

1,168.5

949.8786.2

1,180.21,425.41,747.62,111.82,479.52,430.82,539.02,830.13,092.83,159.03,148.83,193.3

3,185.53,166.93,156.23,105.53,113.2

3,073.23,022.13,050.93,139.5

3,123.03,108.03,091.13,138.3

3,074.33,063.23,021.73,018.53,011.6

2,989.12,919.42,894.92,856.2

2,841.72,816.92,787.72,771.6

2,703.52,687.52,646.22,675.5

2,706.12,714.62,672.52,654.42,684.0

2,675.12,893.62,912.92,906.1

2,971.02,951.42,948.52,974.72,996.8

3,039.13,077.93,095.93,083.6

9.881.1

243.9

149.9125.9187.0238.5311.4425.3552.1542.5539.1922.3

1,112.31,200.81,307.71,375.1

1,378.91,369.71,374.21,318.11,313.3

1,292.01,262.41,255.21,321.7

1,309.31,337.21,291.61,334.1

1,266.71,262.81,208.41,195.21,192.2

1,154.11,102.21,075.51,053.7

1,052.61,012.3

980.3977.6

936.7926.4866.1879.4

941.0955.6917.8908.1932.0

918.21,132.11,129.71,106.7

'1,160.11,140.11,153.31,153.51,144.0

1,193.01,210.31,220.0

2l,208.2

593.5849.4924.6

799.9660.4993.2

1,186.91,436.21,686.51,927.31,888.31,999.91,907.81,980.51,958.31,841.01,818.2

1,806.61,797.31,782.01,787.41,799.9

1,781.11,759.71,795.61,817.7

1,813.71,770.81,799.51,804.2

1,807.51,800.41,813.31,823.31,819.4

1,835.01,817.31,819.41,802.6

1,789.11,804.61,807.41,793.9

1,766.81,761.11,780.21,796.0

1,765.11,759.01,754.71,746.31,752.0

1,756.91,761.61,783.21,799.4

1,811.01,811.31,795.21,821.21,852.8

1,846.01,867.61,875.9

21,875.5

361.4431.5449.1

434.4403.3477.2510.1550.5607.5618.4650.4631.6684.1773.6775.1767.4818.6

807.3805.7803.7801.8805.6

814.9814.8810.1805.3

804.6802.1803.4797.7

785.5796.1792.4795.8795.2

796.6795.4792.6791.3

798.5796.5803.0801.6

803.5802.9806.8809.2

814.6815.8817.5817.2819.7

827.3830.1829.1829.8

831.2834.3836.4836.5

841.7842.8843.7

2842.3

125.2316.2583.2

618.5643.1625.0641.8646.7664.5676.9725.7761.6785.6793.1803.8812.7834.1

839.7841.0842.0841.4841.7

842.0841.8839.8841.1

841.7843.3843.2845.2

846.9847.6846.7847.7851.0

852.7853.6854.5855.5

856.2856.7857.8857.5

858.8859.1855.9856.2

855.4852.7851.6851.4849.6

847.2845.3844.4843.2

841.9841.4841.7840.9843.2

840.9840.7839.1826.6

316.7917.4

1,162.0

1,150.41,155.31,125.41,219.71,188.91,201.41,177.31,133.71,095.01,042.1

987.0888.7701.8631.2

624.8623.1619.7617.3616.5

617.0618.2622.1623.5

623.9623.2621.2621.3

621.6622.1621.7621.3620.5

620.4622.5624.6626.7

627.6627.0627.9631.0

630.2630.0624.5626.2

627.0626.6625.6625.0624.9

625.2627.1626.6626.6

627.2626.5626.9627.3629.0

630.0631.1631.6632.0

6.012.947.5

54.257.864.147.663.974.083.180.688.798.9

101.6100.995.998.2

99.199.6

101.0101.2

101.2100.599.9

100.9

101.1101.5101.3100.6

100.9100.8100.8100.7101.0

99.6100.1100.1100.9

101.4102.0102.0102.0

102.1102.2102.4102.0

102.6102.4103.1103.7104.3

104.7104.6104.1103.9

104.0105.0104.8105.4104.6

104.8105.2105.0

2106.2

1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this headingsee BULLETIN for April 1939, p. 285.

2 Outstanding amounts on July 1, 1942, in millions of dollars: Foreign central bank funds in New York, 1,273.3; other foreign banking funds in U. S.,2,450.4; U. S. banking funds abroad, 316.8; brokerage balances (net due "foreigners"), 29.1.

NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 31, 1941, have beenpublished in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities toand claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for April 1939, pp. 284-296, and May 1937,pp. 394-431.



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1929—Dec. 251930—Dec. 311931—Dec. 301932—Dec 281933—Dec. 271934—Dec. 261935—Dec. 251936—Dec 301937—Dec. 291938—Dec 281939—Dec. 27 . . .1940—Dec. 25

1941—Aug. 27Sept. 24Oct. 29Nov. 26Dec 31

1942—Jan. 28Feb. 25Mar. 25Apr. 29May 27June 24July 29Aug. 26

Assets of issuedepartment

Gold1

145.8147.6120.7119.8190.7192.3200.1313.7326.4326.4

.2

.2

.2

.2

.2

.2

.2

.2

.2.2.2.2.2.2

Otherassets2

260.0260.0275.0275.0260.0260.0260.0200.0220.0230.0580.0

5 630.0

680.05 730.0

730.0730.0

5 780.0

780.0780.0780.05830.0830.0830.0

6880.0880.0

Assets of banking department

Cash reserves

Coin

.2

.6

.6

.81.0

.5

.6

.6

.8

.81.0

.9

1.81.61.3

.6

.3

.4

.3

.4

.71.21.31.21.2

Notes

26.338.831.623.658.747.135.546.341.151.725.613.3

15.558.836.920.228.5

37.830.725.259.141.634.256.151.7

Dis-countsand ad-vances

22.349.027.318.516.87.68.5

17.59.2

28.54.34.0

6.44.64.54.06.4

8.24.25.17.56.65.57.16.7

Securi-ties

84.9104.7133.0120.1101.498.294.7

155.6135.590.7

176.1199.1

183.9149.8163.3192.3267.8

184.5182.8204.8138.4170.5165.8146.9158.4

Notecircula-

tion3

379.6368.8364.2371.2392.0405.2424.5467.4505.3504.7554.6616.9

664.7671.4693.3710.0751.7

742.4749.6755.1771.2788.6796.0824.1828.6

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150.6120.6101.0117.3135.7

125.7133.9117.0136.4219.9

145.5136.8156.8122.6146.6133.6136.9146.0

Public

8.86.67.78.9

22.29.9

12.112.111.415.929.712.5

14.910.613.79.8

11.2

10.211.59.3

14.07.68.08.77.3

Other

35.836.240.333.836.536.437.139.236.636.842.051.2

49.152.257.753.154.1

57.451.751.451.447.847.347.846.8

Otherliabili-

ties

17.918.018.018.018.018.018.018.018.018.017.917.9

18.018.117.717.817.9

17.918.018.117.717.817.817.918.0

Bank of Canada

(Figures in millions ofCanadian dollars)

1935—Dec. 311936—Dec 311937—Dec. 311938—Dec 311939—Dec. 301940—j)ec 31

1941—Aug 30Sept 30Oct. 31Nov 29Dec 31

1942—Jan 31Feb. 28Mar 31Apr. 30May 30June 30July 31 . . .Aug 31

Assets

Gold

180.5179.4179.8185.9225.7

(8)

Sterlingand United

Statesdollars

4.29.1

14.928.464.338.4

40.6109.342.5

113.8200.9

299.1377.0276.3209.5187.4

.933.71.0

Dominion and provin-cial government

securities

Short-term6

30.961.382.3

144.6181.9448.4

519.7516.4462.2428.7391.8

245.7209.5386.6413.1430.8493.7501.0518.7

Other

83.499.091.640.949.9

127.3

141.4146.3234.7228.5216.7

203.8204.6209.4223.5223.8322.1338.8351.3

Otherassets

8.68.2

21.75.25.5

12.4

21.319.929.620.333.5

14.917.619.719.112.926.236.714.7

Liabilities

Notecirculation*

99.7135.7165.3175.3232.8359.9

422.2435.3448.9463.0496.0

479.1493.2508.9516.7528.6541.2563.8592.6

Deposits

Charteredbanks

181.6187.0196.0200.6217.0217.7

212.9207.5231.8247.2232.0

200.6236.8241.9214.7186.0221.3271.6225.4

Dominiongovern-ment

17.918.811.116.746.310.9

60.7124.660.353.273.8

46.649.4

118.8104.596.731.326.015.5

Other

.82.13.53.1

17.99.5

10.06.42.47.26.0

18.711.16.17.3

23.426.715.728.1

Otherliabilities

7.713.414.49.3

13.328.5

17.218.225.720.735.1

18.718.216.322.020.122.433.024.1

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, whenit 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 Accountto Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.

5 Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28,1942.6 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 assetand liability items shown separately in the statements.

OCTOBER 1942. 1053


Central Banks—Continued

Bank of F r a n c e

(Figures in millionsof francs)

1929—Dec. 271930—Dec. 261931—Dec. 301932—Dec. 301933—Dec. 291934—Dec# 28 . . . .1935—Dec. 271936—Dec. 301937—Dec. 301938—Dec. 291939—Dec. 28

1940—June 10Aug. 296

Sept. 266 . . . . .Oct. 316

Nov. 286

Dec. 266

1941—July 31Aug. 28 . . . .Sept. 25Oct. 30Nov. 27Dec. 31

1942—Jan. 29Feb 26Mar. 26Apr. 30 s

Assets

Gold1

41,66853,57868,86383,01777,09882,12466,29660,35958,93387,265

5 97,267

84,61684,61684,61684,61684,61684,616

84,59884,59884,59884,59884,59884,598

84,59884,59884,59884,598

Foreignex-

change

25,94226,17921,1114,4841,158

9631,3281,460

911821112

108

ft42

373737373838

38383838

Domestic bills

Openmarket^

5,6125,3047,1576,8026,1225,8375,8005,6405,5807,422

11,273

44,173

0)(I)(7)

43,19440,77640,72041,01441,13841,65442,115

42,07142,04342,31442,651

Special2

1,379652

1,7972,345

1,518(7)(I)(7)(7)661

15

12

16181613

Other

8,6248,4297,3893,4384,7393,9719,7128,465

10,0667,8805,149

11,885(7)

ft(7)3,6466,4196,1396,8967,8495,3484,517

4,8555,5884,4334,581

Advances toGovernment

For oc-cupation

costs3

27,20039,20056,80664,39772,317

117,715117,555123,578129,518129,568142,507

149,562149,754156,386162,898

Other2

17,69831,90920,62734,673

36,25064,19569,34065,25061,20063,900

69,50067,70064,70060,50068,90069.500

64,70067,40067,00068,300

Otherassets

8,1249,510

11,27511,71211,17311,50011,70512,64211,73318,49820,094

25,221(7)

?!23,17922,60521,82620,84623,55521,01622.121

20,13820,08620,05621,365

Liabilities

Notecircula-

tion

68,57176,43685,72585,02882,61383,41281,15089,34293,837

110,935151,322

174,469198,578205,439213,131214,176218,383

242,000244,099248,993255,684260,772270,144

273,281278,392282,848291,654

Deposits

Govern-ment

11,73712,6245,8982,3112,3223,7182,8622,0893,4615,0611,914

1.049995990

1,097748984

1,3181,3411,2791,2721,3711,517

1,3501,173

852775

C.A.R.4

"27,*2O6'34,93038,93239,10741,400

60,61260,19359,71560,93261,07364,580

59,64959,20356,39659,668

Other

7,85011,69822,18320,07213,41415,3598,716

13,65519,32625,59514,751

25,40528,22625,70025,07524,94127,202

33,97829,17927,20825,99924,43125,272

27,79727,28730,25128,955

Otherliabili-

ties

1,8122,2411,9892,0411,9401,9072,1132,5573,1602,7182,925

2,848

I3,5863,7413,7634,4023,3093,4793,894

3,9003,4694,4933,391

Reichsbank(Figures in millions of

reichsmarks)

Assets

Reserves of gold andforeign exchange

Totalreserves Gold

Bills (andchecks),includingTreasury

bills

Securityloans

Securities

Eligibleas notecover

OtherOtherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

ties

1929—Dec. 31...1930—Dec. 31...1931—Dec. 31...1932—Dec. 31...1933—Dec. 30...1934—Dec. 31...1935—Dec. 31...1936—Dec. 31...1937—Dec. 31...1938—Dec. 31...1939—Dec. 30...1940—Dec. 31...

1941—May 31...June 30...July 31...Aug. 30...Sept. 30..Oct. 31.. .Nov. 29..Dec. 31...

1942—Jan. 31...Feb. 28*..Mar. 31...Apr. 30?..May 30...

2,6872,6851,15692039684887276767878

7878787777777777

7777777777

2,2832,2169848063867982667171

2,8482,5724,2422,8063,2264,0664,5525,5106,1318,24411,39215,419

15,91816,25816,75417,30618,01618,45618,89921,656

20,88421,45821,67321,52922,093

251256245176183146847460453038

2320272525262432

2823231919

25944534922110655780432

18451216242058107

151144721716

92102161398322319315303286298393357

438416359384383335283283

()227(7)204

656638

1,0651,114735827853765861

1,6212,4982,066

1,9222,3362,3022,3432,2602,3642,3952,311

1,4067

2,344

5,0444,7784,7763,5603,6453,9014,2854,9805,4938,22311,79814,033

15,21015,56516,03116,50216,91817,43217,79319,325

18,98719,44319,77420,04720,548

755652755540640984

1,0321,0121,0591,5272,0182,561

2,0122,3732,2432,3262,5112,4702,4933,649

2,4172,4262,7622,7012,840

736822

1,3381,313836

1,001923953970

1,0911,3781,396

1,1741,2151,2591,3231,3571,3771,4501,492

1,431(7)

1,287(7)

1,366

p Preliminary.1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29*

September 1937, p . 853; and November 1936, pp. 878-880.2 For explanation of this item, see BULLETIN for July 1940, p. 732.3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Apr. 30, 1942, advances of 169,000 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.6 Figures taken from annual report of Bank for 1940.7 Figure not available.8 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.

1054. FEDERAL RESERVE BULLETIN



Central Bank(Figures as of last report

date of month)

Central Bank of the Argentine Re-public (millions of pesos):

Gold reported separatelyOther gold and foreign exchange..Negotiable Government bondsRediscounted paperOther assetsNote circulationDeposits—Member bank

GovernmentOther

Foreign exchange sold forwardOther liabilities

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterling....Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationNational Bank of Belgium and

Bank of Issue of Brussels (mil-lions of belga) :l

GoldForeign exchangeCredits to State and public bodiesCredits to private economyReichskreditkasseOther assetsNote circulationDemand depositsPostal Checking OfficeOther liabilities

National Bank of Bohemia and Mo-ravia (millions of koruny):

Gold.Foreign exchangeDiscountsLoansOther assetsNote circulationDemand depositsOther liabilities

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities—Government

OtherOther assetsNote circulationDepositsOther liabilities

National Bank of BulgariaSCentral Bank of Chile (millions of

pesos):GoldDiscounts for member banksLoans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities

Bank of the Republic of Colombia(thousands of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securities...Other assetsNote circulation

1942

August July June

389,214323,185303,788492,81641,23470,157729,079738,071153,244

33,69053,47014,60559,54432,34585,040

26,61087,417

7,26538,18327,673104,465129,429104,856

388,282306,905299,406492,22941,22072,373717,715724,114158,585

149261729907112

1,58227888

210

30,67652,33615,38459,49332,11983,150

1,077583367

2901,47866743407

82

26,61185,179

5,10734,78628,291100,905125,261102,614

(May):4,3322,6694,285

88759

(3)10,919

71773

(3)(Mar.)2

1,514777840

13,2319,7552,9433,664

380,859333,398308,147487,00011,21645,247698,384718,315149,168

14933472991359

1,625216142202

27,16039,47424,05659,46331,91980,616

1941

August

1,069446365

2101,248545211137

68

18,95553,859

3,63633,64522,30756,676106,20270,364

4,3311,0843,169

115766

(3)8,525

563720

(3)

1,508787840

10,2657,4022,9043,094

186,675385,540249,892435,4419,280

35,387562,824593,739145,650

14720973853097

1,22219270

237

30,5847,209

33,50155,02529,51565,085


date of month)

Bank of the Republic of Colom-bia— Cont.

DepositsOther liabilities

National Bank of Denmark (millionsof kroner):

GoldForeign exchangeClearing accounts (net)Loans and discountsSecuritiesGovernment compensation ac-

count6Other assetsNote circulationDepositsOther liabilities

Central Bank of Ecuador (thou-sands of sucres):

GoldForeign exchange (net)Loans and discountsOther assetsNote circulationDemand depositsOther liabilities

National Bank of Egypt7 (thou-sands of pounds):. Gold

Foreign exchangeLoans and discountsBritish, Egyptian, and other Gov-

ernment securitiesOther assetsNote circulationDeposits—Government


Central Reserve Bank of El Salva-dor (thousands of colones):

Gold8

Foreign exchangeLoans and discounts .-.••••Government debt and securities..Other assetsNote circulationDepositsOther liabilities

Bank of Finland 5Bank of GreeceBNational Bank of Hungary (millions

Foreign exchange reserveDiscountsLoans—To Treasury

To foreign countriesOther

Other assetsNote circulationDemand deposits <Consolidated foreign credits of 1931Other liabilities ;

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securities.Indian Gov't. securitiesRupee coin.Note circulation

Banking department:Notes of issue departmentBalances abroadTreasury bills discountedLoans to GovernmentOther assetsDepositsOther liabilities

1942

August July June

66,06442,551

64,46542,393

21,70310,138

6527,150

53023,42010,9745,779

59,11642,340

(May)9817

9665435

125

8301,268

(Apr.)*71,20568,30586,96034,761

126,862101,54732,823

6,2516,0163,340

116,6345,97864,77023,32437,18612,940

19,18512,549

5277,204553

22,90411,3505,765

(May)10015

1,21076034335

2,129383

4442,6191,223

2764,432

129608

150

184772201

1941

August

49,80540,944

10029

67652

136

787740843198

69,06714,84177,58428,071105,24546,50837,810

6,2511,6162,858

81,0996,07340,4116,98336,84813,654

13,2331,1101,2986,3081,69715,5873,9474,111

12420

1,0278037235430

1,91232632241

4441,316785385

2,766

16445145088644115

1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administrationon June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.

2 Latest month for which report is available for this institution.3 Figure not available.4 Less than 500,000.5 For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,

pp. 280-281.Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.

7 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly.8 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.9 Gold revalued in week ending Sept. 30,1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent.

OCTOBER 1942. 1055




date of month)

Bank of JapaniBank of Java (millions of guilders):

GoldForeign billsLoans and discountsOther assets.Note circulationDepositsOther liabilities

Bank of Mexico (thousands of pesos):Metallic reserve3"Authorized" holdings of securi-

ties, etcBills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities

Netherlands Bank (millions of guil-ders):

Gold..., tSilver (including subsidiary coin)..Foreign billsDiscountsLoansOther assetsNote circulationDeposits—Government


Reserve Bank of New Zealand (thousands of pounds):

GoldSterling exchange reserveAdvances to State or State under-

takingsInvestmentsOther assetsNote circulation.Demand deposits....Other liabilities

Bank of Norway!Central Reserve Bank of Peru (thou-

sands of soles):Gold and foreign exchangeDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities

Bank of Portugal (millions ofescudos):

Gold5Other reserves (net)Non-reserve exchangeLoans and discountsGovernment debtOther assetsNote circulation.Other sight liabilitiesOther liabilities

National Bank of Rumania (millionsof lei):

GoldSpecial exchange accountsLoans and discounts.Special loans (in liquidation)Government debtOther assets.INote circulationDemand depositsOther liabilities

South African Reserve Bank (thou-sands of pounds):

Gold .Foreign billsOther bills and loansOther assets

1942

August July June

231,172

650,896102,15954,384

632,509292.176113,927

224,883

620,196107,40258,118612,920286,610111,069

2,80224,669

32,3004,1461,229

25,92336,4992,724

60,9631,20637"

59,946

(Jan.)14072417114033936637

219,442

599,075108,11257,754607,209270,559106,616

(May)29518

1,036184150

2,311

190

2,80224,723

34,2604,1471,203

25,52938,9542,652

91,08214,337

229,64110,256

243,86579,07822,374

(Mar.)2

1,3631,68:4,338302

1,028859

4,3884,459725

(Mar.)*37,70113,29533,737

4789,42145,99295,97833,46411,183

56,7481,1181,176

54,652

August

3641997

12424932035

177,319

518,56142,30873,494

472,632236,644102,406

1,0238

45297187257

1,779

.18857

2,80215,091

24,3073,7731,661

22,11923,0052,511

55,46418,507173,6687,372

176,47857,O3C21,502

1.30C1,2631,747363

1,031802

3,3582,52£62C

33,67314,76530,84^

579,60536,71387,16326,39.12,62-

52,92(92!

43,23:


date of month)

South African Reserve Bank—Cont.Note circulationDepositsOther liabilities

Bank of Sweden (millions of kronor):GoldForeign, assets (net)Domestic loans and investments..Other assetsNote circulationDemand depositsOther liabilities

Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign clearing accountsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silver 5. ....,Note circulation „

Banking department:GoldNotes and coinAdvances to State and to

government bodiesOther loa d diOh

ment bodiest r oans and discounts...

Other assetsDepositsOther liabilities

Central Bank of Venezuela (thou-sands of bolivares):

GoldForeign exchange (net)Credits to national banksOther assetsNote circulation—

Central BankNational banks

DepositsOther liabilities

National Bank of the Kingdom ofYugoslavia!

Bank for International Settlement!(thousands of Swiss gold francs6):

Gold in barsCash on hand and on current ac-

count with banksSight funds at interestRediscoun table bills and accept-

ances (at cost)Time funds at interestSundry bills and investments.Other assetsDemand deposits (gold)Short-term deposits (various cur-

rencies):Central banks for own accountOther

Long-term deposits: Special ac-counts

Other liabilities

August

3,46410369

2,2611,357

171,3738,54C35,23i12,194

164,80?43,10143,30C

6,132

July June

35,65782,6014,233

686546863

1,0011,702

996397

3,46410762

2,2451,378

171,37'30,14*35,23C11,13*"

156,5545,20^39,7816,355

65,24:

35,86115,804

144,36820,94C

199,72241

37,72:

15,9(K5.42J

229,00:193,93:

32,10676,9984,590

681543877

1,0601,705924531

3,442143154278

2,2461,477294

(Apr.)*134,17667,867544,856191,82418,815

590,70479,358116,098171,377

(May):86,235

112,15<

66,83540,19:

31,289105,646119,104134,538228,53(

170,67726,23435,23010,22;

147,03C46.60C42,782

5,95'

59,05

38,73!167fr

146,98;20,98'

202, IVu:

(

229,00

August

27,17965,6994,206

422861765878

1,495731699

2,2731,268132216

2,1061,510274

115,67948,359444,880190,82228,096498,06679,358113,375137,038

86,235108,424

82,84125,025

39,47187,570109,287124,735219,459

124,30435,78938,9978,160

83,28981,46434,5097,988

28,281

39,07216,411

140,89121,008220,543

5422,951

17,8554,114

229,001192,336

1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE-TIN for March 1942, pp. 281-282.

2 Latest month for which report is available for this institution.3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.4 Figure not available.5 Valued at average cost beginning October 1941.6 See BULLETIN for December 1936, p. 1025.



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS

[Per cent per annum ]

Date effective

In effect Oct. 2,1936

Oct. 9Oct. 16Oct. 20Nov. 26Dec. 3Jan. 28, 1937June 15July 7Aug. 4Sept. 3Nov. 13May 10, 1938May 13May 30Sept. 28Oct. 27Nov. 25Jan. 4, 1939Apr. 17May 11July 6Aug. 24Aug. 29Sept. 28Oct. 26Dec. 15Jan. 25, 1940Apr. 9May 17Mar. 17, 1941May 29June 27In effect September-

30, 1942

Central bank of—

UnitedKing-dom

2

4

32

2

France

h4654

3 2

2K3

1%

Ger-many

4

3K

3K

Bel-gium

2

4

" 3 " "

2K

432K

2

2

Neth-er-

lands

3

2K2

3

z

Swe-den

3

m3

3

Switz-er-

land

2

IK

Centralbank of—

AlbaniaArgentinaBelgiumBohemia and

Moravia

BoliviaBritish India..BulgariaCanadaChileColombia

DenmarkEcuadorEl Salvador...EstoniaFinland

FranceGermanyGreeceHunararvItaly

RateSep-tem-ber30

635

4 2

4734K

f

Dateeffective

Mar. 21, 1940Mar. 1, 1936Jan. 25, 1940

Oct. 1, 1940

Nov. 8, 1940Nov. 28, 1935Dec. 1,1940Mar. 11, 1935Dec. 16, 1936July 18, 1933

Oct. 16, 1940May 26, 1938Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934

Mar. 17, 1941Apr. 9, 1940Mar. 1, 1942Oct. 22, 1940May 18, 1936

1 Not officially confirmed.NOTE.—Changes since August 31:

3H per cent.

Centralbank of—

JapanJavaLatviaLithuania. . .Mexico

NetherlandsNew Zea-

landNorwayPeruPor tuga l . . . .

Rumania. . . .South AfricaSpainSwedenSwitzerland.

TurkeyUnited King-

domU. S. S. R. . .Yugoslavia..

Portugal—Sept.

RateSep-tem-ber30

3.293564K

2K

IK35

3343IK

4

245

Dateeffective

Apr. 7, 1936Jan. 14, 1937Feb. 17, 1940July 15, 1939June 4, 1942

June 27, 1941

July 26, 1941May 13, 1940Aug. 1, 1940Sept. 3, 1942

Sept. 12, 1940June 2, 1941

IMar. 29, 1939May 29,1941Nov. 26,1936

July 1, 1938

Oct. 26, 1939July 1, 1936Feb. 1, 1935

3, down from 4 to

OPEN MARKET RATES(Per cent per annum 1

MonthBankers'

acceptances3 months

United Kingdom

Treasurybills

3 monthsDay-to-day

moneyBankers'

allowanceon deposits

Germany

Privatediscount

rate

Day-to-daymoney

Netherlands

Privatediscount

rate

Moneyfor

1 month

Sweden

Loansup to 3months

Switzer-land

Privatediscount

rate

1930—1931—1932—'1933—1934—1935—1936—1937—1938—1939—]1940—1941—]

ulyl

uly.ulyulyulyulyuly

u yulyulyulyulyuly


1942—JanFebMarAprMayJuneJuly

5.382.372.58

.92

.48

.87

.65

.58

.56

.55

.791.031.03

1.031.031.031.031.031.031.031.031.031.031.031.03

5.392.382.44

.66

.40

.76

.59

.58

.53

.52

.771.021.00

1.001.011.001.001.011.011.001.001.011.001.001.00

4.541.782.05

.67

.62

.85

.75

.75

.79 -

.75

.751.001.00

1.001.001.001.001.031.041.041.031.001.031.001.00

7.393.40

x7.004.58

C3.883.753.002.882.882.932.752.382.13

2.132.132.132.132.132.132.132.132.132.13

8.214.30

*8.895.495.194.673.102.962.642.962.651.731.63

1.731.941.761.751.981.921.751.951.96

5.201.851.53

.493.54

.743.252.01

.13

.13

&1.881.881.881.88

4.901.851.401.002.641.002.771.73

.92

.50

.752.832.25

2.252.252.25

3-5K

3.191.921.551.501.501.502.792.251.001.001.001.501.25

1.251.251.251.251.251.251.251.251.251.251.251.25

c Corrected.1 Based on data for part of month only.2 Figure not available.NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.

OCTOBER 1942. 1057


COMMERCIAL BANKS

United Kingdom1

(11 London clearing banks.Figures in millions of

pounds sterling)

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Treasurydepositreceipts2 Securities Loans to Other

assets

Liabilities

Deposits

Total I Demand3 Time3

Otherliabilities

1936—December.1937—December.1938—December.1939—December.1940—December.

1941—August....SeptemberOctober...NovemberDecember.

1942—January..February.MarchAprilMayTuneJuly

244244243274324

316330328332366330318347319326355342

195163160174159

140134132127141118122137136133147132

322300250334265

266315270246171157112163258291292273

314

469531596651758739646476450471543607

660635635609771

935939986999999

1,0081,0171,0501,0481,0491,0581,075

890984971

1,015924

850839837825823832840853832822814807

249256263290293

264269273280324288275291278277289261

2,3152,3302,2542,4412,800

2,9973,1153,1763,2083,3293,2223,0853,0723,0823,1313,2633,264

1,2881,2841,2561,3981,770

1,9091,9912,0232,0542,1682,0882,0032,0122,0012,0362,1412,138

1,0121,026997

1,0431,030

1,0881,1231,1531,1541,1611,1341,0821,0601,0811,0951,1221,126

245252269256250

242243246250253249243244240238234232

Assets Liabilities

Canada

(10 chartered banks. End ofmonth figures in millions

of Canadian dollars)

Entirely in Canada

Cashreserves

Securityloans

Otherloans

and dis-counts

Securityloans

abroadand net

due fromforeignbanks

Securities Otherassets

Notecircula-

tion

Deposits payable in Canadaexcluding interbank deposits

Total Demand Time

Otherliabilities

1936—December.1937—December.1938—December.1939—December.1940—December.

1941—August . . .SeptemberOctober...NovemberDecember

1942—January...February.MarchAprilMayJuneJuly

240255263292323

299308325342356296324348322285327369

11476655340

353637363231303432292826

791862940

1,0881,108

1,2551,2371,2331,2181,1691,1281,1351,3001,2521,2151,1371,096

161102166132159

190197199182168158164166178175181182

,384,411,463,646,531

,698,696,643,690,759,916,960,881

1,8991,8781,8831,958

554575535612570

553579594593653585595624637601639614

10396888580

817980767171727172717273

2,3032,3352,5002,7742,805

3,0313,0373,0123,0413,1053,0963,1813,3053,2623,1183,1213,174

755752840

1,0331,163

1,5091,4821,4201,4021,4361,3761,5171,7551,7251,5621,5231,521

1,5481,5831,6601,7411,641

1,5221,5551,5921,6391,6691,7201,6641,5501,5371,5561,5981,654

837850843963846

919938939944962945955976986993

1,002999

France

(End of month figures inmillions of francs)

Assets

Cashreserves

Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

4 large banks

1936—December.1937—December.1938—December.1939—December4

1939—December.1940—December.

1941—January...February .MarchAprilMayJuneJulyAugustSeptember.October...November.December.

3,1003,4033,7564,599

2,9754,1164,0603,765

17,58218,24921,43529,546

7,6317,6247,5927,546

1,9572,1341,9402,440

28,48430,34833,57842,443

27,95529,74833,04241,872

529600537571

473661721844

4,2894,5174,4844,609

3 large banks

4,4996,258

5,7045,6285,6615,4075,5495,6415,8375,4365,7906,0345,8406,424

3,5203,546

3,2973,1973,1913,1903,2793,3593,2393,2723,2413,2703,2873,281

27,51244,243

46,29448,596. 50,40151,15852,96154,82653,95156,14156,78855,71656,83757,727

7,1557,984

8,0648,1557,7847,7687,7208,0357,5117,3067,6408,8077,7197,852

2,1701,999

1,3961,3571,4031,4291,3511,3711,5261,4311,4641,5711,6931,051

39,64758,890

60,32362,52863,99864,44166,22968,37667,14868,60069,76370,22970,07071,833

39,27158,413

59,82062,00363,46563,91065,71267,86766,64068,09469,26969,75469,61971,400

375477

503525533531516509508506495475451433

786535

586599534467454474460418388398432393

4,4234,604

3,8463,8053,9094,0444,1764,3834,4564,5684,7724,7714,8734,108

• *.Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported byindividual banks for days, varying from bank to bank, toward the end of the month.

2 Represent six-month loans to the Treasury at 1J per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.JThrough December 1937, excludes deposits in offices outside England and Wales which are included in total.4 For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, s

pp. 388-390; and October 1933, pp. 641-646., see BULLETIN for August 1939, p. 699; June 1935,



FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

19341935193619371938193919401941

1941—SeptOctNovDec

1942—JanFebMarAprMayJuneJulyAugust

Year or month

19341935193619371938193919401941

1941—SeptOct.NovDec

1942—Jan.FebMar.Apr.MayJuneJulyAugust

Year or month

19341935193619371938193919401941

1941—Sept.Oct.NovDec

1942 JanFebMarAprMayJuneJuly

Argentina(peso)

Official

33.57932.65933.13732.95932.59730.85029.77329.773

29.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.773

Colom-bia

(peso)

61.78056.01157.08356.72655.95357.06157.08557.004

56.98256.98056.99356.98756.98756.99757.00157.04957 00557.03757.05957.186

Norway(krone)

25.31624.62724.97424.84024.56623.226

122.709

SpecialExport

123.704

23.70423.70423.70423.70423.70423.70423,70423.70423.70423.70423.70423.704

Czecho-slovakia(koruna)

4.24244.16424.00783.49303.4674

13.4252

Poland(zloty)

18.84618.88218.87518.92318.860

H8.835

Australia(pound)

Official

1322.80322.80

322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80

Den-mark(krone)

22.50021.88322.18922.06921.82520.346

119.308

Portu-gal

(escudo)

4.60894.45754.51304.47924.42674.03753.7110

14.0023

Free

400.95388.86395.94393.94389.55353.38305.16321.27

321.33321.37321.43321.50321.50321.50321.50321.50321.50321.50321.50321.50

Fin-land

(mark-ka)

2.22772.16272.19032.18112.15671.99481.8710

!2.0101

Ruma-nia(leu)

1.0006.9277.7382.7294.7325.7111

1.6896

Bel-g ium

(belga)

23.28718.42416.91716.87616.89416.852

!16.880

France(franc)

6.56886.60136.11414.04602.87812.5103

12.0827

SouthAfrica(pound)

498.29484.66491.65489.62484.16440.17397.99398.00

398.00398.00398.00398.00398.00398.00398.00398.00398.00398.00398.00398.00

Brazil

Official

8.42688.29478.56818.64375.84386.00276.05626.0575

6.05756.05756.05756.05766.05806.05806.05806.05806.05806.05806.05806.0580

Ger-many(reichs-mark)

39.37540.25840.29740.20440.16440.06140.021139.968

Spain(peseta)

13.61513.67812.3146.0535.600

10.6309.322

^.lSO

(milreis)

Free

15 87886.1983

5!12485 02145.0705

5.06165.08035.08965.13315.13315.13695.13695.13845.13875.14355.14505.1450

Greece(drach-

ma)

.9402

.9386

.9289

.9055

.8958

.81531.6715

StraitsSettle-ments(dollar)

59.00557.17358.25857.97356.91751.73646.97947.133

47.16047.16047.16047.16047.00746.710

BritishIndia

(rupee)

37.87936.96437 52337.32636.59233.27930 15530.137

30.13730.15130.15130.13030.12330.12230.12230.12230.12230.12230.12230.122

HongKong

(dollar)

38.71648.21731.71130.69430.45727.45422.958

124.592

25.09925.08825.08825.043

Sweden(krona)

25.98225.27125.62625.48725.19723.99123.802

123.829

Bui-garia(lev)

1 28521 29511 29581.28461.2424

11.2111

Hun-gary

(pengo)

29.57529.60229.55819.77919.72719.23818.475

119.770

Switz-erland(franc)

32.36632.49730.18922.93822.87122.52522.676

123.210

Canada

Official

190 90990 909

90.90990.90990.90990.90990.90990 90990.90990.90990 90990.90990.90990.909

Italy(lira)

8.56178.24717.29165.26075.26055.19595.0407

15.0703

(dollar)

Free

101.00699.49399.913

100.00499.41996.01885 14187.345

89.13488.78188.60487.39587.83388.41887.66687.17388.55789.95889.94389.523

Japan(yen)

29.71528.70729.02228.79128.45125.96323.436

123.439

United Kingdom(pound)

Official

1403.50403.50

403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50

Free

503.93490.18497.09494.40488.94443.54383.00403.18

403.27403.29403.42403.50403.50403.50403.48403.50403.50403.50403.50403.50

Chile

Official

10 14525 08335 12405.16975.17165 17275 1668

15 1664

Mexico(peso)

27.74227.77827.76027.75022.12219.30318.54620.538

20.54220.56720.54420.56020.56420.56220.57120.57420.56720.56820 56720.568

(peso)

Export

14.00004.00004 00004 0000

14.0000

Neth-erlands

(guild-er)

67 38367.71564.48155.04555.00953.335

153.128

Uruguay(peso)

Con-trolled

79.95680.25179.87479.07264.37062.01165.83065.830

65.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.830

Non-con-

trolled

136.78937.60143.380

43.83645.79648.12552.78352.57152.78552.71752.73552.74052.74452.74052.744

China(yuan

Shang-hai)

34.09436 57129 75129.60621.36011 8796 000

!5.313

NewZea-land

(pound)

402.46391.26398.92396.91392.35354.82306.38322.54

322.60322.63322.71322 78322.78322.78322.78322.79322.78322.78322.78322.78

Yugo-slavia(dinar)

2.27192.28372.29652.30602.31152.27162.2463

12.2397

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.

OCTOBER IO59


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES-ALL COMMODITIES

[Index numbers]

Year or month

1926

193019311932193319341935193619371938193919401941



United -States

(1926=100)

100

867365667580818679777987

90929293949697989999999999

Canada

(1926=100)

100

877267677272758579758390

92939494949495959595969696

Uni tedKingdom

(1930=100)

1124

100888686888994

109101103137153

153154155155156156159159160161160160

p159

France

(1913=100)

695

554500427398376338411581653

2 681

Germany

(1913=100)

134

125111979398

102104106106107110

nu113113112112

p113*>114

113114114

PI 14

Italy

(1928=100)

85757063626876899599

Japan(October

1900=100)

237

181153161180178186198238251278311329

330330337340347

P351P352

Nether-lands

(1926-30=100)

106

90766563636264767274

3 88

Sweden

(1935=100 )

1 126

1 1031 941 921 901 96

100102114111115146172

174175176178179181183184186187

^188pl93P191

Switzer-land

(July 1914=100)

144

1261109691909096

111107111143184

189191193198199202205207208209

p Preliminary.1 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

[Indexesjfor groups included in total index above]

Year or month

United States

Farmproducts

100

886548516579818669656882

8791909195

101101103105104104105106

(1926=100)

Foods

100

9175616171848286747071S3

879089899194959699999999

101

Othercommod-

ities

100

85757071787880858281S389

91929394949595959696969696

Farmproducts

100

825648515964698774646771

72737474757778798080828181

Canada1926=100)

Raw andpartlymanu-

facturedgoods

100

826255576466718473677582

83858585868788888989919090

Fully andchieflymanu-

facturedgoods

100

877570707373748178758289

91929393929292929292929292

United Kingdom(1930=100)

Foods

100898883858792

1029797

133146

146147148149151152157158160163160158

Indus-trial

products

100878587909096

112104106138156

157158158158158159159159159159159161

Agricul-tural

products

129

113104918796

102105105106108111

114113111112

113113113

Germany(1913=100)

Indus-trial rawand semi-finishedproducts

130

120103898891929496949599

100101101101

102102102

Indus-trial fin-

ishedproducts

150

150136118113116119121125126126129

132132132133

133133133

1926..

1930.. . .1931. . . .1932... .1933. . . .1934. . . .1935. . . .1936. . . .1937. . . .1938.. . .1 9 3 9 . . .1940. . . .1 9 4 1 . . . .



Sources.—See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159.



Price Movements—ContinuedRETAIL FOOD PRICES

[Index numbers]

Year or month

193219331934193519361937.1938193919401941

1941—AugustSeptember.October . . .November.December.

1942—January . . .February..MarchAprilMayJuneJuly.August

UnitedStates(1935-39=100)

878494

100101105989597

106

108111112113113116117119120122123125126

Can-ada

(1935-39=100)

8685939598

103104101106116

121123123125124122123124124124126130130

UnitedKing-dom(July1914

=100

126120122125130139141141164168

167166165165165163163162160160159160160

Ger -m a n y

(1913-14=100)

116113118120122122122123128129

133128126126126127130131132134

Nether-lands

(1911-13=100)

119120124118120127130130

2140

Switz-erland

(June1914

=100)

125117115114120130130132146175

180181185188189191194195197

. . 199..

COST OF LIVING

[Index numbers]

Year or month

1932193319341935193619371938193919401941

1941-AugustSeptember..OctoberNovember..December. .

1942-JanuaryFebruary...MarchAprilMayJuneJulyAugust


9296989910310199100105

106108109110111112113114115116116117117

Can-ada

(1935-39=100)

9994969698

101102102106112

114115116116116115116116116116117118118

UnitedKing-dom(July1914

=100)

144140141143147154156158184199

199199199200201200200200199200199200201

Ger-many

(1913-14=100)

Nether-lands

(1911-13=100)

121118121123125125126126130133

136133132133133134136136137138

141139140136

M321371391403148

Switz-erland(June1914

=100)

138131129128130137137138151174

178178182184184186188189191192

1 Revised index from March 1936 (see BULLETIN for April 1937, p . 373).2 Average based on figures for 3 months; no data available since March 1940, when figure was 141.3 Average based on figures for 5 months; no data available since May 1940, when figure was 149.Sources.—See BULLETIN for May 1942, p . 451; October 1939, p. 943; and April 1937, p . 373.

S E C U R I T Y P R I C E S[Index numbers except as otherwise specified]

Year or month

N umber of issues

1926

193219331934 . . . .1935193619371938193919401941 . .



Bonds

UnitedStates(derivedprice)1

15

90.1

84.491.298.2

105.5109.5

1 110.2111.1113.8115.9117.8

118.5118.1118.8119.2117.5117.5117.1116.7117.8117.7118.0118.9118.7

UnitedKingdom(December1921=100)

87

110.0

113.2119.7127.5129.9131.2124.6121.3112.3118.3123.8

124.5125.9125.5125.7125.5126 8126.5127.1127.5126.8126.7127.7127.5

France(1913=100)

36

57.4

88.681.382.183.576-. 375.177.383.984.7

Germany(averageprice)2

2 139

5 67.182.590.7

6 95.195.898.799.999.0

100.7

103.1103.1103.1103.1

103.2103.3103.3103.5

Nether -l a n d s 3

8

94.8105.3113.4107.8109.1

3101.8105.990.9

7 77.9

Common stocks


402

105.6

51.267.076.682.9

117.5117.588.294.288.180.0

83.283.680.477.471.872.669.966.063.363.266.168.268.3

(1926=100)

Uni tedKingdom

278

100.0

67.978.685.786.397.096.380.875.970.872.5

73.875.174.876.074.876.073.072 672.573.073.773.874.4

France

300

100 0

105 299.683.379.777.297.489.798.3

*>292p3052>311

P329

P387H09^437p454

Germany

( 4 )

100.0

5 50.361.771.182.991.6

102.6100.194.1

114.6

144.0146.4137.2136.4

139.1141.6141.1142.5

Nether-lands

(1930=100)

100

4652555566

104.295.889.7

8 95.0

P Prel iminary.l Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yieldifor 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 forboth series. Source: Standard and Poor's Corporation.

2fiSince April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest a t 4)4 per cent. The series prior to thatdate is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.

3 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 beginningJan. 1937, Jan.-Mar. 1937 — 100; average yield in base period was 3.39 per cent.

4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was downto 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.

OCTOBER 1942. 1061


BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

M. S. SZYMCZAKJOHN K. MCKEE

RONALD RANSOM, Vice Chairman

ERNEST G. DRAPERR. M. EVANS

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman

OFFICE OF THE SECRETARYCHESTER MORRILL, SecretaryLISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryFRED A. NELSON, Assistant Secretary

LEGAL DIVISIONWALTER WYATT, General CounselJ. P. DREIBELBIS, General AttorneyGEORGE B. VEST, Assistant General AttorneyB. MAGRUDER WINGFIELD, Assistant General At-

torneyDIVISION OF RESEARCH AND STATISTICS

E. A. GOLDENWEISER, DirectorWOODLIEF THOMAS, Assistant DirectorWALTER R. STARK, Assistant Director

DIVISION OF EXAMINATIONSLEO H. PAULGER, ChiefC. E. CAGLE, Assistant ChiefWILLIAM B. POLLARD, Assistant Chief

DIVISION OF BANK OPERATIONSEDWARD L. SMEAD, ChiefJ. R. VAN FOSSEN, Assistant ChiefJ. E. HORBETT, Assistant Chief

DIVISION OF SECURITY LOANSCARL E. PARRY, Chief

DIVISION OF PERSONNEL ADMIN-ISTRATION

ROBERT F. LEONARD, Director

OFFICE OF ADMINISTRATOR FORWAR LOANS COMMITTEE

KENTON R. CRAVENS, AdministratorGARDNER L. BOOTHE, II, Assistant

Administrator

FISCAL AGENTO. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal

Agent

FEDERALOPEN MARKET COMMITTEE

MARRINER S. ECCLES, ChairmanALLAN SPROUL, Vice ChairmanERNEST G. DRAPERR. M. EVANSR. R. GILBERTH. G. LEEDYJOHN K. MCKEERONALD RANSOMM. S. SZYMCZAKALFRED H. WILLIAMSC. S. YOUNG

FEDERAL

CHAS. E. SPENCER, JR., BOSTON DISTRICT

GEORGE L. HARRISON, NEW YORK DISTRICTVice President

PHILADELPHIA DISTRICT

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open Mar-

ket Account

WILLIAM F. KURTZ,

B. G. HUNTINGTON,

ROBERT V. FLEMING,

H. LANE YOUNG,

EDWARD E. BROWN,President

S. E. RAGLAND,

LYMAN E. WAKEPIELD, MINNEAPOLIS DISTRICT

W. DALE CLARK, KANSAS CITY DISTRICT

NATHAN ADAMS, DALLAS DISTRICT

GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary

ST. LOUIS DISTRICT

1062. FEDERAL RESERVE BULLETIN


CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

FederalReserveBank of

Chairman andFederal Reserve

AgentDeputy Chairman President First Vice President Vice Presidents

Boston

New York. .

Philadelphia.

Cleveland . . . .

Richmond

Atlanta

Chicago

A. M. Creighton.

Beardsley Ruml..

Thomas B. McCabe.

Geo. C. Brainard ...

Robt. Lassiter.

Henrv S. Dennison. .

Edmund E. Day

Warren F. Whittier..

R. E. Klages

W. G. Wysor.

W. W. Paddock.

Allan Sproul.

William Willett...

L. R. Rounds.

Alfred H. Williams

M. J. Fleming.

Frank H. Neely.. J. F. Porter

Simeon E. Leland . ..

St. Louis

Minneapolis.

Kansas City. .

Dallas

San Francisco.

Wm. T. Nardin.

W. C. Coffey.. .

R. B. Caldwell.

Jay Taylor

Oscar Johnston

Roger B. Shepard. . .

Robert L. Mehornay.

J. B. Cozzo

Hugh Leach

W. S. McLarin, Jr.

C. S. Young

Chester C. Davis..

J. N. Peyton

Frank J. Drinnen. ..

F. J. Zurlinden

J. S. Walden, Jr.. ..

Malcolm H. Bryan.

H. P. Preston ,

F. Guy Hitt.

O. S. Powell.

H. G. Leedy..

R. R. Gilbert.

Henry O. Koppang.

E. B. Stroud

Henry F. Grady. St. George Holden. . Wm. A. Day Ira Clerk.

K. K. CarrickE. G. HultCarl B. Pitman1

R. M. GidneyL. W. KnokeWalter S. LoganJ. M. RiceRobert G. RouseJohn H. William s

W.J.DavisE. C. HillC. A. Mcllhenny1

C. A. Sienkiewicz

C. W. ArnoldWm. H. FletcherR. B. HaysW. F. Taylor2

J. G. FryGeo. H. Keesee1

R. W. Mercer

H. F. ConnifTL. M. Clark

Allan M. Black1

J. H. DillardCharles B. DunnA. J. MulroneyAlfred T. Sihler

O. M. AtteberyC. M. Stewart

A. W. Mills1

E. W. SwansonHarry I. Ziemer

J. W. Helm2

D. W. Woolley

R. B. ColemanW. J. EvansW. O. Ford1

C. E. Earhart1

W. M. HaleR. B. West

1 Cashier. 2 Also Cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo Branch

Cleveland:Cincinnati BranchPittsburgh Branch

Richmond:Baltimore BranchCharlotte Branch

Atlanta:Birmingham BranchJacksonville BranchNashville BranchNew Orleans Branch

Chicago:Detroit Branch

St. Louis:Little Rock BranchLouisville BranchMemphis Branch

Managing Director

R. B. Wiltse

B. J. LazarP. A. Brown

W. R. MilfordW. T. Clements

P. L. T. BeaversGeo. S. Vardeman, Jr.Joel B. Fort, Jr.E. P. Paris

H. J. Chalfont

A. F. BaileyC. A. SchachtW. H. Glasgow

Federal Reserve Bank of—

Minneapolis:Helena Branch

Kansas City:Denver BranchOklahoma City BranchOmaha Branch

Dallas:El Paso BranchHouston BranchSan Antonio Branch

San Francisco:Los Angeles BranchPortland BranchSalt Lake City BranchSeattle Branch

Managing Director

R. E. Towle

Jos. E, OlsonG. H. PipkinL. H. Earhart

J. L. HermannW. D. GentryE. B. Austin

W. N. AmbroseD. L. DavisW. L. PartnerC. R. Shaw


3r

i

FEDERAL RESERVE SYSTEMBOUNDARIES OF FEDERAL RESERVE DISTRICTS

AND THEIR BRANCH TERRITORIES

^ ^ m BOUNDARIES OF FEDERAL RESERVE DISTRICTS

— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

J^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM

(•) FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE. BRANCH CITIES

O FEDERAL RESERVE BANK AGENCY JUNE I, 1942

BOARD OF GOVERNORS OF THL FEDERAL RESERVE SfSTEM


Documents

Federal Reserve Bulletin October 1942ships, ordnance, and other military products has increased further, making more urgent the necessity of obtaining additional mate-rials, especially