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FEDERAL
RESERVE
BULLETIN




Review of the Month—Recent Business Developments
Investments and Liquidity of Member Banks
United States Government Corporations and Credit Agencies
in 1939
From the Board's Correspondence—The Authority to Issue
Federal Reserve Notes; The Federal Reserve Banks Are
Public Institutions

Historical Review of Objectives of Federal Reserve Policy

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

Contents
PAGE

Review of the Month—Recent Business Developments

. 273-278

Historical Review of Objectives of Federal Reserve Policy, by Arthur Hersey .

. 279-289

From a Legal Standpoint:
Applicability of Social Security Act to Federal Reserve Banks, National
Banks and State Member Banks
290-292
Investments and Liquidity of Member Banks, by Victor M. Longstreet

293-297

United States Government Corporations and Credit Agencies in 1939, by Henry
Edmiston and Gunhild Anderson

298-305

From the Board's Correspondence:
The Authority to Issue Federal Reserve N o t e s . . . .

. 306-307

The Federal Reserve Banks are Public Institutions. . .

307

Current Events

308

Report of the Federal Deposit Insurance Corporation...

309-310

National Summary of Business Conditions

311-312

Financial, Industrial, Commercial Statistics, United States (See p. sis for list of tables.) 313-350
International Financial Statistics (See p. S51 for list of tables.) .

351-373

Federal Reserve Publications
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council

374

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

376

Subscription Price of Bulletin
The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve
System and is sent to member banks without charge. The subscription price in the United States, Canada,
Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or
25 cents per single copy.




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FEDERAL RESERVE BULLETIN
VOL.

26

APRIL

No. 4

1940

J2u5ine£3 t?eirelopntent5
During the first quarter of 1940 economic
activity in the United States declined considerably from the high level
Recent changes reached toward the end of
in national
1939. Changes in different
income
lines of activity in this period
of reaction were unusually complex, so that
measurements of the extent of the decline and
interpretation of the position at the end of
the quarter are exceptionally difficult. It
appears that total income payments in
March, while below those of December, were
considerably above those of last summer,
the decrease being about one-third of the
earlier advance. The decline after the end
of last year reflected mainly reductions in
wage payments in manufacturing industries.
In the building industry and in the trade and
service industries changes in income payments were largely seasonal, and agricultural
income was well maintained during the first
three months of this year. Dividends were at
an advanced level, following sharply increased
corporate profits in the latter part of 1939.
The decline in total income payments shown
on the chart for the first quarter of this year
did not reflect in full the actual decline in
economic activity, as payments in many instances were made for activities and transactions that occurred earlier.
The Board's index of industrial output, on
the other hand, is dominated by items that
fluctuate more widely than total
Course of business activity and, therefore,
exaggerated both the preceding
advance and the subsequent decline, even in the volume of manufacturing




and mining. This is primarily because the index is composed largely of data reflecting
operations in the early stages of the industrial
process, where output increased faster last
autumn and decreased more rapidly during
the first quarter of this year than did activity
in the more advanced processes of production.
In March the Board's adjusted index, at about
105 per cent of the 1923-1925 average, was
down 23 points from the December peak and
was only slightly above the average of 102 for
last July and August. Taking into account
the sustained high level of activity in some
lines not adequately represented in the index,
SELECTED BUSINESS SERIES

1937

1938

1939

1940

Sources: Income payments series, Department of Commerce;
industrial production, Board of Governors of the Federal Reserve
System; common stock prices, Standard Statistics Company;
wholesale commodity prices, Bureau of Labor Statistics. Latest
figures shown are estimates for March.

273

Review of the Month

as, for example, the machinery industries,
it appears that activity at factories and mines
in March was above the level of last summer
by between 5 and 10 per cent.
Important differences in the course of output since last summer as between production
of steel and activity in most
Steel and steel- leading domestic steel-consumconsuming
ing industries are shown on
industries
the chart, which is based on
data for man-hours worked. The fact that
activity at steel mills rose much further by
the end of the year than activity in domestic
steel-consuming industries reflected in part
an increase in exports of steel products. It
resulted in larger part, however, from the
greater demand for steel for inventories and
from the greater speed with which production of steel could be stepped up. Large orders
for machinery placed last autumn and worked
on only in part during 1939 provided a backlog which together with a substantial volume
of new orders sustained activity in these lines
in the first quarter of this year. Meanwhile
activity at steel mills declined sharply and
output of ingots dropped from a level of
STEEL AND STEEL-CONSUMING INDUSTRIES
MAN-HOURS WORKED
ADJUSTED FOR 8EA8ONAL VARIATION, 1939

AVERAGE • 100

140

140

130

130

120

120

110

no

slightly over 90 per cent of capacity in the
atter part of the year to about 64 per cent in
March. In recent months exports of semifinished and finished steel products have
amounted to about 9 per cent of steel-making
capacity as compared with around 4 per cent
ast summer. About half of this increase has
been to Latin American countries. Shipments
to Europe have also risen sharply, principally
those to the United Kingdom; and Canada,
Japan, the Philippines, and the Dutch East
Indies have taken substantially larger
amounts.
Maintenance of activity in domestic steelconsuming industries has reflected large output in many lines. Automobile production in
the first quarter amounted to about 1,260,000
cars and trucks, which was one of the largest
totals on record for such a period. In the machinery industries output has been maintained near the levels reached earlier, and the
shipbuilding and aircraft industries have
been operating at near-capacity levels.
Activity in industries manufacturing other
durable goods, including lumber, cement, and
plate glass, has fluctuated considerably since
last summer but less than output in the steel
industry.
In the nondurable goods industries changes
have been less marked than in the durable
lines. Output of nondurNondurable goods

100

100

V7
8TEEL-CONSUMING * - * •

X

90

90

80

_J

1939

I

I

L_

80

1940

"Steel" represents man-hours worked at blast furnaces, steel
works, and rolling mills. "Steel-consuming" represents manhours worked in the machinery, transportation equipment, and
other steel-fabricating industries. Part of the work done at steel
mills is on products, like rails and structural shapes, which are
used domestically without further manufacturing, and on products which are exported. Latest figures shown are estimates fo:
March.
274




relatively higher levels during the first half
of 1939, as indicated by the chart on the next
page. In the third and fourth quarters there
were increases, but recent declines have
brought activity in this group of industries
back to the level of last summer. Reductions
have been particularly marked in the woolen
and silk textile industries, and recently output
in these lines has been considerably below last
summer. Production of cotton and rayon textiles, on the other hand, and also output of
manufactured meat products, have remained
near the high levels reached early last autumn.
In industries producing shoes, tobacco, paper,
FEDERAL RESERVE

BULLETIN

Review of the Month

tires, and petroleum products, current activity is about the same as last summer.
Mineral production has been maintained
at a high level this year. Coal production has
declined, but output of crude peMinerals
troleum has been at record levels.
Output of nonferrous metals, which had
risen sharply in the latter part of 1939,
has subsequently been largely maintained.
Exports of copper were unusually large in
December and January, but in February there
was a sharp reduction.
INDUSTRIAL PRODUCTION
POINTS IN TOTAL INDEX

1935

1936

1937

1938

1939

1940

Latest figures shown are estimates for March.

The situation with regard to final disposition of various types of finished goods produced is also unusually mixed.
Domestic
The dollar value of general
consumption
merchandise sold by department stores, variety stores, and mail order
houses declined by more than the usual seasonal amount after Christmas, partly because
of unusually severe weather. Sales in dollar
amounts have continued somewhat larger
than a year ago, but this has reflected at least
in part an advance in prices. Retail sales
of automobiles were unusually large in JanuAPRIL

1940




ary and February and the level in March appears to have been high, although up less than
seasonally from February. In private residential building, contract awards showed
a decline in January but subsequently rose,
and the level indicated for the quarter is
about the same, on a seasonally adjusted
basis, as that prevailing during most of 1939.
In the field of producers' durable goods, a
considerable part of the deliveries now being
made in large volume are on orders placed
last autumn. Figures of the Department of
Commerce for January show that new orders,
reported chiefly for durable manufactures,
were not so high as last autumn but were well
above the corresponding month of 1939.
This higher level may reflect to some extent
the influence of foreign buying, but is probably due in considerable part to increased
domestic purchases of both producers' and
consumers' durable goods.
In the export field, shipments of many industrial products have been large this year,
continuing substantially above last
Exports s u m m e r ? w hile shipments of a few,
notably petroleum and products, have been
reduced. Differences in the volume of foreign business in various lines—demand being concentrated on airplanes, iron and steel
products, nonferrous metals, machinery, and
the like—have accounted in part for the
diversity in production rates in this country.
Much of the demand for these goods both
by belligerents and other nations reflects
directly war developments and is largely independent of developments in this country.
Cotton exports have been in large volume,
while shipments of many agricultural products, and particularly tobacco, have remained
at a low level.
In February exports of United States merchandise totaled $339,000,000, which is more
than half again as large as a year ago and a
less than seasonal decline from the DecemberJanuary level. Shipments of cotton, aircraft,
and copper were somewhat below the high
levels of January, while changes in other
275

Review of the Month

industrial export items were on the whole must take into account the possibility that for
small, with earlier advances maintained. a time production may be below consumption,
Shipments of iron and steel rose somewhat with some liquidation of the inventories accufurther, and exports of metal-working ma- mulated earlier, when output was clearly in
chinery and chemicals remained well above excess of consumption. At the same time due
their levels of last summer. Exports of petro- consideration should be given to the fact that
leum and its products, which had not risen inventory accumulation, while rapid from
materially after the outbreak of war, de- September to the early part of this year, exclined, while those of automobiles showed tended over only a short period; that in lines
little change from January at a figure slightly where activity is being sustained at high
below that reached in December. Agricul- levels the volume of inventories required, intural commodities other than cotton showed cluding goods in process, is larger than last
mixed movements, with little change in the summer; and that during a period like the
present it may appear advantageous, in the
total as compared with last year.
Exports to Japan, which had risen sharply case of some commodities, to keep more infollowing notice by the United States last ventories than usual.
July that the trade treaty with that country
Department of Commerce data show that
would cease to be effective on January 26, at the end of January the value of inventories
fell abruptly in February. The decline re- at manufacturing establishments was 7V2
flected smaller purchases of cotton, petroleum, per cent larger than a year earlier and that
iron and steel, copper, and metal-working there was a slightly greater percentage rise
machinery. Exports to the United Kingdom, in wholesale stocks. How much of this rethe Netherlands, and Soviet Russia also de- flected price changes is not readily detercreased substantially. The decline in exports mined ; data available on the physical volume
to the United Kingdom was principally in of stocks relate in many cases to industries
cotton shipments, and the Netherlands took where inventories actually decreased last
less cotton and petroleum. Copper exports to autumn through transfer of goods to more adRussia fell sharply. Declines in aircraft and vanced stages. In retail establishments there
cotton shipments to France were offset by in- appears to have been relatively little increase
creases in other products. Exports to Bel- in inventories; at department stores the rise
gium increased sharply, reflecting mainly the apparently was no more than that indicated
sale and transfer of eight merchant vessels for prices. Automobile dealers, on the other
to that country. There were also larger ex- hand, are reported to be holding larger stocks
ports to the Scandinavian countries, Italy, of new cars than is usual at this season.
and Canada, while trade with Latin America
Backlogs of orders, important for the most
declined slightly.
part in the durable goods industries, were
In the aggregate the volume of industrial generally larger at the end of January than
products delivered in March for export and a year earlier, except in public construction,
for domestic use was prob- where a year ago a large volume of Public
InventoHes, new ably substantially larger Works Administration contracts had just
rnfiTledaordders
than last summer. It is diffi- been awarded. For manufacturing establishcult to determine on the basis ments, excluding the transportation equipof available data precisely how the volume of ment industries, reports indicated a volume
consumption has compared with the volume three-fifths larger; and in transportation
of production, but it appears likely that con- equipment the increases for the airplane and
sumption currently is at least as large as pro- shipbuilding industries were exceptionally
duction. Any appraisal of the present position large. Reports indicate that during January,
276




FEDERAL RESERVE BULLETIN

Review of the Month

and subsequently, backlogs were drawn down
somewhat, as new orders were below the level
of shipments.
The general level of wholesale commodity
prices has shown some decline this year, reflecting chiefly decreases in
Commodity prices

p r i c e g Qf i n d u s t r i a

i

r a w a n d

semi-finished materials. The index of the
Bureau of Labor Statistics was 78 in the
third week of March as compared with 79.5
early in January and 75 last August. The
principal decreases came during January,
but in the middle of March, after a month of
little change, there was some further weakness in prices of industrial materials. Prices
of nonferrous metals showed some declines
following small increases in the latter part of
February, and there were continued declines
in textile yarns and fabrics. Prices of certain
other industrial materials, such as cotton and
rubber, however, showed little change.
Certain of the finished industrial products
that had shown the largest price advances
last autumn—including various textile, paper,
and petroleum products—have also declined
this year. Prices of foodstuffs, on the other
hand, have shown little change, the principal fluctuations being in grain prices, influenced partly by prospective changes in the
domestic winter wheat crop. Livestock prices
have remained at earlier reduced levels, as
marketings have continued unusually large.
In retail markets prices of foods have
shown some advances this year, and in the
middle of February the index of the Bureau
of Labor Statistics was at 78 per cent of the
1923-1925 average as compared with 77 in
December and a year ago.
After holding relatively steady during February, prices of long-term Treasury bonds increased sharply, following
Government
^e announcement by the
security market

Ireasury on March 5 that
the June 15, 1940, notes would be refunded
into a new note issue. This raised prices of
long-term bonds to the highest levels since
last summer. The yield on the 1960-1965
APRIL

1940




issue declined to 2.28 per cent at the close
of March, compared with 2.26 per cent at
the all-time peak on June 5, 1939. The
average yield on 3- to 5-year Treasury notes
declined to 0.40 per cent.
Treasury financing in March consisted of
the refunding of Treasury notes maturing in
June 1940 into a new 5-year % per cent note.
This coupon rate is as low as any ever offered
on a 5-year note, the other issue at that rate
being that of the June 1944 notes. Approximately $720,000,000 of the maturing notes
were exchanged for the new note issue, leaving only $20,000,000 to be repaid at maturity.
The 3 % per cent Treasury bonds of 19401943 were called on February 14 for payment
on June 15, but refunding of this issue was
not included in the March financing.
The free rates in New York for the pound
sterling and the Canadian dollar declined
sharply during the month of
Decline in sterling March. From above $3.90
^ f
in the first week of March,
sterling declined irregularly
in the course of the month to below $3.50 in
the last week, closing the month at a slightly
higher rate. The rates for official sterling in
London were maintained at $4.02^-$4.03V2The French franc moved in close relation to
sterling, since the two currencies are linked
in London at the fixed rate of 176i/2-176%
francs to the pound. The Canadian dollar
dropped from around $0.86 as late as March
4 to a momentary low of $0.80 on March 12.
It fluctuated subsequently in the vicinity of
$0.81-$0.82, with a weak tendency toward
the end of the month; the official rates in
Canada were held at the fixed level of approximately $0.90-$0.91.
The decline in sterling reflected a number
of influences, among them the announcement
on March 9 of fresh restrictions on the use
of sterling in international trade. Up to
that time the countries forming the sterling exchange control area—Great Britain,
France, and their respective Empires excluding Canada, Newfoundland, and Hong277

Review of the Month

kong—had with certain exceptions permitted
their exporters to receive payment in sterling
or in their domestic currencies. Since sterling
is freely convertible in London into these currencies, American and other importers of
goods invoiced in these currencies as well as
in sterling were able to cover their exchange
requirements in the free sterling markets in
New York and Continental financial centers,
where holders of sterling funds which could
not be liquidated in London at the official
selling rates ($4.0214 in the case of the
dollar) offered them at a discount. During
January and February this discount ranged
between 2 and 3 per cent. The regular commercial demand for sterling was instrumental in preventing the free sterling rate from
going to a larger discount.
The new regulations announced in London
on March 9, reinforced by parallel action
in the other sterling control countries, are
designed to force exporters of specified goods
from the sterling control area to certain
destinations to require payment either in
specified foreign currencies—United States
dollars, Swiss francs, Belgian francs, Dutch
guilders, or Dutch East Indies guilders—or
in sterling purchased with these currencies
at the official rates. The goods covered by the
order issued in London are rubber, tin, jute
and jute products, whisky, and furs, while an
order of the Australian Exchange Control
covers all types of goods exported from
Australia.
Importers of these goods in the United
States and territories under its jurisdiction,
Switzerland, Belgium, the Netherlands, and
the Dutch East Indies will be expected to
make payment in their own currencies, and
importers in all Central and South American
countries (excluding British and French possessions, Argentina, and Uruguay) must
obtain supplies of one of the specified currencies to finance imports covered by these

278




regulations. The exception of Argentina is
due to the fact that under the clearing agreement recently concluded between that country and the countries of the sterling control
area, Argentine importers from that area
must obtain their sterling requirements from
the clearing authorities. Similar agreements
exist with a number of European countries.
Exporters of these goods from the sterling
area were allowed to ship freely against
payment in free sterling up until March 25,
while reports indicate that further shipments
against free sterling will be permitted until
June 8 if these were contracted for before
March 9. The British authorities are also
understood to have undertaken to consider
applications from exporters desiring after
June 8 to ship against free sterling goods
falling under the regulations which were the
subjects of long-term contracts dated prior
to March 9.
In the case of the Canadian dollar, the
Canadian Exchange Control has from the
outset forbidden, with minor exceptions, the
use of Canadian funds acquired in the free
market for making payments on Canadian
exported goods. Since the first of the year
the Control has been gradually tightening
the restrictions on the use of free Canadian
dollars for certain other purposes—for example, for meeting advertising expenses in
Canada—but no drastic move preceded the
sharp decline early in March. This appears
to have been due to speculative activity partly
sympathetic to the movements in sterling
and partly induced by the possibility of increased Canadian war expenditures after the
elections, while there is at present a seasonal slack in the demand for free Canadian dollars for tourist expenditures. In
any case, the narrowness of the free market
for Canadian dollars makes it especially
sensitive to small changes in supply and
demand.

FEDERAL RESERVE BULLETIN

recteta
by
ARTHUR HERSEY

Senior Economist
Division of Research and Statistics

I

N public discussion of economic problems, objectives have been reinterpreted and reit is generally recognized that the Federal formulated on several occasions. These
Reserve System has important responsibili- changes can be understood only against the
ties with regard to banking and monetary background of the times.
conditions. It is often overlooked that these Before the establishment of the Federal
responsibilities are largely confined to in- Reserve System in 1914, some of the responsifluencing the availability and cost of money bilities which now fall upon the Federal Rethrough the exercise of limited powers con- serve authorities were borne by local clearing
ferred upon the System by the Congress, and houses, by the larger banks in the financial
that the Federal Reserve banks and the Board centers, and by the United States Treasury
of Governors can only indirectly influence the and subtreasuries. There was, however, no
use that is made of money. But many peo- adequate machinery to combat money panics,
ple understand that the Federal Reserve Sys- and the first accomplishment of the Federal
tem may exert its influence in certain definite Reserve Act was to provide this machinery.
ways: through regulation and supervision of
The Federal Reserve System had hardly
banks, through regulation of security loans been established before it was obliged to conby brokers as well as by banks, through dis- cern itself with thefinancingof the war. We
count rate policy affecting the cost to banks had inflation in the strict sense in the years
of borrowing additional reserves, through from 1917 to 1919: prices rose because of
changes in reserve requirements, and through the pressure of war-time demands upon the
open-market operations directly affecting the country's productive capacity and because
supply of bank reserves and consequently the money and credit were expanded to finance
inclination of banks to increase, decrease, or those demands. Normal objectives were laid
stabilize their loans or investments.
aside in the emergency. Reserve bank credit
From time to time attempts have been was expanded practically to the limits immade to express in concise form the objec- posed by the statutory gold reserve requiretives toward which the monetary (or credit) ments. In the adjustments that accompanied
policies of the Federal Reserve System should the post-war collapse of prices, a large porbe directed. This article attempts to review tion of this credit was liquidated and the
the history of these objectives in so far as pressure upon gold reserves was ended.
they have been formulated by the Congress From 1922 to 1929 the Federal Reserve
or by the Board of Governors of the System. System was hampered by no shortage of gold,
It is based largely on material in the pub- it had neither panics nor inflation to cope
lished reports of the Board.
with, and public opinion was sympathetic to
the fullest possible exercise of whatever
A Sketch of Federal Reserve History
powers the System had to stabilize prosperity.
A bird's-eye glance at the span of years Objectives of policy became more fully forfrom pre-Federal Reserve days to the present mulated than before; those were years of
time will indicate the varied nature of in- hopeful experimentation. They were followed
fluences constantly playing upon the formula- by difficult times. Confusion in public opinion,
tion of policy objectives. Federal Reserve delayed reforms in banking legislation, and
Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.
APRIL 1940




279

Historical Review of Objectives of Federal Reserve Policy

potential shortage of gold, all had a part in
limiting Federal Reserve policy directed toward easy money conditions in the years from
1930 to 1932. The scene was completely
altered with the beginning of recovery. In
recent years the money supply has been
steadily enlarged, primarily as a result of
gold inflow. The Federal Reserve System has
had no occasion to add further to member
bank reserves—and has acted in fact to reduce excess reserves—nor can it contribute
directly to the more active use of the money
supply. In this recent period the principal
problems facing the System have been the
restoration and preservation of a soundly
functioning banking system, and the avoidance, if possible, of harmful repercussions in
the future from the continuing inflow of gold.
Legislative Policy in the Federal Reserve Act
The record of the panic of 1907, of the
National Monetary Commission of 1908-1912,
and of the political and other public discussions surrounding the establishment of the
Federal Reserve System, reveals that the objective of its founders was to provide "a
sound and elastic supply of currency and
credit." This meant mobilization of the gold
reserves of the nation in central reservoirs,
provision for the banks to increase their reserves by borrowing from the Reserve banks,
and convertibility of bank deposits freely
into currency at all times, so long as a bank
possessed sufficient assets acceptable for discounts or advances. These were the basic
aims and accomplishments of the original
Federal Reserve Act, and in these ways the
machinery was created which could make a
money panic like that of 1907 impossible.
Added to these was the establishment of what
was considered a safeguard against excessive
credit expansion or contraction, in the form
of Federal Reserve discount rates.
The Federal Reserve Act provided a new
framework of banking and monetary control
and it created new bodies, the Federal Reserve banks and the Federal Reserve Board,
to administer both the supervisory features
of the Act and—of prime importance—the
monetary features. Subsequent legislation
strengthened this framework. An important
example was the enactment of Section 12A
in 1933, when Congress recognized the need
for better coordination of the System's openmarket operations. As the Federal Reserve
Board pointed out in 1923,1 when it first
280




acted to unify the open-market operations
of the several Reserve banks, open-market
operations can be used to place additional
reserve funds in the hands of member banks,
or to contract the available supply of reserves,
and can give effective support to Federal Reserve discount policy. For these reasons
open-market operations have long been an
important tool of monetary policy. More recently they have been used to help maintain
orderly conditions in the market for highgrade bonds.
The original Act and the subsequent
amendments laid down certain principles
which the Federal Reserve authorities were
required to observe. (1) The original Act
required that discount rates should be fixed
"with a view 2of accommodating commerce
and business." (Other language in the Act
indicated that industry and agriculture were
covered by this phrase.) (2) A somewhat
similar formulation of the objectives of policy
in connection with open-market operations
was adopted by the Board in 1923 and embodied in law in 1933 as follows: "with a
view to accommodating commerce and business and with regard to their bearing upon
the general credit situation of the country." 3
(3) "Sound credit conditions" were also
named as an objective in a 1933 amendment
dealing with the administration of Federal
Reserve discounts for member banks. The
Federal Reserve banks and the Board were
directed to take cognizance of "undue use"
of bank credit for certain speculative purposes or "for any other purpose inconsistent
with the maintenance of sound credit conditions." 4 (4) Finally, the Banking Act of
1935, in continuing the powers to change reserve requirements conferred upon the Board
in 1933, specified that this might be done "in
order to prevent injurious credit expansion
or contraction." 5
One further indication of legislative intent
in the original Act has attracted much atten1
See Annual Report of the Federal Reserve Board for 1923,
pp. 11-13.
2
Federal Reserve Act as amended, Section 14, fifth paragraph.
3
Federal Reserve Act as amended, Section 12A, third paragraph.
4
The eighth paragraph of Section 4 of the Act as amended provides for regulations by the Board of Governors covering discounts
and advances and it sets up certain requirements under which the
Federal Reserve banks are to exercise their discretion in making
discounts and advances. The paragraph deals both with policy
affecting the supervision and regulation of individual banks and
with monetary policy. The 1933 amendment of Section 11 (m),
which empowered the Board to limit member bank loans on
securities and which set up as an objective the prevention of
"undue use of bank loans for the speculative carrying of securities," also falls on this borderline.
5
See next page for footnote.

FEDERAL RESERVE BULLETIN

Historical Review of Objectives of Federal Reserve Policy

tion. This was the limitation of Federal Reserve discounts to short-term paper "issued
or drawn for agricultural, industrial, or
commercial purposes," specifically excluding
paper "covering merely investments or issued
or drawn for the purpose of carrying or
trading in . . . investment securities, except
bonds and notes of the Government . . ." 6
Unlike the guides to policy listed above, this
was a mandatory provision which need not
have influenced the purely discretionary
policies of the Board regarding discount
rates and open-market operations. This provision reflected the general acceptance at
that time of the "commercial banking" theory
of central banking—the theory that currency
and credit should be expanded only on the
basis of "self-liquidating" discounts or advances by central banks to their member
banks.
Finally, there was much that was left unsaid in the Federal Reserve Act except by implication. The implication of the traditional
requirement that the Federal Reserve banks
should carry reserves in gold against their
notes and in gold or lawful money against
their deposits was that they should normally react to changes in their gold reserves
in a traditional banking way: allowing credit
to expand when gold came in, contracting
credit when gold went out. In other words,
it was implicitly assumed that the ordinary
rules of the pre-1914 international gold standard, applying to the operations of commercial
banks in this country as well as to central
banks abroad, would apply to operations and
policies of the Federal Reserve System.
Since this particular feature of the Federal
Reserve Act received little attention at the
time, and since its consequences might easily
come in conflict with the legislative injunction
that policy be guided by "the accommodation
of commerce and business," a survey of the
background of Federal Reserve policy objectives should be supplemented by a brief review of the relation of the gold standard to
monetary policy.
5
Federal Reserve Act as amended, Section 19, sixth paragraph.
This paragraph was originally added by the so-called "Thomas
Amendment" in 1933, and at that time permitted reserve requirements to be changed after a declaration "that an emergency exists
by reason of credit expansion." The Thomas Amendment, which
authorized the President in his discretion to take certain actions
to brin«3T about an "expansion of credit," also contained a clause
authorizing the Federal Reserve Board; with the approval of the
Secretary of the Treasury, to take certain other measures "to
prevent undue credit expansion" (Agricultural Adjustment Act
of 1933, Title III. Section 43).
6
Federal Reserve Act as amended, Section 13, second paragraph.

APRIL

1940




Before the advent of the Federal Reserve
System a commercial bank followed gold
standard rules for good and sufficient reasons. When it received gold which added to
its reserves, it expanded credit in order to
add to its earnings. When it lost gold, it had
to contract credit in order to regain reserves
or else reduce its deposits in proportion to
its reserves. The earliest central banks acted
like commercial banks. As central banking
has developed, however, it has come to be
realized that central banks have very different responsibilities from those of commercial
banks and a greater freedom of choice in
line of action. Central banks are not expected to be profit-making institutions. It is
therefore unnecessary for them to expand
their assets and their deposits when their reserves increase. Central bank reserves, unlike the reserves of member banks, are not
usually needed for protection against withdrawal of deposits (except in case of a movement of gold out of the country), nor do they
serve, like member bank reserves, as a medium through which the monetary authorities
can express their policies based on domestic
objectives. It is therefore not essential—
apart from arbitrary legal requirements—
that a central bank maintain a fixed minimum ratio of reserves to liabilities.
Under certain circumstances, however, a
central bank may follow the gold standard
line of action for other reasons than those that
motivate commercial banks. These reasons
are found in the international trade aspect of
the gold standard rather than in the domestic
banking aspect. The maintenance of stable
exchange rates is the prime justification for
a central bank to pay attention to its gold
reserves.
. In international trade, gold movements
serve to settle balances of payments among
countries whose citizens owe each other more
or less for merchandise exports and imports,
for interest and shipping charges, etc., or
who wish to transfer long-term and shortterm capital from one country to another.
Under the comparatively stable conditions
existing up to 1914, a central bank faced
with an outward flow of gold as the result
of an adverse balance of payments could
reduce the flow of gold by taking action to
tighten credit and raise money rates, even
without actually bringing about any substantial reduction in the outstanding deposits
of the commercial banks. The Bank of England, for example, could induce a net move281

Historical Review of Objectives of Federal Reserve Policy

ment of short-term capital, sensitive to in- banks and central banks abroad developed a
terest rates, to the London market, thus re- technique of offsetting gold movements by
ducing the net demands for foreign exchange open-market operations as an alternative to
which had to be met by gold exports. More allowing a full and free response of credit
far-reaching effects on the balance of inter- conditions to the large gold movements of
national payments may have been exerted in the post-war era. But in 1914 it was taken
some cases. For example, if a central bank for granted that central banks should ease
permitted a general expansion of credit to and tighten money rates in direct response
occur following a large inflow of gold, this to actual or potential inflows and outflows of
would tend, other conditions being favorable, gold.
to raise the level of prices and of wages
To sum up, the Federal Reserve Act conand other money incomes within the country; tains three kinds of guides to Federal Reserve
this development might lead to an expansion policy objectives: (1) certain formal prinof imports as compared with exports which ciples to be followed in determining policy,
would redress the balance of payments origi- which refer to the needs of the American econally responsible for the gold inflow. In such nomic system, (2) an expression of legislaways as these, it made for stability of inter- tive intent that the American banking system
national trade for central banks to follow the should be a "commercial banking" system,
gold standard rules for responding to gold and finally (3) what amounted to an injuncmovements. The concrete objective was tion to the Federal Reserve System to follow
stability of exchange rates. In a world in the gold standard rules of banking, at least
which gold, the medium for settling balances in any situation in which the fixed minimum
of payments* at fixed exchange rates, was relationship of gold reserves to Federal Rerelatively scarce, it was advantageous for serve currency and credit should appear to
central banks to follow a course that would be endangered.
tend to maintain stable exchange rates with
the least possible movement of gold. •
A further argument for the gold standard Administrative Policy in the Federal Reserve
System
rules of banking was that they would make
central banking policy relatively automatic.
We turn now to observe the Federal ReOne could predict the country's monetary
policy merely by following the state of the serve System in operation. The earliest problems of the System were practical ones of
central bank's reserve ratio.
Stability of international exchange and the organization and procedure. Only as the new
semi-automatic nature of money manage- Reserve banks began to function could it be
ment, then, were thought of as reasons for learned what impact their day-to-day operahaving central banks maintain more or less tions would have on the rest of the banking
rigid relationships between their gold re- system or what meaning should be attached
serves and their note and deposit liabilities. to the broad purpose of "accommodating
But unlike commercial banks, central banks commerce and business." Policy and policy
have not felt strong compulsions to maintain objectives have developed together out of the
such rigid ratios. In fact, as central banking experience of the System. From the start,
has developed, it has been observed that there however, the Federal Reserve Board exare often strong reasons not to follow the gold pressed an intention of performing its duties
standard rules in their full and literal sim- in the interests of users of credit.
plicity. To cite a single illustration: the de- A few months after the Federal Reserve
posits of the usual type of central or reserve banks had been organized, the Board made
bank are the reserves of the commercial or its first report to Congress. Discussing the
member banks. If both the reserve banks proper place and function of the System, the
and the member banks should maintain rigid Board rejected the thought that the System's
deposit-reserve ratios, increases or decreases chief service should be merely one of protecin the reserve banks' gold reserves would re- tion in emergencies. "Its duty plainly is not
sult in greatly magnified changes in the out- to await emergencies but by anticipation, to
7
standing credit and deposits of the member do what it can to prevent them." The System
banks. It was precisely to avoid the unsta- should "constantly carry the promise of being
bilizing effects of such broad fluctuations in able to protect business against the harmful
the money supply that the Federal Reserve 7 See next page for footnote.
282




FEDERAL RESERVE BULLETIN

Historical Review of Objectives of Federal Reserve Policy

stimulus and consequences of ill-advised ex- Traditional gold standard theory prepansions of credit on the one hand, or against scribed certain policies when gold was flowthe menace of unnatural restrictions and un- ing in as well as when it was flowing out.
necessary contractions on the other, with ex- In its 1923 report, after three years of rapid
orbitant rates of interest and artificial strin- increase in the gold stock, the Board looked
gencies."7 The Reserve banks should always forward to a time when demands for gold
be in a position to influence the market. "Pru- in connection with the reestablishment of a
dence and a proper regard for the common gold standard in various European countries
good" would sometimes call for the restric- might reverse the inflow to the United
tion of credit, while at other times "the bor- States. "It is the part of prudence for the
rowing community" should "be able to obtain United States and for the Federal Reserve
accommodations at the lowest rates war- banks . . .," the Board said, "to pursue a
ranted by existing conditions."7 "To provide course which will enable them to part with
and maintain a fluid condition of credit, such such portion of this gold as Europe will need
as will make of the Reserve Banks at all times . . ." The Reserve banks should not be inand under all conditions institutions of ac- fluenced by "the desire to make full use of
commodation in the larger and public sense their earning power." 9 The report went on
of the term is the first responsibility of a Re- to show that the Board was rejecting at that
serve Bank." 7
time the suggestions of some economists that
Two ideas expressed in this early report orthodox gold standard theory should be folare of paramount importance today. One is lowed by adopting an excessively easy money
the System's duty to do what it can "by antici- policy in the hope of inflating credit and prices
pation," to prevent such emergencies as gen- so as to halt the goldflow.The Board pointed
eral inflation or deflation. The other is "the out that the gold movements "in part have
larger and public" nature of the System's occasioned and in part have resulted from
day-to-day responsibilities to its member the breakdown of the gold standard." 10 Bebanks and to the country at large. These cause part of the gold imports had been used
responsibilities have recently been formulated to reduce member bank borrowings at the
as a twofold objective in which the primary Reserve banks and later to meet an increased
aim is to contribute so far as possible to eco- demand for circulating currency, these gold
nomic stability and prosperity and in which inflows had not been fully reflected in inan important secondary aim, essential to the creases in member bank reserves.11 Overly
success of the first and yet dependent upon it, strict adherence to the rules of the gold standis to preserve a8 sound banking system and ard, by causing member bank reserves to
credit structure.
mount rapidly, might have resulted in stimuThe "larger and public" nature of the Fed- lating speculative expansion at the time of
eral Reserve System's responsibilities has the gold inflows and might have forced the
never been questioned, but there have been System to follow a gold standard policy of
different ways of interpreting those respon- tight money if gold then went out. Such
sibilities. It is the purpose of the rest of fluctuations in policy would have been quite
this article to indicate what some of the lines undesirable so far as domestic objectives
of interpretation have been, and how chang- were concerned.
ing interpretations have affected the formal
Although gold was continuing to flow to
objectives of the System.
the United States, the recession in domestic
Much of the history of the evolution of ob- business in 1924 caused the System to relax
jectives deals with three traditional banking its stand of the previous year against the
ideas, derived from earlier American experi- adoption of an easy money policy. One byence and recognized in the Federal Reserve product of the System's open-market operaAct, which have formed a definite part of the tions and discount rate reductions in 1924
System's objectives at various times.
was to help make dollar credits available to
Gold Standard Tradition.—One of these European countries,12 and so to help check
ideas was that the Federal Reserve System the gold inflow. In this instance the policy
should shape its policies according to the adopted went somewhat beyond the ordinary
state of its gold reserve.
9
7
8

Annual Report for 1914, pp. 17-18.
See, for example, Annual Report for 1937, p. 222, "Objectives
of Monetary Policy: Monetary contribution to economic stability."
APRIL 1940




Annual Report
Report
Report
Annual Report

10
Annual
11
Annual
12

for
for
for
for

1923, p. 20.
1923, p. 30.
1923, pp. 18-19.
1924, pp. 9-12.

283

Historical Review of Objectives of Federal Reserve Policy

dictates of gold standard tradition, since central banks would ordinarily not have engaged
in open-market operations to supply the banks
with more funds on top of a gold inflow. In
the latter part of 1927, on the other hand, the
adoption of a similar policy of open-market
purchases and discount rate reductions was
directly contrary to strict gold standard rules.
Influenced by hopes for a world-wide restoration of the gold standard, the System adopted
for a while a definitely easy money policy intended in part to facilitate rather than check
an outward movement, already under way,
of capital and gold13 countries undertaking
to
monetary reforms.
In these three instances, and especially in
the latter two, the Federal Reserve authorities were apparently more concerned with
helping in the reestablishment of a world
gold standard than in seeing that the System
itself should follow gold standard rules as
they applied to the United States. An explanation is that the ratio of the Reserve
banks' gold reserves to their liabilities was
high enough to be ignored as a guide to
policy at that time. If this ratio was well
above its legal minimum there was no reason
to worry about maintaining the gold standard
in the United States. Indeed, the very freedom of the United States from the danger of
excessive loss of gold at this time was causing
the Federal Reserve authorities, as will be
shown below, to develop policy objectives that
could be substituted for the traditional gold
standard rules of thumb.
There was, however, one important instance in which the System's policy was
chiefly influenced by a desire to protect the
United States gold stock.14 Upon the departure of England from the gold standard in
September 1931, there was a sudden outflow
of gold from the United States. Currency was
also being hoarded in this country, and the
combined effect of these developments was a
sharp stiffening of interest rates in American
money markets and the prospect of a serious
decline in the ratio of gold reserves to outstanding Federal Reserve liabilities, which,
however, was very high at the time. At this
time the System acted in the orthodox gold
standard manner, which it considered appropriate in view of the outflow of gold,15 and
raised its rates on discounts and acceptances.

A few months later, after the passage of the
Glass-Steagall Act, the System undertook
substantial open-market operations to ea,se
credit conditions in the United States again.
In 1933, on the other hand, when panic
hoarding of currency and some signs of gold
withdrawals led first to a raising of discount
rates but immediately thereafter to the closing of the banks and the imposition of a gold
embargo by the President, the Federal Reserve System was enabled to direct its efforts
without delay toward a restoration of easy
money conditions.
There have been tremendous increases in
the United States gold stock since 1933. It
now appears unlikely that the formal requirement of minimum gold reserves against Federal Reserve notes and deposits will have any
effect upon credit policy for many years to
come. In this connection, it is of interest
that England—in time of war at least—has
abandoned traditional gold standard restrictions, so far as concerns its banking system,
in both form and practice. The Bank of England's entire gold stock was sold to the Exchange Equalization Account in September
1939 and thus became freely available for
sale abroad if need should arise. This event
highlights the separation of domestic credit
policy from foreign trade problems which has
been developing in England for several years.
Thus, by different routes, the result has come
about in both England and the United States
that the pre-1914 gold standard tradition of
banking has become irrelevant. The problems
that gold creates for the United States now
are those of overabundance and not of potential shortage.
Self-Liquidity of Reserve Bank Assets.—
The second idea that has formed a part
of Federal Reserve objectives—though it is
hard to find an instance of policy being based
upon it—is indicated in the Board's earlier
reports by the emphasis placed upon liquidity
of the Federal Reserve banks as a factor in
maintaining a stable and flexible structure.16

15
Annual Report for 1931, p. 6. While it was the gold reserve
requirements which were basically responsible for the raising of
discount rates, the collateral requirements for Federal Reserve
notes—with permissible collateral confined at the time to discounted paper and gold—also placed an obstacle in the way of
easing money rates through open-market operations since member banks would then have paid off their discounts ; eligible paper
would not have been available as collateral, making it necessary
to pledge gold instead and thus reduce the amount of gold available as reserves against Federal Reserve deposits. With the gold
outflow under way this combination of events might have reduced
gold reserves to below the legal limits. It should be remembered,
13
however, that the Board has always had the power to suspend the
Annual Report for 1927, pp. 10 and 14-17.
14
legal limits temporarily.
On two other occasions, in 1919-1920 and in 1933, the fear of
16
possible losses of gold influenced policy in some degree.
See next page for footnote.

284




FEDERAL RESERVE BULLETIN

Historical Review of Objectives of Federal Reserve Policy

Like the framers of the Act, the early admin- in 1932, eliminated the requirement that the
istrators of the System were influenced by a Federal Reserve banks restrict their advances
definite body of economic thought and bank- (other than on Government securities) to
ing theory which had been responsible, for "self-liquidating paper." The Reserve banks
instance, for the original limitation of redis- are now permitted to make advances to memcounts to short-term paper "issued or drawn ber banks upon any assets if necessary, profor agricultural, industrial, or commercial viding only that the assets furnish the Re19
purposes/'17 and also for the nominal limita- serve banks with satisfactory security.
tion of collateral behind Federal Reserve
Self-Liquidity of Member Bank Assets.—
notes to the same class of paper.18 It has often The belief that the banking system would
been stated that the combination of these two be weakened and economic stability endanlimitations was intended to insure that the gered if the member banks themselves held
assets both of the member banks and of the an undue volume of securities or loans on
Reserve banks should consist largely of short- securities, was the third traditional idea
term loans of a "self-liquidating" nature. which influenced Federal Reserve objectives
Whether or not these limitations were effec- for a time. There was practical justification
tive, the belief did exist that commercial for this belief during the war years, when
banks and the banks that held their reserves the member banks were participating heavily
should limit their assets so far as possible to in the financing of export trade and war
"self-liquidating" paper.
expenditures. From 1915 to 1920 the assets
Those who held this belief argued that and deposits of the member banks and the
monetary and banking disturbances were the amount of currency in circulation increased
chief causes of booms and depressions, that rapidly and not only absorbed all the extra
by and large the production and marketing gold reserves released by the formation of
of agricultural and industrial products of all the System and received from abroad in 1915
kinds would proceed smoothly and without and 1916, but required in addition a great
interruption so long as bank credit was ex- expansion of Federal Reserve discounts and
tended and repaid with equal smoothness. advances. The Board recognized that this
According to this view, long-term investment increase in the money supply was an imporand dealings in securities and real estate tant influence pushing
observing,
ought to befinancedoutside the banking sys- however, thatin". . . an prices up,or relative
absolute
tem. In order that the amount of bank credit shortage of many primary materials
outstanding should always bear a close rela- necessaries must have advanced values and
and
tion to the rate of productive business ac- prices to a very appreciable extent, even had
tivity, bank credit—and Reserve bank credit there been no considerable change in the
in particular—ought to be used only to finance volume of credit and currency." 20 Although
dealings that would be quickly "self-liqui- the Board strongly urged that "the banks
dating."
should
a more
The war-time expansion of Federal Reserve general exert their influence . . . toloans by
absorption of Government
21
loans on Government securities and the sub- savings," there was little that could be done
sequent growth of open-market investments to keep the banks from adding Government
in Government securities were, of course, in- and industrial securities and loans on securiconsistent with a strict application of the ties to their portfolios, so long as war financ"self-liquidity" concept to Federal Reserve ing had prior claims over
policy.
assets. A 1935 amendment to the Federal When it finally approved the normal of disraising
Reserve Act, replacing a somewhat similar count rates at the end of
in 1920,
amendment adopted as an emergency measure the Board did so with this1919 and of memgrowth
See, for instance, Annual Report for 1914, p. 17, Annual Re- ber bank security holdings and loans on
port for 1917, p. 19, and Annual Report for 1920, p. 12.
securities in mind.22
Federal Reserve Act as amended, Section 13, second paragraph. Discounts of paper secured by Government securities were
From 1921 on, after the collapse of the
also permitted but this was originally considered a very minor
exception.
post-war boom, the Board's pronouncements
115

17

18
Federal Reserve Act as amended, Section 16, second para19
graph. Until 1917 even gold was nominally excluded from the
See Federal Reserve Act as amended, Sec. 10 ( b ) , and Board
note collateral, though this was a fiction that was actually nullified of Governors, Regulation A.
20
by the fifth paragraph of Section 16, which allowed a Reserve
Annual Report for 1917, p. 17.
bank to reduce its liability for outstanding notes by the amount of
21
Annual Report for 1917, p. 9.
gold it might deposit with the Federal Reserve agent for the
22
See next page for footnote.
purpose.

APRIL

1940




285

Historical Review of Objectives of Federal Reserve Policy

on credit policy displayed somewhat less con- mercial banking" principle for member banks
cern over the growing volume of securities, was nowhere set forth in the law in unmissecurity loans and real estate loans among takable terms. In a lengthy discussion of
the member banks' assets—as such, and apart monetary and credit policy in its tenth annual
from the loses to which bank customers might report, in 1923, the Board recognized that
put their borrowed funds. During the 1920's Congress had forbidden the Reserve banks
the Board indicated that problems raised by to lend upon paper "covering merely investthe types of assets that banks obtained would ments or issued or drawn for the purpose of
have to be handled through regulatory and carrying or trading in . . . investment sesupervisory contacts with individual banks curities, except bonds and notes of the Govand were not to be regarded as23 direct con- ernment . . .," (a prohibition which was
a
cern of general monetary policy. During the first relaxed under emergency conditions in
early 1930's the situation facing the System 1932). Such loans and investments, howwas a drastic liquidation of all forms of bank ever, were not forbidden by law to the memassets, and from 1933 on the financing of re- ber banks, and, as the Board pointed out,24 the
covery by the banks was welcomed in what- real occasion for a rediscount for a member
ever form it might come.
bank might be quite different from the purThe earlier insistence on self-liquidity has pose of the particular loan rediscounted.
been modified. In its place has come a real- Thus a Reserve bank was neither required
ization of the importance of adequate earn- to prevent nor did it have in its discount
ings for a sound banking system and a belief policy an effective instrument to discourage
that the use made of deposits is a more impor- its member banks from buying or lending
tant consideration than the mere form of the on securities. If a purpose of restricting disassets that the banking system acquires when counts to eligible paper was to cause the memit creates deposits. But there is also a keen ber banks in any degree to restrict their own
realization that the effectiveness of monetary extensions of credit to "self-liquidating"
policy depends upon the continuing existence loans, there was evidently a real contradicof a healthy banking system with sound as- tion between legislative expectation and the
sets, backed up by a Federal Reserve System actual situation.
prepared to prevent destructive deflation.
In
1923 report
During the 1920's, several elements en- nitionthis the emphasis the Board gave recogto
which
tered into the Board's views on long-term as- serve Act had placed upon the the Federal Reneeds of
sets. Most important, the nation's industry productive industry, both in crediteligibility
the
and commerce appeared to be enjoying full clauses and in the discount policy objective of
prosperity with only minor and temporary
25
disturbances. It was seen that whenever "accommodating commerce and business."
individual banks gained additional reserves The Board's interpretation of the System's
through gold imports or otherwise they would responsibilities may be roughly paraphrased
desire to keep the additional funds employed; as follows: (a) The Act clearly indicated that
since commercial loans were not available in "the Federal Reserve System is a system of
25
sufficient volume, the tendency was to invest productive credit"; (b) productiveness of
in other assets. This tendency appeared at credit extended by the Federal Reserve Systhe time to be largely justified by the steady tem must be measured by the productiveness
26
increase in the time deposits of the banks. of credit extended by the member banks;
After 1920, the Board saw no occasion to (c) credit extended by the member banks is
impose a tight money policy merely in order productive when the quantity of credit is apto restrain the growth of the banks' security propriate and when the purposes for which
credit and 27
money are used by the public are
assets.
productive. In the last analysis, it was held,
While the language of the Federal Reserve
Act clearly reflected the "commercial bank- Federal Reserve credit policy should be based
ing" philosophy of reserve banking, a "com- Annual Report for 1923, p. 35.
22

Annual Report for 1919, pp. 1-4; Annual Report for 1920, pp.
11-15. A related consideration was the low level of the Federal
Reserve banks' gold reserve ratio as the result of the previous
expansion of credit and of currency in circulation. Still another
purpose was to check, if possible, the speculative boom in commodity inventories which had begun about the middle of 1919.
23
See, for example, Annual Report for 1928, pp. 9-10.

286




24
25
28
27

Annual Report for 1923, p. 33.
Annual Report for 1923, pp. 35-36.
Annual Report for 1923, pp. 34-36. To give consistent meaning to this passage in the 1923 report, it is necessary to interpret
the terms "credit" or "bank credit" as referring to member bank
credit wherever "Federal Reserve credit" was not specified. See
pp. 287-288 below for discussion of the term "productive" as used
in the 1923 report.
FEDERAL RESERVE BULLETIN

Historical Review of Objectives of Federal Reserve Policy

upon "the operating requirements of agricul- central objectives have been recognized: (1)
ture, industry, and trade."24
to contribute, so far as credit policy can do so,
The Board's report for 1928 included a to the maintenance of stable prosperity
further discussion of the System's respon- through and along with "sound credit condisibilities for the growth of security holdings tions," and (2) to avoid, "by anticipation,"
and loans on securities. The conclusion was excessive credit expansion or contraction.
reached that "the Federal Reserve System Little progress in the development and inmust steer its course with reference to terpretation of normal objectives could be
broader developments and longer time ob- made in the first eight years of the System,
jectives than . . . month-to-month changes dominated as they were by war-time condiin any particular line of credit." Credit tions and the problems of post-war readjustpolicy, as expressed through discount rates ment. In the 1920's the aims of policy began
and open-market operations, was powerless to crystallize in a definite way. As has been
to exert influence on the makeup of loans and previously noted, the Board was transferring
investments of an individual bank. However, its attention from the forms in which bank
"banking policy," as expressed through credit is extended to the purposes for which
supervision and examination, especially of money is used. Reinterpreting the general
banks that were borrowers from the Reserve expression of legislative intent that was imbanks, might exert that influence, and was plied in the eligibility clauses of the Federal
important chiefly "in promoting the sound- Reserve Act, the Board wished to encourage
the "productive" use of money and to disness of member banks." 28
The Board thus arrived in the 1920's at the courage its "speculative" use. When the
position that it was not one of the System's Board decided in 1923 that open-market operprimary objectives to see that the member ations should be conducted "with regard to
bearing upon the
banks' assets should consist largely of short- their of the country," it general credit situation
was apparently emterm "self-liquidating" loans. Emphasis was ploying that phrase to cover not only the abilshifted from the form of bank assets to the ity and willingness of banks to extend credit
use made of money.
also the use that was being
This conclusion cleared the way for a new butproducers and consumers. made of money
by
approach to the whole question of member
bank assets. "Sound credit conditions," re- Towards the end of the decade of the 1920's,
interpreted in a broader manner, have in the System became particularly concerned
recent years once more been recognized as over the use of credit and money for speculaan essential objective, for "even an adequate tion in the stock markets. Member banks
supply of money will not perform its func- could not borrow from the Federal Retions adequately if the banking structure serve banks on stock exchange collateral,
through which it must operate is in an un- but the System recognized unhealthy elesound condition . . ." 29 New attention has ments in the stock market boom no matter
been given also to methods of using super- how it was financed. The System was faced,
visory and regulatory procedures to further however, with the real dilemma of how to
the broader purpo-ses of credit policy.30 Al- check the stock market boom through monemost the entire Report of the Board of Gov- tary action without also restricting the availernors for 1938 was devoted to the banking ability of credit for normal uses.
The System was also concerned in the
problems of the day.
1920's to minimize the effect upon the business situation of the "speculative" or "nonEvolution of the Central Objectives
productive" use of credit or money by busi1922 to 1929.—While ideas of gold stand- ness borrowers. In its reports, the Board
ard policy, of self-liquidity of Reserve bank showed repeatedly that this meant, for one
assets, and of self-liquidity of member bank thing, the use of money or credit to finance
assets have influenced the formulation of investment in inventories out of line with the
Federal Reserve policy objectives from time current needs of production and consumption.
to time, other ways of interpreting the Sys- A significant passage may be quoted from
tem's responsibilities have developed. Two the 1923 report:
28

Annual Report for 1928, pp. 9-10.
Annual Report for 1937, p. 222.
so See Annual Report for 1938, pp. 16-18.

29

APRIL

1940




". . . The withholding of goods from sale when
there is a market or the accumulation of goods for
an anticipated rise of price is not a productive use
287

Historical Review of Objectives of Federal Reserve Policy

[of credit]. It is the nonproductive use of credit
that breeds unwarranted increase in the volume of
credit; it also gives rise to unnecessary maladjustment between the volume of production and the
volume of consumption, and is followed by price
and other economic disturbances."31

This quotation indicates that the Board
was giving a very broad interpretation to
the term "speculative." "Speculative" developments were those that involved "maladjustments between the volume of production
and the volume of consumption." Alternations between more intensive and less intensive business activity, or between prosperity
and recession, are invariably associated either
with the building up and later running off of
manufacturers' and distributors' stocks of
goods or with similar "maladjustments" such
as the concentration and uneven spacing of
industrial capital expenditures, of production for export, of public expenditures or of
consumers' purchases of durable goods. All
of these "maladjustments" may be regarded,
in a broad sense, as "speculative."
In essence, therefore, the objective of Federal Reserve policy in the prosperous 1920's
was to even out and so to maintain the rate
of productive industrial progress by discouraging—through discount policy and openmarket operations influencing the cost and
availability of money in central money markets—excessive spurts of activity which
would lead inevitably to relapses, and by
similarly encouraging a sound recovery from
each relapse that could not be prevented. The
spurts and relapses of the 1920's, however,
were no more than wavelets on a tidal wave,
and there must be real doubt whether the
Board—like public opinion generally—was
not overoptimistic in those halcyon days
about its ability to stabilize prosperity.
The question of proper timing of Federal
Reserve policy decisions has always been a
difficult one. For example, restrictive action
to curb an inventory boom is useless if it is
delayed until the boom has nearly run its
course. But proposals have frequently been
made that the Federal Reserve System should
base its policy upon changes in wholesale
prices. An important objection to such proposals is that wholesale prices may or may
not change in unison with changes in the rate
at which money is being used for inventory
expansion, for capital expenditures, or for
purchases of consumers' durable goods. The
Board has made it clear on several occasions
31

Annual Report for 1923, p. 34.

288




that by basing its credit policy upon ample
statistical data relating to the general state of
business conditions it could move much sooner
and more surely than if it waited for definite
indications of excessive movements either in
the sphere of bank credit or in the sphere
of prices. For example, a statement made
by the Board in August 1937 expressed this
view in commenting on proposals to make the
achievement and maintenance of a specified
price level a primary objective of monetary
policy.32
1930 to 1933.—After 1929 the dislocation
of normal economic processes and the depressed level of business activity and national income made it necessary to reinterpret the twofold objective of maintaining
prosperity and of maintaining sound credit
conditions. It was no longer a question
merely of smoothing out fluctuations in a
generally stable economy. During the years
1930-1933 the immediate need was to restore
the stability and adaptability of the banking
system, since recovery could have no firm
basis until deflation of bank assets and liabilities through liquidation and hoarding had
stopped. "Soundness" of "credit conditions"
was more than a matter of the productive use
of money or credit; it now involved the ultimate issue of public confidence in the banks
and the basic ability of the banks to function
effectively. The banking crisis of those
years, unlike the money panic of 1907, was
not to be cured simply by providing the banks
with facilities for borrowing.33 An active
easy money policy "at first helped the banks
to meet extraordinary demands upon them
and later to build up excess reserves to an unprecedented level," thereby "encouraging the
banks to adopt more liberal lending and investing policies and34 to facilitate the reso
covery of business." The opinion has been
expressed that this policy might have been
more consistent and far more vigorous if enabling legislation had been adopted sooner.35
82
Annual Report for 1937, pp. 221-222. See also Annual Report
for 1923, pp. 31-32 and 35-37.
83
The facilities of the Federal Reserve banks were, however, not
entirely adequate because of the narrow statutory definition of
paper eligible for discounts or advances. This situation was
ameliorated by the Glass-Steagall Act in 1932. The establishment
that year of the Reconstruction Finance Corporation provided
still other facilities for borrowing by banks.
84
Annual Report for 1933, pp. 20-21.
85
The Glass-Steagall Act also allowed United States securities
to be included temporarily in the collateral behind Federal Reserve
notes. This provision enabled the System to resume the large
open-market operations which had been initiated in 1929 but had
been greatly restricted by 1931. Under existing law, the power
to count United States securities as note collateral is still a temporary one, and will expire on June 30, 1941.

FEDERAL RESERVE

BULLETIN

Historical Review of Objectives of Federal Reserve Policy

As it turned out, it required the combination tinually growing excess reserves of member
of other Government action with Federal Re- banks. The Board has been concerned to find
serve policy to restore confidence in the banks means of placing the System "in a better
and in the business outlook.
position to make its credit policies effective
1934 to 1939.—From 1934 to the present on the member banks and upon the credit
time the Federal Reserve System has con- situation generally." 38 The Board has emtinued to orient its monetary policy toward phasized that this problem is quite distinct
the goal of a lasting recovery. Because of the from policy in relation to current conditions.39
inflow of gold, the supply of bank reserves has In seeking to find a way "to prevent injurious
become redundant. Since the System has no credit expansion" the System is thus turning
substantial powers to increase the activity back to another of the basic objectives of
and rate of turnover of money or of money monetary policy, to safeguard the country—
incomes, its policy has perforce been largely so far as monetary authorities can do so—
passive. The tremendous volume of excess against inflation in the future.
reserves has given the member banks ample Above all, a quarter century of experience
funds to meet demands for productive loans has emphasized the truth that monetary and
and investments. Open-market operations credit policy can not by itself achieve the obhave been used chiefly to help maintain
monetary authorities must
orderly conditions in the market for high- jectives whichtheir own guidance and as an
formulate for
grade bonds. "The increased importance of aid to intelligent public understanding of
bonds as a medium of investment for idle
actions. Federal Reserve policy objecbank funds" has made "the maintenance of their are but one phase of "the general objectives
stable conditions in the bond market an important concern of banking administration."36 tive of public policy," "to maintain economic
40
As the Board said in 1937, "it
In short, the primary concern of the Federal stability."
should be the recognized duty of the Board
Reserve System in these last few years has
been that a healthily functioning banking of Governors of the Federal Reserve System
system should continue to contribute to re- to use all its powers to contribute to a concovery. The preservation of "sound credit certed effort by all agencies of the Governtoward the attainment of this objecconditions," broadly interpreted, has been ment 40
tive."
emphasized as an objective of policy.37
Since 1935 the Board has also given much
Report for 1936,
See also Annual Report for
attention to problems raised by the con- 1937,Annualand Annual Report p. 4.1938, pp. 4-6.
p. 5,
for
38

86
37

Annual Report for 1937, p. 7.
See references in footnotes 29 and 30, p. 287.

39
40

Annual Report for 1938, p. 21.
Annual Report for 1937, p. 223.

Monetary Action as a Part of a Constructive Government Program

* * * the Board has pointed out that there are many phases of economic life
that are not susceptible of control through monetary means alone; it has taken the
position that stability in production and employment is a more satisfactory objective of public policy than price stability alone, and that concerted action by many
agencies within and outside the Government, which have an influence on economic
activity, is essential for the achievement of recovery and an adequate national
income. Notwithstanding the inherent limitations upon the influence of monetary
and credit action on economic conditions, the Board is convinced of the importance
of such action at certain times, and feels strongly the necessity of having the
mechanism of monetary and banking control and supervision at all times in condition to function effectively in the public interest. . . . Recognition by Congress of
the limits within which monetary and credit action can be effective and determination of the mechanism and policies that would contribute most to its effectiveness
will clear the way for consideration of broader aspects of a constructive program
for further economic recovery and stability.—From a statement sent by the Board
of Governors to the Chairmen of the Committees on Banking and Currency of the
Senate and House, on April 8, 1939 (published in the Federal Reserve BULLETIN,
May 1939, pp. 363-364).
APRIL 1940




289

Ttom a Jieaal Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material of interest to bankers.
Applicability of Social Security Act to Federal Reserve Banks,
National Banks and State Member Banks

In the Federal Reserve BULLETIN for November 1936, at page 857, there were published the texts of rulings of the Bureau
of Internal Revenue holding that national
banks and State member banks were instrumentalities of the United States within the
meaning of Titles VIII and IX of the Social
Security Act and that accordingly neither
such banks nor their employees were subject
to the taxes imposed by that Act.
The Act of August 10, 1939 (Pub. No.
379, 76th Cong.), referred to in the Federal
Reserve BULLETIN for September 1939, at
page 723, amended the Social Security Act,
and, among other things, provided that after
January 1, 1940, service performed in the
employ of an instrumentality of the United
States would be exempt only if such instrumentality were wholly owned by the United
States or exempt by virtue of any other provision of law.
The Office of Commissioner of Internal
Revenue issued on January 27, 1940, rulings
concerning the applicability of the employment taxes with respect to services performed on or after January 1, 1940, in the
employ of certain banks and related organizations. Excerpts from these rulings which
relate to Federal Reserve banks, national
banks and State member banks are set forth
below:

"The term 'employment' means any service * * *
except—
*
*
*
*
*
"Service performed in the employ of the United
States Government or of an instrumentality of the
United States; * * *."
2. Various rulings have been published in Internal
Revenue Bulletins with respect to the applicability
of the above-quoted provisions to services performed
in the employ of all the banks and related organizations, except Federal reserve banks,* which are
hereinafter considered. Such banks and other organizations were held instrumentalities of the United
States for purposes of such provisions.
3. Effective with respect to services performed on
or after January 1, 1940, Section 1426 (b) (6) of
the Federal Insurance Contributions Act, as amended
by Section 606 of the Social Security Act Amendments of 1939, provides in part as follows:
"The term 'employment* means any service * * *
except—
*
*
*
*
*
"Service performed in the employ of the United
States Government, or of an instrumentality of the
United States which is (A) wholly owned by the
United States, or (B) exempt from the tax imposed
by section 1410 by virtue of any other provision of
law; * * *."
Section 1607 (c) (6) of the Federal Unemployment
Tax Act, as amended by Section 614 of the Social
Security Act Amendments of 1939, contains similar
provisions with respect to services performed on or
after January 1, 194-0.
4. The rulings stated hereinafter with respect
to the status of banks and related organizations under
the provisions of Sections 1426(b) (6) and 1607(c)
(6), as amended (paragraph 3, supra), are applicable with respect to services performed on or
after January 1> 1940. Inasmuch as such banks and
organizations are instrumentalities of the United
States for employment tax purposes, consideration
will be given principally to the question whether such
organizations are wholly owned by the United States
or are exempt from employment taxes "by virtue of
any other provision of law." In deciding whether
an instrumentality is wholly owned by the United
States, primary consideration is given to statutory
provisions regarding the capital shares of such
instrumentality, for the proposition is axiomatic that

1. The employment taxes imposed by the Federal
Insurance Contributions Act and the Federal Unemployment Tax Act (formerly Titles VIII and IX,
respectively, of the Social Security Act) are not
applicable with respect to services performed prior
to January 1, 1940, which were excepted from "employment" as that term is defined with respect to
services performed prior to January 1,194-0. Section
1426 (b) (6) of the Federal Insurance Contributions
Act and Section 1607(c) (5) of the Federal Unem* Federal Reserve banks
ployment Tax Act provide as follows with respect to States for employment tax are instrumentalities of the9 United
purposes. See paragraphs to 12,
services performed prior to January 1, 1940:
inclusive.
290




FEDERAL RESERVE BULLETIN

From a Legal Standpoint

the stockholders are the owners of a corporation.
The determination that an instrumentality is exempt from employment taxes "by virtue of any other
provision of law" depends upon specific language to
that effect.
National Banks

5. In S. S. T. 16, Cumulative Internal Revenue
Bulletin XV-2, 386 (1936), the Bureau of Internal
Revenue ruled that national banks are instrumentalities of the United States for social security
tax purposes, and that neither the banks nor their
employees are subject to such taxes. This ruling,
which is applicable with respect to services performed
prior to January 1, 1940, is based primarily on the
fact that such banks are required for the fiscal
operations of the Government. It is necessary, for
purposes of a ruling with respect to services performed on or after January 1, 1940, to determine
whether such banks either are wholly owned by the
United States or are exempt "by virtue of any other
provision of law."
6. Section 5 of an Act approved June 3, 1864, 13
Stat. 100 (U. S. C, Title 12, Section 21), reads in
part as follows:
"Associations for carrying on the business of banking under this chapter may be formed by any number
of natural persons, not less in any case than five."
Section 6 of the Act approved June 3, 1864, 13 Stat.
101 (U. S. C, Title 12, Section 22), provides in part
as follows:
"The persons uniting to form such an association
shall, under their hands, make an organization
certificate, which shall specifically state: * * *
Third. The amount of capital stock and the number
of shares into which the same is to be divided."
Section 12 of the Act approved June 3, 1864, 13 Stat.
102 (U. S. C, Title 12, Section 52), provides in part
as follows:
"The capital stock of each association shall be
divided into shares of $100 each, or into shares of
such less amount as may be provided in the articles
of association, and be deemed personal property, and
transferable on the books of the association in such
manner as may be prescribed in the by-laws or
articles of association. Every person becoming a
shareholder by such transfer shall, in proportion to
his shares, succeed to all rights and liabilities of the
prior holder of such shares; and no change shall be
made in the articles of association by which the
rights, remedies, or security of the existing creditors
of the association shall be impaired."
Section 40 of the Act approved June 3, 1864, 13 Stat.
I l l (U. S. C, Title 12, Section 62), provides in part
as follows:
"The president and cashier of every national banking association shall cause to be kept at all times a
full and correct list of the names and residences of
all the shareholders in the association, and the number of shares held by each, in the office where its
business is transacted."
7. The above-quoted provisions of law and other
provisions relating to the same subject matter indicate that Congress, in legislating with respect to
national banks, did not contemplate that such banks
would be owned by the United States. Furthermore,
there is no specific provision of law providing for or
APRIL

1940




authorizing the United States to acquire a proprietary interest in such banks, although there is a
provision for the Reconstruction Finance Corporation
to acquire preferred shares in certain instances. See
Section 401 of an Act approved March 9, 1933, 48
Stat. 1 (U. S. C, Title 12, Section 51d), amending
the Federal Reserve Act, 38 Stat. 251.
8. There is no specific provision of law which
would serve to exempt national banks from the employment taxes. It is evident from the hearings
before the Committee on Ways and Means, House
of Representatives, and the Committee on Finance,
United States Senate, that Congress, in enacting the
Social Security Act Amendments of 1939, intended
that employment taxes should be applicable with
respect to services performed on or after January
1,1940, in the employ of national banks. Accordingly,
the taxes imposed by the Federal Insurance Contributions Act and the Federal Unemployment Tax
Act are applicable with respect to such services.
Federal Reserve Banks

9. Section 15 of the Federal Reserve Act, 38 Stat.
251 (U. S. C, Title 12, Section 391), provides as
follows:
"The moneys held in the general fund of the
Treasury, except the 5 per centum fund for the redemption of outstanding national-bank notes and the
funds provided in this chapter for the redemption
of Federal reserve notes may, upon the direction
of the Secretary of the Treasury, be deposited in
Federal reserve banks, which banks, when required
by the Secretary of the Treasury, shall act as fiscal
agents of the United States; and the revenues of
the Government or any part thereof may be deposited in such banks, and disbursements may be
made by checks drawn against such deposits."
Section 406 of the Agricultural Credit Act of 1923,
42 Stat. 1454 (U. S. C, Title 12, Section 393), provides as follows:
"The Federal reserve banks are hereby authorized
to act as depositories for and fiscal agents of any
national agricultural credit corporation or Federal
intermediate credit bank."
Section 8 of an Act approved April 27, 1934, 48 Stat.
643 (U. S. C, Title 12, Section 394), amending the
Home Owners' Loan Act of 1933, 48 Stat. 128, provides as follows:
"The Federal reserve banks are authorized, with
the approval of the Secretary of the Treasury, to
act as depositaries, custodians, and fiscal agents for
the Home Owners' Loan Corporation."
10. In view of the foregoing provisions of law, it
is held that Federal reserve banks are instrumentalities of the United States for employment tax
purposes.
11. Section 7 of the Federal Reserve Act, 38 Stat.
251 (U. S. C, Title 12, Section 531), provides as
follows:
"Federal reserve banks, including the capital stock
and surplus therein, and the income derived therefrom shall be exempt from Federal, State, and local
taxation, except taxes upon real estate."
12. Accordingly, the taxes imposed by Titles VIII
and IX of the Social Security Act, the Federal Insurance Contributions Act, and the Federal Un291

From a Legal Standpoint

employment Tax Act are not applicable with respect provides that such banks, when designated for that
to servies performed either before or after January purpose by the Secretary of the Treasury, shall be
1, 1940, in the employ of Federal Reserve banks.
depositaries of public money and may be employed
as fiscal agents of the Government.
State Banks Members of the Federal Reserve System
14. State banks which are members of the Federal
13. In S. S. T. 44, C. B. XV-2, 388 (1936), the reserve system are not wholly or partly owned by the
Bureau ruled that State banks which are members United States, and there is no statutory authority
of the Federal reserve system are instrumentalities for such ownership. There is no specific provision
of the United States for social security tax purposes. of law which would serve to exempt such banks from
Neither such banks nor their employees are subject the employment taxes. Accordingly, the taxes imto such taxes with respect to services performed prior posed by the Federal Insurance Contributions Act
to January 1, 1940. This ruling is based upon the and the Federal Unemployment Tax Act are apAct of December 23, 1913 (38 Stat. 259), as amended plicable with respect to services performed on or after
by the Act of May 7, 1928 (45 Stat. 492), which January 1, 1940, in the employ of such banks.

The Role of Money

"The role of money is to serve as lubrication to the economic mechanism. The
essential condition of efficient performance of its service is that it shall flow freely
and reach every part of the mechanism. An efficient monetary system is thus an
essential prerequisite of a properly functioning economy, and any stoppage of the
flow of lubricant will immediately impede the movement of the machine. But even
a perfect lubricating system will not of itself start the machine when it has stopped,
or ensure its even running. The smooth running of the economic machine depends
upon an infinite number of interdependent economic processes being kept in adjustment. Many of the maladjustments were not caused by money and cannot be cured
by money; and unemployment is a reflection of the net result of all the existing
maladjustments. If a piston does not accurately fit its cylinder the machine will
not function properly, nor will there be a normal flow of lubricant. But it would
be futile to blame the defect on the lubricant. Similarly, the impoverishment of
the export trades of a country may prevent the normal flow of money within that
country. But the cause of the trouble is to a large extent non-monetary, and money
cannot be expected to put it right. Monetary policy, then, takes its place as one
of the elements of a complete economic policy—an essential element, but not the
only essential element."—(From "The Next Five Years", An Essay in Political
Agreement, published by Macmillan and Co., Limited, London, 1935.)

292




FEDERAL RESERVE BULLETIN

Unveitmenti and Jli&uiditu ojj
Hanki Vutlny 1939

embet

by
VICTOR M. LONGSTREET
Senior Economist
Division of Research and Statistics

I

NVESTMENT holdings of member banks
increased by about $1,140,000,000 in 1939.
All of the increase was at banks in central
reserve and reserve cities and reflected chiefly
a growth in holdings of United States Government long-term bonds and Government
guaranteed short-term securities offset in
MEMBER

form of short-term obligations declined
somewhat at New York City banks but
showed little change at other reserve city
banks and at country banks. At the end of
1939 member bank investments maturing in
five years or less were about 53 per cent of
total investments at New York City banks,

BANK

INVESTMENTS

CALL REP0R1• DATES

BILLIONS OF DOLLARS

BILLIONS Of r DOL

25

25

20

n
J

20
\

15

15
/

/-

TC TAL
- /
y r

i n

1/

U.S.
)IRECT

~f
60VE RNME:NT
AND C UARANTEED"^

10

—^-«

/

y

5
IT nTS"— ^

^-' —

+ —

1928

1930

/

OTHER

f

— -

0
1920

1922

1924

1926

1932

1934

1936

1938

part by a reduction in Treasury notes. These 38 per cent at other reserve city banks (indevelopments were mostly the result of cluding Chicago), and 32 per cent at country
changes in the amounts of various types and banks.
maturities of Government obligations out- Although member banks' holdings of shortstanding.
term Government securities, which form the
As a result of changes in the composition bulk of their secondary reserves, did not
of the investment portfolio of member banks, change greatly during the year, the liquidity
the proportion of the portfolio held in the of member banks outside New York City and
Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.
APRIL

1940




293

Investments and Liquidity of Member Banks During 1939

Chicago increased considerably, reflecting
mainly the growth of reserve balances and of
balances with correspondents. The "liquidity"
of individual banks for this purpose is
measured by the ratio of the total of reserve
balances, cash in vault, correspondent balances, collection items, open-market loans,
and short term securities to total deposits.
This ratio on December 30, 1939, as shown in
Table 5, averaged 73 per cent at New York
City banks, 65 per cent at Chicago banks, 54
per cent at reserve city banks, and 49 per
cent at country member banks. Differences
in liquidity among banks are related partly to
differences in their deposit structure, since
banks with the higher liquidity ratios generally have the higher proportions of demand
to total deposits.
Changes in investments by types and
maturities

Table 1
MEMBER BANK INVESTMENTS, ]L939
[In millions of dollars]
Change during 1939
Held
on
Dec.
30,1939

All

member
banks

Other CounNew
try
York reserve
city
banks
City
banks* banks2

19,540 +1,137

Total
U. S. Government direct
and guaranteed—total
Direct obligations:
Treasury bills 3
Treasury notes .__ _
Bonds maturing in 5
years or less. _ ___
Bonds maturing in 5
to 10 years
_
Bonds maturing in 10
to 20 years..
Bonds maturing after
20 years
_
Fully guaranteed obligations:
Maturing in 5 years or
less. _
__
_
After 5 years

+983

+358

-205

14,328 +1,106

+914

+265

-74

563
+277
2,223 -1,166

+157

+100

+20

-345

-519

-301

773

+47

-30

+48

+29

3,018

+565

+340

+184

+41

3,657

+769

+383

+310

+76

949

-190

+30

-153

-67

+213
+512
+394
2,082 +1,119
Changes during 1939 in holdings of in-132
-86
-97
1,062
-315
vestments of various types and maturities at U. S. Government agencies
+11
+28
377
+46
+7
the different classes of member banks are not guaranteed—total
shown in Table 1. At New York City banks
Maturing in 5 years or
+21
-3
less
+59
281
+41
total investments rose by nearly $1,000,000,-13
-10
96
Maturing after 5 years..
-13
+10
000 and at banks in 61 other reserve cities State and local govern+62
+79
2,692
+244
+103
(including Chicago) by about $350,000,000, ment securities—total
while at country banks they declined by
-1
In default
-2
7
Without specific ma$200,000,000.
turity _
172
+20
+23
+3
Maturing in 5 years or
The largest increases in holdings of invest+61
less
ments were in direct obligations of the Fed- Maturing after 5 years._ 1,645 +167 +51 +24 +55
867
+11
+22
+57
eral Government maturing within 5 to 20 Other securities —total
-221
-38
-259
2,143
years and in obligations guaranteed by the
-1
-6
-5
In default *
-12
77
Federal Government maturing within five
Maturing in 5 years or
-16
+27
451
+20
+9'
less
years, mostly issues of the Reconstruction
-41
-200
-26
Maturing after 5 years._ 1,614
-267
Finance Corporation, Commodity Credit Corporation, and United States Housing Author- i Central reserve city banks only.
2 Include central
ity. These increases occurred at all classes of reserve city banks. reserve city banks in Chicago, also branches of
5
member banks. There were also general but All Treasury notes mature withintheyears. they have been written
Exclude securities in default to
extent
smaller increases in holdings of Treasury bills off the books.
Exclude holdings of corporate stocks, which showed little change
and in holdings of both short- and long-term in year.
obligations issued by State and local govern- curities were closely related to changes in the
ments.
Increases in these various classes of se- structure of the Government's outstanding
debt.
amount of securities
curities were partly offset by general de- offeredThe total Government and by publiclyby the
clines in Treasury notes, aggregating about whose issues are guaranteed by the agencies
$1,170,000,000, and by declines in long-term ment inqreased by $1,320,000,000 Governdomestic corporate bonds, notes, and deben- 1939, exclusive of savings or "Baby" during
bonds
tures at country banks.
which could be bought by banks only in small
Bank holdings compared with Government amounts. Total Government securities held
by member banks increased by $1,110,000,securities outstanding
000. It is estimated that at nonmember
Changes during 1939 in member bank banks, including mutual savings banks, holdholdings of United States Government se- ings of these securities increased by some4

5

3
4
6

294




FEDERAL RESERVE

BULLETIN

Investments and Liquidity of Member Banks During 1939

thing like $300,000,000 or $400,000,000. Thus
the increase in holdings at all banks roughly
matched the growth in Federal obligations
available in the market.
The extent to which changes in member
bank holdings of Government securities of
various types and maturities were related to
changes in amounts outstanding is brought
out by Table 2. Broadly speaking, member
Table 2
CHANGES IN AMOUNTS OF UNITED STATES GOVERNMENT OBLIGATIONS OUTSTANDING AND HELD BY
FEDERAL RESERVE BANKS AND MEMBER BANKS
[In millions of dollars]

holdings to run off during the year, thus adding about $570,000,000 to the market's supply. The decline in the volume of Treasury
notes held by member banks was considerably smaller than the decline in the volume
outstanding. The increase in member bank
holdings of Treasury bonds of 10-20 years
maturity was far short of the increase in
the volume outstanding, reflecting in part the
fact that the Reserve banks increased their
holdings of such bonds by nearly $300,000,000. The decline in the outstanding amount
of bonds maturing after 20 years, and to
some extent in member bank holdings of such
bonds, reflected the shift of bonds maturing
in 1959 into the shorter category.

Change during"1939 in amountOutstanding
Total..
Direct obligations:
Treasury bills
Treasury notes
Bonds maturing in 5 years or l e s s _
Bonds maturing in 5 to 10 years
Bonds maturing in 10 to 20 years___
Bonds maturing after 20 years
Fully guaranteed obligations:
Maturing in 5 years or less.
Maturing after 5 years

Held
by
member
banks

Held by
Federal
Reserve
banks

+1,320

+1,106

-80

+149

+277

- 2 , 294

-1,166

-566
-25

+819
+2,022

+47
+565
+769
-190

+2
+113
+295
+90

+ 1 , 749
-1,037

+1,119
-315

+5
+7

Maturity distribution of bank investments
Shifts during 1939 in holdings of Government securities at member banks, while they
have altered substantially the composition of
the security portfolio, have not materially
changed the distribution of maturities. Table
3 shows that the proportion of securities
Table 3
MATURITY DISTRIBUTION OF MEMBER BANK INVESTMENTS, BY CLASSES OF BANKS, E N D OF 1938 AND

1939

i Amounts publicly offered excluding savings bonds and $120,000,000
of Treasury bonds sold directly to Ti
rreasury trust and investment
accounts.

banks increased their holdings of bills and
bonds, of which there were large offerings,
and reduced holdings of Treasury notes, the
outstanding amount of which declined. Banks
purchased substantial amounts of the shortterm guaranteed issues offered during the
year, while the decline in their holdings of
long-term guaranteed securities reflected in
part the calling of several issues of bonds of
the Home Owners' Loan Corporation and of
the Federal Farm Mortgage Corporation.
The increase in the amount of guaranteed issues of the shorter term and conversely the
decline in the amount of the longer term, both
in total amounts outstanding and amounts
held by member banks, are partly explained
by the shift into the shorter category of an
issue of Home Owners' Loan Corporation
bonds maturing in 1944.
Member bank holdings of Treasury bills
showed a larger increase than the amount
outstanding because the Federal Reserve
banks permitted all of their Treasury bill
APRIL

1940




All
member
banks
December 30, 1939

Maturing in 5 years or less
Maturing after 5 years
Other 3
Total

December 31, 1938

Maturing in 5 years or less
Maturing after 5 years
Other 3
Total

Other
New
York reserve Country
City 1 city 2
Danks banks banks

53
46
1

38
61
1

32
66
2

100%

100%

100%

41
58
1

56
43
1

38
61
1

31
67
2

100%

100%

100%

100%

41
58
1
100%

1 Central reserve city banks only.
2 Includes central reserve city banks in Chicago, also branches of
reserve city banks.
3 Securities in default and securities without specific m a t u r i t y .

maturing in five years or less to total investments other than stocks remained during
1939 at 41 per cent for member banks in the
aggregate, decreased from 56 to 53 per cent
for New York City banks, and remained at 38
per cent for other reserve city banks and at
about 32 per cent for country banks. These
figures make no allowance for the fact that
many Government and corporate long-term
295

Investments and Liquidity of Member Banks During 1939

securities can be called much before maturity
under certain conditions.
New York City banks thus hold a larger
proportion of shorter-term obligations than
reserve city banks and reserve city banks
hold a larger proportion than country banks.
As shown by Table 4 this practice is evident
for holdings both of Federal Government
securities and of State and local government
securities. State and local government securities held by banks are in general of much
shorter term than their holdings of Federal
securities. Of the total amount of State and
local government securities held by all member banks, the proportion with maturities of
five years or less is about 60 per cent. At
New York City banks it is 85 per cent, and
at other classes of banks about 55 per cent.
These proportions were about the same as a
year earlier.
Table 4
MATURITY DISTRIBUTION OF MEMBER BANK
MENTS, DECEMBER 30, 1939

INVEST-

[By kinds of securities and by classes of banks]
All
member
banks
U. S. Government direct and guaranteed obligations—total

New
Other
York reserve
City
city 2
banks* banks

Country
banks

100%

100%

100%

100%

Direct obligations:
Treasury bills. 3
Treasury notes
.
Bonds maturing in 5 years or less.
Bonds maturing in 5 to 10 years.
Bonds maturing in 10 to 20 years
Bonds maturing after 20 years._.

4
15
5
21
26
7

7
17
7
19
19
5

3
16
5
22
29
7

1
14
5
21
28
8

Fully guaranteed obligations:
Maturing in 5 years or less
Maturing after 5 years

15
7

21
5

11
7

11
12

100%

100%

100%

100%

75
25

91
9

75
25

52
48

100%

100%

100%

100%

7
61
32

85
15

10
56
34

54
40

100%

100%

100%

100%

4
21
75

5
27
68

4
28
68

3
14
83

U. S. Government agencies, not
guaranteed—total
_.
Maturing in 5 years or less
Maturing after 5 years

__.

State and local government securities—total
In default 4
Without specific maturity
Maturing in 5 years or less
M aturing after 5 years
6

O ther securities —total
In default 4
Maturing in 5 years or less
Maturing after 5 years

1
Central reserve city banks only.
2 Include central reserve city banks in Chicago, also branches of
reserve city banks.
3
All Treasury notes mature within 5 years.
4
Exclude securities in default to the extent they have been written
off the books.
5
Less than 0.5 per cent.
6
Exclude holdings of stocks.

296




Other obligations held by member banks,
mostly corporate bonds, notes, and debentures, are chiefly of the longer term. About
21 per cent had maturities of five years
or less at the end of 1939 compared with 18
per cent a year ago. These low percentages
are probably due to the relatively small
amount of short-term corporate securities
outstanding. As in the case of Government
obligations, the proportion of short-term
corporate securities is larger at city banks
than at country banks.
Increase in Bank Liquidity
In 1939 there was a substantial increase
in the liquidity of member banks outside
New York City, caused by further growth
in city bank reserves and in country bank
balances with other domestic banks, rather
than by an increase in secondary reserves.
Secondary reserves are those loans and investments that may be called or sold in the
open market without involving the banks'
relations with their customers or without
risk of material loss of principal and are
therefore readily usable to 5 meet losses of
funds. They include brokers loans, bankers'
acceptances, open-market commercial paper,
and short-term high-grade securities. Table
5 shows by classes of banks the proportions
of deposits represented by these and other
liquid assets. At the end of 1939 the total of
liquid assets for all member banks amounted
to 59 per cent of gross deposits, compared
with 56 per cent at the end of 1938.
City banks hold larger proportions of their
deposits in the form of liquid assets than do
country banks, with the largest proportions
in New York City and Chicago. The proportion of liquid assets to total deposits remained during 1939 at 73 for New York City
banks and at 65 for Chicago banks, but increased from 50 to 54 at reserve city banks
and from 45 to 49 at country banks.
Changes in liquidity ratios of banks depend
on changes in (1) the volume of their liquid
assets and (2) the volume of their deposits.
An increase in deposits will reduce liquidity
ratios unless there is a corresponding increase in liquid assets. Deposits as well as
liquid assets increased sharply at all classes
of member banks in 1939. At banks in New
York City and Chicago these increases had
little net influence on the liquidity ratio beFEDERAL RESERVE BULLETIN

Investments and Liquidity of Member Banks During 1939
Table 5
DEPOSIT STRUCTURE AND LIQUID ASSETS OF MEMBER
BANKS, DECEMBER 30, 1939
[By classes of banks]
All
member
banks
Deposits
Interbank deposits
Other demand deposits
Other time deposits
Total deposits
Liquid assets
Reserve balances

Central reserve
city banks

Reserve
city
banks

Country
banks

New
York

Chicago

29
66
' 5

27
58
15

21
53
26

4
53
43

100%

100%

100%

21
20

17
12

2

1

11
7
2

3

14

19

5

2
1

19
57
24
100%
24

3

5

2

2

16

22

21

14

Total liquid assets:
December 30, 1939
December 31, 1938

59
56

73
73

65
65

54
50

11

1

4

4

4

49
45

cause their effects about offset each other.
At reserve city and country banks, however,
the gain in reserve funds, which at country
banks was mostly redeposited with city correspondents, was relatively larger than the
gain in deposits, with the result that liquidity
ratios increased.
Differences in liquidity among banks are
due partly to differences in the nature of the
banks' liabilities. As shown by Table 5,
banks in New York and other leading cities,
where liquidity is highest, have on the average relatively large proportions of interbank
and other deposits payable on demand, while
country banks, which have lower liquidity,
show on the average a small proportion of
interbank deposits and relatively large savings and other time deposits.
This broad relationship between liquidity
and deposit structure of banks is also shown
by the figures for reserve city and country
banks by Federal Reserve districts, which

1940




LIQUIDITY OF MEMBER BANKS, BY RESERVE DISTRICTS,
DECEMBER 30, 1939
Reserve city banks 1
Federal Reserve district

Country banks

Ratio of
Ratio of
Liquidity demands Liquidity demand3
to total
ratio 2
ratio 2
to total
deposits
deposits

12

Required reserves
Excess reserves
Cash in vault
Balances with other domestic banks
Cash items in process of collection
Open-market paper and
loans
Securities maturing in 5
years or less

APRIL

Table 6

100%

13
11

are presented in Table 6 for the end of 1939.
In general, banks with the higher liquidity
ratios, as measured in these tables, have relatively large amounts of demand deposits and
small amounts of time deposits, as is the

Total...
Boston
New York i...
Philadelphia.
Cleveland

54%

74%

49%

57%

61
47
53
57

93
62
86
73

51
44
43
45

62
51
45
49

Richmond
Atlanta l
Chicago
St. Louis

64
54
63
58

80
82
70
84

50
55
54
52

62
71
56
62

Minneapolis..
Kansas City..
Dallas
San Francisco

53
69
60
35

83
87

51
56
61
41

55
75
85
57

1 Central reserve city banks in New York and Chicago not included,
2 Percentage of total deposits held in the form of reserves, cash in vaultbalances with correspondents, cash items in process of collection, open,
market loans, and securities maturing in 5 years or less.
3 Includes all interbank deposits and other demand deposits.

case with both reserve city and country banks
in the reserve districts of Kansas City and
Dallas, while relatively lower liquidity ratios
go with low proportions of demand deposits,
as shown by both reserve city and country
member banks in the New York and San
Francisco districts. The figures for the latter
district are affected somewhat by the inclusion of country branches in the figures for reserve city banks. As an exception to the general rule, in the Chicago district both reserve
city and country member banks show relatively high liquidity ratios and at the same
time low proportions of demand deposits. The
relationships appear sufficiently uniform,
however, to indicate that the deposit structure
is an important factor, though not always the
principal factor, accounting for variations in
bank liquidity.

297

United States (jovetnment (2otpotation5
and (2tadit -@gencie5 in 1939
by
HENRY EDMISTON and

GUNHILD ANDERSON

Division of Research and Statistics

T

HE most significant developments in 1939
in the operations of United States Government corporations and credit agencies are
summarized below:
1. A larger proportion of their funds was
obtained through sale of their own obligations
in the market. Largely as a result of this
financing, a substantial amount of funds
which had been advanced by the Treasury
was repaid and the proprietary interest of the
United States Government in the corporations
declined.
2. Although their total loans and holdings
of securities of financial institutions increased
by $210,000,000 during the year, there was
considerable variation in the trend of loans
and investments of individual agencies. Outstanding loans of the large emergency financing corporations, such as the Reconstruction
Finance Corporation and the Home Owners'
Loan Corporation, and the loans of the farm
mortgage agencies continued to decline. Some
of the newer agencies had increases in loans
and Commodity Credit Corporation loans
increased by nearly $300,000,000, largely due
to the acquisition from banks and other lending agencies of nonrecourse loans to farmers
which had been made with a commitment
from the Corporation.
3. In line with the general reduction in
interest rates, which has been occurring in
recent years, there were a number of rate
reductions, particularly by the home mortgage and agricultural credit agencies, together with the extension of more favorable
terms to the borrowers of certain agencies
through reamortization of loans on longer
terms and liberalization of foreclosure practices.
4. Under the Reorganization Act of 1939
changes were made in the supervision of
activities of the various corporations and
lending agencies.
5. The President's Budget Message of
January 4, 1940, proposed that $700,000,000

of capital funds of the Government corporations should be returned to the Treasury during the fiscal year 1941.
In Table 1 are shown for December 31,
1938 and 1939, the principal assets and
liabilities of Government corporations and
credit agencies based upon the compilation
published as part of the daily statement of
the United States Treasury for the end of
each month. Similar figures in greater detail than those shown in Table 1 are published
regularly in the BULLETIN ; see pp. 337-338 of
this issue for latest figures. As shown in the
table, outstanding bonds, notes and debentures of the agencies increased by $740,000,000 during 1939. Most of this increase
resulted from the sales in the open market
of new guaranteed issues of the Reconstruction Finance Corporation, the Commodity
Credit Corporation, and the United States
Housing Authority, partly offset by redemptions of Federal Farm Mortgage Corporation and Home Owners' Loan Corporation
bonds. The total amount of guaranteed
obligations outstanding at the end of the
year was $5,700,000,000, a new high level.
Owing largely to the repayment of Reconstruction Finance Corporation notes held by
the Treasury, the proprietary interest of the
United States Government in the agencies
decreased by $400,000,000 to $3,620,000,000,
the smallest total in more than five years.
Total outstanding loans and holdings of
securities of financial institutions increased
by $210,000,000 in 1939, following a small
increase in 1938 and reductions of close to
$400,000,000 in each of the years 1936 and
1937. Increases occurred in loans of the
United States Housing Authority, Federal
National Mortgage Association, Rural Electrification Administration, Farm Security
Administration, and the Commodity Credit
Corporation. The largest element in these
increases was the purchase by the Commodity
Credit Corporation from banks and other

Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.

298




FEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1939
TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31,
1938 AND 1939
[In millions of dollars]
Change
in 1939

Dec. 31,
1939

Dec. 31,
19381

Loans and preferred stock
Cash
U. S. Government direct and guaranteed
obligations
Accounts and other receivables
Property held for sale
Other assets 2

8,951
460

i 8, 739
370

+211
+90

379
661
723

855
328
i 552

+33
+51
-28
+171

3

12,062

i 11, 533

+528

Bonds, notes, and debentures:
Guaranteed by United States
Other 2
Other liabilities (including reserves)
Total liabilities other than interagency 3
Privately owned interests
U. S. Government interests

5,704
1,348
995

4,992
1,317
1821

+712
+31
+175

8,048

i 7,130

397
3,617

381
4,022

Assets

Total assets other than interagency .
Liabilities

and the Federal Farm Mortgage Corporation,
which held about one-third of the total, (2)
the Home Owners' Loan Corporation, holding
about one-fourth, and (3) the Reconstruction
Finance Corporation, together with the Public Works Administration, which held over
one-sixth. Other agricultural loans made
by various agencies amounted to $1,520,000,000, other home mortgage and housing
loans to $550,000,000, and miscellaneous
loans of various agencies to $400,000,000.
The mortgage agencies, particularly the
Home Owners' Loan Corporation, held a substantial amount of property for sale.
The Government's proprietary interest in
agencies engaged primarily in lending was
$2,900,000,000 at the end of 1939, or $510,-

+918 TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES AND PROPRIE+16
TARY INTEREST OF UNITED STATES, DECEMBER 31,
-405

1939

[In millions of dollars]

1 Previously published figures for December 31, 1938, have been adjusted as follows in order to make them comparable with 1939: (1) loans
of the Farm Credit Administration from Congressional appropriations
are now shown on a gross instead of a net basis and reserves set up against
these loans are included under "other liabilities," and (2) commitments
of the Maritime Commission for ship construction and terminal repairs
are now excluded from "other assets" and "other liabilities."
2 Excludes $761,000,000 of Federal land bank bonds held by Federal
Farm Mortgage Corporation.
3
Includes, however, investments in securities of agencies (other than
mentioned in footnote 2) and deposits of agencies with Reconstruction
Finance Corporation.

lending agencies of cotton and corn loans
maturing in the summer of 1939 which, in
the underlying Treasury compilation, are
shown as loans although the Corporation has
taken title to this cotton and to part of the
corn. Emergency loans made largely during
the period 1932 to 1935 showed a further decline in 1939. Outstanding farm mortgage
and Home Owners' Loan Corporation home
mortgage loans declined by $270,000,000 during the year and loans to and investments in
securities of financial institutions, consisting
largely of Reconstruction Finance Corporation emergency advances to and investments
in preferred stock of commercial banks, were
reduced by $80,000,000.
In Table 2, outstanding loans and investments of, and the Government's proprietary
interest in, agencies engaged primarily in
lending are shown separately from other
agencies. Out of the total of outstanding
loans and investments of $8,950,000,000 at
the end of 1939, $6,480,000,000, or 72 per
cent, was held by three groups of lending
agencies, namely (1) the farm mortgage
agencies, including the Federal land banks
APRIL

1940




Outstanding
loans, investments in preferred stock, Proprietary
capital notes
interest of
and debentures, United States
and shares of Government
financial
institutions
Dec.
31,
1939

Agencies engaged primarily in lending:
Reconstruction Finance Corporation
and Public Works Administration
1,634
Home mortgage and housing agencies:
2,250
Home Owners' Loan Corporation
425
Other mortgage agencies 1
123
U. S. Housing Authority
Farm credit agencies:
2,596
Farm mortgage agencies
667
Commodity Credit Corporation
257
Farm Security Administration
600
Other 2
Other lending agencies:
183
Rural Electrification Administration..
Other lending agencies
.
158
Total lending agencies..

-163

580

-738

-134
+45
+91

52
285
151

-17

-140
+299
+78
3 -17

512
100
257
509

"+78
-17

+95
+26

185
268

+96
+78

Insurance agencies 4
Tennessee Valley Authority _
Other

+16

325
306
87

+14
+85
+2

+211 3,617

-405

+31
8,951

+7

-506

+181

Other agencies:

Total all agencies..

Change Dec. Change
in
in
31,
1939 1939 1939

1 Including Federal Home Loan banks, R.F.C. Mortgage Company,
Federal National Mortgage Association, and investments in shares of
Federal savings and loan associations by the Treasury.
2 Including Federal intermediate credit banks, Banks for cooperatives, Production credit corporations, Regional agricultural credit
corporations, and Congressional appropriations administered by the
Farm Credit Administration.
3
In computing this change, previously published figures for December
31, 1938, were adjusted as indicated in footnote 1 to Table 1.
4
Including Federal Deposit Insurance Corporation, Federal Savings
and Loan Insurance Corporation, Federal Housing Administration, and
Federal Crop Insurance Corporation.
6 Less than $500,000.

299

United States Government Corporations and Credit Agencies in 1939

000,000 less than at the end of 1938. The declined by $160,000,000 during the year to
equity of the United States in the assets of $1,630,000,000. This was the largest dethe four insurance agencies increased slightly crease of any year since 1936 when there were
to $325,000,000 at the end of the year. The large retirements by banks of their preferred
largest of these agencies is the Federal De- stock.
posit Insurance Corporation. These agencies
The largest decrease in outstanding Redo not make loans except as an incident to construction Finance Corporation loans in
their insurance functions but hold assets, 1939 was for self-liquidating projects which
primarily in the form of United States Gov- declined by $110,000,000 largely as a result
ernment obligations, as reserves against pos- of sales of obligations to private investors,
sible future claims. Certain other agencies including $73,000,000 of bonds of the Metroare primarily operating organizations. The politan Water District of Southern Calif ornia
Government's proprietary interest in three and $71,000,000 San Francisco-Oakland Bay
of these; the Tennessee Valley Authority, Toll Bridge bonds, both of which issues were
the Panama Railroad Company, and the In- sold at substantial premiums. The combined
land Waterways Corporation, amounted to holdings of securities acquired by the Public
$380,000,000 at the end of 1939 and repre- Works Administration in connection with its
sented principally business property held. works programs increased slightly; loans
The increase of $90,000,000 in this equity held by the Public Works Administration
during the year was almost wholly in the were $30,000,000 higher than in 1939 but the
Tennessee Valley Authority.
transfers of such securities to private inUnder the Reorganization Act of 1939, the vestors by the Reconstruction Finance CorFederal Loan Agency was established on poration were $20,000,000 larger than the
July 1, 1939, to supervise and coordinate the amounts taken over from the Public Works
activities of the Reconstruction Finance Cor- Administration.
There were further net retirements of
poration, Electric Home and Farm Authority,
R. F. C. Mortgage Company, Disaster Loan $50,000,000 in 1939 of securities of banks
Corporation, Federal National Mortgage As- held by the Reconstruction Finance Corporasociation, Federal Home Loan Bank Board, tion and outstanding loans to banks, which
Home Owners' Loan Corporation, Federal are almost all closed banks, declined by $25,Savings and Loan Insurance Corporation, 000,000. There were also decreases in loans
Federal Housing Administration, and the for financing the sale of agricultural surpluses
Export-Import Bank. Effective on the same
date, the Farm Credit Administration, ComINVESTMENTS OF
modity Credit Corporation, and the Rural TABLE 3.—LOANS AND CORPORATION ANDTHE RECONSTRUCTION FINANCE
Electrification Administration were trans- WORKS ADMINISTRATION DURING 1939 THE PUBLIC
ferred to the Department of Agriculture, and
[In millions of dollars]
the Public Works Administration and the
United States Housing Authority were placed
Outunder the newly-created Federal Works
Net
standDisReing
change
bursed
paid
Agency.
Dec.
in
in
in
31,
1939
1939
1939
In his message to Congress on January 4,
1939
1940, transmitting the budget for the fiscal
year 1941, the President estimated that, in Investment in preferred stock, etc.,
72
24
-49
495
__ _
view of the lessening need for loans in some of banks *
to
_ _
34
11
-24
120
cases and the growing surpluses in other Loans onbanks. __
Loans
commodities
7
27
-20
1
Loans to railroads
40
27
449
+13
cases, it will prove feasible to reduce the Loans to industrial and commercial
54
31
+23
businesses
131
capital funds of some of the Government Loans to drainage, levee, and irricorporations by an aggregate figure of $700,- gation districts
__
5
2
+3
84
F. C.
000,000, without in any way impeding their R.projects. loans for self-liquidating
79
60
2 167
-107
..
.
P. W. A. advances (obligations held
operations.
+ 12
3 193
by P. W. A. and R. F. C.)
-14
Miscellaneous loans
5
20
82
Reconstruction Finance Corporation and
1,634
-163
Total . ._
Public Works Administration.—As shown in
Table 3, total outstanding loans and invest- 1 Including loans secured by preferred stock, etc., of banks.
2
ments of the Reconstruction Finance Corpo- 3 Includes obligations sold to others. by Public Works Administraration and the Public Works Administration tion.Includes $72,000,000 obligations held
300




FEDERAL RESERVE

BULLETIN

United States Government Corporations and Credit Agencies in 1939
TABLE 4.—PRINCIPAL ASSETS AND LIABILITIES OF
HOME MORTGAGE AND HOUSING AGENCIES, DECEMBER 31, 1939
[In millions of dollars]
Home Federal Federal R.F.O. United
Owners' Home National MortStates
gage
Loan
Loan
MortHousing
Com- AuthorCorpo- banks
gage
ration
Associa- pany
ity
tion
Asset*
Loans .
Shares of savings and
loan associations 1
Cash and U. S. Government obligationsProperty held for sale._
Other assets

2,038

181

190
510
14

73

Total assets»

2,963

255

2,814
(a)
97
2,911

147

57

123

211
1

I

(3)

14

3

132

150

60

269

49
31

85
3

2

4

79

88

2

118

CO

and in miscellaneous loans, due chiefly to a
decrease in loans to mortgage loan companies.
Loans to railroads and industrial and commercial business concerns were somewhat
larger at the end of the year than a year
earlier.
The following summary gives a general
indication for the Reconstruction Finance
Corporation of the sources and uses of funds
in 1939. Funds from the sales of $590,000,000 of guaranteed notes and repayments of
loans and investments were used largely to
repay Reconstruction Finance Corporation
notes held by the Treasury which were reduced from $755,000,000 on December 31,
1938, to $10,000,000 at the end of December
1939.

Liabilities

Bonds and notes:
Changes in assets and liabilities * other than funded debt:
Guaranteed by U . S . _
Loans and investments
_
,._
—$194,000,000
Other
Other net assets less miscellaneous liabilities.
__ +12,000,000 Other liabilities
Aggregate net change
_
-$182,000,000
Total liabilities*.

114

Changes in funded debt and net worth:
Notes fully guaranteed by United States
+$587,000,000
i In addition to these investments, the Treasury had $40,000,000 inUnited States Government proprietary interests:
vested in shares of Federal savings and loan associations,
Earned surplus...
+$54,000,000
a Less than $500,000.
Net liability to other agencies
-823,000,000
3 Excluding interagency
Net change
-769,000,000 agencies and deposits withitems except investments in securities of other
Reconstruction Finance Corporation.
-$182,000,000
i Exclusive of interagency items except as indicated in footnote 3 to
Table 1.

Home mortgage and housing agencies.—

The principal items of assets and liabilities of
the various home mortgage and housing agencies as of December 31,1939, are summarized
in Table 4.
The emergency Home Owners' Loan Corporation, established in 1933, made loans, to
be amortized in 15 years, to home owners in
a refinancing program which terminated in
June 1936. The principal activities of the
Corporation are now the servicing of its loans
and the management and sale of properties
acquired. During 1939 changes were made
in certain provisions regarding loans. Under
legislation enacted in August the Corporation may extend loans to a maximum of 25
years in cases where such extensions appear
justified. By administrative action the interest rate which had been, in general, 5 per cent
was reduced to 4*/2 per cent on all payments
due on or after October 16, 1939. This lower
rate was made applicable to all purchase
money obligations created after October 1,
1939, in connection with sales of property
acquired by the Corporation.
Total outstanding loans of the Home Owners' Loan Corporation declined by $130,000,APRIL

1940




000 during 1939 compared with decreases of
$230,000,000 in 1938 and $370,000,000 in
1937. The smaller reduction in 1939 does not
reflect lower principal repayments but resulted largely from new loans created in connection with the sale of foreclosed property
and from a smaller volume of loan balances
transferred to property and other accounts
as foreclosures were authorized. Repayments of principal on the original loans in
1939 were about $20,000,000 larger than
in 1938, most of which resulted from increasing principal payments under the direct-reduction amortization plan on which these
loans are based. Investments by the Home
Owners' Loan Corporation in shares of Federal and other savings and loan associations
declined slightly in 1939 to $210,000,000. The
Corporation is authorized to invest up to
$300,000,000 in shares of these associations.
The Treasury's investment in shares of Federal savings and loan associations of $40,000,000 on December 31,1939, was $7,000,000
less than a year earlier.
Major changes during 1939 in the condition
statement of the Home Owners' Loan Corporation are shown in the following summary. Refunding operations were carried
out for $1,230,000,000 of bonds maturing or
callable during the year, of which $1,000,000,301

United States Government Corporations and Credit Agencies in 1939

000 were exchanged for new bonds, $75,000,000 were retired from the proceeds from sales
of the new bonds for cash, another $75,000,000 were paid off in cash and $80,000,000 of
the matured bonds had not been presented for
redemption at the end of the year.
Changes in assets and liabilities other than funded debt:
Loans
-$131,000,000
Property held for sale
-33,000,000
Cash and United States direct obligations
+60,000,000
Shares of Federal and other savings and loans associations
_._
—3,000,000
Other net assets less miscellaneous liabilities
+25,000,000
Aggregate net change

-$82,000,000

Changes in funded debt and net worth:
Bonds fully guaranteed by United States
i -$74,000,000
United States Government proprietary interests:
Paid-in capital less deficit
-$18,000,000
Net liability to other agencies
+10,000,000
Net change
-8,000,000
-$82,000,000
i In computing this difference, $82,000,000 of matured bonds not presented for retirement were included with the amount outstanding on
December 31, 1939.

Total resources of the Federal Home Loan
banks declined by $30,000,000 in 1939 due
primarily to the retirement on July 1 of
$42,000,000 of consolidated debentures, which
left a balance of $49,000,000 outstanding at
the end of the year. Although advances to
member institutions in 1939 were larger than
in the preceding year, repayments were at a
record high level and the amount of outstanding loans declined from $200,000,000 at the
end of 1938 to $180,000,000 on December 31,
1939. Private investments in savings and
loan associations increased substantially and
it is estimated that new loans made by all
member institutions increased from $620,000,000 in 1938 to $800,000,000 in 1939. The
value of new loans made by all savings and
loan associations in 1939 appears to have
been the highest of any year since 1930. A
steadily increasing proportion of their home
mortgage loans during the past few years has
gone directly into the construction and purchase of homes; it is estimated that this proportion was 65 per cent in 1939 as compared
with 54 per cent in 1936.
The Federal National Mortgage Association and the R. P. C. Mortgage Company,
both of which are owned by the Reconstruction Finance Corporation, are engaged in
mortgage lending primarily through the purchase and sale of mortgages insured by the
Federal Housing Administration. The Federal National Mortgage Association deals
chiefly in mortgages on new homes and rental
housing projects, but it also is authorized to
make loans on new large-scale rental projects
302




under certain conditions. The R. F. C. Mortgage Company deals primarily in insured
mortgages on old homes and on income-producing property. It was recently announced
that the Company will also deal in mortgages
on small homes under the plan recently inaugurated under Title I of the Housing Act
as amended in June 1939 to facilitate the
financing and construction of homes costing
$2,500 or less. At the end of 1939 the Federal National Mortgage Association held
$147,000,000 of insured mortgages, an increase of $66,000,000 during the year. Funds
for its operations during the year were obtained through the sale of $55,000,000 of
its notes to the public, which increased the
outstanding amount to $85,000,000, and from
advances by the Reconstruction Finance Corporation. Total loans and insured mortgages
of $57,000,000 held by the R. F. C. Mortgage
Company on December 31,1939, were slightly
lower than at the end of the preceding year.
The United States Housing Authority,
which was organized in 1937, is authorized
to make long-term loans up to $800,000,000,
under specified conditions, to local housing
authorities for slum clearance and low-rent
housing projects. Owing largely to the limitation of $28,000,000 provided by law for the
annual contribution which the Authority may
contract to give to local authorities as an aid
in achieving low rents, it appears that not all
of the $800,000,000 may be earmarked. At
the end of the year, total commitments of the
Authority amounted to about $670,000,000
and contracts had been made calling for
maximum advances of $524,000,000. Net
loans actually made during the year increased
by $90,000,000 to a total of $123,000,000 on
December 31, 1939. Funds for the operation
of the Authority during 1939 were obtained
from the sale to the public of $114,000,000 of
fully guaranteed notes.
In November a new plan for financing construction costs of local authorities was put
into effect. Under this plan local authorities, after approval by the Federal Authority, may sell to the lowest public bidders
short-term notes tofinanceconstruction costs.
The Authority makes an irrevocable commitment to deposit funds with the Federal Reserve banks for the retirement of the notes
when they mature. The first short-term
notes of six months maturity, aggregating
$50,000,000, were sold to private investors
by a group of local authorities in November
FEDERAL RESERVE

BULLETIN

United States Government Corporations and Credit Agencies in 1939

at interest rates averaging slightly less than struction as compared with 70 per cent at the
six-tenths of 1 per cent. About $26,000,000 end of 1938. During 1939 there was also an
of the proceeds was used to repay advances increase from $62,000,000 to $114,000,000 in
already made to the local bodies by the Au- insured mortgages on large-scale rental-housthority. In January 1940, other issues ing projects which became premium payamounting to $35,000,000 were sold and it ing. By administrative action the maximum
is planned that in the future, issues of similar interest rate on new insured home mortgage
short-term notes will be offered about every loans was reduced from 5 to 4% per cent
two months. In February 1940, a further and on rental projects from 4 ^ to 4 per cent
step was taken in financing the development applicable to all commitments for insurance
costs of housing projects by the direct sale issued subsequent to July 31, 1939.
of securities of local authorities to the pub- Insured loans for property improvement,
lic. During that month a group of four local including new construction, increased by
authorities sold about $1,700,000, of long- $230,000,000 during 1939 to a total of $970,term bonds, the proceeds from which will 000,000 at the end of the year. Authority
finance from 10 to 25 per cent of the develop- for continuing insurance of such loans until
ment costs of their projects.
July 1, 1941, was granted by amendments
The Federal Housing Administration, enacted in June 1939 to Title I of the National
which is included in the BULLETIN tables Housing Act. In the fall of 1939 the Housing
under "Insurance agencies", makes no mort- Administration under this Title announced
gage loans but insures approved lending insti- a plan designed to encourage the construction
tutions against losses on loans secured by of low-cost homes. Loans of up to $2,500 on
mortgages on homes and rental housing proj- new home construction maturing in 15 years
ects and on loans for property improvement and 5 months, may now be insured if the borwhich meet certain requirements. Total as- rower's equity is equal to at least 5 per cent
sets of the Federal Housing Administration of the appraised value of the completed propincreased by $10,000,000 during 1939 reflect- erty. The maximum interest charge on these
ing largely increases in insurance funds loans is 4^2 per cent with an annual service
which it administers. At the end of the year charge of */2 of 1 per cent and an annual
the Mutual Mortgage Insurance Fund had mortgage insurance premium of y% of 1 per
total assets of $30,000,000, an increase of $6,- cent on the original principal.
000,000 for the year; total assets of the Housing Insurance Fund which was set up in 1938 Farm credit agencies.—In table 5 are sumagainst insured mortgages on large-scale marized the principal items of assets and
housing projects increased somewhat to $2,- liabilities of the farm credit agencies on
210,000 on December 31, 1939. Guaranteed December 31, 1939.
debentures issued in settlement of insurance
Outstanding loans of the permanent Fedclaims and outstanding at the end of the year eral land banks and the emergency Federal
amounted to $3,550,000, as compared with Farm Mortgage Corporation, both of which
$1,260,000 at the end of 1938, and property are under the direct supervision of the Farm
held for sale increased to $2,840,000 at the Credit Administration, declined by $140,000,end of 1939.
000 during the year to a total of $2,600,000,During 1939 there was a large increase in 000 on December 31, 1939, of which $1,900,the business transacted by the Federal Hous- 000,000 were first mortgage loans of the
ing Administration. Home mortgages in- Federal land banks. New loans of $80,000,sured during the year, as indicated by those 000 made by these agencies during the year
that became premium paying, aggregated were about the same as in 1938.
$670,000,000, an increase of almost $200,000,- Principal repayments of loans to the Fed000, or 41 per cent, as compared with 1938. eral land banks in 1939 were about $23,000,The cumulative total of these insured mort- 000 larger than in 1938. Part of this increase
gages reached $1,970,000,000 at the end of is attributable to the fact that 1939 was the
the year. Outstanding conditional and firm first full year during which principal installcommitments to insure home mortgages were ments on a large portion of these loans were
about $50,000,000 larger at the end of 1939 required since the expiration on July 11,1938,
than a year earlier. About 73 per cent of of the moratorium on principal payments on
all mortgages being accepted for insurance loans in good standing on June 3, 1935. The
at the close of the year involved new con- percentage of land bank loans in good standAPRIL

1940




303

United States Government Corporations and Credit Agencies in 1939
TABLE 5.—PRINCIPAL ASSETS AND LIABILITIES OF
FARM CREDIT AGENCIES, DECEMBER 31, 1939
[In millions of dollars]
Appropriations
administered
by Farm
Credit
Administration

Commodity
Credit
Corporation

342

Federal
Fed- Farm
eral Mortland gage
banks Corporation

Other
Farm
Credit
Administration
banks
and corporations 1

258

667

263

19

1

Farm
Security Administration

Assets
Loans and stock.. 1,905
Cash and U. S.
Gov't obligations
__.
139
Accounts
and
other receivables
160
Property held for
sale
94
Other assets

21
46

Total assets 3_ 2,311

772

20

4
2

)

35
645

282

257

largely in areas which have suffered from
drought during the last few years. Under
legislation enacted in February 1940, the
time during which these loans may be made
was extended from February 1, 1940, to June
1, 1942.
During 1939 the interest rates on Federal
land bank and Commissioner loans were 3^2
per cent (4 per cent for direct loans) and 4
per cent, respectively, under the law which
continues these reduced rates until July 1,
1940. Payments by the Treasury to these
agencies to reimburse them for interest reductions amounted to $37,000,000.
The following table derived from a consolidation of Treasury statements for the Federal
land banks and the Federal Farm Mortgage
Corporation indicate the sources and uses of
funds of these agencies during 1939.

Liabilities
Bonds, notes and
debentures:
Guaranteed
Other
Other liabilities..
Total liabilities 3

1,270

407

54 """66"

207
10

196

1,325

217

196

Changes in assets and liabilities 1 other than funded debt:
-$140,000,000
Loans
-6,000,000
Property held for sale
+12,000,000
Cash and United States direct obligations
+12,000,000
Other assets less miscellaneous liabilities
Aggregate net change

1,043

596

i Includes Federal intermediate credit banks, Banks for cooperatives,
Production credit corporations, and Regional agricultural credit corporations.
»Less than $500,000.
3
Excluding interagency items except investments in securities of other
agencies (other than mentioned in footnote 4) and deposits with Reconstruction Finance Corporation.
< Excludes $761,000,000 of Federal land bank bonds held by Federal
Farm Mortgage Corporation.

ing increased slightly from 77.1 per cent at
the end of December 1938 to 77.5 per cent
on December 31, 1939. Foreclosures, which
had increased early in 1939, showed a marked
decrease during the last quarter of the year,
reflecting largely the temporary suspension
of all foreclosure action except in cases involving bad faith, abandonment, and irreparable loss.
Principal payments on loans of the Federal
Farm Mortgage Corporation, which are
known as "Land Bank Commissioner loans,"
also increased somewhat during 1939, while
the proportion of the number of these loans
with all matured installments fully paid of
70.3 per cent at the end of the year was about
the same as on December 31,1938. As in the
case of the Federal land banks, the number
of foreclosures declined sharply near the end
of the year following the temporary suspension of most foreclosures in the autumn.
During the year a considerable number of the
13-year Land Bank Commissioner loans were
reamortized for terms of 20 years or more
304




-$122,000,000

Changes in funded debt and net worth:
Federal Farm Mortgage Corporation
guaranteed by United States
Federal land bank bonds
Private capital stock
Earned surplus of Federal land banks
United States Government proprietary
Paid-in capital and surplus
Net liability to other agencies
Net change

bonds fully
_
• -$118,000,000
-31,000,000
-2,000,000
+13,000,000
interest:
+$5,000,000
+11,000,000
+16,000,000
-$122,000,000

i Exclusive of interagency items except as indicated in footnote 3,
Table 1.

As shown in this table, outstanding bonds
were reduced by $150,000,000 and cash and
United States securities were increased by
$10,000,000. Funds for these purposes were
obtained largely from repayments of loans
and from earnings of the Federal land banks
whose earned surplus increased by $13,000,000 after setting aside valuation reserves.
Short-term agricultural loans, together
with investments in agricultural lending
institutions, of agencies other than the Reconstruction Finance Corporation and the
Export-Import Bank, amounted to $1,520,000,000 at the end of 1939, an increase of
$360,000,000 over 1938. All of this increase
resulted from a larger volume of loans held
by the Commodity Credit Corporation and the
Farm Security Administration. Outstanding loans of banks and corporations under
the direct supervision of the Farm Credit
Administration, including the Federal intermediate credit banks, banks for cooperatives,
and the regional agricultural credit corporaFEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1939

tions, declined slightly to a total of about
$265,000,000 at the end of the year; investments of $75,000,000 by production credit
corporations in Class "A" stock of production
credit associations were about the same as
a year earlier. Effective February 24, 1939,
the interest rate on all loans and discounts
of the Federal intermediate credit banks was
reduced from 2 to l1/^ per cent and consequently the rates on operating capital and
commodity loans of the banks for cooperatives
were reduced to 2V2 and 1^2 per cent, respectively. Emergency crop and drought
relief loans and loans to stabilization corporations administered by the Farm Credit
Administration declined slightly in 1939 to
a total of $260,000,000.
Outstanding loans of the Commodity Credit
Corporation, including commodities owned,
increased by $300,000,000 to a total of $670,000,000 at the end of 1939. About two-thirds
of this increase resulted from purchases in
July and August by the Corporation of maturing 1937-1938 cotton loans and 1938-1939
corn loans from banks and other lending
agencies which had been made under definite
purchase agreements with the Corporation.
The balance of the increase represented
largely loans made directly by the Corporation on the 1939 tobacco crop and purchases
of 1938-1939 cotton loans from lending
agencies. At the end of December 1939,
about $240,000,000 of loans, largely on 19381939 cotton and 1939 wheat, were held by
banks and other lending agencies under purchase agreements with the Corporation, a
decrease of about $130,000,000, as compared
with December 1938.
Under legislation approved in March 1939
the functions of the Commodity Credit Corporation were extended to June 30, 1941, and
the authorization to secure funds through the
sale of fully guaranteed obligations was increased from $500,000,000 to $900,000,000.
In August 1939 an issue of $200,000,000 of
guaranteed obligations was sold to the public
which increased the total amount outstanding to about $410,000,000. Under the law
which provides for an annual appraisal of
assets of the Corporation and for maintaining
its capital unimpaired at $100,000,000, the
Treasury made payments to the Corporation
of $120,000,000 in August 1939 as compared
with similar payments of $94,000,000 in the
preceding year. At the end of 1939, $30,000,000 of these payments had been used to offset
losses on liquidated loans and $185,000,000
APRIL

1940




was carried as a reserve against further
losses on loans. Effective November 1, 1939,
the interest rate to farmers on all Commodity
Credit Corporation loans was reduced from
4 to 3 per cent and the rate guaranteed to
lending agencies making these loans under
purchase agreements after that date was reduced from 2*/2 per cent to 2 per cent.
Loans by the Farm Security Administration outstanding on December 31, 1939,
amounted to $260,000,000, or $80,000,000
more than a year earlier. The chief functions
of this agency are to continue the rural rehabilitation program of the Resettlement
Administration and to administer the farm
purchase program of the Farm Tenant Act
approved in 1937 under which tenants, sharecroppers, and farm laborers may receive
long-term loans for the purchase of farms.
Other lending agencies.—A major part of
loans not discussed above consist of rural
electrification loans, ship loans, loans by the
Export-Import Bank, and war-time railroad
loans. Outstanding loans of the Rural Electrification Administration, whose function is
to facilitate the use of electricity in rural
areas, amounted to $180,000,000 on December 31, 1939, an increase of $95,000,000 during the year. Funds for these loans were
available from Congressional appropriations
and from allocations by the Reconstruction
Finance Corporation as authorized by Congress.
Outstanding loans of the United States
Maritime Commission declined slightly during the year to about $50,000,000. During
the year, however, advances for vessels under
construction increased by about $85,000,000
to a total of $90,000,000, and commitments
for ship construction increased by $130,000,000 to a total of $225,000,000.
Outstanding loans of the Export-Import
Bank of $40,000,000 at the end of 1939 were
$15,000,000 larger than a year earlier. By
legislation enacted during the year the functions of this agency were continued until
June 30, 1941, and a limit of $100,000,000
was placed on the amount of its loans which
may be outstanding at any one time. Under
the Act of March 2, 1940, the lending authority was increased to $200,000,000 with a provision that the aggregate amount of loans
which may thereafter be made to any one
foreign country and agencies or nationals
thereof, shall not exceed $20,000,000; this
amount is in addition to loans authorized
or made prior to March 2, 1940.
305

the fioatd*5 (2ottQ5v2onc£enc<z
i

r t

T HE character and volume of inquiries addressed to the Board in recent years reflect the public's growing
interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the questions raised, together with the Board?*
replies, may be of interest to the readers of the BULLETIN. Selections for publication are made on the basis
of frequency of inquiry, timeliness, and importance of subject matter.

I'lta -Qutkoiiiu to Dstue ^Tectctal

A/ot e*

"By what authority do the Federal Reserve banks issue Federal Reserve notes?"

T

HE Constitution vests in Congress the sole
power to coin money and regulate the
value thereof. The power to issue paper
money is derived from this and other powers
conferred upon Congress by the Constitution. Accordingly, Congress possesses and
exercises complete control over the issuance
of all forms of currency, including Federal
Reserve notes. For the carrying out of
this function, as of many of its other functions, Congress has set up executive machinery. It has determined that the monetary functions be performed by the Treasury
Department and the Federal Reserve System under the guidance of laws enacted by
Congress.
The Treasury Department, established at
the beginning of our national existence, has
among its many important functions the
coinage of metal and the issuance of certain
kinds of paper money, particularly United
States notes and silver certificates. The
Federal Reserve System, established about
25 years ago, has among its major functions
the issuance of Federal Reserve notes. Prior
to the establishment of the Federal Reserve
banks the bulk of the paper currency in circulation consisted of National bank notes, which
were issued by private commercial banks. The
volume of National bank notes did not readily
fluctuate with the country's need for currency; for this reason currency shortages
were frequent, and occasionally banks had to
suspend specie payments. Congress sought to
remedy this situation by the Act of December
306




23, 1913, known as the Federal Reserve Act,
entitled:
"An Act To provide for the establishment of Federal Reserve banks, to furnish an elastic currency,
to afford means of rediscounting commercial paper,
to establish a more effective supervision of banking
in the United States, and for other purposes."

The Federal Reserve banks were thus
created for public purposes. They are operated under the supervision of the Board of
Governors of the Federal Reserve System,
which was described in the Committee Report
on the original Federal Reserve Act as "A
strictly Government organization created for
the purpose of inspecting existing banking
institutions and of regulating relationships
between Federal Reserve banks and between
them and the Government itself." This
Board consists of seven public officials appointed by the President of the United States
with the advice and consent of the Senate.
They are required to devote their entire time
to the business of the Board and are forbidden by law to be officers, directors, or
stockholders of any bank, banking institution, or trust company.
Under the terms of the Federal Reserve
Act, Federal Reserve notes are issued to the
Federal Reserve banks by the Board of Governors through the Federal Reserve agents,
who are appointed by the Board of Governors
and act as its local representatives at the
Federal Reserve banks. Before receiving
such notes, each Federal Reserve bank must
pledge with the Federal Reserve agent collateral of specified kinds, and in addition, the
FEDERAL RESERVE BULLETIN

Front the Board's Correspondence

notes are secured by a first and paramount
statutory lien on all of the assets of the
issuing Federal Reserve banks. They are
also obligations of the United States Government. Collateral back of Federal Reserve
notes has at different times consisted of different assets, including a larger or smaller
volume of gold or gold certificates, commercial paper, or United States Government securities. As required by law, this collateral
has been equal at all times to at least 100 per
cent of Federal Reserve notes outstanding,
and the Reserve banks have maintained reserves of gold or gold certificates equal to at

~The

least 40 per cent of Federal Reserve notes in
circulation.
As of March 27, 1940, Federal Reserve
notes outstanding amounted to $5,237,827,000. Against these Federal Reserve notes the
Federal Reserve banks had deposited $5,343,500,000 of gold certificates with the Federal
Reserve agents. The Federal Reserve banks
are not dependent for their earnings upon
the note-issue privilege. On the contrary, the
Federal Reserve banks incur an expense of
more than $4,000,000 annually in having Federal Reserve notes printed and in supplying
currency for circulation.

£ank* ate Public UnStliution*

"Are the Federal Reserve banks private institutions operated for profit?"

The Federal Reserve banks were created
by Act of Congress and are operated for public purposes and not for private profit. Each
of the twelve Federal Reserve banks serves a
definite geographical area known as a Federal
Reserve district. Every national bank is required by law to be a member of the Federal
Reserve System and to subscribe to the capital stock of the Federal Reserve bank of its
district, and State banks are permitted to become members by subscribing to the capital
stock and meeting the other conditions of
membership. This stock is as much a required contribution to the capital of the
Federal Reserve banks as an investment. The
maximum amount that must be subscribed
by each member bank is prescribed by law—
i.e., 6 per cent of the member bank's capital
and surplus. Only half of the amount subscribed has been called for, so that each member bank owns stock in its Federal Reserve
bank in an amount equal to 3 per cent of its
capital and surplus. This stock cannot be
transferred or hypothecated.
The member banks of each district elect
six of the nine directors of each Federal Reserve bank and the Board of Governors of
the Federal Reserve System appoints three,
one of whom is designated as Chairman of
the Board of Directors and official representative at the bank of the Board of Governors,
and one as Deputy Chairman. In so far as

APRIL

1940




operating matters of purely regional significance are concerned, the Boards of Directors
of the Federal Reserve banks perform the
usual functions of boards of directors, subject
to supervision and in certain important matters to approval by the Board of Governors.
National credit policies are determined by the
Board of Governors and by the Federal Open
Market Committee, which is made up of the
seven members of the Board and five representatives of the Federal Reserve banks.
The Federal Reserve banks are authorized
to make loans to member banks and to purchase certain specified obligations, including
those of the United States. The governing
purpose with respect to the loans and investments of the Federal Reserve banks is to influence conditions in the money markets with
a view to counteracting unsound developments and contributing to stable economic
progress.
The income of the Federal Reserve banks
is incidental to the performance of these
functions. Ordinarily the current income is
sufficient to cover their expenses and that of
the Board of Governors in Washington and
to pay the statutory dividend of 6 per cent
per annum. Earnings above expenses and
dividends are added to surplus, which, in the
event of liquidation of the Federal Reserve
banks, would become the property of the
United States.

307

(luttent
Messrs. Eccles and Davis Under New Appointments as Members
of the Board

On March 5, 1940, Messrs. Eccles and
Davis received their commissions as members of the Board of Governors of the Federal Reserve System for the remainder of the
term of eight years from February 1, 1936,
and the term of fourteen years from February 1,1940, respectively, and on March 8 they
assumed their duties under the new appointments.
Designation of Marriner S. Eccles as Chairman of the Board of
Governors of the Federal Reserve System

Federal Reserve System submitted to the
Attorney General by a Committee on Administrative Procedure appointed by the Attorney General of the United States, and the
statement was made that the Committee expected to release at an early date reports on
administrative procedure of the Comptroller
of the Currency and of the Federal Deposit
Insurance Corporation. The Committee has
now released for publication a monograph
prepared by the staff of the Committee on
administrative procedure of these two agencies.

Meeting of Presidents' Conference
The President of the United States issued
an Executive Order on March 5, 1940, desig- The Presidents of all of the Federal Renating Marriner S. Eccles as Chairman of serve banks met in Washington on March
the Board of Governors of the Federal Re- 19 for their first conference.
serve System, to serve as such for a term of
Meeting of the Federal Open Market Committee
four years, effective February 1, 1940.
The first meeting of the Federal Open
Appointments at Federal Reserve Banks
Market Committee this year was held in
The Board of Governors on March 8, 1940, Washington on March 20, at which time Marannounced the appointment of R. C. Rich, riner S. Eccles was re-elected as Chairman
President, R. C. Rich Sheep Company, Burley, of the Committee and George L. Harrison as
Idaho, as a director of the Salt Lake City Vice Chairman.
Branch of the Federal Reserve Bank of San The following representatives of the FedFrancisco for the unexpired portion of the eral Reserve banks had previously been
two-year term ending December 31, 1940.
elected to serve as members of the Committee
On the same date the Board announced the for a period of one year beginning March 1,
appointment of Raymond C. Force, Chairman 1940:
John S. Sinclair,
of the Executive Committee, Caterpillar Trac- RobertGeorge L. Harrison, Schaller, and WilS. Parker, George J.
tor Company, Oakland, California, as a Class liam A. Day, Presidents of the Federal ReC director of the Federal Reserve Bank of serve Banks of New York, Philadelphia, AtSan Francisco for the unexpired portion of lanta,
the three-year term ending December 31, tively. Chicago, and San Francisco, respec1941; and on March 13 announced that Mr. The other officers of the Committee are
Force had been designated Chairman and Chester Morrill, Secretary; S. R. Carpenter,
Federal Reserve Agent at the Bank for the Assistant Secretary; E. A. Goldenweiser,
remainder of the current year.
Economist; John
On March 12 the Board announced that Economist; Walter H. Williams, Associate
Roger B. Shepard, President, Finch, Van and J. P. Dreibelbis, Wyatt, General Counsel,
Assistant General CounSlyck & McConville, St. Paul, Minnesota, had
been appointed Deputy Chairman of the Fed- sel. The Federal Reserve Bank of New York
eral Reserve Bank of Minneapolis for the re- was selected to execute transactions for the
System open market account and the Bank
mainder of the current year.
has appointed R. G. Rouse, Vice President of
Report on Comptroller of the Currency and Federal Deposit
the Bank, as manager of the System account.
Insurance Corporation Administrative Procedure
The members of the executive committee of
On page 204 of the Federal Reserve BUL- the Federal Open Market Committee are
LETIN for March 1940, announcement was Marriner S. Eccles, Chairman; George L.
made of the release for publication of a mono- Harrison, Vice Chairman; M. S. Szymczak,
graph on administrative procedure of the Chester C. Davis, and John S. Sinclair.

308




FEDERAL RESERVE BULLETIN

REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
AS OF D C M E 31, 1939
EE BR
To Banks Insured by the Federal Deposit Insurance Corporation

There follows a report by the Board of
Directors of the Federal Deposit Insurance
Corporation relating to the activities of the
Corporation for the six months ended December 31, 1939, with additional information
pertaining to operations during the twelve
months ended on that date and during the
entire period of operation of the Corporation.
The report also includes a statement of assets
and liabilities of the Corporation as of December 31, 1939, and an analysis of surplus
for the six months ended on that date.1

the difference between total disbursements of
$148,623,482.99 actually made or pending to
depositors of closed insured banks in settlement of their claims and to merging banks
or receivers of closed banks for loans and
purchase of assets, including expenses incident thereto, and estimated recoveries of
$111,900,011.57. Administrative expenses
and other charges have amounted to $18,468,541.78.
Closed Insured Banks

During the six months ended December 31,
1939, 12 insured banks closed or received aid
33,941 depositors
The income of the Corporation amounted from the Corporation. Thetotal deposits of
in these banks, having
to $25,439,457.98 for the six months ended $11,751,000, were protected to the extent of
December 31, 1939, including assessments of $11,640,000, or about 99.1 per cent
$20,856,274.29 paid by insured banks and claims, by insurance or otherwise. of their
Only 25
interest earned of $4,583,183.69, after dedepositors in the suspended banks were not
ducting provision for amortization of premiums. Expenses and losses during this fully protected.
period amounted to $2,398,321.76, of which During the year ended December 31, 1939.
$650,362.49 represented deposit insurance 60 insured banks, having 393,160 depositors,
losses and expenses and $1,747,959.27 repre- all but 832 of whom were fully protected,
sented administrative expenses and other closed or received aid from the Corporation.
Total deposits in these 60 banks amounted to
charges.
Income for the year ended December 31, $157,775,000, of which $154,455,000, or 97.9
1939, amounted to $51,185,634.09 of which per cent, were protected against loss.
$40,725,480.46 represented assessments paid From the beginning of deposit insurance
by insured banks and $10,460,153.63 repre- to December 31,1939, 315 insured banks were
sented interest earned, less provision for closed because of financial difficulties. Of
amortization of premiums, and profits on these, three subsequently were reopened or
securities sold. Total losses and expenses for taken over by other insured banks and 312,
the year amounted to $20,748,296.41, includ- having 877,223 depositors, with total deposits
ing deposit insurance losses and expenses of of $294,658,000, were liquidated or were
$17,358,971.14, and administrative expenses merged with the aid of loans from the Corand other charges of $3,389,325.27.
poration. Deposits amounting to $286,257,The surplus of the Corporation, resulting 000, or 97.4 per cent of the total deposits in
from an excess of income over expenses and the 312 banks, were made available promptly
losses during the entire period of operations without loss to depositors. Only 1,569 of the
was $163,411,165.03, as of December 31,1939. 877,223 depositors, or less than one-quarter
Total income from the beginning of deposit of 1 per cent, held accounts in excess of
insurance has amounted to $218,603,178.23, $5,000 which were not fully protected by inincluding assessments of $164,897,721.07 surance, offset, preferment, pledge of securpaid by insured banks and $53,705,457.16 de- ity, or terms of the merger agreements.
rived from interest earned and profits from
sales of securities, after making provision
Membership
for amortization of premiums. Charges to
surplus have amounted to $55,192,013.20. On December 31, 1939, there were 13,589
Net deposit insurance losses and expenses
amounted to $36,723,471.42, resulting from operating banks insured by the Federal Deposit Insurance Corporation. For the year
1
ended on that date there was a decrease of
Not reprinted herewith.
Operations

APRIL 1940




309

Report of The Federal Deposit Insurance

120 in the number of insured banks, resulting
from the continued elimination of banks in
unsatisfactory condition, from the chartering
of few new banks, and from the conversion
of banks into branches of other banks.
There were 169 banks eliminated during
the year: 32 by suspension; 21 by merger
with the aid of loans from the Corporation;
and 116 by merger, consolidation, or voluntary liquidation. There were 49 banks admitted to insurance, of which 21 banks were
in operation or were successors to noninsured
banks in operation at the beginning of the
year and 28 banks first opened for business
in 1939.
As evidence of the continued cooperation
of supervisory officials in chartering only
banks that would be admitted to insurance,
all but 3 banks of the 31 banks chartered and
first opened for business in 1939 were insured
on December 31; one of these three banks was
admitted to insurance early in 1940 and applications from the other two are being considered by the Corporation.
Almost complete agreement has been
reached by supervisory authorities on the
desirability of chartering only banks for
which there appear substantial justification
and reasonable prospect for profitable operation. This accord materially lessens the
chance for loss as a result of the failure of
unwarranted banks.
Progress of Rehabilitation Program

Corporation

holiday. The Corporation has been able, during the past six years, not only to keep up
with current developments that claimed its
attention and its resources, but also to revitalize stagnant and hazardous banking situations in various sections of the country
where rehabilitation without financial aid
and without a definite program was a demonstrated impossibility. The greatest number
of such cases occurred in agricultural sections
of the country, while the dollar outlay was
greatest in industrial areas of the Middle
Atlantic region.
Disbursement during 1939 of some $72,000,000 to protect the 393,000 depositors of
60 insured banks brought the program for
rehabilitation of known problem banks near
completion. The few such cases remaining
on the Corporation's agenda should be corrected during the early months of 1940.
It should not be deduced, however, that
provision for these cases will end the Corporation's responsibility for constructive action. Only by preventing an accumulation
in insured banks of unduly risky assets that
would endanger the Corporation's resources
can this agency or the banks that support it
hope to assure the solvent and successful
operation of Federal deposit insurance. The
Corporation will continue to utilize all existing facilities to determine weaknesses in the
banking system as they develop and to remedy
hazardous situations. With bankers lies responsibility for operation of their institutions
and management of their assets in such a
way that deterioration of banks into the problem class can be kept at a minimum.
By order of the Board of Directors,

During the past year the Corporation made
material progress on its program for weeding
out the deadwood from the banking system.
This is a continuing program, framed in the
light of conditions in various sections of the
country and designed both to care for occaLEO T.
sional emergencies that result from local or
regional developments and to- rehabilitate or WASHINGTON, D. C.
eliminate insured banks that have been operating under difficulties since the banking February 5, 19^0.

310




CROWLEY,

Chairman.

FEDERAL RESERVE BULLETIN

A/ational Summ&tif ofi f2u.5ln.Q55 &ondition5
Compiled March 16 and released for publication March 19. Later developments
273-278 of this BULLETIN

are discussed on pages

I

NDUSTRIAL activity showed a further cars were in large volume for this time of
sharp decline in February and a less the year. In the first half of March output
marked reduction in the first half of March. of automobiles showed less than the cusWholesale commodity prices generally were tomary sharp increase. In some industries
steady, following some decline in January and not included directly in the Board's production index, particularly the machinery, airearly February.
craft, and rayon industries, activity conProduction
tinued at high levels.
In February the Board's seasonally ad- Changes in output of nondurable goods
justed index of industrial production was were largely seasonal in February except at
109 per cent of the 1923-1925 average as com- textile mills and sugar refineries. At cotton
pared with 119 in January and 128 in De-textile mills activity declined somewhat from
cember. A further decline at a slower rate the high levels prevailing since early last
is indicated for March on the basis of data autumn. Activity at woolen mills, which had
now available. In August 1939, the month decreased considerably in December and Janprior to the outbreak of war, the index was uary, declined further in February and output of silk products was reduced to an ex103.
ceptionally low level. Sugar refining showed
INDUSTRIAL PRODUCTION
POINTS IN TOTAL INDEX
POINTS IN TOTAL INDEX
less than the sharp rise usual at this season.
140
Mineral production declined in February,
owing chiefly to a considerable reduction in
output of anthracite. Bituminous coal production declined somewhat, following a rise
in January, while output of crude petroleum
increased to new high levels.
Value of construction contract awards in
February showed little change from the
40
January total, reflecting a further decrease
in contracts for public construction and a
20
contraseasonal increase in private contracts,
according to figures of the F. W. Dodge Cort934
1935
1936
1937
1938
1939
1940
Index of physical volume of production, adjusted for seasonal poration. The increase in private residential
awards nearly equalled the decline that ocvariation, 1923-1925 average = 100.
in the previous
Steel production, which had risen sharply curred curtailed buildingmonth when severe
storms
operations in many
in the latter part of 1939 and then decreased areas.
considerably in January, showed a further
Distribution
marked reduction in February to 69 per cent
Retail distribution of general merchandise
of capacity. In the first half of March output was steady at a rate of about 65 per cent. showed little change from January to FebPlate glass production declined further in ruary and remained somewhat below the high
February and output of lumber, which had level of the latter part of last year, with due
dropped sharply in January, showed less than allowance for seasonal changes. Sales at
the usual seasonal rise. Automobile produc- variety stores and mail-order houses showed
tion in February was maintained at the high about the usual seasonal rise in February,
level prevailing in January. Dealers' stocks while at department stores, where some inof new cars rose to high levels in this period, crease is also usual at this time of year, sales
notwithstanding the fact that retail sales of remained at about the January level.
140

APRIL 1940




311

National Summary of Business Conditions
WHOLESALE

FREIGHT CAR LOADINGS
POINTS W TOTAL INDEX

100 |

1

POINTS I N TOTAL INDEX

1

1

1

1

1

MOO

PRICES
PER CENT

PER CENT
110

110

100

100

90

90

80

60

60

40

40

80

V

80

70

70

60

20

50
1934

1935

1937

1938

1934

1940

1935

1936

1937

1938

1939

1940

Index of total loadings of revenue freight, adjusted for seasonal Index compiled by the United States Bureau of Labor Statistics,
variation, 1923-1925 average = 100.
1926 = 100. By weeks, 1934 to week ending March 20, 1940.

Freight-car loadings declined considerably
from January to February, reflecting for the
most part a sharp reduction in coal shipments and some further decrease in loadings
of miscellaneous freight.

bonds increased sharply after the announcement by the Treasury early in March that its
operations during that month would be limited to the issuance of a five-year note to
refund a note maturing next June.

Foreign Trade
Exports of United States merchandise in
February declined less than seasonally from
the high levels reached in December and January. The principal decreases were in shipments of cotton, copper, and aircraft, which
had been exceptionally large in previous
months. Exports to Japan fell sharply and
there were declines also in shipments to the
United Kingdom, the Netherlands, and Russia, while exports to Belgium and the Scandinavian countries increased.
There has been little change in the rate of
gold inflow. The monetary gold stock increased by $246,000,000 in February and by
$109,000,000 in the first two weeks of March.
Commodity Prices
Prices of nonferrous metals advanced from
the middle of February to the middle of
March, while steel scrap and textile materials
declined somewhat further. Most other commodities showed little change and in the week
ending March 9 the general index of the
Bureau of Labor Statistics was at 78.3 per
cent of the 1926 average as compared with
78.5 a month earlier.

Bank Credit
Total loans and investments at reporting
member banks in 101 leading cities rose during the six weeks ending March 13, largely
MONEY

RATES IN NEW

YORK

CITY
PER CENT

PER BENT

4

3

2

4

AJVs,

TREASl JRY

,u
IV

V

1

•

BONDS

k

^

RESERVE BAN K
DISCOUNT RAT
L 1
^

VjM. ... J

K
Z

J "\

k

TREASl /RY NOTES
(3-! YEAR8)

TREASURY BILLS

3

f\A

(NEW ISSUES) f

1

K
\

o

0
1934

1935

1936

1937

1938

1939

1940

Minimum rate on rediscounts for and advances to member
banks by Federal Reserve bank; weekly averages of daily yields
of 3- to 5-year Treasury notes and Treasury bonds callable after
12 years, and average discount on new issues of 91-day Treasury
bills offered within week. For weeks ending January 6, 1934,
to March 16, 1940.

as a result of increases in investments at New
York City banks. Following a reduction during January, commercial loans increased,
Government Security Market
mostly at banks in cities outside New York.
Following a relatively steady market dur- Bank reserves and deposits continued to ining February, prices of long-term Treasury crease during the period.

312




FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank discount rates; rates on time deposits, reserve requirements.
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States, number, deposits, loans and investments
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies; Postal Savings System
Production, employment, and trade
Wholesale prices
..
Statistics for Federal Reserve chart book
.
Number of banks and branches in United States, 1933-1939

315
316
317-321
322
323
324
325
326-327
328-331
332
333
334
335-336
337-338
339-347
348
349-350
350

Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data
relating to the Federal Reserve banks and the member banks of the Federal Reserve System
are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government credit agencies
are obtained principally from statements of the Treasury or of the agencies concerned;
data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures may in most cases be obtained
from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and
earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and .press statements will be sent without charge to those wishing
them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this
BULLETIN.

APRIL 1940




313

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

BILLIONS OF DOLLARS

TREASURY DEPOSITS
ATF.R. BANKS

MEMBER BANK
RESERVE BALANCES

1934

1935

1936

1937

1938

1939

1940

Latest figures for March 20. See page 315.

314




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding

U.S.

Gov- Other
Bills
Bills
ern- Reserve
disbought ment bank
counted
securi- credit 1
ties

Date

Monthly averages of
daily figures:
1938—Dec
1939—Jan
Feb
Dec
1940—Jan
Feb
End of month figures
1938—Dec. 31....
1939—Jan. 31....
Feb. 28____
Dec. 30....
1940—Jan. 31. _„
Feb. 29.....

Wednesday figures:
1939—May 3
May 10....
May 17....
May 24....
May 3 1 . . . .

2,564
2,568
2,567
2,510
2,479
2,477

Member bank

Gold
stock

Total

Treasreserve balances
ury
Treas- Treasury Non- Other
deposits
cur- Monej ury
Federal
in cir- cash
with
memrency culaFederal
outhold- Reserve ber deacposits counts
stand- tion
ings
Total Excess*
banks
ing

2,618
2,598
2,594
2,612
2,542
2,546

14,416
14, 599
14, 778
17, 518
17,804
18,061

2,783
2,807
2,820
2,956
2,966
2,976

6,712
6,697
7,609
7,443
7,426

2,673
2,726
2,758
2,402
2,361
2,361

723
827
1,055
616
584
600

526
454
502
739
689
732

2,601
2,607
2,598
2,593
2,503
2,547

14, 512
14,682
14,874
17,644
17,931
18,177

2,798
2,816
2,824
2,963
2,971
2,981

6,856
6,653
6,731
7,598
7,376
7,455

2,706
2,776
2,740
2,409
2,359
2,372

923
747
1,148
634
549
562

441
458

2,564
2,564
2,564
2,564
2,564

2,572
2,575
2,576
2,576
2,573

15,801
15,856
15,892
15,927
15, 957

2,851
2,854
2,857
2,859
2,862

6,915
6,904
6,913

2,691
2, 678

6,967

2,646
2,636

936
959
927
915
920

2,564
2,574
2,564
2,484
2,477
2,477

28
30
102
18
63

257
255
248
250
249

8,745
9,029
8,925
11,473
11,985
12, 215

3,226
3,484
3,373
5,011
5,464
5,626

8,724
9,215

260
255
254
251
248
247

11, 653
12,150
12,328

3,205
3,644
5,387
5,209
5,559
5,692

554
521
543
558

255
255
255
254
253

9,872
9,967
10,005
10,097
10,029

4,084
4,186
4,244
4,304
4,218

723
740

June
June
June
June

7
14
21
28

2,564
2,564
2,564
2,551

2,576
2,605
2,584
2,567

15,987
16,027
16,060
16,093

2,864
2,868
2,873
2,879

2,571
2,570
2,566
2,559

935
928
941
962

630
714
714
677

253
253
263
263

10,053

6,936
6,934
6,962

10,101
10,099
10,116

4,279
4,264
4,227
4,243

July
July
July
July

5.
12
19
26

2,551
2,535
2,515
2,488

2,569
2,569
2,537
2,512

16,136
16,174

2,880
2,885
2,890

7,100
7,041
7,022
7,002

2,577
2,552
2,530
2,506

820
791
764
742

678
638
634

257
257
257
257

10,151
10,350
10,412
10,436

4,292
4,447
4,485
4,485

Aug. 2 . . . . .
Aug. 9
Aug. 16....
Aug. 2 3 . . . .
Aug. 30....

2,453
2,443
2,423
2,423
2,426

2,476
2,462
2,453
2,441
2,448

16, 248
16,270
16,335
16, 501
16,638

2,895
2,897
2,900
2,903
2,905

7,054
7,070
7,091
7,098
7,141

2,370
2,354
2,366
2,334
2,327

863
844
776
724
709

597
565
604

257
256
256
256
255

10,413
10, 509
10,633
10.829
10,951

4,462
4,533
4,590
4,741
4,799

Sept.
Sept.
Sept.
Sept.

2,594
2,824
2,826
2,804

2,643
2,873
2,883
2,846

16, 726
16,808
16,902
16,925

2,908
2,911
2,915
2,914

7,261
7,235
7,236
7,238

2,264
2,227
2,272
2,260

676
615
619
552

755
781
771

247
234
242
242

11,141
11,526
11, 549
11,621

4,969
5,271
5,275
5,332

Oct. 4
Oct. 11
Oct. 18
Oct. 25

2,785
2,765
2,748
2,736

2,837
2,810
2,817
2,771

16,958
16,973
16.997
17,039

2,920
2,924
2,927
2,929

7,309
7,346
7, 330
7,302

2,250
2,238
2,216
2,230

469
404
349
326

776
742
698
692

239
238
241
240

11,672

11, 739
11,907
11,950

5,359
5,399
5,509
5,534

Nov.
Nov.
Nov.
Nov.
Nov.

1
8
15
22....
29

2,721
2,687
2,649
2,593
2,552

38
28
60
44
45

2,765
2,721
2,715
2,645
2,605

17,099
17,132
17,235
17, 257
17, 347

2,932
2,935
2,939
2,942
2,947

7,352
7,409
7,384
7,434
7,462

2,250
2,263
2,341
2,357
2,359

349
348
564
466
441

790
779
772
727
776

241
241
241
241
241

11,814
11,749
11,587
11, 619
11, 620

5,376
5,354
5,166
5,171
5,135

Dec.
Dec.
Dec.
Dec.

6
13
20
27

2,512
2,512
2,496
2,489

47
23
140
71

2,568
2,543
2,645
2,568

17,408
17, 464
17, 576
17, 620

2,949
2,954
2,959
2,963

7,545
7,564
7,679
7,663

2,391
2,398
2,411
2,417

346
753
694
646

785
719
765
678

241
240
253
255

11,617
11,288
11,378
11,493

5,154
4,849
4,900
5,046

1940—Jan. 3
Jan.10
Jan. 17
Jan. 24
Jan. 31

2,484
2,477
2,477
2,477
2,477

73
20
31
30
18

2,564
2,504
2,515
2,514
2,503

17,697
17, 747
17,805
17, 879
17, 931

2,963
2,965
2,968
2,969
2,971

7,581
7,463
7,405
7,365
7,376

2,367
2,341
2,361
2,381
2,358

651
655
575
507
549

653
677
678
713
723

251
250
250
249
248

11,721
11.830
12,020
12,148
12,150

5,271
5,377
5,502
5,592
5,559

7
14
21
28

2,477
2,477
2,477
2,477

33
46
40
54

2,518
2,530
2,523
2,537

17.998
18,063
18,108
18,166

2,973
2,977
2,977

7,403
7,411
7,450
7,439

2,365
2,385
2,358
2,374

632
642

743
733
716
744

249
249
248
248

12,097
12,151
12, 241
12, 318

5,523
5,580
5,629
5,689

Mar. 6
Mar. 1 3 . . . .
Mar. 2 0 . . . .

2,477
2,477
2,475

35
44
42

2,515
2,524
2,520

18, 220
18, 282
18,360

2,984
2, 985
2,989

7,481
7,463
7,484

2,358
2,362
2,374

536
526
707

731
754
791

246
247
256

12,367
12, 439
12,256

5,733
5,777
5,594

Feb.
Feb.
Feb.
Feb.

6
13
20___.
27....

16,191
16, 227

1

Includes industrial advances.
* End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.
APRIL 1940




315

FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13

Federal Reserve bank

Secured by direct and
eligible guaranteed obligations of the U. S.
Rate
March

Boston
_.
New York.....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
8t. Louis
Minneapolis..
Kansas City..
Dallas...
San Francisco

In
effect
beginning-

Advances under Section 10 (b) of the
Federal Reserve Act

All other

In
effect
beginning-

Rate
March
29

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937

Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)

To banks

Rate
March
29

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937

In
effect
beginning-

Rate
March
29

To others

In
effect
beginning-

Rate
March
29

Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939

Sept. 2,1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937

4
3
2M
2H

In
effect
beginningApr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
M a y 11, 1935
Feb. 19,1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933

* 2J4 per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, \% per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES

[Per cent per annum]

Rates in effect March 29, 1940, on advances and commitments under
Sec. 13b of the Federal Reserve Act.
[Per cent per annum except as indicated by footnotefl

Rate in
effect on In effect beMarch 29 ginning—

Maturity

1-15 days 1.16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days

Previous
rate

Oct. 20, 1933
...do
...do
—do
...do
...do
...do

Federal Reserve bank

Advances to financing institutions—
Advances
direct to
Commitindustrial On porments
or comtion for
to make
On re- advances
mercial or- which
ganizations institu- maining
portion
tion is
obligated

Boston
New York....
Philadelphia..
Cleveland

4-6
4-6

Richmond
Atlanta
Chicago
St. Louis

6
5-6
5-6

Minneapolis..
Kansas City..
Dallas
San Francisco

i This rate also applies to acceptances bought under repurchase, agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41).

6
4-6
5-6
5-6

4-5
4

0)

4-6
5

4
3-4

5-6
4r-5

1-2

4-6
5
5-6
4

x-1
K3)

1 Authorized rate 1 per cent above prevailing discount rate.
Same as to borrower but not less than 4 per cent.
3 Minimum charge one-half of one per cent.
Back figures.—See Annual Report for 1937 (table 40).

2

MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov. 1, 1933 Feb. 1,1935
to
to
Jan. 31, 1935 Dec. 31,1935
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days

In effect
beginning
Jan. 1, 1936

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks

On net demand
deposits: i
Central reserve city..
Reserve city
Country

June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19171937193819361937Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and
1936
1937
1938
after
1937

13
10
7

15

17Vs*
12K

26
20
14

NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:n k s . . .
All member b a
6
3
6
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
1
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on p. 322 for explanation of method of comlower maximum rates established by State authority.
puting net demand deposits.

316




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

End of month

M a r . 20

M a r . 13

Mar. 6

1939

1940

1940
F e b . 28

F e b . 14

F e b . 21

Feb. 7

Feb.

Jan.

Feb.

Assets
Gold certificates on hand and due from
U. S. Treasury
:,722
15, 997,622 15,932, 621 15,868,621 15,793,621 15,739,122 15,674,618 15, 619,619 15,803,620 15, 552,120 12,114,
Redemption fund—F. R. notes
9,335
10,118
9,753
9,;
9,572
9,574
10,118
8,334
10, 260
Other cash
413,222
384,791
387, 624
367,646
356,186
367,455
361,786
Total reserves..

16,367,742 16,304,519 16,234,379 16,170,650 16,118,050 16,069,527 16,017,361 16,180,839 15,974,677 12,561,245

Bills discounted:
For member banks
For nonmember banks, etc...

979
2,010

Total bills discounted

967
2,010

1,169
5,510

1,4,510

1,593
5,030

1,754
5,030

1,385
5,510

2,977

956
1,010

6,679

6,079

6,623

6,784

6,895

10,404

10, 704

10,427

10,434

10,485

10,701

1,916
5,030

4,201
4,201

Bills bought:
Payable in foreign currencies

553

Industrial advances..
U. S. Government securities, direct
and guaranteed:
Bonds
Notes
Bills

840,893
1,342,045 1, 344,045 1,344,045 1,344,045 1,344,045 1,344,045 1,344,045 1, 344,045 1,344,045
1,133, 225 1,133,225 1,133,225 1,133,225 1,133,225 1,133, 225 1,133,225 1,133, 225 1,133, 225 1,215,466
507,656

Total U. S. Government securities, direct and guaranteed
Other Reserve bank credit

2,475, 270 2,477, 270 2,477,270 2,477, 270 2,477,270 2,477,270 2,477,270 2,477,270 2,477,270 2, 564,015
8,414
14, 513
33,769
42, 692
51, 781
32,446
24,689
29, 636
36,122
23,183

Total Reserve bank credit outstanding

2, 520,180 2, 524,451 2, 515, 340 2, 537, 345 2, 523,412 2, 530,449 2, 517, 722 2, 546,647 2, 503,003 2, 597,888

10,498

10,423

10,373

14,606

Liabilities
F. R. notes in actual circulation..

4,895,048 4,881,754 4,889, 287 4,858,677 4,860, 778 4,846,468 4,836, 768 4,872,238 4,832,101 4,353, 291

Deposits:
Member bank—reserve account._. 12,256, 250 12,438, 580 12, 367,086 12, 317, 794 12,240,
\,
1,683 12,150, 709 12,096, 727 12, 328,164 12,149, 576 8,935, 923
U. S. Treasurer—general account..
526, 387
561,406
595,990
642,138
631,565
562,475
549,441 1,147, 566
707, 493
535,988
245,647
Foreign bank
364,406
380,844
361,381
392,526
388,173
365,686
407,313
390, 780
353, 533
241,976
389,876
Other deposits
1
363,381
354,865
340,677
354,408
373,980
315,284
399, 786
377,032
Total deposits..

13, 754,309 13, 719, 249 13,633, 639 13,623,425 13, 552,919 13, 526,050 13,470,873 13,630,305 13,421,614 10, 571,112

Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent;

87.8

87.7

87.6

87.5

87.5

87.5

87.5

87.5

87.5

84.2

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]

Total

Bills discounted:
F e b . 28
6,679
Mar. 6
_
2,977
Mar. 13
2,989
Mar. 20
1,966
Industrial advances:
F e b . 28
10,704
Mar. 6
10,404
Mar. 13
10,423
Mar. 20
10,498
U. S. Government securities, direct and guaranteed:
2,477,270
F e b . 28
____
2,477,270
Mar. 6 . .
_
Mar. 13
_
_ 2,477,270
Mar. 20
2,475, 270

APRIL

1940




6 months 1 year
31 to 60 61 to 90 91 days
to
to
to 6
days
days
1 year
2 years
months

2 years
to
5 years

Within
15 days

16 to 30
days

3,995
1,468
1,349
412

1,191
45
176
125

226
181
155
161

1,119
1,126
1,116
1,108

86
91
129
106

62
66
64
54

1,587
1,493
1,453
1,592

59
415
381
130

491
339
353
249

283
157
181
299

1,730
1,728
1,730
1,743

2,240
1,983
1,955
1,864

2,142
2,125
1,969
2,109

2,172
2,164
2,401
2,512

136,783
136,783
136,783

105,974
105,974
105,974
224,796

281,368
281,368
281,368
248,417

684,796
684, 796
684,796
735,708

Over
5 years

1,268,349
1,268,349
1, 268,349
1,266,349

317

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on hand and
due from U. S. Treasury:
Feb. 14
Feb. 21
Feb. 28
Mar. 6_._
Mar. 13
Mar. 20
Redemption fund — Federal
Reserve notes:
Feb. 14
Feb. 21
Feb. 28
—
Mar. 6
Mar. 13
Mar. 20
Other cash:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Total reserves:
Feb. 14...
_
Feb. 21
Feb. 28
Mar. 6..-.
Mar. 1 3 . Mar. 20
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Feb. 14...
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Other bills discounted:
Feb. 14
Feb. 21
Feb. 28
Mar. 6...
Mar. 13
Mar. 20
Total bills discounted:
Feb. 14
.
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Industrial advances:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
U. S. Government securities,
direct and guaranteed:
Bonds:
Feb. 14
.._.
Feb. 21
Feb. 28..
Mar. 6
Mar. 13
Mar. 20
Notes:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20...
Total U. S. Government
securities, direct and guaranteed:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20

318




15, 674,618
15, 739,122
15,793,621
15,868, 621
15,932, 621
15, 997,622

Boston

New
York

899, 621 7, 690, 962
880; 002 7,826, 513
864,532 7,922,859
7,
878,990 7,956,005
7,
7,914, 531
900,
1,816 7,
7,932,407
909,
1,456 7,

Philadelphia

MinCleve- Rich- At- Chicago St. neap- Kansas
land mond lanta
Louis olis City Dallas

San
Francisco

834,449
831,852
832,614
831,127
852,693
875, 221

977,541412,115 305,990 , 445,359 430, 760 671 351,234 233,168
242,
984,944 408, 777
; 400,682 426, 739 244,065 351,172
244,065
,
226,929
975,698 407, 295,254 395,122 427,316 248,029 342,977 224,766
7,893
230, 227
2,723 306,482 407,278 408,223 248, 703 353,601
991, 934 412, 723
992,308 420,834 314, 582 2,407, 559 393,.634 267, 699 365,880 235,987
T" ,
999; 168 425, 762 309,9952,414,095 388, 326 269,408 359,179 236, 541

850, 748
858, 748
851,100

10,118
9,430
9,574
9,572
9,360
8,334

721
667
648
647
584
536

1,798
1,591
1,540
1,540
1,346
1,155

743
650
631
631
527
527

541
471
934

384,791
369,498
367,455
356,186

33, 746
30, 692
30,420
29, 768
31,339
31,184

91,509

31,077
27,916
28,619
28, 751
29, 582
28,110

362, 538
361,786
16,069,527
16,118,050
16,170,650
16,234,379
16,304,519
16, 367, 742

455
741
512
470
369
334

878,064

411
396
377
377
361
348

320
309
302
302
290
290

1,216
1,193
1,117
1,117
1,089
1,069

9,568 18,955
20,545
19, 220
9,528 18, 546
9,360 17, 798
9,866 20,156

16,243
15,000
14, 723
13, 771
15,72£
14, 610

41,877
37, 903
38,087
36,354
36, 934
36,441

934,088 7, 784,269 866, 269 1,005,483 436, 787 328,476 , 499,442 448,125
252,416 370,600 249, 731
'
,
,
911,3617, 916, 593 860, 418 1, , ,
1,684 2,450,980 444,
',
:,050 253,961 372,113 242,238
895, 600 \ 015,090 861,864 ,014,648 433,160 320 630 2,447,170 444,357 258,058 362, 574245,252
8,
i,
909,405 8,047>
,366 860,509 1,003,451 ,
,650 "1,454,411 423, 726 258,892 372, 524 238,839
932, 739 8,009, 243 882,802 1,018, 674 436,123 327,
! 457,861
,
409, 319 277, 706 384,039 252,006
732 2,
941,176 8,023,903 903,858 1,018,602 442, 346 333,600 2,462,403 405, 247 279, 916 379; 683 251,441
" "
1,025,312 448,629 330,

893,841
897,844
890,304
886, 260
904,121
915, 574

90,691
89,821
93,366
90,341

800

1,350
775
768
768
1,177
604

867
833
783
782
752
722

1,277
1,199
1,149
1,149
1,076
1,007

697
678
664
664
648
634

27,401
29, 233
26,819
25,806
25,434
25,344

23,322
23, 608
21, 639
22,632
20,335
22, 263

21,619
21,152
20, 593
20,386

52,806
49,099
50,899
45,984
49, 226
47,301

16, 668
16, 633
16, 377
14,839
15,037
16,287

19,883

177
668
661
661
650
642

130
475
190
145
105
35

85
70
60
60
55
45

13
13
13
13
13
13

31
22
21
41
35
15

10
10
35
10
10
50

2,226
2,406
854
879
477

45
70
25
55

558
526
604
252
250
141

538
484
575
238
233
135

301
278
267
86
163
121

281
250
235
112
122
87

567
687
263
263
141

188
172
200
79
79
89

147
111
133
56
44
22

291
260
270
122
132
137

689
626
763
322
317
195

188
172
200
79
79

329
332
331
330
338
336

10

802
801
800
800

24
24
4
4
14

43
43
23
43
43
28

579
439
418
263
199
136

180
164
193
106
177
146

415
378
449
198
211
137

192
136
158
81
69
47

579
439
418
263
199
136

219
188
217
110
181
160

458
421
472
241
254
165

189
189
189
186
183
183

120
119
119
119
118
118

483
483
483
482
481
480

45
25
25
25
25
25

6,168
5,338
6,167
2,507
2,620
1,632

125

6,623
6,079
6,679
2,977
2,989
1,"""

125
45
70
25
55

2,356
2,444
2,596
999
984
512

643
596
664
312
305
186

551
497
588
251
246
148

332
300
288
127
198
136

10,434
10,427
10,704
10,404
10,423
10,498

1,424
1,420
1,408
1,406
1,412
1,411

2,050
2,050
2,050
2,049
2,048
2,048

3,107
3,102
3,401
3,097
3,107
3,211

299
300
301
318
326
316

933
931
925
925
919

1,344,045
1,344,045
1,344,045
1,344,045
1,344,045
1,342,045

96,123
96,123
96,123
96,123
96,123
95, 983

408,181
408,181
408,181
408,181
408,181
407,496

110, 221
110,221
110,221
110, 221
110,221
110,049

137,084
137,084
137,084
137,084
137,084
136,881

68,135
68,135
68,135
68,135
68,135
68,047

54,495
54, 495
54,495
54,495
54,495
54,420

144,872
144,872
144,872
144,872
144,872
144,666

60, 273
60,273
60,273
60,273
60,273
60,199

39, 771
39, 771
39, 771
39, 771
39,771
39, 720

62, 897
62,897
62, 897
62,897
62,897
62,820

51,196
51,196
51,196
51,196
51,196
51,129

110, 797
110, 797
110,797
110, 797
110, 797
110,635

1,133,225
1,133,225
1,133,225
1,133, 225
1,133,225
1,133, 225

81,047
81,047
81,047
81,047
81,047
81,049

344,156
344,156
344,156
344,156
344,156
344,089

92,934
92, 934
92,934
92, 934
92, 934
92,927

115, 581
115, 581
115, 581
115, 581
115, 581
115, 581

57,447
57, 447
57,447
57,447
57,447
57,459

45,945
45, 945
45,945
45, 945
45, 945
45,952

122,148
122,148
122,148
122,148
122,148
122,156

50,818
50, 818
50,818
50,818
50,818
50,832

33, 533
33, 533
33, 533
33, 533
33, 533
33, 541

53,031
53,031
53,031
53,031
53,031
53,044

43,167
43,167
43,167
43,167
43,167
43,173

93,418
93,418
93,418
93,418
93,418
93,422

2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,475, 270

177,170 752,337
177,170 752,337
177,170 752,337
177,170 752,337
177,170 752, 337
177,032 751, 585

203,155 252,665 125, 582 100,440
203,155 252,665 125, 582 100,440
203,155 252,665 125, 582 100,440
203,155 252,665 125,582 100,440
203,155 252,665 125, 582 100,440
202,976 252,462 125, 506 100, 372

267,020 111,091 73, 304 115,928
267,020 111,091 73,304 115, 928
267,020 111,091 73,304 115,928
267,020 111,091 73, 304 115,928
267,020 111,091 73, 304 115,928
266,822 111 ,031 261 115,864
73,
'

691

94,363 204,215
94,363 204,215
94,363 204,215
94,363 204, 215
94,363 204,215
94,302 204,057

FEDERAL RESERVE BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Assets—Continued
Total bills and securities:

Feb. 14
Feb. 21
_
_..
Feb. 28
_.Mar. 6
Mar. 13
..
Mar. 20
Due from foreign banks:
Feb. 14
Feb. 21..
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Federal Reserve notes of other
banks:
Feb. 14
Feb. 21.
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Uncollected items:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
_
Bank premises:
Feb. 14
Feb. 21
__
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Other assets:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
_
Mar. 13
____
...
Mar. 20
Total assets:
Feb. 14
__
Feb. 21
Feb. 28
_.
—
Mar. 6
Mar. 13
Mar. 20
_._

2,494, 327
2,493, 776
2,494,653
2,490,651
2,490,682
2,487,734

MinCleve- Rich- At- Chicago St. neap- Kansas
Louis olis City Dallas
land mond lanta

178,719
178, 590
178,623
178,646
178,607
178,498

47
47
4
47
47
41

York

New

Philadelphia

756,743
756,831
756,983
755,385
755,369
754,145

206,905
206, 853
207,220
206, 564
206, 567
206,373

18
18
18
18
18
18

Boston

5
5
5
5
5
5

253, 515 126,847 101, 526
253,462 126,813 101, 506
253,554 126,795 101,512
253,234 126,634 101,363
253,237:
126,699 101,372
252,926 126, 551 101,309

111, 289 73,685 116,627 95,065
267,978 111, 263 73,629 116,486 95,034
268,114 111, 291 73,651 "" •" 95,063
116,465
" ,672
267,6 111,170 73, 571 116,310 94,955
,675
267,6 111, 170 73, 556 116, 245 95,025
,
267,3 353 111, 12073,491 116,118 94,942

San
Francisco

205, 368
205,331
205,382
205,147
205,160
204,908

1
1
1
1
1
1

1
1
1
1
1
1

1
1
1
1
1
1
671
574
519
741
696
450

2,362
2,349
2,301
2,068
1,722
1,290

', 4
4
4
4
4
4

21, 273
20,003
21, 582
19,935
18,484
17,604

587
596
540
558
54'
545

3,026
1,749
3,299
1,981
1,102
1,325

583
853
988
828
950
887

1,417
1,393
1,222
1,405
1,549
1,408

3,664
2,874
2,839
2,766
2,063
1,865

2,448
2,658
3,376
1,829
2,557
3,030

2,496
2,607
2,767
2,882
2,104
2,422

1,767
1,671
1,081
1,920
2,194
2,091

1,049
1,397
1,571
1,379
1,720
710

1,203
1,282
1,079
1,578
1,280
1,581

792,040
636,295
638, 754
619,180
712,167
721, 035

63,679
61,407
59, 740
68,24"
67,540
68,476

187,701
159,923
159,076
147, 223
178,692
168, 57"

65,687
50,698
44,849
49,561
52,193
55,719

113,203
73,233
77,387
68,744
79,329
81,988

51,210
51,674
51,466
50,510
58,276
64,542

28,320
25,722
24,792
26,601
30,519
34,607

125,476
88,270
88,709
88,050
100,139
99,002

31,979
25,325
25,447
27,652
30, 585
30,853

18,084
14,923
16, 338
15,642
16, 540
17,045

31,656
27,173
29, 736
29,025
32,067
30,642

33,087
24,038
22,814
29,328
27,052
28, 547

41,958
33,909
38,400
28,597
39, 235
41,037

41, 792
41,771
41, 741
41,703
41,703
41, 689

2,885
2,885
2,880
2,880
2,880
2,880

9,876
9,876
9,876
9,858
9,858
9,858

4,562
4,56r
4,551
4,551
4,551
4,551

5,535
5,523
5,523
5,523
5,523
5,510

2,538
2,538
2,532
2,532
2,532
2,532

2,030
2,027
2,027
2,027
2,027
2,024

3,384
3,384
3,379
3,379
3,379
3,379

2,244
2,244
2,241
2,246
2,246
2,248

1,393
1,
1,391
1,391
1,391

3,229
3,229
3,229
3,213
3,213
3,213

1,169
1,172
1,172
1,165
1,165
1,165

2,947
2,938
2,938
2,938
2,938
2,938

62,895
63,931
64,759
65,695
69, 540
57,081

4,165
4,255
4,310
4,393
4,453
3,781

18,472
18, 71"
19,014
19,211
19,603
16,611

5,259
5,373
5,343
5,476
8,409
4,719

6,958
7,064
7,140
7,265
7,348
6,375

3,722
3,736
3,813
3,831
3,913
3,397

2,489
2,542
2,589
2,615
2,628
2,259

6,432
6,560

2,673
2,719
2,755
2,808
2,845
2,430

1,
1,935
1,"""
1,978
2,001
1,724

2,844
2,870
2,932
2,967
2,997
2,556

2,459
2,520
2,554
2,653
2,668
2,328

5,528
5,640
5,670
5,792
5,856
5,089

19,481,901
19,373,873
19,432,186
19,471, 590
19, 637,142
19, 692,932

6,716
6,819
5,812

1,184,126 8,760,105 1, 149,2701,386,115 624,770 465,291 2,905,274 598,078 348, 521 526,160 382,183 1,152,008
,
1,159,097 8, 863, 1,128, 762 1,355,327 620; 797 455,1412,819, 785 587,273 347, 238 523,154 365, 577
,
707
1,148,015
1,141,696 8,963, "-11,124,820 1 348,281 617,747 450,928 2,816,825 587,173 352,970 525,618 367, 3?5 1,144,999
"3,356
516,016 367,
,
,
_„.
1,154,132 , 981,0421,127,494 1,__. 839 622,398 462,087 2,823,116 569,5 2 3 3 5 2 > 8 5 3
682 1,130,806
1
,49 ,
,494 1, 365,' 592
1,186, 769 8, 885 1,155,
,973, "~
,477 !
635,831 4Z?» §37 2,837,983 558, 360 372, 917 539, 842 378, 613 1,159^ 036
1,195, 359 8,974,
4,437 1,176,11 1
1,373, 523647, 518 473,831 2,840,377 553, 990374, 277 533, 794 378,874
1,170,840

Liabilities
Federal Reserve notes in actual circulation:
Feb. 14
Feb. 21
Feb. 28
Mar. 6 . . .
Mar. 13
Mar. 20
Deposits:
Member bank-reserve account:
Feb. 14
Feb. 21..
Feb. 28
Mar. 6
Mar. 13
Mar. 20
U. S. Treasurer-general
account:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Foreign bank:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20

4,846,468
4,860, 778
4,858,677
4,889,287
4,881,754
4,895,048

399, 515 1,233,126
401, 557 1,242,057
402, 671 1,243,073
403,480 1, 254,079
403,172 1, 253,452
403,120 1, 265,109

346,022
345,374
345,134
345,288
345,781
346,071

1,286 80,367
453, 516 219, 362 158,228 1,067,661 189,967 139,917 180,
454,924 218,968 157,808 1,069,290 190,276 139,807 180,816 80,435
,067,
453,017 218,425 157, 912 1,067,399 190; 882 139; 578 180; 95980,159
" • 673 • •
454,329 218,391 159,269 1,072,007 191, — 141,053 183,
1,680 81,074
220,518 158, 671 1,069,798 191; 922 140', 182,875 80,227
1,496
453,405"
452,729 219,959 158,850 1,074,142 192,11, 141,177 182, 273

378, 501
379,466
379,468
384, 964
381,437
379,414

12,150,709
12,240,683
12,317, 794
12,367,086
12,438, 580
12, 256,250

604,356 6,685,499
586,254 6,836,495
581,431 6, 921, 582
593,321 6,945,742
614,
i 890, 517
,
616,124 6, 827,831
»
,

597,716
595,466
599,308
595,646
619,762
613,327

681,859 296, 560 220, 1,473, 767 318, 140,050 270,836 220,895
684,746 293,452 213,
1,460, 583 313,607 143, 901261,431 212,592
261,431 212,
694,587 285, 549 210, 1,465,928 311,167 148, 255 260,107 210,428
703,654 295,474 221, 521 1,465,367 286,307 151,080 271, 202 213,859
"
708, 334 299,9*90 224,4841,488,450 272, 386 171, 184 277,470 219,730
695, 575 287,626 220,792 1,452,288 261,431 159, 927 263, 580 207, 625

639,445
638,298
628,753
623,914
651, 687
650,124

642,138
595,990
561,406
535,988
526, 387
707,493

62,012
55,914
43,16'
43,348
45, 665
49, 559

159, 556
135,050
137,109
118,303
119, 613
150,811

42,380
44, 263
40,302
43,294
42,134
66, 555

67, 773
68,889
48,277
53,919
44,340
66,195

23,438
23,890
27,808
23,942
24, 711
42,414

24,389
24,844
24,82i~
21,991
26, 203
27, 315

140,933
108,840
97, 962
105,057
87,198
120, 795

26, 415
26, 551
27,103
33,312
33, 937
40/279

27, 716
27,046
27,032
23,600
24,260
36, 670

22,810
32,458
26,098
22,026
29,071
35, 699

22,860
25,143
29,434
22,056
28,201
39,329

21.856
23,102
32,289
25,140
21,054
31,872

392, 526
361,381
380,844
353, 533
364,406
390, 780

28,409
25,828
27, 531
25,350
26,408
27,621

137, 944
129,872
133,509
125,649
127,046
143,127

38, 672
35,167
37,583
34, 629
36,069
37,622

36, 699
33,373
35,666
32,862
34, 228
35, 702

16,968
15,430
16,491
15,194
15,826
16, 507

13,812
12, 560
13,422
12,367
12,882
13, 436

47,354
43,062
46,020
42,402
44,166
46,067

11,838
10,766
11,505
10,601
11,041
11, 517

8,682
7,895
8,437
7,774
8,097
8,445

11,444
10,407
11,121
10,247
10,673
11,133

11,838
10, 766
11,505
10,601
11,041
11, 517

28,866
26,255
28,054
25.857
26,929

* Less than $500.

APRIL

1940




319

Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Liabilities— Continued
Deposits—Continued:
Other deposits:
Feb. 14
Feb. 21...
Feb. 28
Mar. 6-.._
Mar. 13
_
Mar. 20
Total deposits:
Feb. 14
Feb. 21__._
Feb. 28...
Mar. 6
Mar. 13
_
Mar. 20
Deferred availability items:
Feb. 14
Feb. 21
_
Feb. 28
__.
Mar. 6___
Mar. 13
_.
Mar. 20../.
Other liabilities, including accrued dividends:
Feb. 14
Feb. 21
_.„
Feb. 28
_
Mar. 6
_._
Mar. 13
Mar. 20
Total liabilities:
Feb. 14
__.
Feb. 21_
Feb. 28.
Mar. 6
Mar. 13
_
Mar. 20
__..

Boston

340,677
354,865
363,381
377,032
389,876
399,786

4,620
6,115
5,193
6,389
5,823
7,011

13,526,050
13,552,919
13, 623,425
13, 633, 639
13,719,249
13,754,309

New
York

244,989
253,267
280,897
299,774
310,123

699,
1,397 7, 227,988
\
674, 111 r, 354,684
,
7
'
7,
657,, 322',457,569
'
668,408 7,, 470,591
',
692,482 7, 436,950
7,431,892
700,315"

Philadelphia

26,470
26,284
25,346
26,092
24,634
24,179
705,237
701,180
702, 539
699,660
722, 599
741, 683

MinCleve- Rich- At- Chicago St. neap- Kansas Dallas
Louis olis
land mond lanta
City

2,528
2,404
2,485
2,299
2,497
2,347

19,452
24,058
22,615
18,923
18,751
19,254

796,761 342,346 266,823 1 6
,665,243 366,117 182,960 305,438 258,121
797, 563 337,338 259,035 l) 615,617 360,665185,458 304,650 250,905
789, 571 333,790 256, 5561, 613; 118 359; 535 190,137 297,725 253,852
800,942 338,761264, "' 1,
4,289 616,250 339,475 188,745 303,869 248,815
,537 261,469
798,358 343,113 270,761 623,7 325,063 208,710 317,
786
808720 348', 872 268; 546 622;
808', 720 348872 268546 '' 823 320,372 210,206 310, 726 260,818

709,619
711,713
711, 711
693,834
718,421
729,336

27,356 127,336 31,063 16,379 29,831 32,418
25,462 89,840 25,452 12,715 27,098 22,958
23,611
91,201 25,843 13,973 26, 715 22,059
25,665 89, 774 27,460 13, 782 27,458 26,499
30, 511 99,215 30,435 14,419 28, 792 25, 598
33,543
98,211 30, 561 13,613 30,171 26, 641

38,639
31,531
28,541
26,644
33, 755
36,655

114
99
121
110
130
120

102
143
128
167
212
193

10,430
10,555
11,041
10,507
11,456
11,248

5,380
4,566
3,942
4,151
2,586
2,325

7,781
7,773
7,610
8,410
7,192
7,003

3,189
3,132
3,208
3,424
3,972
3,673

8,978
9,741
9,760
9,255
7,699
7,145

6,512
6,616
6,413
6,291
5,169
5,164

San
Francisco

348
354
399
394
323
314

58,863
57,102
57,633
66,473
67,244

176,821
144,739
140,346
134,027
160,912
154, 758

65,123
49,272
44,160
49,455
51,110
55,272

102,542
69, 573
72,341
66, 216
80,395
78,651

47,791
49,203
50,217
49,925
56,830
63,316

2,867
2,733
3,140
3,098
6,452
3,334

258
259
291
297
311
315

682
668
758
725
887
873

279
317
355
435
3,315
386

346
299
370
342
402
349

83
70
105
85
117
93

19,131,350
19,023,136
19,081,351
19,120,562
19,285,900
19,341,327

1,159,836
1,134,790
1,117,386
1,129,818
1,162,438
1,170,994

136,093
136,075
136,081
136,074
136,102
136,107

9,349
9,346
9,343
9,340
9,341
9,341

51,149
51,149
51,148
51.105
51.106
51,106

11,912
11,906
11,907
11,909
11,909
11,905

13,996
13.992
13.993
14,004
14,010
14,010

5,231
5,245
5,246
5,265
5,271
5,271

4,668
4,622
4,622
4,622
4,630
4,631

13,573
13, 581
13, 583
13,585
13,587
13,589

4,099
4,102
4,104
4,106
4,110
4,114

2,959
2,958
2,958
2,958
2,958
2,953

4,371
4,374
4,374
4,377
4,375
4,376

4,083
4,094
4,094
4,094
4,095
4,101

10,703
10,706
10, 709
10, 709
10, 710
10,710

151,720
151, 720
151, 720
151, 720
151,720
151,720

10,405
10,405
10,405
10,405
10,405
10,405

53,326
53,326
53,326
53,326
53,326
53, 326

14,198
14,198
14,198
14,198
14,198
14,198

14,323
14,323
14,323
14,323
14,323
14,323

5,247
5,247
5,247
5,247
5,247
5,247

5,725
5,725
5,725
5,725
5,725
5,725

22,824
22, 824
22,824
22,824
22,824
22,824

4,709
4,709
4,709
4,709
4,709
4,709

3,152
3,152
3,152
3,152
3,152
3,152

3,613
3,613
3,613
3,613
3,613
3,613

3,974
3,974
3,974
3,974
3,974
3,974

10,224
10,224
10,224
10,224
10,224
10, 224

26,839
26,839
26,839

2,874
2,874
2,784
2,874
2,874
2,874

7,109
7,109
7,109
7,109
7,109
7,109

4,393
4,393
4,393
4,393
4,393
4,393

1,007
1,007
1,007
1,007
1,007
1,007

3,246
3,246
3,246
3,246
3,246
3,246

713
713
713
713
713
713

1,429
1,429
1,429
1,429
1,429
1,429

538
538
538
538
538

1,001
1,001
1,001
1,001
1,001
1,001

1,142
1,142
1,142
1,142
1,142
1,142

1,:
1,266
1,266
1,266
1,266
1T~"

2,121
2,121
2,121
2,121
2,121
2,121

l,
1,682
1,688
1,695
1,711
1,745

9,904
9,975
10,027
10,080
10,143
10,264

2,106
2,122
2,134
2,156
2,172
2,204

3,624
3,646
3,659
3,676
3,692
3,734

1,464
1,480
1,471
1,478
V"
1,514

1,663
1,673
1,678
1,685
1,692
lf"

6,821
6,839
6,850
6,869
6,892
6,929

1,472
1,476
1,487
1,490
1,497
1,508

2,012
2,016
2,019
2,024
2,027
2,036

1,232
1,237
1,235
1,249
1,256
1,255

1,840
1,846
1,850
1,850
1,854
1,865

2,099
2,111
2,097
2,143
2,156
2,187

755, 965
606,706
596,109
594,538
678,445

115
103
111
119
134
125

387
365
421
378
452
430

113
55
75
72
86
73

141
131
152
138
154
139

247
224
253
230
252
238

8,638,617 1,116,661 1, 353,165 609,582 452,522 2,860,627 587,260339,397 515,802 371,0201,126,861
1,116,661
339,397
8,742,148 1,096,143 1,322,359 605, 579 442,408 2, 775,112 576,448 338, 111 512, 788 354,397 1,122,853
~~~
8,841,746 1,092,188 1,315,299 602, 537 438,190 2, 772,139 576,335 343,840 505,652 356,191 1,119,848
8,859,422 1,094,838 1,321,829 607,162 449,342 2,778,409 558,680 343, 718 515,237 356,498 1,105,609
8,852, 2011,122,805 1,332,560 620,578 460,077 2,793,251 547, 506 363, 779 529,456 367,424 1,133,825
8,852,632 1,143,412 1,340,449 632,240 461,064 2, 795, 606543,121 365,135 523,408 367,668 1,145, 598

Capital Accounts

Capital paid in:
Feb. 14
Feb. 21
_.
Feb. 28
Mar. 6
Mar. 13
Mar. 20.._
Surplus (section 7):
Feb. 14
Feb. 21
Feb. 28
Mar. 6
_
_.
Mar. 13
_
Mar. 20
Surplus (section 13b):
Feb. 14..
Feb. 21_
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Other capital accounts:
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
___.
Mar. 20
Total liabilities and capital aci counts:
t Feb. 14
Feb. 21.
Feb. 28
Mar. 6
Mar. 13
Mar. 20
Commitments to make industrial advances:
Feb. 14.
Feb. 21
Feb. 28
Mar. 6
Mar. 13
Mar. 20

_
_

320




26,839
26,839
35,899
36,103
36,195
36,395
36, 581

19,481,901 1,184,126 8,760,105 1, 149,270
19,373,873 1,159^ 097 8,863,707 1, 128,762
19,432,186 1,141, '"8,963,356 1. 124,820
19,471, 590 1,154, 132 8,981,042" 127,494
. .
19,637,142 1,186,769 8,973,885 155,477
19,692,932
176,112
1,195,359 8,974,437
8,361
~ 638
966
126

359
356
356
356
342
342

1,767
1,753
1,752
1,684
1,683
1,674

426
426
425
711
701
711

1,386,115 624,770 465,291 2,905,274, ,
598,078 348,521 526,160 382,183 1,152,008
1,355,327 620,797 455,
~" "
2,819,785 587,273 347,238 523,154 365,577 1,148,015
1, 348,281617,747 450,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999
,
""
354', 839
1, 354,839 622,398 462,087 2,823,116 569,523 352,853 525,618 367,682 1,130,806
472,837 2,837,983 558,360 372,917 539,842 378,613 1
1,159,036
1, 365, 592 635; 831
.
1,373, 523 647,518 473,831 2,840,377 553,990 374,277 533,794 r
''
378,874 1,170,840
1,033
1,028
1,015
1,119
1,111
1,115

768
767
763
760
756
755

151
151
151
151
151
151

512
492
492
492
492
485

3,189
3,508
3,857
3,754
3,747
3,750

FEDERAL RESERVE BULLETIN

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

Date (last Wednesday of
each month)

1934— Dec. 2 6 . . .
1935—June 26.._.
Dec. 31 *._
1936—June 2 4 . . .
Dec. 3 0 . - .
1937—Mar. 31...
June 3 0 . . .
Sept. 29...,
Dec. 2 9 . . .
1938—Mar. 30...
June 2 9 . . .
Sept. 28...
Dec. 2 8 . . .
1939—Jan. 25.
Feb. 21 <._
Mar. 29...
Apr. 2 6 . . .
May 31...
June 28
July 26—.
Aug. 3 0 . . .
Sept. 27...
Oct. 25—.
Nov. 29...
Dec. 2 7 . . .
1940—Jan. 31
Feb. 28....
Mar. 20*.

Repaid,
Commit- Approved expired,
ments
but not or without"
comoutstanding^ standing pleted a drawn by
appli(amount) (amount) (amount) cant, etc.
Number Amount Number Amount Number Amount
(amount)
Applications
received

4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,203
9,221
9,249
9,270
9,296
9,308
9,330
9,355
9,366
9,388
9,401
9,418
9,433
9,456
9,471

Applications under
consideration

146,972
237,581
293,084
314,471
328,998
333,300
339,509
341,842
350,551
358,936
369,583
378,974
387,490
389,176
389,554
392,230
394,055
394,970
395,499
399,780
401,228
402, 305
402,944
404,226
405,225
406,097
407,392
410,106

71
68
28
12
5
9
10
1
7
19
8
8
5
8
7
14
7
6
5
6
7
2
1
3
2
2
4
7

2,955
11,349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
999
964
344
495
400
255
760
532
370
70
92
41
76
32
180

Applications
approved

984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683
2,697
2,713
2,721
2,730
2,743
2,752
2,763
2,772
2,781
2,793
2,805
2,814

49,634
88,778
124,493
133,343
139,829
141,545
145,758
146,724
150,987
154,918
161,158
168,380
175,013
175,651
175,902
177,895
178,639
179,332
179,778
183,354
184,152
185,234
186,034
187,257
188,222
188,879
180,055
192, 660

A rft7CITIfk£kC
•A. U V cLIX v o o

13,589
27,518
32,493
30,484
25,526
23,059
23,019
21,415
20,216
19,371
18,444
17,567
17,345
16,811
16,474
15,798
15,817
15,305
15,255
15,384
14,667
14,454
14,545
14,051
13,683
12,860
12,997
12,764

8,225
20,579
27,649
24,454
20,959
18,611
16,331
14,880
12,780
13,110
13,649
13,597
14,161
13,004
12,907
12,647
11,749
11,530
11,175
11,476
11,009
10,517
10,156
9,643
9,220
8,376
8,966
9,080

20,966
11,248
11,548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,293
1,105
1,975
2,134
2,496
2,067
733
1,220
1,938
1,764
2,548
2,659
2,504
1,454
2,526

5,558
24,900
44,025
61,425
77,910
85,210
97,663
102,588
107,384
111, 193
117,555
122,447
128,839
132,009
133,001
135,004
136,696
137,922
139,281
142,943
144,812
146,156
148,037
149,911
151,679
154,629
155,574
157,074

Participations
outstanding*
(amount)
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12,722
12,534
12,415
12,471
12,243
12,079
12,000
12,818
12,444
12,169
11,532
11,104
10,981
10,505
11,064
11,216

* Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of the Federal Reserve banks.
* Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
* Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,209,460
March 20, 1940.
*Tuesday.
1
Latest date for which figures are available.

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

Boston

New
York

Phila- Cleve- Richdelphia land mond

Atlanta

Chicago

MinSt.
Louis neapolis

KanSan
sas Dallas FranCity
cisco

Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Feb. 28
5,180, 520 421,107 1,336,700 364,772 479, 202 232,415 170,664 1,113,977 201,627 144,312 190,692 87,889 437,163
Mar. 6.
5,210,592 422,184 1,349,118 366,330 480, 525 233,091 172,270 1,118,041 202,207 144,856 192, 721 89,990 439,259
Mar. 13
5,216,078 420,099 1,351, 277 366,230 480, 227 236,031
172,891 1,118,855 203,364 145,465 192,840 89,144 439,655
89,699 439,452
Mar. 20
5,227,268 421,151 1,358i 600 364J 029 480^ 563 234^ 078 173^ 075 1,125J187 203,619 145,524 192,291
Held by Federal Reserve bank:
321,843 18,436 93,627 19,638 26,185 13,990 12,752 46, 578 10, 745 4,734 9,733 7,730 57,695
Feb. 28
321,305 18, 704 95,039 21,042 26,196 14, 700 13,001 46,034 10,534
9,041 8,916 54,295
Mar. 6
334,324 16, 927 97,825 20,449 26,822 15, 513 14, 220 49,057 11,442 4,
9,965 8,917 58,218
Mar. 13__._
332,220 18,031 93,491 17,958 27,834 14,119 14,235 51,045 11, 504 4,347 10,018 9,610 60,038
Mar. 20
In actual circulation:*
,468
Feb. 28._
_. 4,858, 677 402,671 1,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139, 578 180,959 80,159 379,
4,889,287 403,480 1,254,079 345, 288 454,329 218,391 159, 269 1,072,007 191,673 141,053 183, 680 81,074 384,964
Mar. 6_._
,437
4,881, 754 403,172 1,253,452 345,781 453,405 220, 518 158; 671
1,069,798 191,922 140,496 182,875 80,227 381,
Mar. 13
,414
4,895,048 403,120 1, 265,109 346,071 452, 729 219, 959 158,850 1,074,142 192,115 141,177 182,27380,089 379,
Mar. 20..
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
5,313,500 440,000 1,355,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147, 500 195,000 91,000 464,000
Feb. 28
5,323, 500 440,000 1,365,000 375,000 482,000 250,000 175,000 1,130,000 209,000147, 500 195,000 91,000 464,000
Mar. 6._
1,000 175,000 1,130,000 209,000 147, 500 195,000 91,000 464,000
5,328, 500 440,000 1,370,000 375,000 482,000 250,
Mar. 13
91,000 464,000
5,333,500 440^ 000 1, B75,000 375^ 000 482^ 000 250,000 175,000 1,130,000 209,000 147, 500 195,000
Mar. 20
Eligible paper:
52
258
95
723
237
Feb. 28
42
205
116
145
615
Mar. 6_.
113
141
130
109
Mar. 13
543
85
93
107
Mar. 20
493
40
Total collateral:
Feb. 28
Mar. 6
Mar. 13
Mar. 20

5,314,223 440,045 1,355,237 375,095 482,000 250,052 175,000 1,130,000 209,000147,536 195,258 91,000 464,000
91,000 464,000
250,042 175,000 1,130^ 000 209^ 000 147, 537 195,205
5,324,115 440,070 1,365,145 375,116 482,000 25fy 042 175,0001,
,
1
5, 329,043 440,025 1,370,130 375,109 482,000 250,113 175,000 : 130,000 209,000 147, 525 195,14191,000 464,000
5,333,993 440,055 1,375,085 375,088 482,000 250,093 175,000 1,130,000 209,040147,525 195,107 91,000 464,000

i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.

APRIL

1940




321

RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1940
[Averages of daily figures. In millions of dollars]
Gross Net
dede- Time
mand mand dededeposits
posits posits i

Classes of banks
and districts

All member banks.. 37,856
Central reserve city banks:
14,206
New York
2,834
Chicago __. Reserve city banks:
Boston district
1,202
223
New York district
Philadelphia district.. 1,381
Cleveland district •. 1,781
Richmond district
806
Atlanta district
787
1,383
Chicago district
St. Louis district
909
404
Minneapolis district
Kansas City district- . 1,064
785
Dallas district
San Francisco district 2,265
Total
12,990
Country banks:
Boston district
909
1,415
New York district
Philadelphia district._ 678
634
Cleveland district J
586
Richmond district
562
Atlanta district
924
Chicago district
392
St. Louis district
Minneapolis district... 334
Kansas City district— 471
Dallas district
570
San Francisco district. 353
Total
7,827

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]

Reserves with
Federal Reserve
banks

All
member

Required Held
6,589 12,215

5,626

13, 568
2,530

730
497

3,123
600

6,323
901

3,199
301

1,087
175
1,140
1,397
632
532
953
677
310
681
478
1,825

87
161
230
734
213
178
594
179
89
158
129
1,967

194
39
211
281
121
102
197
127
59
127
90
418

411
63
425
536
198
131
351
245
81
197
133
574

216
24
214
255
77
29
154
117
22
70
42
157

9,888

4,720

1,966

3,344

1,378

641
1,015
436
409
336
338
569
240
205
282
328
228

557
1 387
876
694
361
234
744
245
279
158
105
282

105
191
96
84
58
52
106
41
39
42
45
41

187
399
176
160
96
85
210
70
65
69
84
56

82
208
80
66
38
32
105
29
26
27
39
15

5,026

5,921

899

1,646

Reserve
city
banks

Country

banksi

Excess

31,011 11,869

Central reserve
city banks

747

New
York

Chicago

8,925
9,021
9,624
9,997
10,085
10,321
10,659
11,443
11,862
11,688
11,473
11,985
12,215

4,482
4,472
4,889
5,094
5,049
5,195
5,366
5,866
5,958
5, 759
5,623
6,099
6,323

673
681
794
878
893
848
923
1,009
1,112
1,115
1,141
940
901

2,405
2,475
2,544
2,630
2,728
2,827
2,883
3,009
3,203
3,229
3,141
3,319
3,344

1,364
1,393
1,397
1,395
1,415
1,451
1,486
1,559
1,588
1,585
1,568
1,628
1,646

12,170
12,135
12,168
12, 259
12, 314
12, 365
12,450

6,261
6,251
6,275
6,357
6,429
6,447
6,434

929
902
897
904
897
896
902

3,354
3,347
3,350
3,340
3,339
3,346
3,430

1,626
1,635
1,648
1,657
1,649
1,676
1,684

3,373
3,432
3,926
4,212
4,246
4,402
4,607
5,198
5,490
5,259
5,011
5,464
5,626

2,047
1,986
2,302
2,465
2, 394
2,504
2,587
2,943
2,974
2, 753
2,611
3,045
3,199

164
179
299
360
362
305
363
430
518
516
540
342
301

669
741
794
858
944
1,013
,046
1,147
,295
1,294
1,188
1,350
L, 378

494
626
531
529
546
581
611
678
704
696
671
727
747

5,589
5,560
5,590
5,665
5,699
5,737
5,786

3,156
3,140
3,165
3,229
3,277
3,275
3,246

322
300
295
305
301
300
299

1,383
1,384
,380
1,374
1,372
L, 387
1,456

728
737
748
757
749
775
784

Total reserves held:
1939—February
March
April
May
June
July
August
September
October
November
December
1940—January
February
Week ending (Friday):
1940—Feb. 2
Feb. 9
Feb. 16
Feb 23
Mar. 1
Mar 8
Mar. 15
Excess reserves:
1939—February
March _ .
April
May
June
July.
August
September
October
November
December
1940—January
February
Week ending (Friday):
1940—Feb.
Feb.
Feb.
Feb.

* Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of ccElection.
NOTE.—See table at foot of p. 316 for percentages of deposit required
to be held as reserves.

2
9
16
23

Mar. 1
Mar. 8
Mar. 15

banksi

p Preliminary.
« Weeklyfiguresof excess reserves of all member banks and of country
banks are estimates.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS

[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

All member banks
Federal Reserve district

Gross demand
Feb.

Boston
,
New York
Philadelphia
Cleveland
Richmond _
Atlanta—
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
Total .

_.
___ _.

Jan.

2,111
15,844
2,058
2 414
1,392
1 349
5,141
1,301
738
1,534
1,355
2,617
37,856

Time
Feb.

Jan.

2,125
15,561
2,075
2,424
1,383
1 331
5,148
1,304
743
1,530
1,340
2,619

644
2,279
1,106
1 428
574
412
1 836
424
368
317
234
2,248

641
2,284
1,108
1 415
566
408
1 820
422
367
317
233
2,253

37, 585

11,869

11,835

Gross demand

Gross demand

Time

Jan.

Feb.

Jan.

Feb.

Jan.

1 993
1 981
11,334 i 1,322
1,833
1,818
2 185
2 174
1,186
1,196
1 167
1 157
l
l 957 i 1 954
1 062
1 063
546
539
1 182
1 186
1 040
1 030
2,494
2,495

514
11,049
652
1,121
373
322
1
1,036
304
179
201
187
2,147

512
i 1,044
656
1,110
367
320
i 1,028
304
179
202
188
2,152

131
304
241
240
196
182
350
239
199
348
316
123

132
300
242
239
198
174
342
241
198
348
311
125

130
499
454
308
200
89
303
119
189
115
47
102

129
499
452
305
199
87
300
118
187
115
46
101

117, 949 117, 943

i 8,086

i 8,062

2,868

2,850

2,556

2,539

Feb.

Jan.

Feb.

Time

' Excluding central reserve city banks, for whicb[.figures for latest month are shown in table above.

322




FEDERAL

RESERVE

BULLETIN

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollarsj

End of month

Total

Gold
certificates

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

Subsidiary
silver
coin

Minor
coin

United
States
notes

1
-1
1

348
350
352

149
150
151

244
246
251

354
358
361
362
365
369
373
379

152
154
155
156
157
159
161
163

255
259
266
264
267
269
267
269

381

164

272

372

163

265

373

163

271

1,269
1,327
1,378
1,385
1,417
1,454
1,446
1,465
1,488
1,485
1,530
1,554

1939—January
February
March . . . . . . . . . . . . >
April
May
June
July
August
September
October
November
_ _
December

6,653
6,731
6,817
6,905
6,967
7 047
7,049
7,171
7,293
7 342
7,483
7,598

75
74
74

41
41
41

73
72
72
71
71
71
70
70

42
42
42
43
43
43
44
44

69

45

1940—January
February

7,376
7,455

69

44

68

45

Federal
Federal Reserve
Reserve bank
notes
notes

1
1
j

1,469
1,500

4,301
4,320
4,350
4,426
4,449
4,484
4,496
4,595
4,688
4,739
4,826
4,912

National
bank
notes

27
27
27
26
26
26
25
25
25
24
24

191
189
186
184
182
180
178
177

24

175

23

173

23

4,796
4,839

198
195
193

171

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

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

End of month
1039—January
February
March
April
_
May
June
July
August
September
October ___
November
December
1940—January
February

Total
Coin and small denomination currencyJ
in circulation ' Total Coin
$1»
$2
$5
$10 $20
6,653
6,731
6,817
6,605
6,667
7,047
_ 7,049
7,171
7,293
7,342
7,483
7,598
7,376
__ 7,455

541
544
548
554
558
561
566
571
577
586
590

492
498
503
505
613
614
514
521
532
535
546
559

579
£81

4,953
5,011
5,049
5,069
5,109
5,164
5,169
5,253
5,329
5,363
5,478
5,553
5,332
5,397

604
919
928
929
937
947
947

526
530

Large denomination currency *
Total

$50

$100 $500

$1,000 $5,000 $10,000

1,705
1,721
1,770
1,838
1,861
1,887
1,885
1,922
1,665
1,981
2,007
2,048

403
406
411
418
422
428
426
433
440
445
452
460

768
774
799
829
836
848
847
857
876
884
896
919

160
161
165
170
172
176
175
180
185
186
188
191

391
405
413
415
420
425

2,047
2,061

457
459

920

,723

682
1,004
1,019

1,546
"., 674
,594
,602
,614
,638
,644
,681
,706
,710
,752
,772

191
191

Unassorted'

426
427

970

329
335
349
370

1

Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
* Includes unassorted currency held in Treasury and Federal Reserve bants and currency of unknown denominations reported by the Treasury 1 destroyed.
as
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. In
millions of dollars]

End of month

Silver
dollars
and
Total silver
bullion i

Federal
NaSubsid- Minor United Re- tional
iary
coin States serve bank
notes bank notes
silver
notes
coin

2,816
2,824
2,839
2,849
2,862
2,881
2,895
2,907
2,919
2,932
2,947
2,963

1,705
1,717
1,733
1,746
1,759
1,778
1,794
1,804
1,814
1,825
1,835
1,845

376
376
377
376
377
380
381

2,971
1940—January
February... 2,981

1,855
1,866

1939—January...-.
February..
March
April
May
June
July
August
September.
October....
November.
December..

1940




Year or month
1937.—
1938.
1939

ShipReceipts
ments to
from
Europe Europe

Net
shipments

21.5
33.1
110.2

47.6
34.4
9.8

100.4

1.0
.9
.3
.7
1.1
1.0
.9
.1
.2
1.3
.3

Net
receipts

2.0
26.4
45.8
3.1
1.8
1.2
3.8
.7
1.6
3.2
6.3

390
394

159
160
160
160
161
161
162
162
164
166
167

347
347
347
347
347
347
347
347
347
347
347
347

201
198 1939—February..
196
March
193
April
191
May
189
June
186
July
185
August
183
September
181
October...
179
November.
178
December.

3.0
27.3
46.1
3.8
2.9
2.2
4.7
.8
1.8
4.5
6.6

400
401

169
170

347
347

175 1940—January...
173
February..

5.3
4.7

i Includes silver held against silver certificates amounting to $1,765000,000 on Feb. 29, 1940 and $1,632,000,000 on Feb. 28, 1939.

APRIL

SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[By selected banks and financial institutions In New York City.
In millions of dollars]

(0
0)

26.1
1.3

5.3
4.7

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

323

MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Increase
in
total
gold
Inactive stock
account

Gold stock at
end of period
Period
Total
1934 2.
1935.__
1936...
1937—
1938.__

10,125
11,258
12,760
14,512
17,644

4,202.5 1,, 133. 9
1,887. 2 1, 739.0
.,
26.5 1,132. 5 1, 116. 6
,
1,227.9 1, 502. 5 1, 585. 5
1, 751. 5 1, 973. 6
3,132. 0 \ 574.2
3;

February
Exports

Imports
Belgium
France
Italy
Netherlands
Norway
Sweden
Switzerland
United Kingdom
U. S. S. R
Canada
Mexico..
Central America
Argentina
_
Chile
Colombia
Ecuador.
_
Peru
Venezuela
Australia...
British India
China and Hong
Kong....
Japan..
Philippine Islands..
South Africa
_.
All other countries 2 . _

January

974
40
5,566

Imports

Jan.-Feb.
Imports

Exports

974
99
7,818
46, 596
33,405
49,049
15,140
45,227
5,570
99,650
4,557
1,253
9
1,923
7
589
1,899

59
2,253
30,415
19, 527
16,601
1,208
23,906

16,181
13,878
32,448
13,932

Exports

14.2
14.7
14.1
13.5
15.5
13.3

16, 646
16, 932
17,091
17,358
17,644

170.0
192.7
383.8
532.3
166.2
153.3
128.0
407.6
285.9
159.9
267.1
285.1

156.3
223.3
365.4
605.8
429.4
240.4
278.6
259.9
326.1
69.7
168.0
451.2

14.1
-48.6
10.7
-114.8
-251. 6
-104.8
-164.0
152.1
2.8
79.5
90.9
-200.8

12.2
10.5
11.1
13.1
12.6
10.7
13.1
14.1
15.7
18.5
14.8
13,2

17,931
18,177
18,413

287.5
246.0
235.5

236.4
201.4
418.7

1 Figures represent customs valuations which, with some exceptions,
13.7 are at rate of $35 a fine ounce.
P15.2
* Includes all movements of unreported origin or destination.
—200.3
Back figures—See table, p. 353, and Annual Report for 1937 (tables
31 and 32).

1,183.0

14,682
14,874
15, 258
15, 791
15,957
16,110
16, 238

_

From or to—

-1.2
-53.9
-15.5
-20.9
-28.8
-13.3
-110. 2
-7.4
-62.4

1939—January
February
March
April.._
May
June
July
August
September
October
November
December
1940—January
February
Mar. 1-27

96.0
110.7
131.6
143.9
148.6
159.8

1940

52.9
71.1
52.8
55.3
63.8
166.0
520.9
562.4
177.8
240.5

12, 795
12,869
12,919
12,963
13,017
13,136
13, 760
14,065
14,312
14,512

_

82.6
.2
-85.9
-200.4
-333. 5
-534.4

Domestic
gold
production

18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
247.5
199.6

1938—March
April
May
June
July
August
September
October
November
December

_

Net
gain or
loss (-)
Net
gold through
earimport marking
trans-1
actions

-.6

10.7
10.6
11.5
9.6

BANK SUSPENSIONS1

Number of banks suspended:
1934
- 1935
1936
1937
1938
_
1939
1940—jan -Feb

57

34
44
59
55
42
2

Deposits of suspended banks
(in thousands of dollars): 3
1934
— 36,937
10,015
1935
1936
.
11,306
19,723
1937 —
13,012
1938
'34,998
1939
238
1940—Jan -Feb

Member
banks
National

4
1
4
1
4

40
5,313
507
7,379
36
1,341

8




1,251
3

671
3
589
1,488
433
4,241
6,722

411
526
6,155
9,743

1,008
4,919
1,896
18,872
1,241

5,452
37, 680
3,360
20,297
1,579

6,460
42, 598
5,257
39,169
2,821

4

201,475

53 236,413

437,889

75

Year and month

22
40
47
47
25
2

1,912
3,763
10,207
1,708 10,156
211 11,721
24,629 6,589
238

19291935.
1936
1937.
1938
1939

10,395
16,465

34,985
939
592
480
1,044
'2,439

Total,
all
reporting
centers

New

York
City

140
133
other
other
reportleading
ing
cities 1 centers *

982, 531
402,718
461,889
469,463
405,929
423,932

603,089
184,006
208,936
197,836
168, 778
171,382

331,938
190,165
219,670
235, 206
204,745
218,298

47,504
28,547
33, 283
36,421
32,406
34, 252

February..
March
April
May
June
July
August
September
October...
November
December.

35,180
29, 973
37,322
32, 822
34, 656
36,883
33,245
33,314
36, 594
35,830
34, 666
43,447

14, 533
12, 380
16,274
13, 311
14,165
15, 312
12, 794
13,118
15,138
13, 683
13,041
17,633

17,860
15,201
18,211
16,832
17,763
18, 676
17,683
17,496
18, 526
19,029
18, 636
22,386

2,786
2,392
2,837
2,679
2,728
2,895
2,768
2, 701
2,930
3,119
2,990
3,428

1940—January.. _
February..

37, 786
32,197

14, 739
12,138

19, 978
17,344

3,069
2,715

48
8
3
_
6
6
10 1939—January.—

* Revised.
* Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
> Federal deposit insurance became operative January 1,1934.
1
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures—See Annual Report for 1937 (table 76).

324

21

BANK DEBITS

InNot
State sured* insured

2
1
3

52, 737
2,550
692

[Debits to individual deposit accounts, at banks in principal cities.]
[In millions of dollars]

Nonmember
banks

1

48

40.0
37.0

r Preliminary.
1 Gold held under earmark at Federal Reserve banks for foreign account on February 29, 1940, in millions of dollars: 1,086.0.
» Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine ounce thereafter.
NOTE.—Figures for domestic production of gold are those published
in table, p. 353, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported
by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29).

Total,
all
banks

Total..

21, 321
5,570
46, 913
2,006
561

1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 21928.
Centers (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has
numbered 133 since 1936.
Back figures.—See Annual Report for 1937 (Table 71), which also gives
a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
FEDERAL RESERVE

BULLETIN

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p . 635. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]

Member banks

Total

Call date

Nonmember
banks

National

State

Other
Mutual nonsavings membanks
ber
banks

Total

Member banks
Call date

All
banks

Nonmen iber banks

Total

National

State

Mutual
Other
savings nonmembanks ber banks

1929—June 29
Dec. 31

25,110
24,630

8,707
8,522

7,530
7,403

1,177
1,119

611
609

15,792 1929—June 29... 53,852
Dec. 3 1 . . . 55,289
15,499

32,284
33,865

19,411
20,290

12,873
13,575

8,983
8,916

12,684
12,508

1933—June 30
Dec. 30

14,519
15,011

5,606
6,011

4,897
5,154

709
857

576
579

8,337 1933—June 30— 37,998
38,505
Dec. 30
8,421

23,338
23,771

14,772
15,386

8,566
8,385

9,713
9,708

4,940
5,026

1934—June 30
Dec. 31

15,835
16,039

6,375
6,442

5,417
5,462

958
980

578
579

8,882 1934—June 30... 41,870
Dec. 31
44,770
9,018

26,615
28,943

17,097
18,519

9,518
10,424

9,780
9,828

5,475
6,000

1935—June 29
Dec. 31

15,994
15,837

6,410
6,387

5,425
5,386

985
1,001

571
570

9,013 1935—June 29... 45,766
Dec. 31— 48,964
8,880

29,496
32,159

19,031
20,886

10,465
11,273

9,920
9,963

6,360
6,842

1036—June 30
Dec. 31

15,752
15,628

6,400
6,376

5,368
5,325

1,032
1,051

666
565

8,786 1936—June 30... 51,335
Dec. 31— 53,701
8,687

34,098
35,893

21,986
23,107

12,112
12,786

10,060
10,143

7,178
7,666

1937—June 30
Dec. 31

15,527
15,393

6,357
6,341

6,293
5,260

1,064
1,081

664
563

8,606 1937—June 30... 53,287
8,489
Dec. 3 1 . . . 52,440

35,440
34,810

22,926
22,655

12,514
12,155

10,213
10,257

7,636
7,373

1938—June 30
Dec. 31

15,287
15,206

6,338
6,338

5,242
5,224

1,096
1,114

563
556

8,386 1938—June 30— 52,195
64,054
8,312
Dec. 31

34,746
36,211

22,553
23,497

12,193
12, 714

10,296
10,365

7,153
7,478

1939-June30
Oct. 2
Dec. 30»

15,082
15,061
15,035

6,330
6,339
6,362

5,203
5,196
5,187

1,127
1,143
1,175

553
552
552

55,992
8,199 1939—June 30
57,437
8,170
Oct. 2 .
8,121
Dec. 3 0 ' . . 58,344

38,027
39,287
39,930

24,534
25, 248
25,661

13,493
14,039
14,269

10,521
10,520
10,613

7,444
7,630
7,801

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
All banks

Member banks

Nonmember banks
Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

1929—June 29..
Dec. 31..

58,474
58,417

41, 531
41,918

16,943
16,499

35,711
35,934

25,658
26,150

10,052
9,784

9,556
9,463

5,892
5,945

3,518

13,207
13,020

9,981
9,823

3,227
3,197

1933—June 30..
Dec. 30..

40,076
40,319

22,203
21, 977

17,872
18,342

24,786
25,220

12,858
12,833

11,928
12,386

10,044
9,985

5,941
5,906

4,103
4,079

5,246
5,115

3,404
3,238

1,841
1,877

1934—June 30..
Dec. 31..

42,502
43,458

21,278
20,473

21,224
22,984

27,175
28,150

12,523
12,028

14,652
16,122

9,904
9,782

5,648
5,491

4,256
4,291

5,423
5,526

3,108
2,955

2,315
2,571

1935—June 29_.
Dec. 31..

44,416
45,717

20,272
20,329

24,145
25,388

28, 785
29,985

11,928
12,175

16,857
17,810

9,852
9,804

5,341
5,210

4,511
4,594

5,779
5,927

3,003
2,944

2,777
2,983

1936—June 30..
Dec. 31..

48,458
49,524

20, 679
21,449

27,778
28,075

32,259
33,000

12, 542
13,360

19,717
19,640

9,961
10,060

5,105
5,027

4,856
5,034

6,238
6,464

3,032
3,062

3,206
3,402

1937—June 30..
Dec. 31_-

49,696
48,566

22, 514
22,198

27,182
26,368

32,739
31,752

14,285
13,958

18,454
17,794

10,180
10,187

5,002
4,996

5,178
5,191

6,778
6,627

3,227
3,244

3,550
3,383

1938—June 30..
Dec. 31 *.

47,381
48,929

21,130
21,354

26,252
27, 575

30,721
32,070

12,938
13,208

17,783
18,863

10,196
10,255

4,961
4,930

5,235
5,325

6,465
6,604

3,231
3,217

3,234
3,387

1939—June 30..
Oct. 2 . . .
Dec. 303.

49,616
49, 954
50,882

21,318
21, 634
22,167

28,299
28,320
28, 714

32,603
33,075
33, 941

13,141
13,470
13,962

19,462
19,605
19,979

10,342
10,333
10,332

4,931
4,936
4,961

5,411
5,397
5,371

6,671
6,546
6,610

3,245
3,228
3,244

3,425
3,318
3,365

i Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
» Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other assets."
3
Figures for "All banks" are preliminary.
Back figures.—See Annual Report for 1937 (tables 48-49).
APRIL

1940




325

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans *

Call date

Total
loans
and
invest- Total
ments

Investments *

Loans for
Compurchasing
meror carrying
cial,
securities
Open
inReal Loans Other
mardusestate
to
Total
ket
To
trial,
loans banks loans *
and paper brokers
agriTo
and others'
culdealtural »
ers

U. S. Government obligations

Total

Obligations
of
Direct
States Other
and securGuar- polit- ities i
anical
6
subBills Notes Bonds teed divisions

Total—All
MemberBanks
1929—Dec. 31. _ 35,934
1933—June SO- 24,786
WS?—Dec. 3 1 . . 31,752
1938—Mar. 7— 31, 521
June 30— 30,721
Sept. 28 _ 31,627
Dec. 31. . 32,070
1939—Mar. 29.. 32,095
June 30— 32,603
Oct. 2«__ 33,075
Dec. 30__ 33,941
New York,
City»
1929-Dec.31.. 8,774
1933—June 30. _ 7,133
1937—Dec. 3 1 . - 8,313
1938—Mar.7 — 8,317
June 30— 8,013
Sept. 28. 8,355
Dec.31_. 8,335
1939—Mar. 29.. 8,408
June 30— 8,688
Oct. 2 •_, 9,044
Dec. 30__ 9,339
City of
ChicagoT
1929—Dec. 3 1 . . 1,757
1933—June 30_. 1,287
1937—Dec. 3 1 . . 1,901
1938—Mar. 7— 1,997
June 30.. 1,806
Sept. 28. 1,889
Dec.31.. 1,969
1939—Mar.29.. 1,965
June 30.. 2,052
Oct. 2*_. 2,050
Dec. 30.. 2,105
Reserve City
Banks
1929—Dec. 3 1 . . 12,029
1933—June SO- 8,492
WS?—Dec. 31. . 11,414
1938—Mar. 7— 11,250
June 30 . 11,150
Sept. 28. 11,426
Dec. 3 1 . . 11,654
1939—Mar.29_. 11, 624
June 30.. 11,756
Oct. 2«_. 11,880
Dec. 30.. 12,272
Country
Banks
1929-Dec. 31. 13,375
1933—June 30.. 7,873
1937-Dec. 31.. 10,124
1938—Mar. 7... 9,958
June 30.. 9,752
Sept. 28. 9,958
Dec. 31.. 10,113
1939—Mar. 29.. 10,098
June30_. 10,109
Oct. 2«__ 10,102
Dec. 30.. 10, 224

5,448
5,531
5,571

583
595
643
607
492
484
442
427
420

2,463
953
950
878
701
713
973
838
731

7,685 3,191
3,752 2,372
2,752 2,547
2,665 2,556
2,614 2,613
2,590 2,661
775 2,716
733 2,749
736 2,828

6,115

455

790

700 2,957

1,461
1,456
1,479

195
364
198
168
141
153
138
126
128

1,257
758
761
696
556
564
787
668
555

2,145
1,044
733
727
717
702
220
209
215

1,776

120

611

188

251
61
41
39
29
31
43
32
39

26,150
12,858
13,958
13,546
12,937
13,208
13,047
13,141
13,470
13,962

6,683
3,424
3,673
3,532
3,172
3,146
3,262
3,116
3,296

1,448
677
635
614
525
522
539
545
544
563

336
361
348

714 11,515 9,784
330 4,857 11,928
70 6,996 L7,794
96 6, 745 .7,975
120 6,397 L7, 783
126 6,364
125 2,728 8,863
99 2,671 .9,048
58 2,796 .9,462
.9,605
56 2,888 19,979

3,863
249
6,887 1,113
[0, 574
662
0, 625
797
i0, 215
316
L0, 713
313
10,882
286
10, 691
303
L0, 946
441
L0,891
LI, 184
563

520
2,049
4,277
4,297
3,653
3,707
3,389
2,604
2,720

3,094
3,725
5,635
5,531
6,246

2,223

8,398

157
141
140
132
132
121
124
130

322
162
29
60
85
95
99
77
41

926
1,175
1,145
1,451
1,560
1,663
2,040
2,284

44

1,112
2,551
3,207
3,180
3,031
3,153
2,963
2,939
3,360
3,401
3,497

166
987
1,536
1,529
1,358
1,342
1,142
831
908

133

2,091
3,709
4,640
4,785
4,840
5,209
5,072
5,322
5,700
5,928
425 6,043

533
251
129
113
109
111
70
70
71

535
237
426
423
361
351
62
57
60

116
384
916
1,008
859
921
1,005
992
1,040
1,017
1,031

2,595
937
1,811
1,741
1,541
1,499
436
427
440

372
9,084
4,482
5,203
5,031
4,853
4,870
4,963
4,936
5,004
5,127
5,329

17

41

66

2,121
2,116
2,118

168
126
201
197
163
156
149
145
138

664
108
123
118
95
96
119
115
115

2,775
1,340
1,066
1,020
998
992
242
228
221

1,538
1,131
1,176
1,173
1,201
1,217
1,230
1,249
1,284

258 3,679
99 1,678
27 2,610
25 2,498
26 2,369
22 2,387
20 1,081
17 1,066
12 1,116

2,322

155

119

222

1,335

1,168

1,531
1,597
1,626

201
35
216
215
173
156
138
142
140

291
25
25
24
21
21
25
24
22

2,231
1,117
824
804
790
784
243
226
229

1,462
1,055
1,219
1,233
1,269
1,303
1,353
1,363
1,402

4,705
2,005
2,149
2,083
2,126
2,127
1,149
1,121
1,180

1,646

163

20

224

1,477

8,936
4,275
4,446
4,399
4,444
4,480
4,605
4,665
4,768

610
1,266
1,382
1,281
1,367
1,430
1,420
1,507
1,487
1,536

2,944
4,011
6,211
6,219

6,751
6,752
6,943

1,368
2,483
3,961
3,962
3,940
4,088
4,278
4,181
4,102
4.089
4,222

4,439
3,598
5,677
5,589
5,364
5,558
5,669
5,618
5,504
5,437
5,456
4 1,234

1,267
1,469
2,490
2,477
2,385
2,550
2,636
2,578
2,444
2,383
2,434

6,556
6,691

58
638
495
505
222
251
158
68
168

7,208
7,783
7,786

315

797 2,385

206
32
153
12
1
59
121
185

19
82
366
371
313
310
291
212
234

94
97
518
484
535
611
655
660
621

153

176

701

91
205
106
115
69
47
57
100
78

165
681
1,589
1,610
1,268
1,290
1,224
977
1,014

1,112
1,597
2,267
2,236

63

819

3,339

171
299
786
787
715
766
732
585
563

999
1,106
1,675
1,665
1,657
1,770
1,893
1,978
1,870

431

1,972

31

2,752
2,997
3,105
3,010

1,797
1,827
2,128
2,298
2,340
2,660
2,831
2.920
3,144

1,393
1,744
2,047
2,209
2,143
2,317
2,448
2,555
2,554
2,764
2,692

4,528
3,297
3,376
3,314
3,296
3,361
3,192
3,142
3,131
3,030
2,959

432
709
834
894
1,086
1,123
1,157
1,275

222
478
342
485
394
495
517
582
480
662
579

758
680
704
688
707
727
698
714
736
708

94
100
122
126
109
108
135
155
172

87
135
136
140
144
141
149
154
147
162

138
121
139
159
175
176
171
179
168
170

637
648
718
743
740
823
889
909
972

448 1,128
930
921
901
708
908
732
950
775
866
808
860
823
866
895
856
897
860

678
647
579
596
597
643
683
699
725

2,546
1,549
1,630
1,585
1,522
1,509
1,453
1,001 1,397
1,025 1,351
1,058 1,297
1,061 1,236
627
581
879
880
878

1
Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, p p . 22-23, and the BULLETIN for
April, 1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only.
2
Not reported separately prior to December 1938 except for weekly reporting banks in leading cities.
> Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers.
* This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures,
s Includes Treasury certificates of indebtedness through 1934.
6
Breakdown of loans and investments not reported separately.
1
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).

326




FEDERAL RESERVE BULLETIN

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank

Demand deposits,
except interbank
Reserves
Balwith
ances
Fed- Cash with
doeral
in
Re- vault mestic
serve
banks»
banks

Interbank
deposits>

IndiIndiDomestic
vid- States Certivid- States
banks
and
uals,
fied
uals,
and
posits part- polit- and U. S. part- polit- Postal
adnerical
offi- Gov- nerical
savForjusted* ships, sub- cers'
ern- ships, sub- ings*
eign
and
divi- checks ment 4 and
diviDe- Tfrno banks
cor- sions etc.3
cor- sions
mand i line
poraporations
tions
Demand
de-

Borrowings

Capital
accounts

Call date

Total—All
Member Banks
2,374
2,235
7,005
7,249
8,004
8,193
8,694
9,112
10, Oil
11,617
11,604

558
405
589
604
712
775
746
777
712
774
841

2,168
2,008
3,414
3,561
4,084
3,937
4,240
4,403
4,674
8
5.304
5,506

16,647
12,089
20,387
20, 513
20,893
21, 596
22,293
22,364
23,587
25,118
25,681

17,526
11,830
19,747
19,116
19,816
20,439
21,119
20,845
22,448
23,983
24,604

1,335
1,087
2,132
2,237
2,314
2,080
2,386
2,467
2,532
2,390
2,321

1,681

827
846

68
46
56
59
65
70
68
63
61
85
89

179
101
120
95
119
91
109
156
112

4,750
4,358
6,111
6,336
6,698
7,026
7,168
7,605
8,012
8,676
8,899

5,847
4,676
6,507
6,429
6,900
7,128
7,273
7,677
8,281
8,812
9,030

128
96
189
185
273
196
280
260
288
321
251

1,180

2,738
2,941
3,517
3,743
4,104
4,582
4,975
5,929
5,915

•109
125

657
767
566
662
538
547
533
790
666
563

461
404
327
367
280
195
272
472
349
178

143
806
781
752
543
707
790
775
694
675
743

12,267
7,803
10,806
10,845
10,874
10, 789
10,846
10,940
11,063
11,104
11,215

595
300
482
512
454
464
462
461
441
418
432

122
788
95
90
83
70
61
68
59
51
51

3,517
3,057
5,436
5,615
6,096
6,088
6,510
6,816
7,097
8
8. 243
8,507

95
89
129
137
135
130
132
133
142
«142
144

698
146
464
377
331
466
511
629
607
•757
759

879
191
12
28
11
12
6
7
5
5
3

20
332
382
360
123
181
139
135
84
72
74

1,112

33
4
49
67
32
64
36
53
46
52
43

18
110

1,198
1,255
2,108
2,173
2,514
2,498
2,687
2,731
2,992
•3,568
3,542

40
22

597
128
423
334
291
411
442
553
524
•670
695

179
8

671
696
694
694
653
652
655
653
683
693

1

12
2

1

6,709 1929—Dec. 31
4,837 1933—June 30
5,371 1937—Dec. 31
5,352 1938—Mar. 7
5,368
June 30
5,410
Sept. 28
5,424
Dec. 31
5,467 1939—Mar. 29
5,496
June 30
5,530
Oct. 2
5,522
Dec. 30
New York
City»
2,105 1929—Dec. 31
1,582 1933—June 30
1,606 1937—Dec. 31
1,596 1938—Mar 7
1,587
June 30
1, 589
Sept. 28
1,593
Dec. 31
1,592 1939—Mar 29
1,586
June 30
1,587
Oct. 2
1,592
Dec. 30
City of
Chicago *

169
232
596
566
936
856
884
705
897

1,080
993

751
705

2,310
2,376
2,289
2,311
2,354
2,459
2,735
3,053
3,118

627
452

1,361
1,366
1,263
1,282
1,353
1,367
1,403
1, 555
1,578

13
34
27
22
31
32
35
22
26
37
42

156
122
200
213
300
322
321
342
318
323
348

133
203
179
135
208
198
235
178
235

957
912

1,041
870

1,438
1,372
1,523
1,585
1,688
1,250
1,666
1,747
1,739

1,354
1,270
1,386
1,455
1,597
1,182
1,565
1,632
1,676

947 5,229
1,002 3,764
1,470 6,870
1,632 6,848
1,951 6,934
1,862 7,078
1,940 7,214
2,106 7,326
7,654
6 2,210
2,485 8,017
2,485 8,176

5,547
3,708
6,743
6,455
6,668
6,843
7,034
6,899
7,331
7,803
8,002

5,711
3,054
5,968
5,957
5,738
5,908
6,224
6,183
6,255
6,677
6,866

5,091
2,576
5,143
4,963
4,863
5,013
5,215
5,087
5,272
5,736
5,896

•237
283

321
908
702
203
307 1,645
310 1,700
316 1,806
351 1,786
322 1,956
350 1,963
307 2,117
329 «2,473
363 2,614

42
87
207
170
221
204
181
141
197
195
167

32
16
23
17
23
24
29
26
22
27
24

8
46
64
92
86
62
83
83
60
60
80

332
358
445
445
443
439
452
452
471
469
483

58
1
8
16
16
21
9
12
17
21
10

423
349

300
108
192
121
146
120
170
123
160
158
190

76
312
256
234
266
356
424
420
415
410
435

4,433
2,941
4,161
4,198
4,238
4,209
4,233
4,276
4,320
4.319
4,362

371
208
266
269
262
233
269
243
233
198
240

41 1,604
388 1,315
34 2,389
33 2,461
31 2, 514
23 2,557
17 2,719
22 2,813
19 2,920
14 •3,307
14 3,516

169
72
149
101
126
114
154
114
135
131
172

39
116
78
66
68
108
143
137
136
133
154

6,390
3,833
5,504
5,508
5,499
5,488
5,509
5,557
5,619
5,632
5,677

133
86
158
159
144
147
147
153
145
148
140

61
285
61
56
52
46
44
46
40
35
35

777

809
812
711
796
889
917
801
813

742
555
959

1,073
1,008
969

1,128
1,176
1,130
1,073
1,090

2
6

3
3

310
259
528
576
688
636
658
834
746

19

7

879

•515
571

41

6
10
9
10
12
•14
9

•853

405
228
412
403
380
398
446
438
439

33
2
6

30
59
107
116
113
107
108
108
115
•116
117

64
15
34
34
32
43
57
64
69
•71
53

292
16

6
7
21
20
22
23
23
25
26
«26
26

3
1
1
1
2
2
2
2
2
•2
2

367
167
12
11
11
11
6
5
5
4
3

5

2

1929—Dec. 31
1933—June 30
1937—Dec. 31
1938—Mar. 7
June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
Reserve City
Banks
2,029 1929—Dec. 31
1,533 1933—June 30
1,735 1937—Dec. 31
1,736 1938—Mar. 7
1,753
June 30
1,764
Sept. 28
1,777
Dec. 31
1,795 1939—Mar. 29
1,812
June 30
1,821
Oct. 2
Dec. 30
1,828
Country
Banks
2,258 L929—Dec. 31
1,517 1933—June 30
1,775 1937—Dec. 31
1,774 1938—Mar. 7
1,778
June 30
1,801
Sept. 28
1,798
Dec. 31
1,818 1939—Mar. 29
1,828
June 30
1,852
Oct. 2
1,851
Dec. 30
316
204
255
245
249
256
257
261
270
270
250

i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets".
« Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less cash items reported on hand but not in process of collection.
* Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
* U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
* Central reserve city banks
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).

APRIL

1940




327

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Loans

Investments

Loans for
Compurchasing
Total
meror carrying
loans
cial,
securities
and
inOpen
Real Loans Other
indus- marestate
to
vest- Total trial,
Total
ket
To
loans banks loans
ments
and paper brokagriers
To
culand others
tural
dealers

Date or month

U. S. Government obligations
Direct

Other
secuGuar- rities
anBills i Notes Bonds1 teed

Total

Total—101 Cities
1939—February...
October
November.
December..
1940—January.
February...

21, 527
22,571
22,966
23,353
23,157
23,220

8,197
8,421
8,573
8,802
8,587
8,520

3,760
4,279
4,354
4,400
4,331
4,317

323
317
314
319
320
328

795
552
613
759
651
611

533
505
501
506
496
481

1,145
1,181
1,187
1,189
1,184
1,184

102
35
37
46
49
54

1,539
1,552
1,567
1,583
1,556
1,545

L3,330
[4,150
14,393
L4,551
L4,570
L4,700

8,178
8,566
8,714
8,774
8,833

1940—Jan. 3 . .
Jan. 10 _
Jan. 17.
Jan. 21_.
Jan. 31..

23,087
23,131
23,212
23,183
23,174

8,674
8,646
8,579
8,536
8,499

4,353
4,363
4,330
4,316
4,295

315
314
323
325
321

700
669
644
630
614

504
501
500
489
485

1,188
1,187
1,180
1,182
1,183

50
51
45
43
54

1,564
1,561
1,557
1,551
1,547

.4,413
.4,485
.4,633
4,647
.4,675

Feb.
Feb.
Feb.
Feb.

7...
14..
21..
28..

23,199
23,202
23,211
23, 268

8,507
8,516
8,531
8,528

4,314
4,313
4,316
4,324

321
327
333
332

611
617
609

483
483
482
478

1,183
1,183
1,185
1,185

54
54
55
52

Mar. 6...
Mar. 13..
Mar. 20..

23,355
23,437
23,398

8,591
8,616
8,606

4,355
4,367
4,379

333
628

477
476
473

1,184
1,183
1,185

56
48
50

1939—February
October
November
December.
1940—January
February

7,676
8,538
8,847
9,057
8,752
8,810

2,901
2,895
2,972
3,108
2,980
2,918

1,357
1,661
1,688
1,700
1,671
1,650

125
115
114
114
110
112

644
430
483
590
503
465

187
173
171
176
171
161

1940—Jan. 3 . .
Jan.10.
Jan.17.
Jan. 24..
Jan. 31..

8,703
8,709
8,789
8,762
8,798

3,025
3,028
2,977
2,946
2,926

1,672
1,693
1,672
1,666
1,653

111
111
109
109
108

538
519
498
487
475

Feb.
Feb.
Feb.
Feb.

7-_.
14_.
21..
28..

8,790
8,785
8,812
8,853

2,921
2,918
2,923
2,909

1,654
1,650
1,645
1,651

109
111
114
113

Mar. 6...
Mar. 13..
Mar. 20..

8,894
9,013
9,036

2,953

2,970

1,664
1,675
1,684

13,851
14,119
14,296
14,405
14,410

5,296
5,526
5,601
5,694
5,607
5,602

14,384
14,422
14.423
14,421
14,376

7—
14..
21..
28..

Mar. 6...
Mar. 13..
Mar. 20-.

561
706
672
658
642

2,132
2,167
2,039
1,757
1,746

5,873
5,841
6,063
6,418
6,474

1,891
2,232
2,338
2,412
2,410
2,419

3,261
3,352
3,341
3,365
3,327
3,419

8,703
8,777
8,913
8,896
8,877

595
649
711
687

1,755
1,767
1,761
1,757
1,747

6,353
6,361
6,441
6,452
6,482

2,412
2,400
2,411
2,412
2,414

3,298
3,308
3,309
3,339
3,384

1,544
1,545
1,543
1,548

.4,692 8,910
.4, 686 8,855
.4, 680
4,740 8,851

659
638
623
647

1,755
1,752
1,743
1,735

6,496
6,465
6,464
6,469

2,411
2,420
2,425
2,421

3,371
3,411
3,425
3,468

1,546
1,550
1,553

,764
.4,821
.4, 792

8,900
8,943
8,941

672
673
645

1,725
1,780
1,796

6,503
6,490
6,500

2,400
2,387
2,369

3,464
3,491
3,482

110
116
114
113
112
112

396
375
376
378
372
370

4,775
5,643
5,875
5,949
5,772
5,892

2,634
3,314
3,512
3,525
3,365
3,368

358
528
499
274
187

788
841
806
710
722

2,168
2,143
2,220
2,381
2,459

974
1,123
1,177
1,227
1,228
1,268

1,167
1,206
1,186
1,197
1,179
1,256

176
176
177
166
162

112
112
111
112
112

374
373
372
371
370

5,678
5,681
5,812
5,816
5,872

3,285
3,299
3,415
3,408
3,418

300
288
280
260
240

706
704
705
717
717

2,279
2,307
2,430
2,431
2,461

1,233
1,215
1,226
1,228
1,240

1,160
1,167
1,171
1,180
1,214

467
465
472
457

161
161
160
160

112
112
113
112

370
370
369
370

5,867
5,889
5,944

3,394
3,349
3,358
3,369

192
177
179
201

723
722
722
719

2,479
2,450
2,457
2,449

1,259
1,273
1,272
1,270

1,216
1,245
1,259
1,305

117
116
115

482
504
485

159
159
159

112
113
113

5,941
370 6,033

3,373
3,465
3,520

190
180
185

710
785
830

2,473
2,500
2,505

1,263
1,247
1,236

1,305
1,321
1,310

2,403
2,618
2,666
2,700
2,660
2,667

198
202
200
205
210
216

151
122
130
169
148
146

346
332
330
330
325
320

1,035
1,065
1,073
1,076
1,072
1,072

1,143
1,177
1,191
1,205
1,184
1,175

8,555
8,507
8,518
8,602
8,798

5,544
5,252
5,202
5,249
5,468
5,494

1,344
1,326
1,233
1,047
1,024

3,705

178
173
384
455

3,843
4,037
4,015

917
1,109
1,161
1,185
1,182
1,151

2,094
2,146
2,155
2,168
2,148
2,163

5,649
5,618
5,602
5,590
5,573

2,681
2,670
2,658
2,650
2,642

204
203
214
216
213

162
150
146
143
139

328
325
323
323
323

1,076
1,075
1,069
1,070
1,071

1,190
1,188
1,185
1,180
1,177

8,735
8,804
8,821
8,831

5,418
5,478
5,498
5,488
5,459

295
361
431
427
408

1,049
1,063
1,056
1,040
1,030

4,074
4,054
4,011
4,021
4,021

1,179
1,185
1,185
1,184
1,174

2,138
2,141
2,138
2,159
2,170

14, 409
14,417
14,399
14,415

5,586
5,598
5,608
5,619

2,660
2,663
2,671
2,673

212
216
219
219

141
146
145
152

322
322
322
318

1,071
1,071
1,072
1,073

1,174
1,175
1,174
1,178

8,823
8,819
8,791
8,796

5,516
5,506
5,472
5,482

467
461
444
446

1,032
1,030
1,021
1,016

4,017
4,015
4,007
4,020

1,152
1,147
1,153
1,151

2,155
2,166
2,166
2,163

14,461
14.424
14, 362

5,638
5,636
5,636

2,691
2,692
2,695

218
217
223

156
155
143

318
317
314

1,072
1,070
1,072

1,177
1,180
1,184

8,823
8,788
8,726

5,527
5,478
5,421

482
493
460

1,015
995
966

4,030
3,990
3,995

1,137
1,140
1,133

2,159
2,170
2,172

New York City

Outside New York
City
1939—February
October
November
December
1940—January
February

___ 14,033

1940—Jan. 3
Jan. 10
__
Jan. 17
Jan. 24........
Jan. 31.
._..
Feb.
Feb.
Feb.
Feb.

1
Not reported separately prior to February 8,1939.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint,
BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 66-67) and corresponding tables in previous Annual Reports.

328




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Demand deposits,
except interbank
ReBalserves
Dewith Cash ances mand
Fedwith
dein
eral vault
do- posits
Remestic adserve
banks justed ^
banks

Individuals, States Certiand
part- polit- fied
and
nerical
offiships, subcers'
and divi- checks,
coretc.
porations

Interbank
deposits

Time deposits,
except interbank

IndiDomestic
vidbanks
uals, States
and
U.S. part- polit- P o stal
ForGov- nerical
saveign
ern- 3 ships, subings 2 Debanks
and
ment
diviTime
cormand
pora- sions
tions

Bor- Cap
ital
rowacings counts

Date or month

Total 101 Cities
7,358
9,957
9,803
9,630
10,065
10, 273

410
482
484
532
484
473

2,543
3,062
3,103
3,063
3,087
3,104

9,831
9,923
10,070
10,245
10,258

604
509
474
477
458

3,140 18, 566 18,474
18,823 18, 520
3,116 18,979 18,825
3,074 19,163 18,790
3,067 19,199 18,843

10,181
10,214
10,306
10,390

485
462
480

3,075
3,107
3,128
3,104

10,411
10,477
10,318

457
476
461

461
411
448
501
465
458

631
526
523
558
566
561

5,170
5,040
197
5,062
181
5,043
207
5,057
202
5,067
199

6,175
7,722
7,847
7,838
7,955
7,997

113
123
122
122
124
124

563
793
720
740
740
745

3,682 1939—February
3,719
October
3,721
November
3,713
December
3,713 1940—January
3,719
February

1,227
1,223
1,209
1,244
1,332

496
439
467
420
503

574
571
560
564
561

5,072
5,069
5,050
5,046
5,047

199
200
204
203
205

8,066
7,862
7,998
7,942
7,906

124
124
125
124
123

740
731
751
743
738

3,714 1940—Jan. 3
3,715
Jan. 10
3,706
Jan. 17
3,711
Jan. 24
3,717
Jan. 31

18, 596
18,918
18,902
18, 929

1,317
1,295
1,300
1,432

430
591
416

563
561
561
559

5,054
5,059
5,071
5,085

198
196
201
201

7,995
8,064
7,967
7,960

124
124
124
125

741
760
745
732

3,719
3,719
3,720
3,719

Feb.
Feb.
Feb.
Feb.

3,111 19, 341 18,895
3,181 19, 507 19,158
3,191 19,251 18,829

1,344
1,345
1,362

448
416
419

560
560
559

5,099
5,142
5,146

201
198
185

8,094
8,142
8,158

125
126
126

728
730
751

3,725
3,719
3,722

Mar. 6
Mar. 13
Mar. 20

299
240
265

116
49
49
50
47
44

495
702
650
674
675

1,484 1939—February
October
. 475
,
November
,479
December
,482
487 1940—January
February
,490

191
179
193
237

269
262
295
253
321

9,020

223
222
201
272

9,061
9,111
9,027

215
205
194

16,042
18,511
18, 742
18,862
18,946
19, 210

19,108
19,062
19,256
19, 414

16,997
18,277 1,302
18,392 1,465
18,673 1,316
18,690 1,247
1,336

7
14
21
28

New York City
4,288
5,701
5,504
5,361
5,853
6,055

6,844
8,259
8,330
8,391
8,515
8,796

7,209
8,394
240
8,406
328
8,555
240
8,663
200

5,735
5,735
5,820
5,972
6,004

8,301
8,407
8,483
8,657
8,727

8,485
8,639
8,678
8,754
8,858

5,989
5,963
6,088
6,181

8,719
8,659
8,821

8,763
8,827

6,198
6,156
6,124

8,977
8,992
8,908

621
615
626
620
617
613

3,381
3,438
3,406
3,471
3,473

51
50
45
45
45

625
618
617
614
611

3,500
3,408
3,500
3,463
3,485

672

239
276
432
246

44
44
44
44

610
609
615
617

3,497
3,478

678

3,450

682
671

285
252
252

44
44
44

619
670
672

3,502
3,525
3, 567

230

679
673

665

485 1940—Jan. 3
Jan.10
Jan.17
Jan. 24
Jan. 31

,485
1,486
1,487
1,490

1,491
1,491
1,490
1 , •""

1,492
1,489

Feb.
Feb.
Feb.
Feb.

7
14
21
28

Mar. 6
Mar. 13
Mar. 20
Outside
New York City

3,070
4,256
4,299
4,269
4,212
4,218

358
402
403
441
406
394

2,469
2,989
3,027
2,979
3,007
3,023

9,198
10,252
10,412
10,471
10,431
10,414

9,788
9,883 1,062
9,986 1,137
10,118 1,076
10,027 1,047
9,949 1,106

162
171
183
197
185
160

515
477
474
508
519
517

4,549
4,425
156
4,436
143
4,423
171
4,440
166
4,454
166

3,536
4,341
4,409
4,432
4,484
4,524

113
122
121
121
123
123

2,198 1939—February
October
2,244
November
2,242
December
2,231
2,226 1940—January
2,229
February

4,096
4,188
4,250
4,273
4,254

424
428
397
401
383

3,058
2,957
3,035
2,995
2,985

10,265
10,416
10,496
10, 506
10,472

9,981
10,147
10,036
9,985

1,024
1,032
1,030
1,051
1,095

227
177
172
167
182

623
521
515
519
516

4,447
4,451
4,433
4,432
4,436

165
164
164
167
169

4,566
4,454
4,498
4,479
4,421

123
123
124
123
122

2,229 1940—Jan. 3
Jan. 10
2,230
Jan.17
2,220
Jan. 24
2,224
Jan. 31
2,227

4,192
4,251
4,218
4,209

390
404
384
399

2,998
3,024
3,045
3,024

10,389
1,094
10,403 13,091 1,073
10,435 9,964 1,099
10,428 9,909 1,160

157
154
159
170

519
517
517
515

4,444
4,450
4,456
4,468

168
165
165
165

4,498
4,586
4,498
4,510

123
123
123
124

2,228
2,228
2,230
2,231

Feb.
Feb.
Feb.
Feb.

4,213
4,321
4,194

397
386

3,031 10, 364 9,834
3,099 10,515 10,047
3,106 10, 343 9,802

163
164
167

516
516
515

4,480
4,472
4,474

170
167
157

4,592
4,617
4,591

124
125
125

2,233
2,230
2,233

Mar. 6
Mar. 13
Mar. 20

1,129
1,140
1,168

7
14
21
28

i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
» U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

APRIL

1940




329

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS

[In millions of dollars]
Loans

Federal Reserve
district and date
(1940)

Boston (6 cities)

loans
and
invest- Total
ments

Investments

Loans for
U. S Government obligations
5.
Compurchasing
or carrying
mercial,
securities
Direct
in- Open
Other
Real Loans Other
dus- marsecuestate to
Total
trial, ket
To
Guar- rities
loans banks loans
and paper brok- To
anagriers others
teed
Total Bills Notes Bonds
culand
tural
dealers

February 28
March 6 ._ __ >
_
March 13
March 20

1,169
1,179
1,171
1,176

609
618
617
617

300
299
299

66
66
67

23
22
22

19
20
19

19

81

1
1

128
128
129
129

560
561
554
559

385
386
379
390

February 28
March 6
March 13
March 20
_
Philadelphia (4 cities)
February 28
March 6
March 13
March 20

9,665
9,703
9,824
9,846

3,263
3,306
3,334
3,326

1,765
1,777
1,789
1,799

119
123
122
122

462
487
509
490

215
214
214
214

198
198
198
198

46
50
43
45

458
457
459
458

6,402
6,397
6,490
6,520

3,596
3,600
3,694
3,747

1,164
1,166
1,148
1,150

421
425
427
429

197
200
202
202

25
25
25
27

24
24
25
25

31
31
31
31

50
50
49
50

1
1
1
1

93
94
94
93

743
741
721
721

370
370
348
348

February 28
1,931
1,935
March 6 ._ _
1,931
March 13
1,932
March 20
Richmond (12 cities)
February 28
_ _ 714
715
March 6
710
March 13 - _
691
March 20
Atlanta (8 cities)
627
February 28
._
628
March 6
634
March 13
638
March 20
Chicago (12 cities)*
3,401
February 28
March 6 _. - ._ _ 3,411
3,442
March 13
3,379
March 20
__

684
693
697
701

259

9

174

2

9
8
9

22

268
273
273

193
194
195
199

1,247
1,242
1,234
1,231

834
831
822
820

263
264
265
266

115
115
116
117

73
74
74
74

451
451
445
425

333
333
328
307

309
307
308
307

89
90
91
91

318
321
326
331

144
148
152
152

112
112
111
111

2,490
2,499
2,530
2,471

February 28
_ .
March 6
March 13
March 20
Minneapolis (8 cities)
February 28
March 6
March 13
March 20
Kansas City (12 cities)
February 28
March 6
March 13 _._
March 20
Dallas (9 cities)
February 28
March 6
March 13
March 20

57
57
56
56

New York (8 cities)*

Cleveland (10 cities)

292

67

21

25

81
81
81

22
21
21

25
25
25

173
173
172

17
16
16
16

2
3
3
3

15
15
15
15

41
41
41
41

167
164
164
163

4
4
4
4

6
6
6
6

11
11
11
11

31
31
31
31

911
912
912
908

537
537
534

37
37
37

72
73
72

35

72

114
115
115

538

37

39
38
43

690
723
721
727

331
332
330
ono

193
193
193
191

11
11
11
11

5
6
5
5

12
12
12
12

52
52
52
52

433
437
402
406

189
192
190
191

99
102
100
101

4
4
4
4

1
1
1
1

7
7
7
7

10
10
10
10

686
683

296
298
299
301

177
179

20
20

4
4

20
21

4
4

10
10

535
534
532

180
180
179

2
2
2

3
3
4

531

271
270
270
269

2

4

February 28
March 6
March 13
March 20

2,253
2,241
2,238
2,237

981
974
967
963

343
340
339
339

17
18
18
18

February 28
March 6
March 13
March 20

2,304
2,318
2,335
2,273

567
564
561
554

389
387
379
380

18
18
18
18

St. Louis (5 cities)

San Francisco (7 cities)

City of Chicago*

_

684
685

179
179

178

2
2
2

11

41

207
192
186
191

6

6
6
6

332
328
338

54

55
54
49

121
120
121
120

752
745
822
867

2,637
2,663
2,686
2,689

1,347
1,339
1,324
1,313

1,459
1,458
1,472
1,460

31
31
31
31

13
13
14

339
339
317
317

99
99
99
99

274
272
274
274

176

652

124

125
126
126

289
286
286
285

41
38
38

169
158
157

333

656
658
657

177
180
177
153

156
153
151
154

53
52
51
52

65
66
66
66

2
1
1
1

28
32
34
38

114
115
117
113

71
70
70
74

103
103
104
105

1,705
1,727
1,755
1,702

342
362
389

287
285
290

282

1,076
1,080
1,076
1,066

283
271
268

262

502
501
507
507

359
391
391
399

185
216
215
222

14
38
43
44

34
34
33
33

137
144
139
145

71
71
72
72

103
104
104
105

68
68
68
68

244
245
212
215

181
181
147
150

30 •
30
1
1

35
35
30
33

116
116
116
116

19
19
21
21

44
45
44
44

28
28

57
57
58
58

390
385
385
384

180
176
177
175

10
11

68
68

102
97

68
67

142
142
142
143

14
13
13

22
22
22

155
155
153
153

44
43
43

51
51
51

19

41

92
93
91

22

264
264
262
262

19
19
19

13

50
50
50
50

93

51

58
58
58
58

20
21
16
12

47
47
46
44

384
383
383
384

170
165
165
166

1,272
1,267
1,271
1,274

783
777
773
775

6
3

62
62
57
57

715
715
714
715

181
181
185
184

308
309
313
315

33
33
38
30

63
63
63
63

14
14
14
14

50
49
49
49

1,737
1,754
1,774
1,719

1,243
1,264
1,283
1,235

342
362
389
354

163
162
164
156

738
740
730
725

153
150
146
139

341
340
345
345

10
10

1
1
1
1

115

28
29

1

1
1
1

354

13
12

2

67
66

97
97

66
66

* Separatefiguresfor New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.

330




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]

Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault
do- posits
Remestic ad- 1
serve
banks justed
banks

Interbank
deposits

Time deposits,
except interbank

Demand deposits,
except interbank

Domestic
IndiIndibanks
vid- States Certivid- States
uals,
uals,
and
and
Forpart- polit- fied U. S. part- polit- Postal
and
eign
nerGov- nersavoffiical
ical
banks
ships, subships, sub- ings 2
erncers' ment 2 and
Deand
mand Time
cor- divi- checks
cor- divipora- sions etc.
pora- sions
tions
tions

Capital
accounts

245
246
246
246

1
2
1
1

323
330
335
338

49
45
44
36

3

3,526
3,580
3,605
3,646

17
17
17
17

673
666
667
687

1,610
1,614
1,612
1,612

258
259
259
259

3
3
3
3

1
1
1
1

419
427
426
422

14
15
15
15

5
5
5
5

215
216
216
215

47
47
47
47

722
723
722
722

22
25
25
25

2

417
435
427
422

39
39
39
39

1
1
1

377
377
377
377

32
33

197
198

3
3

6
6

97
95

33
32

197
197

3
3

302
307
1

309
308

6
6

95
97

4
4
4
5

43
43
43
43

183
183
183
183

6
6
6
6

2
2
2
2

286
298
306
305

4
3
4
4

93
93
93
93

280
279
278
277

35
35
36
32

128
128
128
128

944
946
946
947

12
12
12
12

6
6
7
7

1,183
1,198
1,224
1,221

10
10
10
10

484
475
486
477

44
44
45
43

7
6
5
6

15
15
15
15

187
188
187
187

3
3
3
3

2
2
2
2

362
363
355
352

6
6
6
6

294
289
295
289

266
257
262
255

51
53
51
52

7
6
6
6

1
2
2
1

119
119
119
119

1
1
1
1

160
161
164
158

2
2
2
2

523
526
547

494
496
519

78
79
78

11
10
10

23
23
23

144
145
143

3
2
2

1
1
1

7
7
7

1

422
429
423
422

7

479
490
513
510

142
141
142
142

175
172
174
176

1,188
1,191
1,204
1 204

1,138
1,138
1,152
1 152

96
97
101
100

17
15
15
17

13
13
13
13

233
233
234
234

2
3
3
3

6,360
6,392
6,339
6,292

100
94
98
94

217
220
224
223

9,644
9,656
9,679
9,589

9,507
9,548
9,606
9,512

506
424
418
406

261
300
269
268

64
64
64
64

983
986
1,037
1,040

443
435
454
448

21
20
21
21

223
226
224
226

954
939
939

969
952
962
952

35
36
40
47

9
10
9
9

54
53
53
54

561
568
574
560

45
43
46
44

334
341
342
330

1,329
1,324
1 338
1,313

1,298
1,290
1,320
1,289

101
94
92
96

19
17
17
17

184
188

23
21

210
213

498
498

484
483

48
48

10
10

195
185

22
22

214
241

502
495

491
482

48
47

11
14

123
129
131
131

14
13
14
14

220
226
230
226

404
404
407
407

377
378
390
381

72
72
73
75

1,212
1,204
1,228
1,195

64
59
62
59

553
558
546
542

2,614
2,599
2,616
2,508

2,471
2,462
2,490
2,368

241
211
198
188

12
12
13
12

198
186
195
192

488
477
480
475

95
94
114
102

7
6
7
7

93
89
110
106

186
198

940

•

204
190

16
15
16

318
321
325

15

325

534

506

79

10

23

143

2

131
136
141

12
11
12

292
290
301

472
464
483

451
450
467

50
49
49

9
10
9

31
31
31

8
9
9

130

11

300

475

455

48

14

31

127
127
127
-127

8

24
22
23
20

271
269
296
304

1,006
974
1,016
1,023

990
966
1,013
1,000

71
69
72
92

27
25
25
21

108
108
108
108

988
992
988
988

90
90
88
84

291
289
296
296

894
898
902
884

28
26
27
26

239
234
232
222

1,759
1,759
1,745
1,655

1,707
1,710
1,709
1,611

140
141
135
131

19
20
18
17

80
80
80
80

491
491
491
491

11
11
11
11

1

3
3
5
5

269
277
272

900
911
941
936

2

9
8
9
9

1
1
1
2

20

386
387
388
390

59
59
58
58

103
104
104
104

1

20
20
20

1
1

95
95
95
95

1
1
1

268

375
366
386
387

20
23
23
22

Borrowings

87
87
87
87

20
21
21
21

352
352
348
348

8
7

247
247
248
249

Federal Reserve
district and date
(1940)

Boston (6 cities)
February 28
March 6
March 13
March 20
New York (8 cities)*
February 28
March 6
March 13
March 20
Philadelphia (4 cities)
February 28
March 6
March 13
March 20 .
Cleveland (10 cities)
February 28
March 6
March 13
March 20
Richmond (12 cities)
February 28
March 6
March 13
March 20
Atlanta (8 cities)
February 28
March 6
March 13
March 20
Chicago (12 cities)*
February 28
March 6
March 13
March 20
St. Louis (5 cities)
February 28
March 6
March 13
March 20
Minneapolis (8 cities)
February 28
March 6
March 13
March 20
Kansas City (12 cities)
February 28
March 6
March 13
March 20
Dallas (9 cities)
February 28
March 6
March 13
March 20
San Francisco (7 cities)
February 28
March 6
March 13
March 20
City of Chicago*
February 28
March 6
March 13.
March 20

* See note on preceding page.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
8
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

APRIL

1940




331

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by

Commercial
paper
outstanding i

End of month

Total
outstanding

Total

Imports Exports Dollar
from
exinto
U. S. change
U.S.

Goods stored in or
shipped between
points in
Foreign
countries

U. 8.

187

.

logo Januarv
February
Mi arch
April
May
June
July
August _

For account of Others
For
Bills own ac- foreign
bought count correspondents

„«...

October
__ _ _
November
D ecember
1940—January
February

270

212

121

91

68

95

60

3

57

56

195
195
191
192
189
181
194
201
209
205
214
210

255
248
245
238
247
245
236
235
216
221
223
233

204
198
191
189
192
191
188
191
177
179
172
175

122
122
117
118
124
122
119
128
115
111
103
105

82
76
74
72
68
69
69
63
62
67
69
70

62
50
54
49
55
53
48
44
39
42
51
57

89
87
87
86
82
81
75
79
78
85
96
103

57
57
68
56
51
45
41
40
40
40
37
39

2
2
2
1
19
20
19
18
18
18
16
16

62
48
42
38
36
39
39
40
43
46
50
54

55
54
56
57
59
60
61
59
36
32
24
22

219
226

229
233

179
188

111
123

68
65

50
45

101
95

38
44

16
15

51
51

23
27

333

1938—December

Federal Reserve
banks

Accepting banks

Own
bills

Based on

1

As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).

a

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Credit balances
Customers'
credit balances

Debit
Customers' balances in
debit
partners'
balances
investment
(net) i
and trading
accounts

Debit
balances in
firm
investment
and trading
accounts

Cash on
hand
and in
banks

Money
borrowed «

Free

l

Other
(net)

Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and m e n t and accounts
trading
trading
(net)
accounts accounts

1937—March
June
September

1,549
1,489
1,363
985

61
55
48
34

175
161
128
108

223
214
239
232

1,172
1,217
1,088
688

346
266
256
278

115
92
96
85

29
25
26
26

18
13
12
10

419
397
385
355

1938—March
June
September
December

831
774
823
991

29
27
29
32

95
88
76
106

215
215
213
190

576
495
559
754

239
258
257
247

81
89
68
60

25
22
20
22

9
11
7
5

315
298
300
305

1939—February
March.
. _> _
April
May
June
July
August _ _ > _ .
September
October
November
December

967
953
831
828
834
839
792
856
894
914
906

29
27
26
26
25
24
22
20
21
20
16

83
84
83
76
73
84
71
64
72
77
78

168
174
190
183
178
183
202
217
200
195
207

709
699
679
561
570
589
556
520
577
623
637

222
226
236
230
230
238
235
305
289
272
266

62
59
60
69
70
67
58
87
76
67
69

20
20
20
21
21
20
20
22
21
21
23

5
9
7
6
6
6
6
11
9
8
7

294
294
290
284
280
278
275
283
284
282
277

1940—January _
February

886
893

15
16

70
72

198
195

602
616

262
253

71
74

22
23

6
7

272
271

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.
* Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of 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 not to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69)

332




FEDERAL RESERVE

BULLETIN

OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing rate l o n -

Year,
month, or
week

Prime
commercial
paper,
4 to 6
months

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

Average rate on—

Prime Stock Stock
exexbankers' change change
call
accept- time
ances, loans, loan
re90
90
newdays
days
als

[Per cent per annum]

AverU. S. Treasage
yield on
ury bills
U.S.
TreasNew
91ury
issues day
3-to-5
dealofyear
ers'
fered
notes
within quoperiod2 tation

1937 average..
1938 average..
1939 average..

.43
.44
.44

1.00
1.00
1.00

.447
.053
.022

1939— Feb
Mar....
April...
May...
June....
July....
Aug
Sept
Oct
Nov
Dec
1940—Jan
Feb..__.

.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

.004
.005
.019
.006
.006
.017
.046
.102
.028
.018
.012
.004
.004

Week ending:
Feb. 17...
Feb. 24___
Mar. 2....
Mar. 9
Mar. 16..
Mar. 23__.

7/16
7/16
7/16
7/16
7/16
7/16

1.00
1.00
1.00
1.00
1.00
1.00

.006
.005
.000

Total
19 cities

7 other 11 SouthNorthern and
ern and Western
Eastern
cities
cities

3.45
2.93
2.68
2.59
2.53
2.78

3.71
3.39
3.04
2.88
2.75
2.87

4.32
3.76
3.40
3.25
3.26
3.51

1.70
1.70
1.65
1.70
1.70
1.70
1.70
1.67
1.70
1.70
1.70
1.70

2.92
2.65
2.64
2.60
2.64
2.78
2.78
2.71
2.74
2.90
2.68
2.95

3.28
3.21
3.28
3.25
3.20
3.31
3.35
3.28
3.26
3.21
3.20
3.23

2.64
2.52

1.73
1.70

2.97
2.69

3.32
3.26

2.65

2.00

2.75

3.25

2.95
2.91
2.68
2.59

1939—March
June
September...
December.,.

2.45
1.76
1.72
1.73
1.69
2.07

2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60

1934 average
1935 average
1936 average
1937 average
1938 average
1939 average 1

1.40
Monthly figures
.83
.59 1938—January
February
March
.63
April
.51
May
.50
June
.42
July
.39
August
.45
September
.48
October
1.07
November...
.77
December....
.64
.51
.47 1939—January
.46
February
Quarterly figures
1938—September
.46
.43
.42
.42
.43

New
York
City

2.13
2.15
2.04
1.96

3.05
3.05
2 78
2.59

3.77
3.62
3.31
3.32

i Averages for 1939 and quarterly figures are on revised basis and are
i Monthly figures are averages of weekly prevailing rates.
3
Series comprises 273-day bills to October 15, 1937, bills maturing therefore not strictly comparable with the earlier series of annual and
about March 16,1938, from October 22, to December 10,1937, and 91-day monthly figures.
bills thereafter.
3
Back figures—See November 1939 BULLETIN, pp. 963-969 for descripKate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures.
for Treasury bills and Treasury notes available on request.

BOND YIELDS1
[Per cent per annum]
U. S.

Treasury *

Year, month, or week

1939—February
March
April.
May

June
July .

Total

By ratings
Aa

Aaa

A

Industrial

Baa

By groups
RailPublic
road
utility

2-6

. . . .

. . . .

.

August
September
October
November
December
1940—January

February
Week ending:
Feb. 24
Mar. 2
Mar. 9
Mar. 16
Mar. 23

...

.

15

120

30

30

30

30

40

40

40

2.68
2.56
2.36

Number of issues
1937 average
1938 average ._
1939 average

Corporate4
Municipal 3

3.10
2.91
2.76

3.94
4.19
3.77

3.26
3.19
3.01

3.46
3.56
3.22

4.01
4.22
3.89

5.03
5.80
4.96

3.55
3.50
3.30

4.34
5.21
4.53

3.93
3.87
3.48

2.44
2.34
2.30
2.17
2.13
2.16
2.21
2.65
2.60
2.46
2.35
2.30
2.32

2.70
2.67
2.75
2.66
2.63
2.65
2.75
3.29
3.08
2.69
2.56
2.54
2.60

3.81
3.74
3.84
3.78
3.71
3.66
3.67
3.95
3.83
3.70
3.69
3.63
3.60

3.00
2.99
3.02
2.97
2.92
2.89
2.93
3.25
3.15
3.00
2.94
2.88
2.86

3.26
3.22
3.22
3.16
3.13
3.08
3.11
3.49
3.35
3.16
3.14
3.08
3.05

3.94
3.87
3.97
3.92
3.86
3.83
3.80
4.05
3.94
3.78
3.74
3.69
3.68

5.05
4.89
5.15
5.07
4.91
4.84
4.85
5.00
4.88
4.85
4.92
4.86
4.83

3.29
3.29
3.35
3.30
3.23
3.18
3.21
3.57
3.43
3.25
3.21
3.14
3.12

4.63
4.46
4.66
4.60
4.47
4.42
4.41
4.58
4.51
4.44
4.47
4.39
4.37

3.52
3.48
3.51
3.45
3.42
3.39
3.40
3.70
3.57
3.41
3.38
3.35
3.33

2.32
2.33
2.28
2.24
2.24

2.61
2.65
2.63
2.57
2.56

3.60
3.61
3.60
3.59
3.58

2.85
2.86
2.85
2.85
2.84

3.05
3.06
3.06
3.05
3.04

3.67
3.68
3.67
3.66
3.65

4.82
4.84
4.83
4.80
4.80

3.11
3.12
3.11
3.11
3.09

4.37
4.38
4.39
4.37
4.37

3.33
3.33
3.32
3.30
3.28

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.
* Standard Statistics Co.
4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each
been reduced from 10 to 4, and the railroad Aaa group from 10 to 5.
Back figures—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.

APRIL 1940




333

BOND PRICES1

STOCK MARKET
3

Year, month, or date

Corporate
U. S.
Treas- Municury 2 ipal
Total Indus- Rail- Utility
trial road

Number of issues.

2-6
101.7
103.4
106.0

1937 average
193S average
1939 average

110.3
113.7
116.3

20

15
93.4
78.9
81.6

90.1
82.9
86.0

Stock prices *
Year, month, or
date

20

58.6
58.0

Common (index, 1926=100)

Total

Industrial

Railroad

Utility

20

420

348

32

40

136.2
135.6
141.2

112
83

131
99
105

20
100.4
95.3
100.9

Preferred *

N u m b e r of issues. _
1937 average
1938 average
1939 average

Volume of
trading*
(in
thousands of

1,619
100.7
1,100
101.3
973
99.7
101.0 1939—February
141.8
106
708
101.6
March
142.3
108
999
102.1
April
140.4
96
964
101.7
May
141.8
97
548
143.9
101
98.6
June
507
143.7
101
100.5
July
821
142.3
101
101.8
August.
706
136.2
109
101.6
2,595
September...
137.7
113
101.8
1,050
October
140.7
111
101.6
907
November
141.4
108
808
December...
143.0
109
Feb. 21
87.2
678
106.5
118.9 82.2
57.8
101.6 1940—January
142.9
107
106.4
87.1
654
118.2 81.9
57.1
101.6
Feb. 28
February
107.2
87.3
118.6 82.1
57.3
101.7
Mar. 6
107.6
87.5
119.8 82.3
57.4
101.9
.142.2
Mar. 13—_
Feb. 28
107
107.4
87.2
119.9 82.0
56.9
101.8
142.1
Mar. 20__._
Mar. 6
676
108
142.1
Mar. 13
108
763
141.4
Mar. 20
107
1 M o n t h l y data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
2
Average prices of all outstanding bonds due or callable after 12 years,
i Standard Statistics Co. Monthly data are averages of Wednesday
based on quotations from Treasury Department. Prices expressed in figures.
decimals.
* Average prices of industrial high-grade preferred stocks, adjusted to a
1
Prices derived from average yields, as computed b y Standard Sta- $7 annual dividend basis.
tistics Co.
* Average daily volume of trading in stocks on the New York Stock
Back figures.—See Annual Report for 1937 (table 79). Figures for U. S. Exchange. Weekly figures are averages for the week ending Saturday.
Treasury bonds available on request.
Back figures.—For stock prices, see Annual Report for 1937 (table 79).

1939—February..
March
April
May
June
July
__
August
September.
October..,.
November.
December..
1940—January....
February..

104.8
106.0
106.6
108.3
109.1
108.9
108.2
101.9
102.6
104.6
106.1
106.8
106.6

117.3
117.9
116.4
118.1
118.6
118.3
116.5
107.1
110.7
117.5
119.9
120.2
119.1

82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
83.0
82.1
82.4
82.2

86.4
87.1
83.8
84.8
86.2
86.3
85.8
85.0
86.4
87.0
86.8
87.3
87.3

59.0
60.9
54.5
54.8
56.2
56.4
55.5
59.0
61.6
60.2
58.0
58.2
57.8

CAPITAL ISSUES
[In millions of dollars]
]For

Year or
month

Total
(new
and
refunding)

1930
1931
1932
1933
1934 >_
1935
1936
1937
1938
1939

7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,448
5,825

1939—Feb

For refunding

Domestic
/

j _

Domestic

Total
(doCorporate
FedFor- mestic
eral
eign * and Total
agenBonds
forcies » Total and Stocks
eign)
notes

mestic
and
forTotal
eign)

State
and
municipal

6,912 6,004
3,095 2,860
1,197 1,165
720
708
1,386 1,386
1,457 1,409
1,972 1,949
2,138 2,094
2.359 2,323
2,276 2,227

1,434
1,235
762
483
803
855
735
712
971
931

87
75
77
64
405
150
22
157
481
924

4,483
1,551
325
161
178
404
1,192
1,225
872
371

2,980
1,239
305
40
144
334
839
817
807
280

1,503
311
20
120
35
69
352
408
65
92

908
235
32
12
0
48
23
44
35
50

706
944
554
343
774
3,242
4,242
1,799
2,089
3,548

527
893
498
283
765
3,216
4,123
1,680
2,061
3,460

53
21
87
37
136
365
382
191
129
195

44
105
64
94
234
65
56
16
42
67
68
59
58

310
4
2
2
0
203
0
10
276
0
0
0
1

24
53
78
22
30
50
26
16
18
21
27
32
45

17
43
48
18
22
40
23
14
14
15
21
18
43

7

20
0
(»)
0
10
0
20
0
0
0
0
0
0

163
79
214
1,196
312
272
347
138
404
129
235
189
347

163
76
161
1,180
312
272
332
138
403
129
235
189
347

10
15
11
8
39
18
13
8
10
13
22
26
114

561
241
358
1.313
586
590
449
180
740
218
330
279
451

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1940—Jan
Feb

new capital

397
162
144
117
274
318
102
42
336
89
95
91
104

377
162
144
117
264
318
82
42
336
89
95
91
104

10
31
3
9
10
3
2
4
6
6
14
3

State
and
municipal

Federal
agencies i Total

0
51
93
26
317
987
353
281
665

1,537
17
15
21

1,021
21
74
18
51
235
26
19
29
22

Corporate

Foreign 2

Bonds
and Stocks
notes

474
821
319
219
312
1,864
3,387
1,209
1 267
1,728

451
789
315
187
312
1,782
3,187
856
1 236
1,591

23
32
4
32
0
81
200
352
31
137

179
51
56
60
9
26
119
119
28

136
47
129
151
252
180
301
79
157
91
194
133
211

1«1
46
166
131
249
143
292
79
157
88
188
98
196

35
(»)
23
20
2
38
9
0
(3)
3

0
3
53
16
G
0
15
0
2
0
C
0
0

7
36
14

88

i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
* Includes issues of noncontiguous U. S. Territories and Possessions.
»Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures —See Annual Report for 1937 (table 78).

334




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing
Publicly-offered»

Total
gross
debt

End of month

Bonds

Total
interest
bearing

Total

Pre-

Treas- U.S.
ury* savings

Notes

Bills

616
954
1,404
2,053
2,354
2,303
1,154

105
92
118
156
1,071
926

1,309
1,310
1,311
1,309
1,308
1,308
1,309
1,307
1,306
1,405
1,454
1,455
1,307
1,308

826
825
827
826
825
839
833
829
795
791
791
789
787
785

1932—June
1933—June
1934—June
1935—June
1936—June
1937-June
1938—June

19,487
22,539
27,053
28,701
33,779
36,425
37,165

•18,816
•21,782
•26,006
26,910
31,297
35,800 33,734
36,576 33,463

753
753
753
753
79
79
79

13,460
13,417
15,679
14,019
17,168
19,936
21,846

62
316
800
1,238

1,261
4,548
6,653
10,023
11,381
10,617
9,147

1939—January...
February..
March
April
May
June
July
August
September.
October. __
November.
December.
1940—January ___
February—

39,631
39,859
39,985
40,063
40,282
40,440
40, 661
40,891
40,858
41,036
41, 305
41,942
42,110
42, 365

35,469
35,533
35,579
39, 525 35,627
39,751 35,680
35, 715
40,114 35,798
40,351 35,862
40,342
40, 526 36,026
40,807 36,123
41,445 36,826
41,601 36,957
41,839 37,097

79
79
79
79
79
79
79
79
79
79
79
79
79
79

24,005
24,005
25,218
25,218
25,218
25,218
25,218
25,218
25,218
25,218
25,218
26,881
26.896
26.897

1,580
1,643
1,701
1,751
1,806
1,868
1,949
2,015
2,051
2,092
2,140
2,209
2,473
2,610

8,496
8,496
7,270
7,270
7,270
7,243
7,243
7,243
7,232
7,232
7,232
6,203
6,203
6,203

19,161
22,158
26,480
27,645

39,097
39,326
39,442

AdSocial
justed
seservice curity
issues*
i4

All
other«

Matured
debt

19
579
1,601

240
284
356
580
601
560
644

54
231
169
119
141

2,046
2,207
2,257
2,294
2,442
2,511
2,542
2,722
2,746
2,796
2,981
3,021
3,049
3,152

756
761
779
780
805
820
941
938
915
912
911
809
807
805

109
112
125
122
117
142
140
133
112
109
114
132

Other

315
518
825
620
506
447
425
421
419
416
414
411
408
406
404
401
400
398
395
394

1
2
8

Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
Includes Liberty bonds.
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and 4of certificates to the adjusted service fund.
Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
5
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
• Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES x

MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS
FEBRUARY 29, 1940

[In millions of dollars]

[In millions of dollars]
Maturing

1940—Before Apr. 1
Apr. 1-June 30
July 1-Sept 30
Oct. 1-Dec. 31
1941—Jan. 1-Mar. 31
Apr. 1-June 30
July 1-Dec. 31
1942
1943.
1944
1945 .
1946
1947
1948
1949
1950
. 1951
1952
1953
1954
1955
1956
1958
1959
1960 . . . .
1961
1963
1965
Total

. .

Bonds
callable i

Bonds

Date maturing
or callable

Total

Notes

480
1,997

_

Bills

402
906

77.
738
737
677
504
204
1,001
1,050
1,214

737
677
504
1,039
1,001
1,595
1,214
2,117
1,840
2,818
1,993
1,658
921
1,223
2,436
2,893
2,663
755
489
982
2,611
50
919
1,485
37,097

1,308

6,203

U. S.
Sav- Other
ings

353

1934—June..
Dec...
1935—June..
Dec—
1936—June..
Dec...
353 1937—June..
Dec...
1938—June..
545

834

E n d of
Month

834

1938—Nov...
Dec._.
1939—Jan. _.
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
1940—Jan..
Feb. _

Comu. s.
ReconHome
Federal
Owners' struction modity HousFarm
Finance Credit
Total Mortgage Loan
ing
Corpora- Corpora- Corpora- Corpora- Authortion
tion
tion 2
tion
ity
681
3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853

312
980
1,226
1,387
1,422
1,422
1,422
1,410
1,410

134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937

235
249
250
252
252
252
255
297
299

206

4,993
4,992
4,987
5,410
5,410
5,410
5,409
5,450
5,480
5,583
5,455
5,448
5,707
5,703
5,699
5,674

1,388
1,388
1,383
1,381
1,381
1,380
1,379
1,379
1,379
1,379
1,279
1,279
1,269
1,269
1,269
1,269

2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,928
2,958
2,858
2,830
2,823
2,817
2,813
2,809
2,784

511
509
509
819
819
819
820
820
820
820
820
820
1,096
1,096
1,096
1,096

206
206
206
206
206
206
206
206
206
409
409
409
407
407
407
407

114
545
1,855
114
2,555
114
1,941
1,755
114
2,372
1,519
114
1,460
2,399
114
2,246
1,487
114
2,278
819
114
1,186
571
114
3,489
1,223
114
2,436
114
2,893
114
2,663
114
755 "~2,"6ll
489
982
919
i Principal amount of obligations guaranteed as to interest and princi982
2,611 "l~485 pal. Excludes obligations held by U. S. Treasury and reflected in the
50
50 public debt. The total includes guaranteed debentures of the Federal
919
Housing Administrator, amounting to $3,606,000 on February 29, 1940.
1,485
» Excludes obligations guaranteed as to interest only. For August 1939
and subsequent months includes matured bonds not presented for retire2,610 26,976 26,976
ment amounting to $53,000,000 on February 29, 1940.
175
321
419
506
839
2 350

* Excludes U. S. savings bonds. Other bonds in the amount of $2,577,000,000 not callable prior to maturity are shown as of date of maturity.
Bonds that have been called are shown as maturing on date of call.
3 Includes unclassified U. S. savings bonds.

APRIL 1940




335

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts

General
Period

Trust Increase or decrease during
acperiod
counts,
6
etc
Excess excess
of reof receipts ceipts
Trans- (+)or
ReRe(+)or
volv- fers to
covexexing
trust pendi- pendi- General
ery
Gross
funds accts., tures
and
5
tures
fund
relief (net) 4 etc.
)
balance6 debt

Expenditures i

Receipts

Total

MiscelSocial
In- secur- laneous All
intercome
Total
nal
ity
taxes' taxes * reve- other
nue

June 1937
June 1938
J u n e 1939

5,294
6,242
5,668

2,163
2,640
2,189

253
755
740

2,181
2,279
2,232

697
567
507

8,442
7,626
9,210

863
926
941

1,436
1,556
1,627

1,994
2,178
2,761

3,073
2,238
3,105

8 months ending:
Feb. 1938
Feb. 1939
Feb. 1940

3,860
3,653
3,503

1,275
1,243

581
557
599

1,581
1,514
1,598

339
397

4,738
5,859
6,128

472
511

1,022
1,082
1,260

1,339
1,758
2,252

1,320
2,028
1,615

1939—February
March
April
May
June
July
August
September...
October
November...
December....
1940—January
February

417
737
268
397
613
308
420
719
322
407
569
315
444

56
606
40
43
356
42
38
329
38
34
319
45
63

182
4
30
124
25

142
183
155
187
192
187
217
311
198
191
171
167
154

37
45
42
42
39
43
46
52
50
52
50
57
49

National
Inter- deAll
est on fense other
and
debt Veterans'
Adm.'

Fiscal year ending:

119
27
36
130
29
45
178

17
120
66
10
272
15
18
151
68
12
190
38
19

662
870
785
744
951
807
822
784
764
691
880
712

122
136
133
136
140
145
152
147
154
157
164
173

209
243
258
279
223
259
254
261
305
282
275
317
299

Period

Unemployment .
trust fund

267
550
639

267
461
516

8 months ending:
Feb. 1938.
_.
Feb. 1939
Feb. 1940

453
381
365
50
68
55
50
85
65
66
50
63
53
58
10
10

1939—February
March
April

May
June
July
August.
September
October
November
December
1940—January
February

_

(7)

-878
-2, 207
-2, 626
-245
-132
-517

+428

-499
-402
-65
-442
-284
-311
-398
-224

-113
-44

- 1 2 8 +2,646
-338
+740
+622 +3,275

+421 +1, 208
+91
+460 +1,128 +2, 694
+1,926
+211

+52
+93
+9
+95

+46
—1
+267
-16
+37
+36

+410
+46
-346
-119
-86
-391
-216
-53
-264
+252
+311
-194
+67

+227
+127
+78
+219
+158
+222
+230
-34
+178
+269
+637
+167
+256

Details of general fund balance
(end of period)

Net expenditures in
checking accounts of
Government agencies

ReconComWith- struction modity
InIn- Bene- ReAll
Refit
vest- pay- ceipts vest- drawals Finance Credit other
by
ceipts ments
ments States Corpora- Corporaments
tion
tion
Fiscal year ending:
June 1937.
June 1938.
June 1939

-3,149
-1,384
-3,542

50
68
55
50
56
167
66
50
53
53
58
85
10

254
297
266
262
252
220
321
170
175
182
194
185
168

Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account

+374
+306
+890

607
685
526
456
452

204
121
92

All
other,
excess
of receipts

(+) or

expenditures

InWorkIncreSeigning
Total active ment iorage balon
gold
ance
gold

(_)9

294
763
838

293
560
395

1
191
442

8 329
89
8 658

8 112
8 184
136

127
8 11
8 246

+60
+87
+116

2,553
2,216
2,838

1,087

85
120

141
142
142

356
446
536

970
1,628
2,160

398
293
268

46
77
82

471
601
686

422
313
373

41
284
311

8 37
8 510
8 244

24
134
8 26

86
8 191
146

+54
+58
+70

2,975
3,343
2,350

1,201

142
142
143

421
508
573

1,212
2,693
1,634

50
50
50
40
83
45
51
43
43
43
43

10
11
10
11
11
10
10
10
10
10
10
10
10

148
34
34
137
32
58
154
13
54
144
29
79
155

111

36
44
41
32
41
42
41
40
24
29
32
58
45

8 326
86
8 60
3
8 86
16
29
22
15
8
297
85
820
85

8 112
8 37
8 27
12
82
144
96
8 74
4
8 19
10
8 11
84

-1
+14
+11
+23
+11
+13
+5
+10
+15
+6

3,343
3,389
3,044
2,924
2,838
2,447
2,231
2,178
1,913
2,166
2,476
2,282
2,350

142
142
142
142
142
142
142
142
143
143
143
143
143

508
515
522
528
536
644
649
554
558
561
565
568
573

2,693
2,732
2,380
2,254
2,160
1,761
1,539
1,481
1,213
1,462
1,768
1,571
1,634

8 13
108
8 13
8 14
129
8 19
7
142
83
28
103

(7)
2

5
84
(8)(7)
6
8 86
5
19
27
11
8
6
83

+7
+18

r

Revised to include unjust enrichment tax formerly shown under "other internal revenue."
Excludes debt retirements.
Includes taxes under Social Security Act and on carriers and their employees.
3
Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."
4
Includes revolving funds of Public Works Administration and Farm Credit Administration.
5
Includes expenditures for retirement funds, adjusted service certificate fund, old-age insurance trust fund and railroad retirement account;
except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc."
6
7
Details given in lower section of table.
Less than $500,000.
* Excess of credits.
9
Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment
on gold (other than retirement of national bank notes) and receipts from seigniorage.
1

2

336




FEDERAL RESERVE BULLETIN

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 3 1 , 1940
[Based on compilation by U.

S. Treasury Department from reports rec<iived from organizations concern ed. In millions of dollars
Reconstruction

H o m e mortgage and
housing agencies

Farm credit agencies

Finance
Corporation
Other United
Home
and
States
Public Owners' mort- HousLoan
gage
Works
ing
Admin- Corpo- agenAucies thority
istration ration

Farm
mortgage
agencies

Other
Farm
Credit
Adm.
banks
and corporations

Tennessee
ValComley
modity
Credit Other AuthorCorpoity
ration

Total
Insurance Other
Jan. Dec.
agen31,
31,
cies
1940

1939

Jan.
31,
1939

ASSETS

Loans and preferred stock:
Loans tofinancialinstitutions.
Preferred stock, etc.
Loans to railroads
Home and housing mortgage
loans

207

210

(l)

157
40

2,031

199
484
474

1
30

134

Farm mortgage loans

2.588

Other agricultural loans
All other loans

2

Total loans and preferred
stock
Cash

69

75

1,619
20
48

_ .

U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U S

262

1
460

663

2,588
61
93

338
82
172

663
1

(*) 0)

11
32
4

0)
2,238
177
4

406
45
38

134
4
3

13

Other 6

8
25

Accounts and other receivables
Business property
Property held for sale
Other assets

39
2

8
3
501
2

0)

1,761

2,934

509

1,096

2,810

96

91

134
34

(0

Total assets other than interagency 8

5

2
131

204
6
106
8

0)

0)
0)

2

3

191
325

4

516
19

11

0)

6
307

69
40
409

350
14
4

105
25
8

2,376
2,588
1,121
1,100

444
816
500

445
869
512

2,365 2,329
2,596 2,719
1,130
750
1,100
902

8,920 8,951 8,527
474
460
421
770
758
728
130
40
384
553
652
140

130
41
379
549
661
133

140
39
343
460
698
158

5

C1)

64
1
4
10

540

325

702

617

12,064 12,062 11,515

0)
696

425
807
504

41
96
1
111

274

3,065

641

114
5

1,270
6
982
102

204
10

189

197

8
7

3
3
232

58

5,700 5,704 4,987
1,340 1,348 1,372
995
1,019
757

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States...
Other 6
Other liabilities (including reserves).
Total liabilities other than
interagency 6 ._.

(0

407

1,192

2,901

167

119

2,353

214

596

197

15

238

67

8,059 8,048 7,117

Excess of assets over liabilities, excluding interagency transactions.
Privately owned interests

569

33

342
51

155

711
204

427
4

100

344

310

464
139

550

4,005 4,014 4,398
383
388
397

U. S. Government interests

569

33

291

155

507

423

100

344

310

325

tm

3,607 3,617 4,015

1

Less than $500,000.
2 Includes $79,000,000 loans of Public
Includes $259,000,000 loans of F a r m
Includes $191,000,000 loans of Rural
Excludes Federal land bank bonds
Includes, however, investments in
Finance Corporation.
N O T E — F o r explanation of table, see
3
4
5
6

Works Administration.
Security Administration.
Electrification Administration.
held b y Federal Farm Mortgage Corporation.
securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction
BULLETIN for October 1938, p . 882.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS

[Amounts outstanding. In thousands of dollars]
Feb. 28, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31,
1939
1939
1939
1939
1939
1939
1940

Loans tofinancialinstitutions
Loans on preferred Stock of banks and insurance companies.
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
_
_
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration...
Total loans and investments, other than interagency.
Preferred stock of Export-Import bank
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Total loans and investments

_

199,183
33, 779
526,153
436,139
187,301
110,664
82,494
26,988
136, 725

178,833
33,181
517,125

177,011
33,162
515,157

73,844
123,042
83,462
23,812
122,986

85,264
125,753
83,502
23,847
124,476

175, 795
33,127
513, 200
436,650
89,872
126,863
83,482
23,274
126,649

173,363
33,094
490,099
444,314
93,068
130,026
83,750
4,046
127,290

172,154
33,029
488, 673
448, 792
79,440
130,625
83,998
4,081
120,808

166,799
32, 319
484,21]
454,194
65,873
130,378
83,814
4,093
117,876

Feb. 29,
1940
162,852
29,994
476,395
458,841
66, 501
131, 919
83,874
4,180
117, 603

1, 739,427 1, 595,121 1,607,006 1,608,911 1,579,050 1, 561,599 1,539,557 1, 532,160
45,000
49,848
51,691
17, 234
3,000

45,000
146,498
54,903
44,438
8,300

45,000
146,498
54,629
46,500
8,300

45,000
146,498
55,102
50,323
8,300

1,906,200 1,894,260 1,907,932 1, 914,133

45,000
146,498
56,047
54,538
8,300

45,000
146,498
57,081
58,729
8,300

45,000
146,498
58,045
63,233
8,300

74,000
146,498
58,124
65,806
8,300

1,877,207 1,860,632 1,884,888

NOTE.—For explanation of table and backfigures,see BULLETIN for April 1936, p. 220.
APRIL

1940




337

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

[In thousands of dollars]
Federal intermediate
credit bank loans to
and discounts for—

Farm mortgage loans
by-

Regional
agricultural
Other
credit cor- financing
Land
porations,
instituFederal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives i

End of month

Loans to cooperatives b y -

EmerProduc- Regional
agriculgency
tion credit tural cred- crop and
associait corpo- drought
tions
rations
loans

1934—December.
1935—December.
1936—December.
1937—December.
1938—December.

1,915,792
2,071,925
2,064,158
2,035,307
1,982,224

616,825
794,726
836,779
812,749
752,851

99,675
104,706
129,872
165,194
168,392

55,672
47,162
41,017
40,464
33,545

60,852
94,096
105, 212
138,169
148,037

87,102
43,400
25,288
15, 592
11,081

111, 238
172,863
165,369
172, 701
171,489

1939—FebruaryMarch
April
May
June
July
August
September.
October ___
November.
December.
1940—January
February _
.

1,968,790
1,960,357
1,954, 677
1,947,944
1,940, 586
1,934,013
1,928,166
1,922, 577
1,916,431
1,910,336
1,904,655
1,900,408
1,896, 507

740,870
733, 647
728,489
723,187
717,622
712,823
708,426
703,840
699,274
695,101
690,880
687,191
683, 694

166, 996
175,362
182, 643
186,588
190, 359
189,044
187, 968
179,674
169, 731
165, 368
165,236
161,753
165,106

34,115
35,318
36,483
38,124
39,794
40,657
41,661
37,645
33,996
33,417
33,354
33, 620
34,738

155,409
167,867
177,792
183,351
187,712
187,844
185,215
174,032
162, 703
156, 526
154,496
153,949
160,003

10,689
10,399
10,298
10,286
10,235
10,003
9,599
9,127
8,351
8,042
8,005
7,904
7,926

171,000
176,110
179,756
180,434
180,166
179, 356
178,271
175,667
171,819
169,460
168, 330
167,957
170,020

Federal
intermediate
credit
banks

Banks for Agricultural
cooperMarketatives,
ing Act
including
revolvCentral
ing fund
Bank

2,731
1,641
1,813
920
1,152
1,528
1,256
596
127
778
1,493
1,696
1,835
1,756
2,002

27,851
50,013
69,647
87,633
87,496

54,863
44,433
53,754

73,692
65,783
61,363
60,465
59,677
62,124
61,404
65,160
70,422
73,120
76,252
73, 238
71,772

23,631
23,305
23,190
23,061
22, 592
22,189
22,422
21,663
21,582
20,589
20,547
20,427
20,038

23,723

i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.

FEDERAL HOME LOAN BANK BOARD

POSTAL SAVINGS SYSTEM

LOANS OUTSTANDING, BY INSTITUTIONS

[In millions of dollars]

[Loans in thousands of dollars]
Home mortgage loans by—

End of month

Federal savings and
loan associations

Home
Owners'
Loan Cor- Number
poration
of associations

Loans *

1934—December.
1935—December.
1936—December.
1937—December.
1938—December.

2,379,491
2,897,162
2,765,098
2,397,647
2,168,920

639
81,300
1,023 348,000
586,700
1,212
1,328 853,500
1,368 1,034,162

1939—January
February...
March
April
May
June.
July
August
September..
October
November..
December,..
1940—January
February...

2,149,038
2,134,261
2,117, 598
2,105,824
2,091,324
2,080, 512
2,067,844
2,059,792
2,054,865
2,049,421
2,043, 288
2,038,186
2,031, 341
2,026, 614

1,370
1,375
1,375
1,381
1,383
1,386
1,385
1,392
1,394
1,394
1,401
1,410
1,403
1,407

1,040,770
1,051,109
1,067,887
1,089,879
1,117,228
1,136,289
1,157,536
1,186, 784
1,206,887
1, 231, 685
1,252,559
1, 271,161
1,280, 200
1,296,464

Federal
home
loan
bank
loans to
member
institutions »
86,651
102,791
145,394
200,092
198,840

End of month

1935—June. .
1936—June..
1937—June..
1938—June..

1939—January....
178,852
February
170,614
March
161,614
April
157,176
May
157,911
June
168,962
July
161,537
August
159,470
September
163,687
October.
168,654
November
168,822
December
181,313 1940—January
156, 788
February...
144, 515

U. S. Government
Depossecurities
Cash
Cash
itors
in derebal- 1
Di- Guar- serve
ances Total posiantory
rect teed funds,
banks Total obli- obli- etc 8
gagations tions
1,205
1,232
1,268
1,252

1,236
1,265
1,307
1,290

385
777
203 967
136 1,100
115 1,103

630
800
933

147
167
167
167

74
95
71
72

1,259
1,263
1,266
1,264
1,261
1,262
1,268
1,271
1,267
1,270
1,274
1,279
l 290
l, 297

1,299
1,304
1,309
1,306
1,305
1,304
1,310
1,314
1,307
1,311
1,317
1,319

1,137
1,144
1,153
1,154
1,157
1,157
1,172
1,174
1,182
1,182
1,182
1,192

971
978

166
166
167
166
146
146
146
146
146
146
146
146

79
79
76
76
75
79
80
84
70
75
80
74

1,011
1,011
1,026
1,028
1,036
1,036
1,036
1,046

p Preliminary.
1 Outstanding principal, represented by certificates of deposit. Does
i Federal Home Loan Bank Board estimates for all Federal savings
and loan associations.
not include accrued interest nor outstanding savings stamps.
»Excludes loans to other than member institutions which are negli2 Includes working cash with postmasters, 5-per cent reserve fund and
gible in amount.
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from.late postmasters.
Back figures.—See BULLETIN for August 1935, p. 502

338




FEDERAL RESERVE BULLETIN

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production i *
Total

Year

Manufac-

Construction contracts awarded (value) >

Minerals

Total

Residential

All other

FacFactory em- tory
ployment3
paymile 3

month

Freight-car Department
loadings * * store sales
(value)

Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
84
105

83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
86
105

„

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72

77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
116
98
108

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81

107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
99
109
90
97

84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
70

98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
103
78
91

78
94
87
88
08
99
103
106
107
108
111
102
92
69
67
76
79
88
92
85
90

1937
Jan.
Feb
Mar
April...
May
June
July....
Aug
Sept
Oct
Nov
Dec

114
116
118
118
118
114
114
117
111
102
88
84

112
117
122
122
122
115
111
115
109
102
90
80

115
116
117
118
118
114
114
117
110
100
85
79

113
118
122
125
123
114
110
114
106
99
86
75

111
116
128
115
117
115
112
113
116
113
109
115

107
112
119
105
118
118
116
121
125
123
113
109

63
62
56
53
56
61
67
62
56
52
56
61

51
64
56
61
68
72
75
66
56
49
60
49

45
47
45
44
44
42
44
40
37
36
32
30

37
42
47
51
52
47
45
40
37
35
31
25

77
75
64
61
66
77
86
81
71
65
76
87

63
64
63
68
81
92
99
87
72
61
65
68

107
108
110
111
112
111
112
112
110
108
104
98

105
108
110
111
112
110
111
112
112
110
104
97

95
100
106
110
110
108
105
109
105
105
93
85

80
82
83
84
80
78
80
79
78
76
71
67

73
76
80
79
80
79
82
81
87
84
72
62

93
95
93
93
93
93
92
93
94
93
91
89

72
76
90
89
95
90
65
72
100
103
101
166

81
Feb
79
79
Mar
April... 77
76
May
77
June
July.... 83
88
Aug
Sept..._
90
Oct
96
103
Nov
104
Dec

79
79
80
78
77
77
81
87
91
97
104
98

76
75
75
73
73
74
82
87
89
95
103
104

75
76
77
76
75
75
79
85
89
95
103
98

108
103
104
100
92
93
93
95
97
98
102
110

104
99
96
91
90
92
93
97
102
106
105
103

52
51
46
52
51
54
59
66
78
82
96
96

42
44
46
59
61
63
65
69
79
78
85
77

26
32
33
37
37
42
49
53
56
57
56
67

22
28
35
43
44
46
49
52
56
56
54
48

73
66
56
65
62
64
68
77
96
102
128
128

59
66
55
73
76
76
78
84
97
96
111
100

93
92
90
88
86
85
86
88
89
90
93
94

91
91
91
89
86
84
85
89
92
92
93
94

75
78
78
76
73
71
71
77
82
84
84
87

65
62
60
67
58
68
61
62
64
68
69
69

59
57
67
55
57
58
62
63
71
75
70
64

90
88
86
83
78
82
83
83
86
84
89
89

70
70
77
80
80
79
58
65
01
02
09
156

101
99
98
92
92
98
101
103
111
121
124
128

100
99
100
95
94
98
97
99
112
124
124
120

100
97
96
92
91
97
100
104
111
121
124
129

99
98
100
96
94
97
95
99
110
122
123
121

110
110
110
95
98
104
106
91
114
121
124
120

105
105
102
88
97
105
107
96
123
132
127
113

86
73
69
67
63
63
67
73
73
76
83
86

70
63
69
76
75
73
73
76
73
72
74
69

65
58
55
68
55
58
62
67
68
68
61
60

45
51
58
68
65
64
63
66
68
66
59
51

111
85
80
74
68
67
71
78
76
82
101
107

90
72
79
83
84
80
81
84
77
77
87
84

95
94
94
94
93
94
95
96
98
101
103
105

92
94
94
94
93
93
94
96
100
104
104
104

84
86
88
86
85
87
84
90
94
102
102
104

69
67
66
60
62
67
69
70
77
80
82
78

63
62
63
58
62
67
70
71
85
89
83
73

88
87
88
88
85
86
86
89
91
90
95
96

69
69
82
88
87
83
60
69
07
00
106
168

119
*>109

117
PllO

118
P108

116 125
P109 *121

120

75
?62

61
?54

53
P55

44

93
P68

75
P58

104

ni6

102
*101

98
J>98

78
73

72
68

92
89

72
71

-1QOQ

Jan

1QOQ

Jan.
Feb
Mar
April...
May
June
July....
Aug
Sept....
Oct.'....
Nov....
Dec
1940
Jan
Feb

P49

P102

p Preliminary.
• Average per working day.
i For indexes of groups and separate industries see pp. 340-341; for description see BULLETIN for February and March, 1927.
* 3-month moving average of F. W. Dodge Corporation data ,centered at second month; for description see p. 358 of BULLETIN for July 1931.
1
The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 836837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 342-345. Underlying figures are for payroll period
ending nearest middle of month.
* For indexes of groups see p. 347.
Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887.

APRIL

1940




339

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors 1923-25 average=100]
1940

1939

Industry

Feb.

Jan.

Mar.

Apr.

May

June

July

92

91
71
108

97
82
110

100
88
110

.

Iron and Steel
Pig iron
Steel ingots.
Transportation Equipment:
Automobiles
Locomotives
Nonferrous Metals:
Tin deliveries 1
Zinc
Lead
Cement and Glass:
Cement
Glass, plate
_- _ _ _

Dec.

Jan.

104
92
115

Ill
103
117

121
123
119

124
130
118

129
141
120

118
122
114

Feb.

97
84
109

96
80
110

76
106

88
73
89

83
75
84

79
66
80

73

55
75

89
73
90

100
81
102

105
91
107

121
101
123

157
119
160

167
125
171

173
126
178

143
119
145

111
102
112

105
12

100
12

91
14

87
14

73
15

81
15

87
15

89
19

85
23

78
24

90
20

127
18

128
19

127

66
89
70

72
87
73

76
90
69

92
91
71

102
89
82

93
90

87
91
68

99
93
71

97
98

71

95
110
70

119
117
83

165
121

70

78

181
114
•87

140
116
78

69
147

80
133

90
130

81
83

75
89

79
124

82
87

76
121

78
165

87
222

91
191

96
232

80
200

71
165

106
6

105
5

106
5

94
2

77
2

103
5

110
5

120
5

130
7

143
23

147
29

148
26

148
17

132
11

109
111
107
114
113
77
107

109
111
111
117
113
87
97

110
114
106
119
91
84
108

97
105
85
91
80
78
88

104
110
105
120
98
73
76

111
115
116
138
105
70
84

111
117
114
136
105
64
84

120
128
123
150
103
79
87

121
129
118
138
103
84
107

125
129
125
138
120
94
120

126
135
128
140
129
92
96

123
145
116
124
120
85
72

114
130
108
114
109
86
74

108
125
99
103
99

126
103
LO
O
119
97
140

125
105
104
118
97
139

123
95
93
103
95
140

116
97
91
101
106
128

115
94
91
89
104
128

110
91
87
91
102
121

115
88
89
69
106
133

118
98
106
73
103
131

105
87
93
71
87
117

109
93
98
73
103
119

115
97
103
82
98
126

121
95
102
r 85
87
138

120
99
98
95
107
133

P119

87
74
97
111
150
92
106

83
67
100
108
157
94
70

89
73
106
110
156
97
78

90
81
99
105
135
100
94

94
84
104
108
142
95
72

87
73
103
104
143
100
66

89
77
102
107
145
96
81

92
84
100
104
139
88
77

100
95
102
111
146
103
96

99
99
95
110
144
91
91

100
100
94
110
154
82
85

99
99
95
100
147
91
128

100
95
102
108
158
90
105

100
95
105
102
145
92
79

165
79
237
78

162
77
231
78

164
78
236
80

164
77
236
81

170
75
246
85

170
75
247
84

158
73
227
80

168
76
241
89

164
76
235
85

166
75
240
83

172
74
250
87

186
79
273
89

167
83
239
• 74

170
77
247
79

61
125

61
127

62
126

63
130

65
127

63
132

63
126

63
130

65
142

63
137

64
131

65
140

64
129

68
132

205
262
112
145
106

201
256
113
138
117

202
256
122
140
111

209
265
122
143
115

211
269
124
143
119

215
276
122
144
121

212
273
117
139
115

218
280
123
140
128

221
284
118
148
123

232
296
118
155
149

228
293
109
150
141

221
280
108
150
145

214
265
106
162
138

108
112
76

106
111
>72

114
119
76

104
108
73

102
106
68

112
117

111
116

77

122
127
84

123
128
86

126
131
90

118
122
84

110
115
73

115
120
76

118
123
78

110

110

110

95

98

104

106

91

114

121

124

120

125

P121

75
69
171

79
61
169

77
61
173

31
80
174

90
69
86

91
71
101

77
53
127
78
93
71
79

84
71
174
97
98
71
104

94
58
181
128
110
70
91

91
60
187
155
117
83
91

P87
P51
P193

87
73

75
53
174
74
91
68
70

91
75
189

121
78
105

114
87
89

116
78

100

71
59
170
67
90
70
107

83
59
189

89
70
86

46
73
175
55
89
82

Products:

Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
.
Tobacco Products
Cigars.
Cigarettes
Manufactured tobacco
_
Paper and Printing:
Newsprint production
Newsprint consumption
Petroleum Refining
Gasoline *
Kerosene
Fuel oil»
_
Lubricating oil'
Rubber Tires and Tubes 1
Tires, pneumatic 1
_
Inner tubes l
Minerals—Total
_._
_

71

77

P103
Pill

COCO

Products

Tanning
_
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes .

P108

OO CO

Byproduct
Beehive
_
Textiles
.
Cotton consumption.
Wool
Consumption. __
Machinery activity !
._
Carpet and rug loom activity'.
Silk deliveries

Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc.
Lead
Silver

Nov.

100
88
110

Coke:

Food

Oct.

93
72
95

Manufactures—Total
Durable
Nondurable

JLeather and

Aug. Sept.

131

i Without seasonal adjustment.
* Preliminary.
r Revised.
NOTE.—Descriptive material and tables giving backfiguresmay be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper,finepaper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.

340




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Board of Governors 1923-25 average=100]
1939

Industry

Jan.

Manufactures—Total

Feb.

Mar.

Apr.

1940

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

P114

Durable
Nondurable

99
84
111

98
84
111

100
86
111

96
84
106

94
78
107

97
85
108

95
83
106

99
85
111

110
99
119

122
123
122

123
125
122

121
129
114

116
117
116

Iron and Steel
Pig iron _
Steel ingots

90
71
92

92
75
93

93
79
96

87
70
89

79
56
81

89
72
90

93
77
95

103
87
105

120
98
122

152
119
156

155
126
158

152
124
155

138
118
139

116
104
117

105
11

100
12

105
14

106
13

88
15

91
14

66
15

28
20

59
24

93
24

108
22

142
19

128
17

127

_

66
94
71

72
93
75

76
96
70

92
94
70

102
90
80

93
87
71

87
84
65

99
87
68

97
93
67

95
106
72

119
117
86

165
123
79

181
121
88

140
124
81

.

42
147

48
133

65
137

79
91

88
93

98
112

100
78

98
121

98
165

99
222

90
191

75
232

49
200

43
165

107
7

108
7

109
6

95
2

76
2

101
5

107
4

116
4

128
7

143
22

150
30

150
29

149
20

136
14

114
117
109
118
113
77
122

115
119
116
128
113
87
104

112
119
106
122
91
84
104

100
113
84
88
80
78
87

104
114
100
111
98
73
75

105
111
109
124
105
70
75

103
106
106
121
105
64
80

112
115
118
139
103
79
91

121
125
122
145
103
84
113

129
133
132
151
120
94
120

131
140
135
153
129
92
98

117
133
116
125
120
85
64

119
137
110
118
109
86
84

114
134
104
112
99
86
67

116
98
101
98
92
127

108
111
108
101
140

126
94
94
91
97
147

113
94
91
91
105
126

106
88
87
85
96

105
90
86
88
102
115

114
88
86
81
98
130

131
100
104
88
101
151

121
92
97
82
91
140

120
99
101
86
107
133

110
96
102
77
97
120

103
92
r 99
73
94
109

111
95
99
79
101
121

132

101
100
98
104
161
90
70

83
74
88
100
147
91
69

84
74
92
111
142
91
92

81
72
87
114
127
91
109

92
81
101
122
139
90
81

86
76
96
108
140
88
78

84
69
101
104
145
94
98

80
64
98
96
140
94
86

91
71
114
107
170
122
102

97
84
111
116
158
102
87

111
110
108
112
152
89
66

118
129
100
95
144
87
73

119
127
103
100
160
89
69

102
106
92
94
136
89
77

Tobacco Products.
Cigars
Cigarettes . . . . .
Manufactured tobacco

157
61
232
79

147
67
211
79

156
71
224
81

161
72
215
78

172
78
248
85

186
81
272
86

171
76
249
80

180
80
261
91

181
87
259
93

179
92
252
86

175
88
247
85

151
59
224
73

158
64
234
75

155
66
225
80

Paper and Printing:
Newsprint production . . . .
Newsprint nonsmnption

62
120

61
125

61
131

64
139

66
131

64
131

62
112

61
116

64
139

63
146

63
140

65
144

65
124

68
131

Petroleum Refining
Gasoline
Kerosene
Fuel oil
Lubricating oil

205
262
115
145
106

202
256
115
138
117

201
256
119
140
111

208
265
121
143
115

211
269
119
143
119

215
276
113
144
121

211
273
108
139
115

217
280
116
140
128

221
284
121
148
123

233
296
124
155
149

229
293
117
150
141

222
280
117
150
145

214
265
108
162
138

108
112
76

106
'•111
'72

114
119
76

104
108
73

102
106
68

112
117
77

111
116
77

122
127
84

123
128
86

126
131
90

118
122
84

110
115
73

115
120
76

105

105

102

88

97

105

107

96

123

132

127

113

120

84
74
164

'84
66
166

77
50
171

26
83
174

96
70
94

94
70
102

68
44
178
150
84
65
59

75
53
129
159
87
68
78

90
72
179
187
93
67
98

104
74
183
218
106
72
90

102
62
185
130
117
86
98

101
81
181

93
75
108

63
51
173
132
87
71
105

88
58
184

94
71
86

40
73
177
82
90
80
69

123
79
106

121
88
90

Transportation Equipment:
Automobiles
Locomotives
Nonferrous Metals:
Tin deliveries
Zinc
Lead

_ _ __ _

Cement and Glass:
Cement
Glass, plate

P109

Coke:

Byproduct
Beehive
_
Textiles
_
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity
Silk deliveries
Leather and Products—
Tanning
Cattle hide leathers __
Calf and kip leathers
Goat and kid leathers
Boots and shoes
Food

Products:

Slaughtering and meat packing...
Hogs
Cattle . _
Calves
__ _
Sheep
Wheat flour
Sugar meltings .

_

_

Rubber Tires and Tubes .
Inner tubes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

..

_

118
123
78

*>93
pf-A

P1S9
124
81

r
p Preliminary.
Revised.
i Revised figures, 1939: leather and products, 115; boots and shoes, 129; rubber tires and tubes, 112.
NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.

APRIL

1940




341

FACTORY EMPLOYMENT, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937.

1923-25 average=100]
1940

1939

Industry and group

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

Jan.

Feb.

94.6
84.4
104.4

94.3
84.2
103.9

94.0
83.7
103.8

93.8
83.9
103.3

93.3
82.9
103.3

94.3
83.9
104.2

95.3
84.7
105.3

95.9
85.3
105.9

97.5
88.9
105.7

101.2
94.6
107.6

104.5
100.0
108.9

103.9
99.7
108.0

102.2
97.5
106.6

Iron Steel Products
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves _
Structural, ornamental
Tin cans, tinware
Tools
Wirework

90.7
95
96
72
90
64
89
74
144
74
82
63
94
83
154

90.4
94
96
73
89
65
87
74
143
74
84
66
95
84
152

90.7
94
97
73
90
54
87
74
147
75
85
67
95
84
151

90.5
95
94
73
90
55
84
74
144
75
84
67
96
84
148

89.6
94
93
73
86
55
80
75
142
74
85
67
95
84
142

90.3
96
93
71
91
54
72
76
147
75
86
66
95
84
135

90.6
96
94
72
91
56
70
77
147
78
89
67
95
81
128

92.5
97
98
73
94
56
78
78
157
79
88
69
98
85
121

96.4
101
102
74
97
59
95
80
159
80
86
71
97
87
149

105.9 110.8 112.1
124
122
115
120
118
113
79
79
77
107
109
102
72
70
66
106
106
99
83
85
81
166
166
162
86
87
84
93
91
90
76
76
75
••103
'100
103
94
96
91
176
171
164

110.4
122
117
75
107
72
103
83
160
86
93
75
101
96
172

107.1
117
113
78
103
71
100
81
162
85
91
75
100
96
162

Machinery
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters

92.3
114
132
84
92
80
128
126
69
127

94.0
123
131
85
91
81
132
129
71
128

94.8
124
131
86
91
82
134
130
72
129

94.9
122
127
87
91
82
138
124
73
129

94.4
119
126
86
93
81
140
121
75
126

95.4
118
128
87
95
83
144
122
75
126

96.1
115
127
87
95
83
149
131
77
122

97.3
121
125
88
97
85
146
126
78
119

99.8
123
127
92
99
86
155
129
78
122

105.7
125
126
97
108
91
170
145
81
123

112.9
131
129
103
124
97
191
153
86
125

113.4
133
127
103
133
98
197
143
86
123

113.4
137
128
102
134
97
204
142
85
119

Transportation Equipment
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives _
Shipbuilding

94.1
900
102
35
19
106

92.9
966
98
38
17
113

91.2
87.2
88 9
90.0
99.5 105.6 101.3 rll2. 6 113.1 111.4
91.1
88.3
1,075 1,169 1,267
1,385 1 414 1,512
968
1,605 1,767 1,905 2,050 2,055
112
108
111
96
89
89
100
90
97
88
102
108
61
57
53
34
34
33
48
32
36
31
34
42
30
30
21
25
26
16
29
28
18
28
25
28
140
145
139
112
133
111
127
118
128
125
128
132

93.3
131
105
84
90
86
68
78

93.4
135
104
84
91
84
68
78

93.4
140
104
84
92
80
69
77

93.2
143
103
85
93

65.7
84
58
60

65.1
85
57
69

63.2
85
66
66

79.6
61
64
100
49
87

77.4
59
66
95
48
86

101.9
91.9
78
85
82
122
90
153
64
72
134
64
88
119.5
103
171
107
132
79
130

101.8
91.7
77
86
82
122
90
153
68
71
134
64
84
120.2
104
173
107
136
84
123

Total

Durable goods
Nondurable goods

_
_

Nonferrous Metals, Products
Aluminum
Brass, bronze, copper...
_.
Clocks, watches
Jewelry
_. _ _ ._
_
Lighting equipment
Silverware, plated ware._
Smelting, refining
_.
Lumber, Products
Furniture. . _
._
Lumber, millwork
Lumber, sawmills.
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
Textiles, Products
Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing,finishingtextiles
Hats, fur-felt .
Hosiery
_
Knitted outerwear
Knitted underwear
Knitted cloth...
Silk, rayon goods
Woolen, worsted goods
__ „
Wearing apparel._ _
Clothing, men's...
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery..
Shirts, collars .

342




107.0
166
130
87
92
95
70
83

110.1
172
137
88
95
89
72
85

111.3
170
138
89
96
95
74
86

111.6
172
137
92
95
95
74
87

107.4
170
128
92
94
88
71
87

66.4
86
60
60

67.4
87
61
61

69.4
89
63
63

72.2
93
64
66

72.4
93
64
66

72.0
94
65
65

70.0
91
63
63

78.4
58
67
98
51
88

78.1
57
67
99
50
87

79.0
59
66
100
48
86

81.9
61
68
106
49
90

85.0
64
70
109
49
93

85.4
65
71
109
50
94

85.8
66
68
111
46
95

80.8
61
66
102
48
93

104.1
94.5
74
80
83
128
93
164
75
77
138
63
89
121.1
107
174
115
135
73
123

104.9
95.4
76
91
84
129
90
155
80
79
140
62
85
121.4
107
174
117
140

103.6
94.1
78
91
86
129
87
149
75
78
140
61
83
120.4
106
172
116
136
80
121

106.2 rlO7. 8
97.8
99.9
83
85
94
96
91
92
133
132
86
90
151
151
75
76
79
80
148
155
65
67
90
95
120.4 '120.4
107
108
171
171
117
117
127
138
74
80
123
121

106.1
97.1
84
95
91
131
92
146
68
79
146
64
89
121.6
112
171
117
122
75
••123

104.7
95.3
85
94
88
127
91
145
62
80
144
62
85
121.2
110
167
117
120
79
132

102.8
93.4
83
93
83
124
90
145
68
77
136
58
81
119.3
106
169
114
121
83
124

92.8
145
105
82
91
73
68
77

94.6
153
106
84
94
75
70
76

96.2
157
109
85
95
77

64.2
85
57
57

64.8
84
56
59

65.3
85
59
59

66.0
86
59
60

77.4
58
66
95
53
85

77.9
68
67
97
53
84

75.4
65
63
96
52
84

77.5
57
66
98
50
87

101.0
91.0
77
85
80
122
87
154
70
70
134
65
81
119.2
104
171
107
132
84
121

99.6
90.2
77
85
78
121
86
154
67
70
133
65
77
116.4
103
165
109
128
81
119

99.8
91.0
74
85
80
124
84
153
68
73
128
66
81
116.2
102
161
111
125
80
120

101.2
92.0
73
86
79
120
89
152
72
74
138
63
86
117.5
104
169
114
129
74
120

77

110.6
128
127
100
116
95
183
160
85
125

99.2
152
115
85
91
88
71
77

92.8
142
104
84
90
76
68
77

68
78

103.4
97.3
109.2

70
75

77

121

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]
1939

1940

Industry and group
Jan.
Leather, Manufactures
Boots, shoes
Leather

>

Food, Products
Baking
Beverages
Butter
Canning, preserving
__
C onfectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing.Newspaper, periodical printing.—
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
._
Explosives
Fertilizers
._
Paints, varnishes
Rayon, allied products . . .
Soap _
Rubber Products
Rubber boots, shoes .
Rubber tires, inner tubes
Rubber goods, other..

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

98.9

99.0

99.2

97.7

93.7

97.1

98.7

97.4

96.8

97.4

99.1

98

97

96

98

96

97.3

98

92

96.9

98

95

87

86

85

84

86

87

87

96

87

87

88

98

96

96

88

86

87

128.8

125.7

127.3

127.0

144

144

144

144

276
96
150
84

275
94
143
83
77

270
94
158
82
78

270
95
157
81
77

78
96

78
96

78
96

120
93

107
96

79
79
98

212
96

103
102

128.4

129.4

127.9

129.7

147

147

146

272
96
159
81

275
95
162
80

269
96
160
86

80
77
98

81
77
100

269
95
150
82
81
75
101

79
75
101

99
94

105
96

146

107
87

104
89

128.1

126.9 '129. 6 '131.4

130.7

Feb.
95.3
94

85
130.4

146

146

145

144

271
95
137
82

279
97
'150
86

145

144

269
95
147
82

285
97
'154
86

280
96
149
85

278
97
154
86'

80
78
103

77
79
106

79
79
108

80
79
107

131
90

107
100

105
95

80
78
108

118
98

158
94

82
76
102

120
93

64.8

61.4

64.5

65.1

65.5

65.7

65.2

64 4

63.1

64.7

64 2

62.7

61

62

63

62

62

61

62

63 5

61

65

62

65

65

66

62

60

62

65

64

63

60

60

66

66

62

67

65

65

63

111.0

111.1

111.4

111.5

111.5

111.1

111.8

112.0

111
106
100

111
106
99

112
106
100

111
106
100

111
107
99

111
106
99

113
106
101

115
107
99

113

114

114

114

115

114

114

115

113 6
119
112.3
119
97
109
86
103
119

112 9
119
111.4
120
88
107
86
97
118

113 4
119
112.2
120
96
108
86
98
120

114 2
118
113.3
118
103
109
86
110
121

114 4
119
113.4
117
110
111
87
115
119

113 1
120
111.4
117
88
112
90
107
120

113 7
121
111.9
115
85
114
92
105
122

111 9
122
109.4
119
81
112
93
103
125

116 4 119.9 '121. 3 '121.9
123
122
122
122
115.2 119.4 '120.8 '121. 8
137
138
122
132
91
91
92
98
114
116
113
112
104
106
102
98
106
111
109
111
126
126
125
123

297

301

299

309

302

295

298

254

297

81

80

79

78

79

80

84

87

87

87

81 4

81 4

82 2

81 3

81 1

80.8

79 7

83.6

86.1

91.2

65.9

58
67
133

60
66
133

60
67
134

60
67
131

61
67
129

59
66
131

47
67
134

58
68
138

112 8

115 0

115.7

116 4

115 4 114.8

116
109
98

121
114
99

122
115
100

121
115
101

120
114
102

116

58
70
144

116

309

60
74
154

115

116

117
113
100

114

116

121.4
122
121.3
138
92
119
104
105
127

120.6
122
120.3
137
91
118

108
99

310

311

310

125
309

86

87

86

84

92.4

90.2

88.1

'93.0
61
75
159

61
75
157

59
74
152

57
73
145

' Revised
NOTE.—Figures for February 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and
for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.

APRIL

1940




343

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment

Industry and group

1939
Jan.

Total
Durable goods
Nondurable goods

Nov.

Dec.

Jan.

Feb.

103.6
96.1
110.8

88.8

90.0

106.8

111.1

111.4

108.3

106.7

115
113
77
104
65
100
82
164
86
97
76
106
91
166

122
118
77
109
70
106
83
166
87
96
76
101
95
173

123
120
78
109
73
106
84
166
86
89
75
'95
97
176

121
117
74
105
72
104
82
158
83
78
73
94
96
172

117
114
76
104
72
101
82
163
85
86
72
93
96
162

94
96
71
88
55
89
. 73

142
71
69
61
87
83
154
116
131
83
87
79
128
120
70
127

Transportation Equipment
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding

891
106
32
18
105

91.5

96.6

Nonferrous Metals, Products
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills

91.7

130
104
83
84
84
66
78

95
97
71
90
55
88
75
144
74
79
63
88
84
152
93.5

127
131
84
90
81
132
113
72
126
96.8

957
104
37
17
110
93.1

136
104
84
89
83
68
77

103.8
98.2
109.2

104.1
100.0
108.0

101.5
97.4
105.3

101.4
96.6
106.0

106.6

111.0

113.1

112.4

112.8

118
126
97
105
91
171
177
80
124

125
127
100
110
95
184
180
84
128

131
128
103
120
97
192
162
86
127

135
126
102
125
97
197
136
86
123

141
128
101
133
97
205
125
86
118

105.3
1,556

102.9
1,750

108
41
26
134

102
47
26
133

118
52
28
139

110.4

113.5

112.9

109.7

107.0

168
131
90
107
98
73
84

174
137
93
107
93
76
86

170
138
93
99
98
77
87

170
136
91
89
93
72
87

171
128
92
91
87
71
87

115.5
116. 5 115.5
1,886 2,030 2,035

116
53
28
138

114
60
29
143

Jan.
83.7
76.0
92.4
79.5

85
99
56
78
56
85
61
141
58
55
50
88
78
147
86.5

121
118
84
96
70
130
106
63
117
93.2

900
101
26
15
110
81.7

139
97
77
69
65
56
74

Feb.
86.0
77.7
95.3
81.7

86
105
59
79
57
82
65
144
61
68
53
87
82
149
90.8

141
121
87
104
73
142
96
66
121
91.6

953
97
31
13
116
85.3

148
100
84
73
69
60
73

Oct.

Nov.

98.3
98.2
98.5

97.8
96.7
99.0

112.1

114.7
127"

115. 3

106.3
119
124
65
93
86
109
71
160
74
65
63
97
98
189

101.0
110
127
68
91
84
100
71
165
76
74
61
93
97
175

119.1
156
129
112
161
95
259
122
84
111

119.2
164
133
111
172
94
271
113
81
110

124
138
71
94
75
110
80
173
83
94
68
111
92
183

142
74
102
84
119
78
171
80
88
67
105
97
200
117.1

122.1

131
126
106
129
90
208
170
76
126

141
129
110
139
94
238
170
82
126

152
132
114
157
99
256
149
86
122

109.9
1,512

113
38
25
144

105. 6 124.1
1,718 1,778

106
40
25
141

113.6

115.4

191
154
99
93
82
71
81

196
157
100
91
78
75
85

72.4

73.0

71.1

67.3

66.7

51.7

52.7

68.7

68.8

95
64
66

97
64
66

95
64
63

90
62
60

89
61
59

64
42
46

70
43
44

85
52
62

86
53
61

71.9

72.1

84.8

85.5

77.7

75.4

80.3

78.9

53
54
95
41
85

52
55
95
43
86

100.9
92.8

75
87
82
124
90
151
61
68
130
66
89

61.6

57
58
106
39
92

53
55
102
42
93

40
46
97
28
73

39
48
98
29
79

104.6
94.1

108.3
98.8

107.9
100.9

105.8
98.7

103.7
96.1

105.6
95.8

83.2
80.1

90.3
82.5

77
88
84
128
92
154
68
71
135
67
88

83
94
92
133
86
154
82
80
152
67
91

85
97
93
134
88
155
78
81
154
68
95

84
97
91
133
91
148
65
79
144
65
91

82
96
88
130
91
144
59
75
140
63
87

82
96
85
130
91
146
68
77
137
60
85

114.4

_-

60.4

63
66
109
49
95

123.9

124.7

118.7

116.9

116.1

123.0

99
166
106
122
79
117

107
180
108
137
91
123

109
178
118
144
82
127

105
168
117
137
67
128

106
162
115
112
79
120

109
176
115
121
89
124

105
165
116
129
66
123

61
75
77
106
79
161
48
58
107
53
75
83.9

71
115
106
99
62
90

64
76
80
112
81
169
56
63
109
56
74
99.6

83
139
114
122
79
100

129
144
72
102
88
117
78
174
80
79
'67
100
102
204

111.0

83
56
55

'83.6

Feb.

103. 7
104. 6
102.8

62.0

65
70
109
50
95

Jan.

101.6
100.9
102.4

81
55
55

65
72
107
51
92

Dec.

101.6
99.6
103.9

61.4

Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery




Oct.

1940

1939

93.6
83.3
103.5

Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products
Machine tools
Radio, phonographs
Textile machinery
Typewriters

344

Feb.

1940

92.2
82.3
101.7

Iron, Steel, Products
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework

Textiles, Products
Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing,finishingtextiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments'.
Men's furnishings
Millinery
Shirts, collars..

Factory payrolls

57
71
121
39
87
93.7
88.0

75
84
89
116
61
174
70
74
132
57
77
98.7

83
133
127
143
62
116

54
67
121
39
89
92.9
91.7

76
91
90
115
73
170
64
75
131
60
82
89.2

76
116
122
139
49
118

128
47
28
153

118.3 119.3
1,901 1,884
120
120
47
55
27
27
148
149

116. 5 108.7
197
192
159
150
97
93
87
73
85
74
76
61
88
87

103.2
194
136
95
69
70
59
86

65.2
86
52
55

58.8
75
47
51

59.8
77
47
52

76.4
52
63
119
35
90

66.9
43
51
113
24
81

65.4
39
48
108
29
86

91.8
89.5
76
92
87
116
89
159
50
72
116
57
78
'90.2
80
117
119
126
47
111

87.6
84.8
72
89
81
110
85
146
47
66
112
53
73
87.4
80
113
110
95
59
98

91.1
84.2
71
88
76
108
84
151
57
69
107
51
71
98.8
85
132
117
113
78
108

FEDERAL RESERVE BULLETIN

Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls

Factory employment
Industry and group

1940

1939
Jan.

Feb.
103.0
102

Leather, Manufactures
Boots, shoes
Leather

Oct.
16.2
94

Nov.
91.9

91
87

87
116.'
141
251
90
92
82
78
66
101
91
92

Food, Products

129. 8 126.0
147
145
261
261
94
93
121
101
98
96
78
79
68
69
112
108
192
287
94
95

Jan.

Feb.

Jan.

Feb.

97.4
96
87

87

119.5
141
255
90
91
83
79
66
112
68
90

118.4
142
255
89
91
84
79
67
107
45
93

113.1
130
273
76
76
77
72
56
108
79
77

110.0
130
274
75
76
77
69
56
99
51
74

83.0

Oct.
76.5
71

87

Nov.
71.1
65
87

Dec,

Jan.

Feb

75.4
70
87

82.3
79

82.3
80
84

124.4
134
299
78
89
100
72
57
122
174
76

117.1
131
279
75
81
81
73
56
119
63
73

115.4
132
284
76
78
81
74
57
109
53
78

44
92

137.7
148
271
95
182
97
82
73
103
287
101

63
64

66.7
62
67

66.4
61
67

65.!
61

59.0
64
58

61.7
62
62

51.3
66
49

52.7
63
51

63.4
71
62

62.9
68
62

62.3
67
62

52.9
68
51

54.0
70
52

110.6
107
106
102
113

111.0
108
106
100
114

116.5
128
114
99
117

117.5
129
115
101
117

118.5
125
115
104
119

115.1
116
114
103
114

114.7
114
113
101
116

103.2
111
103
88
104

103.6
115
105
85
105

113.8
151
126
84
110

114.2
145
125
89
109

116.8
137
123
94
115

110.0
121
118
92
106

108.8
119
117
87
108

113.2
118
112.0
118
109
109
86
103
117
300
79

113. 4
118
112.4
118
98
109
84
107
117
306

122.3
123
122.2
134
139
117
104
99
125
310
90

122. 6 122.3
124
122
122. 3 122. 3
138
138
115
120
118
119
106
108
102
92
124
125
312
313
85

121.0
122
120.9
136
103
119
104
105
124
314
84

121.0
121
121.1
135
101
120
106
109
123
313
84

118.8
135
113.9
130
88
118
95
75
115
283
95

118.
133
114.8
132
77
118
97
75
118
.288
95

133.3 133.1 133.4
140
138
138
131.2 131. 6 132.0
158
162
162
120
115
110
133
131
132
125
129
128
80
82
76
135
131
132
303
314
310
109
102
104

131.0
134
130.3
160
99
129
121
83
129
320
100

131.3
135
130.2
158.
93
131
128
83
129
321
100

81.3
58
67
132

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane

114.2
142
252
87
84
81
77

Dec.

1940

81.5
59

92.4
62
74
158

90.0
59
74
150

88.2
57
73
146

82.2
57
74
123

81.0
58
71
125

100.5
66
90
155

94.1
56
86
145

88.3
53
80
136

60.5

Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Paper, Printing....
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.__
Chemicals, Petroleum, and Coal*
Products

Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap

Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

134

93.9
62
75
161

93.0
63
75
157

130.0 125. 3
137
137
294
309
82
79
156
101
96
96
83
71
62
58
108
113
245
••283
87
77

101. 9
64
91
161

67
86
163

r

Revised.
NOTE.—Figures for February 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures
are for payroll period ending nearest middle of month.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES

[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry group

1938

_

Iron, Steel, Products
Machinery
Transportation Equipment._ _
Nonferrous Metals, Products
Lumber, Products.
__
Stone, Clay, Glass Products
Nondurable goods

•__

._

Textiles, Products.. _
_ __ _
Fabrics
Wearing apparel
Leather, Manufactures
Food, Products
Tobacco Manufactures
Paper. Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining.
Rubber Products

APRIL

1940




1939

1940

Nov.

Dec.

Jan.

Dec.

Jan.

Sept.

Oct.

Nov.

Dec.

38.0

39.1

38.5

38.6

37.4

64.2

64.4

63.8

64.6

65.3

66.2

66.3

38.2

40.2

39.6

39.6

38.1

70.9

71.0

70.9

71.3

71.5

72.7

72.7

34.8
36.6
35.0
37.3
37.9
35.1

37.0
39.1
37.3
39.9
39.3
37.0

40.3
40.6
38.1
41.4
40.9
39.2

39.6
40.9
37.6
41.0
39.7
37.9

39.4
41.3
38.5
40.9
38.6
37.5

37.6
40.4
37.4
39.2
36.9
35.1

75.7
72.1
90.1
67.0
49.2
64.9

75.5
72.4
89.8
66.7
49.0
65.1

76.1
72.2
89.5
67.4
50.1
64.7

76.4
72.1
89.1
69.1
50.2
65.4

76.7
72.3
88.6
69.0
51.4
65.7

77.2
73.2
90.1
70.3
51.3
66.0

76.6
73.5
89.4
70.1
51.2
66.4

37.5

37.0

37.8

38.2

37.6

37.7

36.9

58.9

59.2

58.3

59.0

59,9

60.5

60.7

35.8
37.2
33.2
36.3
40.5
36.0
38.7

35.0
36.5
32.3
38.1
40.0
32.1
37.8

35.5
37.0
32.8
34.8
41.6
36.9
39.0

36.7
37.8
34.5
35.3
40.5
37.0
39.7

36.1
37.4
33.7
33. .8
40.1
36.6
39.5

35.9
37.2
33.5
35.7
40.5
35.8
39.4

34.8
36.0
32.4
37.2
39.7
33.3
38.1

48.0
46.0
52.0
52.6
61.7
46.9
77.0

48.4
46.1
52.7
52.5
62.8
48.1
76.8

48.2
46.1
51.9
53.2
58.5
47.5
77.4

48.6
46.4
52.7
53.2
60.8
47.4
77.3

49.3
47.7
52.5
53.9
62.5
47.9
77.4

49.7
47.9
53. 3
53.7
63.3
48.9
78.3

49.9
48.1
53.3
53.4
64.1
49.6
78.4

38.2
36.4
38.8
37.4

38.2
36.6
38.8
36.0

38.8
35.6
39.9
37.6

39.8
36.9
40.8
39.2

38.9
36.0
39.8
38.0

39.0
36.4
39.8
38.1

38.4
35.5
39.4
36.6

73.9
97.4
65.4
76.5

74.1
98.0
65.3
77.0

74.1
96.9
65.8
76.8

73.8
97.4
65.7
76.9

75.1
97.2
67.4
76.8

75.1
97.2
67.5
77.6

75.6
97.4
68.0
77.6

Jan.

Sept.

37.3

Durable goods

1938

Oct.

Dec.
Total

1940

1939

36.6

37.1

36.1

35.6
37.4
36.4
38.6
38.9
36.9

Jan.

345

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
1940

1939

196.2
200.6

June
July
August
September
October
November
December

251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3
323.2
261.8
299.8
354.1

80.2
79.0
125.2
114.4
133.8
111 9
109.3
127.2
129.7
118.3
116.6
88.7

Year

3, 550. 5

__ _

April
May

Factories

1940

1939

January. _
February
March

Nonresidential building

Residential
building

Total

1939

77.4
74.9

1939

1940

17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
20.4
17.4

12.9
15.4

174.8

1940

31.7
21.8
27.6
21.1
16.4
12.5
19.4
13.8
10.1
9.5
9.7

15.9
20.2

1939

6.1
8.1

7.7

28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
29.2
17.4

201.4

246.9

Public works
and public
utilities i

Other *

Educational»

1939

1940

7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
18.5
15.3

1, 334. 3

Commercial

1940

1939

17.7
26.9

1940

86.5
71.6
77.7
121.0
97.9
83.6
102.1
115.3
111.1
70.8
105.5
207.7

342.5

66.3
55.2

1, 250. 6

» Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.}

Total

Privately-financed *

Publicly-financed *

Month
1935

January
February
March _ _ _
April
May _ _ _
June
July.
August
September
October
November
December
Year _.

.

._

1936

1937

100

215

243

75
123
124
127
148
159
169
167
201
188
264

140
199
235
216
233
295
275
234
226
208
200

1938
192

1939

1940

252

1935

1936

1937

1938

1939

1940

1935

196

55

118

148

93

45

188
231
270
244
318
322
281
207

lid
227
222
283
251
240
313
301

149

112

220
301
330
308
288
300
312
323

38
68
53
47
64
67
92
97

79
96
105
94
116
153
153
116

69
66
74
93
137
131
104
80

202
198
209

358
302
389

262
300
354

114
118
196

101
89
82

78
93
115

111
128
160
135
128
137
158
144

203
179
279

1937

66

130

1938

1939

1940

104

75

104

119
165
195
151
180
191
178
127

68
132
123
139
143
142
142
141

109
173
170
174
161
163
154
179

124
106
94

154
123
110

170
156
129

1,341 1,761 1,492

1,842

37
65
71
80
84
93
76
70

62
103
130
122
116
141
122
119

92
144
225

87
70
68

125
119
117

1,007 1,334 1,152 1,705 1,708

_ _ 1,845 2,675 2,913 3,197 3,551

51
95
99
144
108
98
171
160

1936

837

i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

COMMERCIAL FAILURES, BY DISTRICTS

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
1940

Federal Reserve district
Boston.
New York
Philadelphia
Cleveland..
Richmond
Atlanta
Chicago
St. Louis

__
____
_

Minneapolis
Kansas City
Dallas
Total (11 districts)

Feb.

Jan.

Feb.

30,936
12, 739
18, 590

9,553
35, 662
12,138
24, 843
22,016
29, 086
24, 378
12, 923

3,353
9,012
16, 603

3,634
6,614
15, 344

200, 574

196,191

Federal Reserve
district

15, 776
47,049
8, 564
22, 734

29, 605
23,036
32, 405
15,411

Liabilities

Number

1939

1940
Feb.

Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago—
4,838 St. Louis
12, 034 Minneapolis
15, 022 Kansas City
Dallas
220,197 San Francisco
19, 053
19, 665
38,138
17, 324

Total

1939
Jan.

Feb.

1940

1939

Feb.

Jan.

71
380
67
53
46
55
160
26
23
40
23

78
492
81
65
58
67
165
39
15
52
23
102

85
435
80
65
65
73
160
37
18
45
34
105

1,418
5,425
541
940
584
622
1,446
288
342
288
200
1,378

1,008
5,119
1,219
830

1,042

1, 237

1,202

13, 472

15, 279

579

484
2,360
500
243
335
286
2,316

Feb.
1,467
4,455
1,103
779
469
679

1,943
615
172
235
333
1,332
13, 582

New series. Includes cases of discontinuances where loss to creditors
was involved even though actual legal formalities were not invoked.
Back figures, available for 1939 only, may be obtained from Dun and
Bradstreet, Inc.
346




FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l

Excess of exports

Merchandise imports *

Month
1936

1938

1937

1940

1939

1936

1937

1938

1939

1940

369

187
193
199

240
278
307

171
163
173

178
158
190

242

1939

1936

1937

1938

11
-11
—4

—18
—45
—51

118
99
102

35
61
77
45
47
57

January
February
March

199
182
195

223
233
257

289
262
275

213
219
268

April
May
June

193
201
186

269
290
265

274
257
233

231
249
236

203
192
191

287
285
286

160
148
146

186
202
179

-10
9
-5

-18
5
-21

115
109

180
179
221

268
277
297

228
231
246

230
250
288

195
193
216

265
246
233

141
166
168

169
176
182

-15
14
5

3
31
63

87
65
79

61
75
107

265
226
230

333
315
323

278
252
269

332
293
368

213
196
245

224
223
209

178
176
171

215
236
247

52
30
-15

108
92
115

100
76
98

117
57
121

2,456

3,349

3,094

3,177

2,423

3,084

1,960

2,318

33

265

1,134

1940

859

July
August
September

.

October
November. .
December
Year

P347

87

127

* Preliminary.
1
Including both domestic and foreign merchandise.
1
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Back figures.—Bee BULLETIN for January 1931, p. 18; July 1933, p. 431; and February 1937, p. 152.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORE SALES AND STOCKS

[Index numbers; 1923-25 average=100]

[Index numbers based on value figures; 1923-25 average=100]

1939

Feb.

Oct.

Sales i

1940

Nov. Dec.

Jan.

Feb.

Month

Adjusted for seasonal variation

Stocks (end of month)

Without
Adjusted
Adjusted
Without
seasonal
for seasonal
for seasonal
seasonal
variation adjustment variation adjustment
1939

Total
Coal
Coke
Grain and grain
Livestock. _
Forest products
Ore
Miscellaneousl
Merchandise

_
_
products...
_
_ _ _

67
65
46
70
38
36
93
75
62

80
87
95
87
44
50
108
86
62

82
80
100
88
41
51
191
89
63

78
71
92
87
40
51
116
89
62

78
83
90
73
39
47
114
86
62

73
68
65
75
40
44
107
83
61

Without seasonal adjustment
Total .
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneousl
Merchandise
_ -

62
76
62
64
31
35
22
64
60

89
96
95
87
62
52
160
97
65

83
87
100
83
50
50
105
91
64

73
79
101
75
39
44
29
81
60

72
95
106
66
38
41
25
74
58

68
80
88
69
33
43
26
71
59

1940

1939

1940

1939

1940

1939

January
February
March

88
87
88

92
89

69
69
82

72
71

67
68
68

69
71

60
65
69

April
May
June

88
85
86

88
87
83

67
66
67

69
68
64

July
August
September
October
November.

86
89
91

60
69
97

67
67
68

60
65
71

90
95
96

99
106
168

69
71
68

77
82
64

Year

90

1940
61
68

68

1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.

i In less-than-carload lots.
NOTE.—For description and back data see pp. 622-529 of BULLETIN
Tor June 1937. Based on daily average loadings. Basic data compiled
Back figures.—Department store sales, see BULLETIN for August
by Association of American Railroads. Total index compiled by com- 1936, p. 631, and for October 1938, p. 918; department store stocks, see
bining indexes for classes with weights derived from revenue data of BULLETIN for March 1938, p. 232.
the Interstate Commerce Commission.

APRIL

1940




347

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926-100]
Other commodities

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.0
86.4
68.5
65.3-

00.0
00.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4

01.6
85.2
76.0
70.2
71.2
78.4
77.0
70.6
85.3
81.7
81.3

109.1
100.0
86.1
72.0
80.0
86.6
89.6
05.4
104.6
02.8
95.6

90.4
80.3
66.3
54.0
64.8
72.0
70.9
71.5
76.3
86.7
69.7

83.0
78.5
67.5
70.3
66.3
T3.3
73.5
76.2
77.6
76.5
73.1

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5

1939—January
_
February
March.. _
April
May
June
July
August
September
October
November
December

76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2

67.2
67.2
65.8
63.7
63.7
62.4
62.6
61 0
68.7
67.1
67.3
67.6

71.5
71.6
70.2
68.6
68.2
67.6
67.5
67.2
75.1
73.3
72.3
71.9

80.2
80.2
80.4
80.5
80.6
80.2
80.2
80.1
82.1
83.8
84.0
83.9

03.1
01.0
01.8
00.0
01.6
02.3
02.5
92.7
98.5
104.6
104.0
103.7

65.0
66.1
66.6
66.0
67.5
67.3
67.6
67.8
71.7
75.5
76.4
78.0

72.8
73.0
73.1
73.4
73.9
73.0
72.8
72.6
72.8
73.9
74.1
72.8

94.4
94.3
94.3
94.0
93.5
93.2
93.2
93.2
94.8
95.8
96.0
96.0

1940—January
February

79 4
78.7

69 1
68.7

71.7
71.1

83 9
83.2

103.6
102.4

77.9
75.4

72.7
72.4

78.8
79.0
78.7
79.3
79.4
79 5
79.5
79 3
79.1
78.8
78.5
78 3
78.6
78.4
78.3
78.2
77.9

67.1
67.4
66.8
67.8
68.5
69.6
69.5
69.5
69.2
69.6
68.9
68 6
69.4
68.8
68.5
68.0
67.5

71.1
71.3
71.1
72.1
71.9
71.8
71.8
71.4
71.4
71.7
70.9
70.5
71.0
70.5
69.9
70.4
69.9

84.4
84.4
84.1
84.3
84.4
84.2
84.3
84.1
84.0
83.6
83.5
83 3
83.3
83.2
83.1
83.0
82.9

103.9
104.0
104.2
104.4
104.1
104.0
104.1
103 7
103.9
103.0
103.2
103 1
102.7
102.8
102.4
102.5
102.1

76.0
76.6
76.7
77.8
78.6
78.3
78.1
77.0
76.7
75.3
75.3
74.4
74.2
73.6
73.3
73.0
72.7

74.4
74.1
73.7
73.5
73.4
73.3
73.3
73.4
73.4
73.3
73.0
73.0
73.0
72.8
72.8
72.6
72.6

Year, month, or week

1929
1930
1931 -_
1932
1933
1934
1035
1936
1937 1938
1939
-

- - -

Week ending—
1939—December 2
December 9
December 16
December 23
December 30
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 2
March 9
March 16
March 23

.

Total

Hides and Textile Fuel and Metals Building Chemi- HouseMiscellighting and metal
cals and furnishleather
products products materials products materials drugs ing goods laneous

1939
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:

Dairy products
Cereal products
Fruits and vegetables
Meats .
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products „
Textile Products:
Clothing .
Cotton goods
Hosiery and underwear
Silk 3 3
__. „
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Material:
Anthracite
Bituminous coal. _
Coke
Electricity „
Gas
Petroleum products.

73.5
72 6
75.9
80 5
80.4
83 9
77.6
76.5

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.6
77.8
73.3
74.8

89.5
89.6
89.8
89.6
89.5
89.5
89.7
89.6
90.9
92.8
93.0
93.0

76.7
76.3
76.5
76.0
75 9
75.7
75.0
74.6
77.3
78.1
78.0
78.1

85.4
85.2
85.2
85.4
85.5
85.6
85.6
85.6
86.6
87.8
88.4
88.5

73.2
73.5
74.1
74.4
74.2
73 8
73.4
73.3
76.6
77.6
77.0
77.4

95.8
95.3

93.4
93.2

78.1
78.1

87.9
88.2

77.7
77.3

96.2
96.1
96.1
96.1
96.1
96.0
96.0
96.0
95.7
95.6
95.5
95.3
95.3
95.5
95.5
95.5
95.4

93.0
'92.7
93.4
93.6
93.1
92.9
93.2
93.1
93.7
93.1
93.1
93.2
93.0
93.3
93.3
93.2
93.3

77.5
77.6
77.6
78.0
78.1
78.0
77.8
77.7
77.6
77.5
77.3
77.5
77.7
77 8
77.5
77.4
77.3

90.0
90.0
90.0
90.0
90.1
90.1
90.1
90.2
90.2
89.5
89.5
89.6
89.5
89.5
89.6
89.6
89.5

78.4
78.4
76 9
77.4
77.7
77.5
77.7
77.5
77.4
77.1
77.1
77.2
77.2
76.9
76.8
76.9
76.5

94 2
89.1
79 3

1940

1940

1939

Feb.

Nov. Dec.

Jan.

Feb.

54.7
79.2
62.9

64.1
66.1
68.3

71.6
63.8
68.4

73.5
67.2
68.6

72.8
65.6
68.9

71.6
72.7'
62.1
83.2
61.7

80.1
78.0
61.2
71.2
69.2

81.3
80.5
63.0
69.1
66.5

81.9
80.4
60.3
69.9
65.8

80.0
82.4
58.7
68.4
66.3

101.1
72.8
84.2
95.3

107.2
104.3
97.8
99.9

107.5
105.2
95.2
100.0

107.8
102.6
96.0
100.0

108.2
97.0
94.2
100.0

81.5
63.7
58.8
36.8
28.5
74.7
64.5

83.8
74.8
64.8
56.5
29.5
90.5
83.4

84.2
75.2
66.0
66.0
29.5
90.3
84.2

84.5
75.4
68.4
61.8
29.5
90.4
81.3

79.9
98.1
104.2
82.8
81.8
50.7

76.1
98.1
111.2
76.5
82.2
53.9

76.1
97.8
109.9

78.7
98.0
109.8

79.2
98.2
109.7

80.4
52.5

51.7

50.9

84 9
73.6
64.5
51.6
29.5
87.2
76.8

Subgroups
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel l
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber .
Paint and paint materials
Plumbing and heating
Structural steel .
Other building materials
Chemicals and Drugs:
Chemicals __
Drugs and pharmaceutic;als
Fertilizer materials
Mixed fertilizers
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
.
.
Paper and pulp
Rubber, crude
Other miscellaneous

Feb.

Nov.

Dec.

Jan.

Feb.

93.2
94.5
96.1
93.4
76.5
79.2

93.3
94.6
96.0
94.7
85.1
79.3

93.3
94.6
96.1
94.7
84.6
79.3

93.4
94.6
96.3
94.7
82.6
79.3

93.4
94.6
96.3
94.7
79.2
79.1

91.6
92.4
91.6
2 91.2 91.3
91.3
97.8
92.6
98.3
80.5
84.9
85.5
79.3
79.2
79.3
107.3 107 3 107.3
89.3
92.9
92.7

91.6
91.4
97.6
87.2
79.3
107.3
93.2

91.2
91.4
97.6
86.8
79.1
107.3
92.9

79.4
72.7
69.3
73.7

81 4
75.0
73.0
72.6

81.1
75.6
74.5
73.7

80.9
76.5
74.0
73.5

81.0
76.8
72.9
73.7

89. 8
80.5

94.2
82.3

94.4
82.4

94.0
81.4

94.2
81.9

59.7
78.2
81.1
33.7
81.2

55.6
91 5
88.0
42.5
86.0

55.6
91.7
89.0
42.4
86.6

55.6
93.0
89.8
39.6
87.4

55.6
93.7
89.5
38.7
86.6

1
2
3

Preliminary revision.
Revised series.
New series.
Backfigures.—Formonthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).

348




FEDERAL RESERVE BULLETIN

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Chart
book
page
WEEKLY FIGURES

Feb.
28

Mar.

Chart
book
Mar.
13

Mar.
20

Jan.

Feb.

4

3, 5
5
5
3
3, 9
3
3
3,6
6
7
7
7
7
7

2.52
.01
2.48
18.11
7.45
2.36
.60
12.24
6.61
5.66
3.23
.30
1.37
.76

2.54
.01
2.48
18.17
7.44
2.37
.56
12.32
6.63
5.70
3.28
.30
1.37
.75

2.52

.0)
2.48
18.22
7.48
2.36
.54
12.37
6.63
5.74
3.27
.30
1.39
.78

2.52
0)
2.48
18.28
7.46
2.36
.53
12.44
6.66
5.79
3.25
.30
1.46

.78

14
14
14

23.21
14.68
8.53

23.27
14.74
8.53

23.36
14.76

23.44
14.82
8.62

15
15
15
15
15

19.26
5.28
.57
8.09
.75

19.41
5.29
.57
8.09
.73

19.34
5.30
.57
8.22
.73

19.51
5.34
.57
8.27
.73

16
16
16
16

4.63
1.26
1.65
.47

4.64
1.31
1.65

4.64
1.31
1.66
.48

4.71
1.32
1.68
.50

17
17
17

6.63
2.17
2.67

6.63
2.16
2.67

2.16
2.69

6.62
2.17
2.69

Averages of daily figures5; per
per annum

MONEY RATES AND SECURITY
MARKETS

2.52

(0
2.48
18.36
7.48
2.37
.71
12.26
6.66
P5.69
3.21
.30
1.42
P. 76

Wholesale commodity prices:
United States:
All commodities
31, 32
Farm products
31
Foods
31
Other commodities—
31
England
32
France
32
Germany
32
Industrial production 5
35
Manufacturing production: E
Total 6
,.37
Durable
37
Nondurable 6
37
Factory employment
43
Factory payrolls
43
Freight-car loadings 5 5
45
Department store sales 5
47
Department store stocks
47

23.40
14.79 Construction contracts awarded: 7
8.61
Total
41
Residential
41
19.25
Oth
41
5.33 Exports e r . . imports:
and
.58
Exports (incl. re-exports).
49
8.28
General imports
49
.75
Excess of exports
49
Income payments:
4.76
Total5
50
1.31
Total unadjusted 5
50
1.68
Salaries and wages
50
.49
Others
50
6.55 Cash farm income:
Total
51
2.17
Crops
51
2.70
Livestock and products. _
51
Government payments...
51
cent

OTHER
1.00
.56 Central gold reserves:
.44
United States
.02
England
.43
France
2.24
Netherlands
2.84 U. S. Gov't interest-bearing
4.80
debt—total
Bonds
•
Wednesday figures; in unit indicated
Notes
Bills
92
92
91
92
91
Special issues
1.07
108
107
108
108
29
29
29
29
29
87 QUARTERLY FIGURES *
88
88
87
88

F.R.bankdiscountrate,N.Y.
19
Commercial paper
19
Bankers' acceptances
19
U. S. Treasury bills
___
21
U. S. Treasury notes
21
U. S. Treasury bonds
21, 25
Corporate Aaa bonds
__
25
Corporate Baa bonds
25

1.00
.56
.44
.02
.46
2.32
2.85
4.82

1.00
.56
.44
.02
.43
2.33
2.86
4.84

1.00
.56
.44
.02
.42
2.28
2.85
4.83

1.00
.56
.44
.02
.42
2.24
2.85
4.80

Stock prices, total *
27, 29
Industrial
27
Railroads.
__
27
Public utilities
_.
27
Volume of trading* (mill,
shares)..
29
Brokers' loans (mill, dollars)
29

.74
617

.56
609

.68
638

.76
659

Figures for week*; in unit

BUSINESS CONDITIONS

Wholesale commodity prices: *
All commodities._
Farm products
Foods
Other commodities.
Steel plant operations
(% of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)

1940

Index numbers
1923-25=100

BUSINESS CONDITIONS

WEEKLY
REPORTING MEMBER BANKS

Total, 101 cities:
Loans and investments.
Investments
Loans.
_
Adjusted demand
deposits.._
Time deposits
U. S. Gov't deposits
Domestic bank balances
Foreign bank balances..
New York City:
U. S. Gov't obligations..
Other securities..
Commercial loans
Brokers' loans
__
100 cities outside New York:
U. S. Gov't obligations..
Other securities
Commercial loans

1939
Dec.

MONTHLY FIGURES

Wednesday figures; in billions of
dollars

RESERVES, GOLD, AND
CURRENCY

Reserve bank credit—total..
Bills discounted
U. S. Gov't securities—
Gold stock
_
Money in circulation
Treasury cash
Treasury deposits
Member bank balances
Required reserves e.__
Excess reserves—total «•
New York City *
Chicago*
Reserve city banks J
Country banks *•

1940
Feb.
21

78.6
69.4
71.0
83.3

78.4
68.8
70.5
83.2

78.3
68.5
69.9
83.1

78.2
68.0
70.4
83.0

38

67.1

65.9

64.6

64.7

38

102.7

100.9

103,6

105.7

39

2,455

2,479

2,464

2,460

39

595.0

634.4

621.0

619.0

128

119

P109

129
65
64
104.1
103.7
78

118
57
61
101.5
98.3
78

P108

92

?48
60

4
*>97.8
73
89
71

P101.

In millions of dollars
353
111
243

307
97
210

P256
P101

368
247
121

369
242
127

P200

'6,090
'6,888
'3,826
r
2, 264

6,090
6,065
3,805
2,285

*6,015
P5, 554
P3, 752
P2, 263

••743
238
379
126

635
219
318

801
330
380
91

r

17.64
0)
2.71

17.93
0)
2.71

0)

20
20
20
20
20

41.45
29.17
6.20
1.45
4.62

41.60
29.45
6.20
1.31
4.64

41.84
29.59
6.20
1.31
4.74

Apr.June
1939

JulySept.
1939

18.18
2.71

Oct.Dec.
1939

In millions oj dollars

62.4
Customers' rates:
103.4
New York City
7 other Northern and
2,424
Eastern cities
11 Southern and Western
619.9
cities

78.768.7
71.1
83.2
*>103. 8

8
8
8
8

indicated

33
33
33
33

79.4
69.1
71.7
83.9

In billions of dollars

.63
628
Domestic corporation security
issues, total
77.9
New
67.5
Refunding
69.9
82.9

79.2
67.6
71.9
83.9

28
28
28

662
130
532

653
92
560

509
67
442

Per cent per annum
23

2.15

2.04

1.96

23

3.05

2.78

2.59

23

3.62

3.31

3.32

e
5
p Preliminary.
» Revised.
•
Estimated.
Adjusted for seasonal variation.
6
1 Less than $5,000,000.
Points in total index of manufacturing production.
7
2 Averages of daily figures, see footnote 3.
Three-months moving average adjusted for seasonal variation.
3 Figures are shown under the Wednesday date included in the weekly period. 8 Banking statistics for call report dates are shown in table
4
Index numbers, 1926=100.
on following page.

NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each.

APRIL

1940




349

STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES

[In billions of dollars]
1§38

Chart
book
page

Investments, total
U. S. Government obligations, total
Direct obligations
Guaranteed obligations
Other securities, total
State and local government securities
Other domestic
Foreign securities
Loans, total
Security loans, total * 2
Brokers' loans
Loans on securities (excluding brokers' loans) 2__
Real estate loans
Other loans, total 12
Commercial loans 2
Open-market paper
Loans to banks 3
All other loans

Dec.
31

Mar.

June

10
10
10
10

All banks in the United States:
Total deposits and currency..
Time deposits
Demand deposits adjusted. __
Currency outside banks
Member banks:
Demand deposits adjusted...
Time deposits
Interbank balances
Loans and investments

June
30
57.42
25.96
25.26
5.53

56.83
26.26
24.05
5.69

56.78
26.34
24.13
5.50

56.74
. 40
U 2 P59.15 P61. 00 P63. 03
7. 65
26.27
. 83 P26. 91 P27.00
P26. 38 P26. 58
24.39 P25. 10 26. 01 P26.01 P27. 32 P29. 10 P30.05
P5.68
P6.05 P6.23 P6.50
5.47 P5.50

11
11
11
11
11
12
13
13
12
13
13
13
11
12
13
13
12, 13
12
13
13
13

21.40
11.35
5.30
32.74
18.45
12.69
10.87
1.82
5.77
2.13
3.40
.23
14.29
4.37
1.54
2.83
2.51
7.41
6.66
.64
.12

20.39
11.52
5.44
31.75
17.79
12.37
10.57
1.80
5.42
2.03
3.21
.18
13.96
3.70
.95
2.75
2.55
7.71
7.00
.64
.07

20.51
11.59
5.62
31.52
17.98
12.45
10.63
1.83
5.52
2.19
3.15
.18
13.55
3.54
.88
2.67
2.56
7.45
6.75
.61
.10

20.89
11.56
6.10
30.72
17.78
12.34
10.22
2.13
5.44
2.13
3.13
.18
12.94
3.32
.70
2.61
2.61
7.01
6.40
.49
.12

30

Sept.
28

21.60
11.46
6.09
31.63
18.69
13.01
10.71
2.30
5.68
2.30
3.19
.18
12.94
3.30
.71
2.59
2.66
6.97
6.36
.48
.13

Dec.
31

22.29
11.51
6.51
32.07
18.86
13.22
10.88
2.34
5.64
2.45
3.01
.18
13.21
2 1.75
.97
2.78
2.72
2 8.74
2 5.45
.44
.12
3
2. 73

Mar.
29

22.36
11.60
6.82
32.10
19.05
13.35
10.69
2.66
5.70
2.55
2.96
.18
13.05
1.57
.84
.73
2.75
8.73
5.53
.42
.10
2.67

June
30

Oct.
2

Dec.
30

23.59 25.12
11.72 11.73
7.10 4 8.24
32.60 33.08
19.46 19.61
13.78 13.81
10.95 10.89
2.92
2.83
5.79
5.69
2.76
2.55
2.94
.19
13.14 13.47
1.47
.73
(5
.74
(
2.83
(5
8.85
(5
(5
5.57
(5
.42
.06
2.80

8

25.68
11.85
8.51
33.94
19.98
14.33
11.18
3.14
5.65
2.69
2.77
.19
13.96
1.49
.79
.70
2.96
9.51
6.12
.45
.06
2.89

p Preliminary.
1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"
since that date.
2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates
on old basis as of December 31, 1938, see BULLETIN for 4April 1939, page 332.
3 Not originally plotted in chart book.
Partly estimated.
• Detailed breakdown of loans and investments now available on June and December dates only.

NUMBER OF BANKS AND BRANCHES IN UNITED STATES, 1933-1939
[Figures for 1939 are preliminary]
Nonmember banks

Member banks

Branches
E n d of year figures
National

State

Other than mutual
savings and
private banks
Insured *

Not
insured *

Total

Mutual
savings

Private2

In
headoflice
cities

Outside
headoffice
cities

Number of Banking Offices
1933
1934
1935
1936
1937
1938
1939

_

6,275
6,705
6,715
6,723
6,745
6,723
6,705

.

__

1,817
1,961
1,953
2,032
2,075
2,106
2,177

9, ">41
3 9, 579
8,556
1,088
8,436
1,043
8,340
997
8,224
958
8,098
929

5,154
5,462
5,386
5,325
5,260
5,224
5,187

_

857
980
1,001
1,051
1,081
1,114
1,175

8, ?41
7,693
1,108
1,046
7,728
7,588
1,004
7,449
960
7,316
917
7,172
885

1,121
1,243
1,329
1,398
1,485
1,499
1,518

960
981
952
981
994
992
1,002

704
705
698
693
691

690
4 683

103
246
143
139
6 69

17,940
19,196
19,153
19,066
18,927
18, 774
18, 661

98
241
138
134
74
68
63

15,029
16,063
15, 869
15, 667
15, 387
15,194
15,033

5
5
5
5
5
5
6

2,911
3,133
3,284
3,399
3,540
3,580
3,628

79
73

Number of Banks (Head Offices)
1933
1934
1935
1936
1937
1938
1939

- - . _

579
579
570
565

563
555
551

Number of Branches
1933
1934
1935
1936
1937
1938
1939

.
. •

_

)0
71
828

42

848
891
908

39
37
41

125
126
128
128
128
135

926

44

132

778

1,784
1, 776
1,754
1,749
1,757
1,743
1,738

1,127
1,357
1,530
1,650
1,783
1,837
1,890

1 Federal deposit insurance did not become operative until January 1,1934.
a Thefiguresfor December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section
21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in thefiguresshown for subsequent years.
3 Separatefiguresnot available for branches of insured and not insured banks.
4
Comprises 51 insured banks with 24 branches and 500 uninsured banks with 108 branches. Thefiguresfor 1939 exclude one bank with 4
branches which heretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings6and private banks."
Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches.

350




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and g o v e r n m e n t s . . . .

352

Gold production

353

>

Gold movements

. 353-354

International capital t r a n s a c t i o n s of the United S t a t e s . . .

. 355-363

Central banks

. . 364-367

Bank for International Settlements

368

Money r a t e s

368

Discount r a t e s of central b a n k s . . .

369

Commercial banks
Foreign exchange r a t e s

. 369-370
.

371

Price m o v e m e n t s :
Wholesale prices

372

Retail food prices and cost of living. . .

373

Security prices

373

Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial
developments abroad. The data are compiled for the most part from regularly published
sources such as central and commercial bank statements and official statistical bulletins;
some data are reported to the Board directly. Figures on international capital transactions
of the United States are collected by the Federal Reserve banks from banks, bankers, brokers,
and dealers in the United States in accordance with the Treasury Regulation of November
12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly
press releases giving daily and monthly average foreign exchange rates will be sent without
charge to those wishing them. Other data on the following pages are not regularly released
prior to publication.

APRIL 1940




351

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Countries in Tripartite Accord
Total i
(52
coun- United United France Bel- 2
tries)
gium
States Kingdom

End of month

1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—March
April
May
June
July
August
September.
October....
November.
December
1940—January....
February..

21,051
21,604
22, 630
23, 964
25,468
24,387
'24,944
'25,119
'25,270
'25,492
'26,097
'25, 234
'25, 303
'25, 513
25, 701
P25, 906
P26,141

8,238
10,125
11, 258
12, 760
14, 512
15,258
15, 791
15,957
16,110
16, 238
16,646
16, 932
17,091
17,358
17, 644
17, 931
18,177

1,584
1,648
2,584
2,689
2,690

1,066
1,066
1,067
1,067
1,162
1,162
1
1
1
1
1
1

590
611
632
597
581
518
520
524
540
573
614
615
611

5,445
4,395
2,995
2,564
2,435
2,436
2,574
2,574
2,574
2,574
2,714
2,714
2,714
2,714
2,714

2,714
2,714

Other countries

Switzerland
Netherlands

Argentina

National B.I.S.
Bank
624
454
655
648
699
640

573
438
490
930
995
909
834
823
800
769
769
752
754
700

403
444
501
469
431
428
428
428
428
427
431
449
449
453
466
466

595
585
585
579
559
547
535
525

609
P690

P466

British
India

Bulgaria

Canada

275
275
275
274
274
274
274
274
274
274
274
274
274
274
274
P274
P274

Brazil

19
19
20
24
24
24
24
24
24
24
24
24
24
24
24
»24

134
189
188
184
192
210
212
214
213
212
218
218
212
213
214

Chile

29
29
29
30

30
30
30
30
30
30
30
30

211
213

Other countries—Continued
End of
month

Co- Czecho- Denslolombia vakia mark

1934—Dec...
1935—Dec... .
1936—Dec. _.
1937—Dec. .
1938—Dec...
1939-Mar....
AprilMay...
June
July....
Aug
Sept.__.
Oct..,..
Nov....
Dec....
1940—Jan.....
Feb....

Egypt

Germany 3 Greece

19
16
19
16
24

112
112
91
92
83

55
55
55
55
65

67
66
65
62

55
55
55
55
55
55
55
55
55
55

29
29
31
31
30
28
28
28
28
28

P55
P55

28
P28

23
P23

Italy*

Japan

518
270
208
210
193
193
193
193
193
193
193
193
193
193
144
144
144

40
34
26
24
27

21
21
20
20
21
20
21
21
21
21

Hungary

394
425
463
261
164
164
164
164
164
164
164
164
164
164
164
164
P164

End of month

17

1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Mar
April
May
June
July
Aug
Sept
Oct
Nov.
Dec

_

_

1940—Jan
Feb

Spain«

Sweden

Turkey

Uruguay

Yugoslavia

other
countries*

104
109
114
120
133

184
212
203
189
220

740
735
718
718
525

159
185
240
244
321

22
24
26
29
29

161
'168
'183
'185
'143

134
135
136
137
137
148
149
150
151
152

221
218
218
219
219
222
234
243
254
249

525
525
525
525
525
525
525
525
525
525

332
339
344
346
348
355
357
332
333
308

30
30
30
30
30
30
29
29
29
29

'144
126
126
«134
135
136
131
"156
'156
151

152
P152

253
P253

525
525

258
P258

59

29
P29

New
Zealand

Norway

Peru

61
84
98
82
94

19
19
19
19
19
20
20
19
19
19

P90
P90

P84

96
84
75
83
86
86
84
84
84
84
84
84

19
20
20
20
20

96
107
107
107
107
107
107
103
103
94
84

Poland

90

P19
P19

Government gold reserves 1 not included
in previous figures for 53 countries

Other countries—Continued
Portu- Ruma- South
nia
Africa
gal

Mexico

Java

P60

P140
P140

End of
month
1934—Dec.
1935—Dec.
1936—Dec. _
1937—Dec. _
1938—MarJune..
Sept...
Oct.—
Nov.—
Dec.-_
1939—Jan....
Feb...
MarApr. ..
May..
June..
JulySept. .
Dec. —

United United France
KingStates
dom

Belgium
31
53

«934
8
1,395
1,489

81

444
759
80

"l54"

()
1,732

•103
130
331
381
465
559
455
477

44

85
"l64"

r
c
1 Reported at infrequent intervals or on dep Preliminary.
Revised.
Corrected.
layed basis: U. S.—Exchange Stabilization Fund
1 Data reported monthly incomplete. For additional data see section at end of table.
2
(Special A/c No. 1); U. K.—Exchange EqualizaFigure for Dec. 1939 officially reported and carried forward.
tion Account; France—Exchange Stabilization
* Figure for May 1939 officially reported and carried forward.
4 Figure for Dec. 1938 officially reported and carried forward through Nov. 1939; Dec. 1939 Fund and Rentes Fund; Belgium—Treasury.
Gold in Swiss and Dutch Funds and in some
figure officially reported and carried forward.
» Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- other central reserves not reported.
» Figure for Mar. 1937, first date reported.
ported and carried forward.
» Figure for Sept. 1937.
« These 17 countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian
4
First date reported.
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia,
Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam).
« Transferred: from Bank to Account, $1,648,
NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6,
and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p . 667, and Dec. 1939; from Account to Bank, $26,000,000 on Mar.
1 and $94,000,000 on July 12, 1939.
1937, p. 1262.

352




FEDERAL RESERVE BULLETIN

GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollarsl

Year or month

Estimated
world
production
outside
U.S.S.R.

Production reported monthly
Africa

Total

South
Africa

Rhodesia

$1=25-8/10

382, 532
401,088
426,424
458,102
469,257

1929..
1930_.

North and South America

West
Africa

Belgian United
Congo Statesi

1933..
1934..
1935..
1936..
1937._
1938._
1939_.

Austra- British
lia
India

grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67

215,242 11,607
4,297
2,390
221, 526 11,476
4,995
2,699
224,863 11,193
5,524
3,224
238,931 12,000
5,992
3,642
227,673 13,335
6,623
3,631
$1=15-5/21 grains of gold 9/10
6,148
794,498
696,218 385,474 22, 578 11,214 6,148
707,288 366, 795 24, 264 12,153
6,549
823,003
751, 979 377,090 25, 477 13, 625 7,159
7,159
7,386
833,088 396, 768 28,053 16,295
971,514
892, 535 410, 710 28,296 20,784 8,018
I, 041, 576
957, 212 425, 649 28, 532 24, 670 8,470
1,132,856
I, 205, 602 PI, 018,034 448,753 P28,084 '28, 507 8,759

1932..
1933_.

Canada

Far East

ColomMexico bia
Chile

352,237
365,258
386,293
413, 459
411,208

45, 651
47,248
49, 527
50,626
52,842
fine; i. e.,
89,467
108,191
126,325
152, 509
168,159
178,143
195, 298

1938—December..

100,043

84, 237

36,007

2,318

2,240

751

1939—January
FebruaryMarch
April
May
June
July
August
SeptemberOctober
November.
December..

'94,790
'90,919
97,687
94,600
98, 545
99, 511
102,822
107, 257
P106, 866
P107, 489
P103, 191

36,188
34, 505
37, 558
35,613
37,970
37,065
37,952
38,494
37,817
38,459
38, 600
38, 534

2,287
2,069
2,202
2,252
2,355
2,369
2,395
2,431
P2, 441
P2, 453
P2, 380

PIOI, 924

80,220
76,810
82, 717
79,789
83,476
83,602
87,150
91,415
P89, 929
P90,890
*>86,826
P85, 209

P2,450

2,230
2,221
2,346
2,349
2,323
2,277
2,395
2,379
2,432
2,479
2,497
P2, 581

754
688
767
729
779
756
739
731
705
715
686
709

14,980
13, 214
14,424
15,320
15,227
14,520
16,159
16,856
19, 637
21, 693
17,421
15,845

1940—January

P 103,773

P86, 843

39, 777 P2,450

P2, 581

739

17,047

15,231

2,700

1,499
1,953
1,562
1,752
1,513
1,614
1,551
1,551
1,735
1,803
1,677
1,873
1,367

655
568
1,198
830
696
968
1,583
777
1,012
1,111
934
P934

7,508
6,785
6,815
6,782
6,919

28,568
30, 559
31,240
40,118
46,982
54,264
55, 761

11,715
11,223
11,468
11,663
11,607
11, 284
11,008

4,076
4,016
4,492
4,301
4,649
4,684
4,399
4,849
6,140
4,392
4,881
P4,881

940
863
938
912
936
910
936
923
888
934
903
925
890

1,033

14,396
1,762
13,684
3,421
14,498
2,542
14,238
1,733
15,133
1,794
15,287
3,216
15,402
3,638
15,722
6,519
14, 752
15,144
1,832
14,818 Pl, 832
15,151 Pl, 832

8,712
9,553
12,134
14, 563
16,873

H, 076

39,862 13,463
2,823
683
43,454 13,813
3,281
428
55,687 12,866
4,016
442
62,933 12,070
5,132
788
60,968 13,169
6,165
3,009
an ounce of fine gold=$S5
103,224 22,297 10,438
5,094
104,023 23,135 12,045 •8,350
114,971 23,858 11, 515 9,251
131,181 26,465 13,632
9,018
143,367 29, 591 15,478
9,544
165,379 32,306 18, 225 10,290
178, 225 P32, 423 19, 951 Pll, 267

P15, 151

Pl, 832 Pl, 367

Gold production in JJ. S. 8. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95;
1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184.
r
p Preliminary.
Revised.
1
Includes Philippine Islands production received in United States.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June
1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report
of Director of Mint for 1936, pp. 108-109 and 1939, p. 106. Figures for Canada beginning January 1939 are subject to official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or
month

1934 i
1935
1936
1937
1938
1939

Dec
Jan
Feb....
Mar....

Apr
May....
June
July.....
Aug
Sept
Oct
Nov.."...
Dec
1940
Jan
Feb.....

Total
net
imports
or net
exports

Net imports from or net exports (—) to:
United
Kingdom

France

Belgium

Netherlands

Sweden

1,131,994 499,870 260,223 8,902 94,348
3 227,185
1,739,019 315, 727 934,243
1,116, 584 174,093 573, 671 3,351 71,006
1, 585, 503 891, 531 -13,710 90,859
6,461
1,973, 569 1, 208,728 81,135 15,488 163,049 60,146
3, 574,151
3,798 165,122 341,618 28,715
240, 526

101, 707 37,395

156,345
223,281
605, 797
429,404
240,430
278, 636
259, 921
326,074
69, 726
167,980
451,172

52,050
165, 377
250,042
384,925
302,667
128,196
177,805
163, 738
162,450
10,182
18, 556
10,417

236, 391
201,422

23, 906
21, 321

1,979

30,415 16,601
16,181 32,448

Canada

Mexico

Colom- Philip- Aus- South
pine
bia
Islands tralia Africa

16,944
10,899
11,911
18,397
36,472 10, 557
33, 610 23, 239

Japan

12
12,038 1,029
65
15,335 3,498
8
21, 513 23; 280
25,427 34,713
181 246,464
,9,162
401 168,740
35,636 74,250 22,862 165, 605

British
India

All
other
countries

12,402 86,829
968 95,171
7,511 72,648
54,452 111, 480
1,36$ 76,315
86,987 612, 949

30,270
13,667
39,966

731

2,550

2,107

2,655 6,788

27

14,425

1,797 « 22,181

10,842
4,220
6,852
7,665
12.066
17,191
15,196
34,299
120,837
9,940
65.067
308, 773

2,342
2,496
3,822
1,649
2,050
3,280
4,150
3,956
653
1,794
3,445
3,972

2,089

2,117
2,116

2,754
2,719
3,326
2,179
2,594
3,843
3,022
2,775
3,947
3,188
2,643
2,646

6,585
3,953
4,303
4,844
5,295
5,677
5,034
5,689
5,474
8,420
12, 505
6,472

33
38
10
100
41
50
50
52
11
2,142
10,449
9,885

37,819
5,446
11,410
5,528
10,931
14,093
10,938
10,931
16,425
12,497
9,487
20,101

1
5,092
175
4,360
3,685
4,381
4,944 5 6,972
3,390
2,244
3,023
2,760
6,365
9, 259 4,460
4,065 6 8,541
2,703 715,870
10,138 16, 662
7,592 s 22,812

52, 716 2,550
46,866 2,006

3
3

20, 297 37, 680
4,919
18,872

9,743 9 31,698
6,722 1031,001

46,185

2
1,438
33,678
1,400
29, 256 3,840
816 37,179 27,098
21 84,603 44, 564
3 41, 651 40,449
2
55,081
1
45,554
2
22,640
1
86
2,990
8,781 5,113
28
31, 526 19, 743
974

Switzerland

-67
8,227
55,680
2,284
5,644
5,628
1,482
2,990
5,119
1,208
13,931

4,234
2,114
2,117
2,107
2,123
2,120
2,102

3,360 6,155
4,241
li"

76,820 32,304
75,268 46, 989
77,892 39, 735
50,762 29, 998
16,159 2 67,975
50,956 102,404

c
1

Corrected.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,822,000 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.
4
Includes $17,710,000 from Argentina.
6
Includes $4,503,000 from Argentina.
6
Includes $5,157,000 from Hong-Kong.
7
Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong,
s Includes $5,586,000 from Italy; $6,414,000 from Norway.
9
Includes $19,527,000 from Norway; $5,452,000 from Hong-Kong.
10 Includes $5,566,000 from Italy; $13,878,000 from Norway; $5,570,000 from U. S. S. R.
NOTE.—For gross import and export figures and for additional countries see table on p. 324.
APRIL 1940




353

Gold Movements—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom

Net imports from or net exports (—) to:
Year or
month

Total
net imports
or net
exports
()

United
States

GerFrance many*

Belgium

South
Africa,
Nether- U.S.S.R. Austra- Rho- British
lands
lia
desia, India
West

Other
British
countries

Sweden

Switzerland

All
other
countries

Africa
-497,166
-435, 502
-276,830
-834,009
-1,050,395

348,190 121,017 - 1 3 , 585 32, 575
142,137 - 4 , 7 2 6 -17,476 10,796
931
756,215 23,292 -15,133 -21,215
541,187 46,147 -21,993 -16,572 199,965
33,173 348,000 -46,463 115, 540

1934
1935.....
1936.....
1937.....
1938.....

716, 269
369, 722
1,169,931
420,427
-285, 638

1938—June..
July..
Aug...

89,580
24,119
-73,132
-261,143
-210,171
- 9 6 , 508
- 6 6 , 726

- 2 0 , 811 - 6 , 1 3 7
-10,529
-997
- 9 3 , 660 -5,726
-360,016
685
-308, 528 69, 604
-105, 220
-66
-97,371
758

57 56,764 -12,037
47 23, 212 - 5 , 750
6,164
258 -10,041
14, 358 120,075 -7,498
4,077 33, 982
535
6,005 - 2 , 328 - 5 , 245
2,057
9,990
-898

28,104

1939—Jan....
Feb....
Mar...
Apr....
May...
June...
July...
Aug.6.

—36, 514
-148,005
-259,984
-121,188
-294,077
-51,591
-147,332
-318, 511

-50,814
-3
-160,218
-68
—306, 839
-183
-357, 518 - 1 , 4 3 1
-287,762
-262
-127,293
-412
-182,145
-330
-223,370
2,691

211
-33
-253
396
11
779
88 23, 477
1,039
29 176, 451 19,164
2,008 49,004
4,018
415 22,968
-38
196
8,856
-1
1 - 7 , 4 9 1 -11,275

Sept..
Oct...
Nov..
Dec...

Germany

Year or
month

1934..
1935..
1936..
1937..
1938..

41,790
37,981
26, 723
24,165
27,831

335, 253 206, 693
404, 295 181, 602
488,814 128, 421
464,837 66, 330
333,750 55, 744

2,024
2,490
2,102
2,839
705
155
528

40,623
31, 516
31,192
16,831
6,530
2,695
7,358

3,725
9,929
6,418
6,581
10,356
3,035
3,023 - 4 , 750
4,204 - 2 0 , 792
4,260
618
1,815
531

5,672
5,613
16,866

681
736

5,631

143

5,671
3,451
5,559
12, 656
45, 394
52, 636
38, 423
49,120

304
1,374
151 - 1 , 1 0 1
1,417
-1,148
4,805 *-47,875
2,975 ' -145,856
2,388
911
3,078
697
4,606 114, 284

5,665
8
5,649

55

Switzerland

Total
Total
net
net imimports
ports
or net
or net
exports* exports
()
()

-90,920 -46,065 -12,784 -45, 955
647 -54, 858
42,969 -230, 788
-1,868 122, 278 -9,127 -1,714
-3,718 -56,946 -51, 608 11,940
-35,224 - 1 , 245 —1,128 76, 620
-220,229 -88, 524 -105,104

1938—July..
Aug...
Sept..
Oct...
Nov...
Dec—

-8,837
-1,338
9,024
1,454
913
-5,690

1939—Jan...
Feb...
Mar...
Apr.__
May..
June._
July..
Aug...
Sept. _
Oct....
Nov..
Dec...

- 3 , 786
-2,112
-37,332
-162, 645
8,059
-10,
7,765
5,275
- 2 , 730
- 2 , 855
-15,187
-3,

France

Belgium

-29, 235 18, 397
-181,725 -13,940
39, 305 14, 531
-45,061 27, 739
-74, 375 -1,067
-13,431 -2,953

-3,790
-1
-32
-437
-3,793
-2
-1,138
—4, 966

421
-920
-312
-1,955
1,353
1,603
1,347

704
3,762
399
1,847
-3,845
3,618
73, 394
-425
32,921
1,504
153 - 3 , 3 1 8
- 5 7 5 -14,393
-4,618

Italy

Neth- Gererlands many*

19,431 2,580
25, 542
342
51, 299 4,600
-657 6,553
11,314 25,125
31, 466 -18,039
-142
-37
-2
-38
-4

All
other
countries

Increase in India:
Total
net
Gold
In
In
imports produc- In- i gold
In
or net tion in dian sarmark- private
exports India
ed for
rehold()
serves foreign
ings8
account

-43
1,543 -230,720 11,223
-9,607 9 2, 812-161,872 11, 468
-2,990 «> 26, 368 -121,066 11,663
-16,461 10,609 -61, 723 11, 607
-32, 745
•-54,696 11, 284
-25,191
1*546

3,962
222 -10,988
3,824 - 6 , 267
342 -7,082
924
-10,251
-957
2,551
-56
3 - 7 , 661
994
-265
31 ' - 2 , 279
-438
-209
211

549
-149
1 -2,294 -1,274
-7
-125
24
-21
-763
-213
556 -1,581
-97
- 1 5 - 3 , 288
-10, 786 1,547 -1,990 -1,509 -576 - 8 , 327 -14,830
-860 -5,113
-54, 266-104, 650 -4,805
-864 10,819 -3,876 -2,431 - 2 , 573 -3,394
- 2 , 329 -5,419
- 7 3 19, 585 -718 -1,138
-239 -4,202
- 8 , 589
93
6
-8
725 -3,116
- 7 6 -2,049
- 2 , 856
2 10,800
1,033
1,153
355
-171
-244 -10,264
2
4,334
1, 929
—91 2,815 1,234
-887
-204 -5,274
-1,506 -1,030
-1
-25
89
-243
-11 -5,213
44
-541
-5 - 4 , 583 -1,463
1,617
2,965 -12,365
85
-907
-9 - 6 , 255 -1,473 - 2 , 743
- 2 -7,691
-1,338
-44 -1,662 -709
-3, 473
121 2,812

940
863
938
912
937
910
936
923
888
934
903

173
-41

'954
'961
'949
'959

-2
-2
-7
-1,140
228

16,128 -14,071 -6,041
10,464 - 8 , 382 -1,283
418
117
15,940
-616
-158
907
13
33
-117
-1,854
-166
-139

- 7 , 673 - 5 , 4 0 7
-11,429 -16,521
-11,151 -10,498
-22,763 -21,980
- 4 , 671
2,831
1,017
1,511

British India

Net imports from or net exports (—) to:

United United
KingStates
dom

62,397
- 9 , 1 2 3 2 88,228
14,126
32, 754 -50, 661
53,465
37, 708
28,067 -10,129
3,998
22,079
- 8 1 -16,596 -55,032
4,922
20, 761 -89,371 -78,029

-219, 670
-150,398
-109,403
-50,075
12,078 -55,490
-10,034
'-6,121
'-8
1,909 ' - 8 , 6 1 1
5,690 ' - 7 , 0 3 6
4,479 ' - 3 , 2 7 0

-3

11, 423
7,749
4,812
5,197
1,839
5,749
942
2,512
6,096
4,563
31

-10,608
-10,174
- 8 , 984
- 7 , 679
-5,104
-10,270
-6,863
-10,421
-15,994
- 6 , 819

r
Revised.
1 Beginning April 1938figuresrefer to Greater Germany.
2
Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
8
Includes $67,655,000 exported to Central and South America.
* Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively.
* No figures published since August 1939.
6
Includes net exports to Canada of $115,515,000.
7
Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
8
Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign
account in India.
»Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria,
w Includes net import of $26,555,000 from Czecho-Slovakia.
NOTE.—Switzerland.—In some cases annual aggregates of oflBcial monthly figures differ somewhat from revised official totals published for year
as a whole.

354




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars.

Minus sign indicates net movement from United States]

TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U . S.
From Jan. 2,1935, through—

Total

Total

Central
bank
funds
in N . Y.

Other

Decrease
in U . S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Dec. 31_.
1936—Dec. 30..
1937—Dec. 29..

1,412.5
2,608.4
3,410.3

603.3
930.5
1,168.5

9.8
81.1
243.9

593.5
849.4
924.6

361.4
431.5
449.1

125.2
316.2
583.2

316.7
917.4
1,162.0

6.0
12.9
47.5

1938—Aug. 31_.
Sept. 28.
Oct. 26._
Nov. 30.

3,067.3
3,452.9
3, 672. 2
3,709. 2

803.2
1,161.2
1,298.9
1, 392.1

111.6
168.0
205.3
220.1

691.6
993.2
1,093. 6
1,172.1

460.6
477.2
496.3
472.7

617.6
625.0
638.4
598.4

1,125.3
1,125.4
1,182.4
1,194.4

60.6
64.1
56.2
51.5

Dec.
Dec.
Dec.
Dec.

3, 720.4
3,687. 6
3, 750.1
3, 779. 2

1,409. 5
1,395.4
1,409. 2
1, 432. 7

238.9
188.1
204.2
216.3

1,170. 6
1, 207. 2
1,205.1
1,216. 5

453.5
442.7
482.1
478.1

604.6
605.3
608.7
610.0

1,201.0
1,192. 5
1,202.2
1,210.9

51.7
51.7
48.0
47.6

3, 798. 7
3, 788. 6
3,813. 5
3,812. 6

1,387.9
1,386.5
1,411.1
1,421. 4

201.0
193.6
180.5
187.3

1,186.9
1,192.9
1, 230. 6
1,234.2

510.1
494.3
503.3
500.9

641.8
645.1
641.8
644.7

1,211.4
1,213.3
1,204.8
1,188.4

47.6
49.4
52.5
57.2

7_._.
14...
21...
28...

1939—Jan. 4 . .
Jan. 11.
Jan.18.
Jan. 25.
Feb.
Feb.
Feb.
Feb.

1....
8___.
15...
22..

3,852.6
3,876.0
3,912. 9
3,940.7

1,478. 2
1, 507.8
1, 512. 9
1,517.8

197.5
243.3
278.1
239.6

1,280.7
1,264. 5
1,234.8
1,278. 2

496.5
484.3
514.7
535.0

634.6
635.3
634.8
637.5

1,181.4
1,187.0
1,189.0
1,190.6

61.9
61.7
61.4
59.8

Mar.
Mar.
Mar.
Mar.
Mar.

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

3,986.0
3,997.4
4,015.6
4,083.1
4,134.7

1,544.9
1, 560. 5
1, 568.1
1,648.3
1,693.0

265.1
281.1
287.3
247.2
256.8

1,279. 7
1,279. 3
1,280.8
1,401.1
1,436.2

548.5
543.3
553.4
549.5
550.5

641.3
644.5
643.6
644.3
646.7

1,192.6
1,190.0
1,180. 5
1,174. 5
1,180.6

58.8
59.2
61.1
66.5
63.9

Apr. 5.__
Apr. 12..
Apr. 19..
Apr. 26..

4,241.8
4,317. 6
4,402.9
4,479. 6

1,759.6
1,819.8
1,892.9
1,934.4

251.3
278.6
243.8
240.9

1,508.3
1,541. 2
1,649.0
1,693. 5

572.0
582.2
587.5
611.8

652.6
652.9
655.3
657.5

1,191.7
1,193.8
1,194.3
1,202. 9

65.9
68.9
72.9
73.0

May
May
May
May
May

4,523. 7
4, 544.5
4, 567. 6
4, 570. 0
4, 570.8

2,019.6
2,030.7
2,042.8
2,046. 3
2,041. 5

245.9
264.5
292.8
299.1
302.1

1,773. 6
1,766.2
1,750.0
1,747.3
1, 739. 5

596.1
591.3
597.3
596.0
599.8

621.8
637.1
642.3
644.1
647.6

1,211.9
1,210.2
1,211.8
1,209. 3
1,209.2

74.4
75.3
73.4
74.2
72.7

3__.
10..
17..
24..
31..

June 7...
June 14..
June 21..
June 28..

4,
4,
'4,
'4,

550.0
555.9
584. 2
593. 6

2,008. 2
2,019.8
2,031. 7
2,048.3

327.8
364.4
364.5
361.8

1,680.4
1, 655. 5
1, 667.3
1, 686. 5

601.3
593.7
'608. 7
••607. 5

658.4
661.5
664.3
664.5

1,210.6
1,208.3
1,205.6
1,199. 3

71.6
72.6
73.8
74.0

July
July
July
July

5.__
12..
19..
26..

'4,611.6
'4, 588. 9
'4, 591.0
'4,613.4

2,049.7
2,031.2
2,042.5
2,066.2

306.9
293.6
288.6
301.2

1, 742. 9
1, 737. 5
1, 753. 9
1, 765.0

•"608. 0
'607. 9
'604.5
'606. 9

678.5
677.1
677.0
678.0

1,199.3
1,194.4
1,185.0
1,180.0

76.1
78.4
81.9
82.3

Aug.
Aug.
Aug.
Aug.
Aug.

2...
9...
16..
23..
30_.

r

4, 635.1
'4,662. 7
'4, 709. 8
»-4, 827. 9
'4, 863. 3

2,093.9
2,139.1
2,182.2
2,287.3
2,334.2

327.1
323.2
305.5
352.5
371.6

1, 766.8
1,815.8
1,876. 7
1,934.9
1,962. 6

>"596. 8
'609. 9
'622.8
'633.0
'620. 6

680.2
652.8
654.5
656.9
657.8

1,182. 2
1,176. 5
1,164.9
1,165.1
1,165. 7

82.1
84.5
85.4
85.5
85.0

6..
13.
20.
27.

>% 882. 3
r
4, 940. 3
'4, 976. 0
r4, 955. 4

2,341. 5
2,389.3
2,434.6
2, 412.4

409.0
464.7
510.7
485.1

1,932. 5
1,924.6
1,923.9
1,927. 3

'623.5
'•621. 7
'612. 5
'618.4

661.7
668.9
674.4
676.9

1,171. 3
1,181. 3
1,173.4
1,164.4

84.2
79.2
81.1
83.1

Oct.
Oct.
Oct.
Oct.

4...
11..
18..
25. _

'4,896. 8
^4,872. 8
'4,871. 2
"•4,882.0

2,386. 5
2,370. 6
r2, 360. 6
'2, 384. 7

483.6
462.8
441.6
442.9

1,902. 9
1,907. 7
'1,919.0
'1,941. 9

'594.6
598.1
'601. 7
'601. 0

684.6
685.2
686.7
687.3

1,150.2
1,144.4
1,141.7
1,130.6

80.9
74.6
80.5
78.5

Nov.
Nov.
Nov.
Nov.
Nov.

1..
8__
15.
22.
29.

'4,858. 6
r
4,825.0
'4,862. 7
4, 822. 9
4,875. 6

'2, 366. 9
»-2, 341. 6
r2, 362.4
r2, 329. 3
'2, 377. 4

494.8
490.3
481.6
433.9
435.9

n, 872. 0
1 , 851. 3
' 1 , 880. 8
'1,895. 3
••1, 941. 5

'599.
'597.
'618.
'615.
'622.

6
3
8
3
0

688.7
690.4
693.2
694.3
695.4

1,123. 7
1,115.9
1,109. 2
1,107.1
1,103.7

79.8
79.9
79.2
76.9
77.1

Dec. 6__.
Dec. 13..
Dec. 20..
Dec. 27..

4,867.6
4,860.0
4,904. 8
4,893.0

2, 366. 9
2, 366. 6
2,398. 5
2, 383. 5

430.9
413.3
441.0
430.0

1,936.1
1,953. 3
1,957. 5
1,953. 5

626.8
619.7
619.6
612.8

699.0
700.7
711.8
720.1

1,098.9
1,096. 5
1,096. 8
1,098. 5

75.9
76.5
78.1
78.1

Sept.
Sept.
Sept.
Sept.

r

' Revised in part to exclude unreal movement (previously recorded in week ending October 18) which was the result of a correction in the reporting practice of one bank; see notes to Tables 4, 8 and 9.
* NOTE .—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.

APRIL

1940




355

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued

[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES

From Jan. 2, 1935,
through-

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Latin
Total
Europe Canada America

1935—Dec. 31.
1936—Dec. 30_
1937—Dec. 29.

1,412. 5
2,608.4
3,410. 3

554.9
829.3
993.7

210.2
299.5
281.7

114.5
229.7
311.9

130.4
335.5
607.5

36.6
83.1
123.9

24.0
45.6
22.1

130.0
228.5
312.2

1,200.6
2.051.3
2, 653.0

1938—Aug. 31.
Sept. 28.
Oct. 26..
Nov. 30.

3,067.3
3,452. 9
3, 672. 2
3, 709. 2

896.7
983.2
1,081. 8
1,114. 6

264.6
308.7
335.2
346.7

255.2
298.2
311.2
325.4

484.8
504.3
546.1
545.7

136.2
131.5
132.7
136.4

23.9
20.6
27.4
26.2

306.3
434.5
445.4
444.6

714.
21.
28.

3, 720.4
3, 687. 6
3, 750.1
3, 779. 2

1,156.1
1,133. 2
1,172. 0
1,186.1

324.0
330.3
333.9
339.5

326.8
313.4
322.5
324.6

546.2
547.1
554.9
554.0

135.2
136.2
139.9
140.7

28.8
29.6
32.8
33.0

1939—Jan. 4...
Jan. 11_.
Jan. 18..
Jan. 25..

3, 798. 7
3, 788. 6
3, 813. 5
3,812.6

1,183.8
1,160. 7
1,162. 5
1,142.1

339. 6
348.8
349.7
352.9

328.6
327.3
330.1
330.5

557.5
552.6
542.1
566.7

140.5
139.8
141.3
140.4

Feb. 1__
Feb.8Feb. 15Feb. 22.

3.852.6
3.876.0
3,912. 9
3,940. 7

343.3
353.8
356.2
366.3

342.0
348.6
349.7
350.5

573.0
577.5
574.8
579.0

Mar. 1Mar. 8 Mar. 15.
Mar. 22.
Mar. 29.

3, 986. 0
3, 997. 4
4,015.6
4.083.1
4.134.7

1,152. 9
1,158. 5
1.179. 8
1.180. 5
1,197. 5
1,199. 7
1, 209.0
1, 203. 4
1, 203.1

363.5
368.5
366.1
367.8
366.8

363.1
360.7
365.5
384.8
383.6

Apr.
Apr.
Apr.
Apr.

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

4, 241. 8
4,317.6
4,402. 9
4,479. 6

1, 252. 9
1,296. 5
1, 280. 6
1, 303. 3

381.9
387.8
409.4
421.6

May
May
May
May
May

3—
10.
17.
24.
31.

4, 523. 7
4, 544. 5
4, 567. 6
4, 570.0
4, 570.8

1,316. 2
1,313. 7
1,331.0
1, 334. 6
1, 337. 6

June 7...
June 14..
June 21 _.
June 28..

4, 550.0
4, 555.9
4, 586. 2
4, 595. 6

July
July
July
July

5...
12..
1926..

Aug.
Aug.
Aug.
Aug.
Aug.

2...
9...
16.
23.
30.

Far
East

All
other

70.9
201.2
410.6

128.3
184.0
224.6

12.7
21.4
15.9

2, 367. 5
2,681.1
2,879. 8
2,939. 5

150.5
106.3
126.2
124.8
165.5
189.9

409.8
442.9
422.3
389.6

135.4
167.1
168.1
152.8

28.3
37.1
36.4
37.3

449.4
455.4
454.2

2,966. 5
2,945.1
3,010. 2
3.041. 7

177.7
174.5
166.5
157.2

387.6
388.0
389.2
389.5

151.7
143.1
148.8
156.8

36.9
36.8
35.4
34.1

32.2
30.3
30.4
29.7

472.0
479.5
486.1
488.3

3,054. 2
3,039.0
3.042. 3
3,050. 6

155.3
161.1
167.8
164.0

384.6
389.2
389.0
390.5

168.4
159.2
174.8
168.0

36.2
40.0
39.6
39.5

140.6
144.5
146.1
145.3

28.1
25.0
23.5
25.5

484.7
483.5
478.6
476.9

3,064. 5
3,091. 4
3,108.8
3,124.0

171.3
170.6
171.0
171.7

396.4
395.5
403.6

182.1
177.3
199.1
202.3

39.8
40.4
38.6
39.2

577.2
575.2
578.3
567.6
587.6

146.8
146.4
150.4
149.2
150.2

24.2
24.8
24.3
23.8
24.7

490.0
496.4
495.7
515.4
536.8

3,162. 3
3,171. 7
3,189. 3
3, 212. 2
3, 252. 9

164.7
165.9
173.0
188.0
185.1

404.4
409.8
413.5
436.0
443.5

212.0
207.0
198.5
202.3
206.4

42.6
43.2
41.4
44.6
46.8

394.6
394.6
407.7
405.4

592.5
590.2
596.0
595.6

146.8
147.6
148.8
146.9

24.3
23.6
23.6
26.0

545.0
561.4
588.1
595.9

3, 381.1
3, 401. 7
3, 454. 3
3,494. 7

199.6
200.2
209.6
216.8

452.1
460.5
473.2

201.1
204.6
213.2
231.4

50.9
50.6
52.5
56.2

430.1
430.0
428.1
426.9
431.1

405.1
406.2
402.3
393.7
391.1

598.1
599.8
602.1
598.3
595.3

149.0
148.0
148.6
148.2
148.7

26.0
26.1
27.2
28.6
29.1

605.7
604.3
605.3
608.7
606.5

3, 530. 2
3, 528. 0
3, 544. 7
3, 539. 0
3, 539. 4

226.3
237.8
239.8
242.0
241.0

491.5
499.7
499.1
505.8
507.4

222.1
226.0
230.2
226.7
226.4

53.6
53.1
53.8
56.5
56.6

1, 345. 7
1, 354. 7
1, 355. 4
1, 360. 2

424.7
429.5
439.1
439.7

391.1
400.8
397.6
401.0

595.4
596.4
606.5
599.2

148.3
148.0
148.8
149.5

28.3
28.8
28.6
29.5

592.3
596.2
604.2

3, 531.8
3, 550.5
3, 572. 2
3, 583. 3

234.7
234.6
239.8
230.5

499. 8
495.2
495.5
500.2

228.1
217.0
220.5
223.8

55.6
58.7
58.3
57.9

4, 613. 7
4, 590. 9
4, 593.1
4, 615. 4

1, 330. 5
1, 307.1
1, 309.1
1, 312. 9

455.3
451.8
451.5
441.9

400.9
409.1
408.4
407.6

603.2
603.2
600.4
607.0

150.3
149.6
151.5
150.1

30.5
30.8
30.4
30.9

615.5
617.8
617.7
616.9

3, 586. 2
3, 569. 5
3, 569.1
3, 567.1

248.9
237.7
235.5
248.8

498.4
496.7
500.1
512.3

221.4
223.5
224.5
224.1

58.8
63.6
63.9
63.2

4, 637. 2
4, 664.8
4,711.8
4,830. 0
4, 865. 3

1, 337. 7
1, 326. 5
1, 341. 6
1, 386. 4
1, 326. 3

441.9
444.3
451.0
449.9
473.4

405.7
409.7
407.7
408.8
412.1

606.8
607.5
600.6
618. 7
647.2

151.5
152.4
151.7
149.8
148.8

31.2
31.4
32.2
30.9
26.1

617.3
619.8
635.4
664.3
665.1

3, 592. 0
3, 591. 6
3, 620. 3
3, 708. 7
3, 699.1

259.1
267.1
270.7
275.8
291.8

516.1
521.7
523.2
530.2
536.1

207.2
220.3
236.1
248.8
259. 4

62.7
64.0
61.4
66.4
78.9

4.884. 4
4,943. 7
4,979. 3
4,958. 7

1,351.8
1,369. 7
1,413.4
1, 368.1

486.3
488.0
478.5
459.6

651.7
658.2
665.0
671.1

149.9
151.6
151.4
151.1

24.7
24.8
31.3
32.9

665.3
676.0
676.6
686.0

3, 743. 3
3, 794. 6
3, 858. 5
3, 817. 2

261.2
271.6
253.6
260.9

547.0
540.6
530.7
528.0

250.0
262.8
261.6
276.4

82.9
74.0
74.9
76.2

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

4,900.1
4,876.1
4, 874.5
4.885. 3

1, 337. 8
1, 331. 2
1, 326. 5
1, 301. 4

461.2
445.8
431.1
430.9

413.6
426.4
442.3
448.4
447.8
438.5
442.6
446.8

666.1
665.7
674.9
686.5

153.5
155.6
157.2
159.1

33.7
35.4
47.4
48.0

683.3
689.1
685.8
710.3

3.783.4
3, 761. 3
3, 765. 6
3, 783.1

249.1
249.1
246.2
239.0

525.4
528.0
522.8
522.2

263.9
259.7
258.5
260.2

78.4
78.0
81.5

Nov. 1__.
Nov. 8...
Nov. 15_.
Nov. 22..
Nov. 29..

4,861.9
4, 828. 3
4, 866.1
4,827. 7
4,880. 4

1, 277. 3
1, 258.1
1, 203. 7
1,165. 8
1,157. 2

429.5
431.7
447.9
452.6
453.1

449.0
447.0
454.8
453.9
457.8

684.2
699.8
720.3
714.1
719.1

159.8
158.3
160.4
160.9
162.9

47.6
48.0
52.7
50.9
55.8

707.6
704.5
708.6
719.3
725.3

3, 754. 9
3, 747. 4
3,748. 4
3, 717. 6
3, 731. 2

254.0
250.0
259.0
255.6
263.2

515.1
492.9
497.5
493.7
504.0

253.4
257.2
271.3
270.4
287.3

84.4

Dec.
Dec.
Dec.
Dec.

4,872. 5
4,865.0
4,909. 8
4,898. 0

1,136. 5
1,109. 9
1,136. 0
1,117.3

446. 3
445.4
445.0
442.3

457.1
464.7
472.9
469.9

724.8
744.9
741.1
759.1

164.5
164.2
163.7
163.3

51.1
54.6
55.7
55.9

741.2
736.9
761.9
753.8

3, 721. 5
3, 720. 6
3, 776. 3
3, 761. 5

257.8
250.5
235.5
229.2

503.3
503.3
506.2
505.9

294.8
293.3
294.7
299.4

95.1
97.3
97.2
101.9

Dec.
Dec.
Dec.
Dec.

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

6__.
13..
20..
27_.

6—.
13—
20..
27..

0)

90.5
94.8

Inflow less than $50,000.

356




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars.

Minus sign indicates net movement from United States]

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through-

Total

United
Kingdom

France

Netherlands

Switzerland

Germany-

Italy

Other

Europe

Total
Latin
Europe Canada America

Far
East

All
other

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29

603. 3
930.5
1,168. 5

128.6
163.5
189.3

129.6
144.2
111.8

55.7
65.9
76.3

72.4
109.8
288.4

2.7

7.3
23.0
6.9

60.7
79.7
109.4

453.5
588.9
791.7

46.0
86.8
76.3

33.5
149.3
166.3

58.8
90.4
126.2

11.5
15.2
8.0

1938—Aug. 31
Sept. 28
Oct. 26..._
Nov. 30

803.2
1,161. 2
1,298.9
1,392.1

166.0
236.3
295.3
307.3

94.5
133.5
158.2
166.2

30.7
68.3
66.6
81.0

162.5
177.3
205.9
201.9

-8.0
-12.0
-11.6
-10.8

-1.0
-1.5
3.9
2.1

62.5
185.9
191.8
187.6

507.3
787.8
910.1
935.2

84.5
90.7
126.4
183.1

133.3
164.1
138.9
134.7

64.0
96.9
101.7
115.4

14.2
21.7
21.8
23.7

Dec.
Dec.
Dec.
Dec.

7_ —
14
21
28".

1,409. 5
1,395. 4
1,409. 2
1,432. 7

341.7
328.6
351.1
366.7

155.6
154.4
154.9
158.8

81.6
76.4
82.5
84.4

201.2
202.2
206.4
203.7

-12.8
-12.1
-10.3
-9.8

.9
3.8
3.8

191.5
196.6
194.4
203.0

959.6
947.1
982.8
1,010. 6

170.6
169.1
143.0
135.1

134.5
134.4
135.3
134.0

121.7
120.9
126.4
132.7

23.0
23.8
21.8
20.4

1939—Jan. 4
Jan. 11
Jan. 18—_
Jan. 25_-_

1,387. 9
1, 386. 5
1,411.1
1,421.4

364.0
340.4
347.9
347.0

155.3
165.0
165.5
167.8

87.9
85.4
87.9
89.5

205.1
198.8
189.2
213.1

-11.8
-12.4
-11.8
-12.9

1.7
.8
.5
-.4

208.6
214.1
221.0
222.2

1,010. 7
992.0
1,000. 2
1,026.4

101.6
105.3
115.2
105.2

127.6
130.7
129.5
129.1

125.8
133.2
141.3
136.2

22.2
25.1
24.9
24.5

Feb. 1- —
Feb. 8 . —
Feb. 15
Feb. 22.
Mar. 1—Mar. 8 — .
Mar. 15
Mar. 22
Mar. 29

1,478. 2
1, 507. 8
1, 512. 9
1, 517. 8

358.0
370.7
377.5
373.0

162.8
169.1
177.3
184.4

100.5
106.8
105.6
105.4

220.2
224.6
222.0
224.7

-13.8
-13.0
-13.7
-13.0

-.9
-3.1
-5.3
-5.8

221A
219.4
212.2
210.8

1,048. 2
1.074. 4
1.075. 7
1,079. 6

125.5
128.8
129.7
123.1

133.6
138.2
138.0
143.7

145.8
141.0
145.6
147.5

25.1
25.4
23.8
23.9

1, 544.9
1, 560. 5
1, 568.1
1, 648.3
1, 693.0

395.8
396.6
395.7
396.0
401.8

182.4
189.9
184.1
186.8
187.4

116.4
112.4
117.3
134.6
129.9

222.5
221.2
226.0
218.1
233.4

-12.0
-12.8
-9.8
-11.1
-10.9

-6.9
-6.7
-5.6
-4.6
-3.9

224.4
231.0
231.1
249.2
267.8

1,122. 7
1,131. 7
1,138. 8
1,169. 0
1, 205. 5

112.4
114.9
121.6
139.4
136.5

143.0
148.9
150.7
171.4
179.8

139.7
137.4
130.7
139.4
139.9

27.1
27.7
26.2
29.1
31.3

Apr.
Apr.
Apr.
Apr.

5
12
19
26

1, 759. 6
1, 819. 8
1,892. 9
1,934.4

431.5
473.3
459.2
476.7

198.9
203.7
223.9
236.8

137.0
135.0
145.4
141.0

234.0
230.3
233.5
230.6

-14.9
-14.5
-14.2
-15.7

-5.4
-6.2
-6.0
-5.7

271.8
285.8
311.4
318.4

1,252. 7
1, 307. 4
1, 353. 0
1, 382.1

152.1
151.1
159.6
166.9

184.6
191.3
202.4
209.6

135.6
136.6
143.2
140.4

34.6
33.4
34.7
35.3

May
May
May
May
May

3
10...^__
17
24
31

2,019. 6
2.030. 7
2,042.8
2,046. 3
2,041. 5

484.9
489.2
503.0
507.9
505.8

244.3
243.6
239.6
239.5
243.2

139.4
141.0
136.2
126.7
123.2

230.8
232.2
233.4
228.2
224.7

-15.1
-15.9
-15.1
-15.6
-14.0

-6.4
-6.7
-6.5
-5.1
-4.4

324.3
322.6
323.2
326.7
323.6

1,402. 2
1,405. 9
1, 413. 8
1,408. 3
1,402.1

216.8
215.2
213.5
212.6
209.3

221.0
228.0
236.4
247.8
250.7

145.2
147.9
145.1
140.7
142.8

34.3
33.6
34.1
37.1

June
June
June
June

7
14
21
28

2,008. 2
2,019. 8
2.031. 7
2.048.3

518.0
533.0
527.6
535.2

234.5
240.5
247.6
252.3

122.8
131.7
127.0
132.0

223.9
223.6
233.7
227.1

-14.9
-14.6
-15.0
-14.5

-6.2
-6.3
-6.2
-6.6

315.4
309.7
312.7
320.0

1, 393. 5
1,417. 6
1,427. 5
1,445. 5

193.2
192.9
194.9
191.5

245.8
240.5
238.5
242.0

140.1
131.2
132.8
131.5

35.6
37.6
38.0
37.8

July
July
July
July

5
12
19
26

2,049. 7
2,031. 2
2, 042. 5
2,066. 2

506.1
484.1
492.1
495.3

264.3
261.5
260.7
252.1

133.4
140.1
141.0
139.9

229. 8
232. 3
230.1
235.1

-15.1
-15.9
-14.5
-15.9

-6.2
-5.4
-6.2
-6.0

330.5
332.9
332.5
332.7

1.442.8
1,429. 7
1,435. 6
1,433. 2

192.1
182.8
181.6
193.5

239.8
238.5
243.2
254. 5

136.9
137.5
138.8
142.6

38.1
42.7
43.3
42.4

Aug.
Aug.
Aug.
Aug.
Aug.

2
9
16
23
30

2,093. 9
2,139.1
2,182. 2
2, 287. 3
2, 334.2

517.0
511.7
529.5
570.1
522.3

252.1
253.9
262.6
263.6
283.7

138.9
144.6
143.0
140.9
144.8

234.9
234.6
226.2
243.0
270.0

-15.3
-15.5
-15.7
-17.5
-18.5

-5.5
-5.2
-4.1
-5.2
-7.4

332.8
335.6
350.1
379.2
384.1

1.454.9
1,459. 7
1,491. 6
1, 574.1
1, 579. 0

205.4
232 A
235.6
240.2
256.1

258.6
261.4
260.7
265.5
268.9

133.8
142.7
154.5
162.9
172.8

41.2
42.9
39.8
44.7
57.5

Sept.
Sept.
Sept.
Sept.

6
13
20
27

2, 341. 5
2, 389. 3
2,434. 6
2.412.4

547.4
575.7
624.8
584.5

290.2
292.0
283.0
263.8

144.8
152.2
166.1
172.0

273.7
276.7
281.2
286.2

-21.6
-21.4
-21.7
-21.9

-8.5
-8.3
-2.4
-1.6

378.2
388.9
389.6
399.5

1, 604. 2
1, 655. 9
1, 720. 7
1, 682. 5

230.2
236.4
219.5
225.2

279.2
270.4
263.8
262.0

167.1
174.9
177.2
188.5

60.9
51.8
53.4
54.3

r

2, 386. 5
2, 370.6
2, 360. 6
2, 384.7

564.4
572.4
576.2
558.5

259.3
244.8
229.2
227.8

172.1
163.6
167.9
172.0

281.1
282.7
283.0
293.8

-20.1
-21.5
-20.2
-20.0

.2
1.3
12.2
12.8

398.5
408.1
403.0
428.7

1, 655. 5
1, 651. 3
1, 651. 3
1, 673. 5

226.0
222.1
211.2
209.0

261.8
262.3
258.1
258.1

187.4
179.6
182. 2
186. 4

55.8
55.3
57.7
57.6

Oct.
Oct.
Oct.
Oct.

4
11
18
25

Nov.
Nov.
Nov.
Nov.
Nov.

1
8
15
22
29

•2, 366. 9
•2, 341.6
2, 362.4
'2, 329. 3
•2, 377.4

541.5
528.2
471.0
435.9
429.4

223.9
224.5
241.4
244.7
244.1

174.6
171.6
178.6
176.4
180.7

290.4
305.2
324.0
315.9
320.4

-20.5
-20.3
-19.7
-20.4
-18.4

12.2
12.3
13.5
12.5
16.7

425.6
423.2
427.9
440.8
446.9

1, 647. 7
1, 644. 7
1, 636. 8
1, 605. 9
1, 620. 0

225.3
220.7
225.2
218.9
227.4

250.9
231.4
231.3
231.9
240.0

182. 3
187. 7
••203. 5
'206. 2
'218.5

60.6
57.1
65.6
66.4
71.4

Dec.
Dec.
Dec.
Dec.

6
13
20
27

2, 366.
2, 366.
2, 398.
2, 383.

410.0
386.2
412.8
396.2

237.5
236.1
234.4
231.6

180.2
187.0
194.8
190.8

324.5
342.5
335.4
352.0

-18.9
-20.0
-21.0
-22.2

10.9
14.4
16.3
16.7

467.7
457.4
481.5
473.1

1, 612.
1, 603.
1, 653.
1, 638.

220.8
215.8
193.9
185.0

239.0
241.0
240.7
243.6

224.3
232.3
236.6
238.9

70.8
73.8
73.3
77.8

9
6
5
5

0
6
9
2

r
Revised to exclude unreal movement (previously recorded in week ending October 18) which was the result of a correction in the reporting
practice of one bank; see note to Table 8.

APRIL

1940




357

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES

From Jan. 2, 1935,
Total
through—

United
Kingdom

France

Nether,
lands

Switzerland

Germany

Italy

Other
Europe

Latin
Total
Europe Canada America

Far
East

All
other

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29

361.4
431.5
449.1

208.8
178.0
207.4

48.1
62.0
65.3

-.4
-3.3
-4.4

1.6
2.7
2.6

29.7
66.0
105.1

13.7
16.3
6.5

22.0
26.9

310.2
343.7
409.3

-4.6
36.9
—21.7

20.1
24.9
51.6

37.3
30.4
18.7

-1.6
-4.4
-8.7

1938—Aug. 31
Sept. 28
Oct. 26
Nov. 30

460.6
477.2
496.3
472.7

154.8
170.3
192.2
201.2

63.6
67.4
64.9
65.9

-7.1
-4.0
-1.9
-8.0

3.3
3.7
4.2
2.6

132.6
132.1
134.5
137.4

13.1
10.2
11.5
12.1

32.5
33.4
32.4
32.0

392.8
413.1
437.7
443.2

16.3
12.3
10.5
18.2

71.1
71.8
73.1
68.1

— 15.3
-16.0
-19.8
-50.1

-4.3
-3.9
-5.2

Dec.
Dec.
Dec.
Dec.

7
14
21
28

453.5
442.7
482.1
478.1

204.0
195.5
210.6
204.5

54.1
60.4
64.2
65.5

-8.6
-8.5
-7.6

2.1
2.3
3.3
2.6

138.2
138.4
140.2
140.3

13.0
13.5
13.8
13.9

32.1
32.5
32.7
33.0

435.0
434.2
457.2
453.0

17.0
15.9
32.6
30.6

66.4
66.3
65.5
66.8

-58.4
-66.3
-66.3
-65.0

-6.5
-7.4
-7.0
-7.2

1939—Jan. 4
Jan. 11
Jan. 18
Jan. 25

510.1
494.3
503.3
500.9

206.2
205.0
201.8
193.6

68.4
68.2
69.7
70.0

-5.6
-6.1
-5.5
-5.2

2.6
2.9
3.6
3.6

141.7
141.5
142.5
142.6

13.7
12.5
12.8
12.9

33.8
35.5
34.8
35.9

459.6
459.6
453.3

35.9
37.9
39.9
43.9

67.7
68.5
70.2

-46.5
-64.6
-58.1
—60.3

-7.0
-6.3
-6.6
-6.3

Feb.
Feb.
Feb.
Feb.

1
8
15
22

496.5
484.3
514.7
535.0

200.5
189.6
203. 3
210.2

64.8
67.7
63.1
66.4

-4.8
-5.2
-4.4
-3.7

3.6
3.5
3.6
3.8

143.5
146.5
148.8
147.2

11.7
10.7
11.5
13.9

31.7
31.8
32.1
31.7

451.0
444.6
458.1
469.4

42.1
40.2
41.0
47.3

69.7
66.4
65.7
67.6

-59.8
-60.6
-43.4
-42.8

-6.5
-6.3
-6.6
-6.5

Mar.
Mar.
Mar.
Mar.
Mar.

1
8
15
22
29

548.5
543.3
553.4
549.5
550.5

201.5
203.6
211.6
214.5
209.2

66.0
63.4
67.1
65.7
64.9

-3.7
-3.4
-4.2
-1.8
-1.5

4.0
4.2
4.0
3.1
4.5

147.7
148.1
149.0
149.0
149.8

13.5
13.8
12.0
10.6
10.8

31.2
31.1
30.3
30.3
30.9

460.1
460.7
469.8
471.5
468.6

51.3
49.3
50.5
49.6
49.9

67.9
66.2
68.3
67.9
66.5

-24.9
-26.6
-28.6
-33.3
-28.1

-6.0
-6.2
-6.6
-6.3
-6.4

Apr.
Apr.
Apr.
Apr.

5
12
19..
26

572.0
582.2
587. 5
611.8

226.0
228.7
226.5
227.9

67.9
68.0
67.9
67.1

-.5
.1
.8
.7

5.0
4.5
4.5
4.5

150.8
151.2
152.2
151.7

11.9
12.0
11.8
13.7

33.0
33.8
35.0
35.1

494.1
498.3
498.7
500.8

44.6
46.4
47.9
48.3

69.5
70.6
71.7
71.1

-30.3
-27.8
-25.4
-6.0

-5.9
-5.3
-5.4
-2.4

May
May
May
May
May

3
10
17
24
31

596.1
591.3
597.3
596.0
599.8

229.9
225.8
231.1
231.1
236.8

67.3
67.2
70.2
68.9
68.1

.7
-1.1
-1.2

3.9
4.0
3.7
4.2
4.7

153.1
153.0
152.8
153.0
152.0

14.1
14.6
15.3
15.4
15.3

38.3
38.3
38.0
37.8
38.7

507.2
501.8
509.9
509.7
515.4

44.0
44.0
45.2
47.6
46.9

69.5
70.4
61.1
56.3
54.8

-20.1
-20.1
-14.4
-12.7
—13.0

-4.6
-4.8
-4.6
-4.8
-4.3

June
June
June
June

7
14
21
28

601.3
593.7
••608. 7
••607. 5

233.0
230.1
237.6
236.7

71.0
69.8
71.1
68.1

-.7
-.4
.5
-1.0

4.7
4.6
4.5
3.6

152.7
152.0
153.3
153.8

16.2
16.7
16.5
17.7

38.3
38.2
38.8
39.9

515.2
510.9
522.1
518.8

46.5
44.1
46.5
42.2

51.9
52.5
54.7
55.7

-8.0
-10.5
-8.6
-2.9

-4.3
-3.3
-6.0
-6.3

July
July
July
July

5
12
19
26

••608. 0
'607. 9
"604. 5
'606-. 9

236.0
236.0
233.8
237.0

71.4
70.9
71.4
71.5

-3.0
-3.0
-4.1
-3.0

4.7
4.9
4.5
4.9

155.2
155.7
156.3
156.5

18.2
17.5
17.9
17.9

40.3
40.4
41.5
40.7

523.0
522.4
521.3
525.4

44.6
44.1
42.7
43.6

55.9
54.9
53.5
54.1

-8.2
-7.6
-11.1

-5.9
-5.3
-5.4
-5.1

Aug.
Aug.
Aug.
Aug.
Aug.

2
9
16
23
30

••596. 8
'609. 9
••622. 8
'633.0
'620. 6

239.3
237.8
234.2
236.5
225.2

70.3
71.1
69.8
67.9
70.0

-4.4
-6.0
4.7
'8.4
8.4

4.9
5.0
5.4
5.7
5.6

157.5
158.3
158.2
158.1
158.2

17.9
17.7
17.4
17.2
14.6

40.6
40.6
40.8
40.8
35.1

526.1
524.5
530.6
534.6
517.2

39.6
48.3
48.8
49.5
52.3

54.1
56.2
58.7
59.9
61.9

-18.7
-14.3
-10.8
-6.5
-5.7

-4.4
-4.7
-4.4
-4.5
-5.0

Sept.
Sept.
Sept.
Sept.

6
13
20
27

'623. 5
'621. 7
'612. 5
r
618.4

228.1
223.0
224.5
226.1

71.0
70.8
69.6
70.0

8.4
8.8
9.5
9.1

5.2
5.6
5.3
5.2

162.5
164.0
164.3
164.1

14.1
14.0
14.4
15.1

40.5
40.3
39.7
38.2

529.9
526.5
527.3
527.7

47.2
46.1
43.6
46.6

61.1
60.9
57.8
57.4

-9.9
-5.9
-9.6
-6.4

-4.8
-6.0
-6.6

'594.6
'598.1
'601. 7
'601. 0

229.8
223.6
221.0
227.7

69.5
70.1
69.4
70.2

9.4
9.1
9.0
9.3

4.5
4.1
3.9
4.2

164.9
168.4
168.7
170.5

13.9
14.6
15.5
15.4

35.6
32.4
33.8
31.3

527.5
522.3
521.4
528.6

36.2
40.4
48.9
45.2

54.9
56.5
55.3
54.0

-17.4
-14.2
-17.9
-20.0

-6.7
-6.9
-6.1
-6.7

Oct.
Oct.
Oct.
Oct.

4
11
18
25

.
•_
_

-.7
i

Nov.
Nov.
Nov.
Nov.
Nov.

1
8
15
22
29

'599.6
'597. 3
'618. 8
'615. 3
'622.0

229.1
230.2
238.7
243.7
245.6

71.4
71.6
71.3
73.0
73.3

9.5
10.3
11.8
11.9
12.0

4.2
4.5
4.2
3.6
3.4

171.7
170.0
171.5
172.8
172.7

15.2
15.1
18.3
17.1
17.8

30.2
29.8
30.4
28.0
27.8

531.3
531.7
546.2
550.1
552.6

43.2
45.5
50.0
52.4
52.7

54.2
51.2
55.8
51.8
52.0

-23.0
-24.9
-27.1
-31.3
-26.7

-6.2
-6.3
-6.1
-7.7
-8.5

Dec.
Dec.
Dec.
Dec.

6
13
20
27

619.7
619.6
612.8

247.2
247.1
249.3
247.8

73.4
72.8
73.8
73.8

12.0
12.3
12.0
12.0

3.0
3.0
3.2
3.1

175.1
175.9
176.6
177.2

17.8
17.6
16.7
16.3

22.8
27.3
27.2
26.8

551.4
556.0
558.8
557.0

54.6
54.9
54.3
50.0

52.0
48.9
51.3
48.5

-23.6
-31.4
-36.2
-34.3

-7.6
-8.7
-8.5
-8.4

' Revised—in the case offiguresfor the Far East, revised to exclude unreal movement (previously recorded in week ending October 18) which
was the result of a correction in the reporting practice of one bank; see note to Table 9.

358




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany-

Italy

Other
Europe

Latin
Total
Europe Canada America

Far
East

All
other

1935—Dec. 31. _
1936—Dec. 30._
1937—Dec. 29._

125.2
316.2
583.2

67.8
116.1
136.8

6.8
18.2
22.8

7.4
10.4
21.2

-1.2
13.7
30.4

13.3
22.5
26.6

2.9
9.4
13.5

46.1
87.9
115.2

143.1
278.3
366.4

-39.7
1.7
10.5

12.7
15.7
175.0

7.9
17.0
24.5

1.1
3.5
6.8

1938—Aug. 3 1 . .
Sept. 2 8 Oct. 26...
Nov. 3 0 -

617.6
625.0
638.4
598.4

130.8
129.3
126.3
130.1

23.8
24.2
24.9
25.7

23.7
23.8
24.9
26.6

29.9
30.5
31.8
36.5

31.5
31.9
31.9
32.4

16.8
17.0
17.1
17.2

150.7
155.2
160.0
164.1

407.2
411.9
416.9
432.5

-11.8
-11.2
-6.5
-40.6

183.7
184.7
187.8
164.6

30.2
30.9
31.4
32.6

8.3
8.7
8.8

Dec.
Dec.
Dec.
Dec.

7__
14.
21.
28.

604.6
605.3
608.7
610.0

130.2
129.4
129.1
129.1

25.8
25.8
25.9
26.2

26.7
26.8
27.1
27.3

36.7
36.9
37.0
37.1

32.5
32.6
32.9
33.1

20.2
20.4
20.4
20.5

164.6
165.1
165.5
165.9

436.7
437.0
437.7
439.1

-39.7
-40.3
-38.3
-38.9

165.2
165.8
166.1
166.3

33.3
33.5
33.6
33.8

9.2
9.3
9.5
9.7

1939—Jan. 4__
Jan. 11.
Jan. 18_
Jan. 25.

641.8
645.1
641.8
644.7

127.7
127.9
127.9
126.2

26.1
26.0
26.0
26.0

27.3
27.6
27.6
27.6

36.1
36.6
36.9
37.1

33.5
33.6
33.7
33,8

22.0
22.3
22.4
22.5

167.8
168.0
168.6
169.0

440.6
442.0
443.1
442.2

-9.7
-8.1
-13.1

167.4
167.6
168.1
168.3

33.8
33.9
34.1
34.3

9.7
9.7
9.7
9.7

Feb.
Feb.
Feb.
Feb.

1.
8.
15.
22.

635.3
634.8
637.5

126.2
126.6
126.7
126.7

26.0
26.1
26.2
26.3

27.7
27.7
27.8
27.9

37.2
37.4
38.0
38.5

34.0
34.2
34.3
34.4

22.5
22.6
22.6
22.6

170.4
170.7
171.6
172.0

444.0
445.2
447.3
448.4

-22.3
-23.4
-26.3
-25.2

168.8
169.2
169.3

34.4
34.8
35.0
35.3

9.6
9.6
9.7

Mar. 1_
Mar. 8.
Mar. 15
Mar. 22
Mar. 29

641.3
644.5
643.6
644.3
646.7

128.5
128.7
128.7
127.7
127.6

25.8
26.0
25.8
26.1
26.3

28.1
28.4
28.4
28.5
28.7

38.5
38.2
37.7
37.7
38.4

34.4
34.6
34.7
34.8
34.9

22.8
22.9
23.0
23.1
23.1

172.1
172.3
172.5
173.7
174.9

450.2
451.0
450.8
451.6
453.8

-24.7
-23.8
-25.2
-25.6
-25.8

171.0
171.8
172.1
172.4
172.6

35.0
35.4
35.9
36.0
36.2

10.0
10.0
9.9
9.9

Apr. 5__
Apr. 12.
Apr. 19.
Apr. 26.

652.6
652.9
655.3
657.5

127.8
127.9
128.6
128.7

26.4
26.5
27.0
27.5

28.9
29.0
29.3

38.9
39.3
39.6
40.1

35.0
35.0
35.1
35.2

23.1
23.1
23.1
23.2

175.8
176.4
177.4
178.2

455.8
457.1
459.9
462.0

-22.0
-23.5
-24.0
-24.3

172.7
173.1
173,2
173.5

36.1
36.2
35.8
35.9

10.0
10.1
10.3
10.3

May3_.
May 10.
May 17.
May24.
May 31 .

621.8
637.1
642.3
644.1
647.6

129.1
128.9
128.5
128.4
128.1

27.6
27.8
27.9
28.0
27.9

29.4
29.5
29.6
29.6
29.6

40.4
40.4
40.9
40.9
41.3

35.2
35.3
35.4
35.4
35.4

23.6
23.6
23.6
23.6
23.6

178.7
179.0
179.3
179.5
179.8

464.0
464.4
465.1
465.6
465.7

-63.3
-48.9
-44.7
-43.5
-40.3

174.5
174,7
174.9
175.2
175.2

36.2
36.4
36.5
36.6
36.6

10.4
10.4
10.4
10.4
10.4

June 1 ...
June 14 _
June 21.
June 28.

658.4
661.5
664.3
664.5

127.8
128.2
128.6
128.2

27.9
28.0
28.3
28.2

29.6
29.3
29.4
29.4

41.2
41.3
41.6
41.7

35.5
35.6
35.7
35.8

23.6
23.7
23.7

180.1
180.2
180.3
180.4

465.9
466.2
467.5
467.4

-27.8
-26.4
-26.5

175.6
175.7
175.8
176.0

36.7
36.9
37.0
37.1

10.5
10.4
10.4
10.4

July S . July 12July 1 9 July 2 6 -

678.5
677.1
677.0
678.0

127.8
127.1
126.5
126.4

28.2
28.3
28.2
28.3

29.5
29.6
29.6
29.5

41.8
41.7
42.2
42.3

35.9
35.9
35.9
35.9

23.8
24.0
24.1
24.3

180.8
180.8
179.9
179.9

467.9
467.3
466.5
466.5

-13.4
-14.5
-14.1
-13.7

176.3
176.6
176.9
177.2

37.2
37.6
37.7
38.1

10.4
10.2
9.9
10.0

Aug. 2 . .
Aug. 9__
Aug. 16.
Aug. 23.
Aug. 30.

680.2
652.8
654.5
656.9
657.8

126.7
126.4
126.6
127.2
127.4

28.3
28.4
28.3
28.3

29.7
29.7
29.8
29.8
29.7

42.3
42.3
42.5
43.0
43.2

36.0
36.1
36.2
36.3
36.4

24.3
24.3
24.3
24.3
24.4

180.6
180.7
181.2
181.5
181.8

468.0
468.0
468.8
470.3
471.2

-13.5
-41.6
-41.3
-41.2
-41.5

177.5
177.8
178.0
178.6
178.8

38.2
38.5
38.7
38.8

10.0
10.1
10.3
10.4
10.5

Sept. 6 Sept. 13_
Sept. 20.
Sept. 27.

661.7
668.9
674.4
676.9

125.6
125.1
124.9
124.9

33.2
33.4
33.7
33.8

29.7
29.9
29.8
29.7

42.6
43.0
43.3
43.4

36.3
36.4
36.4
36.4

24.6
24.6
24.8
24.8

182.1
181.8
182.5
183.1

474.0
474.1
475.2
476.0

-40.7
-34.6
-30.8
-29.5

179.0
179.7
180.0
180.4

38.8
39.0
39.3
39.3

10.6
10.7
10.7
10.7

Oct. 4—
Oct. 1 1 Oct. 1 8 Oct. 2 5 -

684.6
685.2
686.7
687.3

124.8
124.6
124.9
124.8

40.7
40.6
41.0
41.1

29.5
29.5
29.4
29.4

43.3
43.2
43.2
43.3

36.4
36.4
36.4
36.4

24.8
24.9
24.9
24.9

183.9
184.2
184.4
185.0

483.3
483.4
484.1
485.0

-29.5
-29.5
-29.2
-29.7

180.6
180.9
181.1
181.1

39.4
39.6
39.6
39.8

10.8
10.8
11.0
11.1

Nov. 1__.
Nov. 8__.
Nov. 15..
Nov. 22..
Nov. 29_.

688.7
690.4
693.2
694.3
695.4

124.7
124.7
124.6
124.6
124.3

41.2
41.3
41.4
41.6
41.7

29.5
29.4
29.3
29.3
29.2

42.8
42.8
42.9
43.0
43.3

36.4
36.4
36.4
36.5
36.5

25.4
25.8
26.1
26.1
26.1

185.3
185.5
186.0
186.2
186.5

485.3
486.0
486.8
487.3
487.6

-29.0
-28.5
-27.3
-27.2
-26.7

181.3
181.6
181.9
182. 2
182.3

39.8
40.1
40.4
40.6
40.8

11.2
11.2
11.4
11.4
11.4

Dec.
Dec.
Dec.
Dec.

699.0
700.7
711.8
720.1

124.6
125.2
125.3
125.6

41.8
41.8
41.9
42.1

29.2
29.3
29.4
29.4

43.8
44.1
44.5
44.8

36.5
36.5
36.6
36.6

27.1
27.3
27.4
27.6

187.0
187.8
188.3
188.6

490.0
492.0
493.4
494.6

-25.9
-26.7
-18.5
-11.5

182.6
182.8
183.0
183.0

41.1
41.3
42.6
42.8

11.2
11.3
11.3
11.3

APRIL

6___
13 _ _
20. _
27..

1940




359

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935— Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
Netherlands

Switzerland

Germany

23.4
64.7
70.3

50.5
157.6
213.8

55.1
200.2
275.3

-5.4
-7.5
-17.4

-3^3
-4.9

12.9
38.5
55.7

286.2
818. 0
1,041. 6

2.8
32.6
37.6

3.7
15.5
18.2

21.4
44.1
54.7

2.6
7.1

430.2
430.5
454.0
462.0

67.8
67.8
72.5
75.4

202.8
203.3
215.2
218.5

278.5
282.2
293.5
295.6

-19.9
-20.4
-21.9
-22.5

-5.2
-5.3
-5.3
-5.4

51.8
53.0
55.3
55.0

1,006. 2
1,011.2
1, 063. 2
1,078. 7

33.5
27.7
32.3
27.4

21.7
21.9
22.7
22.6

54.2
54.5
53.5
55.0

10.1
10.7
10.8

1,201.0
1,192. 5
1, 202. 2
1, 210. 9

465.8
465. 5
467.7
472.6

76.0
76.7
76.6
76.5

219.3
211.4
213.3
212.9

296.6
295.8
298.5
301.7

-22.5
-22.6
-22.6
-22.7

-5.4
-5.4
-5.4
-5.4

55.5
55.5
56.1
56.6

1, 085. 2
1, 076. 8
1.084. 2
1,092. 3

26.8
26.5
27.8
27.8

23.0
23.1
23.3
23.4

55.2
55.3
56.0
56.4

10.8
10.9
10.8
11.0

1939—Jan. 4
Jan. 11—
Jan. 18—
Jan. 25—

1,211.4
1,213.3
1,204. 8
1.188. 4

472.6
473.0
470.0
459.5

76.9
75.6
74.6
73.8

212.1
213.6
212.8
210.8

304.1
304.2
301.7
302.2

-22.8
-22.8
-22.9
-22.9

-5.5
-5.5
-5.5
-5.5

56.6
56.8
56.2
54.9

1,094.1
1,094. 9
1.086. 8
1,072. 8

25.7
25.8
24.5
22.7

23.7
24.0
23.8
23.5

56.9
57.5
58.4
58.3

11.1
11.1
11.3
11.1

Feb.
Feb.
Feb.
Feb.

1...
8_-_
15_ _
22. _

1,181.4
1.187. 0
1.189. 0
1.190. 6

451.0
455.5
456.3
456.1

72.9
74.0
72.6
72.6

210.6
210.9
211.8
212.6

301.0
300.8
300.8
301.5

-23.0
-23.0
-23.0
-23.1

-5.5
-5.5
-5.5
-5.5

54.9
55.3
56.0
56.0

1, 061. 9
1.068. 0
1, 069. 0
1,070. 2

23.5
22.3
23.5
23.8

23.4
23.5
23.3
23.4

61.3
61.9
61.8
61.9

11.2
11.3
11.3
11.4

Mar. 1___
Mar. 8—
Mar. 1 5 Mar. 22Mar. 29-

1.192. 6
1,190. 0
1,189. 5
1,174. 5
1,180. 6

458.4
456.2
457.8
448.6
448.3

72.3
72.8
73.1
72.6
72.3

214.0
215.6
215.2
214.2
217.7

301.5
300.6
298.9
298.0
301.7

-23.1
-23.3
-23.3
-23.3
-23.4

-5.4
-5.4
-5.5
-5.4
-5.5

55.6
55.7
55.8
54.8
56.5

1, 073.1
1,072. 2
1,071.9
1,059. 5
1,067. 6

23.1
22.6
22.4
20.2
18.8

23.3
23.4
23.7
24.1
24.6

61.8
60.5
60.1
59.2
57.9

11.3
11.3
11.4
11.5
11.7

Apr.
Apr.
Apr.
Apr.

451.3
449.1
448.3
452.6

72.4
72.5
73.7
73.9

221.0
221.6
222.6
224.1

304.8
306.4
308.7
310.0

-24.0
-24.1
-24.2

-5.4
-5.5
-5.5
-5.5

57.8
58.1
56.8
56.7

1,078. 0
1,078. 2
1,080. 4
1.087. 6

17.9
19.0
17.2
16.7

25.0
25.0
25.3
25.6

59.0
59.3
58.9
60.4

11.9
12.2
12.5
12.5

May3...
May 10.May 17..
May 24 __
May 31..

1,191.7
1.193. 8
1.194. 3
1, 202. 9
1,211.9
1,210.2
1,211.8
1, 209. 3
1, 209. 2

454.6
452.1
450.7
449.2
448.9

73.9
74.4
74.4
74.3
75.6

225.4
226.8
227.7
228.4
228.9

311.8
312.1
313.5
314.1
313.9

-24.2
-24.2
-24.3
-24.4
-24.6

-5.5
-5.5
-5.5
-5.5
-5.6

56.7
57.0
57.3
57.2
57.2

1,092. 7
1.092. 6
1.093. 7
1.093. 3
1.094. 4

19.4
16.9
16.4
15.9
16.6

25.8
25.8
26.1
25.7
25.8

60.9
61.6
62.2
61.0
59.0

13.0
13.4
13.5
13.5
13.5

June 7
June 14 __
June 2 1 . .
June 28 __

1, 210. 6
1.208.3
1, 205.6
1,199. 3

449.0
444.8
US. 2
442.0

76.0
75.8
75.4
74.4

314.4
315.2
315.1
315.0

-24.8
-24.8
-25.0
-25.2

-5.5
-5.5
-5.6
-5.5

57.6
57.3
57.1
56.9

1,096. 8
1,093. 7
1,091.5
1, 088. 4

15.9
16.3
16.2
13.9

25.7
25.7
25.7
25.7

58.6
58.9
58.6
57.6

13.6
13.7
13.7
13.7

July
July
July
July

5... _
12—
19—
26....

1,199. 3
1.194.4
1.185.0
1.180. 0

442.1
441.7
437.3
434.2

74.2
74.3
73.3
72.6

230.1
231.0
231.3
231.0
231.2
231.1
230.2
229.0

315.1
312.6
311.2
312.0

-25.5
-25.9
-26.1
-26.3

-5.5
-5.5
-5.5
-5.5

57.1
56.6
56.4
56.0

1.088. 6
1.085. 0
1,076. 7
1,072. 0

16.3
15.1
15.3
16.5

25.4
25.7
25.5
25.3

55.4
55.2
53.9
52.6

13.5
13.6
13.6
13.4

Aug. 2 . . .
Aug. 9 . . .
Aug. 16..
Aug. 2 3 . .
Aug. 30..

1,182. 2
1,176. 5
1.164. 9
1.165.1
1.165. 7

434.7
431.5
431.7
432.5
433.5

73.5
72.4
71.7
72.3
72.2

229.5
231.1
220.7
220.0
220.6

311.3
311.0
311.0
312.2
313.4

-26.5
-26.6
-26.8
-26.9
-27.1

-5.6
-5.6
-5.6
-5.6
-5.7

56.0
55.6
55.4
55.4
56.7

1,072. 9
1.069. 4
1.058. 2
1.059. 8
1,063. 6

18.9
18.1
17.4
16.9
13.0

25.2
24.6
24.6
24.6
24.7

51.9
51.1
51.3
50.5
50.6

13.3
13.2
13.3
13.3
13.7

Sept. 6...
Sept. 13..
Sept. 20Sept. 27..

1,171. 3
1.181. 3
1,173. 4
1,164. 4

433.1
426.0
417.1
408.4

73.0
73.4
73.7
73.7

222.0
228.4
227.6
228.2

314.5
318.5
320.3
320.9

-27.2
-27.3
-27.4
-27.4

-5.6
-5.6
-5.6
-5.5

57.4
58.4
58.2
58.3

1,067.1
1,071.8
1,063. 8
1,056. 7

12.0
11.9
10.9

25.6
27.3
27.1
26.1

52.7
56.3
57.4
58.5

13.9
14.1
14.1
14.1

Oct.
Oct.
Oct.
Oct.

4—
11...
18...
25...

1,150. 2
1,144.4
1,141. 7
1,130.6

396.9
389.3
382.6

73.4
72.9
72.6
72.9

227.1
228.1
226.9
227.0

321.4
322.4
329.1
329.1

-27.5
-27.6
-27.6
-27.6

-5.4
-5.5
-5.4
-5.4

58.5
59.0
58.5
59.4

1,044. 4
1,038. 5
1,036. 8
1,025.1

7.8
7.2
6.1
5.3

26.2
26.2
26.5
27.9

57.8
58.4
58.3
59.2

14.0
14.0
14.0
13.9

Nov.
Nov.
Nov.
Nov.
Nov.

1...
8...
15__
22..
29. _

1,123. 7
1,115. 9
1,109. 2
1,107.1
1,103. 7

360.4
353.6
348.0
342.0
338.2

73.2
74.5
74.5
74.5
74.9

226.6
227.2
225.7
226.3
226.2

330.7
330.8
332.9
335.3
336.3

-27.7
-27.7
-27.7
-27.9
-28.0

-5.4
-5.4
-5.4
-5.0
-4.9

59.7
59.6
59.1
59.0
59.1

1,017.6
1,012. 5
1,007.1
1,004. 2
1,001.8

4.9
2.4
2.0
2.1
.7

27.2
27.3
27.5
28.2
28.6

60.2
59.8
58.7
58.8
58.7

13.9
13.8
13.8
13.8
13.8

Dec.
Dec.
Dec.
Dec.

6___
13..
20..
27..

1,098. 9
1,096.5
1,096. 8
1,098. 5

335.3
332.7
329.6
328. 2

75.1
76.0
76.4
76.3

225.8
226.2
226.0
227.1

337.8
340.2
341.9
342.8

-28.1
-28.1
-28.2
-28.2

-4.9
-4.9
-4.9
-4.9

59.0
59.1
59.6
60.1

999.9
1,001. 2
1,000. 4
1,001.4

-.5
-2.6
-3.2
-3.1

28.9
29.3
29.6
29.8

56.6
54.4
55.8
56.1

14.0
14.2
14.2
14.3

United
Kingdom

France

316.7
917.4
1,162. 0

149.8
367.7
448.7

1938—Aug. 3 1 . .
Sept. 28..
Oct. 26___
Nov. 30-_

1,125. 3
1,125. 4
1,182. 4
1,194.4

Dec.
Dec.
Dec.
Dec.

7...
14. _
21 __
28..

From Jan. 2, 1935,
through—

Total

1935— Dec. 3U_
1936—Dec. 30. _
1937—Dec. 29..

5-__
12..
19. _
26...

360




Italy

Other
Europe

Latin
Total
Europe Canada America

Far
East

All

other

FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 7.—BROKERAGE BALANCES,! BY COUNTRIES

From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Latin
Europe Canada America

Far
East

All
other

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29

6.0
12.9
47.5

()
4.0
11.5

2.4
10.4
11.5

1.3
-.9
5.0

2.5
9.1
10.8

1.4
.4
5.0

7.6
22.6
44.0

-4.5
-7.6
3.5

1.0
-4.2
-.5

2.9
2.1
.5

1938—Aug. 31
Sept. 28
Oct. 26
Nov. 30

60.6
64.1
56.2
51.5

14.9
16.8
14.1
13.9

14.8
15.9
14.7
13.6

5.1
6.8
6.4
7.4

10.5
10.7
10.7
9.2

8.7
6.9
5.9
5.9

54.1
57.2
51.9
50.0

3.7
5.3
2.8
1.7

.1
.4
-.1
-.3

2.3
.8
1.3
2

Dec.
Dec.
Dec.
Dec.

7
14
21
28

51.7
51.7
48.0
47.6

14.3
14.2
13.6
13.2

12.6
12.9
12.2
12.6

7.8
7.4
7.2

9.7

5.7
5.6
5.5
5.3

50.1
50.0
48.3
46.7

2.9
3.3
1.3
2.6

-1.5
-1.6
-1.0

-.1
-.3
-.9
-1.0

.3
.3
.3
.2

1939—Jan. 4
Jan. 11
Jan. 18
Jan. 25

47.6
49.4
52.5
57.2

13.4
14.4
14.9
15.7

12.9
14.0
13.9
15.2

9.6
10.1
10.8
10.7

5.2
5.1
5.5

47.9
50.5
52.5
55.9

1.8
.3
1.4
2.1

-.9

6.9
7.4
7.8

-1.5

.3
.4
.4

-.7
-.8

.3
.5
.4
.3

Feb.
Feb.
Feb.
Feb.

1.....
8____.
15—
22

61.9
61.7
61.4
59.8

17.2
16.2
15.8
14.5

16.7
16.9
17.0
16.6

8.1
8.4
8.7
8.3

11.0
11.2
10.4
10.5

6.3
6.4
6.6
6.4

59.4
59.1
58.7
56.4

2.5
2.6
3.1
2.7

Mar.
Mar.
Mar.
Mar.
Mar.

1___.
8___.
15
22
29

58.8
59.2
61.1
66.5
63.9

13.3
14.7
15.3
16.6
16.3

17.1
16.2
16.0
16.6
16.0

8.3
7.8
8.7
9.3

10.7
10.9
11.9
10.7
9.6

6.7
6.3
6.1
7.3
6.6

56.1
56.0
57.9
60.5
57.4

2.6
2.9
3.7
4.5
5.6

Apr.
Apr.
Apr.
Apr.

5...
12_.
19..
26..

65.9
68.9
72.9
73.0

16.4
17.5
18.0
17.4

16.3
17.0
16.9
16.3

8.4
9.0
9.9
10.3

9.9
9.7
9.8
10.5

6.6
7.4
7.5
7.5

57.5
60.6
62.2
62.2

7.1
7.2
9.0
9.1

.3
.3
.4
.4

May
May
May
May
May

3
10
17
24
31

74.4
75.3
73.4
74.2
72.7

17.8
17.7
17.7
18.0
18.0

17.0
17.0
16.0
16.3
16.3

10.2
10.0
10.1
9.7
9.5

11.2
11. 1
10.6
10.9
10.8

-.2
-.2
-.2
-.2

7.7
7.5
7.6
7.5
7.3

64.0
63.2
62.2
62.3
61.9

9.3
10.5
9.3
9.5
8.7

1.1
1.0

.4
.5
.5
.4
.4

June 7
June 14
June 21....
June 28

71.6
72.6
73.8
74.0

17.9
18.7
18.5
18.1

15.2
15.6
16.7
16.8

9.2
9.3
9.5

11.3
11.7
11.7
11.9

-.2
-.2
^
-.3

6.8
6.9
7.2
7.0

60.4
62.1
63.5
63.2

9.3
9.0
8.6
9.3

.5
.7
.4

.2
.2
.2
.3

July 5...
July 12..
July 19..
July 26..

76.1
78.4
81.9
82.3

18.4
18.3
19.4
20.0

17.2
16.8
17.9
17.5

9.7
11.2
11.6
12.2

11.8
11.8
12.6
12.7

-.2
-.2
-.2
-.2

Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30

82.1
84.5
85.4
85.5
85.0

19.9
19.2
19.6
20.1
17.8

17.7
18.5
18.6
17.7
19.1

12.0
10.3
9.6
9.8

13.4
14.5
15.5
14.7
15.0

Sept.
Sept.
Sept.
Sept.

84.2
79.2
81.1
83.1

17.7
19.8
22.1
24.2

19.0
18.4
18.5
18.4

8.7
7.1
9.3
9.4

6__._
13
20
27

()

.4
.5
.4
.4
.3

-.5
-1.3
.2
.1

64.0
65.2
68.9
70.0

9.2
10.3
9.9

1.0
1.0
1.0
1.1

1.4
1.4
1.6
1.9

.5
.4
.5
.5

-.2
(2)
-.2
-.2
-.2

7.1
7.4
7.6
7.3
7.3
7.9
7.5
7.4

70.2
70.1
71.2
69.8
68.0

10.0
10.2
10.4
11.9

.7
. 1.7
1.3
1.7
1.9

1.9
2.3
2.3
3.2
3.0

.5
.4
.4
.4
.3

15.7
14.5
14.9
15.3

-.1
-.1
-.2
-.1

7.1
6.5
6.5
7.0

68.2
66.3
71.4
74.3

12.4
11.7
10.4
9.7

2.1
2.4
1.9
2.1

1.2
-1.4
-2.6
-3.6

.3
.1
(2)

6.7
5.4
6.1
6.0

72.6
65.8
71.9
70.9

9.1
9.2

1.8
2.1
1.7
2.0

-3.3
-3.6
-3.8
-5.2

1.2
1.4
1.6
1.5

6.8
6.4
5.2
5.3
5.0

73.0
72.6
71.5
70.0
69.1

9.5
9.9
9.0
9.5
9.0

1.6
1.4
1.1
-.4
1.1

-5.8
-5.6
-4.2
-4.0
-4.0

1.5
1.6
1.8
1.8
1.8

4.8
5.3
5.3
5.2

68.2
67.9
69.7
70.2

9.0
9.1
8.9

1.3
1.6
1.1

-3.7
-3.3
-4.1
-4.0

1.8
1.7
1.8
2.0

Oct.
Oct.
Oct.
Oct.

4
11
18
25

74.6
80.5
78.5

21.9
21.4
21.9
20.7

18.3
17.5
18.8
19.0

9.7
8.2
9.4
9.0

15.9
13.4
15.7
16.1

-.1

Nov.
Nov.
Nov.
Nov.
Nov.

1
8
15
22
29

79.8
79.9
79.2
76.9
77.1

21.5
21.5
21.5
19.7
19.6

19.7
19.9
19.2
18.9
19.0

8.4
9.4
10.0

16.2
16.5
16.3
16.2
15.7

-.1
-.1
-.1
-.2

Dec.
Dec.
Dec.
Dec.

6
13
20
27

75.9
76.5
78.1
78.1

19.3
18.8
19.0
19.5

18.5
18.7
18.6
18.5

10.8
10.7

.4
.4
.4
.6

15.8
15.2
16.1
16.4

i

-.1
-.1

1 For explanation see BULLETIN for May 1937, pp. 395-396.
2 Inflow less than $50,000.
3 Outflow less than $50,000.

APRIL

1940




361

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Latin
Europe Canada America

Far
East

All
other

Reported by Banks in New York City
1929—Dec. 31
2,672.7
1930—Dec. 31
2, 335.0
1931—Dec. 30
1,303. 5
1932—Dec. 28
745.6
1933—Dec. 27
392.0
1934—Nov. 28 L^___
466.7

301.5
214.5
104.9
169.7
48.9
59.1

923.7
799.4
549.2
71.1
27.0
32.7

99.1
122.2
44.6
11.9
8.0

12.7

105.2
222.2
66.0
78.0
11.5
9.7

204.5
161.0
41.1
32.9
17.5
25.8

157.4
111.2
33.2
39.8
11.7
14.3

371.3
281.3
122.2
66.2
31.1
41.7

2,162.8
1,911. 7
961.2
469.6
155.7
196.0

241.8
216.8
148.3
98.2
86.1
91.9

188.2
130.8
103.3
121.7
96.7
106.6

49.0
38.2
69.0
43.5
42.7
60.3

31.0
37.5
21.6
12.6
10.9
11.9

Reported by Banks in United States
1934—Dec. 5 2
1935—Jan. 2
Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28

584.8
597.0
1, 200. 2
1,491.6
1, 729. 6
2,003. 9

79.6
76.9
205.5
235.7
261.5
438.8

36.1
33.9
163.5
176.3
143.9
190.9

13.5
12.9
68.6
78.8
89.1
98.4

12.1
13.7
86.1
123.5
302.1
217.4

28.4
29.9
29.0
32.0
39.0
19.9

16.8
18.8
26.1
41.7
25.7
22.6

40.6
46.8
107.5
126.3
156.0
249.9

227.1
232.9
686.3
814.3
1,017.1
1,237.8

103.3
99.3
145.3
186.1
175.6
235.2

117.4
122.8
156.3
263.9
280.9
254.9

125.1
130.1
188.9
200.2
236.0
243.7

12.0
12.0
23.4
27.1
20.0
32.4

1939—Jan. 4
Jan. 11
Jan. 18_.__
Jan. 25-__
Feb. l.___
Feb. 8____
Feb. 15
Feb. 22
Mar. l.___
Mar. 8____
Mar. 15
Mar. 22
Mar. 29

1,959.1
1,957. 7
1,982.3
1,992. 6

436.1
412.5
420.1
419.2

187.4
197.1
197.6
199.9

101.8
99.3
101.8
103.4

' 218.8
212.5
202.9
226.8

17.8
17.2
17.8
16.8

20.4
19.6
19.3
18.4

255.5
261.0
267.9
269.1

1,
1,
1,
1,

237.8
219. 2
227. 4
253. 6

201.8
205.5
215.3
205.3

248.5
251.7
250.5
250.0

236.8
244.2
252.3
247.2

34.1
37.1
36.9
36.4

2,049.4
2,079. 0
2,084.1
2,089.0

430.2
442.8
449.7
445.2

195.0
201.2
209.4
216.5

114.5
120.7
119.6
119.4

233.9
238.3
235.7
238.4

15.8
16.6
15.9
16.7

17.9
15.7
13.4
13.0

268.3
266.3
259.1
257.7

1,
1,
1,
1,

275.4
301. 6
302. 9
306. 8

225.6
229.0
229.9
223.2

254.5
259.1
259.0
264.6

256.8
252.0
256.6
258.5

37.1
37.3
35.8
35.9

2,116.1
2,131. 7
2,139.3
2,219. 5
2,264. 2

467.9
468.7
467.9
468.1
473.9

214.6
222.0
216.3
218.9
219.5

130.4
126.3
131.3
148.5
143.9

236.2
234.9
239.6
231.8
247.1

17.7
16.9
19.8
18.5
18.7

11.8
12.1
13.2
14.2
14.8

271.3
277.9
278.0
296.1
314.7

1,349.9
1, 358.8
1, 366. 0
1, 396. 2
1,432. 7

212.6
215.0
221.7
239.5
236.6

263.9
269.8
271.7
292.3
300.7

250.7
248.4
241.7
250.4
250.9

39.0
39.6
38.2
41.1
43.3

Apr.
Apr.
Apr.
Apr.

2, 330.8
2,391.0
2,464.1
2, 505. 6

503.6
545.4
531.3
548.9

231.0
235.9
256.0
269.0

150.9
149.0
159.4
154.9

247.6
243.9
247.1
244.2

14.7
15.1
15.4
13.9

13.4
12.6
12.7
13.1

318.7
332.7
358.3
365.3

1,479. 9
1, 534. 6
1, 580.2
1, 609. 3

252.2
251.2
259.7
267.0

305.6
312.2
323.3
330.6

246.6
247.6
254.2
251.4

46.5
45.4
46.7
47.3

May3..__
May 10
May 17
May 24
May 31

2, 590.8
2,601.9
2,614.0
2,617. 6
2,612.7

557.0
561.4
575.1
580.0
578.0

276.4
275.7
271.7
271.6
275.3

153.4
155.0
150.1
140.6
137.1

244.5
245.9
247.1
241.9
238.4

14.6
13.7
14.5
14.0
15.7

12 A
12.1
12.3
13.7
14.3

371.2
269.5
370.1
373.6
370.5

1,629. 4
1, 633.1
1,641.0
1, 635.4
1,629. 3

316.9
315.4
313.6
312.7
309.4

342.0
348.9
357.3
368.7
371.7

256.2
258.9
256.1
251.7
253.8

46.3
45.5
46.1
49.1
48.6

June 7
June 14
June 21
June 28

2, 579.4
2, 591.0
2, 602. 9
2,619. 5

590.1
605.2
599.7
607.4

266.6
272.6
279.7
284.4

136.8
145.6
140.9
146.0

237.6
237.3
247.4
240.8

14.7
15.0
14.7
15.1

12.6
12.5
12.6
12.2

362.3
356.6
359.6
366.9

1,620. 6
1,644.8
1, 654. 7
1, 672. 7

293.3
293.0
295.0
291.7

366.8
361.4
359.5
363.0

251.1
242.2
243.8
242.5

47.6
49.6
50.0
49.7

July
July
July
July

5
12....
19___.
26....

2,620.9
2,602. 4
2, 613. 7
2,637.4

578.3
556.2
564.2
567.5

296.4
293.6
292.8
284.2

147.3
154.0
154.9
153.8

243.5
246.0
243.7
248.8

14.6
13.8
15.1
13.8

12.6
13.4
12.5
12.8

377.4
379.8
379.4
379.6

1, 670. 0
1,656.9
1, 662. 8
1, 660. 4

292.2
282.9
281.8
293.6

360.7
359.4
364.1
375.5

247.9
248.5
249.8
253.6

50.1
54.7
55.2
54.4

Aug.
Aug.
Aug.
Aug.
Aug.

2
9
16
23
30

2,6*65.1
2, 710.3
2, 753.4
2,858.6
2, 905. 4

589.1
583.8
601.7
642.3
594.5

284.2
286.0
294.7
295.7
315.9

152.9
158.5
157.0
154.8
158.7

248.5
248.3
239.8
256.7
283.6

14.3
14.2
13.9
12.1
11.1

13.3
13.6
14.6
13.6
11.4

379.7
382.5
397.0
426.1
431.0

1, 682.1
1,686.9
1, 718. 8
1,801. 3
1,806. 2

305.5
332.5
335.8
340.4
356.2

379.5
382.3
381.6
386.4
389.8

244.8
253.7
265.5
273.8
283.7

53.2
54.9
51.8
56.7
69.4

Sept.
Sept.
Sept.
Sept.

6
13
20
27

2,912. 7
2,960. 5
3,005.8
2,983. 6

619.5
647.8
697.0
656.7

322.3
324.1
315.1
295.9

158.8
166.2
180.0
186.0

287.3
290.4
294.9
299.9

8.1
8.3
7.9
7.8

10.3
10.5
16.4
17.1

425.1
435.8
436.5
446.4

1,831.4
1,883.1
1,947. 9
1,909. 7

330.4
336.5
319.6
325.3

400.1
391.3
384.7
383.0

278.1
285.9
288.2
299.5

72.9
63.8
65.4
66.2

Oct. 4
Oct. 11_.._
Oct. 18.—

2,957. 7
2,941.8
3 2,931.8

636.5
644.5
648.4

291.4
276.9
261.3

186.0
177.5
181.8

294.8
296.3
296.7

9.5
8.1
9.4

19.0
20.0
31.0

445.4
455.0
449.9

1,882. 7
1,878. 5
1, 878. 5

326.1
322.2
311.4

382.8
383.3
379.0

298.4
290.5
3 293. 2

67.7
67.3

Oct. 18
Oct. 25_.__
Nov. 1
Nov. 8 — .
Nov. 15
Nov. 22
Nov. 29

2,986.8
3,010.9

648.4
630.6

261.3
259.9

181.8
186.0

296.7
307.4

9.4
9.6

31.0
31.6

449.9
475.6

1,878. 5
1,900. 7

311.4
309.2

379.0
379.0

348.2
352.4

69.6

2,993.1
2,967. 8
2,988. 6
2,955. 5
3,003. 6

613.7
600.3
543.1
508.0
501.6

256.1
256.6
273.5
276.8
276.3

188.5
185.6
192. 6
190.3
194.7

304.1
318.8
337.7
329.6
334.1

9.1
9.3
10.0
9.3
11.3

31.0
31.1
32.3
31.3
35.5

472.5
470.1
474.8
487.7
493.8

1,874. 9
1,871.8
1,864.0
1,833.1
1,847. 2

325.4
320.8
325.3
319.0
327.6

371.8
352.3
352.2
352.9
361.0

348.3
353.7
369.5
372.2
384.5

72.6
69.1
77.6
78.3
83.4

Dec.
Dec.
Dec.
Dec.

2,993.1
2, 992.8
3,024.7
3,009. 7

482.2
458.3
484.9
468.4

269.7
268.2
266.5
263.7

194.2
200.9
208.7
204.7

338.1
356.2
349.0
365.6

10.8
9.6
8.6
7.5

29.7
33.2
35.1
35.5

514.6
504.3
528.4
520.0

1,839. 2
1,830. 8
1,881.1
1,865.4

320.9
316.0
294.1
285.1

359.9
361.9
361.6
364.5

390.3
398.3
402.6
404.9

82.8
85.8
85.3
89.7

5
12
19
26

6
13
20.__
27

2
i Last report date on old basis.
First report date on new basis.
Figures adjusted to the basis employed in previous weeks. The reportedfiguresfor the Far East on October 18 and succeeding weeks are not
strictly comparable to the corresponding figures for preceding weeks, owing to a correction in reporting practice by one of the reporting banks.
For similar reasons adjustments were made with respect to thefiguresfor certain areas on August 12, 1936, and January 5, 1938 (see BULLETIN for
May 1937, p. 425, and April 1939, p. 295). The cumulativefiguresin Tables 1 and 3 have been adjusted to exclude the unreal movements introduced into the data by these changes in reporting practice.
3

362




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES

Date

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Latin
Europe Canada America

Far
East

All
other

Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Nov. 28 i

1,103. 3
937.9
898.8
827.1

166.2
87.3
192.5
201.3

29.5
62.9
66.9
94.1

20.9
13.0
18.4
15.9

12.6
6.2

12.3
8.5

467.2
434.9
260.9
178.8

18.7
11.8
16.7
10.7

149.2
97.0
83.2
60.2

864.3
713.1
651.0
569.5

58.1
42.2
32.3
84.4

136.5
155.2
159.7
124.4

41.8
24.0
49.7
46.2

2.6
3.5
6.2
2.6

Reported by Banks in United States
1934—Dec. 5 2
1,137.8
1935—Jan. 2
1,139.9
Dec. 31
778.6
1936—Dec. 30_..._._
672.6
1937—Dec. 29
655.0
1938—Dec. 28
626.0
1939—Jan. 4
Jan. 11
Jan. 18
Jan. 25

266.4
296.9
88.1
114.1
84.8
87.7

108.2
80.5
32.5
16.8
13.5
13.3

19.2
18.6
19.0
21.9
23.0
25.5

8.3
8.2
6.6
5.4
5.5
5.4

239.6
231.7
202.0
165.1
126.1
90.9

26.5
27.2
13.5
10.9
20.8
13.3

81.3
80.0
71.2
57.8
52.9
46.7

749. 5
743.2
433.0
392.1
326.5
282.8

91.2
96.3
100.9
59.4
118.0
65.7

170.7
174.6
154.5
141.1
114.4
99.2

118.1
117.4
80.1
67.2
78.9
162.6

8.3
8.5
10.1
12.9
17.2
15.7

594.0
609.8
600.8
603.2

86.0
87.1
90.3
98.5

10.3
10.5
9.0
8.7

24.2
24.7
24.1
23.8

5.5
5.2
4.5
4.5

89.4
89.7
88.7
88.6

13.5
14.7
14.4
14.4

45.9
44.3
45.0
43.9

274.9
276.2
276.2
282.4

60.4
58.4
56.4
52.4

99.1
98.2
97.5
95.7

144.1
162.2
155.7
157.9

15.5
14.8
15.1
14.8

Feb.
Feb.
Feb.
Feb.

1
8
15
22

607.6
619.8
589.4
569.1

91.6
102.6
88.8
82.0

14.0
11.1
15.7
12.4

23.4
23.9
23.0
22.4

4.5
4.5
4.5
4.2

87.7
84.7
82.4
84.0

15.5
16.5
15.7
13.3

48.1
47.9
47.7
48.0

284.8
291.2
277.7
266.3

54.2
56.1
55.3
49.0

96.2
99.6
100.3
98.3

157.4
158.3
141.0
140.4

14.9
14.8
15.1
15.0

Mar.
Mar.
Mar.
Mar.
Mar.

1
8
15
22
29

555.6
560.8
550.7
554.6
553. 6

90.6
88.6
80.6
77.6
83.0

12.8
15.3
11.6
13.0
13.8

22.4
22.1
22.8
20.4
20.1

4.1
3.9
4.1
5.0
3.6

83.5
83.1
82.2
82.1
81.4

13.7
13.4
15.2
16.6
16.4

48.6
48.7
49.5
49.5
48.8

275.6
275.1
266.0
264.2
267.1

45.0
47.0
45.8
46.7
46.3

98.0
99.8
97.7
98.0
99.5

122.5
124.2
126.2
130.9
125.7

14.5
14.7
15.1
14.8
14.9

Apr.
Apr.
Apr.
Apr.

5
12_...
19_...
26__._

532.1
521.8
516.5
492.3

66.2
63.4
65.7
64.2

10.8
10.8
10.9
11.7

19.1
18.6
17.8
17.9

3.1
3.5
3.6
3.6

80.4
79.9
79.0
79.4

15.3
15.3
15.4
13.5

46.8
45.9
44.8
44.7

241.7
237.4
237.0
235.0

51.7
49.9
48.4
48.0

96.4
95.4
94.3
94.9

127.9
125.4
123.0
103.6

14.4
13.8
13.9
10.9

May
May
May
May
May

3
10
17
24
31

508.0
512.8
506.8
508.1
504.3

62.3
66.4
61.1
61.1
55.4

11.5
11.5

17.9
19.8
19.9
19.3
18.7

4.2
4.0
4.4
3.8
3.4

78.1
78.2
78.3
78.2
79.2

13.1
12.6
11.9
11.8
11.9

41.5
41.5
41.8
42.0
41.1

228.5
233.9
225.8
226.1
220.4

52.2
52.3
51.1
48.7
49.4

96.5
95.6
104.9
109.7
111.1

117.7
117.7
112.0
110.3
110.6

13.1
13.2
13.1
13.3
12.8

June
June
June
June

7
14
21
28

502.8
510.3
'495. 4
'496. 6

59.1
62.1
54.6
55.4

7.8
9.0
7.6

10.7

19.3
19.1
18.2
19.7

3.4
3.5
3.6
4.5

78.5
79.2
77.9
77.4

11.0
10.5
10.7
9.5

41.4
41.6
41.0
39.9

220.6
224.9
213.6
217.0

49.7
52.2
49.8
54.0

114.0
113.4
111.3
110.3

105.6
108.1
106.2
100.5

12.8
11.8
'14.5
14.8

July
July
July
July

5
12
19
26

'496.1
'496. 2
'499. 6
r
497. 2

56.1
56.1
58.3
55.2

7.4
7.9
7.4
7.3

21.6
21.6
22.7
21.7

3.3
3.2
3.6
3.2

75.9
75.5
74.9
74.7

9.0
9.7
9.3
9.3

39.4
39.4
38.3
39.1

212.8
213.4
214.5
210.3

51.6
52.2
53.6
52.7

110.1
111.0
112.5
111.8

107.2
105.8
105.2
108.7

'14.3
'13.8
'13.9
'13.6

Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30

'507. 3
'494. 2
'481. 3
'471.1
'483. 5

8.5
7.6
9.0

73.7
72.8
73.0
73.1
73.0

93
10.0
12.6

39.2
39.2
38.9
39.0
44.7

209.7
211.3
205.2
201.1
218.6

56.7
48.0
47.5
46.7
44.0

111.8
109.8
107.3
106.1
104.1

6
4
6
7

9.8
9.1
9.6

2.8
2.5
2.8
2.9

68.7
67.2
66.9
67.1

13.1
13.2
12.8
12.2

39.3
39.5
40.1
41.6

205.9
209.2
208.4
208.1

49.0
50.2
52.7
49.7

104.9
105.0
108.1
108.5

116.3
111.9
108.4
104.1
103.3
107.5
103.5
107.2
104.0

'12.8
'13.2
'12.9
'13.0
'13.5

'480.
'482.
'491.
'485.

23.1
24.7
13.9
10.2
10.3
10.2

3.1
3.1
2.7
2.3
2.5

Sept.
Sept.
Sept.
Sept.

52.8
54.4
58.0
55.7
66.9
64.1
69.1
67.7
66.0

Oct. 4
Oct. 11
Oct. 18

'509. 5
'506.0
'502. 4

62.3
68.6
71.1

9.2
8.7
9.3

9.3
9.5
9.6

3.6
4.0
4.2

66.3
62.7
62.5

13.3
12.6
11.7

44.1
47.4
46.0

208.2
213.5
214.3

60.1
55.9
47.3

111.0
109.5
110.6

115.0
111.8
3115.5

'15.2
'15.4
'14.6

Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29

'557.4
'558.1

71.1
64.5

9.3
8.6

9.6
9.3

4.2
3.9

62.5
60.7

11.7
11.8

46.0
48.5

214.3
207.2

47.3
51.1

110.6
112.0

170.5
172. 6

'14.6
'15.2

'559. 5
'561. 8
'540.3
'543. 8
'537.1

63.0
61.9
53.5
48.4
46.5

7.3
7.1
7.4
5.8
5.4

9.1
8.3
6.8
6.7
6.6

3.9
3.6
3.9
4.5
4.7

59.5
61.2
59.7
58.4
58.5

12.0
12.1

49.6
50.0
49.4
51.8
52.0

204.4
204.1
189.6
185.6
183.1

53.0
50.8
46.3
43.9
43.6

111.8
114.7
110.2
114.2
114.0

175.6
177.5
179.7
183.9
179.3

'14.7
'14.8
'14.6
'16.2
'17.0

Dec.
Dec.
Dec.
Dec.

532.3
539.4
539.5
546.3

44.9
45.1
42.8
44.4

5.4
5.9
4.9
5.0

6.6
6.3
6.6
6.6

5.1
5.1
4.9
4.9

56.1
55.3
54.6
53.9

9.4
9.6

57.0
52.5
52.6
53.0

184.4
179.8
176.9
178.7

41.7
41.4
42.0
46.3

114.0
117.0
114.7
117.5

176.2
184.0
188.8
186.9

16.1
17.2
17.0
16.9

6
13
20
27

6_.
13.
20.
27.

8.5
9.8

10.7

10.8
8.7

7.7
8.0
9.1
8.7

9^5
9.8

8.9

10.1
9.4

10.5
10.9

'13.3
'14.5
'15.1
'15.4

' Revised.
i Last report date on old basis.
2 First report date on new basis.
3 Figures adjusted to the basis employed in previous weeks. The reported figures for the Far East on October 18 and succeeding weeks are not
strictly comparable to the corresponding figures for preceding weeks, owing to a correction in reporting practice by one of the reporting banks. For
similar reasons adjustments were made with respect to the figures for certain areas on August 12, 1936, and January 5, 1938 (see BULLETIN for May
1937, p. 431, and April 1939, p. 296). The cumulativefiguresin Tables 1 and 4 have been adjusted to exclude the unreal movements introduced into
the data by these changes in reporting practice.
APRIL

1940




363

CENTRAL BANKS
Assets of
issue dept.

Bank of England
(Figures in millions of
pounds sterling)

Cash reserves

Other
assets i

Gold

Liabilities of banking department

Assets of banking department

Coin

Discounts
and advances

Securities

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2

84.9
104.7
133.0
120.1
101. 4
98.2
94.7
155.6
135.5

Notes

Note
circulation

Deposits

Other
liabilities

Other

Bankers'

Public

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6

8.8

6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4

35.8
36 2
40'.3
33.8
36.5
36.4
37.1
39.2
36.6

17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0

1929— Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25._
1936—Dec. 30
1937—Dec. 29—

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0

1938—Oct. 26 ._ _._
Nov. 30
Dec. 28 . _.

326.4
326.4
326.4

200.0
200 0
230.0

1.2

.8

43.9
45.6
51.7

4.2
17.6
28.5

129.2
110.8
90.7

482.5
480.8
504.7

100.4
97.1
101.0

25.0
23.1
15.9

35.5
37.2
36.8

17.7
17.8
18.0

2 126. 4
126.4
3 226. 2
226.2
226.2
226.4
4
246. 4
263.0
5 1
.2
.2
.2

400.0
400.0
300.0
300.0
300. 0
300.0
300.0
300.0
580 0
580.0
580.0
580.0

.7
1.0
1.1
.9
.6
.7
.6
.7
.7
.9
1.1
1.0

62.6
53.7
44.2
37.1
26.4
27.4
35.5
33.5
38.3
53.0
51.6
25.6

18.8
17.5
4.8
6.2
8.0
6.8
8.0
6.4
2.5
4.6
4.5
4.3

103.9
100.6
124.8
129.5
140.7
136.7
128.0
137.8
144 2
127. 7
132.1
176.1

463.8
472.7
482.0
489.1
499.8
499.0
510.9
529.5
541.8
527.1
528.7
554.6

118.2
103.1
98.5
91.4
82.4
101.4
91.4
90.1
107.1
116.8
103.5
117.3

12.9
16.3
21.8
27.0
38.3
15.4
26.0
31.1
19.8
12.6
27.8
29.7

36.7
35.1
36.3
37.6
37.1
37.0
36.7
39.0
40.5
39.2
40.2
42.0

18.1
18.2
18.2
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
17.9

.2
2

580.0
580.0

.8
1.0

52.5
49.0

3.1
2.8

143.9
149.4

527.7
531.2

98.1
99.4

39.7
45.7

44.3
38.9

18.0
18.1

1939—Jan. 25
Feb. 22
Mar. 29
April 26
M a y 31
June 28
July 26
Aug. 30_
Sept. 27
Oct. 25_
Nov. 29
Dec. 27

_

1940—Jan. 31
Feb. 28

.2

.6
.6
.8
1.0
.5
.6
.6
.8
1.4

Liabilities
Domestic bills

Bank of France
(Figures in millions of francs) Gold 8

Foreign
exchange

Open ,

Deposits

Loans o n Advances
to
ShortGovterm
Other
ern- 9 Govern- securiment ment seties
curities

Other

5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
7,277

Special*

Other

17,698
31,909

573
715
675

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781

Note
circulation
Government

Other

68, 571
76,436
85,725
85,028
82,613
83,412
81,150
89, 342
93,837

11,737
12,624
2,311
2,322
3,718
2,862
2,089
3,461

7,850
11,698
22,183
20,072
13,414
15, 359
8,716
13,655
19, 326

1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160

7,427 110,446
14,185
14,442 110,935

3,642
6,169
5,061

23,827
31, 955
25, 595

2,727
3,004
2, 718

109, 378
111, 162
119,748
124,666
121, 391
122,611
123,239
142, 359
144, 562
144,379
149,370
151, 322

5,445
5,079
3,955
3,755
4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,914

24,935
22, 556
16, 702
17, 255
17, 570
16,909
16,058
18,038
18,022
14, 790
12, 392
14, 751

2,713
2,830
2,726
2,649
3,020
2,816
2,781
2,708
2,926
3,006
3,346
2,925

1,834 14,965
1, 203 17,128

3,259
3,156

1929—Dec. 27
1930—Dec. 26
1931—Dec. 30
1932—Dec. 30
1933-Dec. 29
1934—Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30

41,668
53,578
68,863
83,017
77,098
82,124
66, 296
60,359
58,933

25,942
26,179
21, 111
4,484
1,158
963
1,328
1,460
911

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580

1,379
652

8,624
8,429
7,"
3,438
4,739
3,971
9,712
8,465
10,066

1938—Oct. 27
Nov. 24
Dec 29

55,808
87, 264
87, 265

763
888
821

6,802
7,032
7,422

1,550
1,611
1,797

14,694
11,021
7,880

48,134
20, 627
20,627

1,600
1,559
443

3,865
3,739
3,612

87, 266
87, 266
87, 266
*°92, 266
92, 266
92, 266
92, 266
°97,266
97, 266
97, 266
97, 266
97, 267

761
759
758
756
754
722
722
218
212
85
120
112

8,004
7,801
8,631
8,609
8,164
8,074
8,316
9,396
9,734
10,038
10, 565
11,273

1,996
2,014
2,054
2,165
2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345

6,193
5,462
5,733
6,012
4,774
5,009
5,000
15,009
14,830
5,206
5,149

20, 627
20,627
20,627
20,577
20,577
20,577
20,577
20, 577
22,777
25, 473
30, 473
34, 673

136
73
172
127
78
374
472
2,412
930
336
454
174

3,317
3,332
3,362
3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482

14,308
14,558
14,452
14,264
14,753
14,458
16,016
16,482
17.100
17,769
16,438

97, 268
97, 275

111
109

11,861
12,505

2,235
1,810

5,011
4,630

35, 673
40, 523

229
465

3,444
3,403

15, 963 151, 738
16,917 156,150

1939—Jan. 26
Feb. 23
Mar. 30
April 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30..
Dec. 28
1940—Jan. 25
Feb. 29

14.099

Other
liabilities

1 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £580,000,000 since Sept. 6,1939; for information concerning
previous status of fiduciary issue see BULLETINS for December 1939, p. 1140, and April 1939, p. 339.
2 On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account.
3
Effective Mar. 1,1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to Bank.
See note 1.
4
On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England.
6
On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account.
8
By decree of Nov. 12,1938 (see BULLETIN for January 1939, p . 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; gold also
revalued in October 1936 and July 1937. For further details see BULLETINS for December 1939, p. 1140, and December 1938, p . 1091.
7
Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650).
» Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted
for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788).
9
Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22,
1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; and under authority of Convention of Sept. 29, 1938, approved by decree of
Sept. 1, 1939 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650; Jan. 1939, p. 30; and Nov. 1939, p. 976).
i» On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France.
NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.

364




FEDERAL RESERVE

BULLETIN

Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)

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

Liabilities

Reserves of gold and Bills (and
checks),
foreign exchange
including Security
Total
Treasury loans
Goldi
reserves
bills
2,687
2,685
1,156

2,283
2,216

920
396
84
88
72
76

71

77
77
77

71
71

77
77
77
77

77

78
77

1940—Jan. 31
Feb 28?

251
256
245
176
183
146
84
74
60

259
445
349
221
106

92
102
161
398
322
319
315
303
286

45

557

298

8,180
7,726
7,547
8,159
8,461
10,272
10,105
9,358
10,148
11, 392

71

77

1939—Mar 31
Apr. 29
M a y 31
June 30
July 31
Aug 31
Sept 30
Oct 31
Nov 30
Dec. 30

Other

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244

984
806
386
79
82
66
71

76

- -

Securities
Eligible
as note
cover

58

677

292

55
40
48

668
922
930

476
285
274

11,143
10, 867

77

Note
circulation

Other
assets

1,621

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4, 980.
5,493
8,223

1,032
1,012
1,059
1,527

1,091

8,311
8,519
8,525
8,731
8,989
10,907
10,995
10,820
10,974
11, 798

1,249
1,122
1,292
1,281
1,294
1,480
1,602
1,520
1,574
2,018

1,212
1,289
1,234
1,132
1, ir.7
1,294
1,287
1,312
1,332
1,378

11,505
11,110

1,628
1,553

1,382

656
638

1,065
1,114
735
827
853
765
861

36
60
24
35
36
30

925
1,013
1,324
1,440

289
296
393
366

997

365

393

1,489
1,928
2,182
1,658
1,652
1,964
1,963
2, 375
2,257
2,498

33

374

401

2,487

804

Other
liabilities

Deposits

(2)

755
652
755
540
640
984

736
822

1,338
1,313
836

1,001
923
953
970

p Preliminary.
1 Not shown separately on Reichsbank statement after June 15, 1939.
2 Not available.
NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.

Central bank
[Figures as of last report
date of month]
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts __
_ __
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds
Other assets
Note circulation
Deposits—Member bank
Government _ _ _
Other
Foreign exchange sold forward
Other liabilities ____ __ . .
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling.
Securities.. ___ _
_
Banking department:
Coin, bullion, and cash
London balances _ _ . _ _
Loans and discounts
Securities
Deposits
Note circulation
Bank of Belgian Congo (millions of
Belgian francs):
Gold_
_
_
Foreign (gold) exchange
Loans and discounts
Other assets
Note circulation. _
_ _
Deposits
Other liabilities

r

1940
Feb.

1939
Jan.

Feb.

7,567
64, 939
5,311
8,814
26, 316
44, 513
15,802

7,574
17, 996
5,198
4,216
11, 039
11, 478
12, 467

1,224
171
281
192
1,191
428
175
7
14
53
16,082
44,784
4,553
28,467
26,041
52,476
103,613
52,025

Dec.

1,224
69
237
257
1,146
436
138
1
19
48

16, 030
50,023

16, 030
40, 506

4,979
1,479
28, 923 18, 626
19,163 15, 655
50, 863 54,138
95, 322 84,049
57, 275 47, 530
166
5
427
514
401
571
139

Central bank
[Figures as of last report
date of month]
National Bank of Belgium (millions
of belgas):
Gold and foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits—Treasury _
Other
Other liabilities
Central Bank of Bolivia (thousand
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other .
Other assets
Note circulation
Deposits
Other liabilities _. _
National Bank of Bulgaria (millions of leva):
Gold
Net foreign exchange in reserve_
Foreign exchange. _ __
Loans and discounts
Government debt. _
Other assets
Note circulation. _ _
Deposits
__ .
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Gold .
Sterling and United States exchange
Canadian Gov't securities:
2 years or less
Over 2 years
Other assets
Note circulation
Deposits—Chartered banks
Dominion Government
Other
Other liabilities

1940

1939

Jan.

Dec.

Feb.

4,218
1,079
152
497
5,658
2
163
124

4,228
977
228
'494
5,599
30
••174
124

4,391
175
33
467
4,409
15
520
122

93, 308
63, 889
110,316
414, 704
8,520
69, 691
368, 760
310, 773
80, 894

Feb.

60,127
42,197
27, 900
402, 669
4,558
45, 333
286, 583
231, 795
64, 406
2,006
1,036
712
3,441
1,269
2, 577
3,827
2,061

225,772 225, 772 225, 677 200,175
57,467

61, 205

64, 325

29, 668

159,096 178, 946 81, 897 128, 475
53,031 47, 265 49, 876 33, 821
6,133
5,748
5,453 8,672
208,817 213,070 232, 779 158,488
210,526 220, 304 216, 996 210,536
63, 787 57,154 46, 270 19, 845
4,728 15, 445 17,852
3,088
13, 255 13, 348 13, 330 8,854

Revised.

APRIL

1940




365

Central Banks—Continued
Central bank
[Figures as of last report
date of month]
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to government
Other loans and discounts
Other assets
Note circulation
Deposits—
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securitiesOther assets
Note circulation
Deposits
Other liabilities
National Bank of Czecho-Slovakia 1
(millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 2 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities _
Other assets
Note circulation

1940

Feb.

1939

Jan

146
98
750
312
32
917
179
88
154
40,175
7,963
18,786
37, 243
32, 663
53, 034
53, 697
30,100
1,602
803
333
825
6,562
5,912
1,676
2,538
117
8
31
92
327
206
89
586
126
156

Dec.

Feb

1940

Central bank
[Figures as of last report
date of month]

Feb.

Central Reserve Bank of El Salvador—Cont.
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Golds
Foreign exchange (net)
Loans and discounts
128
208
Other assets
96
68
Note circulation
151
147
Demand deposits
Other liabilities
Bank of Finland (millions of mark36, 758 41, 776
kaa):
5,628
Gold
25,723 19,124
Foreign assets
37,053 37, 955
Loans and discounts
32,153 31, 560
Domestic securities
60,411 54, 968
Other assets
46, 232 44, 992
Note circulation
30, 674 34, 545
Deposits—Treasury
Other
Other liabilities
1,602 2,362 Bank of Greece (millions of drach1,106
799
2,084
Gold and foreign exchange (net) _.
900
Loans and discounts
995
704
Government obligations
5,749
2,485
6,989
Other assets
6,345
Note circulation
1,054
367
2,648 1,384
Deposits
Other liabilities
National Bank of Hungary (mil117
118
lions of pengo):
7
121
Gold
26
20
Foreign exchange reserve
162
65
Discounts
334
111
Loans—To Treasury
166
Other
109
Other assets
414
600
Note circulation
110
191
Demand deposits
186
162
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions of
36,046
rupees):
2,517
Issue department:
53, 222
Gold at home and abroad._.
15, 080
Sterling securities
64,017
Indian Gov't securities
28, 908
Rupee coin
13, 941
Note circulation
Banking department:
Notes of issue department._.
6,545
Balances abroad
2,695
Treasury bills discounted.__.
6,902
Loans to Government
Investments
25, 340
Other assets
8,109
Deposits
19, 567
Other liabilities
4,446 Bank of Japan (millions of yen):
17,110
Gold
Special foreign exchange fund
Discounts
Loans—Government
13, 211 13, 207
Other
3,039
6,260
Government bonds
2,688
531
Other assets
5,011
5,386
Note circulation
941
958
Deposits—Government
15, 317 16,079
Other
Other liabilities
146
123
750
289
17
950

Jan.

40, 931
4,672
49,608
35, 220
62, 462
35,114
32, 855

Feb.

5,929
3,643

145
81
758
204
53
818

Dec.

6,647
3,616

40, 923
4,210
54, 498
34, 856
64, 445
36, 441
33, 603

34, 311
16, 300
25, 516
38, 766
52,470
33, 922
28,502
1,128
2,507
1,167
327
173
2,159
341
620
2,183

3,828
12,863
4,207
2,040
8,914
11,948
2,076
124
75
599
314
23
309
968

155
94
228

3,685
13,079
4,207
1,896
9,453
11, 545
1,870

3,655
8,422
4,297
1,788
6,592
9,762
1,808

124
77
607
314
22
340
954
187
94
248

124
77
585
312
43
344
975
186
94
232

8
467
269
12
374
816
191
99
228

444
1,075
383
642
2,359

444
595
323
697
1,912

186
55
92
12
63
34
313
130

147
99
36
17
69
7
269
106

501
300
825
3
285
2,593
382
3,818
557
176
338

501
300
424
3
61
1,694
368
2,292
591
127
341

501
300
468
3
284
2,415
391
3,153
775
115
319

1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, ]
2 Items for issue and banking departments consolidated.
' Gold revalued in part on March 6, 1939, at 0.2802 gram fine gold per kroon.

366




FEDERAL RESERVE

BULLETIN

Central Banks—Continued
Central bank
[Figures as of last report
date of month]
Bank of Java (millions of guilders):
Gold
_ _ _
Foreign bills
...
Loans and discounts.
Other assets
Note circulation. _ _
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold ._
Foreign exchange reserve _ _
Loans and discounts
Other assets
Note circulation
__
Deposits
Other liabilities..
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets. _ . _
Note circulation.
_ ..
Deposits..,
Other liabilities
_
__ _
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts._ _
_ _
Loans _ _
Other assets .
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
__.
Sterling exchange reserve
Advances to State or State undertakingsInvestments
Other assets _
Note circulation _
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities.._
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles) :
Gold and foreign exchange
Discounts __ _
Government loans
Other assets.
Note circulation. __ _
Deposits
.
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
Non-reserve exchange
Loans and discounts
Governmp/nt debt
Other assets
_ . __
r
1
2

1940
Feb.

1939
Jan.

Dec.

Feb.

132
19
78
87
194
96
27

117
8
65
107
185
85
27

71
33
210
54
105
204
58

71
37
211
51
110
204
57

93
42
151
63
79
219
51

53
8
160
61
166
80
36

53
7
163
61
166
82
35

63
8
116
33
142
54
23

1,014
12
2
21
274
85
1 109

1,014
11
2
77
243
85
1,152

245
51

229
49

1,431
27
3
8
261
69
992
140
619
49

2,802
8,726

2,802
8,718

2,802
4,840

24, 752
3 414
357
18, 314
19,446
2,290

22, 656
3,358
490
19, 292
16,434
2,297

19, 671
3,651
321
14, 906
14, 567
1,812

186
103

207
100

210
190

435

219
76
35
108
49
439
33
117
79

457

0)
(i)
0)
(1)

564
32
79
(i)

0)
(i)
0)
(1)

575
7
87
(l)

44,169
27, 562
87, 757
5,674
04,846
44, 435
15, 880
919
501
172
472
1,036
1,293

Central bank
[Figures as of last report
date of month]
Bank of Portugal—Cont.
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans 2
Government debt
Other assets
Note circulation
Demand deposits
_
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
__
O t h e r bills a n d loans
O t h e r assets
_ _. . .
N o t e c i r c u l a t i o n . _ _ . . ___ _
Deposits

1940

Feb.

1939

Jan.

Dec.

Feb.
2 065
1 242
1 086

20,846
4,977
21, 709
1 223
10,066
14,465
47, 749
10, 872
14, 666

20,768
5,177
23,813
1 229
10,059
13, 252
48 800
10, 366
15,132

18,309
4,098
12,176
1 695
10,320
11, 672
33 963
13,814
10,493

30,678
7,995
24
20,114
18, 305
36,465
4,041

30, 204
7,995
134
20, 716
20, 747
33,905
4,397

26, 568
6,830
1 548
15,499
17, 270
29 699
3,476

679
301
645
509
1,422
r
424
288

731
675
176
488
991
r
912
167

2,262
362
105
90
663
2,050
789
642

2,813
259
126
25
701
1,662
1,619
643

36,840
58
11, 359
24,489
98,898
35,314
96,761
77, 235
32,963

36,875
9
10, 257
94, 851
90, 946
24, 566
96, 351
45, 432
15, 720

Other liabilities
Bank of Sweden (millions of
kronor) :
Gold
569
406
Foreign assets (net)
. __ _
600
Domestic loans and investments
Other assets
. . . _ _. __
561
Note circulation
1,351
Demand deposits.
340
Other liabilities
445
Swiss National Bank (millions of
francs):
2,172
2,211
Gold
_
Foreign exchange
328
361
274
168
Discounts
51
62
Loans
. __ _ _
Other assets
649
651
Note circulation._
._
1,991
1,967
843
845
Other sight liabilities
_.
641
Other liabilities
641
Central Bank of the Republic of
Turkey (thousands of pounds) :
36,840
Gold __ _ _
11
Foreign Exchange—Free
. .
In clearing accounts
10,877
Loans and discounts . .
229, 784
200,079
Securities
Other assets. . . .
...
36, 519
Note circulation
297, 761
Deposits
__ _
81, 333
35,015
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation _
_ _
Banking department:
Gold
.
Notes and coin
Loans and discounts
Other assets
_ _
Deposits
_
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars) :
2,010
Gold
772
Foreign exchange
1,955
Loans and discounts
3,073
Government debt.
1,316
National defense bills
_ __
3,712
Other assets
9,798
Note circulation.
_
2,120
Other sight liabilities
920
Other liabilities

03, 585
92, 904
2,712
66, 505
05,813
69, 702
86,089
58,642
1,988
731
2,223
3,067
558
3,755
9,698
1,718
907

1,913
438
1,650
2,229
3,079
6,540
2,062
709

Revised.
Figures not yet available.
Agricultural and urban loans in process of liquidation.

APRIL

1940




367

BANK FOR INTERNATIONAL SETTLEMENTS

[In thousands of Swiss gold francsl]
1939

1940
Jan. 31

Feb. 29

Jan. 31

Feb. 28

29, 276

29, 482

51,060

Demand deposits (gold)

12,192

12,164

9,807

33,102
10,877

11,938
12,462

Short-term deposits (various currencies):
Central banks for own account
Other

18,497
2,950

130,957
6; 332

159,709
9,171
224, 908

218,288
29, 261
271, 525

34,233
2,628

160,015
8,598
222, 326

Long-term deposits: Special accounts..

229,644

229,644

255,137

Other liabilities

191,622

190,738

193,944

Total liabilities

454,905

469,407

596,177

Other assets

2,102

Total assets

454, 905
December 1936,

Feb. 29

Feb. 28

22,190
10, 397

Gold in bars
Cash on hand and on current account
with banks
Sight funds at interest
Rediscountable bills and acceptances
(at cost)
Time funds at interest
Sundry bills and investments

» See BULLETIN for

1939

1940

Liabilities

Assets

p.

1,644

2,159
469, 407

596,177

1025.

MONEY RATES IN FOREIGN COUNTRIES

[Per cent per annum]

Month

Bankers
Treasury
acceptances bills, 3
months
3 months

Bankers'
Day-to-day allowance
money on deposits

.38
.55
.55
.53
.53

4.96
3.72
2.37
4.08
.78
.86
.28
.53
.53
.50
.51

4.33
3.76
2.29
3.84
.73
.88
.63
.75
.75
.75
.75

1939—July
August
September.
October
November.
December.

.79
1.58
3.51
1.88
1.96
1.23

.77
1.92
3.23
1.77
1.18
1.24

.75
1.35
2.72
1.71
1.00
1.03

1940—January.. _
February..

1.10
1.04

1.09
1.02

5.05
3.82
2.56
4.63

c

Belgium

Private
discount
rate'

Private
Money for Day-to-day discount
1 month
money
rate

Money for
1 month

3-23^
1
4-3

1-2

5.80
5.53
4.88
6.67
3.87
3.87
3.41
3.00
3.00
2.88

7.07
6.72
6.31
7.98
5.00
4.91
3.77
2.97
2.86
2.88
2.88

6.33
6.01
5.49
7.81
4.86
4.78
3.83
2.77
2.47
2.73
2.53

4.39
2.80
1.12
1.87
.37
.78
.58
1.19
.28
.13
.13

4.78
2.94
1.05
1.69
1.00
1.00
1.00
1.63
1.00
.50
.50

2.75
2.75
2.75
2.75
c
2. 65
2.63

2.50
2.50

2.65
2.50
2.51
2.23
2.19
2.39

.51
1.03
2.94
1.90
1.75
2.25

0.75
1.53
3.66
2.24
2.41
2.75

2.50

1.02
1.00

1929—February..
1930—February..
1931—February,.
1932—February..
1933—February..
1934—February. _
1935—February..
1936—February..
1937—February..
1938—February..
1939—February _.

Netherlands (Amsterdam)

Germany (Berlin)

United Kingdom (London)

0)
0)

2.03

1.85
1.58

2.64
2.50

0)
0)
0)
(0

Sweden

Switzerland

(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

1929—January...
1930—January...
1931—January...
1932—January.. _
1933—January....
1934—January...
1935—January...
1936—January.. _
1937—January...
1938—January...
1939—January...

3.28
2.97
1.17
1.68
1.50
1.50
1.50
2.48
1.25
1.00
1.00

3.97
3.40
2.38
2.91
2.88
2.14
2.38
1.52
1.00
1.57
2.00

3.50
3.38
i9
5
.12
!.12
.79
.26
2.22
3.00
1.88

5.83
7.00
5.50
7.50
4.42
3.00
4.00
5.00
4.50
5.00
5.00

5. 84-6.21
5.48
5.48-5. 66
5.84-6. 57
5.48-5. 84
5.29
5.11
5.11
4.75
4.75
4.47

1939—June
July
August
September.
October. _.
November.
December.

1.00
1.00
1.00
1.25
1.25
1.25
1.25

2.79
2.30
2.24
3.22
3.19
3.11
3.11

1.88
1.88
1.95
2.70
2.34
2.12
2.12

5.00
5.00

4.47
(3

1940—January...

1.25

Hungary

(Stockholm)

Japan (Tokyo)

Month

Loans up Discounted
Call
Prime
to 3
commer- Day-to-day
money
bills
money
months
cial paper
overnight

8

2.12

c

Corrected.
* Nofiguresavailable since August 1939.
* Nofiguresavailable since July 1939.
3
Nofiguresavailable since June 1939.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May
1930, p. 318; September 1938, p. 757; and December 1939, p. 1144.
368




FEDERAL RESERVE BULLETIN

DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective

Belgium

4

2

2

4

Neth- Switzerer Japan
lands land
3.29

3H

3

2

5
3

3

2

4
3

4

3

3
2
2

Date
effective

Central
bank of—

Rate
Mar.
28

Albania
Argentina-.
Belgium
Bolivia
Britishlndia

6

April 1, 1937
Mar. 1, 1936
Jan. 25, 1940
July 5, 1932
Nov. 28. 1935

Japan
Java
Latvia.
Lithuania...
Mexico

3.29
3
5
6
3

6
3
6

Apr. 7, 1936
J a n . 14, 1937
Feb. 17, 1940
July 15, 1939
Mar. 1, 1937

f*

Sept.
Sept.
May
Aug..

6, 1939
22, 1939
20, 1932
11, 1937

4
3

Oct. 10, 1939
Nov. 30, 1932
Mar. 30, 1939
Oct. 1, 1935
Dec. 3, 1934

Rumania
3M
South Africa
Spain
4
Sweden
3
Switzerland

May
May
*Mar.
Dec.
Nov.

5, 1938
15, 1933
29, 1939
15,1939
26, 1936

2
4
6
4

Jan. 4, 1939
Sept. 22, 1932
Jan. 4, 1937
Aug. 29, 1935
May 18,1936

Turkey
United Kingdom
U. S. S. R . Yugoslavia..

4

July

1, 1938

2
4
5

Oct. 26, 1939
July 1,1936
Feb. 1, 1935

4
3

Aug.
Mar.
Dec.
July

Date
effective

15, 1935 Netherlands 3
11, 1935 New Zea- C
16, 1936
land
_. 3
18, 1933 Norway
Peru
Jan. 1,1936 Portugal.... 4-4H

France
Germany...
Greece.
Hungary
Italy
._.

4
3

Rate
Mar.
28

Denmark...
Ecuador
El Salvador
Estonia
Finland

IH

2

4
6
5
4

Central
bank of—

Bulgaria
Canada
Chile
Colombia—.
Czechoslovakia. _

2H

coco

In effect June 30,
1936
__
July 7 . .
July 10
Sept. 9.
Sept. 25
Oct. 2 . .
Oct. 9
Oct. 16. .
Oct. 20
Nov. 26
Dec. 3
Jan. 28,1937
June 15
. . .
July 7
Aug. 4.
8ept. 3
Nov. 13
May 10,1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939.
Apr. 17
May 11
July 6
Aug. 24
Aug. 2 9 . . .
Sept. 28
Oct. 26
Jan. 25, 1940
In effect Mar. 28,
1940
_.

United
GerKing- France many
dom

Aug. 29, 1939

2
2

4

2

3

3.29

c
Corrected.
i Not officially confirmed.
Changes since Feb. 28: None.

COMMERCIAL BANKS
Liabilities
United K i n g d o m i
(Figures in millions of pounds sterling)

Cash

Money at
call and Bills discounted
short
notice

Loans to
customers

Securities

Deposits

Other
Total

Demand 2

Time 2

Other
liabilities

10 London clearing banks
1930—December..
1931—December—
1932—December..
1933—December..
1934—December..
1935—December1936—December1937—December..
1938—December..

208
184
207
213
216
221
235

144
119
127
119
151
159
187
155
150

322
246
408
311
255
322
316
295
244

286
297
472
565
594
605
630
605
606

933
905
778
740
759
784
864
954
940

240
222
208
237
247
231
238
242
250

1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
2,172

992
868
991
1,010
1,044
1,140

847
846
903
900
910
924

254
237
216
244
251
231
232
237
254

11 London clearing banks 3
1936—December..
1937—December..
1938—December.

244
244
243

195
163
160

322
300
250

660
635
635

890
984
971

249
256
263

2,315
2,330
2,254

l t 288
1,284
1,256

1,012
1,026
997

245
252

1939—JanuaryFebruary..
March
April
May
June—
July
August
September
October __
November.
December.

248
243
232
229
236
235
235
233
268
256
245
274

143
138
141
145
144
150
155
152
146
159
142
174

256
212
190
184
201
249
278
279
236
289
353
334

625
617
611
611
605
600
597
599
603
605
611
609

972
982
992
997
992
993
986
985
1,016
1,020
1,000
1,015

252
253
249
256
258
257
251
269
276
271
242
290

2,230
2,176
2,152
2,155
2,167
2,219
2,240
2,245
2,278
2,327
2,345
2,441

1,260
1,213
1,186
1,185
1,194
1,232
1,241
1,239
1,272
1,299
1,303
1,398

970
964
966
970
973
987
999
1,007
1,006
1,028
1,042
1,043

267
268
264
267
268
C
265
263
*273
266
272
248
256

1940—January. _.
February..

242
247

154
149

o388
353

610
609

1,010
1,007

267
259

2,410
2,366

261
258

c Corrected.
1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
2 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available3 beginning 1936.
District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, p p . 639-640.
APRIL 1940




369

Commercial Banks—Continued
Liabilities

France
(4 large banks. E n d of month figures
in millions of francs)

Cash

Due from Bills discounted
banks

Deposits

Other

Loans

Total

Demand

1930—December...
1931—December...
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December—
1938—December..

2,419
11,311
9,007
5,870
5,836
3,739
3,100
3,403
3,756

4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
4.060

20,448
18,441
22,014
19,848
18,304
16,141
17,582
18,249
21,435

10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
7,592

2,361
2,130
1,749
1,827
1,717
1,900
1,957
2,134
1,940

1939—January
February.._
March
April
May
June
July
August
September..
October v __.
November..

3,329
3,433
3,604
3,522
5,148
3,538
3,464
6,357
5,062
4,532
4,171

3,985
3,824
3,519
3,745
3,769
3,857
3,580
3,718
3,862
3,745
3,714

22,100
23,024
23,945
25,667
25,102
25,263
25,717
18,784
20,888
22,853
25, 649

7,079
6,927
6,654
6,414
7,061
6,538
6,850
7,353
7,710
7,784
7,907

1,339
1,250
1,310
1,353
1,409
1,472
1,532
1,674
1,735
1,931
2,068

35,284
37,023
36,491
31,773

36,681
38,245
37,759
32,635
30,943
27,553
28,484
30,348
33,578
33,444
34,243
34,793

1,397
1,222
1,268
862
904

26,859
27,955
29,748
33,042

694

529
600
637
581
624
667
667
676
684
659
626
594
604

33,619
34,127
35,700
37,444
35,547
35,991
32,668
34,048
35,385
37,835

38,120
36,231
36,650
33,293
34,642
35, 989
38,423

Own
accept-

Time

Other
liabilities

921
676
295
273
193
337
473
661
721

4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,517
4,484

638
541
558
519
486
430
455
427
529
631|

3,745
3,677
3,697
3,775
3,849
3,951
4,063
4,138
4,190
4,326
4,455

Liabilities
Germany'
(5 large banks. E n d of month figures
in millions of reichsmarks)

Cash
191
173
143
131
115
139
137
148
199
270
179
195
184
175
219
189
237
214

1930—November..
1931—November..
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..
1938—August
September..
October __
November..
1939—January
February
March
April
May
June*

Due
from
banks
1,483
817
583
471
393
316
269
299
255
295
261
270
285
307
308
271
292

Bills discounted

Loans

2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
3,384
3,620
3,643
3,934
3,904
4,364
4,537
4,108

7,416
6,377
4,570
3,731
3,331
2,884
2,729
2,628
2,731
2,817
2,743
2,685
2,708
2,798
2,833
2,761
2,772
2,988

Securities
482
807
874
1,027
1,112
1,020
1,098
1,097
1,183
1,406
1,178
1,145
1,112
1,082
1,073
1,080

Deposits

Other
Total
1,127
991
1,003
851
812
844
876
895
902
901
891
852
829

9,091
6,062
6,161
5,754
5,816
5,376
6,751
6,264
6,933
6,915
7,031
7,234
7,334
7,377
7,458
7,745
7,981
7,793

Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912
3,219
3,311
3,373
3,531
3,619
3,576
3,693
3,870
3,996
3,793

_
._

_

__

_

1940—January..

3,668
3,703
3,716
3,801
3,765
3,875
3,985
3,999

1,986
1,328
1,146
661
485
686
679
613
416
424
422
420
414
410
401
398
396

Other

Note
circulation

Deposits payable in Canada excluding interbank
deposits
Total

207
201
211
197
228
228
240
255
263

1930—December..
1931—December..
1932—December..
1933—December..
1934—December..
1936—December..
1936—December..
1937—December.
1938—December..
1939—January
February
March
_
April
May
June
July
August.
September
October
November.
December

Security
loans
abroad
and net SecuriOther
due
ties
Cash Security loans
from
reserves loans and dis- foreign
counts banks
Entirely in Canada

(10 chartered banks. E n d of month
figures in millions of Canadian dollars)

5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,352
3,714

1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,336
1,368
1,400
1,427
1,438
1,436
1,427
1,418
1,414
1,385
1,342

Liabilities

Assets
Canada

Time

Credits Other
obtained liabilifrom
ties
banks

205
135
103
106
103
83
114
76
65

1,275
1,253
1,104
1,036
977
945
791
862
940

171
146
165
134
155
141
161
102
166

604
694
778
861
967
1,155
1,384
1,411
1,463

510
439
432
449
485
607
510
474

133
129
115
121
124
111
103
96
88

2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,500

276
267
259
260
266
255
266
265
279
304
295
292

63
60
56
54
55
53
51
49
51
53
56
53

919
921
943
956
963
957
947
957
1,020
1,083
1,102
1,088

167
171
192
203
217
226
202
245
214
209
157
132

1,454
,490
:1,499
L, 509
L, 605
1,525
L,520
1,507
:L,502
L, 662
1,665
1,646

459
450
458
449
452
494
468
461
475
474
475
490

85
88
93
90
85
92
86
88
95
90
89
85

290

48

1,073

134

1,654

466

82

Demand

Time

Other
liabilities

563
628
694
755
752
840

1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,583
1,660

816
752
760
725
718
745
790
786
782

2,457
2,471
2,492
2,509
2,524
2,542
2,520
2,524
2,583
2,837
2,809
2,774

789
780
791
812
846
862
822
822
891
1,128
1,074
1,033

1,667
1,691
1,700
1,697
1,678
1,680
1,697
1,702
1,692
1,709
1,735
1,741

796
800
821
833
850
875
849
873
862
858
851
842

2,755

1,005

1,751

827

p Preliminary.
1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice
(See B U L L E T I N for J u n e 1935, p . 389).

2 N o figures available since June 1939.
N O T E . — F o r other back figures and explanation of table see BULLETIN for October 1933, p p . 641-646; June 1935, p p . 388-390; and August 1939
p. 699.

370




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)

Year or month

AusBeltralia
gium
(pound) (belga)

Brazil (milreis)
Free
market

Official

1933.
1934.
1935.
1936.
1937.
1938.
1939..

72.801
33.579
32.659
33.137
32.959
32. 597
30.850

337.07
400.95
388.86
395.94
393.94
389. 55
353.38

17.900
23.287
18.424
16.917
16.876
16.894
16.852

7.9630
8.4268
8. 2947
8. 5681
8.7190
5.8438
6.0027

1939—February...
March
April
May
June.
July...
August
September
October. __:
November..
December..

31.236
31. 234
31.207
31.210
31. 217
31.211

29. 772
29. 773

373.33
373.27
372.86
372.89
373.12
373.03
367.32
318.38
319.51
312. 66
313.13

16.860
16.823
16.838
17.016
17.008
16.991
16.968
17.028
16.729
16.490
16. 577

1940—January...
February..

29. 772
29. 773

315.82
315. 79

16. 834
16.859

31.116
29.770

Chile (peso)

British
India
(rupee)

Canada
(dollar)

3.4248
3. 4245

July.
August
SeptemberOctober
November.
December _

20.912
20.912
20.891
20.895
20.900
20.896
20.834
19. 317
19. 291
19. 294
19. 297

480.43
480.40
479.90
479.97
480.10
480.00
472.41
432.04

2.0604
2.0597
2.0542
2.0548
2.0559
2.0547
2.0456
1.9000
1.8943
1.8964
1.8136

1940—January
February __

19.304
19. 310

88.018
86. 654

5.1670
5.1655

4.0000
4.0000

7.833
7.012

57.205
57. 264

28.103
27. 742
27.778
27.760
27.750
22.122
19.303

51.721
67.383
67.715
64.481
55.045
55.009
53.335

340.00
402.46
391.26
398.92
396.91
392.35
354.82

29. 078
29.049
28.659
28.884
28.916
28.703
28.213
24.863
25.030
24.491
24.482

19. 627
19.613
19.602
19.588
19.577
19.576
19.576
17.602
17.600

5.2602
5.2601
5.2601
5.2603
5.2604
5.2605
5. 2515
5.1445
5.0465
5.0444
5.0452

27.297 19.973
27.300 20.026
27.274 20.023
27.277 20.025
27.284 19.753
27.279 17.133
26.870 16.800
23.459 19.023
23.510 20.151
23.440 20.497
23.441 18.185

53.626
53.092
53.132
53.601
53.167
53.278
53.484
53.182
53.115
53.080
53.107

374.84
374.78
374.41
374.42
374.60
374.49
368.82
319.75
320.81
313.96
315.03

24. 629
24.572

17. 586
17. 605

5.0470
5.0467

23.438
23.438

53.208
53.137

317.09
317.06

40.117
40.098
40.081
40.115
40.105
40.113
39.859
2. 2651 39.864
2.2736 40.092
2.2246 40.127
2.2269 40.097

.8583
.8586
.8579
.8570
.8565
.8576
.8520
.7575
.7345
.7244
.7157

2. 2461 40.118
1. 7078 2. 2459 40.117

.7155
.7176

Portu- Ruma- South Spain
Africa
gal
nia
(escudo) (leu) (pound) (peseta)

Norway
(krone)

Poland
(zloty)

1933..
1934..
1935..
1936..
1937..
1938..

21.429
25.316
24.627
24.974
24.840
24. 566
23. 226

14.414
18.846
18.882
18.875
18.923
18.860
18.835

3.9165
4.6089
4. 4575
4. 5130
4. 4792
4.4267
4.0375

.7795
1.0006
.9277
.7382
.7294
.7325
.7111

414.98
498.29
484.66
491.65
489.62
484.16
440.17

1939—February. _.
March
April
May..
June
July
August
SeptemberOctober
November..
December..

23. 539
23. 539
23.515
23.519
23.524
23.520
23.376
22. 655
22. 697
22. 703
22.701

18.898
18.860
18.818
18.812
18.812
18.808
18.754

4.2508
4.2502
4.2448
4.2460
4.2484
4.2506
4.2234
3.6564
3. 6444
3.6067
3.6044

.7272
.7140
.7056
.7056
.7042
.7035
.7043

1940—January
February. _.

22.706
22. 709

New
Japan Mexico Netherlands
Zealand
(yen) (peso) (guilder) (pound)
25. 646
29.715
28.707
29.022
28.791
28.451
25.963

31.711
30.694
30.457
27.454

2.6471
2.6488
2.6478
2.6487
2.6493
2.6488
2.6137

Italy
(lira)
6.7094
8. 5617
8. 2471
7.2916
5.2607
5.2605
5.1959

.9055
.8958
.8153

6.1141
4.0460
2.8781
2.5103

Hungary
(peng6)
22.360
29. 575
29.602
29.558
19. 779
19. 727
19. 238

.7233
.9402

1.8156

3.6259
3.6228

56.990
56.983
56.982
57.009
57.169
57.036
57.061
57.068
57.151
57.206
57.022

30.140
30.163

30.518
39.375
40.258
40.297
40.204
40.164
40.061

.7055

15.885
16.016
16.015
15.987
13.434
10.637
7.163
0.696
7.638
8.353
7.487

5.0132
5.0237

5.0313
6.5688
6.6013

Year or month

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

6.0562
6.0569

1.8708
2.2277
2.1627
2.1903

1939—February. _
March
April
May

5.1736
5.1733
5.1735
5.1733
5.1737
5.1703
5.1691
5.1776
5.1713
5.1714
5.1705

. 2130
. 2103
.2089
. 2101
.2077
. 2126
. 2111
.

434. 39
516. 85
502.60
509.68
506. 92
501.30
478.83

2.1811
2.1567
1.9948

99.502
99.583
99.483
99.620
99.773
99.835
99.494
91.255
89.331
87. 755
87.615

35.014
35.057
34.962
34.916
34.924
34.905
34.407
29.928
30.296
30.127
30.032

19.071
22.500
21.883
22.189
22.069
21.825
20.346

1937.,
1938..
1939..

4.0000
4.0000
4.0000

5.3759
5.3931
5.1737
5.0555
5.0236
5.0162
5.0503
5.0322
5.0263

3.8232
4. 2424
4.1642
4.0078
3.4930
3. 4674
3. 4252

1933..
1934..
1935..

5.1240
5.1697
5.1716
5.1727

5.8602
5.8647
5.9941
6.0586
6.0586
6.0571
6.0579
6.0594
6.0575
6.0580
6.0576

GerFrance many Greece Hong
(drach- Kong
(franc) (reichs- ma)
(dollar)
mark)

81. 697
61. 780
56.011
57.083
56.726
55.953
57.061

28.598
34.094
36.571
29.751
29.606
21.360
11.879

5.1248

Finland
(markka)

Colombia
(peso)

7. 6787
10.1452

1.0039
1.2852
1.2951

Czecho- DenEgypt
slovakia mark
(koruna) (krone) (pound)

Year or month

Export

91.959
101.006
99.493
99. 913
12846 100.004
. 2424 99.419
.
. 2111 96.018
.

31.816
37.879
36.964
37.523
37.326
36. 592
33.279

5.8788
6.1806

Official

China
(yuanShanghai)

29. 452
38. 716
48. 217

16.663
16. 654

Uruguay (peso)
Straits Swe- SwitzUnited
YugoSettleerland Turkey Kingden
slavia
ments (krona) (franc) (pound) dom
Con- Non-con- (dinar)
(dollar)
(pound) trolled
trolled

10.719
13.615
13.678
12.314
6.053
5.600
9.988

49. 232
59.005
57.173
58.258
57.973
56.917
51. 736

22.032
25.982
25.271
25.626
25.487
25.197
23.991

24.836
32.366
32.497
30.189
22.938
22.871
22. 525

60.440
79.047
80.312
80.357
80.130
80.109
80.243

423.68
503.93
490.18
497.09
494.40
488.94
443.54

60.336
79.956
80.251
79.874
79.072
64.370
62.011

463.83
463.74
462.80
463.11
463.32
463.28
456.10
394.57
396.12
397.15
397.41

11.023
11.023
11.023
11.000
10.492
10.148
10.039
9.950

54.416
54.394
54.273
54.373
54.509
54.785
53.996
46.712
47.017
46.246
46.102

24.133
24.130
24.111
24.110
24.107
24.114
24.002
23.763
23.792
23.798
23.796

22. 672
22.614
22.431
22.480
22.546
22.550
22.573
22.576
22.433
22.428
22.422

80.385
80.361
80.279
80.290
80.101
80.021
80.022
79.600

468.57
468.54
468.05
468.13
468.24
468.15
461.07
399.51
401.05
392.47
393.01

61.646
61.650
61. 592
61.598
61.609
61.600
60.659

397.86
398.00

9.950
9.950

46.484
46.483

23.806! 22.419
23.807 22.4181

396.39
396.34

65.830

65.830
65.830
65.830

36. 789

35.620
35.818

1.7607
2.2719
2.2837
2. 2965
2.3060
2.3115
2. 2716
2.2820
2.2781
2. 2636
2.2675
2.2674
2.2744
2.2729

38.180
39.022
37.063
36.457

2.2649
2.2657

36.360
37.466

2.2595
2.2560

NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16;
Brazil—Sept. 1; Bulgaria—beginning Aug. 30; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26-Sept. 1 and Sept. 3-5; Hungary—
Aug. 26-Nov. 8 and Jan. 27-Feb. 8; Norway—Aug. 26-29; Poland—beginning Aug. 26; Rumania—Aug. 26-Nov. 5 and Feb. 1-29; Yugoslavia—Aug.
26-Nov. 5; Turkey—Aug. 25-28 and beginning Sept. 2; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong
Kong, Japan, and Straits Settlements; Nov., D e c , Jan., and Feb.—British India, Germany, and Yugoslavia; D e c , Jan., and Feb.—Finland.
For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETIN for March 1938, p. 244; March 1939, p. 236; September 1939, p. 831.

APRIL

1940




371

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
United
France
Germany
Italy
Canada
Kingdom
States
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)

Year or month

i 124

100

100

95
86

1926
1929
1930
1931
1932
1933
1934
1935
1936 . __ .
1937
1938
1939

96
87
72
67
67
72
72
75
85
79
75

86
86
88
89
94
109
101
103

427
398
376
338
411
581

689

73

65
66
75
80
81
86
79
77

_.
-.

_

— _

100
88

Nether,
lands
(1926-30=
100)

Switzerland
(July 1914
=100)

695

134

237

106

627
554

137
125

95
85

220
181

100
90

141
126

500

111

75

153

76

110
96
91
90
90
96
111
107
111

264
265
266
270
270
270
272
288
293
300
314

70
70
70
70
70
70
70
71
75
81
84
85

106
105
105

320
317

86
88

128

653

1939—January
February.. ._ _ _ _
March
April
May
June
July
August
September
__
October
November.
. . .
December..
__

73

97

77
77
76
76
76
75
75
79
79
79
79

73
73
73
74
73
73
72
78
79
80
82

97
97
97
98
98
98
98
106
111
117
121

685
683
675
684
683
678
674

1940—January
February

79
79

83

124

(»)

77

Japan
(October
1900=100)

(2)

97
93
98
102
104
106
106
107

70
63
62
68
76
89

107

97

161
180
178
186
198
238
251
278

95

107
107
106
107
107
107
107
107
107
107
108

65
63
63
62
64
76
72
74

259

97
98
98
97
98
96
(3)

108

(2)

144

106
107
106
107
107
117
120
123
125

p Preliminary.
1 Approximate figure, derived from old index (1913=100).
2
No figures available since August 1939.
3
No figures available since July 1939.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
•

United Kingdom
(1930=100)

United States (1926=100)

Year or month
Farm
products

Foods

Other
commodities

Foods

France (1913=100)

Germany (1913=100)

Farm
IndusIndus- Agriculand food
trial
trial
tural
products products products products

Provisions

Industrial raw Indusand semi- trial finished
finished
products products

1926

100

100

100

581

793

129

132

130

150

1929
1930
1931
1932
1933
1934
1935
1936
1937 . .
1938
1939

105
88
65

100
91
75

92
85
75

166

89

100
87

579
526
542

669
579
464

130
113
104

125
113
96

132
120
103

79
81
86
69

84
82
86
74

70
71
78

88
83
85

85
87
90

482
420
393

380
380
361

86
75
76

78
80
85
82

91
87
96

89
88
91

157
150
136
118
113
116

92
94
96
94

119
121
125
126

95

126

94
94
92
94
91
92
92

94

126

94
95
95
94
94
95
95
95
96
97
97

126
126
126
126
126
126
126
126
126
126
127

0)
(0

98

127

_

._ ._

.

48
51
65

61
61
71

65

70

81

1939—January
February
March
April
May
-_
June
July
August
_ _ __
September...
October
November.
December

67

72

80

1940—January
February

69
69

67
66
64
64
62
63
61
69
67
67
68

72
70
69
68
68
68
67
75
73
72
72
72
71

87
92
102
97

90
96
112
104

98

105

93

100

327
426
562
641

80
80
81
81
80
80
80
82
84
84
84

91
90
91
92
92
91
90
101
109
115
120

84
83

124
P126

348
397
598
663

102
105
105
106

84
86
96
91

108
688

100
100
100
101
101
102
102
108
111
118
121

673
671
650
652
643
629
616

124

(0
0)

0)
0)
(0
(0

690

694
694
697
712
718
721
726

8
8
0)
0)

108

108
108
107
108
109
109
109
108
108
108
108
108

94

0)
0)
(0
(0

p Preliminary.
i No figures available since August 1939.
Sources.—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937, p. 372.

372




FEDERAL RESERVE BULLETIN

Price Movements—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or
month

COST OF LIVING
[Index numbers]

EngGerUnited
Nether- Switzland
France
States
many
erland
lands
July
July
192319131911June
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100

United
States

GerEngNether- Switzland
many
France
lands
erland
1923July
19131911June
1925=100 1914=100 1930=100 1914=100 1913=100 1914=100

Year or
month

1926

109

161

554

146

161

160 1926

103

170

142

168

162

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

105
100
82
68
66
74
81
82
85
79
77

154
145
131
126
120
122
125
130
139
141
141

611
614
611
536
491
481
423
470
601
702

156
146
131
116
113
118
120
122
122
122
123

162
150
136
119
120
124
118
120
127
130

156
152
141
125
117
115
114
120
130
130
132

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

100
97
89
80
76
79
81
82
84
83
82

164
158
148
144
140
141
143
147
154
156
158

154
148
136
121
118
121
123
125
125
126
126

168
161
151
141
139
140
136
U32
137
139

161
158
150
138
131
129
128
130
137
137
138

138
138
135
135
134
134
139
137
138
154
157
157

748
744
742
734
738
739
741
749
(3)
(3)

122
122
123
122
123
124
125
125
122
122
122
123

129
129
128
129
130
132
132
131
133
136
138
138

1939-January
February
March

July
August
September
October..
November
December.

78
77
76
77
77
76
77
75
79
78
78
77

1940-January....
February.

77
78

157
161

(3)
(3)

139

1940-January
February.

1939-January...
February..
March
April
May—
• June

(3)

(3)

130
124
124
128
133
136
137

124

April
May

82

.

June
July
August
September
October
November
December.

82
83
82

100
97
91
87
83
78
86
102
117

155
155
153
153
153
153
156
155
155
165
169
173

126
126
126
126
126
127
127
127
126
126
126
126

122
123
(2)

(2)
(2)

174
177

138
136
137
139
143
144
146

144

127

3

i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). ' No figures available since M a y 1939.
August 1939. Sources— See BULLETIN for April 1937, p . 373, and October 1939, p. 943.

137
136
136
136
137
137
138
137
138
140
142
142

No figures available since

SECURITY PRICES

[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(average
price)1

(1926=100)
England
(December
1921=100)

France
(1913=100)

Germany
(average
price)

Number of issues..

60

1926

97.6

110.0

57.4

1929
1930.
1931
1932.
1933
1934
1935.
1936
1937
1938
1939

98.1
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6

110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3

85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
75.1
77.3

81.4
83.3
»83.4
'67.1
82.5
90.7
95.3
95.8
98.7
99.9
99.0

1939—January
February
March
April
May .
June
JulyAugust
September..
October..___
November...
December

81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
83.0
82.1

115.9
115.8
113.6
110.8
113.5
113.5
112.5
110.9
106.9
109.5
112.3
112.4

83.4
86.5
86.0
86.6
85.1
84.0
84.3
82.9
(6)

1940—January
February

82.4
82.2

117.6
119.9

Netherlands *

87

36

i(56)
()

United

States

England

France

Germany

Netherlands
(1930=100)
100

420

278

300

329

100.0

100.0

100.0

100.0

100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
* 101.8
105.9
90.9

190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2

119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9

217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
89.7

122.8
100.2
3 78.0
3 50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1

99.0
99.0
99.0
99.0
99,0
99.0
99.0
99.0
98.9
98.9
99.0
99.0

104.3
102.1
100.9
95.2
98.0
96.3
94.4
92.6
79.6
80.3
80.9
77.2

91.8
90.1
91.7
81.9
83.1
86.0
86.1
86.3
92.4
95.3
94.2
91.8

78.0
77.5
77.1
75.1
77.0
76.6
75.8
75.3
72.0
74.9
76.0
75.7

94.0
100.0
97.9
97.9
103.0
98.3
100.4
94.0
(6)

95.3
96.1
94.4
94.9
94.1
92.5
91.7
93.2
92.8
92.3
94.5
97.8

94.3
92.4
94.0
87.2
89.3
91.6
89.3
88.6
92.1
87.7
85.8
84.3

99.1

77.9

92.7
91.5

75.7
77.1

101.0

85.4

139

8

8(56)
()

100
70
46
52
55
55
66
104
96
90

1
2

Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
8
Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
4
New index. See note 2.
* Nofiguresavailable since August 1939.
Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172.

APRIL

1940




373

redetal ?<e5etve Publication*
Copies of the publications and releases listed below may be obtained from Board of Governors of the
Federal Reserve System, Washington, D. C.
BOOKS AND PAMPHLETS

CURRENT RELEASES

DAILY

Foreign Exchange Rates (for previous day)
WEEKLY

Monday:
Condition of Reporting Member Banks in 101
Leading Cities
Bank Debits
Tuesday:
Money Rates—Open-Market Rates in New York
City
Wednesday:
Weekly Review of Periodicals
Thursday:
Condition of Federal Reserve Banks
Condition of Reporting Member Banks in New
York City and Chicago (Also a part of statement of Condition of Reporting Member Banks
in 101 Leading Cities released on following
Monday)
Friday:
Department Store Sales
MONTHLY

Federal Reserve Bulletin—released about the 4th
of the month (subscription price $2.00 per
annum, single copies 20 cents; outside of the
United States, Canada, Mexico, and the insular
possessions, annual subscription $2.60, single
copies 25 cents)
Federal Reserve Inter-District Collection System
(Par List)—including list of State bank members. Semi-annual issues, January-July, and
monthly supplements—released about 7th of the
month
National Summary of Business Conditions—released about the 16th of the month
Business Indexes—released about the 16th of the
month
Bank Debits—released between the 6th and 12th
of the month
Foreign Exchange Rates—released about the 1st
of the month
Money Rates—released about the 3rd of the month
QUARTERLY

Member Bank Call Report (3 or 4 times a year
depending upon number of calls for condition
reports)
List of Stocks Registered on National Securities
Exchanges. Issued annually in February with
quarterly supplements (subscription price 25
cents for the List and three supplements; five or
more copies on one order, 20 cents per copy; fifty
or more copies on one order, 15 cents per copy).
ANNUALLY

Bank Debits—released ordinarily in February
Annual Report (covers calendar year)

374




A set of FEDERAL RESERVE CHARTS ON BANK CREDIT,
MONEY RATES, AND BUSINESS has been published by

the Board and is for sale to the public at 50 cents
a copy. Latest issue is November 9, 1939.
The FEDERAL RESERVE ACT AS AMENDED to October

1, 1935, with mimeographed supplements showing
amendments to date, has been printed by the Board
and will be supplied without charge.
DIGEST OF RULINGS—from 1914 to October 1, 1937.

Digests of rulings of Board; compilation showing
textual changes made in the Federal Reserve Act;
digests of court decisions and opinions of the Attorney General involving a construction of the Federal Reserve Act; and digests of court decisions involving Federal Reserve Banks. Price $1.25 per
copy. 683 pages.
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. Obtainable in cloth binding at 50 cents

a copy and in paper cover without charge. 128 pages.
PROBLEMS OF BANKING AND BANK SUPERVISION.

Excerpts from the 1938 Annual Report of the Board
of Governors of the Federal Reserve System. 33 pages.
MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy,
on proposals to maintain prices at fixed levels through
monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages.
July 1937, April 1939, and May 1939.
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. Legislation, designa-

tion of reserve cities, and changes in the reserve position of banks. 20 pages. November 1938.
SUPPLY AND USE OF MEMBER BANK RESERVE
FUNDS. Explanation of analysis of sources of mem-

ber bank reserve funds and uses to which such funds
are put as indicated by Federal Reserve and Treasury statements. 31 pages. July 1935.
MEMBER BANK STATISTICS. A discussion of the
statistics compiled and published by the Board covering the operations and condition of member banks.
28 pages. November 1935.
REVISED INDEXES OF FACTORY EMPLOYMENT.

Bu-

reau of Labor Statistics indexes adjusted for seasonal variation by Board of Governors. 32 pages,
October 1938; 10 pages, October 1939.
ANALYSES OF THE BANKING STRUCTURE—As

of

December 31, 1935. Number, deposits, and loans and
investments of banks classified by size of bank and
town and by other factors. 33 pages.
THE GOLD PROBLEM TODAY, by E. A. Goldenweiser—
reprint of article, 4 pages, January 1940.
THE PAR COLLECTION SYSTEM OF THE FEDERAL
RESERVE BANKS—by George B. Vest—8 pages, Feb-

ruary 1940.

FEDERAL RESERVE BULLETIN

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M . S. SZYMCZAK
JOHN K. MCKBE

CHESTER C. DAVIS
ERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THTJRSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRTJDER WINGFIELD, Assistant General Counsel

E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
EDWARD L. SMEAD, Chief, Division of Bank Operations

J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans

PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans .
O. E. FOTJLK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
CHESTER C. DAVIS
WILLIAM A. DAY
ERNEST G. DRAPER
JOHN K. M C K E E
ROBERT S PARKER
.
RONALD RANSOM
GEORGE J SCHALLER
.
JOHN S. SINCLAIR
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel

FEDERAL ADVISORY COUNCIL

Boston District
New York District
Philadelphia District

THOMAS M. STEELE
LEON FRASER
HOWARD A. LOEB

Vice President
Cleveland District
Richmond District
Atlanta District
Chicago District

B. G. HUNTINGTON

St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District

S. E. RAGLAND

ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN

President
JOHN CROSBY
JOHN EVANS
R. E. HARDING
PAUL S. DICK

E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist

R. G. ROUSE, Manager of System Open Market Account

APRIL 1940




WALTER LICHTENSTEIN, Secretary

375

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Chairman and
Federal Reserve
Agent

Federal
Reserve
Bank o—
f

Deputy Chairman

President

First Vice President

Roy A. Young
Frederic H. Curtiss... Henry S. Dennison
Beardsley Ruml
_. George L. Harrison
Owen D. Young

Boston
New York

William W. Paddock..... William Willett 1
Ray M. Gidney
Allan Sproul
Walter S. Logan
Leslie R. Rounds
Robert G. Rouse
John H. Williams
W. John Davis
Frank J. Drinnen

Philadelphia... Thomas B. McCabe._ Alfred H. Williams.... John S. Sinclair
Cleveland
RichmondAtlanta
Chicago
St. Louis

__

Minneapolis...
Kansas City_-.
Dallas
San Francisco..

Vice Presidents

Clarence A. Mcllhenny 2
William H. Fletcher
Matthew J. Fleming .. Frank J. Zurlinden
George C. Brainard... Reynold E. Klages
William F. Taylor 2
George H. Wagner
John S. Walden, Jr
John G. Fry
William G.Wysor.... Hugh Leach
Robert Lassiter
George H. Keesee 1
William S. McLarin, Jr.. Malcolm H. Bryan
Robert S. Parker.
Joe Frank Porter
Frank H. Neely
Harry F. Conniff
George J. Schaller
Howard P. Preston
James H. Dillard
Frank J. Lewis
Robert E. Wood
William H. Snyder 2
Clifford S. Young
Olin M. Attebery
William McC. Martin.. F. Guy Hitt
William T. Nardin.... Oscar G. Johnston
Clarence M. Stewart 1
John N. Peyton
Oliver S. Powell
Ernest W. Swanson
Roger B. Shepard
Walter C. Coffey
Harry I. Ziemer 2
George H. Hamilton
Carroll A. Worthington.. James W. Helm 2
Robert B. Caldwell... John J. Thomas
Harold G. Leedy
Robert R. Gilbert
James H. Merritt
Jay Taylor
Ethan B. Stroud
Robert B. Coleman
Walter 0. Ford 1
Ira Clerk
Raymond C. Force. _. St. George Holden.. William A. Dav__
Cecil E. Earhart 1
"William T»/r

TT Q I_

Richard B. West
1 Cashier.

2

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank o—
f
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch.
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch _ _.

376




Managing director
Robert M. O'Hara
Benedict J. Lazar
Percy A. Brown
W. Robert Milford
William T. Clements
Paul L. T. Beavers
George S. Vardeman, Jr.
Joel B. Fort, Jr.
Lewis M. Clark

_

Ralph H. Buss
_. Arthur F. Bailey
Charles A. Schacht
William H. Glasgow

Federal Reserve Bank o—
f
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch...
Omaha Branch .
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch

Managing director
Robert E. Towle
Joseph E. Olson
Cyrus E. Daniel
Lloyd H. Earhart
Joseph L. Hermann
William D. Gentry
Miers Crump
W. Norman Ambrose
David L. Davis
Winnie L. Partner
Clarence R. Shaw




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