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FEDERAL
RESERVE
BULLETIN
APRIL 1941

Review of the Month—Banks and the Defense Program
United States Government Corporations and Credit
Agencies in 1940
From the Board9s Correspondence—Effect of Increase in
Deposits on Interest Rates
ISew Weekly Index of Department Store Sales

Inflation




BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

Contents
PAGE

Review of the Month—Banks and the Defense Program

283-289

Installment Loans of Insured Banks, 1940.

289-290

Inflation, by E. A. Goldenweiser

291-293

From a Legal Standpoint:
Limitations on the Acquisition by Member Banks of Claims Assigned under
Emergency Plant Facilities Contract.
Executive Orders and Regulations on Transfers of Property of Bulgaria,

294

Hungary and Yugoslavia

294-296

General Licenses Issued by the Secretary of the Treasury

296

United States Government Corporations and Credit Agencies in 1940, by Henry
Edmiston and Gunhild Anderson

297-307

From the Board's Correspondence—Effect of Increase in Deposits on Interest Rates 308-309
Current Events.

310

New Weekly Index of Department Store Sales.

311

Balance of International Payments and International Capital Position of the
United States, 1938-1940.

312-313

National Summary of Business Conditions.

314-315

Financial, Industrial, Commercial Statistics, United States

317-360

(see p. 317 for list of tables.)

International Financial Statistics (see p. sei for list of tables.)
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council

378

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

379
380-381

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




361-377

382




Federal Reserve Bank of Minneapolis
73 South 5th Street, Minneapolis, Minnesota

ROGER B. SHEPARD
Class C Director
Deputy Chairman

W. C. COFFEY
Class C Director
Chairman

W. D. COCHRAN
Class C Director

OrN March 8, the Federal Reserve Bank of Min'
neapolis held its fourth Member Bank Conference.
A dinner was given at the Minneapolis Club Friday
evening, March 7, for the State Banking Commissioners of the six States in the Ninth District. Officers
of the Federal Reserve Bank and Directors of the
Head Office and the Helena Branch attended.
During the morning of March 8, about 1000
member bank officers and directors were shown
through the Bank, and visited with members of the
staff. A t noon, all attended a luncheon given by
the Bank.

j . R. MCKNIGHT

Class A Director

The afternoon program included a panel discussion on the agricultural situation and outlook.
The panel consisted of Dr. O . B. Jesness of the University of Minnesota, Dr. Louis H. Bean of the
United States Department of Agriculture, and Dr.
Joseph S. Davis of Stanford University. Officers of
the Reserve Bank discussed questions concerning
Federal Reserve Bank operations, and an address
was given by Bernard H. Ridder on the subject,
"I Knew Hitler." J. N. Peyton, President of the
Bank, acted as Chairman.

F. D. MCCARTNEY

Class A Director

J. E. O'CONNELL
Class B Director

ALBERT P. FUNK
Class B Director

In the evening the Bank gave a dinner for the
representatives of the member banks.

S. S. FORD
Class A Director

HOMER P. CLARK
Class B Director

LYMAN E. WAKEFIELD
Member, Federal Advisory
Council, Ninth Federal
Reserve District




J. N. PEYTON
President
Federal Reserve Bank oi
Minneapolis
O. S. POWELL
First Vice President
Federal Reserve Bank of
Minneapolis

FEDERAL RESERVE BULLETIN
VOL.

27

APRIL 1 9 4 1

No. 4

JSanlc5 and the fPefienle

fttoatam

The national defense program and the cur- producers and the Government in making and
rent sharp expansion in general business financing defense contracts. An official of
activity arising mainly each Reserve Bank and branch has been
Banking assistance
from the development of designated as a Federal Reserve Defense Conin defense
that program have been tract Officer. The task of these officers is to
reflected in the operations of the banking sys- advise banks, contractors, and prospective
tem. Banks have shown a rapid expansion in contractors on financial problems connected
their commercial loans, a large proportion of with the defense program, including assignwhich has been made to firms filling defense ment of claims, contract interpretation, etc.
contracts, and have also bought substantial
CONDITION OF MEMBER BANKS IN 101 LEADING CITIES
amounts of United States Government obli60
gations issued to meet disbursements for de- 60
28
fense and other purposes. Notwithstanding 2 8
/
26
this expansion banks throughout the country 2 6
/J
24
have ample funds available to meet any fur- 24
/*
22
ther needs that may arise. Growth in bank 22
loans and investments has been accompanied 2 0
20
bFr
by an increase of deposits to new high levels. 18
—
18
The accompanying chart shows the growth 16
_
__ 16
during the past two years in deposits, re- 14
_
14
— — Vi
serves, and loans and investments at weekly 12
12
—
reporting member banks in 101 leading cities. 10
10
Participation by the banking system in the
defense effort has made considerable progress. Many of the 15,000 individual com- 4
4
mercial and savings banks in the country and
the 12 regional Federal Reserve Banks and o
their 24 branches located in key cities, as well
1936
1937
1938
1939
1940
Latest figures for March 19.
as committees of banking associations, are
assisting the Government in establishing con- The Defense Contract Officers have at their
tact with a multitude of small and medium- disposal full use of the staffs of the loan and
sized business firms throughout the country credit departments of the Federal Reserve
for the purpose of facilitating the making of Banks and branches and the cooperation of
the commercial and savings banks on which
defense contracts.
The Board of Governors and the Federal the Federal Reserve System's contact with
Reserve Banks have been cooperating with the small business of the country ultimately
the Defense Contract Service, a unit of the depends. In order to assist defense producers
Office of Production Management, in aiding in obtaining the bank credit required, the
Sy»,

~***~

TOTAL LOANS
AND INVESTMENTS

.

-•

DEMAND DEPOSITS
ADJUSTED
A/*

RESERVE BALANC

0

1941

APRIL

1941




283

Review of the Month

Defense Contract Officers are instrumental in
establishing contacts between prospective
borrowers and such local banks or other lending agencies, including the Federal Reserve
Banks and the Reconstruction Finance Corporation, as may be needed to supplement
credit obtainable from the borrowers' regular banking connections.
The Defense Contract Service is now establishing offices at each Federal Reserve Bank
and at some of the branches. This service
will have in each Federal Reserve district a
District Coordinator; and under each Coordinator there is a District Manager and a
technical staff with engineering and industrial experience. The task of these officers
and their staffs is to help bring together
primary contractors and subcontractors able
and willing to assist in the defense program—
a type of work that the staffs of the Federal
Reserve Banks have heretofore endeavored
to handle—and to furnish small and mediumsized local producers with the wide variety
of information they need in filling Government orders for defense goods. They inform
individual firms of the sort of supplies for
which the Government is requesting bids and
furnish technical advice in submitting bids
and closing contracts; they also notify the
Government's purchasing agents of the various firms that may be in a position to manufacture supplies of specific sorts.
Perhaps the most striking banking development in recent months has been the sharp
rise in commercial loans at
Sharp rise
b a n k s t o t h e highest level in
in bank loans

nearly a decade. Last summer,
shortly after the inauguration of the defense
program, the volume of commercial, industrial, and agricultural loans at reporting
member banks in 101 leading cities showed
small increases. From the end of August,
when the sharp upturn began, through March
26 the increase amounted to about $950,000,000, or 20 per cent, of which $400,000,000
was in the first quarter of this year. The rate
of increase over the past six months has
284




COMMERCIAL LOANS OF BANKS IN LEADING CITIES
2400

2400

j

2000

1600

A

/
L NEW YORK CITY

2000

•

i

1600

1200

1200
NORT HEASTERN C ITIES

800

800

3 4 SOUTHERN C

27 WESTERN CITIES

400

400
—

—

0

0
1938

1940

Latest figures, March 19. Figures since May 12, 1937, include
commercial, industrial, and a small amount of agricultural loans ;
for earlier dates figures are estimated on the basis of changes in
so-called "other" loans. Cities grouped as follows: Northeastern
—cities in the Boston, New York (outside New York City),
Philadelphia, Cleveland, and Chicago Federal Reserve districts;
Southern—cities in the Richmond, Atlanta, St. Louis, and Dallas
districts ; Western—cities in the Minneapolis, Kansas City, and
San Francisco districts.

averaged about $33,000,000 a week, which is
substantially in excess of the average rate
of increase during two previous periods of
loan expansion—in 1936-1937 and in 1939.
As shown by the chart, all of the main sections of the country participated in the loan
expansion through the end of last year. Call
report figures show that country member
banks also had a substantial growth in commercial loans, but at a somewhat smaller rate
than city banks. Later data for country
banks are not available. Since the beginning
of the year there has been an acceleration in
the rate of growth in commercial loans at
banks in New York City and in other Northern and Eastern cities, where the heavier
defense industries are concentrated, while
the growth has slackened at banks in Southern cities.
Lending by commercial banks for defense
production was facilitated last November by
development of the Emergency Plant Facilities Contract and passage of the Assignment
of Claims Act, which permits borrowing on
the assignment of Government contracts. A
FEDERAL RESERVE BULLETIN

Review of the Month

recent survey conducted by the American been borrowing from banks to repay openBankers Association shows that at the end market indebtedness.
of 1940 about one-fourth of the defense loans
Medium- or long-term loans repayable on
of 196 large commercial banks in this country an installment basis appear to be increasing
were made on assignment of Government con- in importance. Such loans enable the bank
tracts as collateral, mostly on the basis of and the borrower to rely on an established
Emergency Plant Facilities Contracts. Banks schedule of repayment, timed in accordance
are granting most defense loans to their cus- with the income obtained by the borrower
tomers on the basis of already established from the use of the bank's funds. Loans of
credit relationships. Nearly nine-tenths of this type are, therefore, more satisfactory
the defense loans reported in the survey were to both bank and borrower than loans which
for working capital purposes, including loans are nominally payable on short term but are
to contractors engaged in construction as well granted partly on the understanding that
as those to manufacturers of supplies and periodic renewals might be granted.
Banks continue to add to their holdings of
equipment. A number of large loans have
been made to finance defense housing and United States Government securities. From
,
D e c e m b e r 31 to
cantonment construction; many of these loans „ ,
have required the participation of several Bank purchases
of United States
March 26 reporting
banks.
Government securities
member banks in 101
Banks covered in the survey reported that
on December 31, 1940, they had commitments leading cities increased their portfolio by
of $574,000,000 on loans for defense purposes about $870,000,000, following an increase of
of which $250,000,000 had been advanced $1,350,000,000 in the entire year 1940. Holdand were outstanding. These advances are ings of country member banks, which had
equal to about half of the increase in com- shown little change during the first half of
mercial loans at weekly reporting member 1940, increased by about $250,000,000 during
banks in the latter half of 1940. There are the latter half of the year, nearly all of which
GOVERNMENT SECURITY HOLDINGS OF BANKS
about 400 weekly reporting member banks,
IN LEADING CITIES
but the loans of the 195 large banks that
submitted the special reports probably com9
prise the bulk of the loans of all weekly
reporting member banks.
8
Demands for additional bank credit have
/
come not only from direct participants in the
"S. 100 OTH
ER CITIES .
f
defense program but also from others as
a result of the general expansion in the pro/
duction and distribution of goods. ManuNEW YO
RK CITY
/
facturers, particularly those making products
requiring long-time production processes, reJ
quire additional financing to enlarge their
facilities, to meet payrolls, and to carry larger
inventories of goods in process of manufacture, pending the completion of the finished
products. Bank funds are needed when inventories of materials and of finished goods
1936
1937
1938
1939
1940
1941
are being built up in anticipation of possible
Figures include both direct and fully guaranteed obligations of
future requirements. Corporations have also United States Government. Latest figures for March 19.
LIONS OF DOLLARS

APRIL

1941




WEDNESDAY FIGURES

BILLIONS

OF DOLLARS

285

Review of the Month

was in Treasury bonds. More recent figures
for country banks are not available.
About half of the increase in reporting
member bank holdings of Government securities this year has been at New York City
banks, continuing the growth which began
early in 1939. At banks in 100 other leading
cities, holdings of Government securities,
which did not change appreciably in either
1939 or 1940, have recently risen above the
peak level of 1936-1937. These movements
are shown in the chart on the previous page.
Most of the growth in holdings of Government securities by New York City banks during 1939 and 1940 was in Treasury bonds,
but in January and February of this year
there was a substantial rise in holdings of
Treasury notes, and in March there were increases in bills and bonds. Banks in other
leading cities have also increased their holdings of bills and bonds.
Changes in banks' holdings of Government
securities have been considerably influenced
by the volume and types
Treasury financing

Qf g e c u r i t i e s

isgued b y

^

Treasury. Recently the Treasury abandoned
the issuance of wholly or partially tax-exempt
securities and now issues only fully taxable
obligations. The Treasury sold for cash
$500,000,000 of % per cent taxable notes
in December and $600,000,000 of similar
notes in January. On March 15, the outstanding tax-exempt March 1941 notes and
1941-43 bonds were refunded into a taxable % per cent 2-year note and a taxable
2 per cent 7- to 9-year bond. About $660,000,000 of the notes and $490,000,000 of the
bonds were offered in exchange, and practically all of the exchanges were for the new
bond. During March, the Treasury raised
$300,000,000 of cash through increasing the
weekly bill offering from $100,000,000 to
$200,000,000 for three weeks. In the latter
part of March the Treasury also raised $500,000,000 of cash through an issue of 2 ^ per
cent 11- to 13-year bonds. Holders of June
1941 notes were given the option of refunding
286




into either this issue or into additional
amounts of March 1943 notes previously issued; practically all of the exchanges were
for the bonds.
As a result of these operations the Treasury raised in the first quarter of the year
$1,400,000,000 of new money in the open
market and refunded three issues outstanding
in the amount of $1,700,000,000. Some $400,000,000 was obtained through the sale of
United States Savings bonds, which are not
eligible for purchase by banks. The outstanding amount of Treasury bonds increased
during the first quarter of 1941 by about
$1,600,000,000, and Treasury bills increased
by about $300,000,000, while Treasury notes
showed a decline of about $500,000,000.
Guaranteed obligations outstanding showed
little change.
Having ample idle reserves, banks have
been in a position easily to meet the growing
demand for loans and to
? e t en V changes
purchase new issues of Govin bank reserves

ernment securities. For almost a year member bank reserves in excess
of legal requirements have continuously been
greater than $6,000,000,000 and have at times
risen to $7,000,000,000. Over this period
total reserve balances, including required
and excess reserves, have increased substantially but most of the increase has been absorbed by a growth in required reserves
which have steadily risen as a result of the
expansion in the amount of bank deposits.
The chief source of bank reserves in recent
years has been heavy gold imports from
abroad, which are reflected in a continuous
growth in the country's monetary gold stock
shown in the chart on the next page. This
year gold imports have been on a considerably smaller scale and their effects on reserve
funds have been offset by the continued rise
in the amount of money in circulation. Currency withdrawals and the building up of
deposits held in the Federal Reserve Banks
by foreign central banks and governments
were important factors holding down the
FEDERAL RESERVE BULLETIN

Review of the Month
MEMBER

BANK

RESERVES AND RELATED
fEONESDAY

1939

1940

1941

FIGURES

1939

ITEMS
BILLIONS OF DOLLARS

1940

Latest figures for March 19.

1941

with bank reserves and are now about three
times as large as in the 1920's, notwithstanding the fact that banks can no longer pay
interest on demand balances. It is not possible to determine what part of bankers' balances may be considered under varying conditions as working needs and what part may
be superfluous. It is also difficult to know
to what extent a bank's balances due to and
balances due from banks may be used to
offset each other. If the problem is studied
by groups of banks, instead of by individual
banks, these comparisons become even more
involved. The following table shows for each
major class of member banks total loans
and investments, excess reserves, amounts
due from banks in the United States, and
amounts due to banks in the United States.

growth of bank reserves last year. Owing
mainly to the Federal income tax receipts
that temporarily accumulated in the Treasury's deposits with the Reserve Banks, excess
reserves declined in March from a level of RESERVE POSITION OP MEMBER BANKS, BY CLASSES
about $6,500,000,000 to $6,000,000,000, the
Dec. 31, 1940
[In millions of dollars]
lowest figure reached in the past year. In
Total
coming months fiscal operations may cause
Balances Balances
loans
Excess due from due to
and
substantial temporary fluctuations in the
reserves banks in banks in
investU. S.i
U.S.i
ments
Treasury's deposits and in the volume of
excess reserves.
Central reserve city banks:
4,032
3,452
122
New York
10,910
Analysis of the reserve position of indi406
319
997
2,377
Chicago
2,741
4,025
13,013
1,829
Reserve
vidual member banks shows that nearly all Country city banks
3,003
663
10,826
866
banks.. .banks hold relatively large
6,554
9,716
All member banks
6,185
37,126
Distribution of amounts of funds in the form
excess reserves
of excess reserves or balances Including a small amount of time balances.
with correspondents. In comparing the re- The table shows that on the average memserve positions of individual member banks, ber banks at the end of 1940 held excess remoreover, the figures for excess reserves do serves amounting to about 18 per cent of
not tell the whole story because many banks total loans and investments. The average
hold large idle balances with city correspond- varied widely among the various classes of
ents. For an individual bank, its balances banks, ranging from about 32 per cent for
due from correspondents in excess of what it New York City banks to 8 per cent for counneeds for working purposes are as fully avail- try member banks. The New York City
able for expanding its loans and investments banks, however, had large amounts of baland for meeting withdrawals by its depositors ances due to banks subject to withdrawal in
as are excess reserves at the Federal Reserve case of need, whereas country banks had a
Bank. On the other hand, a city bank holding relatively small amount of such liabilities to
large amounts of deposits due to banks must other banks but had claims on other banks
be prepared eventually to lose some part of amounting to more than three times their
these deposits and a corresponding amount of excess reserves. At reserve city banks,
reserves.
where excess reserves amounted to 14 per
Bankers' balances have increased along cent of total loans and investments, and also
1

APRIL

1941




287

Review of the Month

at Chicago banks, balances due to banks were lation reached $8,850,000,000, exceeding all
larger than their deposits with other banks. previous records. Currency in circulation
Owing partly to gold acquisitions but is even higher than it was during the buying
chiefly to the rapid expansion of bank loans season last Christmas and is $1,350,000,000
and investments, the volume above what it was a year ago. Because of the
Growth in bank
of bank deposits and cur- large amount of excess bank reserves, banks
deposits and
currency
rency held by the public has can easily supply the growing demand for
shown in recent months a continuation of currency without having to borrow or liquithe sharpest increase that this country has date earning assets.
ever experienced. For all banks in the counThe largest percentage increase in curtry it is estimated that the volume of demand rency in circulation during the past year
and time deposits, excluding interbank de- has been in denominations of $50 and over.
posits and collection items, plus currency held At the end of February large denomination
by the public outside banks, exceeded $72,- currency in circulation amounted to $2,540,000,000,000 at the middle of March, repre- 000,000, as shown by the chart, representsenting an increase of over $15,000,000,000 ing a rise of almost 25 per cent in 12 months.
since the pre-depression high point of the This appears to be a reflection of a tendency
late Twenties. Most of the growth has been to hoard currency and also of the use of curin the volume of demand deposits. The chart rency by persons who for one reason or
on page 283 shows how rapid the recent rise another wish to conceal their holdings of
in the volume of demand deposits has been funds or their transactions. No statistics
at banks in 101 leading cities.
are available as to the actual amount of such
With a growth in business activity there
MONEY FN CIRCULATION
has been an increase in the volume of charges
or debits to deposit accounts at banks. In the
first quarter of 1941, debits at banks in 273 reporting centers outside New York City were
/
about 15 per cent larger than in the same period last year. In New York City, where the
figures are considerably affected by the volJ
ume of stock market transactions, which have
rOTAL MONEY
continued at a low level, the increase was 8
k
/
1/
per cent. Debits, however, have shown a
smaller proportionate increase than bank
J
v-y
*
deposits with the result that the rate of turnINS AND BILLS
over of deposits has fallen further to the
F UND E $5C
R
)
lowest level on record. This low rate of
turnover reflects the fact that a substantial
part of existing bank deposits is held relatively idle awaiting investment or other
y
profitable use.
BILL S OF
850 Al>JD OVE
There was a continued growth in the demand for currency during February and
March of this year, months
Rise in currency w hen currency demand ordi-

I

J

i

V^
\
—

m circulation

'

narily slackens. In the latter
part of March the level of currency in circu288




'30

A

J

1940

Currency outside the Treasury and Federal Reserve Banks.
End of month. Latest figures February 28, 1941.
FEDERAL RESERVE BULLETIN

Review of the Month

holdings. In some cases foreigners appear
to be holding United States currency in this
country or abroad in order to avoid confiscation by their own government or "freezing" by this government.
The amount of small denomination currency in circulation, which reflects the actual
use of currency for making payments, has
also increased, although the rise has not
been so rapid as that of large denominations.

At the end of February there was in circulation $6,245,000,000 of coin and paper currency in denominations of $20 and less, an
increase of about 15 per cent in the past 12
months. Growth in circulation of small denomination currency is attributable mainly to
the acceleration in business activity accompanied by larger payrolls and consumers'
purchases, both of which require additional
currency.

SJn5tallmant Jloan* ofi JJniutcd £anlc5, 1940
At the end of 1940 all insured commercial
banks had outstanding on their books nearly
$1,500,000,000 of personal and retail installment paper. Slightly more than half of this
total represented retail installment loans,
either in form of paper purchased from dealers and finance companies or in the form of
advances made directly by the banks to borrowers. Such loans arise from the retail sale
of and are secured by specific articles such as
automobiles and household goods. About onefifth of the total were property improvement
loans insured under the provisions of Title I
of the National Housing Act, and the remainder were other personal loans repayable in installments. Personal loans not repayable in installments were not reported,
nor were loans made to dealers and finance
companies on their own promissory notes.
These figures were obtained in a special
report called for by the Federal bank supervisory agencies as of the end of 1940. They
are shown in detail by States in the table on
page 360 of this BULLETIN. Comparable data
for retail installment paper, but not for property improvement or personal loans, were obtained as of the end of 1939. Comparison of
these figures shows that during 1940 there
was a sharp increase of $235,000,000, or 43
per cent, in the volume of retail installment
paper held by all insured commercial banks.
APRIL

1941




RETAIL INSTALLMENT PAPER HELD BY INSURED COMMERCIAL BANKS, 1940
[Amounts in millions of dollars

Classes of banks

Increase since
Amount
Dec. 30, 1939
reported
Dec. 31,
1940
Amount Per cent

All insured commercial banks

776

235

43

Member banks—total

598

198

49

86
269
243

35
100
63

69
59
35

178

37

26

Central reserve city banks
Other reserve city banks
Country banks
.. ._
Insured nonmember banks

As the above table indicates, all classes of insured commercial banks shared in the increase, though the percentage increases were
greater at member banks in central reserve
and reserve cities than at country member
and non-member insured banks.
As shown in the table on page 360, of the
13,415 insured commercial banks from which
reports were received for the end of 1940,
11,548 or 86 per cent held $1,469,000,000 of
personal and retail installment paper. The
remaining banks did not report any holdings
of installment paper. Reported installment
paper was 12 per cent of all the so-called
"customer loans" of these banks, i.e., of all
loans other than open-market paper, real estate loans, loans for purchasing and carrying
securities, and loans to banks, but this pro289

Installment Loans of Insured Banks, 1940

portion varied from 6 per cent for member
banks in the central reserve cities of New
York and Chicago to 21 per cent for nonmember insured banks. By major geographic
regions the largest ratio—25 per cent—was
shown for the three Pacific Coast States, although among individual States, Nevada and
Michigan had higher ratios.
At each class of member banks, paper purchased from dealers and finance companies
was greater than the volume of any other type
of installment paper. Insured nonmember
banks also held a large amount of such paper
but they held an even greater amount of personal installment cash loans. These banks
held a larger amount of personal installment
cash loans than any other class of bank.
Country member banks held more of such
loans than city banks.
These figures of bank holdings of retail installment paper were obtained by the Comptroller of the Currency for national banks,
the Board of Governors for State member
banks, and the Federal Deposit Insurance
Corporation for insured nonmember banks.
In reporting figures for holdings of retail
installment paper banks were asked in both
the 1939 and 1940 reports to include the unpaid balances of all installment loans arising from the retail sale of and secured by
automobiles, trucks, tractors, household appliances, furniture, clothing, jewelry, etc.

290




In the 1940 report, paper purchased from or
rediscounted for dealers and finance companies was reported separately as "Paper
purchased" and paper representing loans
made directly to the borrowers was reported
separately as "Direct loans". The figures do
not include any loans made to dealers and
finance companies on their own promissory
notes even if secured by the pledge of installment paper. In addition to holdings of retail installment paper, banks were asked in
the 1940 report for FHA Title I loans, representing the unpaid balances of property
improvement loans insured under Title I of
the National Housing Act, and for personal
installment cash loans, representing the unpaid balances of all loans made to individuals
which are repayable in installments. The
proceeds of such personal loans are ordinarily used for consolidation of debts, medical
attention, and general personal expenditures.
The 1940 report form specified that deposits
accumulated for payment of personal loans
should be deducted and the net figures reported. These deposits amounted to about
$108,000,000, with $40,000,000 at insured
nonmember banks, $34,000,000 at country
member banks, and $29,000,000 at reserve
city banks. The total customer loan figures,
given for comparison in the table, have not
been adjusted by the amount of such deposits.

FEDERAL RESERVE BULLETIN

notation
by
E.

A.

GOLDENWEISER

Director, Division of Research and Statistics

F

OR a number of years there has been a general advance in activity and prices, which
great deal of discussion of the danger of may arise from a variety of causes but is
inflation threatening this country. So far invariably aggravated by monetary expanthese fears have not been justified. They sion.
were based chiefly on the rapid growth of
Types
bank reserves and bank deposits which, if
Two general
fully utilized, could create an inflationary tinguished—fiattypes of inflation may be dismoney inflation
situation. But neither the existence of a inflation. The first type occurs and credit
when the
large volume of money nor the possibility of resources of a country are being fully utilized
further expansion necessarily results in in- and the government has to spend more than
flation.
it can raise either by taxation or by borrowDefinition
ing in the market and, therefore, resorts
Inflation occurs when the volume of money to the creation of money through the printactively bidding for goods and services in- ing press, through borrowing from a central
creases faster than the available supply, when bank, or through some other device. The
the growth of national income in money units characteristic feature of this type of inis greater than its growth in physical units. flation is that it arises from the necessities
A vast supply of idle money may lay a founda- of government. It is only when a country is
tion for an inflation but, in and of itself, it in an extremely critical situation that this
does not produce one. It is when this money occurs. When it does occur it is the worst
becomes active that a threat of inflation be- type of inflation. In fact, the most disastrous
inflations have all been of this type. This sort
comes real.
One of the reasons for confusion on this of inflation, which arises from the dire needs
subject is the variety of meanings that the of a government, is never effective in overword inflation has to the minds of different coming the government's difficulties.
people. Some think of any advance in prices
When a government needs to spend more
as inflation, and when prices of some com- than it can raise in normal ways, it would
modities are very low one sometimes hears a be better advised to meet the situation by diwish expressed for the much-heralded in- rectly conscripting the goods and services
flation. It would contribute to clarity if it needed, rather than by flooding the country
were generally agreed to describe salutary with rapidly deteriorating money and thus
increases in activity and desirable upward disrupting the workings of the entire econprice movements by the use of terms other omy. Inflation is an exceedingly expensive
than inflation.
way of obtaining funds since it makes the cost
The term inflation is also applied to price of goods that the government must acquire
advances in a few commodities resulting from rise as fast as or faster than the increase in
a growth in demand in excess of available means of payment. It is a vicious cycle and
capacity or from a strategic position. It has always led to disaster. It is likely to
would be better not to use the term inflation to occur only when a government, at a time
describe such bottleneck advances because when a nation's industrial capacity is already
both their causes and the proper means of fully employed, must divert a larger part of
combating them differ from those appropriate the national output than the country can well
for dealing with inflation. It will best serve spare to be used in conducting a war, in
the purpose of clear thinking to confine the making foreign payments, or in meeting some
term inflation to an excessive and dangerous other emergency. It may result in a depreciaNOTE.—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 1941




291

Inflation

tion of the currency; a flight from money into
goods; a flight of capital from the country;
and, at the worst, a complete wiping out of all
savings and ultimate collapse of the economy.
There is no reason whatsoever to expect
this type of inflation to occur in this country
in our day. The Government's credit is firm;
its needs are within the nation's ability to
meet; and the dangers of this course of action
are fully understood. It is not within the
realm of practical possibilities that this country will have this type of "bankruptcy" inflation.
The other general type of inflation, credit
inflation, does not originate in the government's inability to meet its requirements
without resorting to fiat money. While government expenditures and borrowing in the
market may contribute to the development of
this type of inflation, it is characterized by
strength rather than by weakness of public
credit. It arises when a country is working
near capacity, when credit is freely dispensed,
and when speculative activity develops. This
is the type of inflation that this country experienced in 1919-1920, when a growing
supply of credit coincided with a runaway
advance in commodity prices, and in 19281929, when violent speculation occurred in
the field of securities and real estate. This
sort of inflation is not so completely disastrous as fiat money inflation, but if it assumes large proportions it can seriously disrupt the country's economy. It is invariably
followed by a collapse of values, widespread
failures, and drastic reductions in activity
and employment. This is the kind of inflation
that may arise out of an abundance of funds
when the demand for their use becomes active. It is the kind that this country must
be prepared to prevent.
Causes
The first essential for the development of
credit inflation is a strong and persistent
demand for goods or other values at a time
when credit is freely obtainable. At the
present time in this country there is a
great demand for goods for defense purposes and an assurance of the continuance of
this demand. There is also an enormous
amount of funds in the hands of the public
and of lending power in the hands of the
banks. There is, however, still a large
amount of unused capacity in many industries. A general widespread inflation is not
292




likely to develop so long as this is the case.
Shortages in some groups of industries already exist and some price advances have
occurred while others may come in the future.
They are, however, still so scattered that they
can and should be handled by non-monetary
methods, such as direct limitation of price
advances, priorities, and rationing, which lie
outside the scope of this discussion.
It should be mentioned, however, that there
is no clear-cut line at which an increasing
number of bottleneck advances in prices
passes over into a general inflation. The
development of a number of bottlenecks in
many leading commodities may be the introductory phase of a general inflation. It
can occur long before the entire country
is operating at full capacity, because neither
plant capacity nor labor supply is completely
mobile. The existence of unused capacity
in some industries may not prevent great
shortages of capacity in others, and the presence of large numbers of unskilled workers
without jobs may not prevent grave shortages in many skilled lines, So long as these
instances of shortages are scattered and relatively few the situation is not properly described as inflation and can be handled by
non-monetary remedies. But it may become
general long before full capacity is achieved.
It should be kept in mind that it is the available supply of goods and not the theoretically
possible supply that must meet a growing
demand in order to prevent inflation.
Effects
The effects of an extreme inflation are invariably disastrous and even a moderate
inflation causes serious dislocations, inequities, and unnecessary suffering. Furthermore, it is difficult to arrest the course of an
inflation when it once gets under way and
thus to prevent a moderate one from assuming major proportions. An inflationary
movement is much more amenable to control
in its early stages than after a speculative
spirit is abroad and growing costs and admonitions cease to deter from unwise undertakings.
It is often said that inflation benefits the
debtor at the expense of the creditor. Stated
in these words it sounds appealing because
our sympathies are naturally with the debtor
and not with the creditor. One is inclined to
visualize a hard-working farmer or a small
home owner threatened with foreclosure by
FEDERAL RESERVE BULLETIN

Inflation

a hard-fisted creditor. Anything that will
help lift the mortgage from the home place
meets with our approval. But in our modern
economy this type of debtor and creditor is
not the most numerous or typical. The most
numerous creditors in this country are the
millions of holders of savings accounts and
insurance policies, and the principal debtors
are the banks, the insurance companies, and
the large corporations. Inflation, by lowering the purchasing power of the dollar, adversely affects these millions by diminishing
the buying power of their savings and of
the proceeds of their insurance. And it
does not help the debtor banks and insurance companies because they have both assets
and liabilities in terms of dollars and so do
not directly gain or lose from an increase or
a decrease in the purchasing power of the
dollar. It is true that some types of debtors
are temporarily benefited by inflation, particularly producers whose costs are small because the labor is supplied by themselves and
their families, and whose income is dependent
on one or two cash commodities. The benefit
even to this class of debtors, however, is only
temporary because in the end inflation destroys their market. Equitable prices and reduction in the burden of debt for this group of
debtors should be and to some extent has been
provided by means other than inflation. The
relief afforded by inflation is temporary at
best and results in great inequity to other
groups of the population.
It is much more accurate to say that in
general inflation temporarily favors the rich
as against the poor. It does so because the
rich do not spend their entire income on
necessities and, therefore, are not so seriously
affected as the poor who must use all their
income to pay for food, clothes, and shelter.
It favors the rich also because their profits
from a rise in value of property and investments in equities may more than offset their
losses from a rise in the cost of living.
Inflation favors the speculator as against
the investor, because the rapid rise in securities and commodities may afford the speculator an opportunity to reap large profits, while
the investor in fixed interest-bearing obligations finds the buying power of his revenues
declining. Finally, inflation favors the slick
as against the conscientious. It affords an opportunity for clever manipulators to profit by
an unstable situation and it completely baffles
the careful, thrifty citizen who finds that
APRIL

1941




habits and traditions do not protect him
against the destructive forces of an inflationary movement. Such benefits as are derived
from inflation by the rich, the speculators, and
the unscrupulous, however, are themselves
temporary in nature, because in the end the
entire economy is disrupted and the ill-gotten
gains of the profiteer are lost in the ensuing
deflation.
This brief and over-simplified analysis reflects the experience of all the countries that
have gone through a disastrous inflation and
explains the horror of this phenomenon that
prevails in the minds of those who have had
to live through it.
Preventives
As already stated, there is so far no evidence of inflation in this country and where
bottleneck situations exist non-monetary
methods for handling them are being developed. This is a good time, however, to
recognize the characteristics of inflation and
to be prepared to prevent its development in
the very early stages. Means of preventing
inflation include a fiscal policy so organized
as to depend increasingly on taxation as
the national income advances. Such a policy
would be supplemented by a program whereby
necessary borrowing by the Government
should for the most part come out of existing
investment funds and not out of the creation
of additional bank deposits through the sale
of Government securities to the banks. This
line of policy has been adopted by the Government.
From the point of view of banking authorities this policy may require at an appropriate
time in the future the absorption into required reserves of a portion of the idle funds
held by the banks. Such an absorption would
diminish the pressure on the banks to find
outlets for their funds in U. S. Government
securities and would facilitate the placing of
a larger part of the new issues with nonbanking investors. It would also make banks
more careful to avoid the extension of credit
for unsound or speculative purposes and
would restrain further growth in the already
ample volume of bank deposits.
A coordinated fiscal and monetary policy
for the purpose of avoiding the pitfalls of
inflation can contribute a great deal to the
effectiveness of the defense effort and to the
possibility of a more gradual and less disruptive readjustment after the objectives of
this effort will have been achieved.
293

Ttom a J-eaaLStandpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material.
Limitations on the Acquisition by Member Banks of Claims
Assigned under Emergency Plant Facilities Contracts

There is set forth below an excerpt from a
letter dated February 24, 1941, addressed to
the Board of Governors of the Federal Reserve System by the Comptroller of the Currency, relating to the acquisition by national
banks of claims against the Federal Government arising out of Emergency Plant Facilities Contracts assigned under the provisions
of the Assignment of Claims Act of 1940.
"By virtue of the Assignment of Claims Act, claims
arising under such contracts may be assigned to
banks as security for loans. In such cases the loan
is made to the contractor, and the claim against the
Government is assigned to the bank as collateral
security. Such loans are subject to the ordinary
10% limitation prescribed by section 5200 of Rev.
Stat. of 1873, as amended (U.S.C. title 12, sec. 84),
since none of the exceptions to that limitation specified in section 5200 is applicable to this situation.
"The question has been raised whether assignments
of such claims may be purchased by national banks
outright, rather than being taken as security for
loans to the contractor. Section 5136 of Rev. Stat.
of 1873, as amended (U.S.C. title 12, sec. 24) authorizes national banks to acquire 'promissory notes,
drafts, bills of exchange, and other evidences of
debt.' In order to constitute an 'evidence of debt'
within this statutory provision, an obligation must
involve an admission of liability or a promise to pay
a specified or determinate amount. Until the completion of the plant facilities called for by these contracts, the Government does not appear to undertake
any such absolute obligation, although it does bind
itself to assume an obligation not to exceed a specified amount upon the completion of the facilities and
the filing of a Final Cost Certificate. Accordingly,
until the facilities have been completed and the Final
Cost Certificate filed, the contractor's potential claim
against the Government does not constitute an evidence of debt which nrny be purchased by a national
bank. After the facilities have been completed and
the Final Cost Certificate filed, the contractor's claim
against the United States becomes an evidence of
debt within the meaning of section 5136 and may be
acquired as such by a national bank.
"The question then arises whether the acquisition
of such claims is subject to any of the limits as to
amount which are prescribed in the National Bank
Act. Inasmuch as these assigned claims do not constitute 'investment securities' as defined in section
5136, the applicable limitations and exceptions are
those of section 5200, relating to loans and similar
294




extensions of credit, rather than those of section
5136, relating to investment securities. However, it
is the position of this office that the limitations of
section 5200 do not apply to obligations of the United
States, since the Federal Government is not deemed
to be a 'person, copartnership, or corporation' within
the purview of that section. It is therefore concluded that after the plant facilities have been completed in accordance with the contract and the Final
Cost Certificate filed, the claim of the contractor
against the Government may be acquired by a national bank without any limitation other than those
imposed by the applicable principles of safe and
sound banking practice. In purchasing such claims,
the bank should take into consideration whatever
possibility exists of the assigned claim thereafter
becoming subject to valid defenses, set-offs, or
counterclaims."

In view of this ruling of the Comptroller of
the Currency and the fact that State member
banks under the law are subject to the same
conditions with respect to the purchasing and
holding of investment securities as are national banks, the Board will consider that
State member banks, in acquiring claims
against the Government of the kind described
after the plant facilities have been completed
in accordance with the contract and the Final
Cost Certificate filed, are not subject to the
limitations imposed by section 5136, United
States Revised Statutes. State member banks
are likewise not subject to the limitations of
section 5200, United States Revised Statutes,
in acquiring such claims.
Executive Orders and Regulations on Transfers of Property
of Bulgaria, Hungary and Yugoslavia

The Executive Order of April 10, 1940, as
amended, and the Treasury Regulations issued thereunder providing that transfers of
credit, foreign exchange transactions, the export or earmarking of coin, bullion, or currency, or other similar operations, by persons
or institutions in the United States which
involve property of Norway, Denmark, Belgium, Luxembourg, the Netherlands, France,
Latvia, Estonia, Lithuania, or Rumania, or
any national thereof, shall be subject to license by the Secretary of the Treasury, were
FEDERAL RESERVE BULLETIN

From a Legal Standpoint

amended on March 4, March 13 and March so as to extend all the provisions thereof to, and with
in which
24, 1941, so as to include property of Bul- respect to, property at any timeYugoslavia or any
national thereof has
on or
garia, Hungary and Yugoslavia, or any na- 24, 1941, had any interest of any nature since March
whatsoever,
tional thereof.
direct or indirect; except that, in defining "YugoThe texts of the Executive Orders and slavia" and "national" of Yugoslavia the date "March
1941" shall be substituted
accompanying Regulations and amendments 24,the definitions of countriesfor the dates appearing
in
and nationals thereof.
thereto, are quoted in full in the May, June,
FRANKLIN D. ROOSEVELT.
July, August, September, and November 1940 THE WHITE HOUSE,
issues of the Federal Reserve BULLETIN. The March 24, 1941.
texts of the March 4, March 13 and March 24
Treasury Department, Office of the Secretary,
amendments are as follows:
EXECUTIVE ORDER NO. 8701

March 4, 1941
Amendment to Regulations *
The Regulations of April 10, 1940, as amended
(Sections 130.1 to 130.6), are further amended so as
to extend all the provisions thereof to, and with respect to, property in which Bulgaria or any national
thereof has at any time on or since March 4, 1941,
had any interest of any nature whatsoever, direct or
indirect; except that reports on Form TFR-100 with
respect to all property situated in the United States
on March 4, 1941, in which Bulgaria or any national
thereof has at any time on or since March 4, 1941,
had any interest of any nature whatsoever, direct
or indirect, shall be filed by April 4, 1941.

Amendment of Executive Order No. 8389 of April
10, 19^-0, as Amended
By virtue of the authority vested in me by section
5(b) of the Act of October 6, 1917 (40 Stat. 411),
as amended, and by virtue of all other authority
vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT
of the UNITED STATES OF AMERICA, do hereby amend
Executive Order No, 8389 of April 10, 1940, as
amended, so as to extend all the provisions thereof
to, and with respect to, property in which Bulgaria
or any national thereof has at any time on or since
March 4, 1941, had any interest of any nature whatsoever, direct or indirect; except that, in defining
H . MORGENTHAU, JR.,
"Bulgaria" and "national" of Bulgaria the date
Secretary of the Treasury.
"March 4, 1941" shall be substituted for the dates
appearing in the definitions of countries and na- APPROVED: March 4, 1941.
tionals thereof.
FRANKLIN D. ROOSEVELT.
FRANKLIN D. ROOSEVELT

THE WHITE HOUSE,

March 4,19U

EXECUTIVE ORDER 8711

Treasury Department, Office of the Secretary,
March 13, 1941
Amendment to Regulations *
The Regulations of April 10, 1940, as amended
(Sections 130.1 to 130.6), are further amended so as
to extend all the provisions thereof to, and with
respect to, property in which Hungary or any national thereof has at any time on or since March 13,
1941, had any interest of any nature whatsoever,
direct or indirect; except that reports on Form
TFR-100 with respect to all property situated in the
United States on March 13, 1941, in which Hungary
or any national thereof has at any time on or since
March 13, 1941, had any interest of any nature
whatsoever, direct or indirect, shall be filed by April
13, 1941.

Amendment of Executive Order No. 8389 of April
10, 191*0, as Amended
By virtue of the authority vested in me by section
5(b) of the Act of October 6, 1917 (40 Stat. 411),
as amended, and by virtue of all other authority
vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT
of the UNITED STATES OF AMERICA, do hereby amend
Executive Order No. 8389 of April 10, 1940, as
amended, so as to extend all the provisions thereof
to, and with respect to, property in which Hungary
or any national thereof has at any time on or since
March 13, 1941, had any interest of any nature whatsoever, direct or indirect; except that, in defining
H . MORGENTHAU, JR.,
"Hungary" and "national" of Hungary the date
Secretary of the Treasury.
"March 13, 1941" shall be substituted for the dates
appearing in the definitions of countries and na- APPROVED: March 13, 1941.
tionals thereof.
FRANKLIN D. ROOSEVELT.
FRANKLIN D. ROOSEVELT

Treasury Department, Office of the Secretary,
March 24, 1941
Amendment to Regulations *
EXECUTIVE ORDER NO. 8721
The Regulations of April 10, 1940, as amended
Amendment of Executive Order No. 8389 of April
(Sections 130.1 to 130.6), are further amended so as
10, 1940, as Amended
5(b),
By virtue of the authority vested in me by section 2, * Sections1 ;130.1 to 130.6: Sec. No. 69,40 Stat. 415 and 966; Sec.
48 Stat.
Public
76th Congress
5(b) of the Act of October 6, 1917 (40 Stat. 411), as 95a; Ex. Order 6560,Resolution 1934; Ex. Order 8389,; 12 U.S.C.
J a n . 15,
April 10,
amended, and by virtue of all other authority vested 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, J u n e 17,
THE WHITE HOUSE,

March 13, 1941.

1940; Ex. Order 8484, July
8493, July
in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the 1940 ; Ex. Order 8565, October15, 1940; ;Ex. Order 8701, March25,
10, 1940 Ex. Order
4,
UNITED STATES OF AMERICA, do hereby amend Execu- 1941; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24,

tive Order No. 8389 of April 10, 1940, as amended,
APRIL 1941




1941.

295

From a Legal Standpoint

to extend all the provisions thereof to, and with respect to, property in which Yugoslavia or any national thereof has at any time on or since March 24,
1941, had any interest of any nature whatsoever,
direct or indirect; except that reports on Form TFR100 with respect to all property situated in the United
States on March 24,1941, in which Yugoslavia or any
national thereof has at any time on or since March
24, 1941, had any interest of any nature whatsoever,
direct or indirect, shall be filed by April 24, 1941.
D. W.

BELL,

Acting Secretary of the Treasury.
General Licenses Issued by the Secretary of the Treasury

Banking institutions within the United States engaging in any transactions authorized by this general
license shall file promptly with the appropriate
Federal Reserve Bank monthly reports setting forth
the details of such transactions during such period.
D. W. BELL,

Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
March 13, 1941
General License No. 38 under Executive Order No.
8389, April 10, 19 UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*

Since the publication of certain General
Licenses on pages 208 and 209 of the March
1941 Federal Reserve BULLETIN, the following General Licenses have been issued by the
Office of the Secretary of the Treasury under
authority of the Executive Order of April
10, 1940, as amended, and Regulations issued
pursuant thereto, relating to transactions in
foreign exchange, etc.

A general license is hereby granted authorizing
banking institutions within the United States to
make payments from accounts in which Hungary
or a national thereof has a property interest within
the meaning of the Executive Order of April 10,
1940, as amended, and the Regulations issued thereunder, of checks and drafts drawn or issued prior
to March 13,1941, and to accept and pay and debit to
such accounts drafts drawn prior to March 13, 1941,
under letters of credit; provided, that each banking
institution making any payment or debit authorized
by this general license shall file promptly with the
Treasury Department, Office of the Secretary,
appropriate Federal Reserve Bank weekly reports
March 4, 1941
showing the details of such transactions. This license
shall expire at the close of business on April 13,
General License No. 36 under Executive Order No. 1941.
8389, April 10, 191*0, as Amended, and Regulations
D. W. BELL,
Issued Pursuant Thereto, Relating to Transactions
Acting Secretary of the Treasury.
in Foreign Exchange, Etc.*

A general license is hereby granted authorizing
banking institutions within the United States to
make payments from accounts in which Bulgaria
or a national thereof has a property interest within
the meaning of the Executive Order of April 10,
1940, as amended, and the Regulations issued thereunder, of checks and drafts drawn or issued prior
to March 4, 1941, and to accept and pay and debit
to such accounts drafts drawn prior to March 4,1941,
under letters of credit; provided, that each banking
institution making any payment or debit authorized
by this general license shall file promptly with the
appropriate Federal Reserve Bank weekly reports
showing the details of such transactions. This license
shall expire at the close of business on April 4,
1941.
HERBERT E. GASTON,

Acting Secretary of the Treasury.

Treasury Department, Office of the Secretary,
March 24, 1941
General License No. 39 Under Executive Order No.
8389, April 10, 19 UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
A general license is hereby granted authorizing
banking institutions within the United States to make
payments from accounts in which Yugoslavia or a
national thereof has a property interest within the
meaning of the Executive Order of April 10, 1940, as
amended, and the Regulations issued thereunder of
checks and drafts drawn or issued prior to March 24,
1941, and to accept and pay and debit to such accounts
drafts drawn prior to March 24, 1941, under letters
of credit; provided, that each banking institution
making any payment or debit authorized by this general license shall file promptly with the appropriate
Federal Reserve Bank weekly reports showing the
details of such transactions. This license shall expire
at the close of business on April 24, 1941.

Treasury Department, Office of the Secretary,
March 12, 1941
General License No. 37 under Executive Order No.
8389, April 10, 19 UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
A general license is hereby granted authorizing
banking institutions within the United States to
make all payments, transfers and withdrawals from
accounts in the name of citizens of the United States
while such citizens are within any foreign country
in the course of their employment by the Government of the United States.
296




D. W. BELL,

Acting Secretary of the Treasury.

•Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public
Resolution No. 69. 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560,
Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405,
May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484,
July 15, 1940; Ex. Order 8493, July 25, 1940; Ex. Order 8565,
October 10, 1940; Ex. Order 8701, March 4, 1941; Ex. Order 8711,
March 13, 1941; Ex. Order 8721, March 24, 1941; Regulations,
April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15,
1940, October 10, 1940, March 4, 1941, March 18, 1941, and March
24, 1941.
FEDERAL RESERVE

BULLETIN

UnitedS>tate5 (fovetnment&orpotatlon5
and &tedit -Qjenciel In I94O
by
HENRY EDMISTON AND GUNHILD ANDERSON
Division of Research and Statistics

P

(c) An increase of $500,000,000 in the
RINCIPAL developments during 1940 in
the operations of United States Govern- lending authority of the Export-Import
ment corporations and credit agencies may be Bank to a total of $700,000,000 in order to
assist in the development of the resources,
summarized as follows:
1. To assist in carrying out the Govern- the stabilization of the economies, and the
orderly marketing of the products of the
ment's national defense program, Congress
countries of the Western Hemisphere.
authorized several changes and enlargements
Earlier legislation enacted in March had
in the operations of certain Government
corporations and credit agencies. This leg- increased the lending authority of this
islation, which was passed in June and sub- agency from $100,000,000 to $200,000,000.
(d) Authority to the United States
sequent months, provided :
Housing Authority to allocate some of its
(a) Authority for the creation by the funds for national defense housing conReconstruction Finance Corporation of
new Government corporations to acquire struction. Allocations for defense housing
to the Authority by the
strategic and critical materials and to aid also were made Administrator under the
in the production of national defense mate- Federal Works Housing Act.
Lanham Defense
rials. Five new corporations were created
(e) Authority to the Tennessee
up to the end of the year, namely, the Rub- Authority for a three-year defense Valley
power
ber Reserve Company, Metals Reserve program at an estimated total cost of
Company, Defense Plant Corporation, De- $66,000,000, for which Congress voted an
fense Supplies Corporation, and Defense
Homes Corporation. In addition, the Re- initial appropriation of $25,000,000.
(f) Emergency funds for the President
construction Finance Corporation itself
was authorized to make loans to or pur- for defense purposes, from which he allocated $36,000,000 in contract authorizachase the stock of private corporations for
the purpose of acquiring strategic mate- tions to the Maritime Commission for a
program of emergency shipbuilding.
rials and for plant construction, expansion
and equipment, and working capital to be
used for national defense purposes. Al- 2. Total outstanding loans and holdings of
though actual cash outlays under the au- securities of financial institutions increased
thority of this new legislation were rela- by $160,000,000 during the year in contrast
tively small up to the end of the year, with substantial decreases in most recent
commitments by the new defense corpora- years. Outstanding loans of the large emertions and by the Reconstruction Finance gency financing corporations, such as the
Corporation itself had reached a total of Reconstruction Finance Corporation and the
almost $1,100,000,000.
Home Owners' Loan Corporation, and loans
(b) Authority to the Reconstruction of the farm mortgage agencies continued to
Finance Corporation to make loans for the decline but at a slower rate than in other
development of deposits of strategic and recent years. This smaller decrease resulted
critical minerals. Formerly such loans largely from a decline in foreclosures on
could be made only for the development of both farm and home mortgages as the redeposits of gold, silver, and tin.
sult of extensions of loan terms begun in
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 1941




297

United States Government Corporations and Credit Agencies in 1940

the previous year, and also from the creation of new Home Owners' Loan Corporation
mortgage loans as previously acquired properties were sold. Loans of certain other
agencies, largely in the agricultural and housing fields, showed substantial increases.
3. The relatively low interest rates in effect
at the end of 1939 were continued during
1940. By legislation enacted in June the temporary reductions in rates on Federal land
bank and Land Bank Commissioner loans
were continued until June 30, 1942, and the
rate on Land Bank Commissioner loans was
reduced further from 4 to 3!/2 per cent.
4. During the latter half of the year certain
agencies returned $210,000,000 of capital
funds to the Treasury in accordance with the
recommendation contained in the President's
Budget Message of January 1940 that $700,000,000 of capital funds of certain Government corporations and credit agencies should
be returned to the Treasury during the fiscal
year 1941. Legislation was also enacted
which will facilitate the return of the remainder of these funds before June 30,1941.
The amounts returned and to be repaid are
summarized below:
REPAYMENT OF CAPITAL FUNDS BY GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES
[In millions of dollars]
Amounts Amounts
returned to to be
Treasury, returned,
July-Dec. Jan.-June
1940
1941
Federal savings and loan associations
Farm credit agencies:
Federal land banks
_
_
Federal Farm Mortgage Corporation
_
Federal intermediate credit banks .
Banks for cooperatives._
Production credit corporations
Total farm credit agencies

8

40
48
15
203

35
100

100

Reconstruction Finance Corporation:
Reduction in capital or surplus
funds
Purchase of stock of Federal Home
Loan banks from Treasury _ . _
Purchase of securities from Public
Works Administration

100
12

100
40
60
15

112

315

175

125

50

50

350
211

175

125

Total Reconstruction Finance
Corporation...
Grand total

27

Total

350

489

700

Assets and liabilities.—In Table 1 are
shown the principal assets and liabilities of
Government corporations and credit agencies
for June and December dates from 1935 to
298




1940. This table is based upon the compilations published as part of the Daily Statement
of the United States Treasury for the end
of each month supplemented by additional
data furnished by the Treasury Department.
The figures shown for periods prior to 1940
differ from previously published figures because adjustments have been made for the
major changes in classifications of assets and
liabilities made by the Treasury in its compilations during the period covered. These
adjustments tend to make the various items
of assets and liabilities comparable for the
entire period, but they do not affect the figures on the Government's proprietary interests in the corporations and agencies. As
shown in this table, total outstanding loans
and investments in preferred stock increased
by $160,000,000 in 1940 as compared with
substantial decreases in each of recent years
except 1938. Certain other assets, such as
accounts and other receivables, business
property, and property held for sale, continued their upward trend during 1940, and
total assets aggregated $12,500,000,000 at the
end of the year. The amounts of guaranteed
obligations outstanding increased during
1940 to a total of $5,920,000,000 on December
31, a new high level. New issues of guaranteed notes of the Commodity Credit Corporation and the United States Housing Authority were sold in the open market and a
maturing issue of Home Owners' Loan Corporation bonds was redeemed. Other liabilities increased in 1940, the greater part of
which was due to the establishment by the
Reconstruction Finance Corporation of a reserve of $125,000,000 for losses and contingencies. The proprietary interests of the
United States Government in the agencies
declined slightly during 1940 and aggregated
$3,560,000,000 at the end of the year.
Loans and investments.—Total outstanding
loans and holdings of securities of financial
institutions increased by $160,000,000 in
1940 following a decline of $220,000,000 in
1939. The major increases were shown by
the Farm Security Administration, Rural
Electrification Administration, United States
Housing Authority, Commodity Credit Corporation, and the Export-Import Bank. Although emergency loans made largely during
the period 1932 to 1935 declined further in
1940, the decreases were considerably smaller
than in recent years. Outstanding loans of
the farm mortgage agencies decreased by
FEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1940
TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, 1935-19403
[Based largely on compilations published as part of end-of-month daily Treasury statements. In millions of dollars]
1935

1936

1937

1939

1938

1940

June
30

Dec.
31

June
30

Dec.
31

June
30

Dec.
31

June
30

Dec.
31

June
30

Dec.
31

June
30

791
983
599
2,658
2, 750
696
565

678
1,018
572
2,903
2,867
750
615

555
976
516
2,963
2,891
730
736

521
901
433
2,801
2,901
675
809

487
890
438
2,605
2,883
633
882

501
886
440
2,475
2,848
671
891

494
869
471
2,357
2,804
773
921

470
874
511
2,335
2,735
863
951

446
865
493
2,331
2,658
893
957

444
816
500
2,365
2,596
698
1,100

429
783
524
2,323
2,549
675
1,187

485
736
516
2,390
2,500
757
1,298

9,040
453
444

9,402
319
449

9,367
279
486

9,042
259
506

8,817
288
551

8,712
299
606

8,689
444
651

8,739
370
710

8,643
585
713

8,518
460
758

8,470
412
748

8,682
533
701

220
45
185
156
214
80

215
26
252
165
172
62

211
28
269
183
222
97

196
30
325
172
330
99

196
28
297
222
479
65

180
32
304
388
595
62

158
42
342
430
662
62

145
35
328
456
689
61

140
48
377
481
708
80

130
41
379
549
1,093
133

131
48
404
562
1,067
179

128
22
491
593
1,141
211

Total assets other than interagency 3-_. .. . . 10,836 11,062 11,141 10,958 10, 943 11,178 11,481 11, 533 11,775 12, 062 12, 021

12, 500

Dec.
31

Assets
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc.
Loans to railroads
Home and housing mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans

..

Total loans and preferred stock

Cash
U. S. Government direct obligations
Obligations of Government credit agencies:
Fully guaranteed by United States.
Other 2

Accounts and other receivables
Business propertyProperty held for sale
Other assets

_ .

Liabilities
Bonds, notes, and debentures:
Guaranteed by United States

_

Other 2

Other liabilities (including reserves).
Total liabilities other than interagency 3
Excess of assets over liabilities, excluding interagency
transactions
. _. - . . . . . .
Privately owned interests
U. S. Government interests

4,168
1,515
377

4,546
1,335
437

4,719
1,392
460

4,669
1,428
608

4,689
1,326
629

4,645
1,363
736

4,853
1,346
835

4,992
1,317
821

5,451
1,389
859

5,704
1,348
995

5,529
1,343
1,105

5,917
1, 395
1,214

6,060

6,317

6,571

6,705

6,644

6,743

7,033

7,130

7,699

8,048

7,977

8,526

4,775
352

4,744
340

4,570
347

4,253
338

4,299
355

4,434
361

4,447
370

4,404
381

4,076
387

4,014
397

4,044
405

3,974
415

4,423

4,404

4,223

3,915

3,943

4,073

4,078

4,022

3,688

3,617

3,639

3,559

1
Figures for several items of assets and liabilities for periods prior to 1940 differ from previously published figures in that adjustments have been
made for the major changes in classifications made b y the Treasury in its compilations during the period covered.
2 Excludes Federal land bank bonds held b y the Federal F a r m Mortgage Corporation.
3
Includes, however, investments in securities of agencies (other than mentioned in footnote 2) and deposits of agencies with Reconstruction
Finance Corporation.

about $100,000,000 during the year and loans
of and investments in shares of savings and
loan associations by the Home Owners' Loan
Corporation also declined by about the same
amount. Reconstruction Finance Corporation loans to and investments in securities of
banks and other financial institutions outstanding at the year end were about the same
as a year earlier, in contrast with substantial
decreases in recent years.
In Table 2, outstanding loans and investments of, and the Government's proprietary
interests in, agencies engaged primarily in
lending are shown separately from other
agencies. As shown in this table, total loans
and investments aggregated $8,680,000,000
at the end of 1940. Of this amount, $6,260,000,000, or 72 per cent, was held by three
APRIL

1941




groups of lending agencies, the bulk of whose
loans and investments were made during
1932 to 1935, namely: (1) the farm mortgage
agencies, including the Federal land banks
and the Federal Farm Mortgage Corporation,
(2) the Home Owners' Loan Corporation,
and (3) the Reconstruction Finance Corporation together with the Public Works Administration. Other agricultural loans made
by various agencies amounted to $1,260,000,000, other home mortgage and housing loans
to $660,000,000, and miscellaneous loans of
various agencies to $500,000,000.
The Government's proprietary interests in
the agencies engaged primarily in lending
declined by $180,000,000 during 1940 to
$2,720,000,000 at the end of the year. The
largest decline, that for the Reconstruction
Finance Corporation, was due in large part
299

United States Government Corporations and Credit Agencies in 1940
TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES AND PROPRIETARY INTERESTS OF UNITED STATES,
DECEMBER 31, 1940
[In millions of dollars]
Outstanding
loans, investments in pre- Proprietary
ferred stock,
interests of
capital notes
and debentures, United States
Government
and shares of
financial

institutions

Dec. Change Dec. Change
31,

1940
Agencies engaged primarily in lending:
Reconstruction Finance Corporation
and Public Works Administration
1,609
Home mortgage and housing agencies:
Home Owners' Loan Corporation
2,151
477
Other mortgage agencies 1
__ .
U. S. Housing Authority
_
186
Farm credit agencies:
Farm mortgage agencies
2,500
280
Commodity Credit Corporation
375
Farm Security Administration
602
Other 3
Other lending agencies:
249
Rural Electrification Administration.
83
Export-Import Bank
_
Other
112

Total all agencies

31,

1940

in
1940

-25

354

-225

-99

25
317
137

+32

+52
+63
-96

-27
-13

__

2+45
+118

+2

401
101
377
419

+66
+43
-6

252
106
230

+67
+58
+11

8,622

Total lending agencies
Other agencies:
National Defense corporations 4
Insurance agencies 5
Tennessee Valley Authority
Other

m
1940

+161

2,720

-180

59

+2

55
345
350
90

+55
+20
+44
+2

3,559

-59

(6)

8,682

(6)

+164

-111

+1

+120
-91

ernment's proprietary interest in the largest
of these, the Tennessee Valley Authority,
increased by $44,000,000 to a total of $350,000,000 on December 31, 1940. On the
same date, the Government's interests in the
newly created National Defense corporations
amounted to $55,000,000.
Reconstruction Finance Corporation and
Public Works Administration.—As shown in
Table 3, the total outstanding amount of loans
and investments of the Reconstruction Finance Corporation and the Public Works Administration declined by $25,000,000 to a total
of $1,610,000,000 at the end of the year.
This compares with a decrease of $160,000,000 in the previous year. The principal
change during 1940 was in Reconstruction
Finance Corporation loans for self-liquidating projects which declined by $44,000,000,
reflecting in large part the sale to private
investors of securities acquired in connection
with these loans. Other types of loans and
investments showed only minor changes. Outstanding loans to private corporations for
national defense purposes, which were authorized under amendments to the Reconstruction Finance Corporation Act last June,
aggregated $7,000,000 on December 31, 1940.
Commitments to make these loans outstanding near the end of the year amounted to
over $100,000,000.

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
In computing this change, previously published figures for December TABLE 3.—LOANS AND INVESTMENTS OF THE R E CONSTRUCTION FINANCE CORPORATION AND THE
31, 1939, were adjusted to exclude commodities to which the Corporation
had taken title.
PUBLIC WORKS ADMINISTRATION DURING 1940 *
3
Including Federal intermediate credit banks, Banks for cooperatives,
Production credit corporations, Regional agricultural credit corporations,
[In millions of dollars]
and Congressional appropriations administered by the Farm Credit Administration.
4
OutIncluding Rubber Reserve Company, Metals Reserve Company,
DisReNet
standDefense Plant Corporation, Defense Supplies Corporation, and Defense
bursed paid change
ing
Homes Corporation.
5
in
in
in
Dec.
Including Federal Deposit Insurance Corporation, Federal Savings
1940
1940
1940
31,
and Loan Insurance Corporation, Federal Housing Administration, and
1940
Federal Crop Insurance Corporation.
6
Less than $500,000.
Investment in preferred stock, etc.,
44
of banks 2
56
— 12
483
Loans to banks
37
28
130
+9
Loans to railroads
96
474
121
+25
Loans to industrial and commercial
businesses:
For national defense
7
+7
7
(3)
Other
29
38
-9
122
Loans to drainage, levee, and irrigation districts
2
3
-1
83
R. F. C. loans for self - liquidating
4
54
97
—44
projects
36
P. W. A. advances (obligations held
5
by P. W. A. and R. F. C.)
+12
205
Miscellaneous loans
.
22
9
-13
69

to a change in the bookkeeping procedure of
the Corporation setting up a $125,000,000 reserve against losses and contingencies. The
United States Government interests in the
assets of the four insurance agencies, the largest of which is the Federal Deposit Insurance
Corporation, increased slightly to a total of
$345,000,000 at the end of the year. These
agencies do not make loans except as an incident to their insurance functions, but hold
assets, primarily in the form of United States
Government obligations, as reserves against
operating losses. Certain other agencies are
primarily operating companies. The Gov300




Total

-25

1,609

1 Excluding interagency loans and investments.
2 Including loans secured by preferred stock, etc., of banks.
3 Less than $500,000.
* Includes obligations sold to others.
5
Includes $90,000,000 obligations held by Public Works Administration.
FEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1940

In accordance with the recommendation critical and strategic metals. Its commitcontained in the President's Budget Message ments, which aggregated almost $380,000,000
of January 1940 that $700,000,000 of capital near the end of the year, were largely for
funds of certain Government corporations manganese ore and tin.
should be returned to the Treasury, the ReThe Defense Plant Corporation was creconstruction Finance Corporation is sched- ated on August 22 to carry out the provisions
uled to repay $175,000,000 of its capital or of the amendments with regard to plant and
surplus funds, to purchase the $125,000,000 equipment for the manufacture of national
of capital stock of the Federal Home Loan defense materials. The Corporation does not
banks held by the Treasury, and to purchase make loans, but builds and owns plants neces$50,000,000 of securities from the Public sary for national defense and leases them to
Works Administration, a total of $350,000,- private operating companies. This arrange000. Amendments to the Reconstruction ment leaves free some of the funds which the
Finance Corporation Act to facilitate these War and Navy Departments would otheroperations were enacted last June, but none wise have to obligate for the defense plant
of these transactions had been made up to expansion. The lease agreement most freDecember 31, 1940.
quently used to date provides that the operating company will pay a rental of $1 a
National Defense corporations.—The
price
amendments to the Reconstruction Finance year to the Corporation and that the matecharged the Government for defense
Corporation Act of June 25, 1940 also au- rials will
any charge for the
thorized the Reconstruction Finance Corpo- facilities. not includeor Navy Department
The War
ration, with the approval of the President, to agrees to reimburse the Corporation for
organize corporations to aid the Government 40 per cent of the total cost by June 1942 and
in its national defense program. These cor- for the remaining 60 per cent thereafter, proporations were given power under the law: viding Congress makes sufficient funds avail"(a) to produce, acquire, and carry strategic
and critical materials as defined by the Presi- able. The operating companies are given opdent, (b) to purchase and lease land, to pur- tions to purchase the facilities after the
chase, lease, build, and expand plant and to emergency, but if the options are not exerpurchase and produce equipment, supplies, cised, the facilities become the property of
and machinery for the manufacture of arms, the Army or Navy after they have reimammunition, and implements of war, (c) to bursed the Corporation, as explained above.
lease such plants to private corporations to The Defense Plant Corporation has other
engage in such manufacture, and (d) if the types of lease agreements under which the
President finds that it is necessary for a operating company is charged rental based
Government agency to engage in such manu- upon expected net sales.
Commitments of the Defense Plant Corfacture, to engage in such manufacture
poration near the end of the year aggregated
itself."
Under authority of these amendments, five $350,000,000, of which about 80 per cent
corporations were created last summer and was for construction of plants and the acfall by the Reconstruction Finance Corpora- quisition of machinery and equipment for
tion, namely, the Rubber Reserve Company, the manufacture of airplanes and parts.
Metals Reserve Company, Defense Plant Cor- The remaining commitments were for maporation, Defense Supplies Corporation, and chine tools, docks, shipyards, and the manuDefense Homes Corporation. The Rubber facture of tanks and tank engines, ordnance,
Reserve Company, created on June 28 to ac- and other items.
As mentioned earlier, the Reconstruction
quire a reserve of raw rubber, up to the close
of the year had agreed to purchase up to 430,- Finance Corporation itself makes direct loans
000 tons of crude rubber at a cost of $190,- to private concerns for national defense pur000,000. Of this rubber, 52,516 tons had poses. On November 18 the Federal Loan
been delivered, 20,139 tons were in transit, Administrator announced that on loans made
and 16,343 tons were awaiting shipment at by the Reconstruction Finance Corporation,
the end of the year, and the balance should either directly or through banks, or by the
Defense Plante r Corporation, the interest rate
be accumulated during 1941.
cen
t per annum where there
The Metals Reserve Company also was will be IV2 P
created on June 28 to acquire reserves of is a definite agreement for reimbursement by
APRIL

1941




301

United States Government Corporations and Credit Agencies in 1940

the War or Navy Department over a period of 'ABLE 4.—PRINCIPAL ASSETS AND LIABILITIES OF
HOME MORTGAGE AND HOUSING AGENCIES,
five years. On defense loans where there is no
DECEMBER 31, 1940
definite undertaking for reimbursement by
[In millions of dollars]
the War or Navy Department the interest
rate will be appropriate to the credit factors
Federal R.F.C. United
Home
of the individual case, but not more than 4
Owners' Federal National Mort- States
Home MortLoan
gage Housing
per cent.
gage
Loan
Corpo- banks
Com- AuthorThe Defense Supplies Corporation was
ration
pany
ity
tion
created on August 29 to acquire and carry a
reserve supply of critical and strategic maAssets
terials and supplies. Its outstanding com- Loans
181
67
1,956
201
mitments near the end of the year of $55,000,- Shares associationsand
of savings l
194
loan
000 included an allocation of $50,000,000 for ash and U. S. Gov189
54
ernment obligations..
()
the purchase of high-test aviation gasoline 'roperty held for sale.. 357
1
and $5,000,000 for the purchase of nitrate Other assets
10
of soda from Chile. In addition, $12,000,000
186
70
2,706
370
300
Total assets 3
has been supplied to the Corporation from the
Liabilities
President's emergency funds to pay for the
transportation to and storing in this country Bonds and notes: U. S. 2,615
226
Guaranteed by
.....
Other
of 250,000,000 pounds of Australian wool. Other liabilities
67
Defense Homes Corporation was created on
232
89
119
Total liabilities 3. 2,682
October 23 to assist in providing homes in
localities where manufacturing is necessary In addition to these investments, the Treasury had $27,000,000 inshares
in connection with facilities for the War and vested in than of Federal savings and loan associations.
2
3 Less
Navy Departments, where private capital is other agencies$500,000. items the Reconstruction Finance CorporaExcluding interagency
except investments in securities of
and deposits with
not available, and where it is anticipated that ion.
the homes will be of permanent value to the
community. Mortgages on these homes will and principal and of any advances made by
be insured by the Federal Housing Adminis- the Corporation for delinquent taxes, assesstration and, if not purchased by private in- ments, and insurance so that a new start is
vestors, will be held by the Federal National made with revised installment payments. In
Mortgage Association or the R. F. C. Mort- order to provide the best possible safeguard
gage Company. The Defense Homes Corpo- against future delinquencies on taxes and inration furnishes the equity in these projects. surance, the Corporation has required that a
home owner to whom extensions are granted
Home mortgage and housing agencies.— enter into an agreement with the Corporation
The principal items of assets and liabilities of under which he deposits monthly with the
the home mortgage and housing agencies on Corporation one-twelfth of annual taxes and
December 31, 1940, are summarized in one-thirty-sixth of the amount of a three-year
Table 4:
fire insurance premium.
The emergency Home Owners' Loan Cor- The progress toward liquidation of the
poration, established in 1933, made loans, to Corporation's affairs was more rapid in 1940
be amortized in 15 years, to home owners in than in any prior year owing largely to ina refinancing program which terminated in creased sales of acquired properties. The
June 1936. Since that date the principal ac- total balance of loan and property accounts
tivities of the Corporation have been the serv- decreased by $235,000,000 during the year
icing of loans and the management and sale to a total of $2,310,000,000 on December 31,
of properties acquired. During 1940, the 1940. This compares with decreases in these
policy of making revisions and extensions in accounts ranging from $97,000,000 to $163,loan terms, begun late in 1939, was continued 000,000 during the calendar years 1937 to
in accordance with legislation enacted in Au- 1939. Outstanding loans declined during
gust 1939 providing that the Corporation the year by $82,000,000, an amount conmay extend loans to a maximum of 25 years siderably smaller than the reductions which
in cases where such extensions appear justi- took place in earlier years. Principal repayfied. These extensions and revisions provide ments on original loans and on loans created
for the inclusion in the amount of the loan, in connection with sales of acquired properas extended or recast, of delinquent interes ties were larger than in the previous year,
302




FEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1940

but loan balances transferred to property percent, as compared with 65 per cent in
and other accounts as foreclosures were 1939 and 54 per cent in 1936.
The Federal National Mortgage Associaauthorized were only about one-third as large
as in 1939. The largest factor in the reduc- tion and the R. F. C. Mortgage Company,
tion of foreclosures in 1940 was the policy both of which are owned by the Reconstrucpursued by the Corporation in carrying out tion Finance Corporation, are engaged in
the program of loan extensions and revisions mortgage lending primarily through the purauthorized by legislation in August 1939. As hase and sale of mortgages insured by the
the result of lower foreclosures and increased Federal Housing Administration. The Fedsales of acquired properties, the value of iral National Mortgage Association deals
property held for sale was decreased by hiefly in mortgages on new homes and rental
housing projects, while the R. F. C. Mortabout $150,000,000.
Investments of the Home Owners' Loan gage Company deals primarily in insured
Corporation in shares of Federal and other mortgages on old homes and on income-prosavings and loan associations declined by ducing properties. At the end of 1940 the
almost $20,000,000 to a total of $190,000,000 Federal National Mortgage Association held
at the end of the year. The Corporation $181,000,000 of insured mortgages, an inis authorized to invest up to $300,000,000 crease of $34,000,000 for the year. Total
in shares in these associations, but since 1938 loans and insured mortgages of the R. F. C.
these investments have been restricted to Mortgage Company increased by $10,000,000
special cases usually connected with the re- during the year to a total of $67,000,000.
habilitation of local savings and loan institu- Funds for the operations of both of these
tions. The Treasury's investment in shares agencies during 1940 were obtained from the
of Federal savings and loan associations de- Reconstruction Finance Corporation.
The United States Housing Authority,
creased by $13,000,000 during the year to a
total of $27,000,000 on December 31, 1940. which was organized in 1937, is authorized
This remaining amount is scheduled to be to make long-term loans up to $800,000,000
repurchased by the associations in 1941 under to local housing authorities for slum clearance
the plan for repayment of $700,000,000 of and low rent housing projects. By the end of
capital funds of certain agencies already 1940 definite contracts had been made calling
for maximum advances of $675,000,000. Net
mentioned.
Net receipts from the operations of the loans actually made during the year increased
Corporation in 1940 were used for the retire- by $63,000,000 to a total of $186,000,000.
ment of $200,000,000 of its guaranteed bonds. Funds for the operations of the Authority
Total resources of the Federal Home Loan during the year were obtained from the sale
banks increased from $255,000,000 to $300,- to the public of $112,000,000 of fully guaran000,000 during the year, due primarily to an teed notes part of which went into increased
increase of $42,000,000 in outstanding con- cash holdings.
The program of permitting the financing
solidated debentures, the proceeds from which
went into increased loans and cash holdings. of construction costs of local authority housOutstanding advances by the banks to mem- ing projects through sales of short-term tember institutions, which declined sharply dur- porary loan notes by local authorities to priing the first quarter of the year, began to vate bidders was continued during 1940. The
increase in May, and the rise was particu- Authority is irrevocably committed to deposit
larly marked in the last quarter. Total out- funds with the Federal Reserve Banks to restanding advances amounted to $200,000,000 tire these notes when they mature. During
at the end of December, a new high record. the year a total of $502,000,000 of these notes
At that time the combined estimated assets of local authorities were sold, while $306,of all member institutions reached a total of 000,000 were paid off at maturity, and on
$5,070,000,000 compared with $4,740,000,000 December 31, about $250,000,000 were outat the close of 1939. The volume of new loans standing. The interest rates paid during
notes ranged from
made by all savings and loan associations 1940 on suchIn February 1940, a .29 to .70 of
1 per cent.
further step
for the year aggregated $1,200,000,000, an was taken in financing the development costs
increase of 22 per cent over 1939. The pro- of housing projects by direct sales of longportion of their mortgage loans in 1940 used term securities of local authorities to the pubfor construction and home purchase was 69 lic. This program was designed to obtain
APRIL

1941




303

United States Government Corporations and Credit Agencies in 1940

greater participation by the public in the
financing of low cost housing projects. The
long-term financing served the purpose of obtaining the 10 per cent of the development
costs which local authorities are required to
provide on their projects, and also of covering some of the additional financing needs.
During the year about $20,000,000 of longterm bonds were sold, of which nearly $7,000,000 represented funds in excess of the
minimum requirements for local authorities.
Actual disbursements by local housing authorities on public housing projects amounted
to about $250,000,000 in 1940, or an average
of slightly over $20,000,000 a month.
The United States Housing Authority is
one of the Government agencies participating
in the construction of defense housing projects for Army and Navy enlisted personnel
and civilian employees and for workers engaged in industries connected with and essential to national defense. Under the authority
of the defense housing legislation enacted in
June 1940, the Authority, in cooperation with
local housing authorities, had undertaken up
to the end of the year 19 defense housing
projects with a total estimated development
cost of about $25,000,000. In addition, the
Authority had allocated to the Army and
Navy funds for the construction of four
projects at an estimated cost of slightly over
$7,000,000. The Authority is also participating in the housing program authorized by
the Lanham Act, approved October 1940,
which made available to the Federal Works
Administration $150,000,000 for defense
housing. Up to the middle of March 1941,
there had been assigned to the Authority 35
Lanham Act projects, containing nearly 13,000 housing units and having an estimated
cost of around $50,000,000.
The Federal Housing Administration,
which is included in the BULLETIN tables
under "Insurance Agencies", makes no mortgage loans but insures approved lending institutions on loans secured by mortgages on
homes and rental housing properties and on
loans for property improvements which meet
certain requirements. During 1940, the volume of business transacted by this agency
continued to increase. Home mortgages insured during the year under Title II of the
National Housing Act, as indicated by those
that became premium-paying, aggregated
$740,000,000, an increase of almost $70,000,000, or 10 per cent as compared with 1939.
The cumulative total of these insured mort304




gages, exclusive of terminations and amortization payments, reached $2,710,000,000 by
the end of 1940. Mortgages accepted for insurance, which represent commitments to
grant insurance upon completion of financing
arrangements, aggregated $880,000,000 in
1940, an increase of about 20 per cent over
the preceding year. Over 80 per cent of the
total mortgages accepted for insurance in
1940 were for new homes, as compared with
76 per cent in 1939. Loans for property improvement, including new construction, insured under Title I of the National Housing Act, which became premium-paying
amounted to $280,000,000 in 1940 and the
cumulative total of these loans increased to
$1,240,000,000 at the end of the year. Of the
increase in 1940 of loans insured under this
Title of the Act, $25,000,000 represented
mortgages on new low-priced homes. Insured
mortgages on rental and group housing projects which became premium-paying in 1940
increased by $13,000,000 to a total of $127,000,000.
Total assets of the Federal Housing Administration increased by $23,000,000 in
1940, reflecting largely increases in the insurance funds which it administers. At the
end of the year the Mutual Mortgage Insurance Fund had total assets of $39,000,000,
an increase of $9,000,000 for the year; total
assets of the Housing Insurance Fund, which
covers insured mortgages on rental housing
projects, increased to $12,000,000 on December 31, 1940. The amount of guaranteed debentures issued in settlement of insurance
claims, which were outstanding at the end of
the year, aggregated $12,950,000, an increase
of $9,400,000 for the year. Foreclosed property increased by $7,000,000 to a total of
$9,890,000 at the end of 1940.
Farm credit agencies.—The principal assets and liabilities of the farm credit agencies
on December 31, 1940 are shown in Table 5.
Outstanding loans of the permanent Federal land banks and the emergency Federal
Farm Mortgage Corporation, both of which
are under the direct supervision of the Farm
Credit Administration, declined by about
$100,000,000 to a total of $2,500,000,000 on
December 31, 1940, of which $1,850,000,000
were first mortgage loans of the Federal land
banks. New loans made by these agencies in
1940 aggregated $100,000,000, an increase of
$22,000,000 as compared with 1939. Approximately two-thirds of these loans in 1940 were
used for refinancing purposes.
FEDERAL RESERVE BULLETIN

United States Government Corporations and Credit Agencies in 1940

Principal repayments of loans to the Federal land banks were about $5,000,000, or 5
per cent larger in 1940 than in 1939. The
percentage of land bank loans in good standing increased slightly to 77.8 per cent on
December 31, 1940, as compared with 77.5
per cent a year earlier. Principal repayments on loans of the Federal Farm Mortgage Corporation, which are known as "Land
Bank Commissioner loans", declined slightly,
but the proportion of these loans with all
matured installments fully paid increased
from 70.3 per cent on December 31, 1939, to
TABLE 5.—PRINCIPAL ASSETS AND LIABILITIES OF
FARM CREDIT AGENCIES, DECEMBER 31, 1940
[In millions of dollars]
Federal
Fed- Farm
eral Mortland gage
banks Corporation

Other
Farm
Credit
Administration
banks
and corporations1

Appropriations
administered
by Farm
Credit
Administration

Commodity
Credit
Corporation

Farm
Security Administration

Assets
Loans and stock.. 1,851
Cash and U. S.
Gov't obligations
130
Accounts
and
other receivables. .
166
Property held for
77
sale
14
Other assets

648

Total assets4. 2,239

758

349

53

162

45

253

280

14

2

4

67

38

5

570
6

553

271

926

12

375

405

696
201
8

193

129

28

209

193

825

28

74.9 per cent at the end of 1940 due in part
to the reamortization of mortgages.
Foreclosures on both land bank and Land
Bank Commissioner loans decreased sharply
in 1940 due in large part to the reamortization of relatively short-term mortgages for
longer terms and to the variable and suspended payment plans and stand-still agreements begun in December 1939. Almost
90,000 Commissioner loans were reamortized
1941




Aggregate net change

-$92,000,000

-$92,000,000
i Excluding interagency items except investments in securities of other
agencies (other than Federal land bank bonds).

1
Includes Federal intermediate credit banks, Banks for cooperatives,
Production credit corporations, and Regional agricultural credit corporations.
2 Less than $500,000.
3 Excluding $761,000,000 Federal land bank bonds held by Federal
Farm Mortgage Corporation.
4
Excluding inter agency items except investments in securities of other
agencies (other than mentioned in footnote 3) and deposits with Reconstruction Finance Corporation.

APRIL

Changes in assets and liabilities1 other than funded debt:
Loans
—$96,000,000
Property held for sale..
-20,000,000
Cash and United States direct obligations
+23,000,000
Other assets less miscellaneous liabilities.
+1,000,000

Changes in funded debt and net worth:
Federal land bank bonds
+$6,000,000
Private capital stock
-1,000,000
Earned surplus of Federal land banks
+14,000,000
29
United States Government proprietary interests:
Paid-in capital and surplus
-$100,000,000
Net liability to other agencies
-11,000,000
Net change
-111,000,000

LiabUities

Bonds,notes,and
debentures:
Guaranteed by
U. S.
1,270
Other
3 995
52
64
Other liabilities __
Total liabilities 4
1,059
1,321

in the calendar year 1940. About one-half of
all these loans, which were originally for 13
years, are now on a 20-year basis. Sales of
foreclosed properties also increased substantially in 1940.
By legislation enacted in June, the temporary reduction in interest rates on Federal
land bank loans of SV2 per cent was continued until June 30, 1942, and the rate on
Commissioner loans until that date was reduced from 4 to 3V2 per cent. Payments by
the Treasury to these agencies in 1940 to
reimburse them for interest reductions
amounted to $36,000,000.
The following summary derived from a
consolidation of data published in the daily
Treasury statements for the Federal land
banks and Federal Farm Mortgage Corporation indicates the major changes in the assets and liabilities and capital accounts of
these agencies during 1940.

The Federal land banks during the last
quarter of 1940 repaid to the Treasury $100,000,000 of capital funds, the full amount of
repayments scheduled for this agency during
the fiscal year ending June 30, 1941. Of this
amount $57,000,000 represented repayment
of capital stock and $43,000,000 represented
repayment of paid-in surplus, which reduced
the Treasury's investment in these accounts
to $67,000,000 and $145,000,000, respectively.
These repayments were made from accumulated cash funds received from operations,
from borrowings at commercial banks, and
from sales of their investments in Government securities. The repayment of $100,000,000 of capital stock scheduled for the
Federal Farm Mortgage Corporation was
authorized by legislation enacted in June, but
no repayments were made up to the end of
the year.
Other agricultural loans, together with investments in capital stock of agricultural
305

United States Government Corporations and Credit Agencies in 1940

lending institutions, of agencies other than
the Reconstruction Finance Corporation and
the Export-Import Bank increased by $165,000,000 during 1940 to a total of $1,260,000,000 at the end of the year. Practically 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 corporations increased by $20,000,000
to a total of $290,000,000 at the end of the
year. Investments by the Production credit
corporations in Class "A" stock of Production
credit associations of $61,000,000 at the end
of 1940 were $14,000,000 smaller than a year
earlier. During the last quarter of 1940, the
Federal intermediate credit banks and the
Production credit corporations returned $40,000,000 and $15,000,000, respectively, of capital funds to the Treasury, the full amount
scheduled for these agencies. In the same
period the Banks for cooperatives repaid
$48,000,000 in capital funds and an additional
$12,000,000 is to be repaid before June 30,
1941. Funds for the repayments made were
obtained largely from sales of their investments in Government securities and from
cash on hand. The major changes during
1940 in the assets and liabilities and capital
accounts of these banks and corporations are
summarized below:

dition to the loans held by the Commodity
Credit Corporation, about $380,000,000 of
loans, largely on 1940 cotton and wheat, were
held at the end of 1940 by banks and other
lending institutions under purchase agreements with the Corporation, an increase of
$140,000,000 as compared with December
1939. Commodities to which the Corporation has taken title increased by $140,000,000
to a total of $570,000,000 at the end of the
year. This amount includes about 90,000
tons of rubber valued at over $30,000,000
which was acquired in exchange for cotton
under the 1939 barter agreement with Great
Britain. To finance its requirements the
Corporation sold $290,000,000 of guaranteed
notes in August which increased the total
amount outstanding to about $700,000,000.
The annual appraisal of the Corporation's
assets provided by law showed an appreciation of $44,000,000 as of March 31, 1940, and
this amount was paid into the Treasury in
June. In 1938 and 1939 Congress appropriated $94,000,000 and $120,000,000 to restore the capital impairment in those years.
Under the Act of August 9, 1940, the amount
of guaranteed obligations which the Commodity Credit Corporation may have outstanding was increased from $900,000,000 to
$1,400,000,000.
Loans of the Farm Security Administration
outstanding on December 31, 1940 amounted
to $375,000,000, an increase of $120,000,000
for the year. The chief functions of this
agency are to continue the rural rehabilitation
program begun by the Resettlement AdminisChanges in assets and liabilities other than funded debt:
Loans
+$21,000,000 tration and to administer the farm purchase
Class ''A" stock of production credit associations
—14,000,000
Cash and U. S. Government obligations
—101,000,000 program under the Farm Tenant Act of 1937
Federal land bank bonds
-16,000,000 under which tenants, sharecroppers, and farm
Other net assets less miscellaneous liabilities
+21,000,000
laborers may receive long-term loans for the
Aggregate net change
—$89,000,000
purchase of farms. Up to July 1, 1940, funds
Changes in funded debt and net worth:
for the operations of this agency were supFederal intermediate credit bank debentures
— $6,000,000
plied by direct appropriations by Congress.
United States Government proprietary interests:
Capital
-$65,000,000
Since that date, loan funds have been furPaid-in surplus
—30,000,000
Earned surplus
+13,000,000
nished by the Reconstruction Finance CorNet liabilities to other agencies
—1,000,000
Net change
-83,000,000 poration.
Other lending agencies.—The major part
-$89,000,000
of loans not discussed above consists of rural
Excluding interagency items except investments in securities of other
electrification loans, loans by the Export-Imagencies.
port Bank, ship loans, and World War railOutstanding loans of the Commodity Credit road loans. Outstanding loans of the Rural
Corporation increased by $45,000,000 during Electrification Administration, whose func1940 to a total of $280,000,000 at the end of tion is to facilitate the use of electricity in
the year. This increase resulted from the rural areas, increased by almost $70,000,000
purchase in August of maturing corn loans to a total of $250,000,000 on December 31,
from banks and other lending institutions 1940. Funds for these loans in the first half
which had been made under definite purchase of the year were available from Congressional
agreements with the Corporation. In ad- appropriations and from allocations by the
1

1

306




FEDERAL RESERVE

BULLETIN

United States Government Corporations and Credit Agencies in 1940

Reconstruction Finance Corporation. Subsequent to June 30, 1940, loan funds were
supplied exclusively by the Reconstruction
Finance Corporation as provided by law.
The Export-Import Bank, which was created in 1934 to aid in financing and in facilitating the foreign trade of the United States,
had its lending authority increased substantially by legislation enacted in 1940. Under
the Act of March 2, its lending authority was
increased from $100,000,000 to $200,000,000
with a provision that the aggregate amount
of loans which may thereafter be made to any
one foreign country and agency, or nationals
thereof, shall not exceed $20,000,000; this
amount is in addition to loans authorized or
made prior to March 2, 1940. The Act of
September 26 increased the loan authority
of the Bank to $700,000,000 outstanding at
any one time and eliminated the limitation
on the aggregate amount of loans which may
be outstanding to any one country. In addition, the Bank was permitted to make loans
to assist in the development of the resources,
in the stabilization of the economies, and in
the orderly marketing of the products of the
countries of the Western Hemisphere. The
Act also extended the life of the Bank from
June 30, 1941, to January 22, 1947. The
Bank's operations are financed by the Reconstruction Finance Corporation either through
advances or subscriptions to preferred stock.
During 1940, outstanding direct loans of
the Bank increased by $43,000,000 to a total
of nearly $83,000,000. In addition the Bank
had a contingent liability at the year-end of
about $48,000,000 on loans which had been
made by commercial banks pursuant to arrangements between the borrowers, the
banks, and the Export-Import Bank. The
Bank also had commitments not yet disbursed for direct advances or loans by commercial banks of about $290,000,000 at the
end of 1940. This total included about $70,000,000 authorizations to China and about
$30,000,000 to various European countries,
while over $180,000,000 was to Latin-American countries, the bulk of which represented
authorizations made subsequent to the passage of the Act of September 26. These loan
authorizations to the Latin-American countries have taken two principal forms: (1)
credits to provide dollar exchange for purchases in the United States which are designed to enable the countries to counteract some of the economic difficulties resulting from the disruption of their foreign
trade by the war, and (2) loans to finance
APRIL

1941




the construction or acquisition of basic industrial and transportation facilities which
will assist in the development of their resources.
Total assets of the United States Maritime
Commission increased by $40,000,000 during
1940. Outstanding construction loans made
by the former United States Shipping Board
Merchant Fleet Corporation were reduced
by about $10,000,000 to a total of $36,000,000
at the end of the year. These loans represent
the balance outstanding of about $150,000,000
loaned under authority contained in the Merchant Marine Acts of 1920 and 1928. The
Merchant Marine Act of 1936, which dissolved this Corporation and created the
United States Maritime Commission, ended
the old system of construction loans and substituted a Government-aid plan of construction-differential subsidies whereby the Government agrees to pay, up to a certain
percentage, the difference in the cost of building a vessel in an American and a foreign
shipyard. Outstanding advances to American
shipbuilders for vessels under construction
but uncompleted amounted to $115,000,000
at the end of the year, as compared with $90,000,000 a year earlier. The total payments
by the Commission to shipbuilders for both
completed ships and those under construction
amounted to $210,000,000 by the end of 1940,
an increase of $130,000,000 during the year.
The Commission also had outstanding on
December 31, 1940, commitments and accounts payable on ship construction contracts
amounting to $240,000,000. Outstanding
ship-sales notes arising from the sale of vessels increased from $9,000,000 at the end of
1939 to $35,000,000 at the end of 1940.
The operations of the Maritime Commission have been affected by the European war.
The general program of contracting for the
construction of 50 new vessels a year was
accelerated in August 1939, when the outbreak of war was imminent, and the program
was stepped up further during 1940. In addition to these regular activities of the Commission, a program of emergency ship building has been inaugurated. Allocations of
$3(5,000,000 in contract authorizations for
this purpose were made during the latter part
of 1940 from the emergency funds of the
President. In February 1941, Congress appropriated an additional $314,000,000, making an aggregate amount of $350,000,000
available for an "emergency ship construction fund" which will be used for the construction of 200 standardized cargo ships.
307

7tom the Hoatd 5 Cotlelpondence
Questions of general interest, relating to money and banking, wre answered in this section of the

BULLETIN.

of} UnctQale in Vepolit5 on Untetelt JQated
QUESTION

in gold stock, which has been largely respon-

What effect, if any, has the increase in bank de- sible for the increase in bank reserves and
posits caused by member banks buying Government has also been an important source of the
bonds had upon the interest rate?
growth in bank deposits. Since the end of
I find expert economists differing about this point. January 1934, the country's monetary gold
Some maintain that it has had no effect; others say
that it has been, next to the increase in gold, one stock has increased by more than $15 bilof the most important factors causing low interest lions. The increase in bank reserves resultrates.
ing from the gold inflow (and also from silver

purchases) has been pffset in part by increases in money in circulation and in foreign deposits at the Federal Reserve Banks.
Interest rates are affected by many factors,
some influencing the supply of lendable funds, Member bank reserves at present are about
and others affecting the demand for such $12 billion larger than on January 31, 1934.
funds. Since 1934 the dominant and basic Their required reserves have increased by
factor tending to reduce interest rates has about $6 billions, as a result in part of the
been the large inflow of gold, which has growth in deposits and in part of the impogreatly increased both bank deposits and sition of higher ratios of reserve requirebank reserves. On the basis of their addi- ments. Excess reserves of member banks
tional reserves, banks have substantially in- have nevertheless increased and during most
creased their holdings of Government securi- of the past year have been in excess of $6
ties, thereby further expanding the volume billions. Excess reserves held in large volof bank deposits. A portion of the additional ume are an inducement for banks to increase
bank deposits has been in funds held pend- their loans and investments.
ing investment by individuals and institu- When banks make additional loans and intions, and the pressure of these funds on the vestments, bank deposits increase. If, for
market has no doubt been a factor tending example, a bank purchases securities in the
open market from a nonbank holder, the
to reduce interest rates.
Another phase of the problem has been seller receives a new bank deposit which he
that the growth in the demand for in-may spend or hold depending upon the reason
vestment funds has not been commensurate which induced him to convert his securities
with the growth in their supply. A large into cash. If the banks buy bonds directly
growth in liquid resources has enabled busi- from the Government, the immediate effect
ness enterprises generally to meet not only is to increase the Treasury's balances either
current financial requirements, but also many at commercial banks or at the Reserve Banks.
capital needs, without applying either to the As the Treasury draws upon these balances,
banks or to the capital markets for funds. the deposits of the general public are in1
The Federal Government has been the only creased. Purchases of securities by banks
substantial borrower during the period, and and by others do not affect the volume of
its requirements have absorbed only a por- bank reserves, except perhaps temporarily,
but owing to the resulting growth in bank
tion of the available idle funds.
As already indicated, the basic factor in
The case in which the bonds are purchased directly from the
is considered in detail in a discussion
"Deficit
the decline in interest rates during the past Governmentand Bank Reserves", which appeared in theofBULLETIN
Financing
seven years has been the tremendous increase for January 1940, pp. 9-10.
ANSWER

1

308




FEDERAL RESERVE BULLETIN

From the Board's

deposits, the amount of reserves required to
be held is increased and the volume of excess
reserves held by the banks is reduced.
The extent to which interest rates are
affected by an increase in deposits resulting
from bank purchases of Government securities depends to some extent on the type of
holders into whose possession the increased
deposits ultimately gravitate. It also depends
upon general business and credit conditions.
If, for example, the increase in deposits is
largely concentrated in the hands of corporations which need larger working balances
because of increased business activity, interest rates are little affected. Likewise, if the
increase occurs in the deposits of people who
are not interested in investing their funds
under current conditions, the effect upon interest rates is negligible. It is when the

APRIL

1941




Correspondence

growth in deposits increases the supply of
funds seeking investment that a pressure on
interest rates develops.
Total demand and time deposits of banks,
excluding inter-bank deposits and collection
items, now exceed $65 billions compared with
about $50 billions in 1929, and less than $40
billions in 1933. The rate of turnover or use
of these deposits, however, has continued to
decline, indicating that a substantial portion
of the increase in the volume of deposits, represents investable funds rather than currently active balances. The existence of these
funds has been a factor in producing and
maintaining the low level of interest rates.
Because of the many other forces which have
operated in the same direction, however, it is
impossible to determine how important a
factor the growth of deposits has been.

309

(zuttent
Meeting of the Federal Open Market Committee

Admissions of State Banks to Membership in the

Federal Reserve System
The Federal Open Market Committee held
The following State banks were admitted
its first meeting of the year in Washington
on March 17. At that meeting Marriner S. to membership in the Federal Reserve SysEccles was re-elected Chairman of the Com- tem during the period February 16, 1941, to
mittee and Allan Sproul was elected Vice March 15, 1941, inclusive.
Chairman.
Illinois
The representative members of the ComFarina—State Bank of Farina
mittee elected by the Federal Reserve Banks
St. Elmo—Fayette County Bank
for the period of one year beginning March 1,
Tinley Park—Bremen State Bank
1941, are Allan Sproul, M. J. Fleming, Hugh
Villa Grove—Villa Grove State Bank
Leach, Chester C. Davis, and John N. Peyton,
Indiana
Presidents of the Federal Reserve Banks of
Bippus—The Bippus State Bank
New York, Cleveland, Richmond, St. Louis,
Chesterton—Chesterton State Bank
and Minneapolis, respectively. Mr. Davis'
election is to be effective as of April 16, 1941,
Iowa
the date upon which he assumes his duties as
Estherville—Iowa Trust & Savings Bank
President of the Federal Reserve Bank of St.
Maryland
Louis.
The members of the executive committee
Williamsport—The Savings Bank of Williams*
port, Maryland
are Marriner S. Eccles, Chairman; Allan
Sproul, Vice Chairman; Ronald Ransom,
New Jersey
John K. McKee, and Hugh Leach.

Key port—The Key port Banking Company

Death of President of Federal Reserve Bank of Atlanta

Robert S. Parker, President of the Federal
Reserve Bank of Atlanta, died on March 28,
1941. For many years prior to his retention
by the Atlanta Bank on May 1, 1930, as its
General Counsel, Mr. Parker was a partner
in the legal firm retained by the Bank. He
continued as the Bank's General Counsel until
March 1, 1936, when he was appointed First
Vice President and General Counsel. He
served in that capacity until February 20,
1939, when he was appointed President. Recently he was reappointed President of the
Bank for the five-year term beginning March
1, 1941.

310




New York
Cicero—Cicero State Bank
Clyde—Citizens Bank of Clyde
Hudson—Hudson River Trust Company
Worcester—The Bank of Worcester
Ohio
Green Springs—The Commercial Bank Company
Killbuck—The Killbuck Savings Bank Company
Virginia
Elkton—The Bank of Elkton, Incorporated
Wisconsin
Milwaukee—Park Savings Bank

FEDERAL RESERVE BULLETIN

Meur Weekly Undex ofi Vepattment State Stale*
of department store
sales shown in the accompanying table
A NEW isweekly indexpublished regularly in
and chart and will be

the Board's weekly statement on department
store sales and in the BULLETIN. The index
is expressed in terms of weekly average sales
in the five years 1935 through 1939 and is not
adjusted for seasonal variation. The new
index gives a prompter picture of short-term
changes in department store trade than is
furnished by monthly figures and is much
clearer and more useful than the weekly sales
comparisons which the Board has published
during the past three years.
For the period since the beginning of 1937,
when weekly figures were first reported,
through 1940 the index is compiled from sales
data reported to the Federal Reserve Banks
by about 275 larger department stores located
in all parts of the country and accounting for
approximately half of total national department store sales. Since the end of 1940 the
index has been carried forward on the basis
of sales reports from a more comprehensive
list of stores including the retail departments
of national chains in addition to the independent department stores.

NEW WEEKLY INDEX OF DEPARTMENT STORE SALES
Weeks ending on dates shown
1935-1939 average=100

9162330-

95
88
82
88

1938
Jan.
8- 93
15- 85
22- 81
29- 77

Feb.
6132027-

89
90
89
95

Feb.
5121926-

1937

Jan.

Mar.

1935-

1939

AVERAGE

=100

7142128-

79
83
80
76

Feb.
4111825-

79
80
80
78

6132027-

1941
Jan.
4- 85
11- 99
18- 90
25- 89

86
80
82
82

Feb.
181522-

Feb.
3101724-

2- 95
9- 98
16- 99
23-113
30- 88

1-101
8- 97
15-105
22-111
29-117

5121926-

Apr.
3-106
10-104
17-106
24-106

Apr.

Apr.

1-110
8-118
15- 92
22- 93
29- 98

Apr.
6-112
13- 97
20- 99
27- 98

Apr.
5-...
12-...
19-...
26-...

May
1-107
8-123
15-103
22-104
29-111

May
7-107
14- 87
21- 89
28- 91

May
6-104
13-106
20- 94
27- 97

May
4-108
11-114
18- 99
25- 97

May
3-...
10-...
17-...
24-...
31-...

June

June

June

June

5-109
12-112
19-104
26- 90

2-103
9- 97
16-115
23- 93
30- 92

4111825-

91
96
93
81
83
61
69
62
67

Nov.
6-120
13-110
20-120
27-107

Dec.

4-151
11-186
18-219
25-191

7-...
14- . .
21- . .
28-...

Aug.
5121926-

Aug.
3- 81
10- 79
17- 81
24- 92
31-118

Aug.
2-...
9-...
16-...
23-...
30-...

Sept.

Sept.
2-108
9- 98
16-112
23-107
30-120

Sept.

Sept.

Oct.

Oct.

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

Nov.

Nov.

Nov.

79
80
79
92

2-124
9-121
16-127
23-116
30-114

June

Aug.
6- 70
13- 69
20- 72
27- 79

July
29162330-

Oct.

1- 90
8-120
15-107
22- 92
29- 89

July
6132027-

92
65
76
71
76

4-107
11-102
18-129
25-111

3- 99
10-105
17- 98
24- 84

July
1- 85
8- 62
15- 73
22- 67
29- 66

July
310172431-

Sept.

85
88
90
99

4- 90
11- 89
18- 93
25-102

94
95
97
88

Mar.

Mar.

Mar.

Mar.

82
86
83
79

1940

Jan.

6-102
13-103
20-106
27-118

Aug.
7142128-

DEPARTMENT STORE SALES

84
82
79
82

1939

Jan.

3-105
10- 94
17-111
24^104

Oct.

1-105
8-112
15-103
22-105
29-108

Nov.
5-109
12-108
19-113
26-102

Dec.

3-147
10-181
17-221
24-214
31- 73

77
73
76
82

7-123
14-112
21-116
28-114
4-123
11-116
18-115
25-107

Dec.

2-139
9-188
16-235
23-242
30- 79

67
78
72
69

7-109
14-123
21-117
28-120
5-125
12-115
19-123
26-121

2-117
9-122
16-130
23-116
30-147

Dec.

7-197
14-232
21-258
28-124

July

5-...
12-...
19-...
26-...

6-...
13-...
20-...
27-...

1-...
8-...
15-...
22-...
29-...

Dec.

6-...
13-...
20-...
27-...

1938

Jan.
Weekly index, without seasonal adjustment, for week ending
Saturday, plotted as of Wednesday.

APRIL

1941




1- 73

311

balance oft international Payment* and DntetnationaL Capital Position
of the United State*, 1938-1940

T

HE tables on the next page present information on the international transactions
and international capital position of the
United States which has recently been made
available by the Department of Commerce.
The balance of payment data consist of
revised figures for 1938,1 final figures for
1939,2 and preliminary estimates for 1940.
The revisions for 1938 are insignificant except that the estimate of payments to foreigners with respect to interest and dividends
has been reduced by $20,000,000. The final
figures for 1939 incorporate important revisions of the preliminary figures in the various
service transactions, the estimate for net payments to foreigners in these categories having
been increased by $69,000,000, and in the net
capital movement, where the total recorded
inflow has been increased by $184,000,000.
As a result of these changes the residual item
has been reduced by $114,000,000.
The preliminary figures for 1940, the first
full year of the war in Europe, show a broad
pattern surprisingly similar to the two previous years, although of course there have
been major changes within the separate
items, such as in the destination and sources
of American exports and imports.3 Net foreign trade receipts attained their highest
level since 1921 as exports increased considerably more than imports; and net payments on service transactions were considerably smaller than in the preceding years. The
resulting increase of net receipts from foreigners for goods and services was accompanied, however, by an even greater rise in
the net gold inflow—after adjustment for earmarking operations—which attained a record
level in 1940. There was thus a widening of
the margin between these two quantities.
This margin, after adjustment for silver
purchases, should theoretically be equal to
the volume of capital inflow, although it
would also be affected by errors of estimation in the trade and service transactions.
Beginning in 1934, however, the reported
capital inflow has fallen far short of filling
this gap, and the resulting residual item has
grown to very large proportions in 1939 and
1940. In 1940, although the margin between
the trade and service surplus and the gold
1
2
3

See previous final figures in BULLETIN for Nov. 1939, p. 975.
See preliminary estimates in BULLETIN for Mar. 1940, p. 207.
For a more extensive discussion of United States foreign trade
and of gold and capital movements during the war period, see
BULLETIN for January 1941, pp. 3-8.

312




and silver inflow was, according to the preliminary estimates, more than $380,000,000
greater than in 1939, the capital inflow
through all reporting channels was some
$630,000,000 less. Information derived from
British sources, however, permits the identification of two further items in the capital
movement during 1940, namely an inflow of
$720,000,000 representing advance payments
and capital assistance to American suppliers
by the British Government, and an outflow
of $100,000,000 representing official British
liquidation of securities in this country
through other than reporting channels. After
these adjustments, the ascertained capital
inflow in 1940 comes within $13,000,000 of
that recorded in the previous year, but in
view of the increased margin to be accounted
for, the residual item for 1940 exceeds that
for 1939 by almost $400,000,000.
Several types of capital inflow escape the
reporting system and thus contribute to the
residual item. These may be briefly described, although in most cases no estimate
has been made of the amounts involved. An
unreported inflow occurs when foreigners
acquire bank balances or securities in this
country without revealing their foreign identity, a practice encouraged in recent years by
fears on the part of foreigners that their
dollar assets would be requisitioned in time
of war. Similarly such an inflow takes place
when foreigners acquire United States currency here and hold it in safe deposit boxes
or export it through channels other than the
limited number of banks which report international currency movements. Finally, an
unreported capital inflow may occur in various forms when individuals or corporations
transfer their residence to this country from
abroad. A special case arises when such persons already hold banking funds here under
foreign addresses. The inflow of such funds
will already have been reported at the time of
their acquisition, but when the accounts are
transferred from foreign to domestic addresses, an unreal outflow of funds will appear in the reported data. The Department
of Commerce has estimated that in 1939 the
reported figures underestimated the capital
inflow by $200,000,000-$300,000,000 as a result of accounts being changed from foreign
to domestic status without any real change in
ownership.
FEDERAL RESERVE BULLETIN

Balance of International Payments and International Capital Position of the United States,

1938-1940

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES—1938, 1939, AND 1940
[In millions of dollars]
1938 (revised)
Items

Dollar
receipts

Dollar
payments

Net receipts (+)
or payments (—)

2,318

+859

+353
-64
+140

3,177
125
170
45
531
32
211

249
469
187
211
96
103

3,250

+1,001

4,291

3,633"

6

1,979

3,575

231

-1,973
+333
-224

1

7

14

85

Net receipts (+)
or payments (—)

Dollar
receipts

Dollar
payments

Merchandise
Freight and shipping
Travel expenditures
Remittances and contributions. _
Interest and dividends
__
Government transactions
Misc. services and adjustments. _.

3,094
118
166
40
549
34
250

1,960
164
532
190
196
98
110

+1,134

Trade and service transactions.

4,251

/ . Trade and

1940 (preliminary)

1939

services:

-46
-366
-150

Net receipts (+)
or payments (—)

Dollar
receipts

Dollar
payments

2,625
327
1223
175
215
122
66

+1,396

+320
-64
+108

4,021
223
181
30
525
28
164

+658

5,072

3,753

+1,319

- 3 , 574
+534
-71

5

4,749

4

59

- 4 , 744
+645
-55

-124
-299
-142

2. Gold and silver:

Gold exports and imports
Gold earmarking operations (net).
Silver exports and imports
Gold and silver movement (net)

3 111

-4,154

+23
+295

+114
+1,116

+873

-3

Long-term capital movement. _
Short-term capital movement
Advance payments and capital
assistance by British Government
._
Misc. capital transactions
Paper currency movement

+69
+117

-53

+720
2-170
+33

+16
+331

residual

+1 416

+1,4^3

+532

Capital movement .
and

+310
—94
+98

1 864

S. Capital (net):

4.. Other transactions

-104
i -142
-145

+1, 037

+1,432

1 The figures for travel expenditures in 1940 are not directly comparable with those in 1938-39 since they are based upon more extensive data*
which suggest that both receipts and payments have been overestimated in earlier years.
2 Includes a — $100,000,000 for official British liquidation of securities in this country through other than reporting channels.
Source: Finance Division, Bureau of Foreign and Domestic Commerce, Department of Commerce.

INTERNATIONAL CAPITAL POSITION OF THE UNITED STATES, END OF 1939'
[In millions of dollars]

Foreign investments in the United States

U. S. investments in foreign countries
Long-term investments
Portfolio
Canada
_
United Kingdom
Continental Europe... . . . ._
Latin America
Rest of World
Total

Direct

2

Total

Long-term investments 2
Shortterm

Total

Market
securities

Direct

1,699
100
649
1,049 i
288

2,023
475
857
2,963
667

3,722
575
1,506
4,012
955

59
48
149
122
217

3,781
623
1,655
4,134
1,172

506
1,164
1,703
79
110

476
851
566
19
66

3,785

6,985

10, 770

595

11,365

3,562

1,978

Other

Total
1,060
2,350
2,468
120
192

78
335
199
22
16
4

750

Shortterm

4

3,215

1,348
2,825
3,897
489
846

288
475
1,429
369
3 654

6,290

Total

4

9, 505

Net
creditor
position
of the
U.S.

2,433
-2,202
- 2 , 242
3,645
326
4

1,960

1 For similar data relating to the end of 1937 and 1938, see BULLETIN for August 1939, p. 645.
2
Bases of valuation for long-term investments as follows: U. S. investments abroad—portfolio mainly at par, direct at book value; foreign investments in U. S.—market securities mainly at market value (preferred stocks and bonds at par), direct at book value, and other at capitalized value.
3
Includes $156,000,000 for Philippine deposits with the U. S. Treasury.
4
Includes $100,000,000 U. S. national, state and municipal bonds not included in the geographical distribution.
Source: Finance Division, Bureau of Foreign and Domestic Commerce, Department of Commerce.

APRIL

1941




313

A/ational Summatu <yk Hulinell (iondition5
Com/piled March 17 and released for publication March 19. Figures shown on charts may differ from
preliminary figures used in text.

Output
coke, and
NDUSTRIAL
innonf errous
likewise at
creased further in February and the
Ihalf of March. activity and employmentfirst of supplies.metals wasof pig iron,near capacBuying by producers and ity rates in February and unfilled orders for
consumers continued in large volume, and
wholesale commodity prices, particularly of
imports, advanced.
Production
In February volume of industrial output,
on a daily average basis, rose more than seasonally, and the Board's adjusted index advanced from 139 to 141 per cent of the
1935-39 average.
Increases in February, as in other recent
months, were largest in the durable goods
industries where a large proportion of defense program orders have been placed. Activity continued to rise sharply at machinery
plants, aircraft factories, shipyards, and in
the railroad equipment industries. Steel production fluctuated around 96 per cent of
capacity in January and February and rose
to 99 per cent in the first half of March.
New orders for steel continued large and,
despite the high rate of output, unfilled orders
increased further. Many orders have been
placed for delivery in the second half of this
year, reflecting the prospect of heavy consumption and some uncertainty on the part
of steel users regarding future availability

these products, too, were at exceptionally
high levels. Demand for lumber continued
large owing to a high rate of construction
activity and output was sustained in large
volume for this time of year. Automobile
production increased in February and the
first half of March to about the peak rate attained last November. Retail sales of new
and used cars advanced to unusually high
levels.
In industries manufacturing nondurable
goods, activity continued at the record levels
reached in the latter part of 1940. There
were further increases in the cotton textile,
rubber, and chemical industries and activity
at woolen mills also increased, following a
temporary reduction in January. In most
other lines activity was maintained at the
high levels of other recent months.
Coal production rose less than seasonally
in February but increased considerably in the
first half of March when, according to trade
reports, there was some inventory accumulation in anticipation of a possible shutdown on
April 1 at the expiration of the present contract between the mine operators and the
WHOLESALE PRICES OF BASIC COMMODITIES

INDUSTRIAL PRODUCTION
POINTS IN TOTAL INDEX

1935

1939

1940

1941

Bureau of Labor Statistics' indexes based on 12 foodstuffs and
Index of physical volume of production, adjusted for seasonal 16 industrial materials, August 1939 = 100. Thursday figures,
January 3, 1935 to March 20, 1941.
variation, 1935-39 average = 100.

314




FEDERAL RESERVE BULLETIN

National Summary of Business Conditions

miners' union. Copper and zinc production
increased in February and recently domestic
supplies of copper have begun to be supplemented by imports from South America. Output of crude petroleum continued at about
the rate that had prevailed during the three
preceding months.
Value of construction contract awards in
February declined somewhat more than
seasonally, reflecting decreases in both public
and private work, according to reports of the
F. W. Dodge Corporation. Awards for public
construction, although sharply reduced from
the high levels reached in the latter half of
1940, were somewhat above those of a year
ago, and awards for private construction were
nearly half again as large as in February of
last year.
Distribution
Distribution of commodities to consumers
increased more than seasonally from January
to February. Sales at variety stores and by
mail-order houses were the largest on record,
making allowance for usual seasonal changes,
and department store sales were also at a
high level.
Freight-car loadings increased by about
the usual seasonal amount. Shipments of
miscellaneous freight, consisting mostly of
manufactured products, showed an increase
while loadings of forest products rose less
than seasonally and grain shipments declined.

Wholesale commodity prices
Prices of a number of basic imports rose
sharply from the early part of February to
the middle of March. Cotton yarns and gray
goods and nonferrous metal scrap showed
further increases in this period and there
were also advances in prices of some other
domestic commodities, including lead, wheat,
cotton, oils, and fats.
Bank credit
Commercial loans continued to increase at
member banks in 101 leading cities in February and the first half of March and these
banks also purchased additional Treasury
notes and bills issued in connection with the
defense program. As a result of the increase
in loans and investments, bank deposits
showed a further marked advance.
United States Government security prices
Prices of Government securities increased
after February 15, following a sharp decline
in the preceding ten weeks. The 1960-65
bonds on March 15 were about 3Vs points
above their price on February 15 and about
l1/^ points below the all-time peak of December 10. The yield on this issue, which increased from 2.03 per cent at the peak in
prices on December 10 to 2.30 per cent on February 15, had declined to 2.14 per cent on
March 15.

MEMBER BANKS IN 101 LEADING CITIES

MONEY RATES IN NEW YORK CITY

BILLIONS OF D

14

1935

1936

1937

1938

1939

1940

1941

1935

1936

1937

1938

1939

1940

1941

Weekly averages of daily yields of 3- to 5-year tax-exempt
Wednesday figures, January 2, 1935 to March 19, 1941. Commercial loans, which include industrial and agricultural loans, Treasury notes, Treasury bonds callable after 12 years, and averrepresent prior to May 19, 1937 so-called "Other loans" as then age discount on new issues of Treasury bills offered within week.
For weeks ending January 5, 1935 to March 22, 1941.
reported.

APRIL

1941




315

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics.
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
Business Indexes.
Wholesale prices .
Statistics for Federal Reserve chart book.
Department store sales by departments
Deposits of member banks in smaller and larger centers in 1940
Personal and retail installment paper held by all insured commercial banks.

319
320
321-325
326
327
328
329
330-331
332-335
336
337
338
339-340
341-342
343-353
354
355-357
358
359
360

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 1941




317

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

24

24

22

22
/
/

20

20

/

18

18

16

16
/

14

GOLD STOCK

V

12

1

r

10

14

M

/

12

10

RESERVE BALANCES /

#
^

8

8

FY IN OIROIJI ATION

6

6

TREASURY CASH AND DEPOSITS . .

A

A

•
O

DPCITD\/C:

DAMU1

rccniT

NONMEMBER DEPOSITS

o
1935

1936

1937

1938

1939

• -^

L-'-T
1940

O

•

1941 •

10

10

8

8
REQUIRED RESERVES

6

6

r

_
1

4
i

2

^

f \r

4

J
1 EXCESS RESERVES

v\r »

2
0

0
1935

1936

1937

1938

1939

1940

1941

Latest figures for March 19. See page 319.

318




FEDERAL RESERVE

BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
discounted
Total

All
other
MaMa- Reserve
turing turing Bank
with- after credit i
in 5
5
years years

Gold
stock
Total

Treasury
currency
outstanding

Money
in circulation

Treasury
cash
holdings

Treasury deOther
posits
NonFedwith
memeral
Fedber
Reeral
deserve
Reposits
acserve
counts
Banks

Member
bank re serve
balan ces

Total

Excess 2

Monthly averages of
daily figures:
1939—December _.
1940—January
February __
December.1941—J anuary
February __

8
7
7
4
3
2

2,510
2, 479
2,477
2,188
2,184
2,184

1,297
1,220
1,213
1,038
1,048
1,048

1, 213
1,259
1,264
1,149
1,136
1,136

94
56
62
113
85
67

2,612
2,542
2,546
2,305
2,272
2,254

17, 518
17, 804
18,061
21, 890
22,063
22,143

2,956
2,966
2,976
3,079
3,092
3,100

7,609
7,443
7,426
8,688
8,591
8,679

2, 402
2,361
2,361
2,201
2,193
2,205

616
584
600
338
265
548

739
689
732
1,715
1,755
1,787

248
250
248
283
283
282

11, 473
11, 985
12,215
14, 049
14, 339
13, 996

5,011
5,464
5, 626
6,646
6,832
6,422

End of month figures:
1939—Dec. 30
1940—Jan. 31
Feb. 29
Dec. 31
1941—Jan. 31
Feb. 28

7
7
7
3
2
3

2,484
2,477
2,477
2,184
2,184
2,184

1,220
1,220
1,209
1,048
1,048
1,048

1,265
1,258
1,268
1,136
1,136
1,136

102
18
62
88
64
78

2,593
2,503
2,547
2,274
2,250
2,265

17, 644
17, 931
18,177
21, 995
22,116
22, 232

2,963
2,970
2,981
3,087
3,097
3,102

7,598
7,376
7,455
8,732
8,593
8,781

2,409
2,359
2,372
2,213
2,193
2,187

634
549
562
368
688
343

653
723
740
1,732
1,777
1,805

251
248
247
284
282
281

11,653
12,150
12, 328
14,026
13, 930
14, 203

5,209
5,559
5,692
6,615
6,380
6, 534

Wednesday figures:
May 1
May 8
May 15
May 22
May 29

3
3
3
2
3

2,467
2,467
2,474
2,477
2,477

1, 205
1,205
1,205
1, 206
1,206

1, 262
1,262
1,269
1,271
1,271

30
38
41
41
31

2, 500
2, 507
2,518
2,520
2,511

18,771
18, 835
18, 949
19, 071
19,162

3,000
3,004
3,004
3,007
3,007

7, 570
7,589
7,598
7,613
7,685

2,293
2,309
2,223
2,204
2,200

490
512
425
370
378

793
802
878
935
950

256
256
254
254
253

12, 870
12, 877
13, 094
13,223
13, 215

6, 107
6,131
6,300
6, 373
6,362

June
June
June
June

5 __.
12
19
26

3
2
2
2

2,477
2,477
2,473
2,473

1,206
1,206
1,206
1,206

1,271
1,271
1, 267
1,267

50
43
63
36

2,530
2,523
2, 539
2,511

19, 281
19, 427
19, 769
19,871

3,008
3,009
3.011
3, 012

7,718
7,717
7,741
7,780

2,205
2,200
2,204
2,186

308
265
298
301

949
1,014
1,098
1,139

252
253
266
266

13,
13,
13,
13,

387
510
712
723

6,533
6,607
6,767
6,801

July
July
July
July
July

3
10
17
14 _ . . .
31

2
2
2
3
4

2,450
2,450
2, 450
2, 450
2,448

1,202
1,202
1,202
1,202
1,202

1,248
1,248
1,248
1,248
1,246

51
39
49
38
32

2,503
2,491
2,501
2,491
2,484

20,003
20,166
20,256
20, 367
20, 463

3.014
3, 015
3.016
3,020
3,024

7,924
7,884
7,872
7, 854
7,883

2,190
2,191
2,199
2,229
2,250

221
297
278
643
694

1,245
1,274
1,299
1,327
1,382

262
261
261
261
262

13,
13,
13,
13,
13,

737
764
863
565
498

6,812
6,833
6,882
6,570
6,514

Aug.
Aug.
Aug.
Aug.

7
14
21
28

3
3
3
4

2,446
2,446
2,446
2,442

1, 202
1, 202
1,202
1,198

1, 244
l) 244
1,244
1,244

22
47
44
35

2 471
2*495
2,492
2,480

20 568
20' 689
20, 800
20, 871

3 025
3^027
3,030
3,034

7, 929
7,944
7,976
8,006

2, 276
2,281
2,291
2,291

923
940
889
813

1,386
1,444
1,486
1,498

263
262
261
261

13,
13,
13,
13,

296
340
419
516

6,325
6,392
6, 417
6, 487

Sept.
Sept.
Sept.
Sept.

4
11
18....
25

6
5
4
5

2,434
2, 434
2,434
2, 434

1,191
1,191
1,191
1,191

1,243
1,243
1,243
1,243

51
47
57
34

2,490
2,485
2,495
2,472

20, 944
20, 981
21, 093
21,166

3,036
3,038
3,040
3,041

8,092
8,080
8,084
8,090

2,292
2,287
2,311
2, 298

791
762
790
793

1,510
1, 520
1,549
1, 525

261
260
270
270

13,
13,
13,
13,

524
596
624
703

6,494
6,541
6,531
6, 645

6
8
4
4
4

2,424
2 399
2,384
2,352
2,333

1,181
1,075
1,108
1,086
1,074

1, 243
l'325
1,276
1, 266
1,259

53
38
94
32
44

2, 482
2^445
2,481
2,388
2,381

21, 271
21',349
21, 373
21,428
21, 499

3,046
3,048
3,052
3,055
3,056

8,172
8,199
8,229
8,236
8,265

2, 294
2,294
2,268
2,232
2,187

678
579
463
383
376

1,587
1,574
1,660
1,600
1,569

268
270
271
272
272

13, 800
13, 927
14,016
14,148
14,177

6,721
6,816
6,869
6,940
6,930

Oct.
Oct.
Oct.
Oct.
Oct.

2
9
16
23
30

Nov.
Nov.
Nov.
Nov.

6
13
2O._._
27

4
4
4
4

2,327
2,254
2,231
2,204

1,070
1,044
1,036
1,025

1,258
1,210
1,195
1,180

30
67
67
68

2,362
2,326
2,302
2,276

21,
21,
21,
21,

581
637
716
755

3,060
3,062
3,066
3,069

8,385
8,395
8,436
8,465

2,221
2,211
2,188
2,182

465
404
310
199

1,681
1,688
1,749
1,685

271
275
276
278

13, 979
14, 052
14,127
14, 292

6,732
6, 795
6,800
6,931

Dec.
Dec.
Dec.
Dec.
Dec.

4 _
11
18
24
31

4
5
4
4
3

2,195
2,184
2,184
2,184
2,184

1,020
1^020
1,048
1,048
1,048

1,176
1,165
1,136
1,136
1,136

67
51
117
149
88

2, 266
2,241
2,306
2,336
2,274

21,
21,
21,
21,
21,

827
858
898
930
995

3,074
3,077
3,081
3,082
3,087

8, 569
8,625
8,716
8,817
8,732

2,204
2,197
2,204
2,213
2,213

255
235
570
481
368

1,708
1,687
1,702
1,711
1,732

278
279
289
289
284

14,154
14,152
13, 804
13, 837
14, 026

6,816
6,785
6, 395
6,438
6,615

3
4
4
3

2,184
2,184
2,184
2,184

1,048
1,048
1,048
1,048

1,136
1,136
1,136
1,136

50
67
69
41

2,237
2,254
2,256
2,228

22, 034
22, 066
22, 089
22,110

3 034
3,092
3,095
3,097

8,628
8,542
8,541
8,548

2,203
2,195
2,196
2,200

220
237
261
258

1,740
1,742
1,750
1,799

284
283
283
283

14,
14,
14,
14,

284
414
410
347

6,835
6,896
6,864
6,799

2
3
2
3

2,184
2,184
2,184
2,184

1,048
1,048
1,048
1,048

1,136
1,136
1,136
1,136

31
74
49
36

2,217
2,260
2,235
2,223

22,122
22,130
22,140
22,179

3,099
3,100
3,102
3,101

8,627
8,665
8,668
8,725

2,212
2,212
2,222
2,204

692
622
479
368

1,784
1,837
1,785
1,752

283
283
282
281

13, 842
13, 871
14,021
14,175

6,306
6,331
6,440
6,542

2
1
1

2,184
2,184
2,184

1,048
1,048
984

1,136
1,136
1,201

51
59
73

2,237
2,244
2,259

22, 237
22, 318
22, 335

3,103
3,106
3,104

8,805
8,811
8,826

2,192
2, 196
2,208

391
421
913

1,772
1,748
1,721

280
280
289

14,136
14.211
13, 741

6,435
6,483
6,106

1941—Jan. 8
Jan.15
Jan.22
Jan. 29
Feb.
Feb.
Feb.
Feb.

5
12..._
19
26

Mar. 5
Mar. 1 2 . . . .
Mar. 19

1 Includes industrial advances and bills bought, shown separately in subsequent tables.
2
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and
for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6, 1937 on maturity
distribution of security holdings will be supplied on request.

APRIL

1941




319

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
Apr. 3

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

1
1

IK
12
1
1

IK
1

In
effect
beginningSept. 1,
Aug. 27,
Sept. 4,
M a y 11,
Aug. 27,
Sept. 16,
Sept. 1,
Sept. 21,
Aug. 24,
Sept. 16,
Sept. 16,
Sept. 3,

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

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

All other
In
effect
beginning-

Rate

Apr. 3

1939
1937
1937
1935
1937
1939
1939
1939
1937
1939
1939
1937

To banks

1
1

IK

IK

8*

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

Rate

Apr. 3

In
effect
beginning-

Rate

Apr. 3

1
Sept. 2, 1937
1
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935 0) IK
Sept. 10, 1937
IK
Aug. 21, 1937
Aug. 21, 1937
l
Sept. 2, 1937
Aug. 24, 1937
IK
Sept. 3, 1937
Aug. 31, 1937
l
Sept. 17, 1937
IK

To others

In
effect
beginningSept. 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

Rate

In

effect
Apr. 3 beginning2K
3K
2K
3K
4
4
3
2K
2K

Apr. 29,
Feb. 8,
Sept. 1,
May 11,
Feb. 19,
Apr. 23,
Oct. 16,
Feb. 23,
Oct. 8,
Apr. 16,
Apr. 16,
Oct. 19,

1938
1934
1939
1935
1934
1938
1933
1935
1938
1938
1938
1933

* Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Backfigures.—SeeAnnual 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 April 3 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes 6 and 7]
Advances to or in participation with financAdvances
ing institutions
direct to
Commitindustrial
On porFederal Reserve
ments
or comBank
tion for
to make
On remercial orwhich
advances
maining
ganizations institution is l portion *
obligated

Rate in
effect on
Apr. 3

Maturity

In effect beginning—

Previous
rate

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

1-15 days i._
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.

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.
Backfigures.—SeeAnnual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks

June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19371937193819361917and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
1937
1938
after
1937
1936

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

3K-6

4-6
3K-6
3K-5
4-6
4-6
3-6

3K-5K

3-6
4-6
4-6
4-6

3
2-3
2K
(3)
(4)3
3-6
1K-2
3-6
4
4
3-4

3K
2-5
(2)
(")
(5)4

4-6
3-6
(a)
3-6
4
4-6
4-5

1-2
1-2

K-2
6
( )1
1-2
( 7 )2

K-2

1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
On net demand
lower than rate shown.
deposits:1
2 Same as rate charged borrower b y financing institution.
26
13
Central reserve city..
22%
19K
3
20
One per cent less than rate charged borrower by financing institution.
Reserve city
10
17K
17K
15
4
14
12
One per cent less than rate charged borrower by financing institu7
10K
Country, _
tion with minimum of three per cent (see note i).
On time deposits:
5
One-half of one per cent less than rate charged borrower b y financing
6
5
3
All member banks...
4K
institution with minimum of four per cent (see note *).
6
Minimum charge one-fourth of one per cent.
i See footnote to table on p . 326 for explanation of method of com7
Minimum charge one-half of one per cent.
puting net demand deposits.
MAXIMUM RATES ON TIME DEPOSITS

MARGIN REQUIREMENTS1

Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
accordance with Securities Exchange Act of 1934
[Per cent per annum]
[Per cent of market value]
Apr. 1, Nov. 1,
19361937
Oct. 31,
and
1937
after

For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . .

Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936

Savings deposits
2K
Postal savings deposits
2K
Other time deposits payable in:
3 55
6 months or more
2K
90 days to 6 months
2K
1 Regulations T and U limit the amount of credit that may be exLess than 90 days..
tended on a security by prescribing a maximum loan value, which is a
2K
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference beNOTE.—Maximum rates that may be paid by insured nonmember
tween the market value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
required" by the broker.
3
banks. In some States the maximum rates established by the Board
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
on "omnibus" accounts and loans to brokers and dealers.
320




55
(2)

40
50
40

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS

[In thousands of dollars]
Wednesday figures

End of month
1940

1941
M a r . 12

Mar. 19
Assets
Gold certificates on hand and due from
U.(S. Treasury.
_
_
Redemption fund—F. R. notes
Other cash
Total reserves _
Bills discounted:
For member banks
For nonmember banks, etc..

F e b . 19

F e b . 12

Feb.

Feb. 5

Jan.

Feb.

i,
20,103, 281 20,103, 279 20,030,246 19, 961,281 19,902,778 19,902,781 19,904,281 20,020,282 19, 904, 782 15,803,620
i,
1,030,
i,
8,392
9,573
10,914
9,162
10,914
10,244
8,784
10,244
9,244
9,598
367,646
332,163
371,814
327, 660
339,441
350,821
335, 765
319, 789
337, 781
345, 211
20, 446, 358 20,441,853 20,360, 279 20,308, 306 20,251, 381 20,257,590 20,263,886 20,366, 291 20, 284,988 16,180,839

1,352

2,717

2,268

2,544

2,139

2,762

2,318

2,244

1,352

2,244

2,717

2,268

2,544

2,139

2,762

2,318

6,895

7,715

1,171
1,171

Total bills discounted

F e b . 26

Mar. 5

7,840

7,854

7,877

7,8

7,864

10, 701

1,385
5,510

Industrial advances
...
U. S. Government securities:
direct
Bonds
Notes
Guaranteed..

1, 330, 200 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280,000 1, 280.000 1, 280,000 1, 333, 295
849, 300
899, 500 1,132,172
899, 500
899,500
899, 500
899, 500
899, 500
899, 500
899,500
4, 600
11, 803
4,600
4,600
4,600
4~
4,600
4,600
4,600
4,600

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

2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2, 477, 270
51, 781
65, 423
70,174
55,648
28, 358
50, 623
42, 799
41,010
65, 736
23,003

Total Reserve Bank credit outstanding

7,894

7,871

2, 258, 588 2, 243,956 2, 236, 858 2, 223,015 2, 235, 232 2, 260, 257 2, 217,113 2,264,864 2, 249,930 2, 546, 647

Liabilities
6, 063, 061
F. R. notes in actual circulation.
Deposits:
Member bank—reserve account. _ 13, 740, 639
_
U. S. Treasurer—general account. _ 912,814
Foreign
1,174, 707
Other deposits
_
_
546, 721

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

6, 047, 336 6, 039, 650 5, 976, 775 5, 943,080 5,931,464 5, 906,166 6,022,032 5,883, 685 4,872, 238
14 210, 842 14, 136,067 14,174, 724 14:, 020, 569 13, 870,693 13,841, 512 14, 203,074 13,929, 840 12,328,164
:,
:,
=
,
562, 475
688, 446
421,423
343, 383
479, 393
622,471
692,032
390,686
367,887
365, 686
1,163,143 1,121,057 1,132,043 1,130,080 1,163, 849 1,183,924 1,164,353 1, 206,115
571,219
373, 980
655, 332
585, 202
640,172
673, 254
600,311
651, 245
619,386

16, 374,881 16, 380, 610 16, 299,055 16, 294,040 16, 285, 374 16, 330, 267 16, 317, 779 16, 350,9

91.1

91.2

91.1

91.0

16,395,620 13, 630, 305

91.0

91.2

91.0,

87.5

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

[In thousands of dollars]

Bills discounted:
Feb 26
Mar. 5
M a r 12
M a r . 19
Industrial advances:
F e b . 26
Mar. 5
M a r 12
Mar. 19
U. S. Government securities, direct and guaranteed:
F e b . 26
M a r . 5.
M a r . 12
_
M a r . 19

APRIL

1941




91 days 6 m o n t h s 1 year
to
to
1 year
2 years

2 years

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

to 6
months

2,717
2 244
1,352
1 171

2,211
1 796
980
846

83
37
83
108

185
196
112
71

103
99
72
49

127
26
97
95

7,840
7 715
7,881
7 894

1,355
1 417
1,054
1 311

148
337
464
184

396
155
138
163

114
79
125
111

927
974
921
916

1,184
1,154
1,209
1,177

1,391
1,377
1,756
1,812

2,325
2,222
2,214
2,220

2,184,100
2,184,100
2,184,100
2,184,100

74,800
74,800
58, 300

115, 300
115, 300
115, 300
57,000

43,000
43,000
43,000
127, 800

181, 800
181,800
181,800
107,000

633,400
633, 400
633, 400
633, 400

Over
5 years

8
90
8
2

Total

74,800

to
5 years

1,135,800
1,135, 800
1,135,800
1, 200, 600

321

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

Total
Assets
Gold certificates on hand and
due from U. S. Treasury:
Feb. 12
_
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Redemption Fund:—Federal
Reserve notes:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Other cash:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total reserves:
Feb. 12
Feb. 19
_
'
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Other bills discounted:
Feb. 12
Feb.19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total bills discounted:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Industrial advances:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
U. S. Government securities,
direct and guaranteed:
Bonds:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Notes:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total U. S. Government securities, direct and guaranteed:
Feb. 12__
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19

322




19,902,781
19, 902, 778
19, 961, 281
20,030, 246
20,103, 279
20,103, 281

Philadelphia

Cleveland

Richmond

MinAtSt.
lanta Chicago Louis neapolis

840
840

1,064
996
1,757
1,757
1,519
1,519

717
687
595
595
491
491

872
818
746
746
678
678

29,045
28, 467
27, 513
26, 670
24,485
24,475

345, 211
339, 441
337, 781
319, 789
327,660
332,163

85,600
80, 767
85, 447
77, 893
86, 662
82,040

27,376
26,688
26, 630
26,044
25, 655
27,437

24, 560
23, 461
23,055
22,076
22,292
22,822

958

Dallas

San
Francisco

332

365
325
286
1,286
1,250
1,250

17, 685
19,339
16,007
17,843
15,210
18,434

867
802
711
711
1,635
1,635

583
561
543
543
526
526

264
253
253
233
233

24,117
25,489
22, 796
23, 980
21, 924
23, 928

45, 399
46, 681
49, 209
44, 753
47, 751
46, 576

18, 891
17,048
16,495
14,791
15, 500
15, 968

7,396
7,312
7,428
6,662
6, 687
7,067

311
294
294
279
279

464
454
942
942
933
933

17, 290
18, 482
17, 098
17, 230
16,496
18,280

13, 911
12, 900
14,010
12, 090
13, 847
13, 590

1,252
1,188
1,163
1,163
1,141
1,141

33, 941
32, 807
32, 093
29, 757
31,151
31, 546

1, 245, 596 9, 610, 503 1,090,083 1, 437,933 605, 542 435, 2,
367
523, 248 332, 050 448,154 315,580 1, 223, 635
1, 225,008 9, 678, 497 1,104,877 1, 425, 295 600, 750 422, 2,976', 130 513,795 "315, 45i; 350 305, 774 1, 232,133
494
278
513, 795
1, 230, 3109, 782,479 1,107, 565 1, 397, 750 615, 770 420, 2,958,095 527, 232 314, 785 444, 204 309, 1, 200, 657
279
180
1, 247, 256 9,837, 861 1,097, 570 1,422,001 ~" 363 440,835 2,913,040 506, 448 314,176 446, 763 320, 1,191, 527
622,
1, 277,054 9, 868,109 1,098,532 1, 435, 555" ; 187 •, 185 2,
628,187436,1 ^,906,471 472,008 321, 717 445, 346 315, 396 1, 237,293
^
,
1, 284, 481 9, 751,957 1,162, 403 1, 445,043 627, 314
394
448,466 2, <
454, 256 325, 285 452, 690 329. 1, 233, 084

1,173
1,005
1,425
1,211
510
380

487
437
461
181
136
136

623
62,
591
411
363

75
111
176
161
56
79

44
33
23
12

57
55
53
50
50
49

2,544
2,268
1,717
2,244
1, 352
1,171

1,116
1,601
1,372
566
459

531
470
484
193
144
157

5:
55
53
50
50
49

18
18
43
18
43
35

11
11
11
11

917
91'
915
914
912
910

1,754
1, 754
1,754
1,753
1,752
1,752

2,358
2,354
2,358
2,242
2,293
2,276

243
232
217
213
211
212

769
769
768
768
766
756

334
333
336
340
340
350

355
355
358
360
360
355

1, 284, 600
1, 284, 600
1, 284, 600
1, 284, 600
1, 284, 600
1, 334,800

93, 212
93, 212
93, 212
93, 212
93, 212
96,855

372,013
372, 013
372, 013
372, 013
372,013
386, 550

102, 835 126, 632
102, 835 126, f
102, 835 126, 632
102, 835 126, 632
102, 835 126, 632
106, 854 131, 580

70, 566
70, 566
70,566
70,566
70.566
73; 323

53, 587
53, 587
53, 587
53, 587
53, 587
55, 681

144,046
144, 046
144,046
144,046
144, 046
149, 675

899, 500
899,500
899,500
899, 500
899, 500
849, 300

65,269
65, 269
65, 269
65, 269
65,269
61, 626

260,490
260,490
260,490
260,490
260,490
245, 953

72,007
72, 007
72,007
72,007
72,007
67, 988

49,410
49, 410
49,410
49, 410
49, 410
46, 653

37, 522
37, 522
37, 522
37, 522
37,522
35, 428

100,864
100,864
100,864
100, 864
100, 864
95, 235

158,481
158, 481
158, 481
158, 481
158, 481
158, 481

632, 503
632, 503
632,503
632, 503
632, 503
632,503

174,842
174, 842
174,842
174, 842
174,842
174, 842

215, 303 119,976
215, 303 119,976
215, 303 119, 976
215, 303 119,976
215, 303 119, 976
215, 303 119, 976

91,109
91,109
91,109
91,109
91,109
91,109

1,862
1, 645
2,092
1,653
941

7,877
7,854
7,840
7, 715

2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100

Kansas
City

1, 215, 555 », 523,
1,061,990 1 412, 501 586,051 410, 885 2, 943, 633 503. 774 324, 374 430, 301, 205 1,188,442
l
,
532
.,
,
1,195, 583 > 596, 734 1,077, 502 1 401,016 579, 613 396,464 2, 928, 647 496^, 186 307, 918 432, 55^ 420 1,198,138
292,
>
.,
1, 201, 8999, 695, 275 1. ""340 . 373, 949 598, 707 397,098 2,908', 175 510,194 307; 104 426,812 294, 327
1,167, 401
1,
._.
1, 219, 688 "I, 758, 211 1, 070^_„ 1, 399,179 603,464 415, 569 2,867, 576 491,114 307!,261 429, 239307,407 1,160,607
931
1, 251, 729 9, 779, 928 1, 072,3861,412,585 611,588 413,011 2, 857, 085 455;
314, 797 428, 571300,616 1, 205,001
i,
1, 259,166
1,134,475 1,421,543 607,491 423, 288 2,883, 774 437, 762 317, 985 434, 131
:
, 314,871 1, 200, 397

9,598
9,162
9,244
10, 244
10,914
10,914

20, 257, 590
20, 251, 381
20, 308, 306
20, 360, 279
20,441,853
20,446, 358

New
York

10

99
139
139
139

43
53
43
48
42
42

78
75
75
68
40
40

386
321
268
275
232
141

177
174
174
207
179
179

429
374
311
323
274
183

262
255
252
250
372
361

72
72
72
72
72
72

277
277
277
277
277
277

534
534
531
524
524
571

60, 661
60, 661
60, 661
60,661
60, 661
63, 032

39, 320
39, 320
39, 320
39,320
39, 320
40,857

64, 518
64,518
64,518
64,518
64,518
67,039

51,073
51, 073
51, 073
51,073
51,073
53, 069

106,137
106,137
106,137
106,137
106.137
110, 285

42,477
42, 477
42, 477
42,477
42, 477
40,106

27,532
27, 532
27, 532
27, 532
27, 532
25, 995

45,177
45,177
45,177
45,177
45,177
42, 656

35, 762
35, 762
35, 762
35, 762
35, 762
33, 766

74,319
74, 319
74,319
74, 319
74,319
70,171

244, 910 103,
1,138 66, 852 109,695
244,910 103,138 66, 852 109, 695
244,910 103;
,138 66, 852 109, 695
244,910 103,138 66, 852 109, 695
244,910 103,138 66, 852 109, 695
244, 910 103; 138 66,852 109, 695
';
",

86, 835
86, 835
86, 835
86, 835
86, 835
86, 835

180, 456
180,456
180,456
180, 456
180, 456
180,456

25

88,671
88, 671
88, 671
88, 671
88,671
83, 723

25

FEDERAL RESERVE BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

MinRich- AtSt.
mond lanta Chicago Louis neapolis

San
Kansas Dallas FranCity

A ssets— C ontinued
Total bills and securities:
2,194, 521 159,407
635,505 177,731 215, 603 120,763 91,452 245, 319 103,140 67, 291 110,196 87,124 180,990
Feb. 12
2,194, 222 159, 398 635,373 177, 666 215, 590 120, 763 91,451 245, 317 103,140 67, 281 110,141 87,112 180, 990
Feb. 19.
2,194, 657 159, 396 635,858 177, 684 215, 573 120, 78" 91,456 245, 308 103,140 67, 278 110, 078 87,112 180,987
Feb. 26
1,090 87,112 180,980
2,194,059 159,405
635, 628 177,277 215, 566 120, 76: 91,460 245, 305 103,165 67, 309 110,
Mar. 5
2,193, 333 159, 393 634,821 177,279 215, 564 120, 785 91,460 245, 355 103,140 67, 403 110,041 87,112 180,980
Mar. 12
91,470 245, 363 103,140 67, 392 109,950 87,112 181,027
2,193,165 159, 391 634, 714 177, 275 215, 564 120, 7i
Mar. 19.
Due from foreign banks:
1
1
1
4
4
47
18
6
Feb. 12
1
4
1
1
4
18
6
47
Feb. 19
1
4
1
1
4
18
6
47
Feb. 26
1
4
4
1
1
18
6
47
Mar. 5
1
4
4
1
1
18
6
Mar. 12
47
1
4
4
18
6
1
1
Mar. 19
47
Federal Reserve notes of
other banks:
2,850
733
3,850
714
2,208 4,659 3,350
26, 310
461
2,226 2,891
518 1,850
Feb. 12
1,812
763
2,484 4,650 3,008
23, 389
428
2,021
855 1,303
1,097
2,714 2,254
Feb. 19
1,713
627
1,431 4,540 3, 354
404
1,431
693 1,186
20, 672
2,018
99:
2,281
Feb. 26
1,792
739
1,723 3,682 3,172
521
21, 563
1,586
84'
2,456 2,315 1,199 1,531
Mar. 5
2,614
833
1,562 3,871 2,605
469
1,465
21, 87<
2,204
1,037
Mar. 12
2,818 1,434
2,099
519
1,468 3,657 3,104
454
1,51"
Mar. 19
21, 513
1,737
1,047
3,101 2,330
Uncollected items:
35,425
83, 012 87, 391 45, 975 99, 204 53, 361 16,4' 37, 220 28,930
793, 567
157, 877 52,010
Feb. 12
63,154
95, 280 70, 520 34,351 111, 288 44, 229 18, 968 31,981 31, 771 42, 728
837,999
81,481
212,248
Feb. 19
61, 839 108,855 75, 418 36, 613 125, 685 47, 492 19,155 35,022 32, 356 42, 423
859, 348 81, 332 193,158
Feb. 26
48, 717
90, 652 61, 764 34,164 111,661 43, 309 18, 111 31, 394
888, 648
76, 366 281, 790 53,886
Mar. 5
59, 561 104, 915 67,104 37, 225 121,173 51, 304 17, 37: 33,819 36,834
49, 262
861, 916 81, 271 206,826
Mar. 12
32,084
116,196 94, 63: 47, 656 142, 924 47, 581 19, 935 37, 026 34, 954 58, 393
984,149
Mar. 19-__
91, 328
Bank premises:
2,840
39,996
9,684
4,574 2,584 1,
2,829
4,537
Feb. 12
3,035 2,315 1,365 3,027 1,219
2,840
39, 999
4,574 2,584 1,
2,829
4,537
9,686
3,035 2,315 1,365 3,027 1,219
Feb. 19
2,831
39, 952
4,562 2,578 1,
2,824
4,526
3,035 2,315 1,365 3,027 1,219
Feb. 26
2,831
39, 896
4,562 2,578 1,
2,824
4,526
9,667
3,029 2,311 1,362 3,011 1,211
Mar. 5
2,831
39, 896
4,562 2,578 1,
2,824
4,526
3,029 2,311 l,36f 3,011 1,211
9,667
Mar. 12
2,831
39,926
4,562 2,578 1,984
2,824
4,556
3,029 2,311 1,362 3,011 1,211
Mar. 19
9,667
Other assets:
4,558
51, 367
3,514
14,429
4,434
5,478 3,127 2,059
5,414 2,263 1,598 2,458 2,035
Feb. 12
4,647
52, 298
3,59i
14,541
4,508
5,592 3,159 2,103
2,509 2,118
5,572 2,315 1,
Feb. 19
4,684
53, 200
3,636
14, 870
4,619
5,636 3,233 2,139
5,654 2,35f 1,662 2,538 2,177
Feb. 26
4,795
54,238
3,72;
15,087
4,746
5,766 3,245 2,178
5,797 2,387 1,700 2,592 2,220
Mar. 5
4,863
57, 606
3,814
7,317
5,816 3,321 2,207
2,618 2,223
5,863 2, 422
15, 447
Mar. 1 2 - . .
4,133
46, 203
3,169
4,085
4,946 2,819 1,960
2,171 1,901
4,890 2,004 1,
12, 704
Mar. 19
1,421
Total assets:
602,906 435,622 1,450,302
23, 363, 398 1, 508, 49710, 431,866 1 , 329, 514 748, 812 824,068 580,192 3, 345,103 687, 219 419, 297
.
1,
Feb. 12
602
23,399, 335 1,472, 74210, 552, 3841,355, 844 1, 748, 819 802,428 555,181 3, 344, 062 668,049 405, 600, 312 428, 758 1,465,154
Feb. 19
1,433, 299
23, 476,182 1, 477,905 10, 638,087 1, 357, 2301, 733, 811 822, 328 555, 728 3, 340,066 683, 963 404, 938
Feb. 26
23, 558, 730 1, 490,10010, 781, 6371,338, 857 1, 740, 274 814, 396 573, 795 3, 281, 294 659, 936 403,857 382 448', 556 1,430, 646
595,
Mar. 5
"
.
23, 616, 52, 1, 524, 82810, 737,092 1, 348, 2571, 767, 978 825, 848 571, 668 3, 284, 715 632, 620 410, 511 301 438, 860 1, 477, 847
596,
Mar. 12
23, 731, 361 1, 541, 65010, 639, 482 1, 414, 2101, 787, 783 851, 769 594, 642 3, 331, 298 < 623 415, 877 606, 364455,092 1, 481, 571
Mar. 19
611,
Liabilities

Federal reserve notes in actual circulation:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Deposits:
Member bank—reserve
account:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
U. S. Treasurer—general
account:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Foreign:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Other deposits:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19

5, 931, 464
5, 943, 080
5, 976, 775
6,039, 650
6,047, 336
6,063, 061

475,
478, 218
482,934
487, 686
489,198
492,163

1, 561, 659
1, 564, 666
1, 575, 332
1, 592, 526
1, 594,992
1, 603, 271

413,453
413, 894
416,080
419, 716
421, 382
421,441

553,947 288, 773
.
224,
126 ', 285, 873 548 158,046 208, 640 97, 793
1
556, 503 290,634 201,436 1, 295,085 227,157 160, 450 211, 56' 100, 510
~
200;
559,351 290, 417 ' "i, 780 296, 937227, 471 160,083 211,487 99,068
1,
"
558,758 292, 734201, 292 1,301, 020 228,190 160, 211 211,892 98, 621

483, 859
483,450
486, 683
496, 380
496,170
493,468

13, 870, 693
14,020, 569
14,174, 724
14,136, 067
14, 210, 84:
13, 740, 639

801, 329
798,531
812, 455
826, 590
841,050
815, 833

7, 221, 475
7, 355, 592
7, 516, 620
7, 582, 686
7, 547,480
7, 300,193

694, 915
701,433
719, 404
713, 226
716,499
721, 807

945,423 375, 657 257, 1, 742,034341,611 173,020 283, 668 254,350
75,
5
,906
2
955, 707 i2, 462 261, 7341, 741, 887336, 532 167, 638 286, 708242, 717
934, 366 386, 262, 465 ', 744,233
6^984
S, (
1
.
337,184 170, 363 281, 760 248, 017
966, 228 398, 486 275, 088 1 642, 568
,
568 280, 342 167, 869 285, 462 247, 368
972, 850 397, 958 277, 252 1, 676, 582 265, 929
180, 786 291, 940 254,196
928, 553 386,762"
1, 583,097 257, 743 169, 286, 455 237, 379
I, 238

779,305
789, 628
760,873
750,154
788, 320
784,686

622,471
479, 393
367, 887
390, 686
421, 423
912, 814

47, 783
27, 904
15, 551
12, 784
25,085
55,077

220,313
162, 573
123,068
78,142
164,668
329, 203

34,035
38,419
19,936
15, 748
14,585
71,429

55, 580
34,;
21, 096
12, 530
20, 242
69, 744

13, 384
11,429
16, 600
11,612
16, 035
27, 921

26, 260
15,459
14, 620
20,103
11, 485
29,044

83, 762
64,599
31, 827
76, 828
39, 941
158, 563

25,431
19,05;
29, 363
64,198
42, 580
31,055

41, 549
31, 752
26, 994
26,477
21, 625
34,582

22, 781
23, 628
26,195
23, 275
18,027
27,485

18,678
22, 788
17,006
24,902
16, 762
45,826

32, 915
27,425
25, 631
24,087
30,388
32,885

1,163, 849
1,130,080
1,132,043
1,121, 057
1,163,143
1,174, 707

55, 484
56, 302
55, 254
56, 265
57, 574
57, 892

658, 360
623,738
626, 729
620, 207
665, 741
668, 015

76,174
76,174
76,174
75, 254
74,454
75, 970

72,
72,
72,
71,
70,
72,

33, 768
33, 768
33, 768
33,360
33,005
33, 677

27,486
27, 486
27, 486
27,153
26, 865
27, 412

94,236
94,236
94,236
93,098
92,107
93, 983

23, 559
23, 559
23, 559
23, 274
23, 02"
23, 496

17, 277
17, 277
17, 277
17, i
16,!
17, 230

22, 774
22, 774
22, 774
22,499
22, 259
22, 713

22, 774
22, 774
22, 774
22,499
22, 259
22, 713

59, 709
59, 744
59, 764
59,005
58, 350
59, 552

673, 254
655, 332
619, 386
651, 245
585, 202
546, 721

28, 625
6,499
6,349
6,763

501, 634
531,042
489, 586
518, 593
455, 000
420, 710

25, 386
29, 366
27,040
24, 965
23, 969
23, 758

11,141
10,766
10,365
10, 558
11, 708
12,134

7,777 17, 357
4,507 5,970
4,459 6,329
6,173 5,879
5,702 5,940
5,209 5,451

5,458
5,489
14,429
16, 207
15, 252
14, 322

17, 465 5,235 15, 225
8,932 5,51 8,555
10,114 5,770 8,493
10,009 6,503 8,367
10, 921 6,059 8,339
10, 699 7,007 8,384

1,684
1,040
3,639
5,249
4,306
3,892

36, 267
37, 649
32,813
31,979
31,118
29, 473

5,682

548,166 283,
!,419 197, 248 1
.,274,934 223, 317 158, 203 213, 531 97, 799
547, 68: 284,112 197, 315 1, 2 8 1 , 099 223, 648 157, 993
97,006
••

248
248
248
375
616
054

* Less than $500.

APRIL

1941




323

Federal Reserve Banks—Continued
[In thousands of dollars]

Total
D eposits—C ontinued
Total Deposits:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Deferred availability items:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Other liabilities, including
accrued dividends:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total liabilities:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19

Boston

New
York

Philadelphia

Cleveland

St. Min- Kanihicago Louis neap- sas Dallas
olis
City

Richmond

San
Francisco

925,490 08,066
906, 211 188,080
884, 725 00, 220
828, 701 377, 823
823, 882 342,457
849,965 322, 993

197,486
89, 319
191,436
00,018
!97, 523
;09,810

908,196
914,446
879,081
865, 225
908,176
906, 596

28,818
30,918
32,003
36,493
30, 721
35,120

30, 501
39, 518
39, 783
41,269
45, 679
53, 710

116
122
116
139
105
114
107
128
137
138
129
154
108
130
121
131
131
142
133
15:
120
133
120
133
297,743 375, 575 409, 648 591, 671 [24, 225
296,701 356,405 395,951 589,081 117, 357
I 292, 708372, 318 195, 288 584,822 121,370
233,928 348, 267 394,210 584,14" [37,151
,237,321 320, 941 400,866 585,056 [27,454
, 283, 902 93' 406, 232 595,129 443;
>99,

149
134
145
157
207
180

6, 330, 267
.6, 285, 374
6,294,040
6, 299,055
6, 380, 610
.6, 374,881

933, 221
889, 236
889,609
902,402
930, 597
934,484

8,601, 782
8,672,945
8, 756,003
8, 799, 628
8, 832,889
8, 718,121

830, 510
845, 392
842, 554
829,193
829, 507
892, 964

084, 392
073,081
038,075
060,691
075,416
082,485

30, 586
32,166
41,811
49,631
:52, 700
53, 569

727, 878
797.036
831.037
845,896
811,340
918, 773

73,466
79, 330
79,381
74,032
79,026

139,667
185,961
177,834
260, 572
180,107
188,972

50, 811
61,830
63,780
55,191
60,076
65,033

81, 650
93,445
107,153
88,465
98, 537
111, 877

93, 883
69,954
75, 535
57, 933

3,132
3,102
3,561
3,360
6,364
3,688

343
353
381
38'
402
412

699
713
790
818
988
960

279
277
363
306
2,83'
315

340
348
381
354
414
406

317
304
335
323
351
332

22,992,741

23, 028, 592
23,105,413
23,187,961
23, 245,650
23, 360, 403

482,906
447,13"
452, 305
464,50"
499, 223
516,038

139, 51
139, 550
139,586
139,62!
139,67
139, 71

9,34
9,344
9,349
9,349
9,35
9,35C

51,48
51, 496
51, 509
51, 51i
51,51'
51, 53£

11, 895
11, 88.r
11,88'
11,88'
11, 88'
11,88!

14,365
14,36"
14,368
14,376
14,380
14, 38

5,397
5,407
5,408
5,411
5,412
5,425

4,781
4,783
4,788
4,787
4,794
4,795

14,631
14,640
14,646
14,654
14, 675
14, 678

4,242
4,242
4,243
4,246
4,250
4,255

2,973
2,975
2,975
2,975
2,976
2,977

4,501
4,501
4,502
4,503
4,503
4,504

4,252
4,252
4,252
4,261
4,262
4,263

11, 652
11,658
11, 659
11, 664
11,664
11, 665

157, 06
157,06£
157,06,
157, 065

10, 906
10,906
10,90i
10, 906
10, 906
10, 906

56, 44'
56,44'
56,44'
56,44'
56,44'
56, 44'

15,144
15,144
15,144
15,144
15,144
15,144

14,322
14, 322
14, 322
14, 322
14, 322
14, 32,r

5,247
5,247
5,24"
5,24'
5,24'
5,247

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

22,824
22, 824
22,824
22, 82'
22, 824
22, 82'

4,925
4,925
4,925
4,925
4,925
492£

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
3,97'
3,974
3,974
3,974

10,785
10,785
10,785
10,785
10,785
10, 785

26,
26, 7SI
26, 7SI
26, 7&t
26, 78£
26, 78,

2,874
2,874
2,874
2,87'
2,87-

7,071
7,07(
7,07i
7,07i
7,07(
7,07<

4, 39,c
4,393
4,393
4,393
4,392
4,39;

i,oo:
i,oo:

3,244
3,244
3,244
3,244
3,244
3,24'

71:
713
713
713
712
712

1.42S

1,00'
1,00'
1,00'
1,00'

532
532
532
532
532
53;

l,00C
l,00C
l,00C
l,00C
1,000
l,00C

1,138
1,138
1,138
1,138
1,138
1,138

1,263
1,263
1,263
1,263
1,263
1,262

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

47, 29;
47, 34
47, 333
47, 290
47, 354
47, 39

2,46'
2,48
2,471
2,464
2,474
2,48!

13,061
13,08C
13,102
13, 06C
13,082
13,

3,02c
3,02c
3,02c
3,02/
3,03
3,03'

4,565
4,56:
4,557
4,55£
4, 55C
454f

1,97.
1,99'
1,97.
1,971
1,97!
1, ""

2,31*
2,322
2,338
2,33'
2,34
2,34:

8,47
8,46*
8,45*
8,45c
8,466
846£

1,94'
1,94'
1,94
l,96f
1,971
1,97;

2,52'
2,524
2,523
2,52C
2,51
2,51

1,98;
1,97'
1,98:
1,"
1,
1,

1,908
1,912
1,912
1,907
1,90'
1,908

3,039
3,042
3,042
3,045
3,045
3,046

1, 748,81 824,068
1, 748, 81! 802, 428
1,733,81 822, 32£
1,740,27 814,39€
1, 767, 97* 825,848
I, 787, 78!851, 76!

580,195
555,181
555, 728
573, 79f
571, 668
594, 64$

3,345,10; 687, 21
3, 344, 062 668, 04$
3, 340, 066 683, 962
3,281, 294 659^
1,936
3, 284,715 632, 62C
3, 331, 298 611, 622

419,29'
405, 60$
404, 938
403, 85410, 51:
415, 87'

.0,303, 807
.0,424, 285
.0, 509, 959
.0,653, 54'"
.0, 608, 976
L0, 511, 32'

295,053
321, 393
322, 777
304,406
313, 802
379, 753

29,009
10, 649
;10,900
128,223
121, 542
!30,800

!37,081 144,448
!22,184 141, 665
!20,404 139, 222
117,917 339, 603
!25, 356 340,565
528,057 345,037

40,254
96, 951 44,053 14,248
33, 518 109,027 44, 549 15, 667
32,980 121, 660 47, r - - 709
16,
30,427 109, 767 43,156 15, 722
35, 606 116,062 50,861 15, 294
89,223 48,817 132,497 48, 621 17,844
144
155
158
150
167
157

714, 548 308,205 566, 655
714, 561 ?86, 536 541, 637
699, 556 306,454 542,164
706,013 798, 521 560,236
,733,718 309,966 558,095
,753, 526 335, 858 581,066

33, 576
33, 319
36,823
32,869
32,873

368
364
450
375
440
420

422, 705
437,548
405, 692
403,031
450,232
453,954

Capital Accounts
Capital paid in:
Feb. 12
Feb. 19
Feb!26
Mar. 5
Mar. 12
Mar. 19
Surplus ((section 7):
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Surplus (section 13b):
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Other capital accounts:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total liabilities and capital
accounts:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Commitments to make industrial advances:
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19

324




1 5 7 , •"

157,06i

23, 363, 398
23,399, 33^
23, 476,18!
23, 558, 731
23, 616, 52
23, 731, 36
5,12'
5,12
5,061
5,89!
6,56
7,28

1, 508,49' 10,431,86i 1,329, 51<
1,472, 74: 10, 552, 38< 1,355,844
1,477, 90 10, 638,08' 1,357, 23C
1,490,10C 10, 781,63' 1, 338, 857
I, 524, 82£ 10, 737,09! 1, 348, 25'
10, 639, 48: 1,414, 211
1,541,
66
66
66,
1,581,58'
1,58!

74,
76!
1,14;
1,73!

1,42!
1,429
1,42S

602,90e
600,312
596,05C
595, 382
596,301
606,36

435, 622
428, 758
432, 771
448, 55C438,86C
455,09:

1, 450,302
1,465,154
1, 433, 299
1, 430, 646
1,477,847
1,481,571
2,431
2,425
2,423
2,403
2,392
2,429

FEDERAL RESERVE BULLETIN

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

Date (last Wednesday of
each month)

Applications
received

Number
1934—Dec. 26__.
1935—June 26..
Dec. 3 1 4 .
1936—June 24..
Dec. 30...
1937—Mar. 3 1 June 30—
Sept. 29_.
Dec. 29...
1938—Mar. 30..
June 29. _
Sept. 28..
Dec. 28_.
1939—Jan. 25...
Feb. 21 •.
Mar. 29..
Apr. 26..
M a y 31_.
June 28..
July 26...
Aug. 30..
Sept. 27..
Oct. 25—
Nov. 29..
Dec. 27_.
1940—Jan. 31—
Feb. 28..
Mar. 27..
Apr. 24..
M a y 29..
June 26..
July 31—
Aug. 28..
Sept. 25..
Oct. 30__.
Nov. 27..
Dec. 31 •_
1941—Jan. 29...
Feb. 26_.
Mar. 19 5.

Amount

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
9,476
9,487
9,504
9,512
9,536
9,546
9,556
9,573
9,581
9,609
9,633
9,659
9.674

146,972
237, 581
293,084
314,471
328,998
333,300
339, 509
341,842
350, 551
358, 936
369, 853
378,974
387,490
389,176
389, 554
392, 230
394,055
394,970
395, 499
399,780

Advances Commit- Approved
ments
but not
outoutcomstanding* standing pleted 2
(amount) (amount) (amount)

Applications
approved

Applications u n d e r
consideration

Amount

Number

Amount

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
199
118
45
33
76
444
10
740
650
222
1,929
600
710

Number

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
2,825
2,832
2,838
2,853
2,856
2,865
2,875
2,883
2,908
2,923
2,945
2,953

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
190,055
192, 665
194,096
195,404
195, 739
197,439
197, 906
198,966
201, 750
202,041
212, 510
214,800
223, 226
228,120

401, 228
402, 305
402,944
404,226
405, 225
406,097
407, 392
410,192
411,628
413,178
413, 646
415, 599
416,454
417, 260
420, 837
421,139
431,236
435,474
442,712
447, 795

8,225
20, 579
27, 649
24,454
20, 959
18,611
16, 331
14,880
12,780
13,110
13, 649
13, 597

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
12,723
12,001
11, 242
10,988
10,907
10, 779
10,778
10,484
9,893
9,152
9,483
9,451
9,477

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

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
8,224
8,725
8,852
8,762
8,582
8,238
8,078
7,351
7,106
5,226
5,207
5,066
7,288

733
1,220
1,938
1,764
2,548
2,659
2,504
1,454
2,471
2,264
2,474
2,195
1,991
2,095
2,315
4,260
4,056
13,954
12, 325
20,424
19, 854

Repaid,
expired,
or withdrawn by
applicant, etc.
(amount)

Participations
outstanding 3
(amount)

5,558
24,900
44,025
61,425
77, 910
85, 210
97, 663
102,588
107, 384
111, 193
117, 555
122, 447
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
158,110
159, 950
161,491
162, 612
164,949
165, 865
167,046
169, 746
171, 394
177, 792
179,021
179, 569
180, 623

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, 510
11,064
11,137
11,156
11, 345
11,182
11,010
10, 929
10, 749
9,909
9,592
6,386
8,764
8,716
10,878

1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of Federal Reserve Banks.
2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3
Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,156,339, 4March 19, 1941.
5
Tuesday.
Latest date for which figures are available.

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

Federal Reserve Notes:
Issued to F. R. Bank by F. R. agent
Feb. 26
Mar. 5
Mar. 12 . . . .
Mar. 19
Held by Federal Reserve Bank:
Feb. 26
Mar. 5
Mar. 12
Mar. 19
In actual circulation: i
Feb. 26
...
Mar. 5
Mar. 12
Mar. 19
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Eligible paper:
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Total collateral:
Feb. 26
Mar. 5
Mar. 12
Mar. 19

Boston

New
York

Philadelphia

Cleve- Rich- Atland mond lanta

Chicago

6, 259, 262497, 349 1, 645, 632 436, 418 574,888 303, 220,431 1, 315,
133
\ 327,123 507,
, 669, 395 438, 578,993 304, 995 220, 935 1, 326,
776
i 347, 243503,813 1 676, 494 440, 785 581' 3 0 3 , 340 220, 944 1, 332,
,
,
6, 369, 331507, 856 . 681, 498 441,021 380 306, 780 223, 283 334,
1
1,
,
582,
282,487
287,473
299,907
306, 270

14,415
19, 382
14,615
15, 693

70,
76,
81,
78,

300
869
502
227

20, 338
19,060
19,403
19, 580

20,941
22,490
22, 236
23, 622

14, 360
14, 361
12,923
14,046

22, 305
19,499
20,164
21, 991

St.
Louis

696 238,058
708 238,
1,653
209 241,474
924 242, 969

29,823
31, 623
35, 272
33, 904

13, 510
11,496
14,003
14, 779

Minneapolis

162,
164,
165,
164,

Kansas
olis

San
Dallas Fran-

107, 148
578
1,564 109, 949
658 219,
001 220, 610 109,441
220,
795 220, 277 108, 577

539,850
547,429
551, 545
554,'971
t,

9,355
9,441
7,99^ 9,439
9,123 10, 373
8,385 9,956

53,167
51,049
55, 375
61, 503

4,532
4, r ~"
4,918
4,584

5, 976, 775482, 934 1, 575, 332 416,080 553. 288, 773 198,126 1, 285, 873 224, 548 158, 046 208, 640 17, 793 486, 683
947
6,039, 650 487, 686 ', 592, 526 419, 556,503 290, 634 201, 436 1, 295,085 227,157 160, 450 211, 567
1
510 496, 380
.
716
6,047, 336 489,
•,170
, 594, 992 421, 382 559! 290,417 200, 780 1, 296, 937 227,471 160, 083 211,487
1,351
' """
6,063, 061 492,163 1, 603, 271421, 441 558, 758 292, 734 292 1,
201, 2! .,301,""" 228,190 160, 211 211,892 18, 621 493,468
020

6, 386, 500510,000 1, 670,000 440,000 576,000 315,000 225,000 1, 330,000
6, 432, 500510,000 1, 680,000 450,000 580,000 325,000 225,000 1, 340,000
6, 455, 500510,000 1, 690,000 450,000 583,000 325,000 225,000 1, 350,000
6, 497,000 530, 00U 1, 700,000 450,000 583,000 325, 000 230,0001, 350,000
2, 549
2,085
1,206
1,013

1,537
1,308
566
459

484
194
144
15'

244,000
244,000
244,000
249,000
25

165, 500 225,000 112,000
165, 500 225,000 114,000
165, 500 225,000 114,000
167,000 225, 000 114, 000
174
207
179
179

574,000
574,000
574,000
574, 000

311
323
274
183

6, 389,049 510,000 1, 671, 537 440, 484 576,000 315,
i,043 225,000 1, 330,000 244,000 165, 674 225, 311 112,000 574,000
6, 434, 585510,010 1, 681, 308 450,
580,000 325,018 225;
225,000 1, 340, 000 244,025 165, 707 225,323 114,000 574,000
"
6,456, 706 510,000 1, 690, 566 450,
583,000 325,043 225,000 1, 350, 000 244,000 165, 679 225, 274 114,000 574;
:,000
6, 498,013 530, 000 1, 700,459 450,
583, 000 325, 035 230i, 000 1 350,
>
,
1,000 167, 179 225,183 114,000 574,000

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

1941




325

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1941
[Averages of daily figures. In millions of dollars]
Gross Net
dedeTime
mand mand dede- l posits
deposits posits

Classes of banks
and districts

All member banks. _ 43, 827 35, 919 12, 378
Central reserve city banks:
841
16, 561 15, 820
New York.
3,276 2,904
508
Chicago
_
Reserve city banks:
Boston district
New York district
Philadelphia district _ _
Cleveland district
Richmond district
.
Atlanta district. _
Chicago district
St. Louis district
Minneapolis district.._
Kansas City district.__
Dallas district
San Francisco district-

[Averages of daily figures. In millions of dollars]

Reserves with
Federal Reserve
Banks
Required

All
member
banks*

Excess

Held

7,574 13, 996

6,422

3,641
686

6,807
1,033

3,166
347

82
145
229
743
230
179
653
176
86
158
134
2,046

226
43
233
330
140
120
238
147
65
137
102
475

568
63
510
778
265
158
468
262
102
214
155
715

342
20
278
448
125
39
230
116
36
77
53
240

15, 002 11,495

Total

1,266
204
1, 264
1, 671
735
634
1,176
787
349
736
542
2,131

4,861

2, 255

4,258

2,004

749
1,141
485
453
393
382
643
270
227
314
397
246

564
1,440
884
723
381
247
819
251
287
162
107
301

118
209
102
91
66
58
118
45
42
46
53
45

234
457
191
176
118
104
241
77
71
71
95
64

116
248
89
85
52
46
122
3L
29
26
42
19

5,700

6,168

992

1,898

906

1, 401
255
1,508
2,115
958
914
1. 664
1,046
462
1,136
876
2,667

Country banks:
Boston district.
1,061
1,624
New York district
745
Philadelphia district..
731
Cleveland district
703
Richmond district
662
Atlanta district. _ _
1,078
Chicago district
446
St. Louis district
Minneapolis district...
370
Kansas City district...
506
Dallas district
658
405
San Francisco district.
Total

8,988

!

f Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table on p. 320 for percentages of deposits required to be
held as reserves.

Total reserves held:
1940—February.,
March
April
May
June
..
July
August
_ .
September
October
November.
December
1941—January
February
Week ending (Friday):
1941—Jan. 24 ..
Jan. 31
Feb. 7 . . .
Feb. 14
Feb. 21
Feb. 28
Mar. 7
Mar. 14
Excess reserves:
1940— February
March
April
May
June... _ _ _
July.
August. .
September
October __
November
December
1941—January
February
Week ending (Friday):
1941—Jan. 24
Jan.31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Mar. 7
Mar. 14

Central reserve
city banks
New
York

Chicago

Reserve Country
city banksi
banks

12, 215
12, 362
12, 703
13, 086
13, 596
13, 735
13, 408
13, 643
14,043
14,131
14, 049
14,339
13, 996

6,323
6,428
6,548
6,660
6,941
6,979
6,709
6,705
6,889
6,975
6,997
7,135
6,807

901
899
972
1,097
1,182
1,168
1,154
1,234
1,279
1,218
1,142
1,051
1, 033

3,344
3,368
3,476
3,615
3,716
3,837
3,804
3,905
4,024
4,080
4,096
4,240
4,258

,646
668
706
714
,757
751
740
800
851
858
815
1,913
1,898

14,456
14,332
13, 908
13, 885
14,040
14,152
14, 210
14,264

7,188
7,094
6,739
6,706
6,821
6,961
7,044
7,096

1,067
1,060
1,057
1,022
1,032
1,020
982
948

4,292
4,287
4,205
4,236
4,259
4,255
4,237
4,282

1,909
1,891
1,907
1,920
1,928
1,916
1,947
1,938

5,626
5, 734
6,003
6,288
6,696
6,752
6,407
6,582
6,864
6,830
6,646
6,832
6,422

3,199
3,248
3,312
3,389
3,594
3,588
3,344
3,324
3,465
3,493
3, 443
3,505
3,166

301
310
388
477
547
522
499
570
610
546
476
381
347

1.378
1,405
L, 494
1,607
1,703
1.803
1,748
1,821
1,888
1,895
1,887
2,016
2,004

747
771
809
815
851
839
816
866
902
897
840
930
906

6,918
6,800
6,375
6,342
6,447
6, 522
6,528
6,541

3,544
3,452
3,1153,085
3,181
3,282
3,313
3,346

384
383
376
340
339
331
295
258

2,061
2,054
1,967
1,986
1,993
1,989
1,974
1,999

929
911
917
930
934
921
947
938

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

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

Federal Reserve district

Gross demand
Feb.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
__
Kansas City. . . .
Dallas..
San Francisco
. ..

_ .

Total

Jan.

Gross demand

Time

Jan.

Feb.

Jan.

2,317
i 1, 522
2,007
2,549
1,439
1,367
12,311
1,205
657
1,286
1,141
2,923

526
i 1, 091
653
1,129
415
344
i 1, 142
307
202
209
195
2,248

523
i 1, 092
649
1,125
410
342
i 1, 136
306
202
209
194
2,264

135
315
264
280
208
160
394
260
176
346
364
123

20, 963 120,725

18,462

18,453

3,026

Feb.

Jan.

Feb.

i 1, 563
1,989
2,566
1,453
1,416
1
2, 347
1,233
655
1,296
1,169
2,949

2,462
18,440
2,253
. . . „ . 2,846
1,661
1,576
6 018
1,493
831
1,641
1,534
3,072
_.

2,450
18, 345
2,273
2, 825
1,646
1,520
5,926
1, 465
831
1.634
1,496
3,047

647
2,426
1,113
1,466
611
427
1,980
427
373
321
241
2,347

43, 827

43, 459

12, 378

12, 331

2,326

643
2,402
1,108
1,458
604
423
1,973
426
373
320
240
2,363
1

Gross demand

Time

Feb.

Jan.

Time
Feb.

Jan.

207
153
388
261
174
347
355
124

120
494
460
336
196
82
330
120
171
112
47
99

120
489
458
334
194
81
329
119
170
111
46
98

2,991

2,567

2,548

133
307
to to

All member banks

i Excluding central reserve city banks, for which figures for latest month are shown in table above.
Classification by population is based on the 1940 census; for figures on the same basis for the months of 1940, see tables on p. 359.

326




FEDERAL RESERVE BULLETIN

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

otal

End of month

Gold
certificates

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

Subsidiary
silver
coin

Minor
coin

United
States
notes

Federal Federal
Reserve Reserve
Bank
notes
notes

National
bank
notes

23

1940—January
February..
March
April
May
June
July
August
September.
October.._.
November.
December.

7,376
7,455
7,511
7,559
7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732

69
68
68
68
67
67
66
66
66
65
65
65

44
45
45
45
46
46
46
47
48
48
49
50

1,469
1,500
1,508
1,557
1,590
1,582
1,565
1,605
1, 615
1,620
1,658
1,667

1
1
1
1
1
1
1
1
1
1
1
1

372
373
375
377
382
384
386
389
394
400
407
412

163
163
164
166
168
169
172
174
177
180
183
185

265
271
260
248
241
248
249
258
259
264
275
290

4,796
4,839
4,896
4,906
5,025
5,163
5,212
5,334
5,409
5,541
5,705
5,883

23
23
23
23
22
22
22
22
22
21
21

173
171
170
168
167
165
164
162
161
160
159
157

1941—January...
February..

8,593
8,781

64
64

50
50

1,595
1,635

1
1

403
406

183
184

278
278

5,842
5,985

21
21

156
155

Back figures.—See Annual Report for 1941 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month

Total
Coin and small denomination currency 2
in circulation
totali Total Coin
$5
$10
$20
$1 3
$2

Large denomination currency
Total

$50

$100

$500

Unassort-

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

1940—January
February
March
April
May
June
July
August
September
October
November
December

7,376
7,455
7,511
7, 559
7,710
7,848
7,883
8.059
8,151
8,300
8,522
8, 732

5, 332
5,397
5, 414
5,437
5,519
5,584
5, 599
5,748
5, 814
5,911
6,098
6,247

579
581
584
588
595
599
604
611
6J8
627
639
648

526
530
531
534
546
546
544
556
566
575
591
610

970 1,692
1,723
1,731
992 1,739
1,009
,766
1,015 , 791
1,013
,798
1,044 ,858
1,055
,876
1,068 1,908
1,107 1,977
1,129 2,021

1, 532
1,543
1, 546
1, 551
1, 568
1,599
1,605
1,644
1,663
1, 696
1,748
1,800

2,047
2,061
2,101
2,126
2,193
2,264
2,286
2,313
2,340
2,392
2, 426

457
459
460
463
471
485
489
495
503
512
523
538

920
930
941
951
979
1,013
1,025
1,035
1,048
1,071
1,089
1,112

191
191
194
195
202
210
211
213
216
223
225
227

426
427
432
439
464
481
486
493
496
508
512
523

1941—January
February

8, 593
8, 781

6,094
6,243

635
641

577
582

1,091
1,116

1,781
1,826

2,502
2,541

540
551

1,126
1,144

230
232

530
535

1,973
2,041

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3 destroyed.
as
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDING

SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY

Held by Treasury and Federal Reserve Banks and in circulation. In
millions of dollars]

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

End of month

Silver
dollars
and
Total silver
bul-l
lion

FedSubNasid- Minor United eral tional
Reiary
States serve bank
silver coin notes Bank notes
coin
notes

2,971
2,981
2,990
2,999
3,008
3,014
3,024
3,036
3,044
3,059
3,072
3,087

1,855
1,866
1,876
1,886
1,894
1,900
1,909
1,915
1,920
1,931
1,937
1,945

400

1941—January
3,097
February . 3,102

1,953
1,959

1940—January
February
March
April
May
June
July
August
SeptemberOctober
November _
December..

401
401

169

347

24

170
171

347
347

24
23

400
402
402
404
409
411
415
419
425

172
173
174
175
178
181
183
187
189

347
347
347
347
347
347
347
347
347

23
23
23
23
23
22
22
22
22

427
428

191
192

347
347

22
21

175

1941




1937
1938__
1939
1940_

_._

173
172 1940—February
171
March
_
169
April
167
May
167
June
164
July
163
August
162
September
160
October
159
November . . .
December
158
156 1941—January
February

i Includes silver held against silver certificates amounting to $1,882,000,000 on Feb. 28 , 1941 and $1,765,000,000 on Feb. 29, 1940.

APRIL

Year or month

ShipReceipts
ments to
from
Europe Europe
21 5
33! 1
110 2
17.7

47 6
34.4
98

Net
shipments

7

100 4
17 0

47
14
35
1 l

(i)
(l)
(i)
(l)
(l)
(i)

26 1
1 3

47
14
35
1 1

5
.6
.3
.1

Net
receipts

1
.1

.1

.1

.1

2
.1

9

.1
.1

4
.5
3
.1
1
1
1
.1

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

327

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

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]

Period

Increase
Gold
in total
stock
gold
at end
stock
of period

Net
gain or
loss (-)
through
earmarking
transactions

Net
gold
import

1941

Domestic gold
production

Imports

8,238
10,125
2 11, 258
2 12, 760
14, 512
17, 644
21, 995

4, 202. 5
1,887. 2
1,132. 5
1, 502. 5
1, 751. 5
3,132. 0
4, 351. 2

1,133. 9
1, 739. 0
1,116. 6
1, 585. 5
1, 973. 6
3, 574. 2
4, 744. 5

82.6
.2
-85.9
-200. 4
-333. 5
-534.4
—644. 7

92.9
110.7
131.6
143.9
148.6
161.7
168.1

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

285.9
159.9
267.1
285.1

326.1
69.7
168.0
451.2

2.8
79.5
90.9
-200.8

15.9
18.7
14.9
13.4

1940—January
F e b r u a r y . _.
March
April
May

June
July
August
September __
October
November. .
December..

17, 931
18,177
18, 433
18, 770
19, 209
19, 963
20, 463
20, 913
21, 244
21, 506
21, 801
21, 995

287.5
246.0
256.0
336.9
439.0
754.2
499.4
450.2
331.6
261.1
295.2
194.0

236.4
201.4
459.8
249.9
435.1
1,163. 0
520.0
351.6
334.1
326.0
330.1
137.2

40.0
37.0
-213.4
67.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4

1941—January
February. __
March 1-26^

22,116
22, 232
22, 359

121.7
115.4
126.6

234.2
108.6
110.9

-52.8
i -46. 2
.9

19341
1935.
1936.
1937.
1938.
1939.
1940.
1939—September..
October
November. _
December..

February

From or to—

13.6
11.4
12.0
13.0
14.1
10.9
16.0
12.3
13.3
19.0
16.4
16.1
13.5
PIS

9

France
Portugal
Sweden
Switzerland
United Kingdom
U. S. S. R
Canada
Mexico
Central America
West
Indies
and
Bermuda
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
British Guiana
Australia
N e w Zealand
British Oceania
British India
Netherlands Indies. _.
China a n d
Hong
Kong
Japan
Philippine Islands
South Africa
All other c o u n t r i e s . . .

30
337
1,218
11, 236
81, 534
814
789
73
5
1
3
1,148
11
233
557
313
74
6,738
187
310

2,772
96
135

January

Exports

Imports

Exports

1
15
1,746
563
37
46,880
1,14
1,216

Jan.-Feb.
Imports

Exports

1
45
1,746
899
1,255
11,236
128,414
1,961
2,005

467
3,168
267
1,171
318
147
11,136
438
477
4,501
219

137
5
44
7
1,616
3,179
500
1,728
631
222
17, 873
625
787
4,501
219

834
6,085
3,185
149,735
381

834
6,085
5,958
149,832
516

63
43
4

p Preliminary.
1
Total
108, 615
234,246
10
342,8
Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine ounce thereafter.
2 Includes gold in the Inactive Account amounting to $27,000,000 on
i Figures represent customs valuations which, with some exceptions,
December 31, 1936, and $1,228,000,000 on December 31, 1937.
are at rate of $35 a fine ounce.
3
Gold held under earmark at Federal Reserve Banks for foreign acBack figures.—See table, p. 363, and Annual Report for 1937 (tables
count, in millions of dollars: February 28, 1,906.6; March 26, 1,905. 8.
31 and 32).
NOTE.—Figures for domestic production of gold are those published
in table, p. 363, 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).
BANK DEBITS
[Debits to deposit accounts, except interbank accounts.
BANK SUSPENSIONS1
[In millions of dollars]

Total,
all
banks

Member
banks

National

Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941—Jan.-Feb
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
1941—Jan.-Feb

Nonmember
banks

InNot
State sured 2 insured

22
40
47
47
25
18
2

36,937

10,015
11, 306
19, 723
13,012
34,998
5,943
1,056

40
5,313
507
7,379
36
1,341
256
732

Year and month

1,912
3,763
10, 207
1,708 10,156
211 11,721
24, 629
6,589
5,341
324

1929
1936
1937
48 1938
8 1939
3 1940
6
6 1940—January...
February..
10
March
3
April
May
June
July
August
34, 985
September
939
October. __
592
November
480
December.
1,044
2,439 1941—January...
February..
346

Total,
all
reporting
centers

New
York
City

982,531
461,889
469,463
405,929
423,932
445, 864

208,936
197,836
168, 778
171,382
171, 582

37, 786
32,197
37, 769
37,780
37, 257
35,005
^35, 959
32, 844
33,812
39,695
39,088
46, 673
41,133
35, 783

133
140
other
other
lead- reporting
ing
centers i centers2

331,938
219,670
235, 206
204, 745
218,298
236, 952

47,504
33, 283
36,421
32,406
34,252
37, 330

14,739
19, 978
12,138
17, 344
15, 201 19, 537
15, 519 19,250
14, 536 19, 659
13,110
18, 850
13, 612 ••19, 244
11,604
18, 314
12, 594 18, 267
14,952 21,365
14,952 20,819
18, 626 24, 327
15,147 22,498
13, 268 19, 457

3,069
2,715
3,031
3,010
3,063
3,045
3,103
2,926
2,951
3,378
3,317
3,721
3,488
3,057

r

i 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).
a Federal deposit insurance became operative January 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Backfigures.—SeeAnnual Report for 1937 (table 76).

328




Revised.
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 1928.
2 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.—For corresponding monthly totals for 1928-1937 see
Annual Report for 1937 (Table 71), which also gives a definition of bank
debits. Monthly figures for individual reporting centers with totals by
Federal Reserve districts for recent years, and annual figures for individual reporting centers with totals by Federal Reserve districts for the
years 1919-1939, are available and will be furnished upon request.

FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935. p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS l

Total

Call date

Total

National

[In millions of dollars]

Nonmember
banks

Member banks

Member banks

Other
Mutual nonState savings member
banks
banks

Call date

All
banks

Nonmerriber

Total

National

State

Mutual

banks

savings
banks

Other
nonmember 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
15,499

1929—June 29 „ 53, 852
Dec. 31.._ 55, 289

32, 284
33,865

19,411
20, 290

12,873
13, 575

8,983
8,916

12, 584
12, 508

1933—June 30
Dec. 30

14,519
15,011

5,606
6,011

4,897
5,154

709
857

576
579

8,337
8,421

1933—June 3 0 . . . 37, 998
Dec. 3 0 . . . 38, 505

23,338
23,771

14, 772
15, 386

8,566
8,385

9,713
9,708

4,946
5,026

1935—June 29
Dec. 31

15,994
15,837

6,410
6,387

5,425
5,386

985
1,001

571
570

9,013
8,880

45, 766
1935—June 29.
Dec. 3 1 . . . 48, 964

29,496
32,159

19,031
20,886

10,465
11,273

9,920
9,963

6,350
6,842

1936—June 30
Dec. 31

15, 752
15, 628

6,400
6,376

5,368
5,325

1,032
1,051

566
565

8,786
8,687

1936—June 3 0 . . . 51, 335
Dec. 3 1 . . . 53, 701

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

5,293
5,260

1,064
1,081

564
563

8,606
8,489

1937—June 3 0 . . . 53, 287
Dec. 3 1 . . . 52,440

35,440
34,810

22, 926
22, 655

12, 514
12,155

10, 213
10, 257

7,635
7,373

1938—June 30
Dec. 31

15,287
15, 206

6,338
6,338

5,242
5,224

1,096
1,114

563
556

8,386
8,312

1938—June 3 0 . . . 52,195
Dec. 3 1 . . . 54,054

34,745
36, 211

22, 553
23, 497

12,193
12, 714

10, 296
10, 365

7,153
7,478

1939—June 30
Dec. 30

15,082
15,037

6,330
6,362

5,203
5,187

1,127
1,175

553
552

8,199
8,123

1939—June 30. _. 55, 992
Dec. 3 0 . . . 58, 344

38, 027
39, 930

24, 534
25, 661

13, 493
14, 269

10, 521
10,613

7,444
7,801

1940—Mar. 26
J u n e 29
Dec. 3 1 4

15,006
14,953
14, 895

6,377
6,398
6,486

1,199
1,234
l, 342

551
551
551

8,078
8,004
7,858

1940—Mar. 26... 59, 017
June 29_._ 60, 582
Dec. 3 1 4 _ . 65, 024

40,579
42, 039
46,007

25, 911
26, 931
29, 214

14,667
15,108
16, 793

3 10, 544
10, 631
10, 658

3 7,895
7,912
8,359

5,178
5,164
5,144

r

r

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS

[In millions of dollars]

Call date
Total

Loans

Nonmember banks

Member banks

All banks

Investments

Total

Loans

Investments

Mutual savings banks
Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

1929— June 29
Dec. 31

58,474
58,417

41, 531
41, 918

16,943
16,499

35,711
35,934

25, 658
26,150

10,052
9,784

9,556
9,463

5,892
5, 945

3,664
3,518

13,207
13,020

9,981
9,823

3,227
3,197

1933—June 30
Dec. 30

40,076
40,319

22,203
21,977

17, 872
18,342

24, 786
25,220

12,858
12,833

11,928
12,386

10,044
9,985

5,941
5,906

4,103
4,079

5,246
5,115

3,404
3,238

1,841
1,877

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
2,98a

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 2

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

49, 616
50,885

21,318
22,169

28, 299
28, 716

32,603
33, 941

13,141
13, 962

19,462
19,979

10, 342
10,314

4,931
4,961

5,411
5,353

6,671
6,630

3,245
3,246

3,425
3,384

51,135
51, 335
54,188

22,190
22, 341
23, 741

28, 945
28, 995
30,448

34,163
34,451
37,126

13,939
13,969
15,321

20, 224
20, 482
21, 805

3 10,226
10,188
10, 249

4,922
4,926
4,960

5,304
5,262
5,289

3 6, 746
6,696
6,814

3,329
3,445
3,460

3,417
3,251
3,353

1939—June 30
Dec. 30

.

.

1940—Mar. 26
June 29
Dec. 3 1 4

1 Prior to Dec. 30, 1933, member bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June 1940 the nonmember bankfigureson some call dates included some interbank deposits not shown separately in a few
State bank abstracts.
2
Prior to December 1938 thefiguresinclude loans and investments indirectly representing bank premises or other real estate, now classified in
condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000, respectively.
3 One bank (with deposits, excluding interbank deposits, of $90,900,000 and total loans and investments of $96,000,000 on December 30, 1939;
which, prior to March 1940, was classified as a mutual savings bank, is now included infiguresin the "Other nonmember banks" column.
4
Figures for "All banks" are preliminary
r
Backfigures—SeeAnnual Report for 1937 (tables 48-49).
Revised.

APRIL

1941




329

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Call date

Total
loans
and
invest- Total
ments

Commercial Agriand cul- Open
in- tur- market
duspaper
trial'

Investments 1

Loans for
purchasing
or carrying
securities

U. S. Government obligations

Real Loans Other
estate to loans < Total
To
loans banks
brokers
To 3
and others
dealers

Total

Obligations
of
Direct
States Other
secuand rities
Guar- political
ansubBills Notes Bonds teed divisions

Total—All
Member Banks
1929—Dec. 31. _ 35,934
1933—June 3 24,786
1938—June 3 0 - 30, 721
Dec. 31__ 32,070
1939—Mar. 29__ 32,095
June 30— 32, 603
Oct. 2 6 - 33,075
Dec. 30. _ 33, 941
1940—Mar. 266 34,163
June 29. 34,451
Dec. 31 37,126
New York
City
1929—Dec. 31__ 8,774
1933—June 3 0 - 7,133
1938—June 30. _ 8,013
Dec. 31__ 8,335
1939—Mar. 29..
June 3 0 Oct. 2 6__ 9,044
Dec. 30._ 9,339
1940—Mar. 266 9,594
June 29_. 9,829
Dec. 31 10, 910
City of 7
Chicago
1929—Dec. 3 1 - 1,757
1933—June 30— 1,287
1938-June 3O._ 1,806
Dec. 31— 1,969
.1939—Mar. 29_. 1,965
June 30. _ 2,052
Oct. 2 «__ 2,050
Dec. 30__ 2,105
1940—Mar. 268 2,222
June 29. _ 2,205
2,377
Dec. 31
Reserve City
Banks
1929—Dec. 31__ 12,029
1933—June 30__ 8,492
1938—June 30__ 11,150
Dec. 31__ 11, 654
1939—Mar. 29.. 11, 624
June 30__ 11, 756
Oct. 2 «.. 11,880
Dec. 30_. 12, 272
1940—Mar. 26 6 12,153
June 29- 12,160
Dec. 31 13,013
Country
Banks
1929—Dec. 31__ 13, 375
1933—June 30._ 7,873
1938—June 3 0 - 9,752
Dec. 3 1 - 10,113
1939—Mar. 29- 10,098
June 30__ 10,109
Oct. 2 «„ 10,102
Dec. 3 0 - 10,224
1940—Mar. 26 • 10,194
June 29.. 10, 257
Dec. 31 10,826

26,150
12,858
12, 938
13, 208
13,047
13,141
13,470
13, 962
13, 939
13, 969
15,321

3,424
3,172
3,262
3,086
3,116
3,296
3,211
3,014
3,384

1,448
677
525
539
545
544
563
569
564
603

9,084
4,482
4,853
4,963
4,936
5,004
5,127
5,329
5,305
5,365
5,931

8,936
4,275
4,388
4,444
4,480
4,605
4,665
4,768
4,860
4,987
5,309

583
595
492
442
427
420

4,737
4,760
4,783
5,386

730

7,685
3,752
2,614
775
733
736
731

701
973

3,191
2,372
2,613
2,716
2,749
2,828

2,463

455

790

700 2,957

5,538
6,204

450
456

447
642

3,069
3,228

1,456
1,451
1,474

195
364
141
138
126
128

1,257
759
556
787
668
555

1,768

120

1,801
2,025

103
100

2,145
1,044
717
220
209
215

169
157
132
121
124
130

322
162
85
99
77
41

611

188

133

44

320
465

~188~
190

137
130

251
61
29
43
32

319
340
329

533
251
109
70
70
71

30

365
417
476

2,091
3,709
4,840
5,072
5,322
5,700
5,928
425 6,043
6,383
426 6,815
443 7,527

1,112
2,551
3,740
3,857
4,025
4,483
4,558
4,772
4,972
5,486
6,044

535
237
361
62
57
59

610
1,281
1,430
1,420
1,507
1,487
60 1,536
1,658
62 1,602
1,681

116
384
981
1,114
1,100
1,175
1,172
1,203
1,319
1,258
1,307

2,944
4,011
6,298
6,691
6,688
6,751
6,752
6,943
6,848
6,795
7,081

4,439
3,598
5,364
5,669
5,618
5,504
5,437
5,456
5,334
5,270
5,517

2,595
937
1,541
436
427
440

168
126
163
149
145
138

108
95
119
115
115

155

119

222 1,335

1,168

2,134
2,436

156
153

87
115

210 1,372
207 1,436

1,224
1,307

1,048
1,081
1,095

201
35
173
138
142
140

1,914
1,889
1,884
2,100

1,151
1,187
1,267

221

495

163
174
187

2,775
1,340
998
242
228
221

2,231
1,117
790
243
226
229
20

1,538
1,131
1,201
,230
1,249
1,284

1,462
1,055
1,269
1,353
1,363
1,402

2,128
2,340
2,660
2,831
2,920
3,144
3,107
8,261 3,121
9,091 3,486

1,393
1,744
2,143
2,448
2,555
2,554
2,764
2,692
2,905
2,888
3,013

4,528
3,297
3,296
3,192
3,142
3,131
3,030
2,959
2,898
2,873
2,970

709
894
1,086
1,123
1,157
315 797 2,~385" 1,275
1,286
421 1,092 2,650 1,324
207 1,245 2,977 1,615

222
478
394
517
582
480
662
579
726
634
695

758
680
707
698
714
736
708

520
249
714 11,515 9,784
330 4,857 11,928 6,887 1,113 2,049
316 3,653
120 6,397 17, 783 12,343
286 3,389
125 2,728 18,863 13,222
303 2,604
99 2,671 19,048 13,351
441 2,720
58 2,796 19, 462 13,777
19, 605 13,811
563 2,223
19, 979 14,328
56
20, 224 14.421
3,020 20, 482 14, 722 797 2,543
652 2,594
3,230 21,805 15,823

258
99
26
20
17
12

3,679
1,678
1,081
1,066
1,116

45 4,705
2,005
2,126
1,149
1,121
1,180

224 1,477

1,234

1,544
1,644

1,308
1,397

166
58
638
987
222 1,358
158 1,142
68
831
168 908

3,094
3,725
6,246
7,208
7,783
7,786

1,451
1,663
2,040
2,284

206
12
59
121
185

19
82
313
291
212
234

94
97
535
655
660
621

153

176

701

254
297

161
145

710
752

1,368
2,483
4,658
5,018
5,004
4,991
4,998
5,194
5,070
4,947
5,204

91
165
205
681
69 1,268
57 1,224
100 977
78 1,014

1,112
1,597
2,603
2,997
3,105
3,010

1,267
1,469
2,964
3,233
3,221
3,127
3,082
3,159
3,060
3,030
3,269

171
299
715
732
585
563

63
87
103

31

122
109
108
135
155
172
139
134
112

718
740
823
889
909
972
819 3,339
963
3,052 969
1,049
771 3,281

1,106
1,657
1,893
1,978
1,870

431 1,972
451
433

1,849
2,081

579
597
643
683
699
725
719
695
710

87
140
141
149
154
147
162
175
177
188

695
788
96
138
159
176
171
179
168
170
164
167
186

448
598
732
808
823
895
897
890
928
981

1,128
930
908
866

627
581
878
982
1,001
1,025
1,058
1,061
1,076
1,097
1,146

2,546
1,549
1,522
1,453
1,397
1,351
1,297
1,236
1,197
1,144
1,102

856
860
850

i Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April,
1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
* Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seDarately on some dates, and the
total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937.
3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers.
* This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
* Includes Treasury certificates of indebtedness through 1934.
1
Breakdown of loans and investments not reported separately.
» Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).

330




FEDERAL RESERVE BULLETIN

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDeances m a n d
with
Fed- Cash with
dein
doeral
posits
vault mestic adRebanks *•justed 2
serve
Banks

Interbank

Time deposits,
except interbank

leposits

IndiIndiDomestic
vidvidbanks
uals, States Certiuals, States
and
fied
and
part- polit- and U. S. part- polit- Postal
Gov- nernerForical
offiical
savern-4 ships, subships, subeign
cers'
ings 4
and
and
Debanks
divi- checks ment
divimand T i m e
cor- sions etc.s
cor- sions
poraporations
tions

Borrowings

Capital
accounts

Call date

Total—All
Member Banks
2,374
2,235
8,004
8,694
9,112
10, Oil
11, 617
11, 604
12,279
13. 751
13, 992

17, 526
11, 830
19, 816
21,119
20,845
22,448
23,983
24,604
24,965
26, 397
29, 576

1,335
1,087
2,314
2,386
2,467
2,532
2,390
2,321
2,499
2,529
2,724

1,681
657
662
547
533
790
666
563
558
475
913

143
806
543
790
775
694
675
743
725
711
616

12,267
7,803
10,874
10,846
10,940
11,063
11,104
11,215
11,368
11,459
11,687

595
300
454
462
461
441
418
432
411
410
435

179 4,750 5,847
101 4,358 4,676
119 6,698 6,900
109 7,168 7,273
156 7,605 7,677
112 8,012 8,281
6 109 8,676 8,812
125 8,899 9,030
e 163 9,562 9,652
119 10, 235 10, 283
122 11, 062 11,357

128
96
273
280
260
288
321
251
219
258
370

1,180
461
367
195
272
472
349
178
260
147
471

20
332
123
139
135
84
72
74
68
67
48

1,112
671
694
652
655
653
683
693
742
732
768

33
4
32
36
53
46
52
43
35
29
51

18
110

558 2,168 16, 647
405 2,008 12,089
712 4,084 20,893
746 4,240 22, 293
777 4,403 22, 364
712 4,674 23, 587
774 6 5, 304 25,118
841 5,506 25, 681
862 • 5, 634 26,461
789 5,751 27, 877
991 6,185 30, 429

122 3,517
788 3,057
83 6,096
61 6,510
68 6,816
59 7,097
51 6 8,243
51 8,507
52 6 8,717
59 8,852
56 9,581

827
846
3,517
4,104
4,582
4,975
5,929
5,915
6,386
7.072
7,057

68
46
65
68
63
61
85
89
84
88
102

169
232
936
S84
705
897
1,080
993
909
1,187
1,051

13
34
31
35
22
26
37
42
25
39
42

133
203
208
235
178
235
6
237
283
6
195
242
319

957
912
1,523
1,688
1,250
1,666
1,747
1,739
1,544
1,898
1,941

1,041
870
1,386
1,597
1,182
1,565
1,632
1,676
1,503
1,782
1,905

42
87
221
181
141
197
195
167
133
199
174

32
16
23
29
26
22
27
24
18
17
27

8
46
86
83
83
60
60
80
80
79
90

332
358
443
452
452
471
469
483
482
489
496

58
1
16
9
12
17
21
10
11
15
8

2
6

751
705
2,289
2,354
2,459
2,735
3,053
3,118
3,336
3. 759
4,027

156
122
300
321
342
318
323
348
364
334
396

947
1,002
1,951
1,940
2,106
2,210
6
2,485
2,485
6
2, 632
2,679
2,741

5,229
3,764
6,934
7,214
7,326
7,654
8,017
8,176
8,400
8,774
9,581

5,547
3,708
6,668
7,034
6,899
7,331
7,803
8,002
7,978
8,372
9,468

423
349
812
796
889
917
801
813
942
956
995

300
108
146
170
123
160
158
190
150
147
228

76
312
266
424
420
415
410
435
431
422
327

4,433
2,941
4,238
4,233
4,276
4,320
4,319
4,362
4,386
4,422
4,506

371
208
262
269
243
233
198
240
214

€27
452
1,263
1,353
1,367
1, 403
1,555
1,578
1, 648
1.733
1,857

321
203
316
322
350
307
329
363
389
328
452

908
702
1,806
1,956
1,963
2,117
6
2, 473
2,614
6
2, 645
2,711
3,002

5,711
3,054
5,738
6,224
6,183
6,255
6,677
6,866
6,954
6,969
7,845

5,091
2,576
4,863
5,215
5,087
5,272
5,736
5,896
5,832
5,960
6, 846

742
555
1,008
1,128
1,176
1,130
1,073
1,090
1,205
1,115
1,184

169
72
126
154
114
135
131
172
131
164
187

39
116
68
143
137
136
133
154
147
143
151

6,390
3,833
5,499
5,509
5,557
5,619
5,632
5,677
5,757
5,816
5,917

1,198
1,255
2,514
2,687
2,731
2,992
8
3, 573
3,542
6
3, 629
3,840
4,032

95
89
135
132
133
142
6 142
144
6 145
134
135

698
146
331
511
629
607
6 757
759
6 737
703
706

879
191
11
6
7
5
5
3
2
3
3

6,709
4,837
5,368
5,424
5,467
5,496
5,530
5,522
5,562
5,608
5,698

40
22

597
128
291
442
553
524
6 670
695
6 672
650
646

179
8

2,105
1,582
1,587
1,593
1,592
1,586
1,587
1,592
1,601
1, 599
1,615

1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—Mar. 29
J u n e 30

Oct. 2
Dec. 30
1940—Mar. 26
June 29
Dec. 31
New York
City s

19

33
2
6
9
10
12
6 14
9
e7
7
8

41

3
3
5
5
5

310
259
688
658
834
746
6 853
879
6
997
949
997

316
204
249
257
261
270
270
250
253
260
270

1,604
1,315
2,514
2,719
2,813
2,920
6
3, 307
3,516
6
3, 525
3,526
3,919

30
59
113
108
108
115
6
116
117
6
115
105
106

64
15
32
57
64
69
« 71
53
6
56
44
51

292
16

226

41
388
31
17
22
19
14
14
12
18
19

2,029
1,533
1.753
1,777
1,795
1,812
1,821
1,828
1,833
1,873
1,904

1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—Mar. 29
J u n e 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
City of
Chicago 5
1929—Dec. 31
1 9 3 3 _ j u n e 30
1938—June 30
Dec. 31
1939—Mar. 29
J u n e 30
Oct. 2
Dec 30
1940—Mar. 26
J u n e 29
Dec. 31
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—Mar. 29
J u n e 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31

133
86
144
147
153
145
148
140
151
147
150

61
285
52
44
46
40
35
35
35
37
33

405
228
380
446
438
439
6 509
571
6 566
538
633

6

3
1
2
2
2
2
62
2
62
2
2

367
167
11
6
5
5
4
3
2
3
3

2,258
1,517
1,778
1,798
1,818
1,828
1,852
1,851
1,875
1,876
1,909

1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—Mar. 29
J u n e 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31

6

1
1

1

2

Country
Banks
7

22
23
25
26
6
27
26
6 29
29
29

1
Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in ''Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
s Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
6
Central reserve city banks.
^Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).

APRIL 1941




331

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

Date or month

Total
loans
and
investments

Total

Commercial,
inOpen
dusmartrial,
ket
and paper
agricultural

Investments

Loans for
purchasing
or carrying
securities

U. S. Government obligations

Real Loans Other
estate
to
Total
To
loans banks loans
brokTo
ers
and others
dealers

Total

Bills

11,281
11, 908
12,192
12,438
12,689
13,138

642
683
768
734
705
729

Other
secuGuar- rities
Notes Bonds anteed

Total—101 Cities
1940—February
October
November
December
1941—January
February

23, 220
24, 429
24,862
25, 388
25, 661
26,316

8,520
8,852
9,083
9,309
9,295

4,317
4,709
4,885
4,993
5,051
5,186

328
300
301
303
310
317

1940—Dec. 31.

25, 527

9,390

5,018

301

1941-Jan. 8...
Jan. 15..
Jan. 22..
Jan. 29..

25,
25,
25,
25,

614
669
684
676

9,303
9,280
9,287

5,033
5,040
5, 055
5,076

305
310
312
314

26,184
26, 248
26, 381
26,450

9,337
9,377
9,423
9,495

5,124
5,173
5,220
5,227

26, 668
26, 744
26, 843

9,592
9, 689
9,714

1940—February
October
November
December
1941—January
February

8,810
9,644
9,813
1.0,165
10,350
10, 712

1940—Dec. 31_.
1941-Jan. 8...
Jan.15.
Jan. 22..
Jan. 29..

481
458
456
463
460
458

1,184
1,221
1,226
1,229
1,229
1,231

1,545
1,701
1,722
1,747
1,738
1,741

465

1,230

1,755

16,137 12, 462

611

2,130

500
462
465
458

459
462
458
459

1,228
1,230
1,227
1,229

1,740
1,740
1,735
1,737

16,311
16,389
16,397
16,368

12, 629
12, 715
12,720
12, 694

685
725
726
685

2,164
2,186
2,188
2,214

313
317
320
319

440
424
418
478

461
459
458
455

1,230
1,231
1,230
1,232

1,734
1,739
1,741
1,748

16,847 13,124
\ 871 13,147
16,958 13,180
16,955 13,100

732
720
737
727

2,563
2,568
2,572
2,555

5,287
5,374
5,414

323
332
340

502
498
471

455
458
455

1,229
1,229
1,226

1,757 17,076
1,759 17,055
1,771 17,129

13, 232
13, 285
13, 343

909
970

2,918
2,874
2,960
3,074
3,049
3,063

1,650
1,798
1,860
1,901
1,926
1,983

112
79

465
301
327
381
331

161
159
159
168
169
166

112
119
117
115
113
112

10, 298

3,121

1,907

10, 314
10, 328
10, 362
10,394

3,060
3,038
3,042
3,054

1,918
1,919
1, 925
1,943

10,664
10, 690
10, 719
10, 776

3,042 1,963
3,046 1,980
3, 063 2,002
3,100 1,989

, 843
10,892
10, 908

3,159
3,223
3,204

1940—February
October
November
December
1941—January
February

14,410
14, 785
15, 049
'5,223
15,311
15, 604

5, 602
5, 978
6,123
6, 235
6,246
6,345

Feb.
Feb.
Feb.
Feb.

5...
12_.
19..
26..

Mar. 5
Mar. 12
Mar. 19

611
424
456
534
471
440

14,700
15,577
15, 779
16,079
16,366
16,908

2,419
2,603
2,702
2,734
2,748
2,759

3,419
3,669
3,587
3,641
3,677
3,770

6,978

2,743

3,675

7,024
7,054
7, 063
7,051

2,756
2,750
2,743
2,744

3,682
3,674
3, 677
3,674

7,083
7,094
7,111
7,052

2,746
2,765
2,760
2,766

3,723
3,724
3,778
3, 855

2,554
2,545
2,347

7,064
7,065
7,271

2,774
2,766
2,755

3,844
3,770
3,786

187
319
345
285
170
149

722
971
959
1,082
1,239
1,498

2,459
2,638
2,720
2,824
2,923
2,947

1,268
1,428
1,524
1,564
1,581
1,589

1,256
1,414
1,305
1,336
1,388
1,466

1,746
1,878
1,850
2,019
2,188
2,565

6,474
6,744
6,872
6,951
7,048
7,085

New York City

Feb.
Feb.
Feb.
Feb.

5
12
19
26

Mar. 5__.
Mar. 12_.
Mar. 19..

90

370
388
390
393
393

5,892
6,770
6,853
7,091
7,301
7,649

4,636
5,356
5,548
5,755
5,913
6,183
5,798

113

394

7,177

1,170

2,851

1,574

1,379

95
94
92
91

350
323
328
321

169
170
169
168

113
113
113
113

391
396
392
394

7,254 5,866
7,290 5,907
7. 320 5, 930
7,340 5,949

165
172
170
175

1,215
1,232
1,245
1,263

2,898
2,921
2, 939
2,934

1,588
1,582
1, 576
1,577

1,388
1,383
1.390
1,391

90
91
90
89

297
287
282
332

167
166
167

112
112
111
111

390
388
388
390

7,622
7,644
7,656
7,676

6,183
6,204
6,195
6,151

149
147
143
158

1,487
1,492
1,496
1,516

2,964
2,972
2,966
2,888

1,583
1,593
1,590
1,589

1,439
1,440
1,461
1,525

2,022
2,075
2,070

91
96
101

348
354
336

165
166
165

111
111
111

393
392
393

7,669
7,704

6,168
6,219
6,253

147
211
270

1,523
1,522
1,429

2,901
2,903
2,991

1,597
1,583
1,563

1,516
1,450
1,451

2,667
2,911
3,025
3,092
3,125
3,203

216
221
221
213
217
227

146
123
129
153
140
140

320
299
297
295
291
292

1,072
1,102
1,109
1,114
1,116
1,119

1,175
1,313
1,332
1,354
1,345
1,352

8,808
8,807
8,926
8,988
9,065
9,259

6,645
6,552
6,644
6, 683
6,776
6,955

455
364
423
449
535
580

1,024
907
891
937
949
1,067

4,015
4,106
4,152
4,127
4,125
4,138

1,151
1,175
1,178
1,170
1,167
1,170

2,163
2,255
2,282
2,305
2,289
2,304

1,361

8, 960 6,664

408

4,127

1,169

2,296

6,763
6,808
6,790
6,745

520
553
556
510

954
943
951

4,126
4,133
4,124
4,117

1,168
1,168
1,167
1,167

2,294
2,291
2.287
2,283

419

Outside New York
City

1940—Dec. 31

15, 229

6,269

3,111

165

294

1,117

1941-Jan.
Jan.
Jan.
Jan.

8
15
22
29

!5,300
L5, 341
5,322
.5,282

6,243
6,242
6,245
6,254

3,115
3,121
3,130
3,133

210
216
220
223

150
139
137
137

290
292
289
291

1,115
1,117
1,114
1,116

344
343
343

9.057
9,099
9,077
9,028

Feb.
Feb.
Feb.
Feb.

5
12
19
26

.5,
5,
.5,
5,

520
558
662
674

6,295
6,331
i,360
6,395

3,161
3,193
3,218
3,238

223
226
230
230

143
137
136
146

294
293
291
289

1,118
1,119
1,119
1,121

344
351
353
358

9,225
9,227
9,302
9,279

6,941
6,943
6,985
6,949

583
573
594
569

1,076
1,076
1,076
1,039

4,119
4,122
4,145
4,164

1,163
1,172
1,170
1,177

2,284
2,284
2,317
2,330

.5, 825
5,852
5, 935

6,433
6,466
6,510

3,265
3,299
3,344

232
236
239

154
144
135

290
292
290

1,118
1,118
1,115

1,364
1,367
1,378

9,392
9,386
9,425

7,064
7,066
7,090

693
698
700

1,031
1,023
918

4,163
4,162
4,280

1,177
1,183
1,192

2,328
2,320
2,335

Mar. 5
Mar. 12
M a r . 19

NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For

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

332




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.]

Time deposits,
except interbank

Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral
dovault mestic posits
Readserve
banks justed i
Banks

Individuals, States Certified U. S.
part- and
ner- polit- and Govoffiical
ernand sub- cers' ment^
divicor- sions checks
etc.
porations

Individuals,
partnerships,
and
corporations

Interbank
deposits

Domestic
banks
States
and
polit- Postal
Forical saveign
sub- ings i Debanks
divimand Time
sions

Bor- Capital
rowacings counts

Date or month

Total 101 Cities
3,104
3,309
3,347
3,361
3,404
3,381

5,067
5,180
5,187
5,189
5,244
5,262

199
172
192
210
190

696

5,234

196

475
476
495
484

448 5,224
5,276
5, 237
214 5,240

194
191
189
185

331
332

5,251
5,254
5,270
5,273

200
197
194
179

333
328
330

5, 295
5,285
5,275

174
175
172

18, 836
21,040
21, 569
22,098
22, 303
22, 511

1,336
1,490
1,576
1,505
1,537
1,673

535

3,462 22, 299 22, 324

1,595

552
519
524
527

3,370 22, 494
3,475 22,703
3,420
3,352 22, 932

21, 930
22,466
22, 415
22,401

1,521
1,498
1.550
1,579

11,611
11, 640
11,804
12,003

510
522
518
530

3,314
3,351
3,388
3,473

22,158
22, 456
22, 617
22, 812

1,605
1,648
1,619
1,820

460
440
483
554

330

11,910
11,976
11,533

509
527
505

3,427 23, 362 22, 811 1,692
3,472 23,487 23,155 1,585
3,490 23,186 22, 690 1,624

435
465
554

10, 273
11,856
11,955
11,824
12,109
11, 765

473
505
531
556
530
520

11, 797
12,010
12,142
12,171
12, 111

19, 210
21,442
21,890
22,299
22,757
23,092

22, 798
22, 981
23,157
23,431

458
423
501
560
482
484

507
507
433
318
331

9,039
9,005

124
111
112
113
117
117

745
681
665
674
653
630

3,719 1940—February
October
3,797
November
3,821
December
3,824
3,824 1941—January
3,834
February

8,952

113

692

3,822 1940—Dec. 31

119
116
117
117

664
658
640
650

3,825 1941—Jan. 8
Jan.15
3,823
Jan. 22
3,826
Jan. 29
3,823

8,924
8,925
9,033
9,137

116
117
118
116

645
625
624

3,832
3,833
3,834
3,836

Feb.
Feb.
Feb.
Feb.

9,208
9,236
9,161

114
115
117

644
649

3,842
3,832
3,827

Mar. 5
Mar. 12
Mar. 19

3,473
3,770
3,843
3,825
3,929
3,839

682
625
609
616
594
574

1,490 1940—February
October
1,497
November
1,506
December
1,507
1,502 1941—January
1,507
February

7,997

24 I 9,006
24 i 9,121
24 | 9.069
8,959

5
12
19
26

New York City
6,055
6,601
6,694
6,683
6,809
6,514

8,796
9,808
10,022
10,351
10, 578
10, 765

8,887
9,860
10,096
10,489
10, 602
10, 758

230
293
338
326
330
345

240
314
340
287
290

613
677
674
677
690
707

6,749

10, 410 10, 691

351

423

3,920

633

1,503 1940—Dec. 31

6,796
6, 851
6,855
6,734

10,486
10, 542
10, 652
10,632

10, 448
10, 657
10,632
10, 671

317
320
331
350

282
276
295
294

690
689

3,942
3,978
3. 926
3,871

605
601
581

1,502 1941—Jan. 8
Jan. 15
1,502
Jan. 22
1, 502
Jan. 29
1,502

10, 603
10, 691
10, 780
10, 985
99 11,007
101 11, 038
124 10,880

10, 581
10, 687
10, 835
10, 931

318
324
300
440

272
264
283
340

700
702
713
711

3,820
3,801
3,907

587
569
569
571

1,507
1,507
1,507
1,506

Feb.
Feb.
Feb.
Feb.

251
283
340

719
720
715

3,947
3,963
3,919

587
592
594

1,510
1, 506
1,505

Mar. 5
Mar. 12
Mar. 19

6,395
6,395
6, 535
6,729

84
91
93
102

6,756
6,755
6,532

11,095
11, 111
10, 968

5
12
19
26

Outside
New York City
1,106
1,197
1,238
1,179
1,207
1,328

160
183
187
220
195
194

517
472
472
404
299
317

4,454
4,503
4,513
4,512
4,554
4,555

166
130
149
167
148
144

3,382 11,889 11, 633 1,244

273

422

4,541

3,289
3,388
3,336
3,264

1,204
1,178
1,219
1,229

193
200
200
190

419
333
245
200

4,536
4,586
4, 548
4,547

1,287
1,324
1,319
1,380

176
200
214

316
317
317
316

3,328 12, 355 11,716 1,362
3,371 12, 449 12, 044 1,277
3,366 12, 306 11, 722 1,324

184
182
214

319
314
316

394
421
440
460
443
436

3,023
3,227
3,264
3,276
3,319
3,288

5,214
5,291
5, 316
5,377

462
436
438
440

12,008
12,161
12. 246
12,300

11, 482
11, 809
11,783
11, 730

5, 216
5,245
5,269
5,274

426
438
436
443

3,230
3,260
3,295
3,371

12,195
12, 290
12, 377
12, 446

11, 577
11, 769
1 1, 782
11,881

5,154
5,221
5, 001

427
442
424

4, 218
5,255
5,261
5,141
5.300
5,251
5,048

10, 414
11, 634
11,868
11, 948
12,179
12,327

9,949
11,180
11, 473
11, 609
11, 701
11, 753

4,984
5,110
5,166

123
111
112
113
117
117

2,229 1940—February
October
2,300
November
2,315
December
2,317
2,322 1941—January
2,327
February

152

5,032

113

2,319 1940—Dec. 31

151
150
148
143

5,064
5,143
5,143
5,088

119
116
117
117

2,323 1941—Jan. 8
Jan. 15
2,321
Jan. 22
2, 324
Jan. 29
2,321

4,551
4,552
4,557
4,562

149
145
141
141

5,104
5,124
5,203
5,230

116
117
118
116

2,325
2, 326
2,327
2,330

Feb.
Feb.
Feb.
Feb.

4,576
4,565
4,560

142
142
141

5,261
5,273
5,242

114
115
117

2,332
2,326
2,322

Mar. 5
Mar. 12
Mar. 19

4,524
4,8

5
12
19
26

1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

APRIL

1941




333

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date
(1941)

Boston (6 cities)
Feb. 26
Mar. 5
Mar. 12
Mar. 19
New York (8 cities)*
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Philadelphia (4 cities)
Feb 26
M^ar 5
Mar 12
Mar 19
Cleveland (10 cities)
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Richmond (12 cities)
Feb 26
Mar 5
Mar 12
Mar. 19
Atlanta (8 cities)
Feb. 26
Mar. 5
Mar. 12_ _.
Mar. 19
Chicago (12 cities)*
Feb. 26
Mar. 5
Mar 12
Mar. 19
St. Louis (5 cities)
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Minneapolis (8 cities)
Feb 26
Mar. 5
Mar 12
Mar. 19
Kansas City (12 cities)
Feb 26
Mar 5
Mar 12
Mar. 19
Dallas (9 cities)
Feb. 26
Mar. 5
Mar 12
Mar. 19
San Francisco (7 cities)
Feb. 2 6 _ ._ __
Mar. 5
Mar. 12
Mar. 19
City of Chicago*
Feb. 26

Mar. 5_.
Mar. 12
Mar. 19

..

Total
loans
and
Total
investments

Commercial,
Open
inmardusket
trial,
paper
and
agricultural

Investments

Loans for
purchasing
or carrying
securities

U. 3. Government obligations

Real Loans Other
estate
to
To
loans banks loans
brokers
To
and others
dealers

Total
Total

1,248
1,255
1,261
1,288

662
662
668
679

333
334
336
350

67
66
67
68

20
20
19
16

16
16
17
17

83
81
81
81

4
4
4
4

139
141
144
143

586
593
593
609

456
463
461
472

11 698
11, 760
11 797
11,817

3,475
3,537
3,600
3,581

2,118
2,152
2,206
2,202

99
102
107
112

340
358
361
342

213
212
213
212

191
190
191
191

23
29
29
28

491
494
493
494

8,223
8,223
8,197
8,236

6,535
6,549
6, 596
6,634

1 230
1 238
1?242
1 242

480
486
489
488

241
244
246
249

33
34
34
35

24
28
27
24

31
31
31
30

50
49
49
49

1
1

100
100
101
101

750
752
753
754

471
474
477
477

2 006
2,017
2,021
2,033

792
802
805
818

353
359
361
368

9
10
11
11

15
16
16
15

19
20
20
20

182
182
181
180

1
1
1
1

213
214
215
223

770
775
775
111

295
299
303
303

138
140
144
145

10
11
11
10

3
3
3
3

14
14
14
14

48
48
48
48

701
703
703
704

376
377
377
379

199
199
198
200

5
5
5
5

7
7
7
7

12
12
12
12

35
35
36
36

3,874
3,959
3 976
3,999

1,124
1,134
1,145
1,156

691
702
718
729

43
43
44
45

41
41
39
37

68
68
68
68

Bills

25
31
31
41
158
147
211
270

Notes Bonds

48
49
47
43
1, 571
1,579
1,578
1,481

326
327
327
333
3,136
3,145
3,143
3,232

Other
Guar- secuan- rities
teed

57
56
56
55
1,670
1,678
1,664
1,651

130
130
132
137
1,688
1,674
1,601
1.602

30
29
29
27

352
356
358
360

89
89
90
90

279
278
276
277

154
154
155
151

636
635
633
640

136
136
138
139

277
279
279
274

163
162
162
123

189
189
185
227

54
55
55
54

69
70
70
70

3
3
3
4

53
52
53
54

98
98
97
95

57
57
57
55

114
116
116
117

438
510
517
515

291
285
281
260

1,110
1,115
1,119
1,146

299
299
300
300

612
616
614
622

1,214
1,215
1,216
1,215

937
936
937
941

11
11
11
11

82
83
83
83

475
476
472
474

406
406
402
404

1
1
1
1

117
118
118
118

325
326
326
325

211
210
210
238

132
132
132
132

2
1

147
147
144
145

2,750
2,825
2,831
2,843

2,138
2,209
2,217
2,221

2
1
2
1

68
70
70
70

406
447
464
465

291
333
350
350

13
61
77
73

43
42
42
42

169
164
165
169

66
66
66
66

115
114
114
115

110
109
110

42
42
42
42

785
827
849
850

379
380
385
385

222
222
224
225

12
12
13
13

4
4
4
4

12
12
12
12

59
59
60
60

452
452
432
432

214
214
215
218

112
113
114
116

3
3
3
3

1
1
2
2

6
6
6
6

12
12
12
12

80
79
78
79

238
238
217
214

196
196
175
172

29
29
7
2

25
26
26
22

116 •

32
32
32
32

724
727
733
734

353
354
355
356

214
215
216
217

22
22
22
22

3
3
3
4

10
10
10
10

31
32
31
31

73
72
73
72

371
373
378
378

244
246
251
249

12
16
21
21

58
58
58
49

95
93
93
96

79
79
79
83

127
127
127
129

589
591
590
594

320
320
319
321

221
221
221
219

1
1
1
2

4
4
4
4

12
12
12
12

23
23
23
24

58
58
58
59

269
271
271
273

208
209
209
211

30
29
29
31

40
41
41
36

100
100
99
104

38
39
40
40

61
62
62
62

1
1
1

2,373
2,364
2,365
2,373

1,025
1,027
1,028
1,030

385
386
390
394

15
14
14
14

16
17
13
13

42
42
43
42

386
386
385
382

180
181
182
184

1,348
1,337
1,337
1,343

1,007
1,001
1,000
1,004

8
3
2
2

79
77
73
59

731
733
736
753

189
188
189
190

341
336
337
339

2,608
2,690
2,698
2,706

715
720
726
731

505
512
522
528

22
21
22
22

35
35
35
32

55
55
54
55

20
20
20
20

77
76
73
74

1,893
1,970
1,972
1,975

1,487
1,562
1,567
1,562

438
510
517
514

152
149
145
137

772
111
779
785

125
126
126
126

406
408
405
413

* Separate figures for 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.

334




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 1
banks justed
serve
Banks

Interbank
deposits

Time deposits,
except interbank

Individuals, States Certified
and
part- polit- and U.S.
nerGovoffiical
ships, suberncers' ment2
and
divi- checks
corpora- sions etc.
tions

IndiDomestic
banks
viduals, States
and
part- polit- Postal
Fornereign
ical
savships, subbanks
ings 2 Deand divimand Time
corpora- sions
tions

Bor- Capital
rowacings counts

682
689
704
681

145
146
147
147

206
204
206
203

1,415
1,417
1,435
1,439

1,381
1,380
1,407
1,405

89
89
91
93

31
18
18
21

10
10
9
10

230
231
231
231

2
2
2
2

1
1
1
1

404
412
419
411

6,936
6,962
6,934
6,705

108
103
106
102

240
244
250
274

11,813
11,827
11, 765
11,612

11,504
11,669
11, 692
11, 546

720
594
484
477

359
270
301
359

26
24
24
24

1 072
1,080
1,081
1,076

40
34
35
33

7
7
7
7

3 985
4,027
4,043
3 997

15
15
15
15

572
588
594
595

1 629
1,634
1,630
1,629

544
538
539
547

23
22
24
23

215
208
215
209

1,114
1,104
1,116
1,118

1,137
1,117
1,137
1,123

51
53
60
63

15
10
12
12

10
10
10
10

258
259
258
257

2
2
2
2

459
462
465
463

14
14
14
14

5
5
5
5

217
217
217
216

777
804
810
765

51
50
51
49

400
389
383
371

1,618
1,633
1,646
1,600

1,622
1,618
1,655
1,592

102
97
100
98

20
19
19
19

24
24
24
24

727
727
725
725

26
26
26
26

489
499
493
488

37
36
36
36

1
1
1
1

387
388
387
385

264
271
273
265

28
25
27
25

249
241
245
239

611
604
617
603

597
586
605
581

61
60
58
61

12
11
11
18

21
22
21
21

203
204
203
203

3
3
3
3

2
2
2

367
373
369
369

6
6
6
6

162
170
174
164

17
15
16
15

240
242
250
253

469
474
479
477

451
447
463
454

83
81
80
84

6
5
5
8

27
27
27
27

185
185
185
185

4
4
4
4

3
2
3
3

367
373
381
375

3
3
3
3

2
2
2
2

96
96
96
96

1,448
1,342
1,372
1,283

79
72
76
68

636
626
622
634

3,141
3,109
3,147
3,084

2,957
2,910
2,980
2,870

369
361
359
370

46
34
39
44

116
116
116
116

993
997
997
997

13
13
13
13

8
8
8
8

1,390
1,379
1,389
1,385

10
10
10
10

8
9
8
8

415
416
416
415

259
202
187
180

13
13
14
13

213
213
206
192

556
546
552
535

558
542
561
532

53
54
54
55

10
8
8
8

10
10
9
10

189
189
189
189

3
3
3
3

2
2
2
2

431
427
420
415

1

112
109
120
108

8
7
7

107
110
122
125

326
325
328
322

300
288
295
285

52
61
59
61

6
6
6
6

1
1
1
1

115
115
115
114

1
1
1
1

180
180
181
176

2
2
2
3

207
207
215
208

18
17
18
18

321
324
323
329

584
589
605
597

561
559
582
561

85
86
84
90

11
11
10
13

8
8
8
8

141
141
141
141

3
3
3
5

1
1
1
1

437
438
436
441

6
6
6
6

153
154
161
146

14
13
14
12

300
297
308
315

544
535
557
549

523
519
538
525

58
59
60
57

10
12
10
18

22
23
22
22

129
128
128
128

8
9
9
9

1
1
1
1

289
296
293
295

459
462
487
481

26
26
27
26

346
329
342
346

1,240
1 199
1,240
1 250

1,221
1 176
1,240
1 216

97
97
96
115

28
31
26
28

57
58
57
57

1 031
1 039
1, 032
1 029

75
75
75
72

1,035
939
952
889

41
36
36
31

275
272
271
289

2,054
2,040
2,047
1,997

1,987
1,971
2,000
1,922

177
170
165
174

26
17
21
25

91
91
91
91

499
499
498
497

10
10
10
10

339
342
347
346
5
5
5
5

1,058
1,049
1,063
1,068

19
20
20
20

1
1
1

248
248
248
248

100
100
101
100

96
96
96
96

1
1
1
1
1
1

61
61
60
61
107
107
107
107

1
1
1
1
22
22
22
23

89
89
89
89

17
17
17
16

391
390
385
385

7
7
7
7

265
266
266
264

Federal Reserve
district and date
(1941)

Boston (6 cities)
Feb. 28
Mar. 5
M a r . 12
M a r . 19
New York (8 cities)*
Feb. 28
Mar. 5
M a r . 12
M a r . 19
Philadelphia (4 cities)
Feb. 28
Mar. 5
M a r . 12
M a r . 19
Cleveland (10 cities)
F e b . 28
Mar. 5
M a r . 12
M a r . 19
Richmond (12 cities)
Feb. 28
Mar. 5
M a r . 12
M a r . 19
Atlanta (8 cities)
Feb. 28
Mar. 5
M a r . 12
M a r . 19
Chicago (12 cities)*
Feb. 28
Mar. 5
M a r . 12
M a r . 19
St. Louis (5 cities)
F e b . 28
Mar. 5
M a r . 12
Mar. 19
Minneapolis (8 cities)
Feb. 28
Mar. 5
M a r . 12
M a r . 19
Kansas City (12 cities)
F e b . 28
Mar. 5
M a r . 12
M a r . 19
Dallas (9 cities)
Feb. 28
Mar. 5
M a r . 12
M a r 19
San Francisco (7 cities)
Feb. 28
Mar 5
M a r . 12
Mar. 19
City of Chicago*
Feb. 28
Mar. 5
M a r . 12
M a r . 19

* See note on preceding page.
1 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.

2

APRIL

1941




335

COMMERCIAL PAPER AND BANKERS7 ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by

Commercial
paper
outstand-

Total
outstand-

ing i

End of month

ing

1939—November
December

_

Federal Reserve
Banks

Accepting banks

Total

Own
bills

Based on

ImFor acports Exports Dollar
count of Others into
from
exFor
foreign
Bills
United United change
bought own ac- correStates States
count spondents

Goods stored in or
shipped between
points in
United
States

Foreign
countries

214
210

223
233

172
175

103
105

69
70

51
57

96
103

37
39

16

16

50
54

24
22

1940—January
February
March _
April
May June
July .
August
September
October
November.
December

219
226
233
239
234
224
232
245
251
252
232
218

229
233
230
223
214
206
188
182
177
187
197
209

179
188
184
178
171
166
152
148
142
149
159
167

111
123
121
118
113
112
103
103
100
96
99
100

68
65
63
61
58
54
49
44
42
53
60
67

50
45
46
45
43
40
36
34
35
38
38
42

101
95
90
86
78
79
75
80
80
91
98
109

38
44
47
45
47
43
32
24
22
20
20
18

16
15
14
13
12
13
13
11
11
11
9
10

51
51
49
46
41
36
35
38
35
37
41
44

23
27
30
33
34
34
32
29
28
28
29
27

1941—January
February

232
241

213
212

168
164

103
99

65
65

45
48

115
119

16
18

11
7

44
42

26
26

i As reported by dealers; includes some finance company paper sold in open market.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

End of month

Credit balances

Debit
balances in
firm
investment
and trading
accounts

Customers'
credit balances *
Cash on
hand
and in
banks

CO

79

24

10

410

OC

1.048

24
30

14
12

420
424

1,217
688

266
278

92
85

25
26

13
10

397
355

215
190

495
754

258
247

89
60

22
22

11
5

298
305

73
78

178
207

570
637

230
266

70
69

21
23

6
7

280
277

16
15
15
12
12
12
12
12
12
12
12

72
78
72
67
58
64
56
57
70
64
99

195
186
192
239
223
213
215
218
203
214
204

616
615
626
459
376
376
368
370
381
383
427

253
247
252
251
267
261
256
268
269
280
281

74
70
73
68
62
62
57
56
58
59
54

23
21
21
22
22
22
21
20
20
20
22

7
7
9
6
5
6
5
5
5
4
5

271
270
271
274
269
264
260
255
253
253
247

11
11

73
78

207
199

399
375

275
267

54
53

22
22

6
6

238
237

135

179

164
164

219
249

1937—June
December

1,489
985

55
34

161
108

214
232

1938—June
December

774
991

27
32

88
106

1939—June
December

834
906

25
16

1940—February
March
April
May
June
July
August
September
October
November
December..

893
886
910
702
653
642
631
635
653
666
677
661
634

_ __ _

In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts

86
103

75
67
64

1941—January
February

Other
(net)

276
342

1,258
1,267
1,395

_

Free

286

1935—December _ _ .
1936—June
December

__ _

Money
borrowed 2

Other credit balances

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. 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).

336




FEDERAL RESERVE BULLETIN

COMMERCIAL LOAN RATES

OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing rate 1 o n -

Year,
month, or
week

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

Average rate on—

[Per cent per annum]

Average
U. S. Treas- yield of
ury 91-day
3-to-5
bills 2
Prime Stock Stock
exPrime bankyear
ex- change
comtaxmercial ers' change call
exempt 1934 average..
time
New
paper, accept- loans, loan issues Deal- U. S.
average..
re4 to 6 ances,
Treas- 1935 average..
90
of1936
90
ers'
ury
months days days new- fered quo1937 average..
als within
notes
1938 average..
tation
1939 average i
period
1940 average *

1938 average_._
1939 average.._
1940 average...

.81
.59
.56

.44
.44
.44

1.25
1.25
1.25

1.00
1.00
1.00

.053
'.023
.014

1940—Feb.

.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56

.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

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

IX
IX
IX
IX
IX
134

1.00
1.00
1.00
1.00
1.00
1.00

Mar
April
May

June
July
Aug
Sept
Oct
Nov
Dec
1941—Jan
Feb. .
Week ending:
Feb. 15_.
Feb. 22..
Mar. 1___
Mar. 8...
Mar. 1 5 Mar. 2 2 -

Yi~Y%

7

YT~Y%
YT-%

7

/l6
7
/l6

YT~Y%
YT-YS

7

/l6

7

7

/l6

/l6
/l6

.034
.007
.043
.086
.120
.117
.065

.02
.03
.09
.12
.14
.11

()

.003
3
()
(3)

.34
.35
.43
.55
.60
.58
.48
.52
.50
.49

11 Southern and
Western
cities

Quarterly figures
1939—March
June
September
December
1940—March
June
September
December

3.71
3.39
3.04
2.88
2.75
2.87
2.56

4.32
3.76
3.40
3.25
3.26
3.51
3.38

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

2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59

1939—January...
February..

2.45
1.76
1.72
1.73
1.69
2.07
2.04

2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60

.83
.59
.50

.02
.02
.02
.06
.10
.05
.04
.05
.02
.02
.02
.02
.04

7 other
Northern and
Eastern
cities

New
York
City

3.45
2.93
2.68
2.59
2.53
2.78
2.63

Monthly figures
1938—January
February
March
.46
April
.42
May
.45
June
.65
July
.76
August
.57
September
October
.58
.48
November
.43
December

.07
.05
.04

.003
.042
.071
.009
.019
.021
3

Total
19 cities

2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00

3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53

3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36

l

r Revised.
i Averages for 1939 and 1940 and quarterly figures are on revised basis
1 Monthly figures are averages of weekly prevailing rates.
Tax-exempt bills prior to March 1941; taxable bills thereafter.
and are therefore not strictly comparable with the earlier series of annual
and monthly figures.
Rate negative.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for descrip
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
tion and for back figures.
2
3

BOND YIELDS 1
[Per cent per annum]
Corporate 4
U.S.
Treasury 2

Year, month, or week

Municipal 3

By ratings
Total

Aaa

Aa

By groups

Industrial

Baa

A

Railroad

Public
utility

Number of issues

2-6

15

120

30

30

30

30

40

40

40

1938 average . . .
1939 average
1940 average

2.56
2.36
2.21

2.91
2.76
2.50

4.19
3.77
3.55

3.19
3.01
2.84

3.56
3.22
3.02

4.22
3.89
3.57

5.80
4.96
4.75

3.50
3.30
3.10

5.21
4.53
4.30

3. 87
3.48
3.25

2.32
2.25
2.25
2.38
2.39
2.28
2 25
2.18
2.10
1.97
1.89
1.99
2.10

2.60
2.58
2.56
2.81
2.85
2.54
2 49
2.44
2.32
2.18
2.07
2.16
2.27

3.60
3.58
3.54
3.65
3.72
3.57
3.55
3.50
3.46
3.40
3.36
3. 36
3.40

2.86
2.84
2.82
2.93
2.96
2.88
2.85
2.82
2.79
2.75
2.71
2.75
2.78

3.05
3.04
2.99
3.08
3.10
3.01
3.03
3.01
3.01
2.96
2.92
2.95
3.00

3.68
3.65
3.59
3.65
3.70
3.57
3.55
3.52
3.48
3.40
3.36
3.36
3.38

4.83
4.80
4.74
4.94
5.11
4.80
4 76
4.66
4.56
4.48
4.45
4.38
4.42

3.12
3.09
3.05
3.20
3.25
3.15
3 12
3.10
3.06
2.98
2 93
3^96
3.00

4.37
4.37
4.33
4.46
4.57
4.32
4 30
4.23
4.15
4.07
4.03
3.96
4.00

3.33
3.29
3.24
3.30
3.33
3.23
3 23
3.19
3.18
3.14
3.13
3.17
3.19

2.06
2.05
2.00
1.99

2.32
2.31
2.31
2.26

3.41
3.39
3.38
3.38

2.79
2.78
2.78
2.78

3.01
3.00
3.00
2,99

3.38
3.37
3.36
3.36

4.44
4.41
4.39
4.36

3.02
3.01
3.00
2.99

4.02
4.00
3.98
3.97

3.18
3. 17
3.17
3.16

1940—February
March
April

. _.

May

June
... .
July
August
September
October
November
December
1941—Januarv
February
Week ending:
Mar. 1
Mar. 8 .
Mar. 15
Mar. 22

. . .
...

._

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 partially tax-exempt Government bonds due or callable in more than 12 years.
3 Standard Statistics Co.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 4, 10 to 3, and 10 to 9 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 8 issues respectively.
Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.

APRIL

1941




337

BOND PRICES1

Year, month, or date

STOCK MARKET
Corporate 3

U. S.
Treas- Municury J
ipal
Total

Number of issues.

Volume of
tradCommon (index, 1926=100)
ings
(in
thouIndus- Rail- Public sands of
trial
Total
road utility shares)
Stock prices i

Indus' Rail- Public
trial road utility

2-6

15

60

20

20

113.7
116.3
121.2

78.9
81.6
82.0

82.9
86.0
87.5

58.6
58.0
57.9

95.3
100.9
100.6

Preferred

20

102.5
105.2
107.2

Year, month, or
date

•

1938 average.
1939 average.
1940 average
1940—February..
March
April
May
June
July..
August
September.
October
November.
December..
1941—January
February..

105.7
106.7
106.7
104.9
104.8
106.3
106.7
107.7
108.8
110.7
111.8
110.4
108.8

119.1
119.7
119.8
115.3
114.6
120.4
121.2
122.3
124.6
127.3
129.3
127.7
125.6

82.2
82.1
82.5
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0
85.3
84.5

87.3
87.3
87.5
85.3
84.7
86.3
86.8
87.8
89.2
90.3
90.2
90.5
89.9

57.8
57.2
58.2
53.5
52.0
57.1
57.5
59.7
61.0
60.9
61.1
64.3
62.7

101.6
101.8
101.7
99.3
98.7
100.2
100.2
100.6
100.6
100.5
100.7
101.2
100.9

Feb.
Mar.
Mar.
Mar.

109.4
109.5
110.2
110.4

124.6
124.7
124.7
125.7

84.4
84.6
85.1
85.5

90.0
90.1
90.3

62.7
62.7
63.9
64.8

100.8
101.1
101.3
101.4

26
5
12
19

1 Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
2 Prices derived from average of yields of all outstanding partially
tax-exempt Government bonds due or callable in more than 12 years
on basis of a 2yA per cent, 16 year bond. For description see November
1940 BULLETIN, p p . 1179-1180. Prices expressed in decimals. Weekly
data are averages of daily figures for week ending on Saturday following
date shown.
3
Prices derived from average yields, as computed by Standard Statistics Co..
Back figures.—See Annual Report for 1937 (table 79). For U. S. TreasuryjDonds see November 1940 BULLETIN.

Number of issues __

420

20

1938 average
1939 average
1940 average
1940—February
March
April
May
June
July
August
September...
October
November. „
December
1941—January
February

348

142.9
141.8
142.3
138.2
133.2
136.9
137.3
139.1
140.4
141.9
143.9
145.4
143.0

Feb.
Mar.
Mar.
Mar.

32

40
r

135.6
141.2
140.1

U 104
'977
«767

105
97

654
740
1,131
1,651
708
310
317
553
599
1,044
814
564
444

107
108
109
97
85
87
89
94
95
96
94
94

142.2
142.2
141.9
142.2

26
5
12
19

361
355
466
474

r
Revised.
1 Standard Statistics Co. Monthly data are averages of Wednesday
figures.
2 Average prices of industrial high-grade preferred stocks, adjusted to a
$73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
Exchange. Weekly figures are averages for the week ending Saturday.
Back figures.—For stock prices, see Annual Report for 1937 (table 79).

CAPITAL ISSUES
[In millions of dollars]
For refunding

For new capital
Total
(new
and

Year or
month

re-

funding)

.
_ _

4,038
1,751
1,063
2,160
__ 4,699
_. 6,214
3,937
4,449
5,842
4,764

1940—Feb
Mar....
Apr
May....
June
July....
Aug
Sept....
Oct
Nov....
Dec
1941—Jan
Feb

452
242
345
251
227
691
282
229
711
440
606
417
341

State
and
mu-

Federal
agen-

nicipal

eign)

1931
1932
1933
1934
1935
1936
1937
1938
1939
1940

Domestic

Domestic
Total
(domestic
and
forTotal

cies i

Total
(do-

Corporate

For-

eign »

Total

Bonds
and Stocks
notes

mestic
and
Total
foreign)

State
and
municipal

Corporate

Federal
agencies i

Total

Bonds
and Stocks
notes

Foreign'

3,095
1,197
720
1,386
1,457
1,972
2,138
2,360
2,289
1,943

2,860
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,942

1,235
762
483
803
855
735
712
971
931
757

75
77
64
405
150
22
157
481
924
461

1,551
325
161
178
404
1,192
1,225
873
383
724

1,239
305
40
144
334
839
817
807
287
589

311
20
120
35
69
352
408
67
97
135

235
32
12
0
48
23
44
35
50
1

944
554
343
774
3,242
4,242
1,799
2,089
3,553
2,821

893
498
283
765
3,216
4,123
1,680
2,061
3,465
2,818

21
87
37
136
365
382
191
129
195
478

51
93
26
317
987
353
281
665
1,537
344

821
319
219
312
1,864
3,387
1,209
1,267
1,733
1,996

789
315
187
312
1,782
3,187
856
1,236
1,596
1,804

32
4
32
0
81
200
352
31
137
193

51
56
60
9
26
119
119
28
88
3

104
71
118
122
83
397
130
114
257
263
190
95

104
71
118
122
83
397
129
114
257
263
190
95

57
35
58
30
71
62
61
46
98
53
129
40
37

1
6
6
3
2
289
0
0
112
42
0
2
8

46
31
54
89
10
46
68
68
47
169
61
53
32

43
16
31
80
8
44
53
64
21
166
45
51
25

3
15
23
10
2
2
15
4
26
3
16
2
6

0
1
0
0
0
0
1
0
0
0
0
0
0

348
171
227
129
144
294
153
116
453
177
416
322
264

348
171
227
129
144
294
153
113
453
177
416
322
264

115
49
18
20
14
20
14
24
80
25
73
23
13

22
18
17
25
29
48
28
26
28
59
14
31
17

211
104
192
84
101
226
111
62
345
92
328
268
234

197
90
154
84
101
223
107
61
332
66
286
265
217

14
14
38
0

0
0
0
0
0
0
0
3
0
0
0
0
0

77

77

(*>'

3
4
1
14
26
43
3
17

1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
3 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.
Backfigures.—SeeAnnual Report for 1937 (table 78).

338




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
Special issues

Public issues

E n d of month

Total
gross
debt

Marketable issues

Total
interest
bearing

Total

Treasury
bills

1932—June...
19, 487
1933—June
22, 539
1934—June
27,053
1935—June
28 701
1 9 3 6 - J u n e _ . . . 33, 779
1937—June
36, 425
1938—June
37,165
1939—June
40, 440

19,161
22,158
26,480
27, 645
32,989
35, 800
36, 576
39, 886

1940—Feb

41, 839
41, 983
42,117
42, 253
42, 376
43,186
43,317
43, 480
43, 560
43, 707
44,458
45, 320
45, 535

Mar..
Apr
May...
June
July
Aug
Sept
Oct.
Nov
Dec

1941—Jan.
Feb

42, 365
42, 540
42, 658
42, 808
42, 968
43, 771
43, 905
44,073
44,137
44,273
45, 025
45, 877
46, 090

6

Nonmarketable
issues

i

Postal
AdTreas- Treas- Savings U. S. justed
ury
ury
and Savings
notes bonds2 prewar bonds bonds
bonds

18,852
21,835
626,084
27,012
32, 363
34, 242
33,900
36,116

616
954
1,404
2,053
2,354
2,303
1,154
1,308

1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243

13,460
13,417
15, 679
14,019
17,168
19, 936
21, 846
25, 218

790
806
831
855
200
198
197
196

62
316
800
1, 238
1,868

37, 484
37, 513
37, 620
37, 668
37, 602
38, 333
38, 383
38, 417
38, 459
38, 498
39, 089
39, 895
40, 002

1,308
1,309
1,306
1,304
1,302
1, 30^
1,303
1, 303
1,307
1,308
1, 310
1, 307
1,306

6,203
6,125
6,125
6,125
6,383
6,384
6,384
6,384
5,660
5,660
6,178
6,813
6,813

26, 897
26, 908
26, 908
26, 908
26, 555
27, 226
27, 236
27, 235
27, 960
27,960
27, 960
27, 960
27, 960

196
196
196
196
196
196
196
196
196
196
196
196
196

2,610
2,707
2,818
2.869
2,905
2,966
3,008
3,044
3,084
3,123
3,195
3,371
3,480

6

Total

945
389
319
283

309
323
396
633
626
1,558
2,676
3, 770

269
268
267
265
261
258
256
254
252
251
249
248
247

Social
AdAll 5
sejusted
curity 3 service 4 other

4,356
4,471
4,496
4,585
4, 775
4,853
4,934
5,063
5,102
5,209
5,370
5,426
5,534

Matured
debt

Other

19
579
1,601
2,511

105
92
118
156
126
538
549
556

203
231
278
478
480
441
526
703

60
66
54
231
169
119
141
142

266
315
518
825
620
506
448
411

3,152
3,269
3, 282
3,363
3,528
3,536
3,622
3,751
3,777
3,885
4,047
4,066
4,174

516
516
515
515
536
515
515
517
517
516
516
517
518

688
686
699
707
712
803
797
796
808
808
806
842
841

132
165
150
166
205
198
205
212
197
187
189
181
180

394
392
391
389
386
386
383
381
380
379
377
376
374

1 Including amounts held by Government agencies and trust funds which aggregated $2,012,000,000 on February 28, 1941.
2 Including Liberty bonds.
3
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
4
Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National
Service life insurance fund.
5
Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and
to Federal Savings and Loan Insurance Corporation.
e Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000.
MATURITIES OF PUBLIC ISSUES OF DIRECT OBLIGATIONS,
February 28, 1941

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES'

[In millions of dollars]

[In millions of dollars]
Maturing
Date maturing or
callable

Total

1,624
1,407
835
204
426

1941—Before Apr. 1
Apr. 1-June 30
July 1-Sept. 30____
Oct. 1-Dec. 31.
1942—Jan. 1-Mar. 31
Apr. 1-June 30
July 1-Dec. 31
1943
1944
1945
1946
1947 _
. .
1948
1949
_.
1950
1951
1952 .
. .
1953
1954
_
1955 .
1956
1958
1959
1960
1961
1963
1965

Total

ury
Treas- Treasbonds
ury
ury
callbills
notes Treas- Others ablei
ury
403
903

677
504

545
834

204
426

575
1,330
1,849
3,610
1,850
2,793
1,982
1,638
1,594
1,484
2,454
2,932
2,685
1,515
1,170

575
1,330
1,849
1,249

982
2,611
50
919
1,485
40,002

TreasBonds

545

(3)

834

3

()

1,941
1,519
2,370
1,487
819
571
1,223
2,436
2,904
2,663
1,480
1,170

419
331
423
495
819
1,023
260
18
27
22
35

982
2,611

1,855
2,555
1,755
2,344
1,460
2,246
2,278
1,186
3,500
725
681
2,611
982
919
1,485

50
919
1,485
1,306

6,813 27,960

1941




monxn

ReconComHome
Federal
U. S.
Owners' struction modity HousFarm
Finance
Credit
ing
Mortgage Loan
Corpora- Corpora- Corpora- Corpora- Authortion 2
tion
tion
ity
tion
312
980
1,226
1,387
1,422
1,422
1,422
1,410
1,410
1,388
1,379

134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888
2,928

235
249
250
252
252
252
255
297
299
509
820

206
206
206

114

1939—Nov. _
Dec...
1940—Jan...
Feb...

1, 269.
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269

2,817
2,813
2,809
2,783
2,770
2,763
2,641
2,634
2,631
2,627
2,623
2,621
2,618
2,615
2,614
2,613

1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,007
1,097
1,097
1,097
1,097
1,097

407
407
407
407
407
407
407
407
407
696
696
696
696
696
696
696

114
114
114
114
114
114
114
114
114
114
114
114
226
226
226
226

Mar. _
Apr...
May._
June..
July..
Aug...
Sept..
Oct.._
Nov..
Dec.__
Feb...

3,923

Total

1934—June681
Dec..
3,063
1935—June. _ 4,123
4,494
Dec.
1936—June_ 4,718
4,662
Dec.
1937—June.. 4,665
Dec.._ 4,645
4,853
1938—June
Dec.__ 4,992
1939—June. . 5,450

1941—Jan...

5,707
5,703
5,699
5,673
5,663
5,656
5,535
5,528
5,526
5,812
5,808
5,810
5,919
5,917
5,915
5,914

27, 960

1 Treasury bonds in the amount of $2,527,000,000 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.
2 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted
service bonds of 1945. U. S. Savings and adjusted service bonds are redeemable at option of their holders.
3 Less than $500,000.

APRIL

TTnri r\f
±L/nQ OI

1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing Administrator, amounting to $12,600,000 on February 28, 1941.
2
Excludes obligations guaranteed as to interest only. For August 1939
and subsequent months includes matured bonds not presented for retirement amounting to $13,000,000 on February 28, 1941.

339

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and speci al accounts
Receipts

Expenditures (excl. debt retirements)

Trust Increase or deaccrease during
counts
period
etc.,2
excess
Excess of reof ex- ceipts
pendi- (+) or Genexeral
Total* tures pendi- fund Gross
(-)
tures
bal- debts
ance 2
(-)

Social
All
inter- secur- other
ity
nal
taxes
revenue

AgriculUn- TransNaemTotal Net Inter- tional tural ploy- fers to All
Adest
trust
rereon
justacdeceipts ceipts1 debt fense ment ment counts other
reProlief
etc.»
gram

2,279
2,232
2,345

755
740
838

567
507
617

6,242
5,668
5,925

5,855
5,165
5,387

926
941
1,041

1,028
1,163
1,559

362
787
1,020

1,914
2,595
1,919

220
182
208

2,789
3,040
3,251

7,239 - 1 , 384
8,707 - 3 , 542
8,998 - 3 , 6 1 1

+306
+890
+136

1,243
908
1,208

1,514
1,598
1,931

557
599
658

339
397
485

3,653
3,503
4,281

3,361
3,235
3,806

472
512
536

762
950
2,897

416
732
724

1,759
1, 253
1,153

164
184
206

1,994
2,229
1,810

5, 567 - 2 , 2 0 7
5,860 - 2 , 626
7,327 - 3 , 521

+640 +1,128 +2, 694
- 4 8 8 +1, 926
+211
- 1 9 0 +3,122
+209

319
45
63
665
48
40
464
50
38
432
44
49
429
63
104

171
167
154
192
175
179
201
237
346
213
237
252
231
210
204

29
45
178
30
39
137
32
39
139
29
38
138
34
47
193

50
57
49
46
42
43
88
41
43
37
47
46
46
52
172

569
315
444
934
304
400
784
367
566
711
365
485
741
372
674

521
315
444
799
304
400
649
331
447
711
333
362
740
340
541

190
38
19
146
69
10
305
20
20
148
73
11
219
25
21

125
132
129
143
159
154
153
177
200
219
287
376
473
572
592

102
119
128
105

162
157
145
173
173
169
151
151
142
139
145
138
155
146
138

10
*5
10

243
272
238
255
284
248
235
302
243
168
261
164
215
247
209

Mis-

Period

ceiia-

Tn

income
taxes

Fiscal year
ending:
June 1938... 2,640
June 1939___ 2,189
June 1940.-. 2,125

-338
+740
+622 +3,275
- 9 4 7 +2, 528

8 months
ending:
Feb.l939___
Feb.l940___
Feb. 1941...
1939—Dec. _
1940—Jan...
Feb..

Mar.
Apr..
MayJune
July."
Aug.,
Sept._
Oct.__
Nov..
Dec.
1941—Jan...
Feb..

78
62
43
54
76
75
103
108
110
103
96

20
4
114
25
10
20
18
20

832
712
668
822
783
647
887
818
706
759
869
817
1,172
1,111
1,075

-311
-398
-224
-22
-479
-247
-237
-487
-259
-48
—536
-455
-432
-771
-534

Details of trust accounts, etc.

Period

Old-age insurance
trust fund and railroad
retirement account

In- Other
In- Bene- ReNet
exfit
vest- pay- ceipts vest- pendirements tures
ceipts ments ments

+311
-194

+67
+164

-83
—62

-303
-181
— 139

+51
+320

+367
+196

-158
—24

+216

-39
—495
-103

-209

+15

+111
+97

-3

-324

+637
+167
+256
+175
+118
+150
+160
+803
+135
+168
+64
+136
+752
+852
+213

Details of general fund
balance (end of period)

Net expenditures in checking
accounts of Government agencies

Unemployment
trust fund

-16

+37
+36
+11
+58

All other

Com- United
ReconTotal
Exstruction modity States
All
Hous- other ceipts pendiFinance Credit
Corpora- Corpora- ing Autures
thority
tion
tion

InWorkcreing
ment Seign- baliorage
on
ance
gold

Fiscal year ending:
J u n e 1938...
June 1939...
June 1940...

550
639
703

461
516
573

85
120
129

763
838
959

560
395
443

191
442
514

*9
*658
*234

*184
136
10

1
*60
17

•12
*186
166

414
440
415

327
324
323

2,216
2,838
1,891

142
142
143

446
536
585

1,628
2,160
1,163

8 months ending:
Feb. 1939. __
Feb. 1940_ _.
Feb. 1941...

381
365
582

293
268
269

77
82
116

601
686
798

313
373
377

284
311
423

*510
*244
254

134
*26
*54

*93
56
15

*98
90
•188

291
272
314

233
202
273

3, 343
2,350
1,701

142
143
143

508
573
601

2,693
1,634
957

58
10
10
135
20
4
179
56
145
11
32
143
1
42
152

43

10
10
10
11
12
12
12
13
13
14
15
15
15
15
16

29
79
155
30
53
145
46
59
143
67
107
145
51
78
149

*3
28
103
•18
18

32
58
45
47
45
58
54
57
53
81
84
31
33
41
43

*5
•20
*5
2
*3
*6
17
25

11
•6
•3
•4
•4
(4)
45
10
•144

16
14

*6
•25
7
•29
9
107

•13
•10
59
15
16
160

•1

21
24
20
29
32
20
62
120
18
24
29
18
35
38
33

25
17
2
22
10
17
72
103
15
17
17
6
25
50
42

2,476
2,282
2,350
2,514
2,210
2,030
1,891
2,258
2,454
2,415
1,920
1,817
1,928
2,025
1,701

143
143
143
143
143
143
143
143
143
143
143
143
143
143
143

565
568
573
577
581
584
585
588
590
592
595
596
597
599
601

1,768
1,571
1,634
1,794
1,486
1,303
1,163
1,.F27
1,720
1,680
1,183
1,078
1,188
1,283
957

1939—Dec
1940—Jan..

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1941—Jan
Feb

135
*5
175
*5
1
148
*5
*5
151
•10
*5

•81
13
85
*18
31
113
11
29
113

21
24
17
12
7

17
•34
•17
•5
25
•6
15
51
•103
8
32
*8

•57
•32
16
•13
*50
21
*43
*30

1
Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments
to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier
periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts.
2
Details given in lower section of table.
3 For details, see preceding page.
4 Less than $500,000.
* Excess of credits.
NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052

340




FEDERAL RESERVE BULLETIN

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 3 1 , 1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Reconstruction
Finance
Corporation
and
Public
Works
Administration

Home mortgage and
housing agencies
National

Defense
Corporations

Home
Owners'
Loan
Corporation

Other
mortgage
agencies

Farm credit agencies

United
States Farm
Hous- morting
gage
Auagenthority cies

Other
Farm
Credit
Adm.
banks
and corporations

Total
Tennessee InJanuary 31
Val- surComley ance Other
modity
Au- agenCredit Other thor- cies
Corpoity
1941

ration

1940

Assets
Loans and preferred stock:
Loans to financial institutions..
Preferred stock, etc
Loans to railroads _ _ _
_ _
Home and housing mortgage
loans
Farm mortgage loans _. _ _
Other agricultural loans
All other loans
Total loans and preferred
stock

216
447
493

192
1,942

253

445
729
523

425
807
504

2 424
2,480
728
1,309

2 376
2,588
1,121
1,100

228
289

2,134
194

450
77
40

228
36
5

2,481
101
83

12

0)
43
4
1,734

12

7
3
351

62

0)
74

0)

6

0)

1

0)

0)

2,689

5
1
217
6
87
9

2
128

586

252

183
3 450

350
57
92

0)

2 445

8
23

Total assets other than interagency 6 ._

1
30

4
4414

58

(i)

61

2,481

0)

1,603
4
49

Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully 5
guaranteed by U. S.
Other
Accounts and other receivables
Business property.. .. _____
Property held for sale
Other assets
_____ _

171
27

252
11

633
29

49
7
606

28

0)
0)

10
12
4

2,984

553

226

1,270
5
989

8,639 8,920
580
474
723
770

0)

66
1
38
11

133
97
1
159

127
21
552
599
1,190
214

370

775

861

12, 645 12,064

8

12
4

11

5,915 5,700
1,389 1,340

105

27

399

450
17
5

58
46
450

8

1
5

200

925

694

6
356

130
40
384
553
652
140

Liabilities
Bonds, notes, and debentures:
Guaranteed by United States
Other 5
Other liabilities (including reserves)

1,097

2,614
176

696

352

Total liabilities other than
interagency 6

1

61

33

5

109

7

128

220

7

272

100

1,294

1,019

1,449

1

2,675

208

232

2,368

208

824

220

15

289

111

8,599 8,059

Excess of assets over liabilities, excluding interagency transactions.
Privately owned interests

286

73

15

378
56

167

616
217

345
4

100

475

355

486
139

750

4,046 4,005
417
398

U. S. Government interests

286

73

15

322

167

399

341

100

475

355

347

750

3,629 3,607

i Less than $500,000. 2 includes $91,000,000 loans of Public Works Administration.
3 Includes $381,000,000 loans of Farm Security Administration.
4
Includes $256,000,000 loans of Rural Electrification Administration.
5
Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.
6
Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Feb. 29,
1940

Loans to financial institutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses 1
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Total loans and investments, other than interagency
Preferred stock of, and loans to Export-Import bank
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Capital stock of, and loans to National Defense Companies._
Loans to Farm Security Administration
Capital stock of Federal Home Loan banks
Total loans and investments..

162, 852
29, 994
476,

395

458, 841
66, 501
131, 919
83, 874
4,180
117, 603

Aug. 31,
1940
145,178
56, 769
458, 845
507, 627
42, 262
129, 427
83, 223
4,801
110, 090

Sept. 30,
1940
142, 396
56, 627
459, 941
470,039
38, 476
131,126
83, 360
4,746
116,216

Oct. 31,
1940
141, 935
56, 578
460, 218
469, 769
47,096
103, 944
83, 409
4,855
115, 930

N o v . 30,
1940
167,153
56, 470
454, 941
472, 596
35, 597
131, 484
83, 507
4,884
115, 224

Dec. 31,
1940
171, 583
52, 94"
452, 380
473, 881
35, 797
128, 561
83, 460
4,862
115, 699

1, 532,160 1, 538, 222 1, 502, 926 1, 510, 735 1, 521, 857 1, 519,170
74, 000
146, 498
58,124
65, , r "
8,300

74, 000
146, 498
60, 212
78, 976
8,300
2,000
10, 000

74, 000
146, 498
61,160
81, 039
8,300
10, 395
10, 000

74,000
146, 498
62, 806
84, 559
8,300
24, 377
21,000

99,000
1 4 6 , - •""

64,115
87,077
8,300
33, 38'
23,000

99, 000
146, 498
67,110
90, 380
8,300
44, 503
28,000

1,884,888 1,918, 206 1,894, 318 1, 932,175 1, 983, 234 2, 002, 961

Jan. 31,
1941
166, 278
49, 991
447, 374
481, 961
36, 669
127, 2041
83,231
4,731

114, 0751

Feb. 28,
1941
162,197
48, 797
442, 226
481, 977
34, 742
127, 984
82, 897
5,128
113, 338

1, 511, 515 1, 499, 287
174, 000
152, 498
68, 042
93, 491
8,300
63,106
17, 671

174, 000
157, 498
67, 992
95, 641
8,300
83, 392
32, 671
124, 741

1,622 2, 243, 522

1 Include national defense loans amounting to $10,998,000 on February 28, 1941.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
APRIL

1941




341

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

[In thousands of dollars]

Farm mort gage loans
by-

Federal intermediate
credit bank loans to
and discounts for—

Regional
agricultural
Other
credit cor- financing
Land
porations,
instituFederal
Bank
production
tions,
land banks Commis- credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives !

End of month

Loans to cooperatives by—

Produc- Regional
Emertion credit agriculgency
associa- tural cred- crop and
it corpotions
drought
loans
rations

Federal
intermediate
credit
banks

Banks for
cooperatives,
including
Central
Bank

Agricultural
Marketing Act

revolving fund

1934—December
1935—December
1936—December
1937—December
1938—December . . _
1939—December

1,915,792
2, 071, 925
2, 064,158
2,035, 307
1, 982, 224
1, 904, 655

616,825
794, 726
836, 779
812, 749
752,851
690,880

99,675
104, 706
129, 872
165,194
168, 392
165, 236

55,672
47,162
41,017
40,464
33, 545
33, 354

60,852
94,096
105, 212
138,169
148,037
154,496

87,102
43,400
25, 288
15, 592
11,081
8,005

111,238
172,863
165, 369
172, 701
171,489
168, 330

33,969
2,731
1,641
1,813
920
1,835

27,851
50,013
69, 647
87, 633
87,496
76, 252

54,863
44,433
53, 754
30, 982
23, 723
20, 547

1940—February
March
April
May

1,896, 507
1, 890, 432
1, 886, 272
1, 882, 516
1, 880,408
1, 874, 608
1,871, 487
1, 866, 697
1, 861, 739
1,855,945
1,851,218
1, 844,465
1,842,003

683,694
677, 717
673, 696
670, 723
668, 850
665, 073
662, 592
659, 017
655,403
651,600
648, 296
644,885
643, 269

165,106
176,007
185, 373
190, 961
196, 408
199, 238
202, 503
197, 451
190, 773
188,463
186, 933
186,127
191, 782

34, 738
36, 326
37, 921
38,377
40,033
42,161
42,416
40, 901
34,882
33, 738
34,102
34,762
35, 804

160,003
173, 840
186, 276
194,662
200,415
203, 693
202, 796
194, 558
180, 219
173,331
172, 312
174, 034
181, 985

7,926
7,888
7,904
7,845
7,768
7,614
7,416
7,010
6,202
5,991
5,885
5,836
5,675

170,020
176, 045
179, 801
180,938
181,218
180,824
179, 984
177,906
172, 993
170,092
168,438
167,463
169, 439

2,002
1,754
1,603
1,315
897
1,217
763
352
431
1,228
1,490
1,242
1,267

71, 772
69,311
67, 454
63, 564
62,177
65, 111
67, 473
73,132
79,156
77, 325
74,741
75,166
73, 944

20,038
19, 763
18, 537
18,137
18, 200
15,311
14,787
15, 739
16, 724
17, 022
16, 461
16,036
16,165

June
July

August
September
_ __
October
November _ _. _ .
December
1941—January
February

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.

POSTAL SAVINGS SYSTEM

FEDERAL HOME LOAN BANK BOARD

[In millions of dollars]

LOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars]

Assets

Home mortgage loans by—
Federal savings and
loan associations

End of month

Home
Owners'
Loan Cor- N u m b e r
of assoporation

Loans1

Federal
home
loan
bank
loans to
member
institutions 2

End of month

Depositors
balances 1

U. S. Government
securities
Total

Cash
in depository
banks

Total

Direct
obligations

ciations

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

1939—October
November..
December. _
1940—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1941—January
February...

2,049, 421
2,043,288
2,038,186
2,031, 341
2,026, 614
2, 021, 951
2, 020, 572
2, 017, 395
2,012,760
2,004, 737
1, 996,443
1, 987, 611
1, 980, 704
1, 968, 816
1, 956, 268
1, 942, 427
1, 929, 346

639
1,023
., 212
,328

81, 300
348,000
586, 700
853, 500
1,034,162

86, 651
102, 791
145, 394
200,092
198,840

1935—June
1936—June
1937—June
1938—June
1939—June

1,205
1,232
1,268
1,252
1,262

1, 236
1,265
1,307
1,290
1,304

385
777
203
967
136 1,100
115 1,103
68 1,157

630
800
933
936
1,011

Cash
reGuaran- funds
teed
etc. 2
obligations
147
167
167
167
146

74
95
71
73

78

1, 231, 685 168, 654 1940—February
1, 340
48 ,194
,048
146
1,297
97
1, 252, 559 168,822
March
1,343
45 ,200
,054
146
1,301
97
1,271,161
181,313
1,345
44 ,214
,068
146
April
1,303
87
1, 280, 200 156, 788
1,342
43 ,224
,078
146
1,299
May
74
1, 296, 464 144,515
1,337
43 ,224
,078
146
1,293
69
June
1, 317, 975 137, 642
1,339
42 ,224
,078
146
1,297
73
July
1, 348, 072 133,81.1
1,340
41 ,224 .,078
146
1,297
75
August
1, 376, 700 137, 509
1,339
40 ,224
,078
146
1,295
74
September
1, 405,100 • 157,397
1,338
38 ,224
,078
146
1,296
75
October
1,432,100
162, 222
1,341
37 1,224 1,078
146
1,298
November
1,461, 867
168, 402
304
December
1,487,974
176,047 1941—January
I, 314
1, 515, 392 181, 526
February
1,316
1, 533, 246 185, 547
1, 546, 270 201,492
1, 564,168
170,849
p Preliminary.
1, 578, 543 156, 899
1 Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
1
Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and loan associations.
accrued interest on bond investments, and accounts due from late post2
Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Back figures.—See BULLETIN for August 1935, p. 503.

342




,394
,401
,410
,403
,407
,413
,420
,421
1,430
1,431
1,431
1,434
1,440
1,443
1,445
1,446
1,447

FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted' and ' unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25=100

Industrial production
(physical volume) 2 *
1935-39=100

Year and
month

Income
payments
(value) 1
929=100

Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940

Fac- Freight- Department
tory
car
store
payloadsales
ManuNonrolls * ings* (value) *6
factures
agri1923-25 1923-25 1923-25
Resi- All
Min- Total denFactory
cul—100
erals
tural*
—100
—100
tial other 1935-39 1923-25=100
Dur- Nonable dur=100
able

Total

Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- UnadAdusted justed usted usted usted usted justed usted justed us ted justed justed justed
72
75
58
73
88
82
91
96
95
99
110
91
75

100.0
90.8
77.3
60.1
57.1
65.8
71.7
82.7
87.5
80.7
85.4
90.5

1938
January
February
March
_ _ _
April
May
June
July
August
September
October
November
December
1939
January
February
March
April
May
June
July
August
September
October
November
December
1940
January
February
March
April
May
June
July
August
September
October
November
December
1941
January
February

84
93
53
81
104
95
108
114
107
117
133
99
68

62
60
57
67
72
69
76
79
83
85
93
84
79

71
83
66
71
98
89
92
99
100
99
107
93
80

63
63
56
79
84
94
122
129
129
135
117
92
63

44
30
44
68
81
95
124
121
117
126
87
50
37

79
90
65
88
86
94
120
135
139
142
142
125
84

58
69

41
54

70
79

66
76

28
25

13
11

40
37

75
87
103
113
88
108
122

66
84
108
122
78
108
135

81
90
100
106
95
108
113

80
86
99
112
97
106
117

32
37
55
59
64
72
81

12
21
37
41
45
60
72

48
50
70
74
80
81
89

86
84
84
82

82
82
84
82

75
73
72
69

88
90
90
88

103
98
97
95

52
51
46
52

73
66
56
65

80
81
86
90

81
81
85
90

26
32
33
37

82.3
81.5
81.2
80.1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1

92

95

95
100
101

99
102
100

67
65
71
77
81
88
96
97

83.4
83.7
84.6
83.1
83.8
84.1
83 6
85.2
86.1
88.0
88.5
90.0

102
101
101
97
97
102
104
104
113
121
124
126

98
99
100
98
99
102
102
103
116
126
126
124

90.3
89.7
88.4
88.2
88 6
88.7
89 3
90.5
91.7
92.5
93.6
r
95. 8

122
116
113
111
115
121
121
121
125
129

96.6
P96.8

Employment 4

88
90
95
99

90
92
94
97

51
54
59
66

107.9
101 2
92.5
83.0
83 5
90.7
94 2
100.3
105.3
98 5
101. 8
105.0

98.0
117 2
75.6
81 2
102.9
96 0
101.1
104.2
102 4
103 5
110.4
89 4
67.8
46.7
50 1
64.5
74 1
85 8
102.5
78 5
92.2
105.4

84
91
78
85
100
98
103
107
104
104
107
92
74
62
64
75
78
62
70
76

75
79
88
92
85
90
94
90
88
86
83

55
58

91.0
91.6
91.2
89 3
87.0
85.4
85.9
90 2
93.6
94.2
95 3
96.2

75.4
77.7
77.8
75 2
73.6
71.6
71.7
77 9
82 3
85.0
85 3
88.1

65
62
60
57

57
56
57

62
64
68
77
96
102
128
128

93.4
92.4
91.0
89 0
87.3
86.3
87.2
89 3
91 0
92.0
94 8
96.7

56

78
94
87
88
98
99
103
106
107
108
111
102
92

69
67

Cost
of
living*
1935-39
—100

Unad- Unadjusted justed
138 6
154 4
97 6
96 7
100 6
98 1
103 5
100 0
95 4
96 7
95 3
86 4
73 0
64.8
65 9
74 9
80 0
80 8
86 3
78 6
77 1
78.6

124 5
143 2
127 7
119 7
121 9
122 2
125 4
126 4
124 0
122 6
122 5
119 4
108 7
97.6
92 4
95 7
98 1
99 1
102 7
100 8
99 4
100. 1

86
87
88

80.9
79.8
79.7
78 7
78.1
78.3
78.8
78 1
78.3
77.6
77.5
77.0

69
67
66
60
62
67
69
70
77
80
82
78

88
88
88
88
87
86
87
88
90
92
93
95

76 9
76.9
76.7
76.2
76.2
75.6
75 4
75.0
79.1
79.4
79.2
79.2

99.8
99.3
99.8
97.9
97 8
99.5
98 2
105.5
111.6
116.2
116.4
122 4

78
73
69
70
72
75
75
76
77
77
83
84

92
90
89
89
89
91
92
98
97
94

100.5

100
101

79.4
78.7
78.4
78.6
78.4
77.5
77 7
77.4
78.0
78.7
79.6
80.0

107.5 118.3 115.5 120.7
3 P118.4 P117.7 P126. 4

86
86

101
103

80.8
80.6

100.7
100.8

100

98

100
103
104

98
102
102

82
96
96

98
98
96
93
90
97
101
106
115
129
133
140

104
104
104
103
104
106
106
108
111
115
117
117

103
102
103
92
96
105
107
92
114
119
120
115

86
73
69
67
63
63
67
73
73
76
83
86

55
58
55
58
55
58
62
67
68
68
61
60

111
85
80
74
68
67
71
78
76
82
101
107

98 1
98.5
99.3
99.5
100 3
101.7
101 7
102.5
104. 3
105.2
104.9
105.5

96 8
96.8
96.7
96.6
96 3
97.3
98 4
99.0
100.8
104.8
107.0
108.2

94 5
96.1
97.0
96.9
95 9
96.4
96 6
99.5
103.7
107.3
107.5
107.8

84 7
87.1
88.8
86.8
86 3
87.9
85 8
91.2
95.4
103.2
103.2
105.4

117
113
112
112
116
121
118
120
129
134

135
124
118
113
119
131
132
135
146
150

113
110
106
107
110
114
112
112
112
116

118
114
117
119
117
118
120
113
116
113

75
63
62
64
64
74
85
90
93
95

53
56
57
62
64
69
77
82
82
85

93
68
66
66
65
77
91
98
101
103

132
138

135
135

154
164

111
115

87
90

130

123

117
118

102.1
101.8
102.4
102.5
103 3
104.1
104 1
105.5
107.3
1U8.3
108.6
110.4

107.6
105.8
104.0
102.8
102 8
103.9
105 1
107.4
108.9
111.4
114 2
116 6

105.0
105.0
104.4
103.2
102 5
103.1
103 2
107.4
111.4
113.8
114.7
116 2

139

133
P138

170
i>172

121

118

103

84

117

P!41

78

106.7
107.1
82.0
90.7
103.8
96.4
99.8
101.7
99.5
99.7
106.0
92.4
78.1
66.3
73.4
85.7
91.3
99.0
108.6
90 9
99.9
107.5

98.2
97.8
97.9
98 2
97.3
97.1
97.1
98 1
99.8
100.0
99 8
100.7

37
42
49
53

Adjusted

Wholesale
commodity
prices 4
1926
=100

P108.

58
58
61
62

64

68
69
69

80
82
83
83
85

100.9
100.9
100.7
100.2

99.1
98.6
100.6
99.6

99.8

100.4
100.2
100.1
100 7

r
p Preliminary.
* Average per working day.
Revised.
1 Department of Commerce series on value of payments to individuals.
J
For indexes by groups or industries, see pp. 344-347; for description, see pp. 753-771 of BULLETIN for August 1940.
3
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 352.
* The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the
Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 348-351 for employment
and 5payrolls and p. 354 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 358 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,
October 1939, pp. 879-887, and February 1941, p. 166; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918,
and January 1941, p. 65.

APRIL

1941




343

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index n u m b e r s of t h e B o a r d of G o v e r n o r s .

L935-39 average = 100]
1941

1940

Industry
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

122

116

113

Ill

115

121

121

121

125

129

132

138

139

P141

123
135
113

116
124
110

112
118
106

110
113
107

114
119
110

122
131
114

121
132
112

122
135
112

127
146
112

131
150
116

135
154
*120

142
164
123

143
170
121

P145

147

118
136
117

106
118
105

99
117
97

118
127
118

154

161
146

148
154

156
157
156

158
162
157

164
167
164

165
169
165

166
173
165

181
176
181

174
186
173

vl 68
178

Machinery

127

123

123

123

124

128

133

138

145

146

rl53

163

173

P176

Transportation Equipment
Aircraft
__
Automobiles
Railroad cars
Locomotives
Shipbuilding

138
288
129
156
102
149

138
283
129
158
101
150

132
299
120
149
101
156

117
306
103
125
103
156

117
323
101
121
102
164

122
364
106
111
102
170

111
394
87
119
113
189

107
455
76
127
123
213

138
517
109
148
140
220

157
544
130
148
160
227

162
584
133
166
168
226

168
624
134
177
174
261

188
685
149
207
204
289

v200

Nonferrous Metals and Products
Nonferrous metal smelting 1
Copper smelting. _ _
Zinc smelting
Copper deliveries
_ __
Lead shipments
Zinc shipments
.
Tin deliveries

154

142

130
128
131
130
115
119
124
141

138
138
140
141
119
127
135
146

146
134
135
140
134
128
141

153
130
126
148
154
126
143

134
130
147
170
127
144

169
133
132
146
179
131
142

177
137
138
147
203
136
143

181
136
134
150
212
136
142

PI84

129
131
133
111
104
112
132

127
131
130
135
113
110
113
137

164

130
131
135
145
102
122
168

132
131
137
130
125
100
117
148

124

136
144
133
162
119
129
180

Lumber and Products

115
115
117

114

111
110
112

110
109
111

112
110
115

111
110
113

107
104
115

114

121
121
121

123
124
122

127
128
125

132
133
128

137
139
132

P135

114
113

123
125
119
111
136
116
122

113
106
96
103
81
118
112

120
117
106
106
105
124
105

115
115
108
107
107
116
96

113
115
109
111
105
112
91

112
113
118
120
112
111
80

115
110
117
117
118
117
100

119
115
129
130
125
114
114

H24

126
133
126
126
127
C
115
111

140
155
147
147
148
C
119
117

154

P158

125
131
124
146
C
116
118

118
113
120
150
69
106
111
107
99
98
111

108
105
115
143
64
93
108
92
89
93
89

100
97
108
139
64
77
87
80
78
75
71

100
97
107
137
61
79
97
68
78
76
76

104
100
109
142
58
87
95
82
86
90
83

107
103
114
144
56
89
79
88
92
93
89

113
108
121
137
57
100
69
113
102
112
105

113
111
124
127
61
106
95
108
104
118
104

116
113
120
120
65
123
109
137
120
136
122

123
121
126
129
71
132
125
152
124
150
126

134
131
135
146
77
142
128
160
131
154
144

r!02
102
104
97
99
103

r99
96
100
86
r
93
101

'94
92
94
84
92
r
95

'87
86
86
80
91
'87

P88

88
87
91
89
'88

r96
90
90
88
91
101

*94
85
88
75
84
101

'97
92
98
83
83
101

95
90
95
82
83
99

'97
93
100
85
>"81
100

111
100
95
110
105
110
102
128
124
144
104
88
108
111

113
100
95
115
116
109
104
126
129
154
106
86
99
112

112
100
86
112
111
107
115
123
128
156
102
87
97
112

111
100
89
112
113
108
116
118
117
131
106
86
98
112

111
105
97
106
104
102
117
112
117
135
101
89
93
112

115
98
112
111
112
105
110
117
126
152
101
91
99
115

110
100
101
113
116
105
114
121
116
132
101
97
98
110

U4

109
100
86
109

98
103
60
113
108

97
96
61
114
126

97
99
67
121
108

104
102
78
132
123

100
99
84
114
114

113
99
84
131
201

108
103
72
148
154

103
107
106
93

106
103
109
97

103
100
107
95

111
102
119
99

110
104
117
100

115
98
127
99

103
101
106
99

Industrial

Production—Total...

Manufactures—Total
Durable
Nondurable
Iron and Steel

_

__

Pig iron
Steel ingots

__ _

Lumber _
_
Furniture
Stone,

Clay and Glass Products

Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass
Textiles and Products

Textile fabrics .
Cotton consumption
Rayon deliveries
Silk deliveries. _
Wool textiles
Carpet wool consumption.
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
Leather and

Products.

Manufactured

Food

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Products

Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk _
Meat packing
Pork and lard
BeefVeal... .
Lamb and mutton
Other manufactured foods
Alcoholic Beverages

Malt liquor.
Whiskey
Other distilled spirits
Rectified spirits

Tobacco Products

.

Cigars
Cigarettes
Manufactured tobacco and snuff..
r
1

113
115

c

130
140
135
136
132
C
114
113

c

181

C

*>172
P123

P167

P741

159
*190
P224
P315

PU2

141
155
218
146

137
P131

183

123
137

131
138

'139
136
145
155
74
142
141
158
135
146
142

134
130
138
154
69
134
125
152
124
146
134

P134

107
100
110
92
r
82
112

108
102
113
86
^86
113

107
102
115
88
80
110

P107

117
104
116
111

116
99
136
109

120
104
122
112

115
98
124
116

P118

105
P118
P114

105
115
130
121
147
95
92
95
109

108
114
136
127
152
101
98
106
118

106
117
128
133
159
106
102
110
116

110
118
139
134
165
107
97
109
120

119
123
139
114
121
110
86
112
116

118
124
131
126
145
109
94
112
P119

91
91
44
208
87

103
93
71
231
126

103
100
80
118
134

96
94
77
86
131

101
104
85
85
105

105
105
78
112
126

108
106
81
132
131

106
105
110
96

108
102
113
100

115
105
120
112

113
103
119
106

114
108
121
101

113
111
118
101

116
110
125
96

99
90
109
104
104
114
132
119
141
99
91
96
115

P131

142
PUQ
P66

136
131
152
122
157
134

111

c
Revised.
P Preliminary.
Corrected.
Includes also lead production shown under "Minerals."

344




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941

1940
Industry
Jan.
Paper and Paper Products
Paper and pulp
Pulp

123
123
138
Grouiiclwood D U I D
114
129
Soda pulp
160
Sulphate pulp
134
Sulphite pulp
121
Paper
Paperboard
. . 127
Fine paper
111
Newsprint production
106
Printing paper
119
119
Tissue and absorbent paper
121
Wrapping paper
120
Paperboard containers

Feb.

Mar.

Apr.

May

June

114
114
133
110
117
153
130
111
112
100
112
116
119
108
112

no
110
135
110
116
151
136
106
109
95
112
109
105
105
111

116
117
140
118
118
164
136
113
114
99
113
115
119
114
115

127
128
149
118
135
175
145
125
131
110
113
125
123
127
125

132
132
159

July

Aug.

Sept.

Oct.

Nov.

128
128
118
115
135
137
126
128

130
130
153
117
142
179
151
126
130
121
111
126
131
126
128

124
123
150
119
120
179
148
118
121
114
113
117
121
117

120
118
150
117
114
185
145
113
118
107
111
111
125
107

122
121
148
118
124
184
140
117
123
110
112
114
124
110

125
124
150
123
113
186
143
120
132
114
109
114
120
114

Dec.
130
131
159
119
142
200
148
••127
143
114
109
117
••131
120

Jan.
129
129
152
116
128
190
144
125
138
110
113
119
127
120

Feb.

134

Printing and Publishing 1
Newsprint consumption

109
98

108
100

106
103

108
101

115
106

120
106

114
102

110
104

108
104

109
104

110
106

112
107

111
103

P114

Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke__.

117
114
112
119
126
97
137
137
145

116
115
112
119
124
120
123
124

118
117
115
121
124
123
118
119
80

115
114
112
117
120
120
119
120

m

112
108
106
111
113
116
139
137
206

113
109
109
116
98
111
139
136

116
112
113
113
102
121
142
139
252

116
112
111
115
109
123
144
141
251

118
114
112
116
115
123
146
143
265

120
116
115
120
107
130
147
142
305

121
117
117
120
112
120
148
143
314

P121

113
111
113
118
126
123
123
101

115
112
110
113
122
116
132
131
142

Chemicals

113

m

116

117

114

116

121

123

P124

111

89
111

84
109

248
115

116
116
117
118
108

115
115
115
115
109

117
116
121
122
112

115
114
126
128
113

106
106
104
106
95

109
110
106
106
102

119
120
111
112
107

120
122
109
110
103

126
127
118
120
107

138

119
120
114
116
104

118
115

138
140
123
124
122

»o

119
120
110
112
101

Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes

105

148
144
295

150
152
128
128
130

118

114

117

119

117

118

120

113

116

113

117

118

118

P118

Fuels
Bituminous coal
Anthracite
Crude petroleum

117
119
111
116

112
104
78
118

114
109
84
120

116
120
83
118

114
120
82
116

116
116
113
116

117
121
129
114

112
121
112
108

m
• 105
119
114

109
98
91
115

113
112
94
115

113
115
105
113

114
117
98
114

P114
PIU
P102
J»115

Metals
Iron ore shipments
Copper
___
Lead
Zinc
... _
Gold
Silver

127
132
147
114
119
121
101

130
142
140
116
130
118
120

133
151
141
117
124
124
113

135
149
144
118
123
123
127

135
152
143
124
119
124
125

134
155
143
117
118
122
114

139
159
150
120
129
125
122

124
159
144
117
125
93
88

127
155
132
108
131
107
109

135
157
140
119
131
125
113

145
183
141
107
134
127
136

148
178
142
112
135
141
132

143
182
148
116
135
120
119

P144

Minerals—Total

_

185
151
140

r

Revised.
P Preliminary.
Includes also printing paper production shown under "Paper."
NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882.

1

APRIL

1941




345

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941

1940

Industry
Jan. Feb.
Industrial Production—Total _
_

_

Sept.

Oct.

Nov.

Dec.

Jan. Feb.

112

112

116

121

118

120

129

134

135

135

133

P138

114
121
108

112
121
105

112
120
105

116
125
109

122
134
112

118
127
110

120
128
114

130
144
119

136
155
121

137
158
121

139
'162
121

137
161
117

P142
^167
^122

14k
153
143

121
134
120

113
124
112

106
123
104

123
133
122

151
150
151

147
154
147

153
161
152

161
164
161

164
169
163

166
173
165

172
168
172

170
177
170

176
P172

123

126

126

126

129

129

135

142

149

153

164

168

P176

139
283

144
299
134
158
99
162

141
306
130
141
98
162

132
329
118
137
102
172

131
371
114
124
106
176

96
394

63
455

120
501
89
135
137
213

183
624
152
172
186
'263

P200
P741

23
130
124
202

184
590
161
153
163
219

186
671

70
117
116
185

167
544
142
141
152
229

151
176
204
280

161
P183
P229

129
131
132
135
116
109
113
146

130
127
131
128
116
113
118
148

131
126
126
133
118
118
125
143

141

154

127
127
133
133
122
130

131
129
143
156
127
140

167
138
138
147
173
133
145

172
'137
139
147
181
141
149

172
138
135
152
188
141
149

176
137
133
153
200
138
149

P181
P142

126
123
130

121
114
133

116

'113

P119
113
P131

282
130
133
102
144

.
._ _

.. .. _
_

Stone, Clay and Glass Products

_

Textiles and Products

... _

130
151
103
145

151
136
143
136
153
121
135
169

139
130
130
138
139
101
125
163

134
133
137
137
129
100
120
151

129
135
139
137
116
106
114
141

98
93
109

101
96
113

107
104
113

109
109
108

114
117
108

116
119
110

111
112
107

123
126
118

132
134
127

132
132
133

90
69
70
60
96
104
129

83
60
50
49
53
109

101
88
71
66
84
117
111

114

129
140
131
134
126
119
91

129
143
146
153
129
117
79

127
136
147
149
140
121

133
141
150
153
142
124

•139

142

115
103
102
107
116
96

150
161
162
161

66

93

•118
118

154
154
160
140
C
119
127

136
145
147
149
141
'115
129

101
100
115
132
66
77
98
80
76
72
71

97
95
110
127
60
73
91
63
73
72
68

100
97
109
127
55
85
91
82
86
90
80

101
98
108
131
51
88
77
88
92
93
88

105

111

118

102

107

116

126
124
129
144
77
129
124
145
121
150
121

137
134
139
151
87
140
126
162
129
154
143

'89
86
86
79
94
'91

'86
86
85
86
'88
'86

88
87
85
90
91
'89

91

82
82
83
83
'98

'104

102

89
94
81
84
111

r98
93
101
'82
'80
'102

98
101
114
87
79
96

99
104
'115
88
'87
'95

106

C

C

125

124
125
120
133
c

123

110
100

P172

P305

139
158
209
149

P112

102

lll
141

nio

144

120
131

140
136
142
'153
79
146
131
163
135
160
150

137

PI 43

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes

Manufactured Food Products

Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese.
Canned and dried milk
Meat packing .
Pork and lard
Beef .
Veal
.
Lamb and mutton.
Other manufactured foods
Beverages

Malt liquor
_
Whiskey.
Other distilled spirits
Rectified spirits
_
_ .

Cigars
Cigarettes
Manufactured tobacco and snuff

115

'107

'109

'100
91
95
79
91
'106

'106

120

100
101
79
72
52
88
73
97
146
187
104
85
113
97

99
99
93
84
69
94
82
107
124
154
95
76
99
98

100
97
95
95
86
95
94
120
116
140
93
82
94
98

101
94
98
112
108
107
113
133
111
124
99
85
95
98

107
95
95
143
142
132
154
161
117
135
101
93
95
102

116
92
116
168
179
147
169
173
123
148
99
92
94
110

120
99
116
164
195
128
147
148
109
119
102
96
93
117

131
100
95
144
168
114
128
136
102
106
100
92
95
136

132
115
102
111

126
113
113
88

116
103
112
75

115
100
98
73

103
99
103
76

104
P115

104
119
120
112
117
107
101
107
140

95
107
109
127
143
110
108
113
132

84
89
90
151
191
111
104
107
117

87
82
96
159
212
107
92
104
115

95
89
106
133
157
110
83
118
103

101
96
112
122
145
98
83
112
P103

81
82
80
74
79

Products

120
115
125
147
72
107
105
105
100
101
118
rlOO
102
105
95
99
'99

Textile fabrics
Cotton consumption _ .
_
Rayon deliveries
Silk deliveries
_ .
_
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
_
_
Worsted yarn
Woolen and worsted cloth

Tobacco Products...

Aug.

113

.

Nonferrous Metals and Products
Nonferrous metal smelting1
Copper smelting
Zinc smelting
Copper deliveries _.
Lead shipments
Zinc shipments
Tin deliveries
Lumber and Products _
Lumber
Furniture
_

Alcoholic

July

123

__

Transportation Equipment
Aircraft
Automobiles _ . _ _ _
Railroad cars
Locomotives
Shipbuilding

Leather and

June

118
128
109

__ _

Cement
__
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass

May

- _ _ 137

Durable
Nondurable

Pig iron _ _
Steel ingots
Machinery

Apr.

117

Manufactures—Total
Iron and Steel

Mar.

84

94

106
111
86
79
110

107
117
84
68
100

120
126
67
77
161

112
127
40
70

89
106
24
100

108
94
56
317

130

68

134

108
82
76
314
174

104

95
83
79
103

77
96
181
207

93
81
98
105
140

87
84
104
73

97
92
99
97

105
97
111
98

112
102
119
101

124
104
140
101

112

110

105
119
101

118
117
121
108

115
123
114
105

98
83
108
89

108

108
116
97

120
127
118
115

98
86
107
90

111
123
141
65
102
118
99
97
97

102
104
111
'92
96

82
79
69

109
98
90
103
96

101
109
134
51
98
67
108
102
107

108
114
137
57
109
101
113
108
120

89
93
87
81

'114

115
120
138
65
120
111
137
119
130

r

133
144
150
72
136
119
149
125
150

142
104

152
P143
P&7

149
143
165
134
163
153
P116

103
116
87
80

92

90
119
98

94
90
106
79
113
108
96
118
95

c
' Revised.
P Preliminary.
Corrected.
Includes also lead production shown under "Minerals."

1

346




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941

1940

Industry
Mar. Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

114
114
138
118
119
154
139
110
113
102
112
114
106
108
113

119
120
144
132
122
164
138
116
116
108
113
119
121
115
115

127
128
150
131
135
175
145
124
128
114
114
127
122
124
123

130
131
157
120
147
184
154
127
128
116
116
132
135
123
127

124
123
147
104
133
175
144
120
123
110
108
118
124
122
125

123
121
148
101
120
179
148
117
123
107
110
113
121
116

124
120
147
102
115
185
145
116
125
102
111
110
131
108

127
124
150
110
124
188
143
120
130
110
112
115
129
113

124
124
151
126
113
186
144
120
132
110
112
113
119
114

123
124
154
124
138
190
144
1-120
127
112
110
116
126
116

128
127
153
121
128
191
144
123
132
111
113
119
123
120

109
99

111
107

114
108

119
110

119
107

103
88

102
91

108
105

113
111

112
111

112
109

109
98

P115

115
113
109
120
122
121
125
125
120

114
113
109
119
123
125
120
120
100

115
114
111
115
125
123
118
120
76

115
113
111
113
123
126
122
123
76

116
113
112
112
122
113
131
131
116

113
109
109
109
111
•110
135
134
171

114
110
112
114
97
107
138
136
198

118
114
116
114
102
119
141
139
209

118
114
114
116
109
123
144
141
259

119
115
113
• 117
115
126
147
143
292

119
115
112
122
106
131
149
142
357

120
115
113
123
108
126
150
143
367

P120

Jan.

Feb.

Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper.
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Paperboard containers

120
122
139
118
129
161
134
122
112
106
119
116
121
114

116
118
137
114
121
158
134
115
115
106
111
119
124
112
110

Printing and Publishing l
Newsprint consumption

106
93

Petroleum and Coal Products
Petroleum refining
Gasoline.__ _
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke ._.
Beehive coke

116
112
108
122
122
102
138
137
170

Feb.

138

104

152
145
398

Chemicals

111

111

113

114

113

110

110

112

116

120

120

122

121

Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes.

122
123
110
112
101

117
117
114
116
104

116
116
117
118
108

114
114
115
115
109

117
116
121
122
112

115
114
126
128
113

106
106
104
106
95

109
110
106
106
102

122
123
111
112
107

120
122
109
110
103

129
131
118
120
107

131
133
118
118
115

142
144
123
124
122

147

Minerals—Total

115

112

110

111

118

118

121

117

124

122

119

114

113

P115

Fuels
Bituminous coal
Anthracite
Crude petroleum

120
133
128
114

116
121
86
117

114
104
86
121

113
100
89
121

113
102
90
119

111
100
104
116

111
106
101
114

109
111
83
111

115
124
100
114

112
110
97
114

115
128
96
111

116
127
112
111

117
130
114
111

95
14
150
119
127
109
130

148
213
141
122
119
117
120

161
288
140
116
116
97
114

179
315
133
112
121
134
113

164
308
135
114
118
100
91

171
301
136
112
127
121
107

184
294
146
117
131
156
115

147
162
147
114
135
146
135

102

91

P92

146
118
139
141
133

145
116
137
112
118

154

Metals
Iron ore shipments
Copper
Lead
Zinc.
Gold
Silver

_ „

.

___ _.

88

89

87

144
114
121
113
100

142
116
132
109
123

144
115
130
103
118

149
128
128
130

P119

P133
P114

142

r
Revised.
P Preliminary.
1 Includes also printing paper production shown under "Paper."
NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882.

APRIL

1941




347

FACTORY EMPLOYMENT, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937.*

1923-25 average=100]
1941

1940
Industry and group
Jan.

Total*

Feb.

Mar.

Apr.

May

June

107.6 105.8 104.0 102.8 102.8 103.9
97.7
97.9
102.5 100.2
98.6
99.0
__ _ . 112.4 111.1 1 0 9 . 2 107.6 107.4 108.5

Durable goods*
Nondurable goods*

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
Wire work

110.5
122
117

Machinery
.
__ __
Agricultural implements
Cash registers, etc.
. -.
Electrical machinery. _.
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters

113.4

Transportation Equipment
Aircraft
Automobiles
.
Cars, electric-, steam-railroad
Locomotives
Shipbuilding

114-3

75

107
72
104
83
160
86
93
75
101
96
172

133
127
103
133
98
197
144
86
123

2,298

111

57
30
140

107.0
117
113
78
103
71
101
81
161
85
91
75
100
96
162
113.6
137
128
102
134
98
204
144
85
119

102.7
110
112
76

101
67
98
81
158
85
91
72
99
93
161

113.3
136
•128
102
132
97
209
145
85
115

July

107.3
120
110

111.1
123
116

112.9
123
119

76

78

81

104
74

107
77

120.0
139
129

122.5
141
132

107
175

111
181

101.2
109
105
76
101
66
95
82
153
84
88
71
97
92
156

113.4

113.4 114.9 116.6
133
136
136
130
130
128

133
128
102
134
97
215
153
84
114

101
142
96
220
155
82
113

103
152
97
228
144
79
112

104
70
84
84
157
87
95
75
100
95
139

104
165

103
247

145
77

145
76

138
79

116

119

123

106.0
173
124
92
96
84
70
86

108.2

110.7

177
128
94
99
86
68

185
132
95
100
81
71
89

70.0
91
63
63

68.1
90
62
61

67.2
90
61
60

67.9
90
60
61

67.4

67.5

90
61
60

89
62
60

85.8
Stone, Clay, Glass Products
Brick, tile, terra cotta
_ _ . _ _ _ 66
68
Cement..
111
Glass
46
Marble, granite, slate _
95
Pottery..

80.8
61
66
103
48
93

80.0
59
65
105
45
90

79.8
59
68
104
45
89

78.9
58
66
103
47
88

79.8
58
67
103
47
91

Textiles, Products
Fabrics
Carpets, rugs
__ _ __.
Cotton goods _ _
Cotton small wares
Dyeing, finishing textiles
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 _ _ _

102.7
93.1
83
93
83
124
90
145
68
77
134
66
81
120.0
107
169
114
120
83
125

99.1

96.6
87.8
79
89
76
121
65
139
60
74
130
65
70
112.4
100
156
111
115
78
122

96.3
87.7
76
88
76
123
68
134
61
72
127
67
73
111.6
98
158
113
114
72
121

96.8

Lumber,

_.

Furniture
Lumber, millwork. .
Lumber, sawmills

.

72.0

Products

_ _ . . __
. . . __

94
65
65

95.0
85
94
88
127
91
145
62
80
142
71

85
121.3
110
167
117
120
79
132

Oct.

116.1
125
121
84
109
81
105
90
188
97
98
84
99
105
189
126.6
143
132
116
195
107
257
134
81
126

Nov.

Dec.

Jan.

Feb.

114.2 116.6 118.3 118.4
114.6 117.5 121.1 121.8
113.8 115.7 115.6 115.2
122.4
130
135
89
110
88
113
97
196
103
108
91
104
115
207

124.6
133
139
88
110
90
113
99
191
106
113
96
107
121
206

125.3

130.9 '135.9
140
143
134
136

141.3
147
136
131
237
118
286
155
89
131

143.0
140
140
135
237
119
299
162
92
108

118.9
127
128
89

110
83

109
94
190
100
100
86
103
110
201

r

120

212
110
265
142
83

128

126
'219
114
275
149
86
130

132
144
92
108
94
114
98
198
108
107
100
110
126
207

150.4
154.1
110.7 120.9 130.2 140.2 143.7
112.1
111.2
112.5
111.8
111.6
2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881
4,243
4,447 '4, 731 5,082 5,444
124
116
126
123
107
97
123
106
107
102
125
107
105
55
64
75
71
51
54
61
50
67
58
60
52
49
42
52
55
36
31
30
33
46
27
39
29
28
204
244
260
175
187
146
186
220
148
164
195
154
148
105.9
170
125
90
96
85
70
86

173
137
92
95
95
74
87

102
89
179
92
95
81
96
101
170

101
247

106.6
168
127
91
95
84
70
87

111.7

...

98
87
169
91
96
78
98
98
152

98
237

107.5
170
128
91
93
88
71
87

Nonferrous Metals, Products
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry.. _
. . .
Lighting equipment
Silverware, plated ware
Smelting, refining
__

Sept.

105.1 107.4 108.9 111.4
100.4 104.3 107.4 111.2
109.6 110.2 110.3 111.5

100.8
107
108
75
102
67
97
82
155
85
89
71
98
93
158

103.7
115
104
75
102
66
82
83
153
85
91
73
100
92
151

Aug.

88.6
78

89
77
123
84
139
65
77
133
65

71
118.8
107
167
113
120
83
122

87

88.0
70
89
76
119
74
133
65
72
131
64

81.3
60
66
105
45

94
100.2
91.3
71
91
77
125
85
136
69
76
138
63

77
112.5
102

85
116.
105

158
113
111
71
116

166
106
120
71
116

115.7
193
140
98
99
92
70
92

118.6
196
147
100
94
100
72
92

122 t
200
153
101
96
103
74
94

126.3

69.0
90
63
62

70.6
91
65
64

71.3
91
68
64

73.6

81.8
60
69
107
45
94

83.0
61
70
109
46
94

84.7
61
72
112
46
96

88.4
65

101.1
92.6
72
93
79
128
83
138
72
75
147
62
86
116.1
104
164
112
125
73
118

101.9
93.5
75

102.6
95.2
79

94
81
129
84
138
69
74
151
61

90
116.5
104
165
112
126
78
119

95
82
129
80
140
70
75
153
63

93
114.8
102
164
112
122
74
117

207
162
101
98
105
75
94
93
71
66

74
117
45

100
105.3
97.7
82
97
87
129
84
141
71
76
151
65
99
118. 0
109
168
114
118
68
117

129.4
209
168
102
102
106
76
96

133.4
216
173
107
103
110
77
98

134.8

75.2
96
72
67

76.3
97
74
68

7-5.3
98
72
67

r68 ^
76
117
46
105

94.5
75
75
120
46
108

92,4
73
76
115
47
108

107.3
98.8
85

107.0
99.0
84
100
93
134
82
142
69

107.2
98.7
82
99
90
132
85
144
74
77
149
64
98
121.9
115
170
114
116
69
122

99
92
132
82
144
69
81
144
63

98
122.
114
166
114
116
76
131

211
176
108
106
111
77
100

78

142
64
98
120.4
111
166
113
118
82
125

r
Revised.
NOTE.—Figures for February 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for
October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.
* Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN
or February 1941, p. 166.

348




FEDERAL RESERVE

BULLETIN

Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1940

Industry and group

Jan.

Mar.

Feb.

Apr.

June

May

1941

July

Aug.

Sept.

Oct.

Nov.

97.3
96
87

95.5
94
85

93.8
93
83

91.9
90
82

87.9
86
81

89.6
88
81

90.9
89
81

89.1
87
82

89.9
88
81

91.1
90
82

93.8
92
84

130.7
144
280
95
149
85
80
79
108
162
94

130.8
144
278
96
155
86
80
79
109
102
93

130.3
145
275
96
152
83
80
80
110
102
97

128.8
144
274
97
150
82
79
79
107
98
94

129.1
145
273
98
147
84
81
76
107
99
95

131.9
146
278
97
161
83
80
77
109
102
96

129.0
146
268
96
137
86
79
75
111
99
97

129.8
146
272
96
146
88
79
76
108
106
93

126.9
144
265
96
130
86
79
75
109
110
91

129.9
144
271
96
152
86
78
79
110
100
95

132.4
144
281
102
152
90
78
81
114
102
95

64.2
62
65

62.7
60
63

64.3
60
65

65.0
59
66

63.2
59
64

65.2
59
66

62.8
58
64

63.0
56
64

63.7
57
65

63.3
57
64

Paper, Printing.
_ __ _ _ .
Boxes, paper
Paper, pulp__.
_
_
Book, job printing
Newspaper, periodical printing

115.5
121
114
102
114

114.7

114.8
116
113
100
117

114.3

118
113
100
116

115
112
101
116

115.3
116
115
100
117

115.7
118
116
100
116

116.5
119
117
101
116

116. 4
119
117
100
117

115.7
117
117
100
116

116.1
117
115
102
116

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 _ _ _ _ _ _ _
___

121.5
122
121.3
138
94
119
104
105
127
310
86

120 6
122
120.3
138
87
118
108
99
124
309
84

120 0
123
119.4
137
84
117
109
102
124
304
81

121 1
122
120.9
136
97
119
116
109
123
312
81

122 0
122
121.9
137
94
122
120
119
121
311
82

122 4
123
122.3
138
83
120
127
120
122
315
82

121.7
122
121.5
138
78
119
133
114
124
308
83

122.2
122
122.2
141
75
117
139
113
126
306
85

121.7
121
121.8
141
62
116
145
107
127
309
86

122.9
121
123.5
143
92
114
141
107
125
310
86

90.2
59
74
152

87.9
57
73
145

86.7
56
72
142

83.9
57
70
136

83.5
56
69
138

84.2
57
69
140

84.7
56
69
141

87.0
54
71
149

89.7
54
73
155

91.6
57
74
157

Dec.

Leather,

Manufactures

Boots, shoes __
Leather

Food, Products

Baking
Beverages
Butter

__ _ _

__

C a n n i n g , preserving- _
Confectionery

____
___ .

Flour,
._ _
Ice Cream
Slaughtering, meat packing _
Sugar, beet
Sugar refining, cane
Tobacco

Manufactures

Tobacco, snuff
Cigars, cigarettes

Rubber Products
____
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

__
_

Jan.

Feb.

94.3
93
85

93 3
91
85

93 2
91
86

135. 6
144
284
'101
157
91
78
81
121
146
97

132.9
143
281
98
148
89
78
80
112
223
92

131.0
145
278
99
145
89
77
81
111
144
90

63.4
55
65

64.7
57
66

66.3
57
68

65.1
54
66

116.8
120
116
101
118

117.7
122
116
102
119

117.4
123
116
103
117

117.6
122
117
101
118

126 6
120
128.2
154
103
116
151
104
130
310
88

127 4
120
129.2
157
95
118
163
100
130
313
90

99.0
67
78
171

100.5
68
79
174

r

r

124.1
120
124.9
147
'101
113
144
107
127
311
82
93.6
60
75
160

120
126.4
151
113
'147
103
128
314
87
96.8
64
77
167

••Revised.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]

Year and month

1929—average..
1930—average. .
1931—average..
1932—average..
1933—average..
1934—average..
1935—average..
1936—average..
1937—average..
1938—average..
1939—average..
1940—aver age _
1939—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1940—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1941—Jan. ._ .
Feb

Total
nonagricultural
employment 12
36,448
34,177
31, 256
28, 035
28, 222
30,632
31, 804
33,868
35, 560
33, 266
34, 383
r
35, 473
33, 537
33, 600
33,886
34,356
34, 350
34, 630
35, 240
35, 546
35, 418
35, 641
34, 475
34, 381
34, 578
34, 607
34,898
35,146
35,176
35, 617
36, 233
36, 572
36, 685
r
Z7, 305
36, 319
36, 584

Employees in nonagricultural establishments

Total 2

30, 589
28, 346
25, 531
22, 452
22, 672
24,877
25, 965
27, 824
29, 442
27,133
28, 240
'29, 330
27,394
27,457
27, 743
28, 213
28, 207
28,487
29,097
29,403
29, 275
29,498
28,332
28, 238
28,435
28,464
28, 755
29,003
29,033
29,474
30,090
30,429
30, 542
'31,162
30,176
30, 441

Manufacturing
10,203
9,087
7,751
6,571
7,036
8,112
8,641
9,350
10, 273
8,731
9,304
9,887
9,086
9,073
8,985
9,025
9,035
9,263
9,587
9,866

9,698
9,699
9,652
9,557
9,511
9,545
9,554
9,878
10,184
10,373
10, 434
10, 553
10, 495
10, 671

Mining

1,064
982
847
706
714
844
855
896
949
834
791
847
819
546
653
793
787
807
823
871

Construction
1,806
1,422
1,236
821
755
840
908
1,211
1,148
1,001
1,241
1,337
1,017
1,157
1,280
1,375
1,413
1,440
1,440
1,389
1,310
1,178
1,012
939
991
1,118
1,249
1,321
1,378
1,443
1,511
1,654
1,709

Transportation and
public
utilities
3,878
3,647
3,221
2,789
2,647
2,727
2,762
2,944
3,102
2,835
2,934
3,024
2,840
2,866
2,895
2,953
2,963
2,977
3,035
3,068
3,023
2,976

Trade

6,404
6,065
5,530
4,914
4,941
5,476
5,941
6,233
6,012
6,144
6,266
5,957
6,058
6,092
6,153
6,073
6,065
6,241
6,302
6,329
6,687

Financial, service, and
miscellaneous

Government 2

4,147
4,028
3,782
3,471
3,422
3,627
3,771
3,978
4,144
4,059
4,119
4,173
4,024
4,096
4,146
4,182
4,186
4,183
4,220
4,160
4,121
4,125

2,935
6,062
4,078
853
2,941
6,026
4,084
854
2,940
6,201
4,100
849
2,956
6,122
4,160
835
3,000
6,197
4,202
845
3,032
6,254
4,214
838
3,059
6,159
4,218
837
3,081
6,168
4,226
839
3,120
6,321
4,255
846
3,121
6,362
4,187
856
3,065
6,433
4,167
853
3,039
4,180
855
n, 720
3,012
852
4,142
1,623
6,165
3;015
6,170
1,657
4,155
857
NOTE.—Compiled by Bureau of Labor Statistics. Figures for February 1941 are preliminary. r Revised.
1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural
2
Excludes military and naval forces.

APRIL

1941




3,087
3,117
3,166
3,180
3,156
3,251
3,359
3,504
3,593
3,662
3,708
3,797
3,651
3,661
3,692
3,732
3,750
3,752
3,751
3,747
3,725
3,758
3,694
3,695
3,702
3,716
3,751
3,799
3,828
3,839
3,853
3,876
3,881
3,931

3,887
3,916

Military
and
naval
forces
262
263
260
254
252
258
269
301
322
335
369
573
345
351
355
364
376
373
376
386
402
422
435
450
457
461
464
474
516
549
634
733
822
884
958
1,145

establishments.

349

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; iid justed to Census of Manufactures through 1937.* 1923-25 average=100]
Factory payrolls

Factory employment

Jan.

Total*

Durable goods*.
Nondurable goods*

__

Feb.

Oct.

Nov.

Jan.

Dec.

Feb.

100.9

123.6 '125. 8 '133. 0

110

131

135

142

124
65
93
86

126
68
91
84

150
85
106
102

162
89
108
106

178
97
114
119

171
93
107
124

122
88

128
93

209
106
101
79
104

'226
108
100
86
113

130
91
213

130

131

128
86
112
83

135
87
110
88

139
88
108
91

145
90
109
95

113
P8
189

115
99
199

Machinery
_ _
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools _ _ ._ . . _
_
Radios, phonographs
Textile machinery...
Typewriters

104
82
158

114
76
104
72

101
82
161

105
91
189

109
94
190

102
106
87
100

107
100
96
103

113

124

136

140

226

235

242

238

142.3
144
140
135

119.1
156
129
112

119.3
164
131
112

145.3
159
142
138

234

162

172

263

95
259
122
84
111

94
271
113
81
110

149.3 '162. 9
160
171
144
148
145
158
'275
'306
115
127
394
355
156
163
80
91
166
147

112

117

121

126

191

204

207

206

112. 4
135
126
102

113.1
141
128
102

139.9
150
136
130

125

133

127.3 '131.2
135
137
132
134
116
121
190
'201
107
110
266
258
164
159
80
83
127
131

97
197
136
86
123

98
205
126
86
118

116.7 116.1 139 5 146.0 '149.
2,275 2, 303 4,116 4,402 4,684
116

113

125

129.9 '131.2
209
210
162
168
106
107
111
'105
110
110
79
80
95
97

131.2
213
172
106

134.4
212
176
108

108.7
193
150
93

103.4
195
136
95

136.3 '141.7
259
250
202
190
122
119

73

69

74.4

73.7

71.3

71. 7

97
72
65

94
70
63

96
70
63

75
47
51

77
47
52

91
58
65

88.9
66

'88.7

85.8
65

86.5
63

66.9
43

65.3
40

83.0
55

91

_ _ _

...

__.

66.7

74-4

89
61
59

97
69
67

77.7
57

._

.

67.3

75.5
53

87.5
65

58
106
39

55
103
43

92

93

103.5
95 9
82
96

105.5
95 5
82
96

88

85

130
91

130
92

144
59
75
137
73
87

145
68
77
135
69
85

116.1
106
162
115
112
79
120

123.7
110
176
116
121
90
125

151

50
40
244

89

90
62
60

149

54
27
150

126.1
203
155
105
111

132

119

97
71
66

129

66
46
221

76
113
48

74
117
46

72
117
45

98

102

106

104.5 105. 5 107.0
96.1
98.7 100.4
82
82
80
101
98
95
90
87
83
129
132
134
80
82
84
145
146
143
73
71
75
77
77
76
150
148
157
65
65
65
101
94
99
118.9 116.2 117.2
104
105
108
164
165
172
113
113
113
123
128
128
61
61
76
121
122
122

108
87
89
112
167.5
181
151
163
331

129
414
144
98
141

174-9
174
168
172
345

135
449
144
105
121

152. 6 158.5 119.8 120.1 163.3 166.1 '169. 2 176.1 191.7
5,031 5, 389 2,197 2,184 4,639 5, 013 '5, 356 5,912 6, 525
47
27
148

107.2
171
128
91

107
77
95

112
352
164
79
163

120

62
42
204

88
71
87

119
300
142
93
107

69
53
255

56
39
197

93
72
87

117
286
147
89
131

69
49
240

130

59
29
143

53
28
138

2

223

103
106
80
113

r

96

106

'136.0
143
135
126
r212
114
276
158
86
132

76
75
60
93

119
85
218

144
183
97
112
128
135
95
232
115
97
94
112
151
254

175

96

162

103
95
93
100

101
71
162

136.3

140

207

96

172

103
104
90
99

109
71
160

ISO. 7

74
65
63
97
98
189

99
106
86
101

109.8
170
136
91

Textiles, Products
Fabrics
Carpets, rugs
Cotton goods _ _
Cotton small wares _ .
Dyeing, finishing textiles
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

113
97
196

122.1

84
86
72
93

83
78
73
94

.

Feb.

119

127

121
84
111
80

__

Jan.

106. 2

119.3 '121.5

125

Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement. _
Glass
Marble, granite, slate
Pottery..

Dec.

133

117.1

117

117
74
105
72

. . . .

Nov.

124.8

106.7

Lumber, Products... . .
Furniture
_. ._
Lumber, millwork
Lumber, sawmills

Oct.

99.3 116.2 116.4 122.4 720.7 126.4
97.8 123.4 125.1 131.6 131.0 138.6
101.0 108.1 106.6 112.1 108.0 112.6

121

. . .

Feb.

99.8
99.3
100.4

108.3

Nonferrous Metals, Products
Aluminum _ __ __
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining _.

Jan.

105 0 105 0 113.8 114 7 116 2 115 5 117.7
99.2 112.8 115.5 117.6 118. 3 120.8
100.1
109.7 110. 5 114.8 113.9 114.9 112.7 114.7

Iron, Steel, Products
Blast furnaces, steel works
Bolts, nuts, w^ashers, 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

Transportation Equipment
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives..
Shipbuilding

1941

1940

1941

1940

Industry and group

128

97

108
75
98

103

111
76
100

74
61
87
58.8

71
59
86
60.0

65
114
39

66
115
42

51
113
24

48
108
29

105

108

81

84

106. 4 110.0
99.7 101.6
84
82
102
101

87.5
84.8
72
89

92

95

81

135
82

140
84

110
85

143
66
77
140
65
100

143
69
78
142
67
103

116.8
110

124.1
114

162
112
108

173
115
118
88
125

75
119

146
47
66
112
57
73

87.5
80
114
112
95
59
98

91.3
84.2
71
87
75
109
84

151
57
69
108
54
72

99.8
86
134
118
113
77
108

98

97
78
93
73.7

54
44
239

94

100
'83
96

145

148

62
50
'288

64
55
308

'149. 8
264
219
120

146.2
266
221
115

97

82

102
'87
103

99
71
101
68.1

70.0

93
60
60

84
58
59

90
58
60

82.2
54

'85.6
57

79.4
55

81.5
53

72
138
33

61
131
27

93

96

101

94

111
'67

92.3
90.9
73
92
87
114
73

158
66
72
136
52
88

160
64
73
130
52
89

94.8
77

131
124
134
55
115

151.4
270
226
123
90
105
72
104

71.5

90
58
61

73
131
32

83

66
62

335

70.9

76
130
37

93.2
89.5
73
90

160

'89.5
76
120
121
140
41
113

97.6
95.6
76
98

95.1
93.1
75
97

92

93

121
82
160

120
80
149

62
74
130
54
96

56
73
125
53
94

95.6
86
126
123
133
42
115

93.2
87

120
116
103
55
104

62
135
30
100

103.7
98.3
79
101
100
129
92
156
60
76
127
56
100

108.0
96
143
127
124
77
118

' Revised.
* Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN
for February 1941, p. 166.

350




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
Feb.

Leather, Manufactures

Boots, shoes
Leather

!___

Food, Products
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes

97.4
96
87
119.5
141
255
89
91
83
79
66
112
70
90

87

Oct.
90.0
88
82

118. < HL,
142
146
254
271
89
96
92
202
84
102
79
81
67
74
109
110
38
267
92
95

59.0
63
58

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

115.1
117
114
103
114

114-6
115
113
101
115

117.6
124
115
103
118

121.0
122
120.9
136
105
119
104
105
124
314
84
90.0
59
74
150

Paper, Printing
_..
._
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.__

61.7
62
62

1941
Nov.
87.0
84
84
132.5
146
263
99
123
102
79
71
116
277
94

Dec.

Jan.

1940

Feb.

Jan.

Feb.

121.2
141
256
92
91
87
77
68
116

119.1
143
255
91
85
87
77
68
111
53

56
65

Dec.
78.5
73
90

128.8
138
302
82
101
100
72
61
119
288
84

132.4
138
299
84
93
103
73
61
137
265

66..
67

117.0 115.5
132
139
131
284
314
279
78
82
75
171
81
78
103
81
80
74
78
73
64
56
57
116
119
111
217
44
63
83
71
77
54.0
69
52

Nov.
68.5
63
83

82.6
80
83

90.6

144
260
'96
103
101
78
69
125
236
94

Oct.

1941

67..
70
67

116.8
136
132
93
110

142.1
44
132
139
145. 9 145.2
188
188
114
131
131
131
199
199
86
81
137
139
336
334
108
106

1U-4
132
148.3
194
100
134
205
91
142
337
114

118.5
126
116
103
119

119.9
125
116
105
121

117.0
118
116
104
116

117. 5 119.0 108.6 115. 2 115.4 '120. 8
144
145
142
122
119
119
124
129
124
118
117
117
91
92
87
103
112
106
108
117

121.0
121
121.1
136
98
119
106
109
123
313

125.3
'125. 8
121
121
120
126.3 '126. 7 127. 2
150
146
148
129
131
133
116
118
116
149
145
147
95
92
97
126
126
125
315
311
315
85
85
89

126.1
119
127.8
152
116
116
151
104
126
314

127.9
119
130.1
155
107
120
160
110
129
318
90

57
73
145

74
161

914

61
75
163

97.5
67
•77
167

78
169

100.8 94.1
68
56
79
86
175
145

131.4
134
130.4
160
89
130
128
84
128
321
100

139.7
133
136
140.3 141. 7
176
182
128
129
133
131
181
187
82
77
136
136
323
331
107
100
99.5

53
81
135

162

120.0 119.3
138
135
292
289
81
80
76
79
90
87
72
73
60
59
113
120
52
85
70
73

115.5
132
128
95
108

58
61

131. 0
134
130.3
160
100
129
121
83
129
320
100

91.1
89
92

61.9
63
62

57
67

66

87

Feb.

59 .1
67
58

56

51

Jan.

102.0 111.1 111.0 113.9
75
79
81
98
97
185
174

r
Revised.
NOTE .—Figures for February 1941 are preliminary, Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are
for payroll period ending nearest middle of month.

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]

Average hours worked per week
Industry group

1939

Average hourly earnings (cents per hour)
1941

1940

1939

1941

1940

Dec.

Jan.

Sept.

Oct.

Nov.

Dec.

Jan.

Dec.

Jan.

Sept.

Oct.

Nov.

Dec.

Jan.

Total

38.6

37.4

38.8

39.3

38.6

39.8

39.0

66.2

66.3

67.1

67.3

67.8

68.3

68.9

Durable goods

39.6

38.1

40.2

41.0

40.2

41.2

40.6

72.7

72.7

73.7

73.9

74-4

74.9

75.8

Iron, Steel, Products
Machinery
_ _
_ _
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products
Stone, Clay, Glass Products

39 4
41.3
38.5
40.9
38.6
37.5

37 6
40.4
37.4
39.2
36.9
35.1

39 2
41.8
40.0
41.5
39.9
37.4

39 9
42.4
41.6
42.0
40.7
38.1

39 6
42.0
40.4
41.4
38.9
37.1

41 0
43.6
40.2
42.7
39.5
38.2

39 8
43.2
40.4
41.4
38.9
36.5

77 2
73.2
90.1
70.3
51.3
66.0

76 6
73.5
89.4
70.1
51.2
66.4

77 9
74.6
90.0
71.0
52.5
67.2

77.8
74.9
89.8
71.2
52.4
67.1

78.1
75.2
90.2
72.7
52.6
67.1

78.0
76.1
90.0
73.8
52.8
68.0

78.6
76.8
91.1
74.1
52.9
68.4

Nondurable goods
Textiles, Products._
Fabrics. .
Wearing appareL. 1 _ _ _
_
Leather, Manufactures
Food, Products
_ _ _
_
Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining.
Rubber Products
_

37.7

36.9

37. 5

37.6

37.1

38.4

37.3

60.5

60.7

61.1

60.9

61.3

61.7

62.0

35.9
37.2
33.5
35 7
40.5
35.8
39.4

34.8
36.0
32.5
37 2
39.6
33.3
38.1

35.7
36.4
34.4
34 8
40.3
37.8
38.4

35.9
37.3
33.4
34 3
40.0
37.6
38.7

35.5
36.8
33.0
33 0
39.3
37.2
38.4

36.7
37.9
34.3
36 5
40.6
38.1
39.3

36.7
37.9
34.4
37 3
39.0
35.7
38.6

49.7
47.9
53.3
53 7
63.3
48.9
78.3

49.9
48.1
53.4
53 4
64.1
49.6
78.3

51.4
48.7
56.3
55 8
60.3
48.7
79.2

50.9
48.7
55.2
55.3
61.0
48.4
79.2

50.4
48.7
53.9
55.5
63.2
48.6
79.3

50.7
48.8
54.4
55.2
64.1
49.0
79.9

51.2
49.2
55.2
55.5
64.9
49.8
79.6

39 0
36 4
39.8
38.1

38 4
35.5
39.4
36.6

38 9
36 1
39.8
37.5

39 3
36 4
40.2
38.0

38 8
35.7
39.8
37.9

39 6
37 3
40.4
39.7

38 9
35 7
39.9
39.2

75 1
97.2
67.5
77.6

75 6
97.4
68.0
77.6

77 3
98 3
70.0
78.0

75.7
97.2
68.7
77.4

76.5
97.6
69.6
78.1

76.6
96.8
70.1
78.4

76.9
97.0
70.4
78.0

1

Beginning with October 1940, figures are not comparable, because of expansion in reporting sample.

APRIL

1941




351

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.]
Nonresidential building

Factories

Month
1940

January
February _
Miarch
April
May
June
July
August
September
October
November
December
Year _

1941

1940

1941

196.2
200.6
272 2
300 5
328.9
324 7
398.7
414 9
347 7
383.1
380 3
456.2

__ __ _

Public works
and public
utilities 1

Residential
building

Total

305.2
270.4

77.4
74.9
121 7
135 4
145.9
135 3
140.4
153 0
152 4
148.5
152 8
159.3

111.3
116.5

4,004.0

Commercial

1941

1940
12.9
15.4
21 8
23.5
23.2
15 2
49.5
39 6
38.0
47.1
79.0
77.3

1940

442.4

1, 596. 9

1941

15.9
20.2
23 1
24.0
26.1
33 1
38.9
28 6
27.1
29.4
24.9
27.1

55.9
37.8

Educational i
1941

1940
6.1
8.1
9 3
17 4
15.3
14 3
16.5
14 4
9.8
18.6
8 5
8.9

26.9
20.9

11.6
7.9

147.2

318.3

Other i
1940
17.7
26.9
19 6
24 0
25 6
29 4
34.1
36 6
26 4
41.2
35 9
69.3

1941

1941

1940

24.2
23.5

66.3
55.2
76 7
76.3
92.8
97 5
119.3
142.8
94.0
98.2
79 1
114.3

75.1
63.9

1,112.4

386.7

i Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total

Public ownership i

Private ownership i

Month
1936

January _ ._ _ _ _ _ _
February
March
April
MayJune
July
August
September
October
November
December
Year _

._ _

1937

1938

1939

1940

1941

1936

1937

1938

1939

1940

1941

1936

1937

1938

1939

1940

215
140
199
235
216
233
295
275
234
226
208
200

243
188
231
270
244
318
322
281
207
202
198
209

192
119
227
222
283
251
240
313
301
358
302
389

252
220
301
330
308
288
300
312
323
262
300
354

196
201
272
301
329
325
399
415
348
383
380
456

305

149
79
96
105
94
116
153
153
116
101
89
82

112
69
66
74
93
137
131
104
80
78
93
115

118
51
95
99
144
108
98
171
160
203
179
279

148
111
128
160
135
128
137
158
144
92
144
225

93
82
95
103
112
147
205
195
144
175
195
258

111

66
62
103
130
122
116
141
122
119
125
119
117

130
119
165
195
151
180
191
178
127
124
106
94

75
68
132
123
139
143
142
142
141
154
123
110

104
109
173
170
174
161
163
154
179
170
156
129

104
119
177
197
217
177
194
220
204
209
186
198

1,334

1,152

1,705

1,708

1,802

1,341

1,761

1,492

1,842

1941

2,202

2,675 2,913 3,197 3,551 4,004

194

i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures 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.]
1941

Number

1940

Liabilities

Federal Reserve district
Feb.

Jan.

Boston
New York
Philadelphia

20, 227
39,474
10, 871

28, 555
45, 770
18, 440

30, 936
12, 739

Cleveland
Richmond
Atlanta

27, 994
33, 323
34, 815

29, 475
42, 567
29,038

18, 590
29, 605
23,036

Chicago
St. Louis
Minneapolis

43, 283
21,894
5,038

51, 459
21, 367
6,492

32, 616
16, 643
3,353

Kansas City
Dallas
Total (11 districts)

9,873
23, 581

11,274
20, 768

7,569
16, 603

305, 205

200, 574

270,

373

Feb.

Federal Reserve
district
Feb.

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

1940

1941
Jan.

Feb.

1940

X941

Feb.

Jan.

Feb.

399
89
67
47
40
120
42
12
43
33
141

90
442
81
53
45
40
135
33
17
48
41
99

71
380
67
53
46
55
160
26
23
40
23

939
4,006
1,567
1,168
901
331
1,789
497
96
487
415
1,287

4,379
539
1,333
371
303
1,886
458
282
344
272
831

1,418
5,425
541
940
584
622
1,446
288
342
288
200
1,378

1,129

1,124

1,042

13,483

11,888

13, 472

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.

352




FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

Merchandise exports >

Excess of exports

Month
1941

1937

1939

1940

1941

1937

1938

1939

1940

325
^303

240
278
307

171
163
173

178
158
190

242
200
217

229

-18
-45
-51

118
99
102

35
61
77

128
147
134

323
324
350

287
285
286

160
148
146

186
202
179

212
211
211

-18
5
-21

115
109
87

45
47
57

111
112
139

230
250
289

317
351
295

265
246
233

141
166
168

169
176
182

232
221
195

3
31
63

87
65
79

61
74
107

84
130
101

278
252
269

332
292
368

344
328
322

224
223
209

178
176
171

215
235
247

207
224
253

108
92
115

100
76
98

117
57
121

137
104
69

3,349
456

3,094

3,177

4,022

3,084

1,960

2,318

2,625

265

1,134

859

1,396

551

432

717

518

334

336

442

62

217

95

275

1940

1937

1938

1939

January
February
March. .

223
233
257

289
262
275

213
219
268

370
347
351

April
May
June

269
290
265

274
257
233

231
249
236

July
August
September

268
277
297

228
231
246

October
November _.
December

333
315
323

Year
Jan.-Feb

P629

1938

^462

1941
97

,166

p Preliminary.
t Including both domestic and foreign merchandise.
J
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.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORE SALES AND STOCKS

[Index numbers; 1923-25 average=100]

Total

Coal

Coke Grain

[Index numbers based on value figures; 1923-25 average=100]

ForLive- est
stock prod- Ore
ucts

Mis- Mercel- chanlane- dise
ous l.c.l.

ADJUSTED *

Adjusted *

Unadjusted *

1938

1939

1940

1941

1938

1939

1940

90
88
86
83
80
82
83
83
85
86
87
88

88
88
88
88
87
86
87
88
90
92
93
95

92
90
89
89
89
91
92
98
97
94
100
101

101
103

70
70
77
86
80
79
58
65
91
92
99
156

69
69
82
88
87
83
60
69
97
99
106
168

71
71
86
86
89
87
64
77
105
101
114
179

85

90

94

63
67
71
71
71
65
61
65
70
74
78
62

60
65
69
69
68
64
60
65
71
77
82
64

61
68
71
71
70
64
61
66
73
79
83
66

68

68

69

1941

SALES 1

1940—Jan.
Feb
Mar
Apr..
May
June
July
Aug
Sept.
Oct.
Nov.
Dec

78
73
69
70
72
75
75
76
77
77
83
84

83
68
66
75
78
81
83
85
80
65
76
74

90
65
70
73
73
91
105
108
99
97
104
99

73
75
75
79
74
74
80
74
79
81
78
77

39
40
39
37
38
38
35
38
42
45
43
40

47
44
43
43
45
45
46
49
51
55
56
59

114
107
105
102
96
100
96
96
106
117
192
134

86
83
77
74
77
82
80
82
84
89
94
97

62
61
60
59
60
60
61
61
61
62
62
63

1941—Jan...
Feb

86
86

75
75

96
89

76
71

36
38

60
56

149
138

102
104

63
65

Jan.
Feb....
Mar.
Apr.
May ___
June
July
Aug.
Sept.
Oct
Nov.
Dec
Year

79
82

STOCKS

UNADJUSTED *

1940—Jan.
Feb
Mar..
Apr
May
June
July ....
Aug
Sept
Oct
Nov
Dec

72
68
67
67
71
75
77
78
86
86
84
77

95
80
70
63
67
69
70
75
83
72
83
83

106
88
73
62
70
85
89
88
94
97
104
108

66
69
69
70
66
73
110
89
89
81
73
66

38
33
31
34
34
31
31
38
54
63
52
39

41
43
44
44
47
48
46
51
56
57
55
50

25
26
26
42
134
170
182
178
185
173
105
33

74
71
74
76
80
85
82
83
94
100
95
88

58
59
60
60
60
60
60
61
64
64
63
61

1941—Jan.. _
Feb

78
79

86
89

113
119

68
65

35
31

53
54

33
33

87
89

Jan
Feb.
Mar
Apr.
May
June
July
Aug.
Sept
Oct...
Nov
Dec
Year

71
70
70
69
69
68
67
67
67
67
67
66

67
68
68
67
66
67
67
67
68
69
71
68

68
71
70
69
68
67
68
69
70
71
72
71

71
73

64
70

60
62

* The terms "adjusted" and "unadjusted" refer to adjustment of monthly
figures for seasonal variation.
NOTE.—For description and back data see pp. 522-529 of BULLETIN for June
1937. Based on daily average loadings. Basic data compiled by Association of
American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission

APRIL

1941




* The terms "adjusted " a n d ' ' u n a d j u s t e d " refer to adjustment
of monthly figures for seasonal variation.
store sales, see B U L L E T I N for
Back flg ures.—Department
August 192 6, p . 631, for October 1938, p. 918, and for J a n u a r y
1941, p . 65 d e p a r t m e n t store stocks, see BULLETIN for M a r c h
1938, p . 232
i For sal es comparisons b y cities and b y d e p a r t m e n t s see
p . 358 of t h is B U L L E T I N .

353

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926—100]
Other commodities
All
commodities

Farm
products

1929
1930
1931
1932
1933
1934
1935
1936
1937
19381939
1940

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7

90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0

109.1
100.0
86.1
72.9

1940—January
February....
March
April
May
June
July
August
SeptemberOctober
November..
December...

79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0

69.1
68.7
67.9
69.4
67.9
66.2
66.5
65.6
66.2
66.4
68.2
69.7

71.7
71.1
70.2
71.6
71.4
70.3
70.3
70.1
71.5
71.1
72.5
73.5

71.6
70.3
71.2
71.0
71.4
72.6
71.7
70.7
70.5
70.2
70.4
70.5
70.9
72.3
73.2

Year, month, or week

1941—January
February. __
Week ending—
1941—January 4...
January 11__
January 18..
January 25..
February 1_.
February 8..
February 15.
February 22
March 1
March 8
March 15...
March 22. __
March 29. __

80.2
80.6
80.8
80.6
80.5
80.5
80.4
80.5
81.6
82.0

Foods
Total

95.4
104.6
92.8
95.6
100.8

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3

83.9
83.2
82.9
82.5
82.5
82.2
82.3
82.0
82.3
83.5
84.1
84.1

103.6
102.4
101.8
101.8
101.3
99.2
99.0
96.9
98.3
100.4
102.3
102.3

77.9
75.4
74.0
72.9
72.9
72.6
72.4
72.3
72.5
73.6
74.5
74.8

72.7
72.4
72.2
71.8
71.7
71.4
71.1
71.1
71.0
71.6
71.9
71.7

95.8
95.3
95.5
94.5
94.5
94.7
95.1
94.9
95.4
97.3
97.6
97.6

93.4
93.2
92.5
92.5
92.4
192.5
193.3
i 95.6
97.8
98.9
99.3

77.7
77.5
77.0
76.8
76.7
76.1
77.0
76.7
76.8
76.9
77.5
77.7

87.9
88.0
88.0
88.4
88.5
88.5
88.5
88.5
88.5
88.6

77.7
77.3
76.9
77.7
77.7
77.3
77.7
76.7
76.5
76.9
77.5
77.3

73.7
73.5

84.3
84.4

102.4
101.6

75.2
76.4

72.1
72.1

97.7
97.6

99.6
99.3

78.6
78.5

73.2
73.0
73.7
74.1
73.7
73.2
73.3
73.2
73.1
73.4
74.3
75.6
76.4

84.4
84.4
84.5
84.4
84.5
84.6
84.6
84.5
84.7
84.8
84.9
85.1
85.4

102.5
102.8
102.9
102.6
102.6
102.2
101.9
101.9
102.1
102.5
102.8
103.3
103.5

74.3
74.2
74.6
74.6
75.2
75.4
75.6
75.6
76.3
76.6
77.2
78.2
79.2

72.6
72.6
72.6
72.6
72.6
72.9
72.7
72.7
72.6
72.6
72.6
72.5
72.6

97.8
97.8
97.8
97.8
97.8
97.8
97.9
97.9
98.0
97.9
97.8
97.8
97.9

99.4
99.6
99.7
99.5
99.5
99.4
99.4
99.3
99.5
99.5
99.4
99.5
99.7

78.0
78.2
78.6
78.8
78.8
78.6
78.7
78.5
78.6
78.7
79.2
80.0
80.6

1940

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
Rayon
Woolen and worsted goods
Other textile products

Fuel and Lighting Materials:

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

ChemiHides and Textile Fuel and Metals Building cals and House- Miscelleather products lighting and metal materials allied
furnish- laneous
products
materials products
products ing goods

67.7
69.9
66.8

80.0
82.4
58.7
68.4
66.3

82.3
74.8
60.4
76.2
65.4

67.0
72.7
68.1
84.2
74.3
61.2
77.0
67.0

67.6
83.0
65.3

64.5
82.4
64.2

80.2
74.8
59.6
83.2
64.5

79.7
73.8
59.4
83.6
64.2

108.2 107.1 107.2 107. 4 107.4
97.0 101.2 99.3 99.1 94.8
94.2 93.2 94.1 94.4 94.5
100.0 99.7 99.7 99.7 99.7
84.9
73.6
64.5
51.6
29.5
87.2
76.8

85.7
73.6
61.5
42.8
29.5
88.8
73.7

85.5
74.9
60.7
42.5
29.5
89.0
74.6

75.8
59.9
42.5
29.5
89.2
74.8

87.2
77.5
60.3
43.3
29.5
91.2
76.8

79.2 80.7
81.1 81.1
98.2 100.4 100.4 100.4 100.3
109.7 112.6 113.6 113.8 113.8
78.2 73.3
81.6 80.5 78.2 77.5
50.9 49.3 49.5 50.0 50.0

77.1

Subgroups
Metals and Metal Products:

Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals..
Plumbing and heating

Building Materials:

Brick and tile
Cement
Lumber i
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials

Chemicals and Allied Products:

Feb. Nov

77. 1
77.1
76.9
76.8
76.8
76.8
76.7
76.7
76.7
76.8
77.0
77.5
77.8

90.2
90.4
90.4
90.5
90.4
90.6
90.2
90.2
90.7
90.8
90.8
90.9
91.2
1941

1940

1941

Feb. Nov. Dec. Jan. Feb.
72.8
65.6

93.3

Dec. Jan. Feb.

93.4 92.6 92.6 92.7
94.6 93.8 93.9 94.0
96.3 95.3 95.4 95.7
94.7 100.3 100.3 100.3
79.2 83.9 83.4 83.6
79.1 80.5 80.5 80.5
91.2
91.4

90.2
90.8

91.1
90.9

91.3
90.8

92.8
94.0
95.5
99.8
84.0
82.2
91.4
90.8

- 97.7 117.5 118.8 118.4 117.2

86.8 85.7 85.4 86.7 86.6
79.1 80.5 80.5 80.5 82.2
107.3 107.3 107.3 107.3 107.3
92.9 94.2 94.5 94.9 94.9

Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats

85.3
81.3
71.0
74.2
51.0

85.1
95.9
69.9
74.2
42.3

85.4
96.2
70.0
74.3
42.4

85.6
96.5
70.7
75.2
46.2

85.7
96.9
70.4
73.8
46.8

Furnishings
Furniture

94.2
81.5

95.0
81.8

95.2
82.6

95.3
82.6

Auto tires and tubes
Cattle feed...'
Paper and pulp
Rubber, crude
Other miscellaneous

55.6
93.7
89.5
38.7

58.6
92.1
93.1
42.9
82.8

95.1
82.2
58.3
90.1
93.1
42.7
82.8

58.2
89.1
93.1
41.0
82.8

58.2
81.2
93.3
42.2

Housefurnishing Goods:
Miscellaneous:

i Revised series.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).

354




FEDERAL RESERVE BULLETIN

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Revised Edition of Chart Book *
1941

Chart
book
Feb.
19
WEEKLY FIGURES 1

Feb.
26

Mar.
5

Mar.
12

Mar.
19

In billions of dollars
2.24

2.22

2.24

2.24

2.26

2.18
1.05
1.14
22.14
3.10
8.69
2.22
.48
1.79
14.02
6.45
3.18
.34
1.99
.93

2.18
1.05
1.14
22.18
3.10
8.73
2.20
.37
1.75
14.17
6.52
3.28
.33
1.99
.92

2.18
1.05
1.14
22.24
3.10
8.81
2.19
.39
1.77
14.14
P6. 53
3.31
.29
1.97
P. 95

2.18
1.05
1.14
22.32
3.11
8.81
2.20
.42
1.75
14.21
P6. 55
3.35
.26
2.00
P. 94

2.18
.98
1.21
22.34
3.10
8.83
2.21
.91
1.72
13.74

16

26.38

26.45

26.67

26.74

16

9.15

9.25

9.32

9.35

16
16

23.16
5.47

23.43
5.45

23.36
5.47

23.49
5.46

23.19
5.45

17
17
17

2.00
.28
6.20

1.99
.33
6.15

2.02
.35
6.17

2.08
.35
6.22

2.07
.34
6.25

17
17

3.22
6.99

3.24
6.95

3.27
7.06

3.30
7.07

3.34
7.09

MONEY RATES, ETC.

Reserve Bank credit, total
U. S. Gov't. securities
Bills discounted.
Gold stock
Money in circulation.
Treasury cash
Treasury deposits
_
_
Reserve balances
Required reserves
Excess reserves
Money in circulation, t o t a l . . .
Coins and bills under $50..
B ills of $50 and over

Feb

2, 7
7
7
2
2
2
2
2, 8
8
8
10
10
10

2.31
2.19

2.27
2.18

21.89
8.69
2.20
.34
14.05
7.40
6.65
8.73
6.25
2.49

22.06
8.59
2.19
.26
14.34
7.51
6.83
8.59
6.09
2.50

2.25
2.18
(7)
22.14
8.68
2.21
.55
14.00
7.57
6.42
8.78
6.24
2.54

26.84

U. S. Government debt:
Direct obligations, t o t a l . .
Bonds
Notes
Bills
Special issues
Guaranteed obligations...

19
19
19
19
19
19

44.46
31.60
6.18
1.31
5.37
5.92

45.32
31.78
6.81
1.31
5.43
5.91

45.54
31.88
6.81
1.31
5.53
5.91

Per cent per annum

MONEY RATES, ETC.

F. R. Bank discount
rate, N . Y
23
Treasury bills (new issues) 2 ..
23
Treasury notes 34
23
Treasury bonds
29
Commercial paper
25
Corporate Aaa bonds
25, 29
Corporate Baa bonds
29

.043
.58
2.12
2.79
4.46

.48
2.06
2.79
4.44

.120
.52
2.05
2.78
4.41

.117
.50
2.00
2.78
4.39

In unit indicated
31
31
31
31

Stock prices (1926=100) :'
.065
Total
.49
Industrial
_
1.99
Railroad
_.
2.78
Public utility
4.36
Volume of trading (mill. shares):
Brokers'balances(mill. dollars):
Credit extended customers
Money borrowed.
Customers' free credit
balances
_

76
88
26
74

75
87
26
74

77
89
27
75

.36

.36

.47

80.4
70.2
84.5

80.5
70.4
84.7

80.6
70.5
84.8

80.9
70.9
84.9

81.6
72.3
85.1

122.2
118.9

123.2
119.5

124.9
121.7

128.5
126.1

132.2
130.9

124.6

125.9

127.2

130.2

133.1

94.6

96.4

97.5

98.8

73
85
25
73

31

127.7

126.6

125.9

131.4

123.8

678.5
288.7

756.7
325.3

741.9
318.0

758.7
327.6

768.5
327.4

2.820

2,826

2,835

2,818

2,809

101

97

105

111

4.54

5.29

5.25

5.59

4.83

.35
1.89
.56
2.71
4.45

1 00
(n
43
1 99
56
2'. 75
4 38

1.00
0.34
.55
2.10
.56
2.78
4.42

31
31
31
31
31

80
94
26
78
.81

81
94
28
78
.56

75
.44

33
33

677
427

661
399

634
375

33

281

275

267

80.0
69.7
84.1

80.8
71.6
84.3

80.6
70.3
84.4

104.9
102.9
109.3

105.1
103.1
109.4

105.2
103.3
109.4

100.7
104.9
101.6
97.3

100.7
105.0
100.2
97.8

100.8
105.1
99.9
97.9

76

BUSINESS CONDITIONS

BUSINESS CONDITIONS

Wholesale prices:
All commodities (1926= 100):
Total
35
Farm products
35
Others
35
Basic commodities
(Aug. 1939=100), total
36
12 foodstuffs
36
16 industrial
materials
36
Steel production
(per cent of capacity) _.
44
Automobile production
(thous. cars)
44
Freight-car loadings (thous. cars):
Total
45
Miscellaneous
45
Electric power production
(mill, kw.hrs.)
46
Department store sales
(1935-39=100)6
46
F.H.A. home mortgages,
new constr. (thous.)
47

1.00

In unit indicated

Per cent per annum

Treasury bills (new issues)2
21
Treasury notes 3
21
Treasury bonds *
21, 29
Corporate Aaa bonds
29
Corporate Baa bonds
29




Jan.

TREASURY FINANCE

MEMBER BANKS

APRIL 1941

Dec.

RESERVES AND CURRENCY

Reserve Bank credit, total.
3
IT. S. Gov't. securities,
by maturities, total. _
5
Within 5 yrs
5
After 5 yrs
5
Gold stock
3
T reasury currency
3
Money in circulation
3, 11
Treasury cash holdings
3
Treasury deposits
3
Nonmember deposits _
3
Member bank reserves
3
e
Excess reserves—total
9
New York City...
9
Chicago
9
Reserve city banks
9
Country banks •
9

Stock prices (1926=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill,
shares)

1940

In billions of dollars

MONTHLY FIGURES

RESERVES AND CURRENCY

Total, 101 cities:
Loans and investments
Balances due to
domestic banks
Adjusted demand
deposits
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't. obligations
100 cities outside New York:
Commercial loans
U. S. Gov't. obligations

Chart
book
page

Wholesale prices:
All commodities (1926=100):
Total
35, 65
Farm 5
products
35
Other
35
Industrial commodities
(Aug. 1939=100):
Total**
•
_
37
Finished
37
Raw and semifinished
37
Cost of living (1935-39=100):
All items
39
Rent
39
Clothing
39
Food
39

• Estimated, P Preliminary. * Negligible or negative.
r
Revised.
1 Figures for other than Wednesday dates are shown under the
Wednesday included in the weekly period.
2 Tax-exempt bills prior to March 1941; taxable bills thereafter.
3
Tax-exempt issues only.
4
Partially tax-exempt issues only.
5
Other than farm products and foods.
6
New series. Back figures are shown on p. 311 of this BULLETIN.
7
Less than $5,000,000.
* Current figures are for the revised edition of the Chart Book
announced on page 212 of the March 1941 BULLETIN. Copies
of this chart book can be obtained at a price of 50 cents each.
** Figures for the following months in 1940 were incorrectly
plotted in chart book: October, 104.0; November, 104.6; December, 104.9.

355

Statistics for Federal Reserve Chart Book—Current Series—Continued
Revised Edition of Chart Book *
Chart
book
page

1941

1940

Dec.

MONTHLY FIGURES (cont.)

Jan.

Feb.

In unit indicated

BUSINESS CONDITIONS (cont.)
I n d u s t r i a l production,-i 2
Total (1935-39=100)
41,42
D u r a b l e manufactures
41
Iron a n d steel
42
M a c h i n e r y , etc.
_.
42
Other d u r a b l e
42
Nondurable manufactures
41
Textiles a n d leather
42
Paper and printing
42
Foods, liquors, a n d tobacco._
42
Other n o n d u r a b l e
42
Minerals
41, 42
N e w orders, s h i p m e n t s , a n d
inventories (Jan. 1939=100):
N e w orders, total
_
43
D u r a b l e , total
43
Iron a n d steel
43
Machinery
43
S h i p m e n t s , total
. _
43
Durable43
Inventories, total
43
Durable
43
Nondurable
43

138

139

••62.4
19.9
27.5
•"15.0
57.9
18.1
11.3
16.4
12.1
18.0

r

172
252
216
276
152
184
119
128
110

64.7
19.1
*-29.8
15.8
"56.7
17.4
11.2
15.9
12.2
17.9

176
246
256
244
148
175
121
130
111

P141

P65.1
P18.4
P30.8
P15.9
P57. 6
P17.5
Pll.l
P16.3
P12. 5
P18.0
P189
P281
*>294

51, 53
51, 53

116.2
122.4

115.5
120.7

51

68.3

68.9

51

39.8

39.0

57
57
57
57
59
59

83.5
15.6
46.4
21.6

86.0
15.8
48.4
21.8

101
71

101
71

Dee.

MONTHLY FIGURES (cont.)
INTERNATIONAL FINANCE
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom

65
65
65
65
65
65

84.2
82.5
131. 8
126.3
113 8
119.9

Foreign exchange rates:
Argentina (peso)_
Canada (dollar)
Japan (yen)
Switzerland (franc)
United Kingdom (pound)

67
67
66
66
67

29.77
86.56
23.44
23.20
403. 50

1941

Jan

Feb.

1926=100
84.6
82.9
132.2
128.7

85.2
83.0
133.9

120. 6
121.0
In cents per unit of
foreign currency

Oct.

P121
P131
Pill

P117.
P126.

1940

23.44
23.22
403. 42

29.77
83.69
23.44
23.22
402. 97

1940

1923-25=100

Factory employment
Factory payrolls
...I.
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Freight-car loadings ;i 2
Total
Coal
Miscellaneous. _ _ _ _ _
Allother
Department store sales L_
Department store stocks *

Chart
book
page

7
4

86.4
15.8
49.6
21.0
103
73

Nov.

Dec.

In billions of dollars
Increase in U. S. gold stock :*
Total
63
Net capital inflow:
Total..
62, 63
Inflow of foreign capital
62
Return of domestic capital._
62
Merchandise export surplus
63
Other factors
63
Short-term foreign assets and liabilities of banks:
Liabilities to foreigners
64
Foreign assets
64
Net foreign liabilities
64

14. 48

14. 78

14. 97

6.21
4.20
1.91
4.19
4.09

6.27
4.26
1.91
4.30
4.21

6.24
4.21
1.92
4.36
4.37

3.74
.39
3.35

3.82
.40
3.43

3.78
.38
3.39

Apr.June

JulySept.

Oct.Dec.

In millions of dollars

Residential contracts awarded :i
Total
Public
Private, total
1- and 2-family dwellings __
Other
;;.._
Construction contracts awarded.-3
Total
Residential
__
Other
Nonagricultural employment
(mill, persons):
Total
Manufacturing and mining
___
Trade
Government
Transportation and public utilities
Construction
Income payments: 1
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't payments
Exports and imports:
Exports
Imports
Excess of exports

356




157
12
145

47
47
47
47
47

186
71
115

49
49
49

473
166
307

50
50
50
50

»-37. 31
11.41
6.88
3.93

50
50

3.04
1.72

3.01

54
54
54

6, 552
••4, 227
r
2, 325

6,606
4, 262
2,344

55
55
55
55

842
347
425
70

231
436
87

61
61
61

322
253

117
28

r

421
155
265

Cash income and outgo of U.S.Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues,
total
New
Refunding

'384
146

36.32 P36. 58
11.35 Pll.53
6.17 P6. 17
3.89 P3.92
1.62

74
5

325
229
97

In billions of dollars

QUARTERLY FIGURES 5
154
23
132
107
24

P3.02
PI.66
P6,
P4,
P2,

18
18
18

1.73
2.37

1.93
2.51

.64

.58

1.90
3.18
1.29

32
32
32

.53
.15
.38

.58
.18
.40

1.04
.28
.77

Per cent per annum
Bank rates on customers' loans:
Total, 19 cities.
New York City.:
7 other Northern and Eastern
cities
11 Southern and Western cities __

25
27
27
27

2.59
2 00
2 49
3 38

2.14

2.59
2.00

2.56
3 43

2.53
3.36

2.68

620
301
319

r
p Preliminary.
Revised.
1
Adjusted for seasonal variation.
2 In points in total index.
P629
3 Three months moving average, adjusted for seasonal variation.
P174
4 Cumulated from January 31, 1934
& Banking statistics for call report dates and figures on ownership 0.
U. S. Government obligations are shown in table on the following page
* Current figures are for the revised edition of the Chart Book announced on page 212 of the March 1941 BULLETIN. Copies of this Chart
Book can be obtained at a price of 50 cents each.

FEDERAL RESERVE

BULLETIN

STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES '
[In billions of dollars]
Chart
Book
Page

1940

1939

1938
Mar.
7

June
30

Sept.
28

Dec.
31

Mar.
29

June
30

Oct.
2

Dec.
30

Mar.
26

June
29

Dec.
31

56.78
24.13
26 34
5.50
48 24
21.71
26.54

56.74
24.39
26 27
5.47
47 30
21.05
26.24

57.65
25.10
26 27
5.50
48 24
21.04
27.21

59.12
26.01
26 38
5.83
48 87
21.30
27.57

59.11
26.04
26.56
5.63
48 93
21.15
27.78

60.95
27. 35
26.80
6.01
49.62
21.32
28.30

62.87
29.09
26.81
6.19
49.95
21.63
28.32

64.10
29.79
27.06
6.40
50.88
22.17
28.71

64.88
30.54
27.28
6.23
51.14
22.19
28.95

66.96
31.96
27.47
6.70
51.34
22.34
29.00

?70. 88
*>35.03
P27. 82
P7.S0

17.98

17.78

18.69

18.86

19.05

19.46

19.61

19.98

20.22

20.48

21.81

10.63
1.83
2.19
3.15
18
13.55
7.45
.68
2.87
2 56

10.22
2.13
2.14
3.13
18
12.94
7.01
.53
2.79
2 61

10.71 10.88
2.34
2.30
2.30
2.45
3.19
3.01
. 18
18
12.94 413.21
6.97 4 5. 89
.79
.53
2.77 4 .96
2 72
2 66
2.85

10.69
2.66
2.56
2.96
.18
13.05
5.96
.67
.90
2.75
2.77

10.95
2.83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2.85

10.89
2.92
2.76
(3)

11.18
3.14
2.69
2.77
.19
13.96
6.57
.61
.88
2.96
2.94

11.31
3.11
2.91
3
(3)
()
13.94
(3)
(3)
(3)
(3)

11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
3.06

12.34
3.49
3.01
2.80

41 43

43 89

45 34

47.07

47.87

50.36

2 12
2 68
2 56
r
14 00
2.71
5 20
12.10

2 20
3 16
2 56
15 04
2 91
8
5.50
8
12 50

2 14
3.77
2.55
15.67
3.07
5.80
12.30

2.34
4.23
2.48
16.27
3.13
8
6.10
8
12. 50

2.33
4.78
2.47
16.52
3.14
6.10
12.50

2.27
5.37
2.18

ALL BANKS IN THE U. S.

Total deposits and currency
Demand deposits adjusted. _
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments

. __

12
12
12
12
13
13
13

MEMBER BANKS

Investments, total 2 _
_
_ .
U. S. Government obligations:
Direct . _
_
Guaranteed . . .
State and local government obligations
Other domestic securities. _
_ ._
Foreign securities
Loans, total 2 _._ _ _ _
_ ___
Commercial loans (incl. open-market paper)
Street loans (Brokers' loans)
0ther loans on securities 5 .
Real estate loans
All other loans 2 6

14
14

14
14
14
15
15
15
15

(3)

13.47

83)
(
(3)
(3)

(3)

.17

15.32
7.52
.47
.83

3.23
3.27

HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS
D I R E C T AND G U A R A N T E E D 3

Total outstanding 2 7
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings banks
Insurance companies
Other investors

20
20
20

20
20
20
20

8

6. 50

r
p Preliminary.
Revised.
1 Includes also semi-annual figures on ownership of U. S. Government obligations.
2
Series not shown in Chart Book.
3
Figures available for June and December dates only.
4
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 April 1939, page 332.
5
Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans.
6
Includes loans to banks and other loans under new classification beginning December 31, 1938.
7
Total direct and guaranteed obligations outstanding, as shown for page 19 of chart book.
8
Partly estimated.

APRIL

1941




357

DEPARTMENT STORE SALES BY DEPARTMENTS

Sales in the more important departments of department stores are shown in the table below in terms
of percentage changes from the corresponding period of the previous year. Similar data are published
in a statement released near the end of each month and hereafter will be shown regularly in the BULLETIN.
This report for January is based on sales of 229 of the larger independent department stores representing most sections of the country. None of the national chain department stores and only a few of
the smaller independent stores report a breakdown of sales by departments and, consequently, the
departmental comparisons are for a less comprehensive sample of the department store business than is
included in the Federal Reserve statistics on total sales shown on the lower half of this page.
DEPARTMENT STORE SALES BY DEPARTMENTS
Percentage change from corresponding period of preceding year
[Based on reports from 229 stores*]
February
1941

Department

+9*
+9
+7

GRAND TOTAL NET SALES—entire store..
MAIN STORE ONLY—total
BASEMENT STORE—total
Women's, girls', and infants' apparel and accessories—total
Main store i
Women's and misses' coats and suits. _ + 5
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters, + 6
knit apparel
+10
Juniors' and girls' wear
5
Aprons, housedresses, uniforms..
_ + 9
+
Women's underwear, slips, negligees.. + 7
Infants' wear
+11
Women's and children's shoes
+5
Furs 2
+24
Basement
Men's and boys' wear—total
Main store *
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishing

Two
months
1941

+11

+6
+5

+7
+7

+6
+7
+8

February
1941

Department

+9* Men's and boys' wear—total (contd.)
Basement2
+9
+7

+8
+ 5
+6
+7
+8
+3
+10
+6
+18

+10

+6
+6

Homefurnishings—total
Main store !
Furniture, beds, mattresses, springs...
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves, etc.)
Domestics, blankets, comforters, linens, towels
Basement (including domestics, blankets,
linens, towels)2

Two
months
1941

+5

+3

+15
+14 +14
+20
+11

+15
+14 +15
+23
+13

+10

+11
+17

+18

Piece goods (dress and coat yard goods, all
materials)
Main store
Basement

+7
+5
+5 Shoes (basement only)

+16

+17

-7
-7
~4

-5

4

+1
+6

+7

+2
+4

* Reports of total sales from a larger number of stores, shown in the following table which includes stores not reporting sales by departments,
showed an increase of 11 per cent for February and 10 per cent for the first two months of 1941.
1 Group totals for main store include sales in departments not shown separately.
2
Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise.
DEPARTMENT STORE SALES
Percentage change from corresponding period of preceding year

United States total
Boston District
New Haven, Conn
Portland, Maine
Boston, Mass
Springfield, Mass
Providence, R. I
New York District
Bridgeport, Conn
Newark, N . J
Albany, N . Y
Binghamton, N . Y
Buffalo, N . Y._
Elmira, N . Y
Niagara Falls, N . Y . . .
New York and Brooklyn, N . Y
Poughkeepsie, N . Y._.
Rochester, N . Y
Syracuse, N . Y
Philadelphia District
Trenton, N . J
Lancaster, P a
Philadelphia, P a
Reading, P a
Wilkes-Barre, P a
York, Pa
Cleveland District
Akron, Ohio
Cincinnati, Ohio
Cleveland, Ohio
Columbus, Ohio
Toledo, Ohio
Youngstown, Ohio
Erie, P a
Pittsburgh, Pa
Wheeling, W. Va
Richmond District
Washington, D . C
Baltimore, M d
r

Revised.

358




+11
+18

+

+ 7 +11
0
0

+15
+17

+ 6
+12
+ 4
+ 2
+ 5
+16
+22
- 2

+10
+19
+13
+12
+20
+15
+42
+ 4

+ 5 +19
+ 4 +21

+6

0
+ 5
+13

r_f_

7

r
+
r
+
r

7
6
+ 8
+ 4

+ 7
+22
+10
+18

+n

+15
0
+14
+22
+10
+ 17
+13
+18
+11
+14
+14

'+ 5
+8
+16
+11
+9
+1
+6 +7
+ 5 +19
+13 +13
+ 5 +10
- 3
+18
+21
+13

+12

+U

+15
+ 16

+10
+10
+ 9
+ 7
+ 8
+12
+12
+ 8
+15
+ 8
+ 7
+12
+15
+31
+ 1
+ 7
+11
+ 7
+ 15
+11
+11
+ 4
+11
+13
+ 5
+12
+11
+18
+12
+12
+ 7
+ 7
+12
+13
+ 8
+ 9
+16
+18
+14

Two
Jan. Feb. mos.
1941 1941 1941

Jan. Feb. T w o
1941 1941

Two
Jan. Feb. mos.
1941 1941 1941
Richmond District (contd.)
Winston-Salem, N . C.
Charleston, S. C
Lynchburg, Va
Norfolk, Va
Richmond, Va
Charleston, W. V a . . .
Huntington, W. V a . . .
Atlanta District
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Tampa, Fla
Atlanta, Ga
Macon, Ga
Baton Rouge, La
New Orleans, La
Jackson, Miss
Chattanooga, Tenn...
Knoxville, Tenn
Nashville, Tenn
Chicago District
Chicago, 111
Peoria, 111
Fort Wayne, Ind
Indianapolis, Ind
Des Moines, Iowa
Sioux City, Iowa
Detroit, Mich
Flint, Mich
Grand Rapids, Mich.
Lansing, Mich
Milwaukee, Wis
St. Louis District
Fort Smith, Ark
_
Little Rock, Ark
Quincy, 111
Evansyille, Ind
Louisville, K y
St. Louis, Mo

+11
+30
+ 8
+51
+16
+10
+12
+14
+19
+ 6
+24
+25
+20
+16
+34
- 1
+10
+17
+21
+29
+12
+ 5
+16
+24
+16
+ 2
+ 3
+17
+14
- 2
- 6
+12
+18
+15
+35
+16
+10
+38
+12

+12 +11
+28 +29
+ 6 + 7
+44 +48
+ 9 +13
+16 +13
+15 +13
+10 +12
+ 5 +13
+ 5 + 5
+22 +23
+23 +24
+ 4 +11
+ 17 +17

+11"
+11
+13
+11
+14

+"5
+11
+15
+15
+20

+ 9 +10
+ 4 +4
+11 +13
+15 +18
+12 +14
+ 4 + 2
+ 4 + 3
+ 19 +18
+27 +21
+ 9 + 7
+23 +12
+10 +11
+10 +14
+ 7 +n
+18 +26
+10 +13
+ 2 + 6
+30 +34
+ 3 + 7

St. Louis District (contd.)
Springfield, Mo
Memphis, Tenn
Minneapolis District
Kansas City District
Denver, Colo
Hutchinson, Kans
Topeka, Kans
Wichita, Kans
Kansas City, Mo
St. Joseph, Mo
Omaha, Nebr
Oklahoma City, Okla.
Tulsa, Okla
Dallas District
Shreveport, La
Dallas, Tex
Fort Worth, Tex
Houston, Tex
San Antonio, Tex
San Francisco District
Phoenix, Ariz
Bakersfield, Calif
Fresno, Calif
Long Beach, Calif
Los Angeles, Calif
Oakland and Berkeley, Calif
Sacramento, Calif
San Diego, Calif
San Francisco, Calif..
San Jose, Calif
Boise and Nampa,
Idaho
Portland, Ore
Salt Lake City, U t a h .
Seattle, Wash
Spokane, Wash
Tacoma, Wash
Yakima, Wash

+50
+23
+ 5
+13
+ 8
+ 2
+ 9
+12
+14
+12
+ 5
+20
+29
+14
+14
+10
+25
+11
•+20
+14
+21
o

'+ 5
'+19
+12
+ 7
+ 9
'+28
+14
+ 1
+ 5
+14
+18
+18
+10
+38
r+ 9

+63
+13

+57
+18

+4 +4
+ 8 +10
+10
+13
+16
+ 7
+ 7
_____
+11
+ 7
+10
+15
+ 6
+ 2

+ 9
+ 7
+13
+ 9
+10

+
+ 15
+17
+12
+14
+ 8
+13

+ 7 +10
+13 +15
+2
+ 3 +1
+10 +15
+3 + 7
+ 2
+4
+33
+4
0

2

+9
+12
+18
+13
+31

+ 4
+ 7
+30
+ 9
+ 1
+ 2
+11
+15
+18
+12
+35
+ 9

FEDERAL RESERVE BULLETIN

DEPOSITS OF MEMBER BANKS IN LARGER CENTERS IN 1940
Population over 15,000 based on 1940 census
[Averages of daily figures in millions of dollars]
Gross demand
Jan.

.

Total*.. _

Mar.

2,005
1,340
1,833
2,177
1,209
1,197
1,963
1,075
583
1,208
1,034
2, 505

1,993
1,353
1,818
2,166
1,218
1,211
1,966
1,074
577
1,213
1,045
2,506

2,007
1,371
1,815
2,184
1, 233
1,234
1,992
1,061
584
1,217
1,043
2,475

18,129

Federal Reserve district:
Boston
.
New York*
Philadelphia . . . .
Cleveland
Richmond
Atlanta „ .
Chicago*
St. Louis . . . .
Minneapolis
Kansas City
Dallas
San Francisco

Feb.

18,138

18, 216

May

June

July

Aug.

Sept.

Oct.

Nov.

2,035
1,320
1,870
2,206
1,251
1,259
2,004
1,060
573
1,177
1,038
2,557

2,056
1,383
1,912
2,238
1,261
1,263
2,034
1,058
575
1,214
1,045
2,599

2,100
1,394
1,888
2,265
1,272
1,253
2,059
1,058
600
1,192
1,041
2,625

2,158
1,347
1,893
2,285
1,277
1,223
2,067
1,071
603
1,226
1,034
2,636

2,187
1,364
1,887
2,287
1,273
1,202
2,073
1,064
604
1,228
1,018
2,673

2,231
1,410
1,906
2,366
1,316
1,216
2,114
1,077
623
1,245
1,040
2,721

2,309
1,446
1,952
2,412
1,377
1,255
2,182
1,116
632
1,263
1,079
2,818

2,314
1,482
1,980
2,484
1,412
1,299
2,227
1,161
657
1,275
1,119
2,904

18, 351

18, 638

18, 745

18, 819

18,858

19, 265

19,840

20,313

20,470

Sept.

Oct.

Nov.

Dec.

April

Dec.

2,303
1 473
2,005
2,518
1 427
1 333
2,263
1,171
659
1 283
1,122
2,913

Time
Jan.

New York*
Philadelphia
Cleveland
Richmond

Atlanta
Chicago*
St. Louis
Minneapolis
Kansas City
Dallas
.
San Francisco

__

_
. ...
_.-.

-

Total*

523
1,071
656
1,096
384
332
1,034
307
201
208
189
2,161

524
1,076
652
1,107
391
334
1,042
308
201
208
189
2,156

528
1,085
654
1,115
394
338
1,051
307
201
208
190
2,168

8,162

Federal Reserve district:
Boston
_ __

Feb.

Mar.

8,187

8,238

May

June

July

Aug.

528
1,089
655
1,115
397
340
1,059
304
200
208
189
2,170

528
1,090
653
1,115
398
341
1,064
301
199
208
190
2,189

526
1,090
649
1,113
398
342
1,064
304
198
208
190
2,190

527
1,090
648
1,113
402
342
1,065
304
198
208
190
2,189

528
1,094
648
1,120
406
341
1,068
305
198
208
189
2,179

528
1,095
648
1,119
407
340
1,072
305
198
209
188
2,184

527
1,096
648
1,120
409
340
1,083
306
199
209
188
2,191

524
1 093
644
1 119
409
341
1,098
307
201
209
188
2,219

519
1 085
640
1 115
403
340
1 113
305
201
209
191
2,245

8,254

8,275

8,272

8,277

8,286

8,294

8,314

8,352

8,368

Oct.

Nov.

April

* Excluding central reserve city banks.

DEPOSITS OF MEMBER BANKS IN SMALLER CENTERS IN 1940
Population under 15,000 based on 1940 census
[Averages of daily figures in millions of dollars]
Gross demand
Jan.
Federal Reserve district:
Boston
_
New York
___
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas
San Francisco
Total

.-

_
__
._

.

.

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Dec.

120
281
242
247
175
134
333
229
160
322
306
114

119
285
241
248
174
138
341
227
162
322
311
112

116
281
241
252
177
137
344
226
161
324
307
111

118
279
241
254
178
140
347
227
160
320
303
112

119
282
241
253
177
136
347
229
160
317
302
112

120
283
243
255
176
135
349
227
161
313
302
114

125
290
247
256
175
128
350
227
160
318
298
115

131
300
254
258
178
129
360
227
160
322
298
116

137
302
262
267
187
131
363
233
168
329
307
121

138
304
269
269
199
134
368
242
173
330
330
124

137
310
268
268
205
139
374
248
179
340
351
127

134
302
266
277
207
146
380
250
177
344
352
128

2,664

2,678

2,678

2,678

2,675

2,678

2,691

2,728

2,807

2,880

2,943

2,962

Aug.

Sept.

Oct.

Nov.

Time
Jan.
Federal Reserve district:
Boston
New York
Philadelphia
Cleveland,.
Richmond
Atlanta
_ .
_.__.Chicago
St. Louis
Minneapolis
. . _.
Kansas City
Dallas
San Francisco
Total

APRIL

1941




Feb.

Mar.

April

May

June

July

Dec.

119
472
452
319
182
76
294
115
166
108
44
91

119
473
454
322
183
78
297
116
167
108
45
92

120
473
456
324
185
77
299
116
167
109
45
91

120
475
456
325
187
78
307
116
168
109
43
92

120
475
457
326
187
78
303
116
169
109
45
92

119
474
457
326
188
79
306
116
169
109
45
93

119
475
457
328
188
78
310
116
168
110
45
94

120
478
457
329
188
79
314
117
168
110
45
95

121
481
458
329
189
80
317
117
168
110
45
96

122
484
458
329
190
80
320
118
168
110
45
97

120
485
457
332
192
80
324
118
168
110
45
97

119
482
453
331
191
80
327
118
169
110
46
97

2,439

2,455

2,463

2,470

2,477

2,480

2,489

2,500

2,511

2,520

2,530

2,523

359

PERSONAL AND RETAIL INSTALLMENT PAPER HELD BY ALL INSURED COMMERCIAL BANKS,
DECEMBER 31,1940
[Amounts in thousands of dollars]
Number of insured
commercial banks

Personal and retail installment paper
Total
"customer
loans"
except on
real estate
and
securities 2

Retail installment paper

Reporting
some personal and
retail installment
paper

Reporting
no personal and
retail installment
paper 1

All insured commercial banks.

11,548

1,867

11,984, 438

1, 468, 602

519, 460

256,888

275,284

416,970

12.3

Member banks—Total
Central reserve city banks
Other reserve city banks__.
Country banks
Insured non-member banks.

5,763
34
317
5,412
5,785

722
15
31
676
1,145

10, 298, 859
3,039, 331
4,005, 768
3, 253, 760
1, 685,579

1,109, 901
170,962
482, 704
456, 235
358, 701

413, 708
84,608
173, 693
155,407
105, 752

227, 688
24,736
117,008
85, 944
47, 596

283, 750
59,966
96, 871
126, 913
133,220

10.8
5.6
12.1
14.0
21.3

461
56
52
63
183
14
93

35
3
4
10
9
2
7

747, 967
44, 425
21, 898
24,338
499,267
58, 781
99, 258

67, 939
2,844
2,263
2,628
43,151
3,007
14, 046

24, 699
1,188
563
1,084
17, 620
926
3,318

184, 755
1,652
95,132
87, 971
72,133
7,488
532
350
451
4,369
305
1,481

11, 018
308
239
149
7,338
422
2,562

24,734
816
1,111
944
13,824
1,354
6,685

9.1
6.4
10.3
10.8
8.6
5.1
14.2

Middle Atlantic
New York
New Jersey
Pennsylvania

1,662
623
305
734

460
96
47
317

4,260, 001
3, 042, 526
294,675
922, 800

397, 487
257, 602
58, 806
81, 079

137, 083
87,086
18, 582
31,415

24,136
9,220
4,258
10,658

46, 907
19, 634
13, 742

155,985
114,389
16, 332
25, 264

9.3
8.5
20.0

East North Central
Ohio
Indiana
Illinois
Michigan
Wisconsin

2,653
598
399
739
407
510

290
76
75
81
13
45

2, 005, 425
545,467
172, 200
845, 686
261, 972
180,100

258,206
68, 565
29, 750
65,106
74,286
20,499

89,581
17, 020
16, 929
32,154
17,028
6,450

63,290
21, 221
4,165
6,825
26,160
4,919

41, 006
7,646
3,607
10,604
15,611
3,538

64,329
22, 678
5,049
15, 523
15, 487
5,592

12.9
12.6
17.3
7.7
28.4
11.4

West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas

2,667
624
550
502
143
148
301

260
15
35
79
7
15
59
50

1,214, 491
295, 540
206, 989
380, 940
40,810
42,218
118,006
129,988

157,186
56, 328
24,118
43, 225
5,090
5,162
8,455
14,808

58, 820
19, 508
10, 490
15,198
2,135
2,598
2,881
6,010

37, 438
10, 724
6,279
10,643
1, 725
1,488
1,852
4,727

35, 546
20,189
3,318
8,748
420
297
1,508
1,066

25, 382
5,907
4,031
8,636
810
779
2,214
3,005

12.9
19.1
11.7
11.3
12.5
12.2
7.2
11.4

South Atlantic
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida....

1,173
25
111
21
270
125
177
72
229
143

307
17
61
1
42
48
43
39
35
21

1, 044, 716
35,975
112, 934
71, 293
233, 656
77, 562
149,031
55,020
209, 984
99, 261

146, 380
3,090
14,060
15,163
36,404
9,016
17, 896
4,646
33, 685
12, 420

49, 487
472
3,043
2,880
12,105
4,285
3,727
890
17,463
4,622

23,580
187
1,950
3,512
6,686
1,195
2,606
1,227
4,542
1,675

21, 847
716
4,515
1,999
5,193
602
1,562
1,079
4,337
1,844

51, 466
1,715
4, 552
6,772
12, 420
2,934
10,001
1,450
7,343
4,279

14.0
8.6
12.4
21.3
15.6
11.6
12.0
8.4
16.0
12.5

764
210
236
168
150

298
160
52
41
45

520,168
150, 586
213,714
105, 738
50,130

49, 648
11, 823
22, 433
10, 506
4,886

15, 314
3,459
8,162
2,650
1,043

6,951
2,113
2,540
1,739
559

11,149
2,203
5,453
2,328
1,165

16,234
4,048
6,278
3,789
2,119

9.5
7.9
10.5
9.9
9.7

1,352
171
122
362
697

157
36
20
18

856, 597
51, 989
145,917
144,236
514,455

86, 316
6,992
12, 919
17, 864
48, 541

27, 830
3,690
4,567
6,527
13, 046

25, 230
1,135
1,185
5,156
17, 754

804
2,647
1,157
3,615

25, 033
1,363
4,520
5,024
14,126

10.1
13.4
8.9
12.4
9.4

Classes of banks and
geographic divisions

New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

East South Central
Kentucky
Tennessee
Alabama
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma
Texas

Total

Paper
purchased

Direct
loans

FHA
Title I
loans

Ratio to
Personal
installment "customer
loans " 2
cash
(per cent)
loans

Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada

446
100
47
53
134
35
9
58
10

259,214
38, 052
27,848
21,164
79, 863
16, 933
27, 223
40, 524
7, 607

38,166
3,853
4,934
2,833
8,554
2,688
6,735
5, 909
2,660

13, 347
1,020
2,463
1,045
3,378
1,063
1,507
1,630
1,241

8,592
955
1,064
882
2,182
398
1,013
1,778
320

6,725
556
733
242
1,329
331
1,722
1,226
586

9,502
1,322
674
664
1,665
896
2, 493
1,275
513

14.7
10.1
17.7
13.4
10.7
15.9
24.7
14.6
35.0

Pacific
Washington
Oregon
California

370
126
66
178

1, 075, 859
168, 245
86,036
821, 578

267,274
35, 447
19, 329
212,498

103,299
12,173
6, 593
84, 533

60,183
9,715
7,083
43, 385

59, 487
6,698
3,021
49, 768

44, 305
6,861
2,632
34,812

24.8
21.1
22.5
25.9

1 Exclusive of 23 banks from which reports on "Personal and Retail Installment Paper" were not received.
2
"Customer loans" as used here consist of total loans, less open market paper, real estate loans, loans for .
]
purchasing or carrying securities,
and loans to banks.

360




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS
PAGE

Gold reserves of central banks and governments.
Gold production
Gold movements
International capital transactions of the United States.
Central banks
Money rates in foreign countries.
Commercial banks
Foreign exchange rates.
Price movements:
Wholesale prices
Retail food prices and cost of living.
Security prices

362
363
363
364-368
369-372
373
374
375
376
377
377

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 1941




361

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina

United
End of month States
1936—Dec..
1937—Dec.
1938—Dec.
1939—Dec...

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

May..
June..
July...
Aug._.
Sept...
Oct....
Nov...
Dec...
1941—Jan—.
Feb.-

18,177
18,433
18, 770
19, 209
19,963
20,463
20,913
21, 244
21,506
21,801
21,995
22,116
22, 232

472
482
2 403
403
403
403
402
385
369
353
353
353
353

End of month

Hung- Iran
ary (Persia)

1936—Dec—.
1937— Dec—.
1938—Dec—
1939—Dec—

4

Italy

137

July...
Aug...
Sept...
Oct....
Nov...
Dec...
1941—Jan....
Feb...

End of month

Sweden

Switzerland

1936— D e c — .
1937—Dec—.
1938—Dec—.
1939—Dec—.

240
244
321
218
173
179
189
199
173
153
152
150
157
160
165

527
520
515
501

May..

June ..
July...
Aug...
Sept—
Oct....
Nov...
Dec—
1941—Jan—.
Feb._.

490
490
500
501
502
P520
J>524

Bulgaria

Canada

Chile

Colombia

274
274
274
274
274
274
274
274
274
274
274

Japan

213
211
212
35

Java

Neth- NewMexico erlands Zealand

261
164
164

60
79
80
90

164
164
164
164
164
164
164
164
164
164
164
164

90
90
100
100
98
103
103
109
109
129
140
152

Norway




Peru

Greece

75

692
692
650
C
625
625
627
624
634
629
621
617

Uruguay

Venezuela

Yugoslavia

Other
countries 7

183
185
142
149

1
1
1
1
1
1
1
1
1
1
1
1
1

148
150
155
156
157
158
158
158
158
158
158
158
158

W90
88
87

203
189
220
249

153
153
154
155
155
156
156
156
157
157

P91

B.I.S.

28
28
28
28
28
28
28
28
28
28

114
120
133
152

69

26
24
27
28

27
28
29
129

South
Poland Portu- Ruma- Africa
gal
nia

491
933
998
692

United
Kingdom

Ger-

2,709
2,000
2,000
2,000

c
p Preliminary.
Corrected.
1 Figure for June 15,1939, last date reported.
2 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 4Board. Gold reported since that time is gold held by Minister of Finance.
Figure reported in special semi-annual statement of National Bank of Belgium; change
from previous December due largely to inclusion of gold formerly not reported.
& Figures shown for December 1936 and December 1937 are those officially reported on Aug.
1, 1936, and Apr. 30, 1938, respectively.
6
Figure for July 31,1939, last date reported.
7
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939.
» Figure for end of March 1939. last date reported.
w Increase due to inclusion of additional foreign gold reserves not previously reported.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.

362

Egypt France

2,995
2,564
2,430
2,709

2,690
81
92

Czecho- Denslovakia mark

188
184
192
214

2,584

657
650
701
549

1940—Feb....
MarApr....

Turkey

British
India
275
274
274
274

734

210
193
144

1940—Feb...
Mar...
Apr—.
May..
June..

Brazil

632
597
581
609

501
469
431
466

1940— Feb.Mar—

Belgium

Spain
5

268
272
279
298
302
305
308
314
328
351
367
376

5

718
525

Government gold reserves ' not included
in previous figures

United United France
States Kingdom

E n d of
month
1934—June.. .
1935—June...
1936—June—
1937—June—
1937—Dec—
1938—Mar...

21
(2)
59
169

June—
Sept
Oct. .
Dec—
1939—Mar...
May.
June _.
Sept.-.
Dec—
1940—Mar. _.
June—
Sept.__

44

4

Belgium
15
103
103
115
81

3 934
1, 395
1,489

62
759

80
154

1,732

a 103
331
559
477

85
164
156
145
86
105

44
17
17
17

1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2
Reported as nil.
3
Figure for end of March 1937, first date re
ported.
* Figure for end of September 1937.
5
First date reported. For complete monthly
series through May 1939, see BULLETIN for
February 1941, p. 170.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the
French E. S. F. and the Bank of France, see

BULLETIN for September 1940, p. 926.

FEDERAL RESERVE BULLETIN

GOLD PRODUCTION
Outside U. S. S. R.

[In thousands of dollars]
Estimated

P r o d u c t i o n reportecI m o n t h l y

produc-

Year or month

N o r t h and South America

Africa

Total

outside
U.S.S.R.

South
Africa

Rhodesia

West
Africa

Belgian U n i t e d
Congo States i

Canada

2

ColomMexico
bia

Other

Austra- British
lia
India

Chile

%l=25-8/H ) grains cfgold9/i 0fine;i.e., an ouiice of fine gold=$20 .67
2,823
8,712
215, 242 11, 607
2,390
45,651
39,862 13,463
683
7,508
4,297
2,699
3,281
221, 526 11,476
4,995
43,454 13,813
428
47, 248
9,553
6,785
224, 863 11,193
5,524
3,224
4,016
442 12,134
49, 527
55, 687 12,866
6,815
5.132
5,992
3,642
50, 626
62,933 12,070
788 14, 563
238,931 12, 000
6,782
52,842
6,165
6,623
3,631
3,009 16,873
227, 673 13,335
60,968 13,169
6,919
$1=15-5/2 1 grains of gold 9/ 10 fine; i e., an ownee of fine gold=$3,
6,148
89,467 103, 224 22, 297 10,438
5,094 28, 568 11,715
385,474 22, 578 11, 214
6, 549 108,191 104,023 23,135 12,045
8,350 30, 559 11, 223
366. 795 24, 264 12,153
7,159 126,325 114,971 23,858 11,515
9,251 31, 240 11,468
377,090 25, 477 13, 625
396, 768 28,053 16, 295
7,386 152, 509 131,181 26,465 13, 632
9,018 40,118 11, 663
9,544 46,982 11,607
410, 710 28, 296 20, 784
8,018 168,159 143, 367 29, 591 15,478
425, 649 28, 532 24, 670
8,470 178,143 165,379 32, 306 18, 225 10,290 54,264 11, 284
28,009 28, 564
8,759 196,391 178,303 32, 300 19, 951 11,376 56,182 11,008
448, 753
491,628 P29, 126 P32, 182 P15, 779 206,994 185, 602 30, 878 22,117 P12, 049 P56,165 P10, 157

382, 532
401,088
426,424
458,102
469, 257

352, 237
365, 258
386, 293
413,459
411, 208

794,498
823,003
882, 533
971, 514
1,041, 576
1,132,856
1, 206,126
PI, 284,966

1929
1930
1931
1932
1933

696, 218
707, 288
751,979
833,088
892, 535
957, 212
1,019, 595
P I , 092, 676

104,619
97, 588
104,051
106,852
106, 367
104,330
110,134
109,844
107,039
115,036
109, 704
109,401

88, 776
81, 345
88,059
P90,940
*>90, 554
P88, 281
P93,886
P93, 777
P90,893
P99, 023
P 9 3 , 742
P93, 398

39, 777
38, 575
40,163
40,879
41, 742
40,437
41,936
41,989
40,958
42, 362
41, 620
41,188

2,384
2,345
2,372
2,454
2,442
2,437
2,459
2,498
2,450
2,477
2,404
/2,404

2,662
2,663
2, 740
2,678
2,747
2,643
2, 590
2,725
2,652
2,709
2,687
/2, 687

739
728
732
P I , 505
P I , 540
P I , 505
1 , 505
1 , 505
fl, 505
1,505
fl, 505
1 , 505

16,955
13, 300
16, 201
16, 391
16,483
14,845
18, 849
16,035
17,065
21, 744
19, 692
19, 434

14,853
14,188
15,045
14,652
15,488
15, 795
15, 982
16, 318
15,416
16,360
15, 750
15, 755

3,078
1,901
1,651
4,233
1,356
2,562
3,010
4,027
2,596
2,337
1,905
2,221

1,958
1,633
1,717
1,941
1,825
1,715
1,952
2,184
2,016
1,789
1,713
1,675

993
735
1,759
766
1,271
780
850
1, 243
673
1,121
929
/929

4,486
4,411
4.791
4,581
4,786
4,688
4,263
4,693
4,616
5,638
4,592
P4, 620

891
868
888
860
P875

757

42, 335

/2, 404

/2, 687

1 , 505

16, 646

1 5 , 755

/2, 221

fl, 675

/929

/4, 620

'980

.

1933
1934
1935
1936
1937
1938
1939
1940

1940—January
. . __
February
March
April.
_.Mav
June
July
August
September..
October. __
November
December
1941—January

107, 760

P91,

P490
P560
7*980
P945

P980

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $35 per fine
ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
r
Revised.
p Preliminary—Monthly figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics,
adopted for use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding
series (for description of sources of direct reports, see references cited in note below).
/ Figure carried forward from last previous figure without footnote /.
1 Includes Philippine Islands production received in United States.
2 Figures for Canada beginning January 1940 are subject to official revision.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939,
p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1939, p. 106, and 1936, pp. 108-109.

GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]

Total
net
Year or imports
month
or net
exports
(-)
1934 1
1935
1936
1937
1938
1939
1940

Net imports from or net exports (—) to:
United
Kingdom

499,870
1,131,994
1, 739,019 315, 727
174,093
1,116, 584
1, 585, 503 891, 531
1,973, 569 1, 208, 728
3, 574,151 1, 826, 403
4, 744, 472 633,083

1940
236, 391
Jan
201,422
Feb
459, 827
Mar
249, 851
Apr
435,132
May
June __ _ 1,162, 975
519, 974
July
351, 553
Aug
334,100
Sept
325, 964
Oct
330,107
Nov
137,176
Dec

BelFrance gium

Netherlands

Swe- Switzerden
land

Canada

Mex- Colom- Philip- Auspine
bia
ico
Islands tralia

86, 829 30, 270
12,402
260, 223 8,902 94, 348
3 227, 185
95,171 13, 667
968
934, 243
2 7,511
72, 648 39,966
573, 671 3,351 71, 006
6,461
6 54, 452 111, 480 38, 482
- 1 3 , 7 1 0 90, 859
76, 315 36, 472
81,135 15, 488 163, 049 60,146 1,363
3,798 165,122 341, 618 28, 715 86, 987 612, 949 33, 610
977 63, 260 161,489 90, 320 2, 622, 330 29,880
241, 778

23,906
21, 321
35, 268
43, 567
62, 042
128, 003 241,
301, 734
10, 819
3,650
1,738
936
99

59
40
35
40
603

974

30, 415
16,181
282
3,273
9,431
3,671

16, 601 1, 208
32, 448 13, 932
65, 991 28, 907
39, 654 32, 617
11,452
2,138
3,158
32
3,637
6
27

7

52, 716
46,866
249, 858
54,967
281,182
716, 685
172, 268
264, 328
217, 627
222, 726
262, 718
80, 389

2,550
2,006
2,215
2,396
2,331
4,182
1,891
10, 335
545
538
545
347

16,944
10, 899
11,911
18, 397
10, 557
23, 239
23, 999

12,038
15, 335
21, 513
25, 427
27, 880
35, 636
38, 627

South
Africa

tries

1,029
12
3,498
65
23, 280
8
34, 713
181
39,162
401
74, 250 22, 862
103, 777 184, 756
6,155
4,241
7,409
3,374
5,177
6,603
5,262
6,746
14, 605
14, 770
14, 441
14,994

All

British other
India coun-

Japan
4
246, 464
168, 740
165, 605
111, 739

76, 820 32, 304
75, 268 46, 989
77,892 39, 735
50, 762 29, 998
16,159 2 67, 975
50, 956 3 102,404
49,989 4 388, 468

20, 297
18, 872
24, 503
28, 798
31,477
23,091
3 482
11, 687
7,854
6,704
6,240
1,751

37, 680
4,919
5,797
4,710
4,743
3,399

9,743
6,722
11,813
3,139
4,317
2,377

2,814

3,360
1,896
4,137
3,376
2,405
3,895
2, 830
3,738
3,764
2,673
3,283
3,268

13, 228
11,815
12,186
13, 262

954
523
784
2,170
7,446

3
2,116
2,111
2,113
2,130
5,856
4,516
2,330

31, 698
31,001
21, 493
27, 866
18, 423
25,197
23, 463
34, 789
69, 946
64, 208
27, 580
12, 805

1941
_

234, 24?
108, 609

37
1,218

1,746

Jan.-Feb.

342, 851

1, 255

1, 746

Jan
Feb

563
337

46, 876 1,147
814
81, 529

3,168
11

3,185 11,136 149, 735
96
2,772 6,738

6,085

4,501

899

128, 405 1,961

3,179

5,958 17, 873 149,832

6,08£

4, 501

5
5

6,062
15,093
21, 155

1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from
other countries.
* Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile,
$10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
& Includes $11,236,000 from IT. S. S. R.
NOTE.—For gross import and export figures and for additional countries see table on p. 328.
APRIL

1941




363

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINGE 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, t h r o u g h -

Total
Total

1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29

1,412. 5
2, 608. 4
3,410. 3

603.3
930.5
1,168. 5

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Jan. 10
Jan. 17
Jan. 24
_.
Jan. 31

3, 207. 2
3.045. 8
3.472.0
3,844. 5
4,197. 6
4,659. 2
5, 035. 3
5,021. 2

Central
bank
funds
in N.Y.i

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

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

Inflow in
brokerage
balances

81.1
243.9

593.5
849.4
924.6

149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5

799.9
660.4
993.2
1,186. 9
1,436. 2
1,686. 5
1, 927. 3
1,888. 3

434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4

618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7

1,150. 4
1,155. 3
1,125. 4
1,219.7
1,188. 9
1,201.4
1,177. 3
1,133. 7

54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6

5,064. 9
5,068. 3
5,073. 6
5.046. 3

949.8
786.2
1,180. 2
1,425. 4
1, 747. 6
2,111.8
2,479. 5
2, 430. 8
2, 473. 5
2,487. 3
2, 490. 0
2,471. 2

558.5
554.1
561.9
552.3

1.915.0
1,933. 2
1, 928. 2
1, 918. 9

644.5
636.1
640.1
626.1

731.7
733.7
736.1
738.0

1,133.
1,127.
1,123.
1,122.

4
5
7
9

81.7
83.8
83.6
88.2

5,036. 6
5.047.1
5,041. 5
5,067. 8

2,463. 0
2, 473. 0
2,457.1
2,479. 3

527.4
544.3
523.9
546.8

1,935. 6
1, 928. 7
1,933. 3
1,932. 5

623.3
621.5
627.0
627.7

741.0
743.3
745.5
748.7

1,122.1
1.122. 6
1.123. 8
1,125.1

87.3
86.7
88.1
87.0

5,040. 8
5,060. 6
5,105. 2
5,121.1
5,133. 5

2,437. 6
2,461. 6
2, 500. 2
2, 522. 8
2, 539.0

509.2
517.8
537.4
544.4
539.1

1,928.4
1,943. 8
1,962.8
1, 978. 4
1,999. 9

638.5
633.5
638.7
636.9
631.6

752.4
755.2
757.2
758.1
761.6

1,123. 8
1,120. 4
1,118.9
1,116.0
1,112. 5

88.4
89.9
90.2
87.3
88.7

5,118.1
5,152.1
5.194.1
5,177. 8

2, 521. 7
2, 538. 9
2, 566. 9
2, 562.1

528.5
533.1
522.4
511.2

1,993. 3
2,005. 8
2,044. 5
2,050. 9

634.1
644.9
659.0
643.4

762.4
764.7
767.2
771.1

1,111.3
1,114. 2
1,112. 7
1,112.8

88.6
89.4
88.2
88.3

5,186. 2
5,193. 2
5, 254. 6
5,208. 2

2, 566.1
2, 560. 6
2,612. 7
2, 552. 5

516.4
556.7
612.1

2,049. 7
2.003. 9
2.000. 6
1.952. 7

647.0
657.3
664.1
684.0

773.1
774.7
774.9
775.5

1,111.6
1.112. 6
1,108. 8
1,101.0

88.5
88.0
94.2
95.1

5,241. 8
5, 208. 4
5,415. 8
5,401.7
5.490.2

2, 573.0
2, 540.0
2.740.0
2, 729. 7
2.830.1

623.2
623.4
834.9
838.7
922.3

1.949. 8
1, 916. 7
1, 905.1
1,891. 0
1, 907. 8

679.1
674.5
681.2
690.0
684.1

778.9
780.3
782.1
782.5
785.7

1.113. 6
1,116. 6
1,114.0
1,101. 9
1,091.4

97.2
96.9
98.5
97.6
98.9

10
17
24
31

5, 511.0
5, 546. 7
5, 548. 6
5, 572. 8

2,849. 5
2,887. 5
2, 887. 7
2, 900.0

931.4
967.8
977.8

1.918.1
1, 919. 8
1,909. 9
1,906.1

692.3
699.4
698.7
714.1

786.5
788.2
788.6

1,083. 3
1.072. 5
1.073. 5
1,069.9

99.5
99.0
100.1
99.9

Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4

5, 665. 2
5, 698. 8
5, 738. 9
5, 751. 0
5, 752. 0

2, 941. 2
2, 984. 9
3,022. 5
3, 034. 2
3,040. 7

2 945. 0
996.3
1,018. 5
1,047. 9
1,054. 7

2 1,996. 2
1, 988. 6
2.004. 0
1,986. 3
1,986. 0

764.8
769.2
774.0
778.3
773.1

789.7
790.3
790.6
790.6
790.5

1.070.0
1,055. 3
1,052. 7
1.048.1
1.047.1

99.6
99.1
99.1
99.9
100.5

Sept. 11
Sept. 18
Sept. 25
Oct. 2

5, 722. 7
5, 807.1
5, 788. 5
5.805. 5

3,014.1
3,087. 2
3,062. 6
3,092. 8

1,012. 8
1,107. 7
1,087. 0
1,112. 3

2.001. 3
1,979. 5
1,975. 5
1, 980. 5

768.4
773.2
782.0
773.6

791.0
791.3
791.7
793.2

1,049.4
1,054. 8
1,051.4
1,044. 3

100.6
100.8
101.6

Oct.
Oct.
Oct.
Oct.

5, 825. 6
5, 796. 4
5, 805.1
5, 794. 0

3,108. 5
3,086. 3
3,118. 7
3,112. 5

1,133. 6
1,129.9
1,140.1
1,158. 9

1,975.0
1,956.4
1, 978. 6
1.953. 6

781.8
780.9
765.6
765.7

793.6
794.0
794.0
794.6

1, 040.
1,034.
1,025.
1,020.

3
3
6
6

101.3
100.9
101.2
100.7

5,813.0
5.806. 7
5,863.8
5,860. 0

3,137.0
3,141. 9
3,199. 3
3.194.0

1,190.7
1,195. 5
1, 248.7
1, 231. 6

1,946. 3
1,946. 4
1.950. 6
1, 962. 5

762.3
751.5
752.3
764.0

795.5
796.0
798.1
798.4

1.018.2
1,017.8
1,012. 6
1,003. 6

100.0
99.4
101.4
100.0

5, 838. 7
5, 797. 2
5, 847. 9
5, 824.0
5, 825. 4

3.177.1
3.141.0
3.177.1
3,154. 8
3,152. 5

1, 209.1
1,186. 3
1, 209. 7
1,182. 4
1, 200. 8

1, 967. 9
1.954. 8
1, 967. 3
1,972. 4
1,951.7

763.0
757.6
771.1
771.6
775.1

800.4
801.6
803.1
803.1
804.1

997.7
996.4
993.2
992.8

99.6
99.3
100.2
101.3
100.9

Feb.
Feb.
Feb.
Feb.

7.
14
21
28

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr.
Apr.
Apr.
May

10
17
24
1

May
May
May
May

8
15..
22
29

June 5
June 12
June 19
June 26.
July 3
July
July
July
July

Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
1941—Jan.

_..

_.
.__.
__..
_.

_

__.

__.

9
16
23
30
6.
13—
20
27

-__.

4
11
18
25
1

i Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.
* In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account.
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.

364




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

1,412. 5
2,608. 4
3,410. 3
3, 844. 5
5,021. 2

554.9
829.3
993.7
1,183. 8
1,101. 3

210.2
299.5
281.7
339.6
468.7

114.5
229.7
311.9
328.6
470.3

130.4
335.5
607.5
557.5
773.0

36.6
83.1
123.9
140. 5
165.9

1940—Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

982.4
5,133. 5
946.2
5,177. 8
975.7
5, 208. 2
5,490. 2 1,013.1
5, 572. 8
962.4
5, 752. 0 1,005. 4
5,805. 5 1,004. 2
5, 794. 0
994.4
5,860. 0 1,007. 2

468.3
461.5
494.8
681.4
675.7
693.8
683.0
679.9
675.9

469.5
482.4
471.9
459.6
454.1
459.7
457.9
456.9
450. 8

857.8
881.8
851.3
876.8
884.0
908.4
884.4
896.7
895.8

Dec.
Dec.
Dec.
Dec.
1941—Jan.

5, 838.
5, 797.
5, 847.
5, 824.
5, 825.

672.8
671.7
672.7
673.1
670.3

449.2
452.0
452.9
454.3
455.6

901.2
900.7
904.7
906.1
911.5

From Jan. 2, 1935,
through-

4
11
18
25
1

7
2
9
0
4

982.7
951.2
984.4
954.8
969.6

Other
Total
Italy Europe Europe

Canada

Latin
America

Asia*

All
other i

24.0
45.6
22.1
32.2
58.0

130.0
228.5
312.2
472.0
752.9

1, 200. 6
2,051. 3
2, 653. 0
3, 054. 2
3, 790.1

70.9
201.2
410.6
384.6
483.4

128.3
184.0
224.6
214.2
431.0

12.7
21.4
15.9
36.2
87.4

167.5
168.1
171.5
171.4
175.9
173.1
176.3
173.9
173.8

83.6
85.5
78.3
66.3
64.5
64.5
84.6
75.9
70.3

865.7
866.0
874.1
885.3
899.0
917.8
934.0
930.0
925.5

3,894. 7
3,891. 6
3,917. 7
4,153. 9
4,115. 6
4, 222.8
4,224.4
4, 207. 6
4,199. 2

()
150.5
106.3
155.3
229.4
213.3
226.5
215.8
230.1
324.5
369.4
387.3
384.4
415.5

520.7
539.2
558.4
579.2
581.6
597.9
603.8
601.0
606.5

434.7
448.7
443.7
451.3
468.8
484.7
506.5
515.4
557.9

70.1
71.7
72.6
75.7
82.3
77.2
83.6
85.6
c
80.9

172.6
172.8
173.0
175.3
175.9

69.4
69.2
64.0
58.8
55.4

923.8
921.6
924.0
921.2
922.7

4,171. 6
4,139. 3
4,175. 7
4,143. 6
4,161. 0

426.7
418.6
420.9
424.0
411.7

600.9
604.6
598.9
603.9
606.8

555.0
549.3
563.1
561.8
555.7

84.4
85.4
89.3
90.7
90.2

Can-

Latin
America

Asia1

All
other *

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES

From Jan. 2, 1935,
through-

United
Kingdom

Total

France

Netherlands

Switzerland

Germany

Total
Other
Italy Europe Europe

1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939— Dec. (Jan. 3, 1940)

603.3
930.5
1,168. 5
1, 425. 4
2, 430. 8

128.6
163.5
189.3
364.0
376.1

129.6
144.2
111.8
155. 3
256.1

55.7
65.9
76.3
87.9
190.9

72.4
109.8
288.4
205.1
362.7

2.7
9.6
-11.8
-20.1

7.3
23.0
6.9
1.7
19.7

60.7
79.7
109.4
208.6
470.0

453.5
588.9
791.7
1,010. 7
1, 655. 4

46.0
86.8
76.3
101.6
174.5

33.5
149.3
166.3
127.6
215.1

58.8
90.4
126.2
163.3
325.4

11.5
15.2
8.0
22.2
60.5

1940—Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

2, 539. 0
2, 562.1
2, 552. 5
2, 830.1
2, 900. 0
3,040. 7
3,092. 8
3,112. 5
3,194. 0

289.1
254.4
282.4
325.8
270.9
313.6
314.3
306.6
325.0

258.6
254.6
287.0
472.7
465.2
483.1
471.4
468.7
465.5

185.7
199.1
184.4
170.8
164.4
168.8
166.3
165.1
158.9

418.5
433.9
399.9
427.4
435.5
462.7
445.9
476.3
479.9

-21.2
-21.2
-19.7
-19.9
-16.0
-19.1
-16.5
-20.6
-21.6

50.5
52.5
46.2
11.0
7.0
7.3
5.8
.6
.1

571.8
569.2
572.4
578.8
587.8
604.8
620.6
615.6
609.4

1,753.1
1, 742. 7
1,752. 6
1,966. 6
1,914.7
2,021. 2
2,007. 8
2,012.4
2, 017.1

150.0
155.2
135.8
159.0
253.8
295.8
310.6
307.9
335.0

244.5
269.0
281.5
300.5
299.9
311.4
317.5
325.1
332.7

349.3
351.6
335.9
355.7
376.8
361.7
401.8
410.3
456.0

42.2
43.6
46.6
48.3
54.8
50.7
55.1
56.8
53.2

Dec.
Dec.
Dec.
Dec.
1941—Jan.

3,177.1
3,141. 0
3,177.1
3,154. 8
3,152. 5

300.0
270.8
304.8
274.8
293.3

461.8
460.8
462.0
461.0
458.0

157. 6
160.2
160.5
160.4
160.3

485.2
485.7
488.7
489.7
494.7

-22.7
-22.6
-22.6
-22.8
-22.9

-'.5
-.2
-.6

606.9
602.7
605.7
602.6
603. 7

1, 988. 4
1, 957.1
1, 998. 9
1, 965. 2
1, 986. 3

348.1
343.3
341.2
345.6
334.1

329.0
333.9
323.4
329.4
326.4

455.9
450.1
453.2
452.8
444.4

55.7
56.7
60.4
61.8
61.3

Canada

Latin
America

Asia*

All
other i

4
11
18
25
1

A

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES

From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Total
Europe Europe

1935— Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

361.4
431.5
449.1
510.1
650.4

208.8
178.0
207.4
206.2
252.2

48.1
62.0
65.3
68.4
73.8

-.4
-3.3
-4.4
-5.6
12.9

1.6
2.7
2.6
2.6
2.9

29.7
66.0
105.1
141.7
177.8

13.7
16.3
6.5
13.7
15.5

8.8
22.0
26.9
33.8
28.4

310.2
343.7
409.3
460.9
563.5

-4.6
36.9
-21.7
35.9
56.5

20.1
24.9
51.6
66.8
52.6

37.3
30.4
18.7
-46.5
-21.5

-1.6
-4.4
-8.7
-7.0

1940—Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30_____*
Nov. 27

631.6
643.4
684.0
684.1
714.1
773.1
773.6
765.7
764.0

252 A
255.4
262.0
260.1
263.9
269.5
271.9
272.5
270.7

73.8
70.3
70.8
72.6
74.2
74.6
75.3
75.0
74.4

11.9
10.7
15.4
16.0
16.8
17.4
17.6
17.6
17.5

1.9
1.7
3.1
4.3
5.6
6.1
6.5
6.1
6.2

181.1
181.8
183.8
183.9
184.6
185.2
185.6
187.2
188.2

10.3
10.0
8.9
13.0
17.6
23.1
24.5
24.0
25.0

31.2
31.2
35.2
38.8
43.2
44.9
45.0
46.5
47.8

562.6
561.0
579.3
588.6
605.8
620.8
626.6
628.9
629.8

54.1
59.2
69.5
61.0
64.9
65.1
65.4
63.9
66.5

55.3
51.6
52.6
49.0
49.7
53.6
52.9
42.9
40.1

-40.0
-28.4
-16.9
-15.3
-7.2
34.0
26.9
27.7
26.4

-.4
-.1
-.5
.8
1.0
-.4
2.1
2.2
1.2

Dec.
Dec.
Dec.
Dec.
1941—Jan.

763.0
757.6
771.1
771.6
775.1

272.3
271.7
271.8
272.8
269.2

74.5
74.4
74.5
74.5
74.6

17.5
17.5
17.5
17.7
17.7

6.3
5.9
5.9
6.3
6.5

188.1
188.3
188.4
190.9
191.6

25.1
25.3
25.1
25.2
25.3

48.4
50.3
49.3
49.5
49.8

632.2
633.3
632.6
636.9
634.7

65.3
61.3
62.1
60.4
60.3

38.8
36.7
41.0
39.9
43.2

24.5
24.1
33.2
32.4
34.8

2.1
2.2
2.1
2.1
2.1

4
11
18
25
1

c
1

Corrected.
Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
APRIL

1941




365

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 b y Foreigners
United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia*

125.2
316.2
583.2
641.8
725.7

67.8
116.1
136.8
127.7
125.5

18.2
22.8
26.1
42.1

7.4
10.4
21.2
27.3
29.4

-1.2
13.7
30.4
36.1
45.0

13.3
22.5
26.6
33.5
36.6

2.9
9.4
13.5
22.0
27.6

46.1
87.9
115.2
167.8
189.0

143.1
278.3
366.4
440.6
495.2

-39.7
1.7
10.5
-9.7
-7.6

12.7
15.7
175.0
167.4
184.0

17.0
24.5
33.8
42.8

1.1
3.5
6.8
9.7
11.3

1940—Mar. (Apr. 3)
Apr. (May 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

761.6
771.1
775.5
785.7
788.9
790.5
793.2
794.6
798.4

130.9
132.0
132.4
131.8
131.4
131.0
130.5
130.2
129.9

42.6
42.8
42.8
42.9
42.9
43.0
43.0
42.9
42.9

31.3
31.1
31.0
31.0
31.0
31.0
31.0
31.0
31.0

49.0
50.0
49.0
48.8
48.6
47.8
47.4
46.3
46.0

36.3
36.2
36.2
36.2
36.2
36.0
36.1
36.5
36.5

27.6
27.7
27.8
28.0
28.0
28.1
28.1
28.1
28.1

192.9
194.0
194.5
194.8
194.9
195.4
195.9
196.0
196.1

510.8
513.8
513.7
513.5
513.2
512.3
512.0
511.0
510.6

6.4
10.2
12.5
17.5
18.9
19.5
20.7
21.3
23.5

187.5
189.4
190.6
194.3
195.6
196.7
197.6
198.6
199.8

45.3
45.6
46.2
47.7
48.5
49.1
50.1
50.5
51.2

11.8
12.1
12.4
12.6
12.7
12.9
12.9
13.1
13.3

Dec.
Dec.
Dec.
Dec.
1941—Jan.

800.4
801.6
803.1
803.1
804.1

129.6
129.5
129.3
128.9
128.9

43.4
43.4
43.4
43.4
43.4

31.0
31.0
31.0
31.0
31.0

46.1
46.1
46.0
46.0
46.0

36.5
36.5
36.5
36.5
36.5

28.1
28.1
28.1
28.1
28.1

196.1
196.2
196.3
196.3
196.4

510.8
510.7
510.5
510. 3
510.3

24.4
25.0
25.4
25.3
25.0

200.5
200.7
200.9
201.2
202.3

51.5
51.9
52.8
52.9
53.0

13.3
13.3
13.5
13.5
13.5

From Jan. 2, 1935,
through1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)

4
11
18
25
1

Total

All
other i

TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Other
Total
Italy Europe Europe

Canada

Latin
America

Asiai

All
other 1

1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
.
1937—D ec 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

316.7
917.4
1,162.0
1, 219. 7
1,133. 7

149.8
367.7
448.7
472.6
328.1

23.4
64.7
70.3
76.9
76.6

50.5
157.6
213.8
212.1
227.7

55.1
200.2
275.3
304.1
344.7

-5.4
-7.5
-17.4
-22.8
-28.2

-.1
-3.3
-4.9
-5.5
-4.9

12.9
38.5
55.7
56.6
60.4

286.2
818.0
1,041. 6
1,094.1
1,004.4

2.8
32.6
37.6
25.7
-2.6

3.7
15 5
18.2
23.7
30.1

21.4
44 1
54.7
65.2
87.6

2.6
7 1
9.8
11.1
14.3

1940—Mar. (Apr. 3)
Apr (May 1)
M a y 29
June (July 3)
July 31
Aug (Seot 4)
Sept. (Oct. 2)
Oct. 30
Nov 27

1,112. 5
1.112.8
L, 101. 0
L, 091.4
L, 069. 9
L, 047.1
, 044. 3
L, 020. 6
L. 003. 6

291.2
286.1
281.3
278.8
279.5
275.0
271.1
268.0
264.4

75.9
76.2
75.8
74.7
74.8
74.7
74.5
74.1
74.1

231.5
231.4
230.7
230.4
230.4
230.6
230.7
230. 6
230.9

368.1
375.0
380.9
378 3
376.3
372.9
365.4
349.6
346.8

-28.7
-28.7
-28.7
-28 7
-28.7
-28.8
-28.8
-29.1
-29.1

-4.9
—4 9
-4.7
14 3
11.8
5.9
26.2
23.1
17.0

64.5
65.7
64.8
64 8
64.8
64.6
64.5
64.5
64.6

997.5
1,000 6
1,000. 0
1,012 6
1,008. 9
994.9
1,003. 5
980.9
968.7

-8.3
—8 5
-12.4
— 19 4
-24.2
-21.9
-20.7
-19.0
-20.3

32.1
29 5
27 3
27 9
27 7
26.8
26.6
26.2
25.1

76.8
76 9
72 7
57 2
44 5
33.9
22.0
20 0
17.5

14.4
14 2
13 4
13 2
13 1
13.4
12.8
12.6
12.6

998.6
997.7
996.4
993.2
992.8

263.6
262.1
261.4
261.3
261.2

74.2
74.6
74.5
74.4
74.4

230.9
230.9
231.1
231.9
233.2

346.2
346.2
347.6
347.6
348.1

-29.1
-29.1
-29.1
-29.1
-29.1

16.3
16.1
10.8
5.9

64.6
64.5
64.8
64.8
64.9

966.7
965.3
961.1
956.8
955.4

-22.2
-21.9
-18.5
— 18.1
-18.4

24.8
24.9
23.8
24 3
25.6

16 6
16.7
17.4
17 5
17.6

12.6
12.6
12.6
12 6
12.6

Dec. 4
Dec. 11
Dec. 18
Dec 25
1941—Jan. 1

2.7

TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES

From Jan. 2, 1935,
through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

Total

6.0

United
Kingdom
(3)
4.0

France

2.4

Netherlands

Switzerland

1.3
-.9
5.0
6.8
9.3

9.1
10.8

2.5

12.9
47.5
47.6
80.6

11.5
13.4
19.4

10.4
11.5
12.9
20.1

1940—Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

88.7
88.3
95.1
98.9
99.9
100.5
101.6
100.7
100.0

18.7
18.3
17.6
16.6
16.7
16.3
16.3
17.1
17.2

17.4
17.6
18.4
18.5
18.5
18.6
18.8
19.1
18.9

10.1
10.5
11.4
11.5
11.9
12.3
12.5
12.5

20.2
21.3
18.5
18.0
18.0
18.8
19.2
18.3
16.9

Dec.
Dec.
Dec.
Dec.
1941—Jan.

99.6
99.3
100.2
101.3
100.9

17.2
17.1
17.1
17.0
17.0

18.9
18.5
18.3
19.8
19.9

12.2
12.4
12.7
13.2
13.4

17.4
16.8
16.5
16.4
16.2

4
11
18
25
1

9.0

9.6

17.8

Latin
America

-4.5
-7.6

-4.2

2.9
2.1
.5

-!9
1.6

-1.5
-3.4

1.2

3.3
3.0
5.8
6.0

Italy

-.2
-.7
(3)
o
-.1

.1
.3
.1
.2
.1

1.4
.4
5.0
5.2
5.0

22.6
44.0
47.9
71.6

(4)
(4)
(4)
(4)
-.1
-.1
-.2
-.2

.1
.2
.2
.1
.1
.1
.1
.2
.1

5.4
5.9
7.1
8.1
8.3
8.0
8.1
7.3
7.6

70.8
73.5
72.1
72.7
72.9
73.6
74.7
74.4
73.1

11.1
10.4
10.3
12.0
11. 1
10.9
11.2
10.2
10.7

7.6
8.8
9.4
9.1
8.3
8.8

-.2
2
-.2
-.2
-.2

.3
.2
.2
.2
.2

7.7
8.0
7.9
8.0
7.9

73.5
72.8
72.6
74.4
74.3

11.0
11.0
10.7
10.8
10.7

7.8
8.4
9.8
9.1
9.2

o

Other
Total
Europe Europe

Canada

Germany

7.6

3.5
1.8
8.7

Asia l

1.0

9

6.'3

All
other l

2.1

2.2
1.8

6. 3
6.0
5.8
6.8
6.7

1.0

6.6
6.5
6.4
6.2
6.0

* Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under 'AH
other".
2 For explanation see BULLETIN for May 1937, pp. 395-396.
3 Inflow less than $50,000.
* Outflow less than $50,000.

386




FEDERAL RESERVE

BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date

Total

United
Kingdom

France

301.5
214.5
104.9
171.0
48.3
59.1

923.7
799.4
549.2
72.2
24.9
32.7

Netherlands

Switzerland

99.1
122.2
44.6
13.8

105.2
222.2
66.0
82.2
11.9

Germany

Canada

Latin
America

Asia*

241.8
216.8
148.3
89.3
88.7
91.9

Other
Total
Europe Europe

Italy

188.2
130.8
103.3
117.8
96.4
106.6

49.0
38.2
69.0
44.4
43.1
60.3

31.0
37.5
21.6
13.1
10.4
11.9

All
other i

Reported by Banks in New York City
1929—Dec. 31
1930—Dec. 31
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 28 2

2, 672. 7
2, 335.0
1, 303. 5
733.8
388.2
466.7

8.3

12.7

9.7

204.5
161.0
41.1
30.2
16.3
25.8

157.4
111.2
33.2
36.6
9.9

14.3

371.3
281.3
122.2
63.1
30.1
41.7

2,162.8
1,911.7
961.2
469.1
149.7
196.0

Reported by Banks in United States
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29

584.8
597.0
1, 200. 2
1,491.6
1, 729. 6

79.6
76.9
205.5
235.7
261.5

36.1
33.9
163.5
176.3
143.9

13.5
12.9
68.6
78.8
89.1

12.1
13.7
86.1
123.5
302.1

28.4
29.9
29.0
32.0
39.0

16.8
18.8
26.1
41.7
25.7

40.6
46.8
107.5
126.3
156.0

227.1
232.9
686.3
814.3
1,017.1

103.3
99.3
145.3
186.1
175.6

117.4
122.8
156.3
263.9
280.9

125.1
130.1
188.9
200.2
236.0

12.0
12.0
23.4
27.1
20.0

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

1, 521.0
1,357.4
1,751.4
1, 996. 6

248.1
217.4
308.5
436.1

126.3
102.2
165.6
187.4

48.5
48.6
82.2
101.8

236.7
173.8
191.0
218.8

25.7
27.3
17.6
17.8

14.9
18.2
17.2
20.4

135.7
121.9
232.8
255.5

835.8
709.4
1,015.0
1, 237. 8

186.4
173.5
190.8
201.8

257.9
261.7
285.0
248.5

219.5
194.4
226.9
274.3

21.3
18.4
33.7
34.1

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

2, 318. 8
2, 683. 0
3,050. 7
3,057.0

473.9
607.4
656.7
448.2

219.5
284.4
295.9
288.2

143.9
146.0
186.0
204.9

247.1
240.8
299.9
376.3

18.7
15.1

14.8
12.2
17.1
38.5

314.7
366.9
446.4
516.9

1,432. 7
1,672. 7
1,909. 7
1,882. 6

236.6
291.7
325.3
274.6

300.7
363.0
383.0
336.0

305.5
306.0
366.5
491.4

1940—Jan. 31
_
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

3,097. 4
3,105. 5
3,165. 2
3,188. 3
3,178. 7
3,456. 3
3, 526. 2
3,666. 9
3, 719.0
3,738. 7
3,820. 3

404.5
376.6
361.3
326.6
354.5
397.9
343.0
385.7
386.4
378.8
397.2

290.6
288.5
290.7
286.7
319.1
504.8
497.3
515.2
503.5
500.8
497.6

200.3
200.1
199.7
213.1
198.3
184.7
178.3
182.7
180.3
179.1
172.8

395.5
411.0
432.2
447.6
413.6
441.0
449.2
476.4
459.6
490.0
493.5

9.1
8.4
8.4
8.5
9.9
9.8

9.1
8.0

43.7
44.5
69.3
71.3
65.0
29.8
25.8
26.1
24.6
19.4
18.9

569.0
593.5
618.7
616.1
619.3
625.7
634.7
651.7
667.5
662.5
656.3

1,912. 6
1, 922. 6
1,980. 3
1,969.9
1,979. 8
2,193.8
2,141. 9
2, 248. 4
2, 235. 0
2, 239. 6
2,244. 3

266.9
268.7
250.1
255.3
236.0
259.2
353.9
395.9
410.7
408.1
435.2

352.2
354.6
365.5
389.9
402.4
421.4
420.8
432.3
438.4
446.0
453.6

494.8
497.3
515.2
517.6
501.9
521.7
542.8
527.6
567.7
576.3
622.0

43.3
49.7
66.2
72.5
70. 9
62.4
54.1
55.6
58.6
60.3
66.7
62.7
67.1
68.7
65.1

Dec.
Dec.
Dec.
Dec.
1941—Jan.

3, 803.3
3, 767. 2
3, 803. 3
3, 781.0
3, 778. 7

372.1
343.0
377.0
346.9
365.5

494.0
492.9
494.1
493.1
490.1

171.5
174.2
174.4
174.4
174.3

498.9
499.4
502.4
503.4
508.4

6.9
7.0
7.1
6.8
6.7

18.4
18.3
18.6
18.2
17.9

653.8
649.6
652.6
649.5
650.6

2, 215. 6
2,184. 3
2, 226.1
2,192. 4
2, 213. 5

448.3
443.4
441.3
445.7
434.3

449.9
454.8
444.3
450.4
447.3

621.9
616.1
619.2
618.8
610.3

67.7
68.6
72.4
73.8
73.3

4
11
18
25
1

7.8
9.5

13.6
10.5
13.2

Additional Detail Available from January 3,1940 4

Date

4 Asiatic countries

6 LEitin American countries

5 European countries

PhilipPanMex- ama Total China Hong Japan pine
Ar- BraBel- Den- Fin- Nor- SweKong
Islands
Total gium mark land way den Total gen- zil Chile Cuba ico and
C.Z.
tina

1940—Jan. 3
__
Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30_
Nov. 27

407.1
448.1
458.8
475.1
460.2
443.3
457. C
457.7
466.7
470.3
469. 0
466.2

159.2
166.2
176.6
184. 3
183.7
172.0
161.3
154.9
150.9
147.9
145.7
145.7

28.1
28 7
27.2
28.7
23.0
21.1
19.5
18.4
17.2
16.8
16.2
16.1

21.4
23 8
23.7
25.0
27.2
29.5
29.6
29.1
26.3
29.1
24.3
22.0

56 3
67 0
69.4
68.4
67.5
64.1
59.0
57.8
54.3
51.2
51.3
50.1

142.2
162 4
161.9
168.6
158.9
156.7
187.6
197.5
218.0
225.3
231. 5
232.4

250.7
259 3
263.7
275.4
297.1
311.8
326. 5
321.3
332.2
338.8
348.2
353.8

57.7
66 5
68.7
63.5
80.6
83.3
88.7
93.1
103.9
110.1
112 7
115.1

36.4
31 8
30.0
35.3
35.0
34.8
39.0
38.0
31.4
33.4
39. 7
44.1

26.8
24.4
24.7
24.7
23.4
24.8
30.2
29.2
27.8
26.1
25.0
26.9

37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
48.7
48.4
46.4

58.8
62.1
65.2
68.4
67.2
68.6
65.3
60.3
58.5
63.2
64.4
62.6

34.0
36.2
36.7
40.2
44.5
50.6
53.5
52.7
59.6
57.3
57.9
58.6

432.9
434.7
439.2
455.1
461.3
446.2
448.4
446.6
408.3
431.6
432.5
475.2

167.0
173.8
178.9
178.5
184.1
178.8
181.8
181.6
184.7
192.7
195.1
218.6

71.4
72.2
68.5
75.2
81.1
79.4
78.4
84.3
87.6
87.0
89.4
92.2.

165.4
158.7
162.1
169.4
164.1
151.8
152.6
142.6
97.4
106.8
102.8
119.3

29.1
30.0
29.7
32.0
32. C
36.2
35.6
38.2
38.7
45.2
45.2
45.1

Dec.
Dec.
Dec.
Dec.
1941—Jan.

462. 7
460.8
461. C
458. 5
462.7

147.4
146.6
146.9
146.5
144.8

15.8
15.7
16.3
16 3
17.3

16.1
16.0
16.0
15 8
16.5

49 8
49.5
49.3
47 6
48.7

233.6
233.0
232.6
232.4
235.4

349 g
352.3
336. 8
342.4
341.7

110.8
110. 0
113.2
117 0
115.4

42.2
43.6
36.2
36.3
36.2

27.1
28.2
27.8
28.1
28.5

45.9
46.1
48.8
48.9
47.9

64.4
64.6
53.3
53.1
55.0

59.5
59.8
57.4
59.1
58.7

470.9
470.6
466.8
465.6
454.5

217.7
216.0
216.4
212.4
207.5

92.2
93.2
92.3
92.8
91.1

112.2
111.7
109.5
113.3
110.3

48.9
49.7
48.6
47.2
45.6

4
11
18
25
1

1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 Last report date on old basis.
3
First report date on new basis.
* Thefiguresin this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1S38, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and
April 1940, p. 362).

APRIL

1941




367

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

Total

Date

NethUnited
erKing- France
lands
dom

SwitzerGerland many

Italy

Other
Total
Europe Europe

Canada

Latin
Amer- Asiai
ica

All
other i

Reported by Banks in New York City
1,103. 3
949.4
907.1
827.1

166.
89
197
201

2
4
n
3

29.5
67.6
65.0
94.1

20.9
14.2
18.1
15.9

53
(Jan. 2, 1935)
(Jan. 1,1936)
30
29

1,137. 8
1,139. 9
778.6
672.6
655.0

266.4
296.9
88.1
114.1
84.8

108.2
80.5
32.5
16.8
13.5

19.2
18.6
19.0
21.9
23.0

8.3
8.2
6.6
5.4
5.5

239.6
231.7
202.0
165.1
126.1

26.5
27.2
13.5
10.9
20.8

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

669.7
700.8
626.9
594.0

120.6
141.4
121.9
86.0

11.4
16.2
11.4
10.3

23.5
25.2
22.6
24.2

4.8
5.9
4.4
5.5

112.0
102.6
99.1
89.4

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

553.6
496.6
485.7
508.7

83.0
55.4
66.0
39.9

13.8
10.7
8.7
4.9

20.1
19.7
9.6
5.7

3.6
4.5
2.9
5.2

1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27

533.0
531.4
527.5
515.7
475.0
475.0
444.9
386.0
385.5
393.4
395.1

56.2
44.7
39.7
36.8
30.1
32.0
28.2
22.6
20.2
19.6
21.4

5.3
5.4
4.9
8.4
7.9
6.2
4.5
4.2
3.5
3.7
4.3

7.2
5.7
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1

Dec.
Dec.
Dec.
Dec.
1941—Jan.

396.1
401.5
388. 0
387.5
384.0

19.8
20.4
20.3
19.4
23.0

4.3
4.3
4.3
4.2
4.2

1.1
1.1
1.1
.9
.9

1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282

864. 3
719. 0
652. 3
569. 5

58
43.
34.
84.

1
9
7
4

136 5
158 2
159. 2
124. 4

41.
24.
54.
46.

8
8
6
2

2.6
3.5
6.3
2.6

81.3
80.0
71.2
57.8
52.9

749.5
743.2
433.0
392.1
326.5

91.2
96.3
100.9
59.4
118.0

170.7
174.6
154.5
141.1
114.4

118.1
117.4
80.1
67.2
78.9

8.3
8.5
10.1
12.9
17.2

18.1
16.1
17.0
13.5

51.0
49.0
46.3
45.9

341.4
356.4
322.7
274.9

93.3
87.6
84.0
60.4

113.5
116.6
94.2
99.1

104.1
126.4
113.6
144.1

17.4
13.8
12.4
15.5

81.4
77.4
67.1
53.4

16.4
9.5
12.2
11.8

48.8
39.9
41.6
51.4

267.1
217.0
208.1
172.2

46.3
54.0
49.7
39.7

99.5
110.3
108.5
113.3

125.7
100.5
104.0
174.1

14.9
14.8
15.4
9.3

5.1
5.5
6.2
6.4
5.0
3.8
2.5
1.9
1.5
1.9
1.9

52.3
51.8
50.1
49.4
47.3
47.3
46.6
46.0
45.6
44.0
43.0

13.7
15.5
16.9
17.2
18.3
14.2
9.6
4.1
2.8
3.3
2.2

49.5
49.3
48.6
48.8
44.6
41.0
36.6
34.9
34.8
33.3
32.0

189.1
177.9
173.2
174.7
156.5
147.2
130.0
115.0
109.4
106.8
106.0

40.1
44.2
42.2
37.1
26.7
35.3
31.3
31.2
30.8
32.4
29.7

110.2
109.8
110.7
114.3
113.3
117.0
116.3
112.3
113.1
123.1
125.9

184.6
190.3
192.6
181.0
169.5
167.9
159.8
118.6
125.7
124.9
126. 2

9.1
9.2
8.9
8.6
9.0
7.7
7.5
8.9
6.4
6.3
7.3

1.8
2.2
2.2
1.8
1.5

43.1
42.9
42.8
40.3
39.6

2.1
1.9
2.1
2.0
2.0

31.3
29.5
30.5
30.3
29.9

103. 5
102.4
103.2
98.8
101.0

31.0
35.0
34.2
35.8
36.0

127.1
129.3
124.9
126.1
122.7

128.1
128.5
119.4
120.2
117.8

6.4
6.3
6.3
6.4
6.4

12.6
6.4
12.5
8.5

467.2
433.7
258.1
178.8

18.7
11.5
16.8
10.7

149.2
96.1
83.9
60.2

Reported by Banks in United States
1934—Dec.
Dec.
1935—Dec.
1936—Dec.
1937—Dec.

4
11
18
25
1

Additional Detail Available from January 3,1940 *

6 Latin American countries

5 European countries
Date

PanArFinBelTotal gium Den- land Nor- Swe- Total gen- Bra- Chile Cuba Mex- ama Total China
and
mark
way den
ico
tina zil
C.Z.

1940—Jan. 3 .
Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec
Dec
Dec.
Dec.
1941—Jan.

4 Asiatic countries

4
11
18
25
l._

Hong Japan Philippine
Kong
Islands

23.4
22.2
20.4
19.4
17.6
14.1
10.6
9.1
7.7
7.5
7.6
6.1

6.5
7.2
7.4
7.9
8.1
5.1
3.4
2.9
1.6
1.7
2.2
2.1

3.2
3.7
2.9
2.2
1.4
1.1
.7
.4
.3
.3
.3
.3

1.4
1.2
.8
.8
1.0
1.5
1.5
1.6
1.7
1.7
1.9
1.9

3.6
3.7
4.0
4.0
3.4
2.4
1.5
1.3
1.2
1.2
1.1
1.0

8.7
6.5
5.4
4.5
3.7
4.2
3.4
2.8
2.9
2.7
2.1
.8

76.1
71.5
69.9
71.4
73.9
73.9
77.5
75.6
72.1
72.5
81.4
82.9

16 8
12.9
12.0
12.5
12.4
16 4
16.7
16.4
15.1
14.8
13 ?
13.5

32 ?,
31.2
31.8
33.0
34.4
32 1
33.7
32.8
31.3
30.8
40.2
39.0

9.7
9.6
9.7
9.4
9.7
9.5
9.7
10.3
9.6
10.0
10.8
11.7

10.5
10.4
11.1
10.7
11.2
9.8
11.4
9.9
9.9
10.6
10.9
11.5

5.9
6.5
4.4
4.7
5.0
5.0
4.8
4.7
4.5
4.5
4.6
5.3

1.0
.9
.9
1.1
1.2
1.1
1.3
1.5
1.7
1.9
1.7
1.9

152.5
161.9
168.0
182.6
169.8
160.1
155.2
145.3
102.3
109.8
110.7
113.9

22.0
22.5
25.4
26.1
23.9
24.5
30.2
30.5
24.0
24.2
24.2
24.0

1.9
1.6
3.2
1.7
1.8
1.9
1.6
2.7
3.8
4.3
3.0
1.5

102.1
111.2
111.2
125.9
115.6
103.2
90.6
78.6
45.0
53.2
58.0
62.8

26.4
26.6
28.2
28.9
28.5
30.5
32.7
33.6
29.5
28.2
25.4
25.6

55
55
5.5
5.4
5.5

1 5
1.5
1.5
1.5
1.5

.3
.3
.3
.3

1.9
1.9
1.8
1.8
1.8

10
1.0
.9
.9
.9

.9
.9
.9
.9
1.0

84.3
85.2
81.0
81.7
78.4

14.0
13.6
14.3
12 8
11.9

39.0
39.1
33.4
34 6
33.1

12.0
12.7
13.1
13.8
13.4

11.4
11.5
12.2
12.1
11.7

6.1
6.3
5.9
6.1
6.1

19
2.1
2.2
2.2
2.1

114.9
115.7
106.3
106.6
103.8

24 1
23.6
23.8
24.2
23.7

14
1 l
1.3
1.5
1.7

63 0
65 9
56.9
57.2
55.8

26 4
25 1
24.3
23.8
22.6

1 Prior to Jan. 3, 1940, thefiguresshown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
ether".
2
Last report date on old basis.
3 First report date on new basis.
* Thefiguresin this supplementary table represent a partial analysis of thefiguresin the main table under the headings Other Europe, Latin
America, and Asia.
NOTE.—Thefiguresgiven in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).

368




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Assets of
issue dept.

Liabilities of banking department

Assets of banking department

Bank of England
(Figures in millions of
pounds sterling)

Cash reserves
Other
assets 2

Goldi

Coin
1929—Dec. 25...
1930—Dec. 31__.
1931—Dec. 30...
1932—Dec. 28__.
1933—Dec. 27...
1934—Dec. 26...
1935—Dec. 25__.
1936—Dec. 30__.
1937—Dec. 29...
1938—Dec. 28__.
1939—Dec. 27...

Not<

3.2

.2
.2
.2
2
.2
.2
.2
.2
.2
.2
.2

1940—Feb. 28. _.
Mar. 27..
Apr. 24..
M a y 29_.
June 26. _
July 3 1 . .
Aug. 2 8 Sept. 25..
Oct. 30..
Nov. 27_.
Dec. 25_.
1941—Jan. 29._
Feb. 26.

Securities

Deposits
Bankers'

Public

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3

7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7

35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0

17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9

.5
1.0
.9

49.0
37.1
43.1
23.4
28.1
20.7
20.2
25.5
38.7
36.9
13.3

2.8
6.1
4.9
2.9
4.7
3.3
3.9
3.5
3.0

149.4
157.2
153.5
171.6
174.6
174.4
172.6
169.7
153.3
161.2
199.1

531.2
543.1
537.1
556.9
602.2
609.5
610.0
604.8
591.6
593.3
616.9

99.4
98.0
103.4
94.9
82.7
106.3
118.7
116.0
108.0
110.8
135.7

45.7
43.1
40.7
36.1
58.0
22.7
8.8
13.5
18.3
27.1
12.5

38.9
42.2
40.6
50.5
50.3
52.3
51.8
51.9
51.5
50.3
51.2

18.1
18.2
17.7
17.8
17.9
18.0
18.1
18.1
17.7
17.8
17.9

1.0
1.4

31.0
27.0

3.8
3.7

175.4
175.4

599.2
603.2

107.9
121.7

32.4
14.6

53.0
53.0

18.0
18.1

580.0
580.0
580.0
580.0
630.0
630.0
630.0
630.0
630.0
630.0
630.0

1.0
1.1
1.0
1.4
1.5

1.0

Liabilities

Domestic bills
Foreign
exchange

Open
market5

Special 6

Deposits

Loans on—

Bank of France
Gold 4

Other
liabilities

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3

.2
.6
.6
.8
1.0
.5
.6

Assets

(Figures in millions of francs)

Other

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0

630.0
630.0

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4

Discounts
and advances

Note
circulation

Other

Advances
to
Government 7

Shortterm
Government securities

Other
Other
securities

Other
liabilities

Note
circula- Governtion
ment

Other

11,737
12, 624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061

7,850
11, 698
22,183
20,072
13,414
15, 359
8,716
13,655
19,326
25, 595

1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718

1,379
652
1,797

3,438
4,739
3,971
9,712
8,465
10,066
7,880

17, 698
31,909
20,627

573
715
675
443

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612

8,164
8,074
8,316
9,396
9,734
10,038
10, 565
11, 273

2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345

4,774
5,009
5,000
15,009
14,830
8,298
5,206
5,149

20,577
20, 577
20, 577
20, 577
22, 777
25,473
30,473
34,673

78
374
472
2,412
930
336
454
174

3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482

14, 264
14, 753
14,458
16,016
16,482
17,100
17, 769
16,438

121, 391
122, 611
123, 239
142,359
144, 562
144,379
149,370
151, 322

4,573

17, 570

C

1 OO

Ifi QftQ

5,468
3,304
2,342
2,004
1,953
1,914

16,058
18,038
18,022
14, 790
12, 392
14, 751

3,020
2,816
2,781
2,708
2,926
3,006
3,346
2,925

11,861
12, 505
42, 645
42, 694
44,083
44,173

2,235
1,810
1,870
1,781
1,889
1,518

5,011
4,630
5,005
5,769
14, 473
11, 885

35, 673
40, 523
20, 550
20,900
32, 600
36, 250

229
465
320
228
2,320
2,534

3,444
3,403
3,376
3,411
3,716
3,822

15, 963
16,917
15, 970
15, 666
16, 694
18,865

151,738
156,150
156,032
156, 285
170, 853
174, 469

1,834
1,203
1,154
1,171
1,046
1,049

14, 965
17,128
14,262
14,681
25, 782
25,405

3,259
3,156
3,014
3,038
2,811
2,848

1929—Dec. 27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29.
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30_
1938—Dec. 29.

41, 668
53, 578
68,863
83, 017
77, 098
82,124
66, 296
60, 359
58,933
87, 265

25, 942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422

1939—May 25.
June 29.
July 27.
Aug. 31.
Sept. 28.
Oct. 26..
Nov. 30.
Dec. 28.

92, 266
92, 266
92, 266
8
97, 266
97, 266
97, 266
97, 266
97, 267

754
722
722
218
212
85
120
112

1940—Jan. 25..
Feb. 29.
Mar. 28.
Apr. 25.
M a y 30.
June 10.

97, 268
97, 275
84,614
84,615
84, 616
84,616

111
109
111
112
102

8,624

5,603
6,609
8,545
9,196
8,251
7,879
8,344
7,277
14,442

68, 571
76,436
85, 725
85, 028
82, 613
83,412
81,150
89, 342
93,837
110,935

1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271).
2
Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning
previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339.
3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000
(at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank;
on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account.
4
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for M a y 1940, p p . 406-407; January 1939,
p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
5
Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p . 650) and, from
Mar. 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization F u n d on Mar. 7,1940.
e Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p . 788).
7
Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, Mar. 22,
1938, and Apr. 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29, 1938, approved b y decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for M a y 1940, p p . 406-407). In the period since June 10, 1940, the last date for which the Bank of France has
rendered a statement, further Conventions have authorized additional advances as follows: Convention of June 12 authorized 25,000,000,000 francs
for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of
Oct. 29 and Dec. 12, 1940, and of Jan. 23 and Mar. 22, 1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, 85,000,000,000 and 100,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10, amount
to 170,000,000,000 francs.
8
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization F u n d to Bank of
France; in week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization F u n d .
NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, p p . 81-83.

APRIL

1941




369

Central Banks—Continued
Liabilities

Assets
Reichsbank
(Figures in millions of
reichmarks)

Reserves of gold and Bills (and
foreign exchange
checks),
including Security
Treasury loans
Total
Gold*
bills
reserves

1929—Dec. 31. _
1930—Dec. 3 1 . .
1931—Dec. 31. _
1932—Dec. 31 _.
1933—Dec. 30_.
1934—Dec. 31. _
1935—Dec. 31 _.
1936—Dec. 31__
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30..

2,687
2,685
1,156
920
396
84
88
72
76
76
78

1940—Jan. 31...
Feb. 29._
Mar. 30..
Apr. 30..
M a y 31.June 29_.
July 3 1 . .
Aug. 31..
Sept. 30..
Oct. 31...
Nov. 30..
Dec. 3 1 . .
1941—Jan. 31_
Feb. 28P

2,283
2,216
984
806
386

Securities
Eligible
as note
cover

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392

251
256
245
176
183
146
84
74
60
45
30

259
445
349
221
106
557
804

77
77
78
78
77
77
78
77
78
78
78
78

11,143
11,825
12,242
12,188
12, 569
12,611
12, 613
12, 891
13, 206
13, 069
13, 532
15, 419

33
37
31
31
31
25
28
31
16
31
26
38

77
77

14,503
15, 284

28
36

79

82
66
71
71

Other

Other
assets

Note
circulation

Deposits

Other
liabilities

92
102
161
398
322
319
315
303
286
298

656
638
1,065
1,114
735
827
853
765
861
1,621
2,498

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798

755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018

822
1,338
1,313
836
1,001
923
953
970
1,091
1, 378

374
172
144
221
142
143
114
56
50
56
51
32

401
367
394
364
363
454
408
419
422
425
427
357

2,487
2,380
2, 557
2,651
2,135
2,595
2,377
2,448
2,184
2,240
2,223
2,066

11,505
11,877
12,176
12,480
12, 594
12, 785
12, 750
13,026
12, 847
12, 937
13,198
14,033

1,628
1,559
1,760
1,714
1,470
1,854
1,620
1,608
1,795
1,610
1,706
2,561

1,382
1,422
1,509
1,338
1,253
1,266
1,248
1,287
1,314
1,352
1,433
1,396

28
24

349

1,834
(2)

13,694
13, 976

1,726
1,935

1,399
()

v Preliminary.
1 Not shown separately on Keichsbank statement after June 15, 1939.
2 Figures not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.

Central Bank
(Figures as of last report
date of month)
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
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government—Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling._
Securities
Banking department:
Coin, bullion, and cash__ __
London balances. _ _ __ __
Loans and discounts
Securities
Deposits
Note circulation
__
National Bank of Belgium (millions
of belgas):
Gold
Foreign exchange
Discounts

1941
Feb.

1940
Jan.

Dec.

Feb.

(Mar.)i
7,567
65,135
10, 315
7,829
28, 419
46,830
15, 598

7,567
58,666
7,030
8,241
27,150
39, 258
15,095

1,071
271
332
15
237
1,213
496
147
2
7
55

1,071
258
268
11
228
1,224
437
106
2
6
60

1,224
165
268

17, 705
49, 810

17, 705
55, 507

16, 082
44, 802

••191
1,170
460
141
4
17
56

3,911
3,817
3,223
59, 217 69, 111 32, 962
27, 130 26, 676 35, 950
42, 076 36, 983 42, 472
122, 592 127, 821 108, 276
62, 369 68, 119 52, 025
(June) 1
4,329
70
1,170

2

4,312
1,075

1941

Central Bank
(Figures as of last report
date of month)

Feb.

National Bank of Belgium—Cont.
Loans
Other assets
Note circulation
Demand deDosits—Treasurv
Other
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold 3
Foreign exchangeDiscounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria (millions of leva):
Gold _
Net foreign exchange in reserve
Foreign exchange
Loans and discounts
Government d e b t . _
Other assets.
Note circulation
Deposits
Other liabilities

1940
Jan.

Dec.
(June)i
511
1,036
6,690
14
273
139
1,447
785
24
6,453
1,560

Feb.
134
504
5,744
157
124
1,602
771
415
699
7, 164
5,713
1,592
3,347

(Sept.)i
99, 445
72, 596
229, 345
430, 388
13, 640
20, 671
441,316
340, 594
84,176

94, 813
94, 863
120,123
427, 407
10, 084
70,186
367, 576
359, 737
90,164

(Oct.)i
2,006
4
1,472
2,749
3,373
2,756
6,262
3,119
2,980

2,006
4
2 296
758
3,393
1,480
3,718
3,968
2,253

r
Revised.
1 Latest month for which report is available for this institution.
2 Includes foreign exchange.
3
Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny.
• Figures not yet available.

370




FEDERAL RESERVE BULLETIN

Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Canada (thousands of Canadian dollars) :
Goldi
Sterling and United States exchange
Canadian Gov't. securities:
2 years or less
Over 2 years
Other assets
Note circulation.
Deposits—Chartered banks
Dominion Gov't
Other
Other liabilities
Central Bank of Chile (millions of
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 seGurities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other....
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Golds
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 4 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposi ts—Go vernment
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities

1940
Feb.

Jan.

Dec.

Feb

Central Bank
(Figures as of last report
date of month)

Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
57, 467
Loans and discounts
Other assets
159, 096
Note circulation
Demand deposits
53, 031
Other liabilities
5,748
208, 817 Bank of Greece (millions of drachmas):
210, 526
Gold and foreign exchange (net)..
63, 787
Loans and discounts
4,728
Government obligations
13, 255
Other assets
Note circulation
146
Deposits
60
Other liabilities
750 National Bank of Hungary (mil317
lions of pengo):
55
Gold
928
Foreign exchange reserve
Discounts
144
Loans—To Treasury
96
Other
160
Other assets
Note circulation
Demand deposits
41,188
Certificates of indebtedness
5,784
Other liabilities
17,318 Reserve Bank of India (millions of
37, 453
rupees):
32, 817
Issue department:
52, 334
Gold at home and abroad
52, 428
Sterling securities
29, 797
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. _.
Balances abroad
30
Treasury bills discounted
111
Loans to Government
330
Investments
207
Other assets
94
Deposits
593
Other liabilities
148 Bank of Japan (millions of yen):
156
Gold
Special foreign exchange fund
Discounts
36,024
Loans—To Government
1,284
Other
60, 874
Government bonds
19,979
Other assets
63, 507
Note circulation
32, 295
Deposits—Government
22, 360
Other
Other liabilities
Bank of Java (millions of guilders):
6,544
Gold 5
2,602
Foreign bills
9, 916
Loans and discounts
Other assets
29, 568
Note circulation
6, 337
Deposits
24, 627
Other liabilities
3,393 Bank of Latvia (millions of lats):
17, 791
Gold
9,157
Foreign exchange reserve
Loans and discounts
Other assets
13, 222
Note circulation
5, 313
Deposits
1,742
Other liabilities
4,936
1,208
16, 358
6,423
3, 641

1941
Feb.

Jan,

(July) 2
47, 846
57, 399
47, 437
88, 492
28, 285
35,905

225, 772
49, 532
457, 368
122, 426
24, 783
352, 946
213,073
57, 649
7,058
23, 384

31, 796 38, 429
439, 501
132, 762
c
20, 686
343, 503
225, 556
26, 821
8,624
20, 241

448, 440
127, 323
12, 386
359, 949
217, 738
10, 880
9,515
28, 496
147
216
742
411
48
1,149
160
61
194

32,070
16, 603
21, 420
57, 320
34, 036
59, 900
61, 740
39, 809

34,322
16, 325
22,404
53, 779
32, 816
58, 708
56,487
44, 450

30, 616
12, 946
27, 200
49, 270
30, 668
62, 327
51, 507
36, 866

113
12
437
10
17
55
154
552
703
457
190

115
11
395
10
18
71
157
516
741
353
197
2

(Sept.)
56, 960
14,840
62, 781
26, 185
73, 328
46, 617
40, 821
(Apr.)*
6,544
2,729
8,141
30,608

6, 995
25, 489
2,392
18, 076
9,060
13, 239
1,557
2,751
6,795
1,345
14,013
4,475
7, 169

Dec.

Feb

45,168
52, 086
32, 671
64, 496
35, 610
29, 819

(Nov.)*
7,977 3,780
16,076 12, 481
4,049 4,207
3,461
2,016
14,174 8,890
14, 771 11,701
2,618
1,893
124
36
692
573
50
373
1,345
187
87
229

444
1,135
384
583
2,395

139
572
1
67
13
658
134

286
18
126
117
210
301
37

124
75
599
314
23
309
968
155
94
228

444
1,315
496
297
2,412

501
300
377
3
61
3,837
543
4,107
1,010
118
386

124
35
710
570
51
353
1,387
160
87
210

150
201
54
3
86
9
393
110

501
300
787
3
167
4,244
547
4,787
1,130
173
458

501
300
385
3
258
2, 429
416
2,989
847
84
373

263
18
116
137
205
292
36
(July) 2
72
29
234
45
123
204
52

133
19
72
101
194
102
28
71
30
206
49
106
189
61

c
Corrected.
1 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, 2 pp. 677-678).
Latest month for which report is available for this institution.
3
Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
4
Items for issue and banking departments consolidated.
5
Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder.

APRIL

1941




Central Banks—Continued
Central bank
(Figures as of last report
date of month)

1941
Feb.

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 2
Silver (including subsidiary coin)
Foreign bills
_
_
Discounts
_
Loans
_
_
Other assets
_
Note circulation
Deposits—Government
Other
_
Other liabilitiesReserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
_
Advances to State or State undertakings
Investments
__
Other assets
_
Note circulation
Demand deposits
_
__
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
__
Total domestic credits and
securities
_.
Discounts
Loans
Securities
Other assets
_
_
Note circulation
Demand deposits—GovernmentOther
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
Government debt
_
_.
Other assets
Note circulation
Other sight liabilities
Other liabilities..
National Bank of Rumania (millions of lei):
Gold*
Special exchange accounts
Loans and discounts
Special loans 5
Government debt
Other assets
_
Note circulation
Demand deposits
_
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
__
_.
Foreign bills
Other bills and loans

Jan

1940
Dec.

Feb.

(Aug.) 1
67
11
182
83
187
111
46

53
13
160
62
167
86
34

1,102
18
15
252
219
176
1,552

1,014
11
2
46

175
57

247
51

2,802
13, 359

2,802
12, 501

2,802
10,843

26,931
3,771
1,163
21, 825
23, 650
2,551

27,020
3,771
1,167
22, 667
21,107
3,485

26, 529
3,363
356
18,026
23,511
2,355

259

82
1,114

1

(Mar.)
186
102

435

()
599
9
112

186

440
252
81
107
75
579
12
94
114

(Nov.)i
52,402
22,940
130,185
15, 525
138, 245
54,120
28, 687

50,289
18,126
105, 689
4,552
123, 687
38,953
16,017

(Nov.)i
1,232
565
641
454
1,033
1,093
2,768
1,242
1,009

921
467
268
459
1,033
1,234
2,373
956
1,052

(Nov.)i
32, 089
6,844
25, 385
766
9,982
15, 227
61, 445
15, 721
13,126
45, 582
475
2,603

44, 566
771
1,152

20, 899
5,540
21, 867
1,086
10,093
14, 661
48,095
10,741
15, 310
32, 473
7,995

190

1941

Central bank
(Figures as of last report
date of month)

Feb.

South African Reserve Bank— Cont.
Other assets.._
_.
Note circulation
Deposits
Other liabilities
_
__
Bank of Sweden (millions of
kronor):
Gold..
Foreign assets (net)
Domestic loans and investments.
Other assets
Note circulation
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs):6
Gold
Foreign exchange
Discounts
Loans
_
Other assets
Note circulation..
_
Other sight liabilities
Other liabilities
____
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign Exchange—Free...
_
In clearing accounts
Loans and discounts
Securities
_.
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking 7department:
Gold
_
Notes and coin
Advances to State and government bodies
Other loans and discounts...
Other assets
Deposits
Other liabilities.
_.
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Government d e b t . . .
National defense bills
Other assets
Note circulation
_
Other sight liabilities..
Other liabilities
Bank for International Settlements (thousands of Swiss gold
francs 9 ):
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
Other assets
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own account
Other
Long-term deposits: Special accounts.-Other liabilities

1940

Jan

Dec.

35, 581 35, 732
23,674 23, 681
55, 076 53, 937
4,601
5,491
364
769
850
740
1,417
602
704

Feb.
21,585
17, 700
40, 201
4,343

353
750
739
800
1,482
436
723

481
485
745
614
1,349
373
603

2,173
999
218
45
274
2,273
1,178
258

2,172
328
274
51
649
1, 991
843
641

110,142

114, 965
9
31,695
237, 850
199, 726
29, 347
302,042

32, 775
379,064
193, 705
30, 926
417,826
78,955
115, 511
134, 321

162," 260
149, 288

(Nov.)i
86, 235
97, 709

86, 235
94, 809

52, 745
43, 607

21, 454
43, 370

40, 738 8
97, 807 111, 402
90, 577 127, 657
106, 355 97, 482
219,122 206, 401
2,740
726
1, 787
3,060
6,941
2,867
13,834
3,531
756

2,034
908
1,889
3,073
1,612
3,579
10, 072
2,112
911

35, 368

29, 276

45, 210
15, 650

22,190
10, 397

141, 614 160, 015
21,153
8,598
234,370 222, 326
2,306
2,102
28,144
12,192

42, 588
3,098

18, 497
2,950

229, 001 229, 644
192,840 191, 622

1 Latest month for which report is available for this institution.
2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder.
3
Figures not available
• Gold revalued May 19,1940, at 0.0043 gram fine gold per leu.
6
Agricultural and urban loans in process of liquidation.
• Gold revalued May 31, 1940, at 0.2053 gram fine sold per franc.
7
Additional foreign gold reserves first reported in July 1940.
8
Includes advances to State and government bodies.
• See BULLETIN for December 1936, p . 1025.

372




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank o—
f
United
Ger- Bel- NethKing- France many gium
erdom
lands

Date effective

In effect Sept. 15,
1936
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 20
Nov 26
Dec. 3
Jan 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13 _
May 30
Sept. 28
Oct 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
In effect Mar. 31,
1941

2

4

3
5
3
2

3

2

Sweden

23^

2

Central
bank o—
f

Rate
Mar.
31

Albania
Argentina...
Belgium
Bohemia and
Moravia

Switzerland

2

Date
effective

Rate
Mar.
31

Centra?
bank o—
f

Date
effective

Mar. 21,1940 Japan
3.29
Mar. 1,1936 Java
3
Jan. 25,1940 Latvia
5
Lithuania . . . 6
Oct. 1, 1940 Mexico. __ _ 4 C

Apr.
Jan.
Feb.
July
Jan.

Aug.
Nov.
Dec.
Mar.
Dec.
July

3

Aug. 29,1939

2
3
5
4

May 27,1940
May 13,1940
Aug. 1,1940
Mar. 31, 1941

7,1936
14,1937
17,1940
15,1939
2,1941

2

2K
IY2

2
4
6
5
4
33^
3

Bolivia
British IndiaBulgaria
Canada
Chile
Colombia

3
5

2

4

4

2Y2
2
4
3

23^
3

3
2

4
7
3

France
Germany
Greece
Hungary.
Italy...

3
3

4

Oct. 16,1940
May 26,1938
Mar. 30,1939
Oct. 1,1935
Dec. 3,1934

Denmark. _
Ecuador
El Salvador._
Estonia
Finland

2^

Mar.
Apr.
Jan.
Oct.
43^ May

4

6
3

9,1938
28,1935
1, 1940
11,1935
16,1936
18,1933

2

17, 1941
9,1940
4,1937
22,1940
18,1936

Netherlands
New Zealand
Norway
Peru
Portugal.. _

3
Rumania
South Africa
Spain
_ 4
Sweden
3H
Switzerland _

Turkey
United Kingdom
U. S. S. R...
Yugoslavia _

Sept. 12,1940
May 15,1933
1 Mar. 29,1939
May 17,1940
Nov. 26,1936

4

July

2
4
5

Oct. 26,1939
July 1,1936
Feb. 1,1935

1,1938

3
2

ZA

2

IK

VA

c
Corrected.
1 Not officially confirmed.
Changes since Feb. 28: France—Mar. 17, down fi om2 to \% per cent;
Portugal—Mar. 31, down from 4-434 to 4 per cent.

SA
2

3

VA

OPEN MARKET RATES
[Per cent per annum]
Germany

United Kingdom
Month

Treasury
Bankers'
bills
acceptances
3 months 3 m o n t h s

1929—Jan.
1930—Jan
1931—Jan
1932—Jan
1933—Jan
1934—Jan
1935—Jan
1936—Jan
1937—Jan
1938—Jan
1939—Jan....
1940—Jan
1940-Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Day-to-day
money

4.32
4.07
2.25
5.52
.87
1.01
.36
.56
.56
.54
.55
1.10

_

1941—Jan

3.41
3.62
1.74
4.20
.73
.86
.66
.75
.75
.75
.75
1.02

1.04
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03

1.02
1.02
1.03
1.02
1.02
1.02
1.02
1.03
1.02
1.02
1.01

1.00
.99
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.03

_ _
_
_
_-

4.29
4.04
2.24
4.94
.76
.90
.26
.53
.54
.51
.53
1.09

1.01

1.00

Bankers'
allowance
on deposits
2M
3
1
4
Vi
Yi
X
A
H
A
Yi
V*
Yi
H

X)
72
Yl
Y2

A
A

X
A
X

A
Vi
Vi
Yi

Private
discount
rate

Sweden

Netherlands

Day-to-day
money

Private
discount
rate

Money
for
1 month

Switzerland

Loans
up to 3
months

Private
discount
rate

5.80
6.33
4.75
6.94
3.87
3.87
3.51
3.00
3.00
2.88
2. 88
2.50

5.13
6.03
4.93
7.86
4.98
4.74
3.82
2.81
2.54
2.98
2.46
2.03

4.20
2.99
1.38
2.24
.37
.50
.59
2.21
.52
.13
.13
1.85

4.46
2.85
1.55
2.37
1.00
1.00
1.00
2.29
1.01
.50
.50
2.64

4Y2-GY2

2.50
2.50
2.38
2.38
2.38
2.38
2.31
2.25
2.25
2.25
2.25

2.08
2.16
1.90
1.98
1.98
1.73
1.77
2.03
1.87
1.93
1.95

1.58
1.35
1.68
12.20
(2)
(2)
(2)
2.25
2.25
2.25
2.25

2.50
2.49
2.75
i 3.21
(2)
2.83
3.00
2.68
2.75
2.75
2.75

3-5
3-5
3-5
33^-5K
3H-5H
3^-53^

4^-6

SY2-5Y2

6-7H
3K-5H
2K-5
2y2-4y2

2^-5
23^-5
VArb
3-5

ZY2-V/2
VA-VA
3Y2-5A
3J^-5K

3.28
2.97
1.17
1.68
1.50
1.50
1.50
2.48
1.25
1.00
1.00
1.25
1.25
1.25
1.25
1.41
1.50
1.50
1.50
1.50
1.31
1.25
1.25

1
Figures are for period May 1-9, inclusive.
2 No figures available.
NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.

APRIL

1941




373

COMMERCIAL BANKS
United Kingdom

l

(Figures in millions of
pounds sterling)

Assets
Money at
Treasury
Cash
call and Bills dis- deposit
short
reserves
counted receipts 2
notice

Liabilities
Securities

Loans to

Deposits

Other
assets

ers

Total

||Demand 3 Time 3

Other
liabilities

10 London clearing banks
207
213
216
221
236

1932 December
1933—December
1Q34 December
1935—December
1936—December

127
119
151
159
187

472
565
594
605
630

408
311
255
322
316

778
740
759
784
864

208
237
247
231
238

11 London clearing banks

1,983
1,941
1,971
2,091
2,238

991
1,015
1,044
1,140

963
900
910
924

216
244
251
231
232

5

1936 December
1Q37 December
1938 December
1939—December

244
244
243
274

195
163
160
174

322
300
250
334

660
635
635
609

890
984
971
1 015

249
256
263
290

2,315
2,330
2,254
2,441

1,288
1,284
1,256
1,398

1,012
1,026
997
1,043

245
252
269
256

1940—February
March
April
M!ay
June
July

247
249
254
257
270
262
273
288
270
285
324

149
142
153
144
166
146
148
144
137
140
159

353
336
338
409
384
415
430
401
373
339
265

26
26
92
180
236
314

609
611
618
633
636
658
682
697
723
743
771

1 007
1 014
991
972
983
940
9?7
948
948
941
924

259
273
260
260
295
271
255
287
?84
274
293

2,366
2,363
2,354
2,413
2,469
2,454
2,481
2,597
2,661
2,702
2,800

1,347
1 355
1,351
1,382
1,443
1,465
1,486
1,570
1,635
1,671
1,770

1,019
1 008
1,003
1,031
1,026
989
995
1,027
1,026
1,031
1,030

258
260
261
261
264
264
260
260
254
256
250

279

131

269

341

789

926

269

2,757

1,729

1,027

247

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

Asset 3

Liabilities5

Security
loans
abroad
and net Securi(10 chartered banks. End of month
Other
due
ties
figures in millions of Canadi*in dollars)
Cash Security loans
from
reserves loans and dis- foreign
counts
banks
Entirely in Canada

Canada

Other
assets

Note
circulation

Deposits payable in Canada excluding interbank
deposits
Total

Deman d

Other
liabilities

Time

1932—December
1933—December
1934—December
ig35—December
1936—D ecemb er
1937—December
1938—December
1939—D ecember

211
197
228
228
240
255
263
292

103
106
103
83
114
76
65
53

1,104
1,036
977
945
791
862
940
1,088

155
134
155
141
161
102
166
132

778
861
967
1,155
1,384
1,411
1,463
1,646

439
43?
449
485
507
510
474
490

115
24
11
03
96
88
85

1,916
1,920
2,035
2,180
2,303
2, 335
2,500
2,774

538
563
628
694
755
752
840
1,033

1,378
1,357
1,407
1,486
1,548
1,583
1,660
1,741

760
725
718
745
790
785
782
842

1940—February
March
April
May
June . . .
July
August. . _.
September
October
November
December

273
265
281
300
272
277
291
319
310
313
323

57
52
54
44
39
39
38
37
41
41
40

1,104
1,115
1,072
1,063
1,067
1,053
1,062
1,102
1,138
1,128
1,108

140
166
180
194
184
166
162
178
177
174
159

1,638
1,599
1,592
1,617
1,583
1,576
1,569
1,563
1,520
1,513
1,531

476
451
488
475
469
454
440
474
467
457
511

86
88
84
91
93
89
90
88
88
88
80

2,772
2,724
2,743
2,785
2,706
2,674
2,689
2,800
2,778
2,758
2,805

1,113
1,063
1,071
1,142
1,098
1,062
1,055
1,145
1,178
1,132
1,163

1,659
1,661
1,672
1,643
1,609
1,613
1,634
1,655
1,600
1,626
1,641

829
836
840
818
814
802
783
786
786
781
788

1941—January

312

36

1,092

164

1,677

465

79

2,873

1,205

1,668

794

Assets
Cash
(4 large banks. End of month figures
reserves
in millions of francs)
1932—December
1933—December
1934—December
1935— December..
1936—December
1937—December.
1938—December
1939—D ecember
1940—January
February
March 6 .

. .

__ .

Due from Bills discounted
banks
1,766

Liabilities
Loans

Other
assets

Deposits
Total

Demand

Time

Own
acceptances

Other
liabilities

9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599

1,416
1,421
2,484
2,975
4,116
4,060
3,765

22, 014
19, 848
18, 304
16,141
17, 582
18, 249
21, 435
29, 546

7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546

1, 749
1, 827
1, 717
1, 900
1, 957
2, 134
1, 940
2, 440

37.759
32, 635
30, 943
27. 553
28 484
30 348
33, 578
42, 443

36,491
31,773
30,039
26,859
27, 955
29, 748
33, 042
41, 872

1,268
862
904
694
529
600
537
571

295
273
193
337
473
661
721
844

4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609

4,066
4,293
4,110

4,080
3,993
3,920

29, 8C8
30, 810
34,123

7,756
7,579
7,499

1, 745
1, 849
1, 961

42, 850
43, 737
46, 608

42, 302
43,195
46, 064

548
542
544

938
1,034
1,105

3,667
3,753
3,901

1
2

Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
Kepresents six-month loans to the Treasury at 1% per cent, callable by the banks in emergency under discount at the bank rate.
3 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total.
* Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5.
5 District Bank included beginning in 1936.
6
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. (
June 1935, pp. 388-390; and October 1933, pp. 641-646.

374




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

Australia
(pound)
Official

Belgium
(belga)

Free

1933..
1934_.
1935_.
1936_.
1937..
1938..
1939..
1940.

72.801
33.579
32. 659
33.137
32.959
32. 597
30.850
29. 773

337.07
400.95

322.80

395. 94
393. 94
389. 55
353. 38
305.16

1940-Mar..
April....
May
June
July
Aug
Sept
Oct
Nov
Dec

29.773
29. 773
29. 773
29. 773
29. 773
29.773
29.773
29. 773
29.773
29.773

322. 80
322. 80
322.80
322. 80
322.80
322.80
322.80
322. 80
322.80

299.50
280.90
260.80
287.04
303.11
317.02
321. 47
321. 29
321. 57
321.50

1941—Jan
Feb

29. 773
29. 773

322. 80
322.80

Brazil (milreis)

17.900
23. 287
18.424
16.917
16. 876
16. 894
16. 852
16. 880

7.9630
8. 4268
8. 2947
8.5681
8.6437
5. 8438
6. 0027
6.0562

5. 8788 37. 523
6.1983 37. 326
36. 592
5.1248 33. 279
5. 0214 30.155

16.980
16.891
16. 736

6. 0574
6.0576
6.0488
6. 0527
6. 0575
6.0575
6. 0574
6. 0575
6.0575
6.0575

5.0269
5.0291
5.0232
5.0329
5. 0259
5. 0219
5. 0107
5.0153
5.0156
5.0169

321. 50
321.11

1933..
1934..
19351936193719381939..
1940..

19.071
22. 500
21. 883
22.189
22.069
21. 825
20. 346
19. 308

1940— M a r
April
May

(rupee)

(lev)

1.0039
1. 2852

Official

1. 2951
1. 2958
1. 2846
1. 2424
1.2111

Colom- Czechoslovakia
bia

Export

China
(yuan
Shanghai)

7. 6787
10.1452
5.
5.1240
5.1697
5.1716
5.1727
5.1668

4.0000
4.0000
4.0000
4.0000

28. 598
34.094
36. 571
29. 751
29. 606
21. 360
11. 879
6.000

81.697
61. 780
56.011
57. 083
56. 726
55. 953
57.061
57.085

Official

Free

91.959
101.006
99. 493
99.913
100.004
99. 419
96.018
90.909 85.141

30.179
30.198
30.120
30.106
30.149
30.132
30.162
30.170
30.166
30.178

90.909
90. 909
90.909
90.909
90. 909
90. 909
90. 909
90.909
90. 909
90. 909

5.1650
5.1649
5.1670
5.1678
5.1678
5.1680
5.1680
5.1680
5.1663
5.1665

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

6.409
5.992
5.083
5.760
6.048
5.476
5.206
5.682
5.845
5.690

57.130
56.990
57.046
57. 220
57.096
56. 985
56. 985
56.985
57. 000
57.132

30.148
30.140

90. 909 84. 801 5.1674
90. 909 83. 687 5.1663

4.0000
4. 0000

5.391
5.424

39
85
60
68
92
30
83

57.146
56.987

GerHong
many Greece
(drach- Kong
(reichs(dollar)
ma)
mark)

Hungary
(pengo)

82. 883
84. 238
80.970
80.072
86.924
86. 865
85. 469
86. 318
86. 922
86. 563

Italy
(lira)

Japan
(yen)

NetherMexico
lands
(peso) (guilder)

.7233
.9402
.9386
.9289
.9055
.8958
.8153
.6715

29. 452
38. 716
48. 217
31.711
30.694
30. 457
27. 454
22.958

22. 360
29. 575
29. 602
29. 558
19. 779
19. 727
19. 238
18. 475

6. 7094
8. 5617
8. 2471
7. 2916
5. 2607
5. 2605
5.1959
5.0407

25. 646
29. 715
28. 707
29.022
28. 791
28.451
25. 963
23. 436

28.103
27. 742
27. 778
27. 760
27. 750
22.122
19.303
18. 546

51. 721
67. 383
67. 715
64. 481
55.045
55.009
53. 335
53.128

340.00
402. 46
391. 26
398. 92
396.91
392. 35
354. 82
306. 38

21. 429
25. 316
24. 627
24. 974
24.84024. 566
23. 226
22. 709

40.114
40.115
40.025
39. 965
39.978
39. 951
39. 926
39. 975
39. 983
39. 982

.7007
.6546
.6270
.6529
.6654
.6628
.6602
.6602

23. 247
21. 834
20. 288
22. 388
23. 582
22. 510
22. 623
23.077
23. 396
23. 585

17. 592
17. 586
17. 582
17. 591
18. 481
19.370
19. 367
19. 364
19. 505
19. 770

5.0470
5.0452
5.0426
5.0361
5.0323
5.0334
5. 0357
5. 0389
5.0396
5.0439

23. 438
23. 438
23. 438
23. 432
23. 432
23. 431
23. 435
23. 439
23. 439
23. 439

16. 652
16. 656
16. 654
18. 365
19.913
19. 988
19. 941
20. 331
20. 400
20. 448

53.101
53.082
53.079

300. 72
282.05
261.87
288.19
304. 32
318. 25
322. 74
322. 55
322. 82
322. 75

22. 712
22. 707

23.648
24.142

19. 770 5. 0432 23.439
19. 770 5.0422 23. 439

20. 504
20. 524

2.1296
1. 9980
1. 8516
2.0052

39. 979
39. 969

United Kingdom

1933
1934
1935
1936
1937
1938
1939
1940....:

_ _

1940—Mar
April.
May
June
July
Aug
Sept
Oct
Nov
Dec

14. 414
18. 846
18. 882
18. 875
18.923
18. 860
18.835

__
„_

1941—Jan...
Feb..

New
Zealand Norway
(pound) (krone)

30. 518
39. 375
40. 258
40. 297
40. 204
40.164
40.061
40.021

1. 8708
2. 2277
2.1627
2.1903
2.1811
2.1567

2.0104
2.0101

1941—Jan..
Feb..

Year or month

3.8232
4. 2424
4.1642
4.0078
3. 4930
3.4674
3. 4252

1. 5252
1. 7743
1. 8961
1.9776
1.9643
1. 9691
1. 9619
1. 9652
1. 9482
1.9472

434.
516.
502.
509.
506.
501.
478.

_

Poland
(zloty)

(peso) (koruna)

5.0313
6. 5688
6. 6013
6.1141
4. 0460
2. 8781
1. 9948 2. 5103
1. 8710 2.0827

19. 311
19. 307

June
July
Aug
Sept
Oct
Nov
Dec

France
(franc)

Chile (peso)

Canada (dollar)

Bulgaria

31.816
37. 879
36. 964

Free

6. 0575 5.0560
6. 0575 5. 0604

FinDenland
Egypt
mark
(pound) (mark(krone)
ka)

Year or month

Official

British
India

Straits
(pound)
SwitzSpain Settle- Swe- erland Turkey
den
(peseta) ments (krona) (franc) (pound)
(dollar)
Official
Free

Rumania

South
Africa
(pound)

.7795
1.0006
.9277
.7382
.7294
.7325
.7111

414. 98
498. 29
484. 66
491. 65
489. 62
484.16
440.17
397. 99

10. 719
13. 615
13.678
12. 314
6.053
5.600
10. 630
9.322

49. 232
59.005
57.173
58. 258
57.973
56. 917
51. 736
46.979

22. 032

3. 4985
3. 4090
.2650
3.
3.8021
3. 8311
3. 9629
3. 9841
3. 9849
3. 9915

398.00
398.00
398. 00
398. 00
398.00
398. 00
398.00
398.00
398.00
398. 00

9.814
9.144
9.130
9.130
9.130
9.130
9.130
9.130
9.131
9.132

46. 750
47.136
47.119
47.114
47.113
47.116
47.102
47.101
47.100
47.100

23.816
23. 691
23. 791
23. 804
23.836
23. 813
23. 810
23. 814
23.818
23.824

22. 417
22. 418
22. 253
22. 461
22. 684
22. 755

4. 0069

398. 00
398.00

9.130
9.130

47.089
47. 094

23. 826
23. 829

Portugal

(escudo)
3.9165
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
4. 0375
3.7110

(leu)

25. 982
25. 271
25. 626
25. 487
25.197
23. 991
23. 802

322. 75
322. 36
Uruguay

(peso)

22. 784
23.148
23. 202
23. 201

403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50

375.91
352. 59
327. 36
360.16
380. 47
397.88
403. 42
403. 26
403. 56
403. 50

60.336
79. 956
80. 251
79. 874
79. 072
64. 370
62.011
65.830
65. 830
65.830
65.830
65. 830
65.830
65. 830
65. 830
65. 830
65. 830
65. 830

23. 220
23. 217

403. 50 403. 42
403. 50 402. 97

65.830
65. 830

24.836
32. 366
32. 497
30.189
22. 938
22. 871
22. 525
22. 676

423. 68
503. 93
490.18
497.09
494. 40

60. 440
79. 047

80. 312
80. 357
80.130
80.109
80. 243

443. 54
403. 50 383.00

Yugoslavia

Con- Non-con- (dinar)
trolled trolled

36. 789
37. 601
38.839
39.090
38.603
37. 714
35. 956
34.939
36. 366
37. 629
38. 994
39. 480
39. 491

1.7607
2.2719
2. 2837
2. 2965
2. 3060
2. 3115
2. 2716
2. 2463
2. 2485 '
2. 2444
2. 2473
2. 2441
2. 2439
2. 2436
2.2436
2. 2436
2. 2409
2. 2407
2. 2397

NOTE.—Developments affecting averages during 1941:
No rates certified: Yugoslavia—since Jan. 28.
Changes in nominal status (noted only if affecting quotations for at least five days a m o n t h ) : none.
For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations
prior to 1941, see BULLETIN for February 1941, p . 183; February 1940, p . 178; September 1939, p . 831; March 1939, p. 236; and March 1938, p . 244.

APRIL

1941




375

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Canada

United
Kingdom

France

Germany

Italy

(1926=100)

(1926=100)

(1930=100)

(1913=100)

(1913=100)

(1923=100)

1926

100

100

i124

695

134

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940

86
73
65
66
75
80
81
86
79
77
79

87
72
67
67
72
72
75
85
79
75
83

100
88
86
86
88
89
94
109
101
103
137

554
500
427
398
376
338
411
581
653
681

125
111
97
93
98
102
104
106
106
107
110

1940—February
March
April
May
June
July
August
September _
October
November

79
78
79
78
78
78
77
78
79
80
80

83
83
83
82
82
82
83
83
83
84
84

128
129
132
134
134
140
140
141
143
147
r
149

1941—January

81
81

85
85

150
153

Year or month

. _

February

Japan
(October
1900=100)

Netherlands
(1926-30
=100)

Sweden
(1935=100)

Switzerland
( J u l y 1914
=100)

106

i 126

144

181
153
161
180
178
186
198
238
251
278
311

90
76
65
63
63
62
64
76
72
74
4
88

i 103
i 94
192
190
i 96
100
102
114
111
115
146

126
110
96
91
90
90
95
111
107
111
143

108
109
110
110
110
111
111
111
111
111
111

317
312
314
312
308
306
306
308
310
310
312

88
88
88
89

138
140
141
142
143
146
146
148
154
158
159

130
132
134
135
139
141
146
152
156
161
164

111
112

2

237

313
317

3

85
75
70
63
62
68
76
89
95
97

162

p Preliminary.
»• Revised.
1 Approximate figure, derived from old index (1913=100).
2
Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
4
Average based on figures for 5 months.
5
No data available since May 1940.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United State
(1926=100)
Year or month
Farm
products

Foods

United Kingdom
(1930=100)

Other
commodities

Foods

1940—February
March
April
May
June
July
August
September
October..
November
December

_

1941—January
February

100

100

88
65
48
51
65
79
81
86
69
65
68

_

91
75
61
61
71
84
82
86
74

85
75
70
71
78
78
80
85
82
81
83

100
89
88
83
85
87
92
102
97
97
133

100
87
85
87
90
90
96
112
104
106
138

69
68
69
68
66
67
66
66
66
68
70

71
70
72
71
70
70
70
72
71
73
74
74
74

83
83
83
83
82
82
82
82
84
84
84

126
124
126
128
130
134
136
140
143
143
145

129
131
135
136
136
142
142
142
142
149
150

84
84

145

152

72
70

70
71

Germany
(1913=100)

IndusFarm
Indus- Agricultrial
and food
trial
tural
products products products products

100

1926
1930 .
1931
1932 _.
1933
1934
1935
1936
1937 .
1938
1939
1940

France
(1913=100)

Provisions

Industrial raw
and semifinished
products

Industrial finished
products

581

793

129

132

130

150

526
542
482
420
393
327
426
562
641
1653

579
464
380
380
361
348
397
598
663
707

113
104
91
87
96
102
105
105
106
108
111

113
96
86
75
76
84
86
96
91
1
93

120
103
89
88
91
92
94
96
94
95
99

150
136
118
113
116
119
121
125
126
126
129

108
110
111
112
112
112
112
111
110
111
Ill-

98
99
98
98
98
98
99
99
99
99
100

127
128
128
128
129
130
131
131
131
131
131

Ill
111

100
100

132
133

1

r
1
8

Revised.
Average based on figures for 8 months.
No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany.
Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159.

376




FEDERAL RESERVE BULLETIN

Price Movements—Continued
RETAIL FOOD PRICES
Nether- Switzlands
erland
(1911-13 (Junel914
=100)
=100)

87
84

126
120

536
491

94
100
101

116
113

122
125
130

119
120

481
423
470

125
117

118
120
122

124
118
120

115
114
120

105
98

139
141

601
702
2 742

122
122

127
130

130
130

95

141

97

164

1940-February
March
April.
May
June.
July
August . . .
September
October. __
November
December

97
96

161
161

124
126

140
141

96
97

158
159

139
140

(6)

98
97

158
168

127
129

142
143

96

164

97
96

166
169

96
97

172
173

1941-January. '
February .

98
98

172

123

4

128

130

132

140

146

129
131

145
145

133

146

130
127

149
152

126
127

157
158

U n i t e d UK n i i n t ge - d F r a n c e
States
( 1 9 3 5 - 3 9 ( J ud l oy m 9 1 4 = ( 11 09 03 0)
l
=100)
= 100)

Year or
month

Germ a n y
(1913-14
=100)

91
87

121
118

141
139

138
131

121
123
125

140
136

129
128
130

1932
1933
1934
1935
1936
1937
1938
1939
1940

98
92

144
140

96
98
99

141
143
147

103
101
99
100

154
156

158

83
78
86

102
117
3 122

100

i 132
137
139

125
126

140

126

184

130

177
179

127
129

178
180

1940-February
March
April
May
June
Julv
August
September
October
November
December

Nether- Switzlands
erland
(1911-13 (Junel914
=100)
=100)

137
137
138

00

U n i t e d UK n i i n t ge - d
GerFrance
States
m a n y
( 1 9 3 5 - 3 9 ( J ud l oy ml 9 1 4 ( J u l y l 9 1 4 ( 1 9 1 3 - 1 4
=100)
=100)
=100)
=100)

1932
1933
1934
1935
1936
1937
1938
1939
1940

i

[Index numbers]

129
130

151

COOO

Year or
month

COST OF LIVINC

[Index numbers]

145
145

149
149

147
148

181
187

131
132

150
151

185

101

133

151
153
157
159
160

132
130

100
100
100
101

192
195

130
131

101
101

1941-January___
February

187
189

196
197

132

1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 749.
3
Average based on two quarterly quotations; no data available since May 1939, when figure was 123.
4
Average based on figures for 3 months.
5
Average based on figures for 5 months.
6
No data available since March 1940.
7
No data available since May 1940.
Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month

United
States
(average
price) i

United
Kingdom
France
(December ( 1 9 1 3 = 1 0 0 )
1921=100)

Number of issues..

60

1926

97.6

110.0

69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
82.0

113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3

88.6
81.3
82.1
83.5
76.3
75.1
77.3
6 84.9

1940—February
March..
April
May
.
June
July
August ._
September _
October
November..
December

82.2
82.1
82.5
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0

119.9
119.8
119.4
116.8
113.4
116.4
117.8
117.9
119 2
119.9
121.0

1941—January
February

85.3
84.5

122.2

N e t h e r3
lands

57 4

1932
1933
1934
1935
1936
1937
1938
1939
1940

Common stocks
Germany
(average
price) 2

87

36

2 139

(1926=100)
United
States

United
Kingdom

France

Germany

4

420

278

300

100 0

8

100 0

100 0

100.0

105.2
99.6
83.3
79.7
77.2
97.4
89.7
6 98.2

4

Netherlands
(1930=100)

67.1
82.5
90.7
<*95.1
95.8
98.7
99.9
99.0
100 7

94.8
105.3
113.4
107.8
109.1
3 101.8
105.9
90.9

48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2
83 6

67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70 8

99.6
99.9
100.2
100.7
100 8
100.8
100 9
101.0
101.7
101.9
101 4

76.7
76.4
74.2

91.5
91.5
92.9
83.0
73 3
76.1
77 5
80.9
81.4
82.1
80 4

77.1
77.9
77.4
73. 1
64 9
63 5
65 6
66.2
68.1
70 2
70 2

80.5
75.9

100

50. 3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6

71.8

80.7

103.1
106.6
109.3
112.2
112 6
112.8
115 9
120. 8
125.1
127.7
128 0

46
52
55
55
66
104
96
90
84.7
85.7
83.9

94.3
104.1

c
1
2

Corrected.
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at \y2 per cent. The series prior to
that 3 date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent.
4
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
5
Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
6
Average based on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks,
respectively.
7
No data available May-September.
8
No data available May-August.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

APRIL

1941




377

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
CHESTER C. DAVIS
ERNEST G. DRAPER

M. S. SZYMCZAK
JOHN K. MCKEE

LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LlSTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations

Statistics

C. E. CAGLE, Assistant Chief, Division of Examinations
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

EDWARD

CARL E. PARRY, Chief, Division of Security Loans
PHILIP

E.

BRADLEY,

Assistant Chief, Division of Security Loans

0. E. FOULK, Fiscal Agent
JOSEPHINE

E.

LALLY,

Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL,

Vice Chairman

FEDERAL ADVISORY COUNCIL

Boston District

CHAS.

New York District

GEORGE L. HARRISON

SPENCER, JR.

Vice President

CHESTER C. DAVIS

Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District

ERNEST G. DRAPER
M. J. FLEMING
HUGH LEACH
JOHN K. MCKEE
JOHN N. PEYTON
RONALD RANSOM

WILLIAM F . KURTZ

St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District

S. E. RAGLAND

B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN

President

M. S. SZYMCZAK

CHESTER MORRILL,

E.

Secretary

S. R. CARPENTER, Assistant Secretary

General Counsel
J. P. DREIBELBIS, Assistant General Counsel
WALTER WYATT,

LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK

E. A. GOLDENWEISER, Economist

H. WILLIAMS, Associate Economist
R. G. ROUSE, Manager of System Open Market Account

JOHN

378




WALTER LICHTENSTEIN, Secretary

FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank o—
f

Chairman and
Federal Reserve
Agent

Deputy Chairman

Boston
New York.

Frederic H. Curtiss.
Beardsley RumL.

Philadelphia

Thomas B. McCabe.-. Alfred H. Williams

Cleveland

Geo. C. Brainard

Richmond

President

First Vice President

Vice Presidents

Henry S. Dennison..

R. A. Young..

W. W. Paddock..

Edmund E. Day

Allan Sproul

L. R. Rounds

John S. Sinclair.

Frank J. Drinnen.

W. J. Davis
E. C. Hill
C. A. Mcllhenny l

R. E. Klages,

M. J. Fleming.

F. J. Zurlinden..

Wm. H. Fletcher
R. B. Hays
W. F. Taylor 2
G. H. Wagner

Robt. Lassiter

W. G. Wysor

Hugh Leach..

J. S. Walden, Jr.,

Atlanta

Frank H. Neely

J. F. Porter

J. G. Fry
Geo. H. Keesee l
Malcolm H. Bryan
H. F. Conniff

Chicago

F. J. Lewis.

Clifford V. Gregory.

C. S. Young

H. P. Preston

J. H. Dillard

St. Louis

Wm. T. Nardin..

Oscar Johnston

Chester C. Davis* _

F. Guy Hitt

0. M. Attebery
C M . Stewart 1

Minneapolis

W. C. Coffey.....

Roger B. Shepard...

J. N. Peyton

O. S. Powell..

E. W. Swanson
Harry I. Ziemer 2

Kansas City.

R. B. Caldwell.

J. J. Thomas..

H. G. Leedy..

J. W. Helm 2

Dallas

J. H. Merritt....

Jay Taylor

R. R. Gilbert..

E. B. Stroud..

R. B. Coleman
W. J. Evans
W. O. Ford 1

San Francisco

R. C. Force

St. George Holden

Wm. A. Day

Ira Clerk.

C. E. Earhart *
W. M. Hale
R. B. West

1

* Effective April 16, 1941.

W. S. McLarin, Jr..

Cashier.

2

William Willed
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams

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. _

APRIL

1941




Managing Director
R. M. O'Hara

_.
._
__

B. J. Lazar
_ _ _ P. A. Brown
W. R. Milford
W. T. Clements

Federal Reserve Bank of —
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch.

P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
L. M. Clark

Dallas:
El Paso Branch
Houston Branch
San Antonio Branch

_

H. J. Chalfont

.

A. F. Bailey
C. A. Schacht
W. H. Glasgow

San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch

Managing Director
R. E. Towie
_ Jos. E. Olson
G. H. Pipkin
.__ L. H. Earhart
J. L. Hermann
W. D. Gentry
_ _ M. Crump
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

379

Copies of the publications and releases listed below may be obtained from the Board of Governors of the
Federal Reserve System, Washington, D. C.
CURRENT RELEASES
DAILY

Foreign Exchange Rates (for previous day).
WEEKLY

National Summary of Business Conditions. Released about the 18th of the month.
Business Indexes. Released about the 18th of the
month.
Bank Debits—Debits to Deposit Accounts, except
Inter-bank Accounts. Released between the 6th
and 12th of the month.
Foreign Exchange Rates. Released about the 1st
of the month.
Department Store Sales—Percentage Changes by
Federal Reserve Districts and by Cities. Released about the 22nd of the month.
Department Store Sales—Percentage Changes by
Departments. Released about the end of the
month.

Monday:
Condition of Reporting Member Banks in Leading Cities.
Bank Debits—Debits to Deposit Accounts, except
Inter-bank Accounts
Tuesday:
Money Rates—Open-Market Rates in New York
City. (Also monthly).
Thursday:
Condition of the Federal Reserve Banks.
Condition of Reporting Member Banks in Central
Reserve Cities. (Also included in statement QUARTERLY
of Condition of Reporting Member Banks in
Member Bank Call Report. Released about two
Leading Cities, released on following Monday).
months after call date.
Department Store Sales—Index for United States
SEMI-ANNUALLY
and Percentage Changes by Federal Reserve
Federal Reserve "Par List" (Banks upon which
Districts.
checks will be received by Federal Reserve Banks
for collection and credit). Released in January
MONTHLY
and July, with monthly supplements about the
The Federal Reserve BULLETIN. Released about
7th of the month.
the 10th of the month. $2.00 per annum, or 20
cents per single copy, in the United States and ANNUALLY
List of Stocks Registered on National Securities
other countries listed at the bottom of the inExchanges. Supplements issued quarterly. 25
troductory page of contents; elsewhere, $2.60
cents for list and supplements.
per annum, or 25 cents per single copy. Group
Bank Debits—Debits to Deposit Accounts, except
subscriptions for 10 or more copies, in the United
Inter-bank Accounts. Released ordinarily in
States, 15 cents per copy per month, or $1.50 for
February.
12 months.
Annual Report, covering operations for the preBrokers' Balances. Released about the 20th of the
ceding calendar year.
month.
BOOKS
CHART BOOK I, FEDERAL RESERVE CHARTS ON BANK
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. Obtainable in cloth binding at 50 cents CREDIT, MONEY RATES, AND BUSINESS. New edition,

completely revised, February 1941. 72 pages of
per copy and in paper cover without charge. 128 charts with space for plotting through 1942. 50
pages.
cents per copy; in quantities of 10 or more, 45 cents
DIGEST OF RULINGS—to October 1, 1937. Digests per copy.
of Board rulings, opinions of the Attorney General
CHART BOOK II, FEDERAL RESERVE CHARTS ON INand court decisions involving construction of the
DUSTRIAL PRODUCTION. October 1940. 224 pages of
Federal Reserve Act, together with compilation show- charts, with space for plotting through 1946. $1
ing textual changes in the Act. $1.25 per copy. 683 per copy; in quantities of 10 or more, 85 cents per
copy.
pages.

380




FEDERAL RESERVE BULLETIN

Federal Reserve Publications
REPRINTS

(From Federal Reserve BULLETIN except as stated otherwise.

Partial

list.)

CONSTITUTIONALITY OF LEGISLATION PROVIDING A
T H E BANKS AND IDLE MONEY, by Woodlief Thomas.
UNIFIED COMMERCIAL BANKING SYSTEM FOR THE9 pages. March 1940.

UNITED STATES. Opinion of the Board's General
Counsel. 21 pages. March 1933.

HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL

RESERVE POLICY, by A. B. Hersey. 11 pages. April
SUPPLY AND U S E OF MEMBER BANK RESERVE 1940.
FUNDS. Explanation of analysis of sources of memCHEAP MONEY AND T H E FEDERAL RESERVE SYSTEM,
ber bank reserve funds and uses to which such funds
by E. A. Goldenweiser. 5 pages. May 1940.
are put. 31 pages. July 1935.
MEMBER BANK STATISTICS.

A discussion of the

OWNERSHIP AND UTILIZATION OF THE MONETARY

statistics compiled and published by the Board cov- GOLD STOCK.

3 pages. May and June 1940.

ering the operations and condition of member banks.
GENERAL INDEXES OF BUSINESS ACTIVITY, by F r a n k
28 pages. November 1935.
Garfield. 8 pages. June 1940.
SUMMARY OF PROVISIONS OF STATE LAWS RELATING

TO BANK RESERVES.

"3 pages.

March 1937.

NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO-

DUCTION. 77 pages. August 1940.

ANALYSES OF THE BANKING STRUCTURE—As

of

T H E GOLD STOCK. 2 pages, September 1940.

December 31, 1935. Number, deposits, and loans and
MEASUREMENT OF PRODUCTION, by Woodlief Thomas
investments of banks classified by size of bank and
town and by other factors. 33 pages. August 1937. and Maxwell R. Conklin. 16 pages. September
1940.
PROBLEMS OF BANKING AND BANK SUPERVISION.

Excerpts from the 1938 Annual Report.
THE

HISTORY

OF RESERVE

BANKS I N THE UNITED STATES.

33 pages.

REQUIREMENTS FOR

20 pages.

Novem-

ber 1938.
MONETARY MEASURES AND OBJECTIVES. Three state-

GOLD "RESERVES OF CENTRAL BANKS AND GOVERN-

MENTS.

18 pages.

September 1940.

DEVELOPMENT OF FEDERAL RESERVE BANKING, by

M. S. Szymczak.

8 pages.

December 1940.

ECONOMIC PREPAREDNESS FOR DEFENSE AND POST

ments by the Board on objectives of monetary policy, DEFENSE PROBLEMS, by Marriner S. Eccles. 8 pages.
on proposals to maintain prices at fixed levels through January 1941.
monetary action, and on legislative proposals relatSPECIAL REPORT TO THE CONGRESS, submitted Deing to monetary measures and objectives. 8 pages. cember 31, 1940. 2 pages. January 1941.
July 1937, April 1939, and May 1939.
REVISED INDEXES OF FACTORY EMPLOYMENT.

Bu-

ECONOMIC AND MONETARY ASPECTS OF THE D E -

FENSE PROGRAM, by John H. Williams. 4 pages.
reau of Labor Statistics indexes adjusted for sea- February 1941.
sonal variation by Board of Governors. 32 pages,
FEDERAL RESERVE BANK LENDING POWER NOT D E October 1938; 10 pages, October 1939.
T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser.

4 pages. January 1940.
THE

PAR COLLECTION SYSTEM OF THE FEDERAL

PENDENT ON MEMBER BANK RESERVE BALANCES.

pages.

2

February 1941.

MONEY IN CIRCULATION.

1 page.

February 1941.

RESERVE BANKS, by George B. Vest. 8 pages. FebCOMMODITY PRICES, by Frank Garfield and Clayton
ruary 1940.
Gehman. 16 pages. March 1941.

APRIL 1941




381

FEDERAL RESERVE DISTRICTS

I V

H M
. - « . .

r-—J_

BOUNDARIES O F FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
{APPROXIMATE I N THE ST. LOUIS DISTRICT)

®

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES

O

FEDERAL RESERVE BANK AGENCY