Full text of Federal Reserve Bulletin : April 1941
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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 Or' N March 8, the Federal Reserve Bank of Minneapolis 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 leading cities increased their portfolio by on December 31, 1940, they had commitments about $870,000,000, following an increase of of $574,000,000 on loans for defense purposes $1,350,000,000 in the entire year 1940. Holdof which $250,000,000 had been advanced ings of country member banks, which had and were outstanding. These advances are shown little change during the first half of equal to about half of the increase in com1940, increased by about $250,000,000 during mercial loans at weekly reporting member 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 OTHER CITIES . f defense program but also from others as a result of the general expansion in the pro/ duction and distribution of goods. ManuNEW YORK 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 banks in banks in reserves 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 city banks vidual member banks shows that nearly all Country 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 ER $5C) 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 types of inflation may be disfully utilized, could create an inflationary tinguished—fiat money inflation and credit situation. But neither the existence of a inflation. The first occurs when the large volume of money nor the possibility of resources of a countrytype 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 to, property in which Yugoslavia or any 24, 1941, so as to include property of Bul- respect national has at any time on or since March garia, Hungary and Yugoslavia, or any na- 24, 1941, thereof had any interest of any nature 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 for the dates appearing accompanying Regulations and amendments 24, in the definitions of countries 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 130.1 to 130.6: Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. By virtue of the authority vested in me by section 2, *48Sections Stat. 1 ; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 5(b) of the Act of October 6, 1917 (40 Stat. 411), as 95a; Ex. Order 6560, J a n . 15, 1934; Ex. Order 8389, 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 15, 1940; Ex. Order 8493, July 25, in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the 1940 ; Ex. Order 8565, October 10, 1940 ; Ex. Order 8701, March 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 to allocate some of its (a) Authority for the creation by the funds forAuthority national defense housing conReconstruction Finance Corporation of Allocations for defense housing new Government corporations to acquire struction. were made to the Authority by the strategic and critical materials and to aid also Works Administrator under the in the production of national defense mate- Federal Lanham Defense Housing Act. rials. Five new corporations were created (e) Authority to the Tennessee Valley up to the end of the year, namely, the Rub- Authority for a three-year defense 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 Total Reconstruction Finance Corporation... 211 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 Grand total 27 Total 100 12 100 40 60 15 112 315 175 175 125 125 50 50 350 350 489 700 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 States and debentures, United 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 lending agencies Other agencies: 4 National Defense corporations Insurance agencies 5 Tennessee Valley Authority Other Total all agencies __ m 1940 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 +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. Investment2 in preferred stock, etc., 44 of banks 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 to the Corporation and that the price amendments to the Reconstruction Finance year the Government for defense mateCorporation Act of June 25, 1940 also au- charged rials will not include any charge for the thorized the Reconstruction Finance Corpo- facilities. The War or Navy Department 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 June 1942 and in its national defense program. These cor- for the remaining 60 per centbythereafter, 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 Home United of the individual case, but not more than 4 National R.F.C. Owners' Federal States Mort- MortHome Loan 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 of savings and 194 loan associationsl 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 and notes: transportation to and storing in this country Bonds 226 Guaranteed by U. S. 2,615 ..... 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 inin shares of Federal savings and loan associations. in connection with facilities for the War and vested 32 Less than $500,000. Navy Departments, where private capital is other Excluding interagency items except investments in securities of not available, and where it is anticipated that ion. agencies and deposits with the Reconstruction Finance Corporathe 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 outThe interest rates paid during at the close of 1939. The volume of new loans standing. on such notes ranged from .29 to .70 of made by all savings and loan associations 1940 1 per cent. In February 1940, a 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, of the general public are inbanks or to the capital markets for funds. the deposits 1 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 of "Deficit the decline in interest rates during the past Government Financing and Bank Reserves", which appeared in the BULLETIN 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* weekly index of department store sales is shown in the accompanying table AandNEW chart and will be published regularly in 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. DEPARTMENT STORE SALES 1935- 1939 AVERAGE =100 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. 84 82 79 82 1939 Jan. 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 6-102 13-103 20-106 27-118 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 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 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. 7142128- 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. 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 1 revised figures for 1938, 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) S. Capital (net): Long-term capital movement. _ Short-term capital movement Advance payments and capital assistance by British Government ._ Misc. capital transactions Paper currency movement Capital movement . 4.. Other transactions and residual -104 i -142 -145 +310 —94 +98 1 864 3 111 -4,154 +23 +295 +114 +1,116 +873 -3 +69 +117 -53 +720 2-170 +33 +16 +331 +1 416 +1,4^3 +532 +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 78 335 199 22 16 4 750 4 Shortterm 1,060 2,350 2,468 120 192 288 475 1,429 369 3 654 6,290 3,215 Total 1,348 2,825 3,897 489 846 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. activity and employment in- of supplies. Output of pig iron, coke, and creased further in February and the first nonf errous metals was likewise at near capacIhalfNDUSTRIAL of March. Buying 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 23 Same as rate charged borrower b y financing institution. 26 13 Central reserve city.. 22% 19K 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.. Total bills discounted F e b . 26 Mar. 5 F e b . 19 F e b . 12 Feb. Feb. 5 Jan. Feb. 20,103, 281 20,103, 279 20,030,246 i, 803,620 1,030, 19,i, 961,281 19,902,778 19,902,781 19,904,281 20,020,282 19,i, 904, 782 15, 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 1,171 1,352 1,171 1,352 2,244 2,717 2,268 2,544 2,139 2,762 2,318 2,244 2,717 2,268 2,544 2,139 2,762 2,318 6,895 7,715 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 8 90 8 2 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 Total 74,800 to 5 years Over 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 9,598 9,162 9,244 10, 244 10,914 10,914 345, 211 339, 441 337, 781 319, 789 327,660 332,163 20, 257, 590 20, 251, 381 20, 308, 306 20, 360, 279 20,441,853 20,446, 358 New York Philadelphia Cleveland Richmond MinAtSt. lanta Chicago Louis neapolis Dallas San Francisco 1, 215, 555 », 523, 1,061,990 1., 412, 501 586,051 410, 885 2, 943, 633 503. l, 774 324, 374 430,532 301, 205 1,188,442 1,195, 583 >, 596, 734 1,077, 502 1., 401,016 579, 613 396,464 2, 928, 647 496^>, 186 307, 918 432, 55^292, 420 1,198,138 1, 201, 8999, 695, 275 1. ""340 1, 373, 949 598, 707 397,098 2,908', 175 510,194 307; 104._. 426,812 294, 3271,167, 401 239307,407 1, 219, 688 "I, 758, 211 1, 070^_„ 931.1, 399,179 603,464 415, 569 2,867, 576 491,114 307!,261 429, 1,160,607 1, 251, 729 9, 779, 928 1, 072,3861,412,585 611,588 413,011 2, 857, 085 455; 314, 797 428, i, 571300,616 1, 205,001 1, 259,166 1,134,475 1,421,543 607,491 423, 288 2,883, 774 437, 762 317, 985 434,:, 131314,871 1, 200, 397 840 840 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 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 17, 685 19,339 16,007 17,843 15,210 18,434 332 365 325 286 1,286 1,250 1,250 867 802 711 711 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, 542 435,367 2, 523, 248 332, 050 448,154 315,580 1, 223, 635 1, 225,008 9, 678, 497 1,104,877 1, 425, 295 600, 750 422,278 2,976', 130 513,795 513, 795"315,494 45i; 350 305, 774 1, 232,133 1, 230, 3109, 782,479 1,107, 565 1, 397, 750 615, 770 420,180 2,958,095 527, 232 314, 785 444, 204 309,279 1, 200, 657 1, 247, 256 9,837, 861 1,097, 570 1,422,001 ~" 622, 363 440,835 2,913,040 506, 448 314,176 446, 763 320, 1,191, 527 1, 277,054 9, 868,109 1,098,532 1, 435, 555"628,187 ^,906,471 472,008 321, 717^445, 346 315, 396 1, 237,293 •, 185 2, ;, 187436,1 1, 284, 481 9, 751,957 1,162, 403 1, 445,043 627, 314448,466 2, < 454, 256 325, 285 452, 690 329.394 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 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 2,193,165 159, 391 634, 714 177, 275 215, 564 120, 7i 245, 363 103,140 67, 392 109,950 87,112 181,027 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, 984,149 Mar. 19-__ 91, 328 954 58, 393 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 2,177 53, 200 3,636 14, 870 4,619 5,636 3,233 2,139 2,538 5,654 2,35f Feb. 26 1,662 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, 5141, 748, 812 824,068 580,192 3, 345,103 687, 219 419, 297 Feb. 12 602 600, 312 428, 758 1,465,154 23,399, 335 1,472, 74210, 552, 3841,355, 844 1, 748, 819 802,428 555,181 3, 344, 062 668,049 405, 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, 936 403,857 595, 382 448', 556 1,430, 646 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, 511 596, 301 438, 860 1"., 477, 847 Mar. 12 23, 731, 361 1, 541, 65010, 639, 482 1, 414, 2101, 787, 783 851, 769 594, 642 3, 331, 298 Mar. 19 611,< 623 415, 877 606, 364455,092 1, 481, 571 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, 773 126 ' 1., 285, 873224, 548 158,046 208, 640 97, 793 556, 503 290,634 201,436 1, 295,085~227,157 160, 450 211, 56' 100, 510 200; 559,351 290, 417 ' " "i, 7801, 296, 937227, 471 160,083 211,487 99,068 558,758 292, 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, 75, 657 257, 5 ,906 1, 742,034341,611 173,020 283, 668 254,350 2 462 261, 7341, 741, 887336, 532 167, 638 286, 708242, 717 955, 707 i2, ( 934, 366 386, 6^984 262, 465 '1., 744,233337,184 170, 363 281, 760 248, S, 017 966, 228 398, 486 275, 088 1, 642,568 568280, 342 167, 869 285, 462 247, 368 972, 850 397, 958 277, 252 1, 676, 582 265, 929180, 786 291, 940 254,196 928, 553 386,762" 1, 583,097 257, 743 169, I, 238 286, 455 237, 379 779,305 789, 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 97,006 • • 223, 648 157, 993 248 248 248 375 616 054 * 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 Richmond St. Min- Kanihicago Louis neap- sas Dallas olis City 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>99, 93' 406, 232 595,129 443; 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, 895r 11, 88. 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 - -16, 709 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) 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. Applications received Number 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 Number Approved Advances Commitments 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 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. 23 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,156,339, 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, 133 220,431 1, 315, \ 327,123 507, , 669, 395 438, 776 578,993 304, 995 220, 935 1, 326, i, 347, 243503,813 1, 676, 494 440, 785 581' 3 0 3 , 340 220, 944 1, 332, 6, 369, 331507, 856 . 1, 681, 498 441,021582, 380 306, 780 223, 2831, 334, 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, 148 578 658 219,1,564 109, 949 001 220, 220, 610 109,441 795 220, 277 108, 577 539,850 547,429 551, 545 554,' t, 971 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, 332 416,080 553.947 288, 773 198,126 1, 285, 873 224, 548 158, 046 208, 640 17, 793 486, 683 6,039, 650 487, 686 '1., 592, 526 419, 510 496, 380 716 556,503 290, 634 201, 436 1, 295,085 227,157 160, 450 211, 567 6,047, 336 489, •,170 , 594, 992 421, 382 559! 1,351 290,417 200, 780 1' , 296, """ 937 227,471 160, 083 211,487 6,063, 061 492,163 1, 603, 271421, 441 558, 758 292, 734201, 292 2! 1,.,301,""" 020 228,190 160, 211 211,892 18, 621 493,468 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 districtTotal 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 1,266 204 1, 264 1, 671 735 634 1,176 787 349 736 542 2,131 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 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 [Averages of daily figures. In millions of dollars] 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 p1 Preliminary. 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 2,347 643 2,402 1,108 1,458 604 423 1,973 426 373 320 240 2,363 43, 827 43, 459 12, 378 12, 331 2,326 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 $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 Unassort- 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 3as destroyed. 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 Re- tional iary 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) 47 14 35 1 1 5 .6 .3 .1 (l) (i) 1 .1 .1 .1 .1 2 .1 9 .1 .1 Net receipts 26 1 1 3 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 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 Exports 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 State2 bank abstracts. 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 To < Total loans banks brokers To and others 3 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 2,025 103 100 319 340 329 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 32 533 251 109 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. *1 Includes Treasury certificates of indebtedness through 1934. 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 vidvid- States banks Certiuals, States uals, and fied U. S. part- and part- politand Postal politGov- nernerForical offiical savern-4 ships, subships, subeign cers' ment 4 ings and and Deb anks divichecks 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. s4 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935. U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 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.] Date or month Total loans and investments Total Commercial, inOpen dusmartrial, ket and paper agricultural Loans 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 posits dovault mestic Readserve banks justed i Banks Individuals, States Certified U. S. part- and ner- polit- and Govoffiical ernand sub- cers' ment^ divi- checks cor- sions etc. porations Individuals, partnerships, and corporations Interbank deposits Domestic banks States and polit- Postal Forical saveign sub- ings i Debanks diviTime mand 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 IndividCertiuals, States fied and part- politand U.S. nerGovoffiical ships, subern- 2 cers' ment and divi- checks corpora- sions etc. tions IndiDomestic banks viduals, States and part- politForPostal nereign ical sav-2 ships, subbanks ings Deand diviTime mand 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 20 248 248 248 248 100 100 101 100 96 96 96 96 1 1 22 22 22 23 1 1 1 1 1 1 1 61 61 60 61 107 107 107 107 1 1 1 1 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 End of month Held by Commercial paper outstand- Total outstand- ing i ing 1939—November December _ Federal Reserve Banks Accepting banks Total Own bills Based on ImFor acports Exports Dollar count of Others from into exFor Bills United United change ac- foreign correbought own States 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 91-day Stock urybills 3-to-5 Stock 2 Prime exPrime bankyear ex- change comtaxcall mercial ers' change exempt 1934 average.. time New loan issues paper, accept- loans, U. S. Deal- Treas1935 average.. re4 to 6 ances, 90 of1936 average.. 90 ers' newury months days days fered 1937 average.. als within quo- 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 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 .83 .59 .50 .05 .04 .034 .02 .02 .02 .06 .10 .05 .04 .05 .02 .02 .02 .02 .04 .007 .043 .086 .120 .117 .065 .02 .03 .09 .12 .14 .11 .003 .042 .071 .009 .019 .021 3 () .003 3 () (3) Total 19 cities .34 .35 .43 .55 .60 .58 .48 .52 .50 .49 1939—January... February.. Quarterly figures 1939—March June September December 1940—March June September December New York City 7 other Northern and Eastern cities 11 Southern and Western cities 3.45 2.93 2.68 2.59 2.53 2.78 2.63 2.45 1.76 1.72 1.73 1.69 2.07 2.04 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 2.60 2.49 2.48 2.48 2.48 2.56 2.57 2.52 2.53 2.57 2.49 2.60 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 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. 34 Standard Statistics Co. 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. TreasMunicury 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 20 102.5 105.2 107.2 113.7 116.3 121.2 78.9 81.6 82.0 82.9 86.0 87.5 58.6 58.0 57.9 95.3 100.9 100.6 Year, month, or date Preferred • 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 __ 135.6 141.2 140.1 1940—February March April May June July August September... October November. „ December 1941—January February 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. 420 20 1938 average 1939 average 1940 average 348 32 40 r 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) eign) 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 . _ _ 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 Domestic Domestic Total (domestic and forTotal State and mu- Federal agen- nicipal 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 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 Social AdAll 5 sejusted curity 3 service 4 other 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 callOthers ablei bills notes Treasury 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 pendiGross fund debts (-) tures balance 2 (-) Social All inter- security other nal taxes revenue AgriculUn- TransNa- tural em- fers to Total Net InterAdest ploytrust All tional rereon just- ment acother deceipts ceipts1 debt re- counts fense ment Prolief 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- BeneNet exRe- vestfit vest- payreceipts ments pendiceipts ments ments tures +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 Finance Credit pendiceipts tures Corpora- Corpora- ing Authority tion tion InWorkcreing ment Seigniorage balon 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 216 447 493 171 27 1,942 253 1 30 445 729 523 425 807 504 4 4414 2 424 2,480 728 1,309 2 376 2,588 1,121 1,100 228 0) 2 445 2,134 194 450 77 40 228 36 5 2,481 101 83 12 8 23 0) 43 4 Total assets other than interagency 6 ._ 58 (i) 61 2,481 0) 1,603 4 49 Cash U. S. Govt. direct obligations Obligations of Government credit agencies: Fully 5guaranteed by U. S. Other Accounts and other receivables Business property.. .. _____ Property held for sale Other assets _____ _ 192 1,734 12 7 3 351 62 0) 74 0) 6 0) 1 0) 0) 2,689 5 1 217 6 87 9 2 128 586 289 252 183 3 450 350 57 92 252 11 633 29 49 7 606 28 0) 0) 10 12 4 2,984 553 226 1,270 5 989 200 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 8 925 1 5 694 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 Total liabilities other than interagency 6 696 352 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 not2 include accrued interest nor outstanding savings stamps. 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 6 ManuNonrolls * ings* (value) factures agri1923-25 1923-25 1923-25* ResiMin- Total den- All Factory cul—100 erals tural* 1923-25=100 —100 —100 tial other 1935-39 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 66 106.7 107.1 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 98.0 117 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 93.4 92.4 91.0 89 0 87.3 86.3 87.2 89 3 91 0 92.0 94 8 96.7 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 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 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 78 107.9 101 2 92.5 83.0 83 5 90.7 94 2 100.3 105.3 98 5 101. 8 105.0 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 84 109 248 115 119 120 110 112 101 116 116 117 118 108 115 115 115 115 109 117 116 121 122 112 115 114 126 128 113 106 106 104 106 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 Rubber Products Rubber consumption Tires and tubes Pneumatic tires Inner tubes 89 111 105 148 144 295 150 152 128 128 130 118 114 117 119 117 118 120 113 116 113 117 118 118 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 __ _ Iron and Steel Pig iron _ _ Steel ingots Machinery _ Textiles and Products Leather and Products 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 Alcoholic Beverages Malt liquor _ Whiskey. Other distilled spirits Rectified spirits _ Tobacco Products... _ . Cigars Cigarettes Manufactured tobacco and snuff Sept. Oct. Nov. Dec. Jan. Feb. 112 116 121 118 120 129 134 135 135 133 P138 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 123 123 126 126 126 129 129 135 142 149 153 164 168 P176 - _ _ 137 139 283 144 299 134 158 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 . ._ _ .. .. __ ... _ Textile fabrics Cotton consumption __ . Rayon deliveries Silk deliveries __ . Wool textiles Carpet wool consumption Apparel wool consumption Woolen yarn __ Worsted yarn Woolen and worsted cloth Aug. 112 Stone, Clay and Glass Products Cement __ Common and face brick Common brick Face brick Glass containers Polished plate glass July 114 121 108 282 130 133 102 144 Nonferrous Metals and Products Nonferrous metal smelting1 Copper smelting Zinc smelting Copper deliveries _. Lead shipments Zinc shipments Tin deliveries Lumber and Products _ Lumber Furniture _ June 113 . Transportation Equipment Aircraft Automobiles _ . _ _ _ Railroad cars Locomotives Shipbuilding May 118 128 109 __ _ __ Apr. 117 Manufactures—Total Durable Nondurable Mar. 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 43 120 115 125 147 72 107 105 105 100 101 118 115 rlOO 102 105 95 99 '99 '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 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 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 __ _ Dec. 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 employ-2 ment 1 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. 12 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural 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 82 158 101 82 161 105 91 189 109 94 190 102 106 87 100 113 97 196 ... __. 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 91 166 147 117 121 126 204 207 206 112. 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 86 118 113 125 129.9 '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 89 91 66.7 74-4 89 61 59 97 69 67 77.7 57 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 40 244 126.1 203 155 105 67.3 149 54 27 150 107.2 171 128 91 90 62 60 132 119 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 27 148 109.8 170 136 91 111 112 352 164 79 163 120 62 42 204 107 77 95 119 300 142 93 107 69 53 255 56 39 197 88 71 87 117 286 147 89 131 69 49 240 130 59 29 143 93 72 87 2 223 103 106 80 113 r 96 112 191 '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 94 112 151 254 175 106 103 95 93 100 101 71 162 136.3 140 207 96 162 103 104 90 99 109 71 160 ISO. 7 74 65 63 97 98 189 96 53 28 138 _ _ _ 107 100 96 103 172 116 . 122.1 99 106 86 101 116.7 116.1 139 5 146.0 '149. 2,275 2, 303 4,116 4,402 4,684 ._ 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 114 76 104 72 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 Paper, Printing _.. ._ Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing.__ Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum Chemicals Cottonseed, oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap Rubber Products Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other 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 61.7 62 62 115.1 117 114 103 114 114-6 115 113 101 115 117.6 124 115 103 118 121.0 122 120.9 136 105 119 104 105 124 314 84 90.0 59 74 150 1941 Nov. 87.0 84 84 132.5 146 263 99 123 102 79 71 116 277 94 Dec. Jan. 1940 Feb. Jan. Feb. 82.6 80 83 90.6 144 260 '96 103 101 78 69 125 236 94 Oct. 121.2 141 256 92 91 87 77 68 116 119.1 143 255 91 85 87 77 68 111 53 56 65 117.0 115.5 132 139 131 284 314 279 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 1941 Nov. Dec. 68.5 63 83 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 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 1940 Average hourly earnings (cents per hour) 1941 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 January February _ Miarch April May June July August September October November December __ __ _ Year _ Public works and public utilities 1 Residential building Total 1940 1941 1940 1941 196.2 200.6 272 2 300 5 328.9 324 7 398.7 414 9 347 7 383.1 380 3 456.2 305.2 270.4 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 January _ ._ _ _ _ _ _ February March April MayJune July August September October November December Year _ ._ _ 1936 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 2,202 2,675 2,913 3,197 3,551 4,004 1941 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 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 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 * 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 (n43 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 reservese 3 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 5products 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 •r Estimated, P Preliminary. * Negligible or negative. Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 23 Tax-exempt bills prior to March 1941; taxable bills thereafter. 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 1.62 754 325 229 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 p1 Preliminary. Revised. 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 (33) () 13.94 (3) (33) (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 8(3) (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. 12 Includes also semi-annual figures on ownership of U. S. Government obligations. 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 purposes6 are included in commercial loans and in all other loans. 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 ++103 + 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. 12 Group totals for main store include sales in departments not shown separately. 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 Federal Reserve district: Boston . New York* Philadelphia . . . . Cleveland Richmond Atlanta „ . Chicago* St. Louis . . . . Minneapolis Kansas City Dallas San Francisco . Total*.. _ Jan. Feb. 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 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 Federal Reserve district: Boston _ __ New York* Philadelphia Cleveland Richmond Atlanta Chicago* St. Louis Minneapolis Kansas City Dallas . San Francisco __ _ . ... _.-. - Total* Jan. Feb. Mar. 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 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 12 Exclusive of 23 banks from which reports on "Personal and Retail Installment Paper" were not received.. "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 17,644 501 469 431 466 1940— Feb.Mar— 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— Belgium 632 597 581 609 4 734 Italy 210 193 144 1940—Feb... Mar... Apr—. May.. June.. 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—. 240 244 321 657 650 701 549 1940—Feb.... MarApr.... 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 Brazil Turkey Japan British India Canada Colombia Czecho- Denslovakia mark 2,995 2,564 2,430 2,709 274 274 274 274 274 274 274 274 274 274 274 213 211 212 35 2,709 2,000 2,000 2,000 Java Neth- NewMexico erlands Zealand 60 79 80 90 491 933 998 692 164 164 164 164 164 164 164 164 164 164 164 164 90 90 100 100 98 103 103 109 109 129 140 152 692 692 650 C 625 625 627 624 634 629 621 617 Uruguay Venezuela Yugoslavia Norway P91 B.I.S. 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 Ger- Greece 26 24 27 28 27 28 29 129 28 28 28 28 28 28 28 28 28 28 Ruma- South Poland Portugal nia Africa 69 2,690 81 W90 88 87 Peru 75 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 188 184 192 214 261 164 164 United Kingdom Chile 275 274 274 274 2,584 92 Bulgaria 114 120 133 152 203 189 220 249 153 153 154 155 155 156 156 156 157 157 268 272 279 298 302 305 308 314 328 351 367 376 Spain 5 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 Total outside U.S.S.R. 1929 1930 1931 1932 1933 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, 564 32, 300 28,009 8,759 196,391 19, 951 11,376 448, 753 178,303 56,182 11,008 491,628 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, 284,966 696, 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 N o r t h and South America Africa 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 AusMex- Colom- Philippine 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. 23 Includes $31,830,000 from Argentina. 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- Total United Kingdom 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 Other Total Europe Europe Italy Canada Latin America Asia* 241.8 216.8 148.3 89.3 88.7 91.9 188.2 130.8 103.3 117.8 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 PanAr- Braama Total China Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium and mark land 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... 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 326.4 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. Not< Discounts and advances Securities Note circulation Deposits Bankers' Public 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 28.5 4.3 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 .2 .6 .6 .8 1.0 .5 .6 580.0 580.0 580.0 580.0 630.0 630.0 630.0 630.0 630.0 630.0 630.0 1.0 1.1 1.0 1.4 1.5 630.0 630.0 1.0 Assets Liabilities Domestic bills Gold 4 Open market5 Special 6 Deposits Loans on— Bank of France (Figures in millions of francs) Other liabilities 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 Foreign exchange Other 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 loans Treasury 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. 23 Includes foreign exchange. 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 87 229 501 300 377 3 61 3,837 543 4,107 1,010 118 386 286 18 126 117 210 301 37 124 35 710 570 51 353 1,387 160 87 210 124 75 599 314 23 309 968 155 94 228 444 1,315 496 297 2,412 444 1,135 384 583 2,395 139 572 1 67 13 658 134 150 201 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 9 112 440 252 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 2,603 186 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. •7 Gold revalued May 31, 1940, at 0.2053 gram fine sold per franc. 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 of— United Ger- Bel- NethKing- France many ergium lands dom 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^ Switzerland 2 Central bank of— Rate Mar. 31 Albania Argentina... Belgium Bohemia and Moravia 2 Date effective Rate Mar. 31 Centra? bank of— 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 2^ 3 3 2Y2 2 4 3 23^ 4 3 3 2 Oct. 16,1940 May 26,1938 Mar. 30,1939 Oct. 1,1935 Dec. 3,1934 Denmark. _ Ecuador El Salvador._ Estonia Finland 4 7 3 France Germany Greece Hungary. Italy... 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 _ _ __ _- _ 1941—Jan Day-to-day money 4.32 4.07 2.25 5.52 .87 1.01 .36 .56 .56 .54 .55 1.10 4.29 4.04 2.24 4.94 .76 .90 .26 .53 .54 .51 .53 1.09 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 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 Netherlands Day-to-day money Private discount rate Money for 1 month Sweden 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) (22) () 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 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. 80 322.80 321. 50 321.11 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 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 19. 311 19. 307 434. 516. 502. 509. 506. 501. 478. 39 85 60 68 92 30 83 France (franc) Free British India Chile (peso) Canada (dollar) Bulgaria (rupee) (lev) 31.816 37. 879 36. 964 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 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) 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) .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 1. 5252 1. 7743 1. 8961 1.9776 1.9643 1. 9691 1. 9619 1. 9652 1. 9482 1.9472 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 Year or month 3.8232 4. 2424 4.1642 4.0078 3. 4930 3.4674 3. 4252 30. 518 39. 375 40. 258 40. 297 40. 204 40.164 40.061 40.021 2.0104 2.0101 Poland (zloty) (peso) (koruna) 5.0313 6. 5688 6. 6013 6.1141 4. 0460 2. 8781 1. 9948 2. 5103 1. 8710 2.0827 1. 8708 2. 2277 2.1627 2.1903 2.1811 2.1567 _ 1941—Jan.. Feb.. Official 6. 0575 5.0560 6. 0575 5. 0604 FinDenland Egypt mark (mark(pound) (krone) ka) Year or month June July Aug Sept Oct Nov Dec Belgium (belga) Straits (pound) SwitzTurkey Spain Settle- Sweden erland (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 2 Japan (October 1900=100) Netherlands (1926-30 =100) Sweden (1935=100) Switzerland ( J u l y 1914 =100) 237 106 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 89 138 140 141 142 143 146 146 148 154 158 159 130 132 134 135 139 141 146 152 156 161 164 111 112 313 317 3 85 75 70 63 62 68 76 89 95 97 162 p Preliminary. »• Revised. 12 Approximate figure, derived from old index (1913=100). 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 1926 1930 . 1931 1932 _. 1933 1934 1935 1936 1937 . 1938 1939 1940 _ 1940—February March April May June July August September October.. November December _ 1941—January February Foods United Kingdom (1930=100) Other commodities Foods 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 Germany (1913=100) IndusFarm Indus- Agricultrial and food trial tural products products products products 100 70 71 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 COST OF LIVINC [Index numbers] [Index numbers] 1932 1933 1934 1935 1936 1937 1938 1939 1940 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 Year or month 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 ml 9 1 4 = ( 11 09 03 0) =100) = 100) 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 1940-February March April May June Julv August September October November December 100 101 1941-January___ February 154 156 158 83 78 86 102 117 3 122 Nether- Switzlands erland (1911-13 (Junel914 =100) =100) i 132 137 139 125 126 140 126 184 130 177 179 127 129 178 180 129 130 137 137 138 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) i 151 COOO Year or month RETAIL FOOD PRICES 145 145 149 149 147 148 181 187 131 132 150 151 185 133 151 153 157 159 160 132 130 100 100 187 189 100 101 192 195 130 131 101 101 196 197 132 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 57 4 1932 1933 1934 1935 1936 1937 1938 1939 1940 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 87 36 Common stocks Germany (average2 price) 2 139 4 N e t h e r 3lands 8 (1926=100) United States United Kingdom Germany 420 278 300 100 0 100 0 100 0 100.0 105.2 99.6 83.3 79.7 77.2 97.4 89.7 6 98.2 4 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 71.8 80.7 France Netherlands (1930=100) 100 50. 3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 114.6 103.1 106.6 109.3 112.2 112 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 ERNEST G. DRAPER M. J. FLEMING HUGH LEACH JOHN K. MCKEE JOHN N. PEYTON RONALD RANSOM Philadelphia District Cleveland District Richmond District Atlanta District Chicago District 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 of— 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 of— New York: Buffalo Branch Cleveland: Cincinnati Branch Pittsburgh Branch Richmond: Baltimore Branch Charlotte Branch Atlanta: Birmingham Branch Jacksonville Branch Nashville Branch New Orleans Branch Chicago: Detroit Branch St. Louis: Little Rock Branch Louisville Branch Memphis Branch. _ 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